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An open economy macroeconomics reader

Опубликовано на портале: 25-10-2003
Ред.: Mehmet Ugur
London, New York: Routledge, 2001, 544 с.
This book draws together seminal contributions on the nature of macroeconomics in open economies and illuminates the material by using:

  • explanatory introductions to each piece
  • discussion questions
  • suggestions for further reading
  • reference to the key journal articles
  • boxed key terms.

This is an essential guide to the subject for students, as commented upon by the most influential commentators.


Technically speaking, open economies are any that engage in international trade. However, the smaller the economy, the more "open" it can be presumed to be because fluctuations in international trade have a far greater impact on a country's trading conditions and it is unlikely to produce the full range of its own goods and services. The US, therefore, can be considered to be a relatively closed economy as its imports and exports amount to only a fraction of its gross domestic product. Smaller countries, on the other hand, rely much more heavily on their neighbours. "Open Economy Macroeconomics: A Reader" draws together the seminal contributions to the literature on macroeconomics in open economies and illuminates the material by way of a range of key features: discussion questions; suggestions for further reading; reference to the key journal articles in the field; and boxed key terms.
    Part I: Stablisation policy in the Mundell-Flemming model

    Part II: Expenditure-switching policy: devaluation and balance of payments adjustment

    Part III: Achieving the internal and external balance simultaneously: targets and instruments

    Part IV: Interdependence and Macroeconomic Policy Co-ordination

    Part V: The international monetary system and monetary policy: design and institutions

    Part VI: Exchange rate determination and policy

    Part VII: Monetary unions and the EMU

    Part VIII: Tax policy in open economies: competition vs. co-ordination

    Part IX: Labour market policy and institutions: a comparative assessment