International Macroeconomics: Theory and

International Macroeconomicsis a comprehensive and sophisticated account of the current state of international macroeconomics. Victor Argy presents a completely up-to-date review of recent developments in theoretical modelling in open economy macroeconomics as well as international monetary economics. Covering theory, policy application and case studies, the book offers a clear introduction to international macroeconomics that requires only basic mathematical knowledge. The book examines the evolution of global exchange rate regimes and describes their operation in various countries. Argy evaluates gold standard regimes, the I. M. F. system, the float and the E. M. S. The next section of the book introduces readers to a detailed and rigorous analysis of open economy models, including the Mundell-Fleming model and its many variants. Argy examines the New Classical contributions in detail and provides an extensive review of exchange rate models. He applies the model framework toaddress key policy issues: determining macro targets; assigning instruments to targets; the pros and cons of macro policy coordination; and evaluating global macro performance. The last section of the book reviews some country experiences with macro policy, notably Thatcherism, Reaganomics, and policies in Japan.

List of figures
List of tables
Acknowledgements
General introduction
Global exchange rate regimes	p. 1
The gold standard regime	p. 3
The International Monetary Fund system	p. 12
The float	p. 26
The European Monetary System	p. 34
The increased financial interdependence in the world economy	p. 43
Open economy models - comparative statics analysis	p. 51
The Mundell-Fleming model	p. 53
The Mundell-Fleming model - its strengths and limitations	p. 73
The Mundell-Fleming model with wage and price adjustment	p. 85
Disequilibrium models of product and labour markets	p. 106
The portfolio balance model of the monetary sector	p. 119
The Mundell-Fleming model with wealth	p. 130
The classical elasticities approach to a devaluation	p. 142
A two-country Mundell-Fleming type model	p. 150
The two-country model with flexible wages and prices	p. 175
Econometric evidence - the large-country case	p. 181
A three-country model and the European Monetary System	p. 186
A two-sector model of a small economy with flexible exchange rates	p. 194
Open economy models - dynamic analysis	p. 201
Dynamic effects of a monetary expansion under flexible rates - the Dornbusch 1976 model	p. 203
Branson's portfolio balance model - monetary expansion under flexible rates	p. 212
The dynamic adjustment to a fiscal deficit - a simple framework	p. 224
An extended Mundell-Fleming model with J curves	p. 231
Effects of a restrictive money growth policy on the path of inflation and unemployment	p. 241
New Classical themes	p. 249
Macro policy impotence and the New Classical paradigm	p. 251
The effects of anticipated monetary and fiscal policies in a small economy with flexible exchange rates	p. 260
The equilibrium rate of inflation with discretion and some reputation	p. 270
The Ricardian equivalence hypothesis	p. 285
A general framework	p. 293
Modelling goods and money markets	p. 295
Modelling production and labour markets	p. 303
Imposing medium- to long-run constraints on the model	p. 317
The effects in the short and the long run of a monetary and fiscal expansion under flexible rates in a more general framework	p. 321
Models of exchange rates	p. 327
Modelling exchange rates (1)	p. 329
Modelling exchange rates (2)	p. 339
Foreign exchange market efficiency and financial integration - concepts and evidence	p. 347
Policy design	p. 355
Macro policy targets	p. 357
The regulatory-institutional environment, the policy regime and macro performance	p. 380
Choosing the exchange rate regime	p. 392
Rules versus discretion	p. 415
Assignment rules for internal and external balance	p. 427
Theoretical evaluation of alternative simple policy regimes	p. 439
Econometric evaluation of policy regimes	p. 453
Issues raised by nominal income targeting	p. 461
Global macro performance - 1972-91	p. 467
The rise and fall of monetarism	p. 481
Unemployment performance and policy	p. 494
Macro policy coordination	p. 507
Case studies of macro policy	p. 525
A decade of Thatcherism: 1979-89 - Thatcherism and Reaganomics compared	p. 527
Japan's macroeconomic performance (1960-90)	p. 548
Macroeconomic policy and the regulatory environment: the Australian and New Zealand experience 1973-91	p. 578
Notes	p. 599
References	p. 608
Index	p. 633
Table of Contents provided by Blackwell. All Rights Reserved.

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International Macroeconomics: Theory and Policy

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