The crucial stability condition is, of course, the fact that the BB curve is steeper than the A A curve. ... Attempts to restore the real wage by an upward shift of the Phillips-curve relation (10) can only succeed temporarily, at the expenseanbsp;...
|Title||:||Flexible exchange rates and the balance of payments|
|Author||:||Egon Sohmen, John Somerset Chipman, Charles Poor Kindleberger|
|Publisher||:||North Holland - 1980|