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External Shocks in Classical and Keynesian Economies

Klaus Schmidt-HebbelLuis Serven

出版	World Bank Publications, 1994
URL	http://books.google.com.hk/books?id=3ekgGYaT7CkC&hl=&source=gbs_api
EBook	SAMPLE

註釋

Transitory and permanent shocks may have opposite effects on the current account. In particular, an increase in foreign transfers or a terms- of- trade windfall, if permanent, can result in a current account deficit. But if temporary, they cause a surplus. Liquidity constraints and wage rigidities tend to amplify the cyclical adjustment to external shocks.