Korreferat zu: Jürgen Roth, Internationale Konjunkturübertragungen und nationale Stabilisierungspolitiken bei flexiblen Wechselkursen in einem Zwei-Länder-Modell
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Korreferat zu: Jürgen Roth, Internationale Konjunkturübertragungen und nationale Stabilisierungspolitiken bei flexiblen Wechselkursen in einem Zwei-Länder-Modell
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 97 (1977), Iss. 4 : pp. 339–349
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Graf, Gerhard
References
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Abstract
A critical analysis of Roth's approach shows that his system, which allows for the flexibility of prices, is an extension of a fixed price model without, however, making allowance for the flexibility of prices in a consistent way throughout the whole model. This may lead to serious biases in the results. Roth's approach does not take account of important contributions to macroeconomic model building as for instance a government budget restraint and a full-fledged asset market. The nature of economic impulses that lead to business cycles is not made clear enough.