Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel
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Introducing heterogeneous households into a New Keynesian small open economy model amplifies the real income channel of exchange rates: the rise in import prices from a depreciation lowers households real income, and leads them to cut back on spending. When the sum of import and export elasticities
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美国国家经济研究局创建时间：
2021-05-01
