Essays on Rational Expectations and Flexible Exchange Rates by Saidi Nasser;

Author:Saidi, Nasser;
Language: eng
Format: epub
Publisher: Taylor & Francis Group

Chapter IV

Cyclical Variations of the Exchange Rate and the Terms of Trade

The observation that depressions travel internationally, or at any rate occur in one country after another in rapid succession or simultaneously, is not new. It may almost be called common knowledge. But the facts that the infection is carried chiefly via the monetary standard and that without such a conduit there is little infection are less well known.

I. Fisher, [5]

In any case, the most fruitful and most correct way of explaining foreign exchanges is to show their place in the general price system and the difference of variations in basic circumstances, including capital movements, and in monetary conditions.

B. Ohlin, [25]

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