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Foundation of International Macroeconomics

Опубликовано на портале: 01-09-2003
Boston: MIT Press, 2002
Foundations of International Macroeconomics provides the first integrative modern treatment of the core issues in international macroeconomics and finance. It can be used as a text for first-year graduate macroeconomics or for second-year graduate international finance.

"This is a landmark treatment of dynamic, open-economy macroeconomics -- the only kind of macroeconomics that matters any more."
-- Paul Romer, Graduate School of Business, Stanford University

Foundations of International Macroeconomics is an innovative text that offers the first integrative modern treatment of the core issues in open economy macroeconomics and finance. With its clear and accessible style, it is suitable for first-year graduate macroeconomics courses as well as graduate courses in international macroeconomics and finance. Each chapter incorporates an extensive and eclectic array of empirical evidence. For the beginning student, these examples provide motivation and aid in understanding the practical value of the economic models developed. For advanced researchers, they highlight key insights and conundrums in the field.

Topic coverage includes intertemporal consumption and investment theory, government spending and budget deficits, finance theory and asset pricing, the implications of (and problems inherent in) international capital market integration, growth, inflation and seignorage, policy credibility, real and nominal exchange rate determination, and many interesting special topics such as speculative attacks, target exchange rate zones, and parallels between immigration and capital mobility.

Most main results are derived both for the small country and world economy cases. The first seven chapters cover models of the real economy, while the final three chapters incorporate the economy's monetary side, including an innovative approach to bridging the usual chasm between real and monetary models.
Content

1. Intertemporal Trade and the Current Account Balance
1. A Small Two-Period Endowment Economy Application: Consumption Smoothing in the Second Millennium B.C.
2. The Role of Investment
3. A Two-Region World Economy
4. Taxation of Foreign Borrowing and Lending
5. International Labor Movements

2. Dynamics of Small Open Economies
1. A Small Economy with Many Periods
2. Dynamics of the Current Account
3. A Stochastic Current Account Model
4. Consumer Durables and the Current Account
5. Firms, the Labor Market and Investment

3. The Life Cycle, Tax Policy, and the Current Account
1. Government Budget Policy in the Absence of Overlapping Generations
2. Government Budget Deficits in an Overlapping Generations Model
3. Output Fluctuations, Demographics, and the Life Cycle Application: How Are Saving and Growth Related?
4. Investment and Growth
5. Aggregate and Intergenerational Gains from Trade
6. Public Debt and the World Interest Rate
7. Integrating the Overlapping Generations and Representative-Consumer Models

4. The Real Exchange Rate and the Terms of Trade
1. International Price Levels and the Real Exchange Rate
2. The Price of Nontraded Goods with Mobile Capital
3. Consumption and Production in the Long Run
4. Consumption Dynamics, the Price Level, and the Real Interest Rate
5. The Terms of Trade in a Dynamic Ricardian Model

5. Uncertainty and International Financial Markets
1. Trade across Random States of Nature: The Small-Country Case
2. A Global Model
3. International Portfolio Diversification
4. Asset Pricing
5. The Role of Nontradables
6. A Model of Intragenerational Risk Sharing

6. Imperfections in International Capital Markets
1. Sovereign Risk
2. Sovereign Risk and Investment
3. Risk Sharing with Hidden Information
4. Moral Hazard in International Lending

7. Global Linkages and Economic Growth
1. The Neoclassical Growth Model
2. International Convergence
3. Endogenous Growth
4. Stochastic Neoclassical Growth Models

8. Money and Exchange Rates under Flexible Prices
1. Assumptions on the Nature of Money
2. The Cagan Model of Money and Prices
3. Monetary Exchange Rate Models with Maximizing Individuals
4. Nominal Exchange Rate Regimes
5. Target Zones for Exchange Rates
6. Speculative Attacks on a Target Zone
7. A Stochastic Global General Equilibrium Model with Nominal Assets
8. A Two-Country Cash-in-Advance Model

9. Nominal Price Rigidities: Empirical Facts and Basic Open-Economy Models
1. Sticky Domestic Goods Prices and Exchange Rates
2. The Mundell-Fleming-Dornbusch Model
3. Empirical Evidence on Sticky-Price Exchange-Rate Models
4. Choice of the Exchange-Rate Regime
5. Models of Credibility in Monetary Policy

10. Sticky-Price Models of Output, the Exchange Rate, and the Current Account
1. A Two-Country General Equilibrium Model of International Monetary Policy Transmission
2. Imperfect Competition and Preset Prices for Nontradables: Overshooting Revisited
3. Government Spending and Productivity Shocks
4. Nominal Wage Rigidities

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