Open economy macroeconomics:
Gespeichert in:
1. Verfasser: | |
---|---|
Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Cambridge [u.a.]
Cambridge Univ. Press
2004
|
Ausgabe: | 1. publ., transferred to digital printing |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | XIII, 383 S. graph. Darst. |
ISBN: | 0521788749 0521783046 |
Internformat
MARC
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Datensatz im Suchindex
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---|---|
adam_text | Contents
List of figures
List of tables
Preface
List of standard symbols
Introduction
I.I
The field
1.2
The book
І.З
The approach
1.4
Prerequisites
Part
1
Financial markets
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
2
2.1
2.2
2.3
2.4
2.5
3
3.1
3.2
3.3
3.4
The foreign exchange market
Some basic concepts
The balance sheet
The demand for currencies
A simple portfolio model
Capital mobility, interest rates and expectations
The current account and the government surplus
The forward market and covered interest rate parity
Portfolio choice, risk
premia
and capital mobility
Mean-variance analysis and the demand for foreign currency
The equilibrium risk premium
Further discussion of the mean-variance model and extensions
Expected utility maximization: an example
The degree of capital mobility between currencies
page vui
χ
xi
xii
1
1
2
5
6
9
9
12
16
18
24
32
35
40
40
47
50
56
59
Money
63
A portfolio model with money
63
Money demand and currency substitution
78
Banks
84
Currency boards, target zones and the role of foreign exchange reserves
90
vi
Contents
4
The monetary theory of the exchange rate
97
4.1
Exchange rate equilibrium with rational expectations
98
4.2
Temporary and permanent shocks, anticipations and news
102
4.3
The nominal anchor
109
Part
2
The open economy
5
The extremely open economy
113
5.1
Real interest rates
115
5.2
Income accounting
115
5.3
The specie—flow mechanism
117
5.4
Imperfect capital mobility: fixed exchange rate
125
5.5
Imperfect capital mobility: floating exchange rate
128
5.6
Government deficits
134
5.7
Wage rigidity
138
5.8
Real capital and investment
145
5.9
Unions and wage bargaining
148
5.10
Wealth dynamics in a growing economy
153
5.11
Some further questions
160
6
Home and foreign goods
166
6.1
The trade balance and the Marshall-Lerner condition
166
6.2
The Mundell-Fleming-Tobin model
169
6.3
Fixed exchange rate
171
6.4
Floating exchange rate
180
6.5
Some observations on real interest rates, expected inflation and the
choice of deflator
185
6.6
From short- to long-run equilibrium: the price-specie-flow mechanism
190
6.7
Floating rate dynamics and overshooting
204
6.8
A more general dynamic model
211
7
Traded and non-traded goods
217
7.1
The basic static model
218
7.2
Alternatives and extensions
229
73
Wage dynamics
240
7.4
Capital stock dynamics
245
7.5
Real capital in both industries
250
7.6
The Scandinavian model of inflation
254
8
Alternative market structures, purchasing power parity and
monopolistic competition
260
8.1
Purchasing power parity, the law of one price and nominal rigidities
261
8.2
Monopolistic price-setting
266
Contents
vii
8.3
Pricing
to
market
269
8.4
Customer markets, beach-head effects and multinational firms
273
8.5
Wage bargaining: the wedge
277
Part
3
Policy issues
9
International interactions
287
9.1
The international monetary system
287
9.2
The international transmission of shocks
293
9.3
Policy coordination
312
9.4
Monetary union and optimal currency areas
316
Appendix: deriving the properties of the aggregate demand functions
319
10
Exchange rate policy
323
10.1
Exchange rate versus price level targets and output stability
325
10.2
Credibility and speculative attacks
336
10.3
The benefits of having one s own currency
347
Appendixes
A Differential equations in two variables
353
В
The homogeneous production function
359
Notes
361
Bibliography
369
Index
381
|
adam_txt |
Contents
List of figures
List of tables
Preface
List of standard symbols
Introduction
I.I
The field
1.2
The book
І.З
The approach
1.4
Prerequisites
Part
1
Financial markets
1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
2
2.1
2.2
2.3
2.4
2.5
3
3.1
3.2
3.3
3.4
The foreign exchange market
Some basic concepts
The balance sheet
The demand for currencies
A simple portfolio model
Capital mobility, interest rates and expectations
The current account and the government surplus
The forward market and covered interest rate parity
Portfolio choice, risk
premia
and capital mobility
Mean-variance analysis and the demand for foreign currency
The equilibrium risk premium
Further discussion of the mean-variance model and extensions
Expected utility maximization: an example
The degree of capital mobility between currencies
page vui
χ
xi
xii
1
1
2
5
6
9
9
12
16
18
24
32
35
40
40
47
50
56
59
Money
63
A portfolio model with money
63
Money demand and currency substitution
78
Banks
84
Currency boards, target zones and the role of foreign exchange reserves
90
vi
Contents
4
The monetary theory of the exchange rate
97
4.1
Exchange rate equilibrium with rational expectations
98
4.2
Temporary and permanent shocks, anticipations and news
102
4.3
The nominal anchor
109
Part
2
The open economy
5
The extremely open economy
113
5.1
Real interest rates
115
5.2
Income accounting
115
5.3
The specie—flow mechanism
117
5.4
Imperfect capital mobility: fixed exchange rate
125
5.5
Imperfect capital mobility: floating exchange rate
128
5.6
Government deficits
134
5.7
Wage rigidity
138
5.8
Real capital and investment
145
5.9
Unions and wage bargaining
148
5.10
Wealth dynamics in a growing economy
153
5.11
Some further questions
160
6
Home and foreign goods
166
6.1
The trade balance and the Marshall-Lerner condition
166
6.2
The Mundell-Fleming-Tobin model
169
6.3
Fixed exchange rate
171
6.4
Floating exchange rate
180
6.5
Some observations on real interest rates, expected inflation and the
choice of deflator
185
6.6
From short- to long-run equilibrium: the price-specie-flow mechanism
190
6.7
Floating rate dynamics and overshooting
204
6.8
A more general dynamic model
211
7
Traded and non-traded goods
217
7.1
The basic static model
218
7.2
Alternatives and extensions
229
73
Wage dynamics
240
7.4
Capital stock dynamics
245
7.5
Real capital in both industries
250
7.6
The Scandinavian model of inflation
254
8
Alternative market structures, purchasing power parity and
monopolistic competition
260
8.1
Purchasing power parity, the law of one price and nominal rigidities
261
8.2
Monopolistic price-setting
266
Contents
vii
8.3
Pricing
to
market
269
8.4
Customer markets, 'beach-head' effects and multinational firms
273
8.5
Wage bargaining: the wedge
277
Part
3
Policy issues
9
International interactions
287
9.1
The international monetary system
287
9.2
The international transmission of shocks
293
9.3
Policy coordination
312
9.4
Monetary union and optimal currency areas
316
Appendix: deriving the properties of the aggregate demand functions
319
10
Exchange rate policy
323
10.1
Exchange rate versus price level targets and output stability
325
10.2
Credibility and speculative attacks
336
10.3
The benefits of having one's own currency
347
Appendixes
A Differential equations in two variables
353
В
The homogeneous production function
359
Notes
361
Bibliography
369
Index
381 |
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author | Rødseth, Asbjørn |
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discipline_str_mv | Wirtschaftswissenschaften |
edition | 1. publ., transferred to digital printing |
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illustrated | Illustrated |
index_date | 2024-07-02T20:04:40Z |
indexdate | 2024-07-09T21:12:41Z |
institution | BVB |
isbn | 0521788749 0521783046 |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016377166 |
oclc_num | 255073481 |
open_access_boolean | |
owner | DE-703 DE-473 DE-BY-UBG |
owner_facet | DE-703 DE-473 DE-BY-UBG |
physical | XIII, 383 S. graph. Darst. |
publishDate | 2004 |
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publisher | Cambridge Univ. Press |
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spelling | Rødseth, Asbjørn Verfasser aut Open economy macroeconomics Asbjørn Rødseth 1. publ., transferred to digital printing Cambridge [u.a.] Cambridge Univ. Press 2004 XIII, 383 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Offene Volkswirtschaft (DE-588)4172486-0 gnd rswk-swf Makroökonomie (DE-588)4037174-8 gnd rswk-swf Makroökonomie (DE-588)4037174-8 s Offene Volkswirtschaft (DE-588)4172486-0 s DE-604 Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016377166&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Rødseth, Asbjørn Open economy macroeconomics Offene Volkswirtschaft (DE-588)4172486-0 gnd Makroökonomie (DE-588)4037174-8 gnd |
subject_GND | (DE-588)4172486-0 (DE-588)4037174-8 |
title | Open economy macroeconomics |
title_auth | Open economy macroeconomics |
title_exact_search | Open economy macroeconomics |
title_exact_search_txtP | Open economy macroeconomics |
title_full | Open economy macroeconomics Asbjørn Rødseth |
title_fullStr | Open economy macroeconomics Asbjørn Rødseth |
title_full_unstemmed | Open economy macroeconomics Asbjørn Rødseth |
title_short | Open economy macroeconomics |
title_sort | open economy macroeconomics |
topic | Offene Volkswirtschaft (DE-588)4172486-0 gnd Makroökonomie (DE-588)4037174-8 gnd |
topic_facet | Offene Volkswirtschaft Makroökonomie |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016377166&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
work_keys_str_mv | AT rødsethasbjørn openeconomymacroeconomics |