International macroeconomics:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Chichester [u.a.]
Wiley-Blackwell
2009
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIII, 503 S. graph. Darst. |
| ISBN: | 9781405183864 |
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MARC
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| 100 | 1 | |a Montiel, Peter |d 1951- |e Verfasser |0 (DE-588)122247183 |4 aut | |
| 245 | 1 | 0 | |a International macroeconomics |c Peter J. Montiel |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Chichester [u.a.] |b Wiley-Blackwell |c 2009 | |
| 300 | |a XIII, 503 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 650 | 7 | |a Außenwirtschaftspolitik |2 stw | |
| 650 | 7 | |a Außenwirtschaftstheorie |2 stw | |
| 650 | 7 | |a Makroökonomik |2 stw | |
| 650 | 7 | |a Theorie |2 stw | |
| 650 | 7 | |a Wechselkurspolitik |2 stw | |
| 650 | 7 | |a Wechselkurstheorie |2 stw | |
| 650 | 7 | |a Welt |2 stw | |
| 650 | 7 | |a Zahlungsbilanz |2 stw | |
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| 650 | 4 | |a Macroeconomics | |
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Record in the Search Index
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| adam_text |
Contents
Preface
ix
Part
1
Foundations
1
1
An Overview of the Book
3
1.1
What Is International Macroeconomics?
4
1.2
The International Macroeconomics Toolkit
9
1.3
The Contents of this Book
10
1.4
Summary
15
2
Open-economy
Macroeconomic
Accounting
17
2.1
The Balance of Payments Accounts
18
2.2
Sub-accounts in the Balance of Payments
22
2.3
Basic BOP Facts for the United States
29
2.4
The NIPA in an Open Economy: Aggregate Identities
31
2.5
Sectoral Identities
37
2.6
Summary
41
3
Macroeconomic
Influences on the Foreign Exchange Market
46
3.1
Exchange Rate Concepts
47
3.2
Supply and Demand for Foreign Exchange
50
3.3
Relative Prices of Domestic and Foreign Goods: The Real Exchange Rate
52
3.4
Relative Returns on Domestic and Foreign Assets: Interest
Parity Conditions
63
3.5
Central Bank Intervention in the Foreign Exchange Market:
Exchange Rate Regimes
70
3.6
Summary
77
Appendix
3.1
Properties of Logarithms
80
4
The
Macroeconomic
Framework
82
4.1
Production Structure and Economic Agents
84
4.2
Equilibrium in the Market for Financial Assets
85
vi
Contents
4.3
Equilibrium in the Market for Domestic Goods
91
4.4
Equations and Unknowns: Imposing Additional Structure
100
4.5
Summary
108
Appendix
4.1
The Marshal 1-Lerner Condition
109
Appendix
4.2
The Framework in Log-Linear Form
110
Part
2
Fixed Exchange Rates
113
5
The Classical Gold Standard
115
5.1
Evolution of the International Gold Standard
116
5.2
Central Bank Behavior under the Gold Standard
120
5.3
Summary
127
6
Gold Standard Macroeconomics
129
6.1
Short-Run Macroeconomics under the Gold Standard
130
6.2
Short-Run Comparative Statics
139
6.3
The Long-run Model
145
6.4
The Gold Standard as an International Monetary System
148
6.5
Summary
155
Appendix
6.1
The Gold Standard with Zero Capital Mobility
157
7
The
Bretton
Woods System
159
7.1
Evolution of the
Bretton
Woods System
160
7.2
Modeling Soft Pegs with Imperfect Capital Mobility
164
7.3
The Bond Market Equilibrium (BB) Curve
167
7.4
Properties of the BB Curve
169
7.5
Summary
174
8
Macroeconomics under "Soft" Pegs and Imperfect
Capital Mobility
177
8.1
Solving the Model
178
8.2
Comparative Statics
180
8.3
Bretton
Woods as an International Monetary System
187
8.4
Summary
199
Appendix
8.1
Alternative Monetary Policy Regimes
202
9
Fixed Exchange Rates in a Financially Integrated World:
Currency Crises and "Hard" Pegs
208
9.1
Soft Pegs with High Capital Mobility
209
9.2
Currency Crises
216
9.3
Financial Integration and Crises
219
9.4
Modem Versions of Hard Pegs
225
9.5
Soft Versus Hard Pegs: Some Policy Issues
228
9.6
Summary
233
Appendix
9.1
The Monetary Approach to the Balance of Payments (MABP)
236
Contents
vii
Part
3
Floating Exchange Rates
239
10
Floating Exchange Rates I: Transitory Shocks
241
10.1
Analytical Framework
242
10.2
Solving the Floating Exchange Rate Model
245
10.3
Comparative Statics
252
10.4
Summary
265
Appendix
10.1
The Asset Market Approach to the Exchange Rate
268
Appendix
10.2
Algebraic Solution of the Log-linear Model
269
Appendix
10.3
Interest Rate Targeting under Floating Exchange Rates
270
11
Floating Exchange Rates II: Intermediate and Permanent Shocks
272
11.1
Anticipated Future Shocks
273
11.2
Multi-period Shocks
279
11.3
Permanent Shocks
284
11.4
Comparing Permanent and Transitory Shocks
291
11.5
Summary
296
12
Floating Exchange Rates III: Exchange Rate Dynamics
299
12.1
Asymmetric Adjustment in Goods and Asset Markets
300
12.2
The
Dornbusch
Overshooting Model
301
12.3
Comparative Statics
306
12.4
Generalizing the Model
310
12.5
Summary
315
Appendix
12.1
Proof that (S,
+
JS,)
=
X(S/St)
317
13
Long-run Equilibrium under Floating Exchange Rates
319
13.1
A Long-run Model
320
13.2
Solving the Long-run Model
325
13.3
Comparative Statics
327
13.4
Comparing the Short-run and Long-run Responses to Permanent Shocks
331
13.5
The Role of Long-run Inflation
333
13.6
Summary
338
Appendix
13.1
The Long-run Floating Rate Model in Log-linear Form
340
Appendix
13.2
Fixed Exchange Rates in the Long Run
342
14
Floating Exchange Rates with Short-run Price Flexibility
346
14.1
A "Flexprice" Model
347
14.2
Real Exchange Rate Dynamics
348
14.3
The Monetary Approach to the Exchange Rate
353
14.4
Currency Crises Revisited
358
14.5
Gradual Price Adjustment
364
14.6
Summary
369
15
Choosing an Exchange Rate Regime
372
15.1
Optimality Criterion I: Minimizing the Costs of Making
International Transactions
373
Preface
As I write this in early
2009,
evidence of how intensely integrated the world economy
has become is all around us. The financial crisis through which we are currently living
has touched almost every corner of the world, and the international dimension of the
required policy response is widely acknowledged. While the current crisis has emphasized
the internationalization of macroeconomics in a dramatic way, the international aspects
of macroeconomics have been growing rapidly in importance throughout the world over
the past two decades. As the world becomes more integrated economically, this process
is likely to accelerate. It is easy to predict that issues related to the international aspects
of macroeconomics will become increasingly visible and urgent to students in years
to come.
In this context, an understanding of the macroeconomics of open economies is likely to
become an integral part of the education of students of economics, public policy, business,
and international relations, among other disciplines. What makes this study at once fascin¬
ating and challenging is that so much of what determines how open economies behave
macroeconomically depends on the specific circumstances of each country: its size, degree
of
macroeconomic
openness in both goods and financial markets, the exchange rate and
monetary policies that it pursues, the types of economic disturbances that it tends to
experience, and so on. In the face of this diversity, the challenge that instructors face in
teaching this subject is to provide their students with a versatile analytical framework that
they can use to think clearly about the wide range of open-economy
macroeconomic
issues
that they will invariably encounter in the future, whether as citizens, in their professional
lives, or as policymakers.
Special Features of this Book
This book is intended to help facilitate that task. I became motivated to write it as the result
of many years of teaching this subject at a diverse set of academic institutions as well as
of seeing it applied first-hand during a long stint in the Research Department of the
International Monetary Fund. My objective has been to present, in as clear a language as
possible, a comprehensive, but unified analytical approach to the subject, organized along |
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| spelling | Montiel, Peter 1951- Verfasser (DE-588)122247183 aut International macroeconomics Peter J. Montiel 1. publ. Chichester [u.a.] Wiley-Blackwell 2009 XIII, 503 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Außenwirtschaftspolitik stw Außenwirtschaftstheorie stw Makroökonomik stw Theorie stw Wechselkurspolitik stw Wechselkurstheorie stw Welt stw Zahlungsbilanz stw Foreign exchange rates Macroeconomics Makroökonomie (DE-588)4037174-8 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Makroökonomie (DE-588)4037174-8 s b DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017005740&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Montiel, Peter 1951- International macroeconomics Außenwirtschaftspolitik stw Außenwirtschaftstheorie stw Makroökonomik stw Theorie stw Wechselkurspolitik stw Wechselkurstheorie stw Welt stw Zahlungsbilanz stw Foreign exchange rates Macroeconomics Makroökonomie (DE-588)4037174-8 gnd |
| subject_GND | (DE-588)4037174-8 (DE-588)4123623-3 |
| title | International macroeconomics |
| title_auth | International macroeconomics |
| title_exact_search | International macroeconomics |
| title_full | International macroeconomics Peter J. Montiel |
| title_fullStr | International macroeconomics Peter J. Montiel |
| title_full_unstemmed | International macroeconomics Peter J. Montiel |
| title_short | International macroeconomics |
| title_sort | international macroeconomics |
| topic | Außenwirtschaftspolitik stw Außenwirtschaftstheorie stw Makroökonomik stw Theorie stw Wechselkurspolitik stw Wechselkurstheorie stw Welt stw Zahlungsbilanz stw Foreign exchange rates Macroeconomics Makroökonomie (DE-588)4037174-8 gnd |
| topic_facet | Außenwirtschaftspolitik Außenwirtschaftstheorie Makroökonomik Theorie Wechselkurspolitik Wechselkurstheorie Welt Zahlungsbilanz Foreign exchange rates Macroeconomics Makroökonomie Lehrbuch |
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