The Mundell-Fleming Model a Quarter Century Later: A Unified Exposition

Jacob A. Frenkel and Assaf Razin
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Jacob A. Frenkel: International Monetary Fund

IMF Staff Papers, 1987, vol. 34, issue 4, 567-620

Abstract: The Mundell-Fleming model of international macroeconomics originated in the early 1960s and has been extended during the ensuing quarter century. This paper develops an exposition that integrates the various facets of the model and incorporates its extensions into a unified analytical framework. Attention is given to (1) the distinction between short-run and long-run effects of policies, (2) the implications of debt and tax financing of government expenditures, and (3) the role of the exchange rate regime in this regard. By identifying the key mechanisms operating in the model, the exposition clarifies the model's limitations and facilitates comparison with other, more current approaches.

Date: 1987
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