Open Economy Dynamics

CONTENTS INTRODUCTION 3 PART 1. FLEXIBLE EXCHANGE RATES 11 CHAPTER 1. BASIC MODEL 11 1. Flexible Money Wages 13 13 1. 1. Overlapping Generations 1. Short-Run Equilibrium and Long-Run Equilibrium 23 1. Stability 27 1. Fixed Money Wages 34 34 2. 1. Short-Run Equilibrium and Long-Run Equilibrium 39 2. Slow Money Wages 52 3. 1. 1.