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Original Articles

Short-Run Trade Surplus Creation

Pages 453-461 | Received 21 Nov 2003, Accepted 07 Jan 2004, Published online: 16 Aug 2006
 

Abstract

This study constructs a generalized version of quasi-stationary dynamic equilibrium models and derives a set of conditions under which a uniform suppression of present and future consumptions results in what Yano calls a short-run trade surplus creation effect. This result reveals a common mechanism which concurs with a number of existing, independently obtained results that show similar effects in different model settings.

Acknowledgements

I am grateful to Rui Ota for useful comments on an earlier version of the paper. This research is partially supported by a COE grant awarded to the Faculties of Commerce and Business and of Economics at Keio University.

Notes

See Ota Citation[2], who demonstrates that this price-pegging property is crucial in order to a short-run trade surplus creation to emerge unambiguously.

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