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Tivig, Thusnelda
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Diskussionsbeiträge - Serie II 18
The more recent asset market literature on flexible exchange rates seems to share the opinion that it is not possible to treat the stock-flow interaction on the adjustment path to a new long-run equilibrium adequately in continuous time. The present paper discloses some severe inconsistencies between the verbal and formal formulation of the asset market ap-proach (AMA) that are linked to this proposition and argues that the AMA has not reached its target yet. A possible Solution is outlined.
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Working Paper

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