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Mundell-Fleming: A Criticism or the Multiplier Liveth

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Abstract

The irrelevance of expenditure shocks to nominal product in the Mundell-Fleming model disappears once "real balances" are taken to mean the nominal money stock deflated by the consumer price index, rather than the GDP deflator. Under this alternative definition of real balances there is a government spending multiplier, even in the presence of floating exchange rates and perfect capital mobility.

Suggested Citation

  • Coleman, W., 1996. "Mundell-Fleming: A Criticism or the Multiplier Liveth," Papers 1996-04, Tasmania - Department of Economics.
    • Handle: RePEc:fth:tasman:1996-04
    as

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    More about this item

    Keywords

    MONEY; EXCHANGE RATE; NATIONAL INCOME; PRICE INDEXES;
    All these keywords.

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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