Exports and the Keynesian Model of the Open Economy

Douglas Purvis and Robert P. Ford

Working Paper from Economics Department, Queen's University

Abstract: This paper analyzes a two-commodity short-run macroeconomic model under fixed and flexible rates. The model can be used to illustrate the relationship between elasticities, absorption and monetary approach. The specification of aggregate supply is obviously important, so we examine four possibilities ranging from the extreme Keynesian case of infinitely elastic output to the extreme classical of zero elasticity of output. The comparative static properties of the model depend crucially on the specification of aggregate supply.

Pages: 33
Date: 1976
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:249

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