Abstract
In this chapter it is shown that once-and-for-all variations at the level of the exchange rate can play an important role in the sectoral composition of the economy, and this fact has important implications in terms of a disaggregated version of Thirlwall’s Law even when the argument of the quantitative unimportance of relative price movements holds. The growth rate of a country is then shown to be affected by once-and-for-all movements at the level of nominal exchange rates, and the concept of a natural exchange rate is introduced.
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