Exchange-rate Adjustment and Macroeconomic Interdependence Between Stagnant and Fully Employed Countries

Ono, Yoshiyasu

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論文情報

タイトル	Exchange-rate Adjustment and Macroeconomic Interdependence Between Stagnant and Fully Employed Countries
著者	Ono, Yoshiyasu Ono, Yoshiyasu
キーワード等	long-run unemployment
	fiscal expansion
	current account
	liquidity trap
	exchange rate
抄録	This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy, technological and preference parameters that emerge through exchange-rate adjustment are examined. Parameter changes that worsen the stagnant country’s current account depreciate the home currency, expand home employment and improve the foreign terms of trade, making both countries better off. The stagnant country’s foreign aid to the fully employed country also yields the same beneficial effects.
公開者	The Institute of Social and Economic Research, Osaka University
掲載誌名	Institute of Social and Economic Research Discussion Papers
巻	893
開始ページ	1
終了ページ	22
刊行年月	2014-01
URL	http://hdl.handle.net/11094/27108
関連情報 (references)	http://www.iser.osaka-u.ac.jp/library/dp/2014/DP0893.pdf
言語	英語

著者版フラグ	none
NII資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
dcmi資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers.893 P.1-P.22
DC.title	Exchange-rate Adjustment and Macroeconomic Interdependence Between Stagnant and Fully Employed Countries
DC.creator	Ono, Yoshiyasu
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language" scheme="DCTERMS.RFC1766	英語
DCTERMS.issued" scheme="DCTERMS.W3CDTF	2014-01
DC.identifier" scheme="DCTERMS.URI	http://hdl.handle.net/11094/27108
DC.subject	long-run unemployment
	fiscal expansion
	current account
	liquidity trap
	exchange rate
DCTERMS.abstract	This paper presents a two-country two-commodity dynamic model with free international asset trade in which one country achieves full employment and the other suffers long-run unemployment. Own and spill-over effects of changes in policy, technological and preference parameters that emerge through exchange-rate adjustment are examined. Parameter changes that worsen the stagnant country’s current account depreciate the home currency, expand home employment and improve the foreign terms of trade, making both countries better off. The stagnant country’s foreign aid to the fully employed country also yields the same beneficial effects.
citation_title	Exchange-rate Adjustment and Macroeconomic Interdependence Between Stagnant and Fully Employed Countries
citation_author	Ono, Yoshiyasu
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2014-01
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	893
citation_firstpage	1
citation_lastpage	22
citation_public_url	http://hdl.handle.net/11094/27108
citation_keywords	long-run unemployment
	fiscal expansion
	current account
	liquidity trap
	exchange rate

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