By H.Peter Gray
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Additional info for An Aggregate Theory of International Payments Adjustment
24 Lawrence B. Krause, 'A Passive Balance-of-Payments Strategy for the United States', Brookings Papers on Economic Activity (3: 1970) pp. 339-60. The definition needs broadening to allow for the possibility of a change in the payments target. 24 The Infrastructure Foreign retaliation to a change in balance-of-payments policies by one nation can involve either a reduction in the size of the change actually induced in an instrument variable or a change in the data. A 10 per cent devaluation matched by a 5 per cent counter-devaluation by all trading partners would reduce the change in the instrument variable (the rate of exchange) to 5 per cent.
36 The Infrastructure dimensions in which the dominant goal can be defined will serve to measure changes in the net contribution to domestic employment, changes in the net international asset position, and changes in the net and in the gross liquid reserve positions. The short-run model explicitly excludes international transactions by the private sector in short-term assets and other internationallyliquid assets from its scope. This exclusion derives primarily from the belief that, while net reserve positions are acknowledged to be important, gross reserve positions and the distribution of the stock of international short-term assets among nations have little effect upon international economic policy.
For these reasons autonomous or independent spontaneous developments will be classified separately. This problem of distinguishing between external influences and induced effects is also apparent in Harrod's analysis since 32 The Infrastructure he does not make a categorical distinction between the favourable effects of the British balance of trade that result from domestic deflation and those that result from favourable shifts in the terms of trade. In terms of Figure 2-1, the difficulty arises from the failure explicitly to distinguish between shifts in the TT schedule that are policy-induced and other shifts which happen independently of balance-of-payments policy actions.
An Aggregate Theory of International Payments Adjustment by H.Peter Gray