This paper investigates how monetary shocks are transmitted internationally. It shows that where a national currency is used as an international medium of exchange, the international money is non-neutral. In particular, an increase in the supply of international money leads to a transfer of real...

This paper develops a general equilibrium 2x2 Ricardian model that demonstrates the possibility of immiserising growth as a result of a productivity improvement in a country¡¯s export industry. The model also shows that immiserising growth can be avoided by improving the productivity of the...