International Macroeconomics: Theory and Policy offers phenomenal coverage across the entire subject of international macroeconoimics in an open economy context. The book has four objectives: * to describe the evolution of and experiences with global exchange rate regimes * to introduce the reader to a rigorous analysis of open economy models * to apply the model framework to address key policy issues * to review individual country experiences of macro policy
International Macroeconomics: Theory and Policy offers phenomenal coverage across the entire subject of international macroeconoimics in an open economy context. The book has four objectives: * to describe the evolution of and experiences with global exchange rate regimes * to introduce the reader to a rigorous analysis of open economy models * to apply the model framework to address key policy issues * to review individual country experiences of macro policy
General introduction Part 1 Global exchange rate regimes 1 The gold standard regime 2 The International Monetary Fund system 3 The float 4 The European Monetary System 5 The increased financial interdependence in the world economy Part II Open economy models - comparative statics analysis 6 The Mundell-Fleming model 7 The Mundell-Fleming model - its strengths and limitations 8 The Mundell-Fleming model with wage and price adjustment 9 Disequilibrium models of product and labour markets 10 The portfolio balance model of the monetary sector 11 The Mundell-Fleming model with wealth 12 The classical elasticities approach to a devaluation 13 A two-country Mundell-Fleming type model 14 The two-country model with flexible wages and prices 15 Econometric evidence - the large-country case 16 A three-country model and the European Monetary System 17 A two-sector model of a small economy with flexible exchange rates Part III Open economy models - dynamic analysis 18 Dynamic effects of a monetary expansion under flexible rates - the Dornbusch 1976 model 19 Branson's portfolio balance model - monetary expansion under flexible rates 20 The dynamic adjustment to a fiscal deficit - a simple framework 21 An extended Mundell-Fleming model with J curves 22 Effects of a restrictive money growth policy on the path of inflation and unemployment Part IV New Classical themes 23 Macro policy impotence and the New Classical paradigm 24 The effects of anticipated monetary and fiscal policies in a small economy with flexible exchange rates 25 The equilibrium rate of inflation with discretion and some reputation 26 The Ricardian equivalence hypothesis Copyrighted Material Part V A general framework 27 Modelling goods and money markets 28 Modelling production and labour markets 29 Imposing medium- to long-run constraints on the model 30 The effects in the short and the long run of a monetary and fiscal expansion under flexible rates in a more general framework Part VI Models of exchange rates 31 Modelling exchange rates (1) 32 Modelling exchange rates (2) 33 Foreign exchange market efficiency and financial integration -concepts and evidence Part VII Policy design 34 Macro policy targets 35 The regulatory-institutional environment, the policy regime and macro performance 36 Choosing the exchange rate regime 37 Rules versus discretion 38 Assignment rules for internal and external balance 39 Theoretical evaluation of alternative simple policy regimes 40 Econometric evaluation of policy regimes 41 Issues raised by nominal income targeting 42 Global macro performance - 1972-91 43 The rise and fall of monetarism 44 Unemployment performance and policy 45 Macro policy coordination Part VIII Case studies of macro policy 46 A decade of Thatcherism: 1979-89 - Thatcherism and Reaganomics compared 47 Japan's macroeconomic performance (1960-90) 48 Macroeconomic policy and the regulatory environment: the Australian and New Zealand experience 1973-91
General introduction Part 1 Global exchange rate regimes 1 The gold standard regime 2 The International Monetary Fund system 3 The float 4 The European Monetary System 5 The increased financial interdependence in the world economy Part II Open economy models - comparative statics analysis 6 The Mundell-Fleming model 7 The Mundell-Fleming model - its strengths and limitations 8 The Mundell-Fleming model with wage and price adjustment 9 Disequilibrium models of product and labour markets 10 The portfolio balance model of the monetary sector 11 The Mundell-Fleming model with wealth 12 The classical elasticities approach to a devaluation 13 A two-country Mundell-Fleming type model 14 The two-country model with flexible wages and prices 15 Econometric evidence - the large-country case 16 A three-country model and the European Monetary System 17 A two-sector model of a small economy with flexible exchange rates Part III Open economy models - dynamic analysis 18 Dynamic effects of a monetary expansion under flexible rates - the Dornbusch 1976 model 19 Branson's portfolio balance model - monetary expansion under flexible rates 20 The dynamic adjustment to a fiscal deficit - a simple framework 21 An extended Mundell-Fleming model with J curves 22 Effects of a restrictive money growth policy on the path of inflation and unemployment Part IV New Classical themes 23 Macro policy impotence and the New Classical paradigm 24 The effects of anticipated monetary and fiscal policies in a small economy with flexible exchange rates 25 The equilibrium rate of inflation with discretion and some reputation 26 The Ricardian equivalence hypothesis Copyrighted Material Part V A general framework 27 Modelling goods and money markets 28 Modelling production and labour markets 29 Imposing medium- to long-run constraints on the model 30 The effects in the short and the long run of a monetary and fiscal expansion under flexible rates in a more general framework Part VI Models of exchange rates 31 Modelling exchange rates (1) 32 Modelling exchange rates (2) 33 Foreign exchange market efficiency and financial integration -concepts and evidence Part VII Policy design 34 Macro policy targets 35 The regulatory-institutional environment, the policy regime and macro performance 36 Choosing the exchange rate regime 37 Rules versus discretion 38 Assignment rules for internal and external balance 39 Theoretical evaluation of alternative simple policy regimes 40 Econometric evaluation of policy regimes 41 Issues raised by nominal income targeting 42 Global macro performance - 1972-91 43 The rise and fall of monetarism 44 Unemployment performance and policy 45 Macro policy coordination Part VIII Case studies of macro policy 46 A decade of Thatcherism: 1979-89 - Thatcherism and Reaganomics compared 47 Japan's macroeconomic performance (1960-90) 48 Macroeconomic policy and the regulatory environment: the Australian and New Zealand experience 1973-91
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