A Structural Economic Dynamic Approach to the Exchange Rate: New Insights from the Multi-Sector Thirlwall’s Law
In this paper it is shown that permanent variations in the level of the exchange rate play an important role in the sectoral composition of the economy and this fact has important implications in terms of a disaggregated version of the Thirlwall’s law even if the argument of the quantitative unimportance of relative price movements holds. The growth rate of a country is then shown to be affected by movements in the level of nominal exchange rates.
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