International Transmission of Stagflation under Fixed and Flexible Exchange Rates
Bibliographic Data
| ID | 10177059 |
|---|---|
| Authors | Koichi Hamada, Makoto Sakurai |
| Year | 1978 |
| Volume | 86 |
| Issue | 5 |
| Pages | 877-895 |
| Publication date | 1978-10-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/260716 |
| OpenAlex | W2058174106 |
| Language | EN |
| Citations received | 3 |
| References cited | 5 |
This paper studies the transmission of economic fluctuations under flexible and fixed exchange rates. In a model incorporating short-run and long-run Phillips curves, two channels of interdependence are studied: one through the balance of payments and the other through changes in the terms of trade and wage-price spirals. Under fixed rates both channels work; under flexible rates the second channel still works, although the first is blocked. While a recession in one country tends to be transmitted as a recession in the other under fixed rates, it tends to be transmitted as stagflation in the other under flexible rates
Balance of payments · Channel (broadcasting · Economics · Exchange rate · Exchange-rate regime · Fixed cost · Fixed exchange rates · Keynesian economics · Labour economics · Microeconomics · Monetary economics · Monetary policy · Recession · Stagflation · Telecommunications · Wage · Computer Science · Economic theories and models · Global Financial Crisis and Policies · Monetary Policy and Economic Impact
| Citations per year | 0.07 |
|---|---|
| Citation span | 1981 - 2022 (42) |
| Highly cited | No |