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International Macroeconomics

  • ID: 2240894
  • Book
  • April 2009
  • Region: Global
  • 512 Pages
  • John Wiley and Sons Ltd
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International Macroeconomics provides students with an analytically rigorous introduction to exchange rates and their impact in macroeconomics. Utilizing a uniquely unified, single–model approach, this textbook guides the reader through a broad range of policy issues, historic cases, institutions, and specific countries, which allows for an extensive overview of macroeconomics within an international context. Its strong policy orientation reflects the experience of an author who worked for many years at the IMF and ensures that this book will appeal to a broad range of students.

This text is supported by a website with extensive problem–set solutions, PowerPoint slides, and updated key data.

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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

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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.
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