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330 CHAPTER 11. BALANCE OF PAYMENTS CRISESClearly this policy is inconsistent with the long-run maintenance of theÞxed exchange rate since the government will eventually run out offoreign exchange reserves.Non-attack exhaustion of reserves. If reserves are permitted to declineat the rate in (11.6) without interruption, it is straightforward to determinethe time t N at which they will be exhausted. Reserves at anytime 0
11.1. A FIRST-GENERATION MODEL 331MoneyMoneyd(0)Domestic creditr(0)Reserves0 t A t NtimeFigure 11.1: Time-path of monetary aggregates under the Þx anditscollapse.˜s(t). They will not attack if ¯s >˜s. But if ¯s
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To Shirley, Laurie, and Leslii
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CONTENTSvii11 Balance of Payments C
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2 CHAPTER 1. SOME INSTITUTIONAL BAC
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10 CHAPTER 1. SOME INSTITUTIONAL BA
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24 CHAPTER 2. SOME USEFUL TIME-SERI
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80 CHAPTER 3. THE MONETARY MODEL3.1
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82 CHAPTER 3. THE MONETARY MODEL604
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84 CHAPTER 3. THE MONETARY MODEL0 <
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86 CHAPTER 3. THE MONETARY MODELexc
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90 CHAPTER 3. THE MONETARY MODELThe
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92 CHAPTER 3. THE MONETARY MODEL=
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94 CHAPTER 3. THE MONETARY MODELSub
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96 CHAPTER 3. THE MONETARY MODELTab
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98 CHAPTER 3. THE MONETARY MODELthe
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102 CHAPTER 3. THE MONETARY MODELMo
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104 CHAPTER 3. THE MONETARY MODELwh
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106 CHAPTER 4. THE LUCAS MODEL(76)
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108 CHAPTER 4. THE LUCAS MODELsubje
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110 CHAPTER 4. THE LUCAS MODELeach
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112 CHAPTER 4. THE LUCAS MODELcompl
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114 CHAPTER 4. THE LUCAS MODELdenot
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116 CHAPTER 4. THE LUCAS MODELc yt
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118 CHAPTER 4. THE LUCAS MODELIn eq
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120 CHAPTER 4. THE LUCAS MODELn t =
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122 CHAPTER 4. THE LUCAS MODELRearr
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124 CHAPTER 4. THE LUCAS MODELTable
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126 CHAPTER 4. THE LUCAS MODEL4.5 C
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128 CHAPTER 4. THE LUCAS MODELTable
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130 CHAPTER 4. THE LUCAS MODELdisco
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132 CHAPTER 4. THE LUCAS MODEL1.02A
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134 CHAPTER 4. THE LUCAS MODELAppen
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136 CHAPTER 4. THE LUCAS MODELProbl
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138 CHAPTER 5. INTERNATIONAL REAL B
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162CHAPTER 6. FOREIGN EXCHANGE MARK
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208 CHAPTER 7. THE REAL EXCHANGE RA
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230 CHAPTER 8. THE MUNDELL-FLEMING
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264CHAPTER 9. THE NEW INTERNATIONAL
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Page 288 and 289: 280CHAPTER 9. THE NEW INTERNATIONAL
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Page 336 and 337: 328 CHAPTER 11. BALANCE OF PAYMENTS
Page 366 and 367: 358 AUTHOR INDEXFama, E.F., 161, 16
Page 368 and 369: Subject IndexAAbsorption, 16, 230AI
Page 370 and 371: 362 SUBJECT INDEXEfficient capital
Page 372 and 373: 364 SUBJECT INDEXMethod of undeterm
Page 374 and 375: 366 SUBJECT INDEXRisk neutrality, 9
Page 376: 368 SUBJECT INDEXImpulse response a
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