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Empirical Essays in Open Economy Macroeconomics. Edition No. 1
VDM Publishing House, Aug 2008, Pages: 164
This book is comprised of two parts. The first uses
data on Canada to determine the role asset price
changes should play in the conduct of monetary policy
within the inflation targeting and money growth
targeting frameworks. The findings indicate that
irrespective of the targeting framework, the policy
rule that incorporates a response to asset price
changes controls inflation better. Contrary to the
conventional view, simulation experiments indicate
that the money growth targeting policy rule is more
efficient in controlling inflation than the inflation
targeting policy rule.
The second part presents theoretical and econometric
analysis of the determinants of current account
balances for Ghana. The results point to changes in
world real interest rate, exchange rate, and the
terms of trade as important determinants of current
account. A policy regime analysis shows that the
recent implementation of capital liberalization
policies in Ghana has enabled Ghanaians to use the
international financial market to smooth consumption.
The analysis should be useful to graduate students in
business schools and economic departments, and any
person who is interested in international
macroeconomic issues.
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