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Money, Time Preference and External Balance

Author: Philippe Weil; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 1989.
Series: Working paper series (National Bureau of Economic Research), no. w2822.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
In monetary economies, international differences in rates of time preference do not in general lead to long run trade imbalances -- in sharp contrast with Butter's 119811 results on non-monetary overlapping generation economies. This claim is documented within the context of a simple two country framework in which new immortal families enter each economy over time, with the two countries differing only in their  Read more...
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Additional Physical Format: Print version:
Weil, Philippe.
Money, time preference and external balance.
Cambridge, MA : National Bureau of Economic Research, [1989]
(OCoLC)19481249
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Philippe Weil; National Bureau of Economic Research.
OCLC Number: 756571976
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. w2822.
Responsibility: Philippe Weil.

Abstract:

In monetary economies, international differences in rates of time preference do not in general lead to long run trade imbalances -- in sharp contrast with Butter's 119811 results on non-monetary overlapping generation economies. This claim is documented within the context of a simple two country framework in which new immortal families enter each economy over time, with the two countries differing only in their subjective discount rates. Even if consumers are more "impatient" at home than abroad, trade is balanced in the long run in the presence of valued fiat currencies in constant supply, and the current account is indeterminate.

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