Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. Research Department.
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| ISBN: | 1451898061
9781451898064
1281601764
9781281601766
1462390307
9781462390304
1452751250
9781452751252
9786613782458
6613782459
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| Notes: | Includes bibliographical references (pages 22-25).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | This paper emphasizes the distinction between two 'monetary approaches to the balance of payments', one developed in the IMF, the other under the leadership of Harry Johnson in Chicago. The IMF approach is presented as an evolutionary development of the Kahn/Keynes multiplier model in an open economy. Johnson's approach is anti-Keynesian and self-proclaimed revolutionary. It posits the 'essentially monetary character' of the balance of payments. The IMF model tests satisfactorily as an explanation of income and imports over time. The long-run equilibrium approach of the Chicago model precludes statistical testing, and its short-run tests prove statistically meaningless.
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| Other form: | Print version: Polak, J.J. (Jacques Jacobus), 1914- Two monetary approaches to the balance of payments. [Washington, D.C.] : International Monetary Fund, Research Dept., ©2001
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| Standard no.: | 10.5089/9781451898064.001
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