01727cas a2200241 a 4500 AALejournalIMF007944 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451852400 1018-5941 BD-DhAAL BD-DhAAL Polak, J. The Two Monetary Approaches to the Balance of Payments : Keynesian and Johnsonian / J. Polak. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (26 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper emphasizes the distinction between two 'monetary approaches to the balance of payments', one developed in the IMF, the other under the leadership of Harry Johnson in Chicago. The IMF approach is presented as an evolutionary development of the Kahn/Keynes multiplier model in an open economy. Johnson's approach is anti-Keynesian and self-proclaimed revolutionary. It posits the 'essentially monetary character' of the balance of payments. The IMF model tests satisfactorily as an explanation of income and imports over time. The long-run equilibrium approach of the Chicago model precludes statistical testing, and its short-run tests prove statistically meaningless. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2001/100 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/100/001.2001.issue-100-en.xml IMF e-Library