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Abstract
Despite the increased attention that macroeconomic management in developing countries has received during the past decade, no consensus has emerged on the appropriate analytical framework for the study of developing country macroeconomic issues. Instead, individual models suitable for different tasks have proliferated with different, and often conflicting, assumptions about a wide range of crucial aspects of these economies, such as the nature of financial markets, the degree of capital mobility, the form and functioning of the exchange rate regime, the degree of wage-price flexibility, the determination of aggregate supply, and the extent to which agents’ expectations are forward looking.
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