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A Devaluation Model for a Small Open Economy

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  • Martin F.J. Prachowny

    (Queen's University)

Abstract

The purpose of this paper is to develop a devaluation model for a small open economy that incorporates the crucial features of non-traded goods, money, and the requirements of portfolio equilibrium. Also, it will be shown in the paper that the exchange rate influences the price level and aggregate output, and therefore it can become a tool of stabilization policy, especially if monetary and fiscal policies are unavailable for this purpose.

Suggested Citation

  • Martin F.J. Prachowny, 1972. "A Devaluation Model for a Small Open Economy," Working Papers 93, Queen's University, Department of Economics.
  • Handle: RePEc:qed:wpaper:93
    as

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    File URL: http://qed.econ.queensu.ca/working_papers/papers/qed_wp_93.pdf
    File Function: First version 1972
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    References listed on IDEAS

    as
    1. Chamley, Christophe & Gale, Douglas, 1994. "Information Revelation and Strategic Delay in a Model of Investment," Econometrica, Econometric Society, vol. 62(5), pages 1065-1085, September.
    2. Bulow, Jeremy & Klemperer, Paul, 1994. "Rational Frenzies and Crashes," Journal of Political Economy, University of Chicago Press, vol. 102(1), pages 1-23, February.
    3. Gul, Faruk & Lundholm, Russell, 1995. "Endogenous Timing and the Clustering of Agents' Decisions," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 1039-1066, October.
    4. Bliss, Christopher & Nalebuff, Barry, 1984. "Dragon-slaying and ballroom dancing: The private supply of a public good," Journal of Public Economics, Elsevier, vol. 25(1-2), pages 1-12, November.
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