Characteristics of the Short-Run Model

H. Peter Gray

Chapter 2 in An Aggregate Theory of International Payments Adjustment, 1974, pp 7-37 from Palgrave Macmillan

Abstract: Abstract The contention that the general equilibrium approach is unsuited to policy prescriptions for payments adjustments in the modern era must be analysed before a short-run theory can be substituted for it as the core of payments theory. The requirements imposed upon the world by general equilibrium theory for it to be operational are considered first and are followed by a brief examination of the support for general equilibrium that can be derived from the twenty-five-years life span of the Bretton Woods era.

Keywords: Current Account; Competitive Ratio; Liquid Asset; Capital Movement; Bretton Wood System (search for similar items in EconPapers)
Date: 1974
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-01768-3_2

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DOI: 10.1007/978-1-349-01768-3_2

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