International Macroeconomics provides students with an analytically rigorous introduction to the impact of globalization on macroeconomics. Presents an analytically rigorous introduction to the field and uniquely includes optional econometric studies Provides a unified macroeconomic model to examine rigorously international macroeconomics and then focuses this model on historic cases, institutions, and specific countries, dealing with various types of macroeconomic crises Provides a strong policy orientation by an author who worked for many years at the IMF Is supported by a website with…mehr
International Macroeconomics provides students with an analytically rigorous introduction to the impact of globalization on macroeconomics.
Presents an analytically rigorous introduction to the field and uniquely includes optional econometric studies Provides a unified macroeconomic model to examine rigorously international macroeconomics and then focuses this model on historic cases, institutions, and specific countries, dealing with various types of macroeconomic crises Provides a strong policy orientation by an author who worked for many years at the IMF Is supported by a website with extensive solutions for the problem sets, PowerPoint slides, and an update on the 08-09 meltdownHinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Peter J. Montiel is the Farleigh S. Dickinson '41 Professor of Economics at Williams College, and received his PhD from MIT. He has served as a Senior Policy Advisor at the IMF 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.
Inhaltsangabe
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 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 Marshall-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 Modern 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 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 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 15.2 Optimality Criterion II: Long-run Inflation Stabilization 377 15.3 Optimality Criterion III: Short-run Macroeconomic Stability 382 15.4 Weighing Optimality Criteria 389 15.5 Summary 391 Part 4 International Monetary Cooperation 395 16 The International Financial Architecture 397 16.1 The International Monetary System after Bretton Woods 399 16.2 The International Debt Crisis 400 16.3 Changes in the International Macroeconomic Environment in the 1990s 404 16.4 Proposals for Reforming the International Financial Architecture 409 16.5 Summary 414 17 G-8 Policy Coordination 416 17.1 Why Coordinate? Theory 417 17.2 Comparative Statics 426 17.3 Post-Bretton Woods International Policy Coordination among the G-8 Countries 430 17.4 The US Current Account Deficit in the 2000s 435 17.5 Summary 438 18 Monetary Unification 441 18.1 Economic Integration in Western Europe 442 18.2 European Monetary Integration 446 18.3 Monetary Union in West Africa 453 18.4 The Eastern Caribbean Currency Union 457 18.5 Summary 460 Part 5 The New International Macroeconomics 465 19 Intertemporal Issues in International Macroeconomics 467 19.1 A Simple One-Good Model 468 19.2 A Two-Good Model 476 19.3 Introducing the Government 480 19.4 Summary 485 Index 487
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 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 Marshall-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 Modern 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 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 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 15.2 Optimality Criterion II: Long-run Inflation Stabilization 377 15.3 Optimality Criterion III: Short-run Macroeconomic Stability 382 15.4 Weighing Optimality Criteria 389 15.5 Summary 391 Part 4 International Monetary Cooperation 395 16 The International Financial Architecture 397 16.1 The International Monetary System after Bretton Woods 399 16.2 The International Debt Crisis 400 16.3 Changes in the International Macroeconomic Environment in the 1990s 404 16.4 Proposals for Reforming the International Financial Architecture 409 16.5 Summary 414 17 G-8 Policy Coordination 416 17.1 Why Coordinate? Theory 417 17.2 Comparative Statics 426 17.3 Post-Bretton Woods International Policy Coordination among the G-8 Countries 430 17.4 The US Current Account Deficit in the 2000s 435 17.5 Summary 438 18 Monetary Unification 441 18.1 Economic Integration in Western Europe 442 18.2 European Monetary Integration 446 18.3 Monetary Union in West Africa 453 18.4 The Eastern Caribbean Currency Union 457 18.5 Summary 460 Part 5 The New International Macroeconomics 465 19 Intertemporal Issues in International Macroeconomics 467 19.1 A Simple One-Good Model 468 19.2 A Two-Good Model 476 19.3 Introducing the Government 480 19.4 Summary 485 Index 487
Rezensionen
"Montiel's book is indispensable for anyone wishing to deepen their understanding of International Macroeconomics. It presents a much more realistic picture than what is provided by other textbooks." -Rodolphe Desbordes, University of Strathclyde
"This text's main strength is its unified approach, as it starts with a general model, and then considers special cases pertaining to particular countries, institutions, and historical time periods." -Kenneth Kasa, Simon Fraser University
"Montiel's friendly style, clarity of exposition, and rigorous treatment of the international topics make this a strong textbook." -David Shepherd, University of Westminster
"This text's exposition is very methodical, applying the method of comparative statics systematically for evaluating important contemporaneous policy issues as well as historical episodes." -Watanabe Shinichi, International University of Japan
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