Khang, Chulsoon - In: The Manchester School of Economic & Social Studies 57 (1989) 4, pp. 387-91
In a recent paper, J. S. Bhandari (1983) investigates the effect of introducing elasticity dynamics into an open economy macro model and concludes that volatility in the spot exchange rate is due more to expenditure disturbances than monetary disturbances as in the seminal work of R. Dornbusch....