International Macroeconomics

, by Montiel, Peter J.

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ISBN: 9781405183864 | 1405183861
Cover: Hardcover
Copyright: 5/4/2009

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Presents an analytically rigorous introduction to the field and uniquely includes optional econometric studies.

Preface	p. ix
Foundations	p. 1
An Overview of the Book	p. 3
What Is International Macroeconomics?	p. 4
The International Macroeconomics Toolkit	p. 9
The Contents of this Book	p. 10
Summary	p. 15
Open-economy Macroeconomic Accounting	p. 17
The Balance of Payments Accounts	p. 18
Sub-accounts in the Balance of Payments	p. 22
Basic BOP Facts for the United States	p. 29
The NIPA in an Open Economy: Aggregate Identities	p. 31
Sectoral Identities	p. 37
Summary	p. 41
Macroeconomic Influences on the Foreign Exchange Market	p. 46
Exchange Rate Concepts	p. 47
Supply and Demand for Foreign Exchange	p. 50
Relative Prices of Domestic and Foreign Goods: The Real Exchange Rate	p. 52
Relative Returns on Domestic and Foreign Assets: Interest Parity Conditions	p. 63
Central Bank Intervention in the Foreign Exchange Market: Exchange Rate Regimes	p. 70
Summary	p. 77
Properties of Logarithms	p. 80
The Macroeconomic Framework	p. 82
Production Structure and Economic Agents	p. 84
Equilibrium in the Market for Financial Assets	p. 85
Equilibrium in the Market for Domestic Goods	p. 91
Equations and Unknowns: Imposing Additional Structure	p. 100
Summary	p. 108
The Marshall-Lerner Condition	p. 109
The Framework in Log-Linear Form	p. 110
Fixed Exchange Rates	p. 113
The Classical Gold Standard	p. 115
Evolution of the International Gold Standard	p. 116
Central Bank Behavior under the Gold Standard	p. 120
Summary	p. 127
Gold Standard Macroeconomics	p. 129
Short-Run Macroeconomics under the Gold Standard	p. 130
Short-Run Comparative Statics	p. 139
The Long-run Model	p. 145
The Gold Standard as an International Monetary System	p. 148
Summary	p. 155
The Gold Standard with Zero Capital Mobility	p. 157
The Bretton Woods System	p. 159
Evolution of the Bretton Woods System	p. 160
Modeling Soft Pegs with Imperfect Capital Mobility	p. 164
The Bond Market Equilibrium (BB) Curve	p. 167
Properties of the BB Curve	p. 169
Summary	p. 174
Macroeconomics under "Soft" Pegs and Imperfect Capital Mobility	p. 177
Solving the Model	p. 178
Comparative Statics	p. 180
Bretton Woods as an International Monetary System	p. 187
Summary	p. 199
Alternative Monetary Policy Regimes	p. 202
Fixed Exchange Rates in a Financially Integrated World: Currency Crises and "Hard" Pegs	p. 208
Soft Pegs with High Capital Mobility	p. 209
Currency Crises	p. 216
Financial Integration and Crises	p. 219
Modern Versions of Hard Pegs	p. 225
Soft Versus Hard Pegs: Some Policy Issues	p. 228
Summary	p. 233
The Monetary Approach to the Balance of Payments (MABP)	p. 236
Floating Exchange Rates	p. 239
Floating Exchange Rates I: Transitory Shocks	p. 241
Analytical Framework	p. 242
Solving the Floating Exchange Rate Model	p. 245
Comparative Statics	p. 252
Summary	p. 265
The Asset Market Approach to the Exchange Rate	p. 268
Algebraic Solution of the Log-linear Model	p. 269
Interest Rate Targeting under Floating Exchange Rates	p. 270
Floating Exchange Rates II: Intermediate and Permanent Shocks	p. 272
Anticipated Future Shocks	p. 273
Multi-period Shocks	p. 279
Permanent Shocks	p. 284
Comparing Permanent and Transitory Shocks	p. 291
Summary	p. 296
Floating Exchange Rates III: Exchange Rate Dynamics	p. 299
Asymmetric Adjustment in Goods and Asset Markets	p. 300
The Dornbusch Overshooting Model	p. 301
Comparative Statics	p. 306
Generalizing the Model	p. 310
Summary	p. 315
Proof that	p. 317
Long-run Equilibrium under Floating Exchange Rates	p. 319
A Long-run Model	p. 320
Solving the Long-run Model	p. 325
Comparative Statics	p. 327
Comparing the Short-run and Long-run Responses to Permanent Shocks	p. 331
The Role of Long-run Inflation	p. 333
Summary	p. 338
The Long-run Floating Rate Model in Log-linear Form	p. 340
Fixed Exchange Rates in the Long Run	p. 342
Floating Exchange Rates with Short-run Price Flexibility	p. 346
A "Flexprice" Model	p. 347
Real Exchange Rate Dynamics	p. 348
The Monetary Approach to the Exchange Rate	p. 353
Currency Crises Revisited	p. 358
Gradual Price Adjustment	p. 364
Summary	p. 369
Choosing an Exchange Rate Regime	p. 372
Optimality Criterion I: Minimizing the Costs of Making International Transactions	p. 373
Optimality Criterion II: Long-run Inflation Stabilization	p. 377
Optimality Criterion III: Short-run Macroeconomic Stability	p. 382
Weighing Optimality Criteria	p. 389
Summary	p. 391
International Monetary Cooperation	p. 395
The International Financial Architecture	p. 397
The International Monetary System after Bretton Woods	p. 399
The International Debt Crisis	p. 400
Changes in the International Macroeconomic Environment in the 1990s	p. 404
Proposals for Reforming the International Financial Architecture	p. 409
Summary	p. 414
G-8 Policy Coordination	p. 416
Why Coordinate? Theory	p. 417
Comparative Statics	p. 426
Post-Bretton Woods International Policy Coordination among the G-8 Countries	p. 430
The US Current Account Deficit in the 2000s	p. 435
Summary	p. 438
Monetary Unification	p. 441
Economic Integration in Western Europe	p. 442
European Monetary Integration	p. 446
Monetary Union in West Africa	p. 453
The Eastern Caribbean Currency Union	p. 457
Summary	p. 460
The New International Macroeconomics	p. 465
Intertemporal Issues in International Macroeconomics	p. 467
A Simple One-Good Model	p. 468
A Two-Good Model	p. 476
Introducing the Government	p. 480
Summary	p. 485
Index	p. 487
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International Macroeconomics

Summary

Author Biography

Table of Contents

Supplemental Materials