A General-Equilibrium Framework for Analyzing the Responses of Imports and Exports to External Price Changes: An Aggregation Theorem
نویسنده
چکیده
Assuming preferences to be generated by an aggregate utility function, an aggregate demand function for imports and exports is defined as a function of import and export prices and the deficit in the balance of payments on current account, in a model with nontradable as well as traded goods. It is shown that this function is integrable, hence can be generated by maximizing a utility function (with import and export quantities as arguments) subject to a balanceof-payments constraint.
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