The model retains the uncomfortable property that any increase in demand for home output ... leads to nominal and real appreciation... The uncomfortable fact remains that even in this model there is a short-run tendency for an expenditure increase to induce an appreciation... Expansionary fiscal policy will lead to an initial depreciation of the nominal and real exchange rate if ... (it) is accommodated by an expansion in nominal money.
Rudiger DornbuschRelated topics
depreciation expansion fiscal home increase initial lead model money nominal output property real tendency remainsRelated quotes
THERE is scarcely any inquiry more curious, or, from its importance, more worthy of attention, than that which traces the causes which practically check the progress of wealth in different countries, and stop it, or make it proceed very slowly, while the power of production remains comparatively undiminished, or at least would furnish the means of a great and abundant increase of produce and population.
Thomas Malthus
The world looks with some awe upon a man who appears unconcernedly indifferent to home, money, comfort, rank, or even power and fame. The world feels not without a certain apprehension, that here is some one outside its jurisdiction; someone before whom its allurements may be spread in vain; some one strangely enfranchised, untamed, untrammelled by convention, moving independent of the ordinary currents of human action.
Winston Churchill
The truth [is in his paintings]... When they have a similar structure to and are organized in as truthful a way as nature. When I look out of the window, then truth for me is the way nature shows itself in its various tones, colours and proportions. That's a truth and has its own correctness. This little slice of nature, and in fact any given piece of nature, represents to me an ongoing challenge, and is a model for my paintings.
Gerhard Richter
I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical form.
Calvin Coolidge
So many forces and resources would become available if States, aware (or conscious) of their true (or real) mission, would want to get on (or agree) to abolish every politics aiming at ("visant à", Fr.) expansion or hegemony; system that maintain among nations a a perpetual distrust and tension, impose on them (or force or compel, "leur impose", Fr.) formidable armies and crushing war budgets.
African Spir