International Macroeconomics

International Macroeconomics

By: Peter J. Montiel (author)Hardback

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International Macroeconomics provides students with an analytically rigorous introduction to the impact of globalization on macroeconomics. * Presents an analytically rigorous introduction to the field and uniquely includes optional econometric studies * Provides a unified macroeconomic model to examine rigorously international macroeconomics and then focuses this model on historic cases, institutions, and specific countries, dealing with various types of macroeconomic crises * Provides a strong policy orientation by an author who worked for many years at the IMF * Is supported by a website with extensive solutions for the problem sets, PowerPoint slides, and an update on the 08-09 meltdown

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About Author

Peter J. Montiel is the Farleigh S. Dickinson '41 Professor of Economics at Williams College, and received his PhD from the Massachusetts Institute of Technology. He has served as a Senior Policy Advisor at the International Monetary Fund as well as Chief of the Macroeconomics and Growth Division of the Policy Research Department of the World Bank, and has provided expert counsel to a variety of regional development banks and central banks. He is the author of several books, including Development Macroeconomics, 3rd edition (with Richard Agenor, 2008) and Macroeconomics in Emerging Markets (2nd edition forthcoming), and numerous articles on international macroeconomics.


Preface Part 1 Foundations Chapter 1 An Overview of the Book 1.1 What Is International Macroeconomics? 1.2 The International Macroeconomics Toolkit 1.3 The Contents of this Book Chapter 2 Open-economy Macroeconomic Accounting 2.1 The Balance of Payments Accounts 2.2 Sub-accounts in the Balance of Payments 2.3 Basic BOP Facts for the United States 2.4 The NIPA in an Open Economy: Aggregate Identities 2.5 Sectoral Identities Chapter 3 Macroeconomic Influences on the Foreign Exchange Market 3.1 Exchange Rate Concepts 3.2 Supply and Demand for Foreign Exchange 3.3 Relative Prices of Domestic and Foreign Goods: The Real Exchange Rate 3.4 Relative Returns on Domestic and Foreign Assets: Interest Parity Conditions 3.5 Central Bank Intervention in the Foreign Exchange Market: Exchange Rate Regime Appendix 3.1 Properties of Logarithms Chapter 4 The Macroeconomic Framework 4.1 Production Structure and Economic Agents 4.2 Equilibrium in the Market for Financial Assets 4.3 Equilibrium in the Market for Domestic Goods 4.4 Equations and Unknowns: Imposing Additional Structure Appendix 4.1 The Marshall-Lerner Condition Appendix 4.2 The Framework in Log-Linear Form Part 2 Fixed Exchange Rates Chapter 5 The Classical Gold Standard 5.1 Evolution of the International Gold Standard 5.2 Central Bank Behavior under the Gold Standard Chapter 6 Gold Standard Macroeconomics 6.1 Short-Run Macroeconomics under the Gold Standard 6.2 Short-Run Comparative Statics 6.3 The Long-run Model 6.4 The Gold Standard as an International Monetary System Appendix 6.1 The Gold Standard with Zero Capital Mobility Chapter 7 The Bretton Woods System 7.1 Evolution of the Bretton Woods System 7.2 Modeling Soft Pegs with Imperfect Capital Mobility 7.3 The Bond Market Equilibrium (BB) Curve 7.4 Properties of the BB Curve Chapter 8 Macroeconomics under "Soft" Pegs and Imperfect Capital Mobility 8.1 Solving the Model 8.2 Comparative Statics 8.3 Bretton Woods as an International Monetary System Appendix 8.1 Alternative Monetary Policy Regimes Chapter 9 Fixed Exchange Rates in a Financially Integrated World: Currency Crises and "Hard" Pegs 9.1 Soft Pegs with High Capital Mobility 9.2 Currency Crises 9.3 Financial Integration and Crises 9.4 Modern Versions of Hard Pegs 9.5 Soft Versus Hard Pegs: Some Policy Issues Appendix 9.1 The Monetary Approach to the Balance of Payments (MABP) Part 3 Floating Exchange Rates Chapter 10 Floating Exchange Rates I: Transitory Shocks 10.1 Analytical Framework 10.2 Solving the Floating Exchange Rate Model 10.3 Comparative Statics Appendix 10.1 The Asset Market Approach to the Exchange Rate Appendix 10.2 Algebraic Solution of the Log-linear Model Appendix 10.3 Interest Rate Targeting under Floating Exchange Rates Chapter 11 Floating Exchange Rates II: Intermediate and Permanent Shocks 11.1 Anticipated Future Shocks 11.2 Multi-period Shocks 11.3 Permanent Shocks 11.4 Comparing Permanent and Transitory Shocks Chapter 12 Floating Exchange Rates III: Exchange Rate Dynamics 12.1 Asymmetric Adjustment in Goods and Asset Markets 12.2 The Dornbusch Overshooting Model 12.3 Comparative Statics 12.4 Generalizing the Model Chapter 13 Long-run Equilibrium under Floating Exchange Rates 13.1 A Long-run Model 13.2 Solving the Long-run Model 13.3 Comparative Statics 13.4 Comparing the Short-run and Long-run Responses to Permanent Shocks 13.5 The Role of Long-run Inflation Appendix 13.1 The Long-run Floating Rate Model in Log-linear Form Appendix 13.2 Fixed Exchange Rates in the Long Run Chapter 14 Floating Exchange Rates with Short-run Price Flexibility 14.1 A "Flexprice" Model 14.2 Real Exchange Rate Dynamics 14.3 The Monetary Approach to the Exchange Rate 14.4 Currency Crises Revisited 14.5 Gradual Price Adjustment Chapter 15 Choosing an Exchange Rate Regime 15.1 Optimality Criterion I: Minimizing the Costs of Making International Transactions 15.2 Optimality Criterion II: Long-run Inflation Stabilization 15.3 Optimality Criterion III: Short-run Macroeconomic Stability 15.4 Weighing Optimality Criteria Part 4 International Monetary Cooperation Chapter 16 The International Financial Architecture 16.1 The International Monetary System after Bretton Woods 16.2 The International Debt Crisis 16.3 Changes in the International Macroeconomic Environment in the 1990s 16.4 Proposals for Reforming the International Financial Architecture Chapter 17 G-8 Policy Coordination 17.1 Why Coordinate? Theory 17.2 Comparative Statics 17.3 Post-Bretton Woods International Policy Coordination among the G-8 Countries 17.4 The US Current Account Deficit in the 2000s Chapter 18 Monetary Unification 18.1 Economic Integration in Western Europe 18.2 European Monetary Integration 18.3 Monetary Union in West Africa 18.4 The Eastern Caribbean Currency Union Part 5 The New International Macroeconomics Chapter 19 Intertemporal Issues in International Macroeconomics 19.1 A Simple One-Good Model 19.2 A Two-Good Model 19.3 Introducing the Government Index

Product Details

  • publication date: 23/04/2009
  • ISBN13: 9781405183864
  • Format: Hardback
  • Number Of Pages: 512
  • ID: 9781405183864
  • weight: 922
  • ISBN10: 1405183861

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