Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation
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The paper develops a model of exchange-rate and current-account determination for a small economy peopled by infinitely lived, utility-maximizing households. In this setting, a central-bank purchase of foreign exchange has no real effects when central-bank foreign reserves earn interest at the world
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美国国家经济研究局创建时间：
1980-12-01
