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By Emmanuel Pikoulakis (auth.)

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In particular, what is the behaviour of the real and the nominal exchange rate along this path? To start with let us assume, as suggested above, that the price of the domestic good in domestic currency P is falling (rising) whenever output is below (above) its full employment level. Starting from a point such as (Yu , AI) we are on a path along which P is falling and, therefore, HIP is rising. In turn, a rising HIP boosts absorption and output. Since the current account always balances, a rising output must be associated with a depreciating real exchange rate in order to eliminate incipient current account deficits.

And as a result. a previously unanticipated increase in the core rate of growth of domestic money relative to foreign money reduces domestic liquidity relative to foreign liquidity across steady states. Thirdly. since outputs are fixed and monies cannot jump. a previously unanticipated increase in the core rate of growth of domestic money relative to foreign money leaves the initial nominal interest rate differential unaffected. 2 has its limitations: it cannot adequately distinguish and contrast liquidity effects from secular inflationary effects.

In effect we have a single-bond world. In that case the asset approach focuses attention on the relative supply and demand of domestic and foreign monies to develop a theory of the exchange rate. This approach of modelling the exchange rate has led to the development of monetary models of the exchange rate. When interest-bearing assets denominated in domestic and in foreign currency are imperfect substitutes relative supplies and demands in these assets 32 Monetary Models o/the Exchange Rate 33 playa crucial role in determining their relative price.

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