The Role of Home Goods and Money in Exchange Rate Adjustments

Abstract

Ever since Alexander’s introduction of the ‘absorption’ approach, there has been a certain schizophrenia in balance-of-payments theory. On one hand, the macroeconomic identity that a payments deficit means that expenditures exceed income suggests that analyses of the balance of payments should proceed upon macroeconomic lines. On the other hand, analysis of exchange rate adjustment is, almost by definition, analysis of a relative price change. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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