Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?
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This paper investigates the spending and current-account effects of permanent terms-of-trade shifts in a model where households maximize utility over an infinite planning period. In the framework we adopt, an economy specialized in production must experience a fall in aggregate spending and a
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美国国家经济研究局创建时间：
1981-06-01
