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What is Keynesian Model: Income and Trade Balance about?
1) This chapter examines how national income and the trade balance interact using a Keynesian model with imports dependent on both exchange rates and income. 2) It assumes prices are fixed in the short run, allowing changes in demand to be reflected in output rather than prices. This keeps the model simple by introducing new variables one at a time. 3) The model shows that a country
- Author
- italos1977
- Language
- EN