Valuation effects and external adjustment: a review

Ever since David Hume introduced his price-specie flow mechanism in 1752, the question of external adjustment has been a classic issue for international macroeconomists. In 1968 Robert Mundell asked “To what extent should surplus countries expand, to what extent should deficit countries contract?” (...

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Autor principal:	Gourinchas, Pierre-Oliver
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	PRECIOS POLÍTICA ECONÓMICA
Acceso en línea:	https://hdl.handle.net/20.500.12580/3736
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spelling	oai-20.500.12580-37362021-04-24T11:01:25Z Valuation effects and external adjustment: a review Gourinchas, Pierre-Oliver PRECIOS POLÍTICA ECONÓMICA Ever since David Hume introduced his price-specie flow mechanism in 1752, the question of external adjustment has been a classic issue for international macroeconomists. In 1968 Robert Mundell asked “To what extent should surplus countries expand, to what extent should deficit countries contract?” (Mundell, 1968). The debate in those days was about the relative merits of expenditure-switching and expenditure-reducing policies, analyzed within the useful template of the Mundell-Fleming model. Subsequent research introduced microfoundations, added an explicit dynamic dimension borrowed from optimal growth theory, and highlighted the role of expectations. Throughout this process, understanding the adjustment of a country’s external balances remained a key issue. By the early 1980s a modern synthesis had emerged, in the form of the intertemporal approach to the current account. 2019-11-01T00:04:00Z 2019-11-01T00:04:00Z 2008 Artículo 978-956-7421-30-5 https://hdl.handle.net/20.500.12580/3736 eng Series on Central Banking, Analysis, and Economic Policies, no. 12 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 195-236 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	PRECIOS POLÍTICA ECONÓMICA
spellingShingle	PRECIOS POLÍTICA ECONÓMICA Gourinchas, Pierre-Oliver Valuation effects and external adjustment: a review
description	Ever since David Hume introduced his price-specie flow mechanism in 1752, the question of external adjustment has been a classic issue for international macroeconomists. In 1968 Robert Mundell asked “To what extent should surplus countries expand, to what extent should deficit countries contract?” (Mundell, 1968). The debate in those days was about the relative merits of expenditure-switching and expenditure-reducing policies, analyzed within the useful template of the Mundell-Fleming model. Subsequent research introduced microfoundations, added an explicit dynamic dimension borrowed from optimal growth theory, and highlighted the role of expectations. Throughout this process, understanding the adjustment of a country’s external balances remained a key issue. By the early 1980s a modern synthesis had emerged, in the form of the intertemporal approach to the current account.
format	Artículo
author	Gourinchas, Pierre-Oliver
author_facet	Gourinchas, Pierre-Oliver
author_sort	Gourinchas, Pierre-Oliver
title	Valuation effects and external adjustment: a review
title_short	Valuation effects and external adjustment: a review
title_full	Valuation effects and external adjustment: a review
title_fullStr	Valuation effects and external adjustment: a review
title_full_unstemmed	Valuation effects and external adjustment: a review
title_sort	valuation effects and external adjustment: a review
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3736
work_keys_str_mv	AT gourinchaspierreoliver valuationeffectsandexternaladjustmentareview
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Valuation effects and external adjustment: a review

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