I am now using Friday’s blog space to provide draft versions of the Modern Monetary Theory textbook that I am writing with my colleague and friend Randy Wray. We expect to publish the text sometime in 2013. Our (very incomplete) textbook home page – Modern Monetary Theory and Practice – has draft chapters and contents etc in varying states of completion. Comments are always welcome. Note also that the text I post here is not intended to be a blog-style narrative but constitutes the drafting work I am doing – that is, the material posted will not represent the complete text. Further it will change as the drafting process evolves.
Chapter 21 Policy in an Open Economy: Exchange Rates, Balance of Payments, and Competitiveness
Chapter 21 Policy in an Open Economy: Exchange Rates, Balance of Payments, and Competitiveness
This material updates the work already done on Chapter 21 that appeared in the following blogs:
- External economy considerations – Part 1
- External economy considerations – Part 2
- External economy considerations – Part 3
- External economy considerations – Part 4
The earlier draft had some gaps and some sections to complete which is what I am doing today. The sections I am working on today are not in any particular sequential order.
21.6 The relationship between the Current Account and the Capital Account of the Balance of Payments
William F. (Bill) Mitchell | Professor of Economics at Charles Darwin University, Professor of Economics at the University of Newcastle, and inaugural director of CofFEE
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