Intertemporal Price Speculation and the Optimal Current-Account Deficit
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The paper studies the effects of terms-of-trade fluctuations in an infinite-horizon optimizing model of a small open economy. While the current-account response to a transitory terms-of-trade shock is in part explicable by intertemporal smoothing, an important additional factor is the effect of
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美国国家经济研究局创建时间：
1983-03-01
