Real and Monetary Aspects of the ‘Dutch Disease’

J. Peter Neary

Chapter 12 in Structural Adjustment in Developed Open Economies, 1985, pp 357-391 from Palgrave Macmillan

Abstract: Abstract When the average rate of growth of an economy is high, considerable changes in the relative sizes of different sectors can often be accommodated without great cost. However, in an environment of sluggish overall growth, such as has characterised most of the world in the past eight years, structural adjustment may be extremely painful, even though it results from a boom elsewhere in the economy. The problems are likely to be particularly acute if the boom takes the form of a rapid and unanticipated expansion of a small number of sectors, as typically follows the exploitation of natural resource discoveries.

Keywords: Exchange Rate; Real Exchange Rate; Real Wage; Money Supply; Nominal Exchange Rate (search for similar items in EconPapers)
Date: 1985
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Working Paper: Real and monetary aspects of the 'Dutch disease' (1982)
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DOI: 10.1007/978-1-349-17919-0_12

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