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International Macroeconomics : Theory and Policy - Victor Argy

International Macroeconomics

Theory and Policy

Hardcover

Published: 9th June 1994
For Ages: 18 years old
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As the title suggests, a study of international macroeconomics, covers an enormous range of issues. Given such a broad area much of the literature has tended to focus on sub-divisions or has been in the form of edited volumes. In International Macroeconomics: Theory and Policy , Victor Argy has drawn the issues together to present a phenomenal, up-to-date and comprehensive coverage of the entire subject. The book has four principle objectives. The first is to describe the evolution of and experience with global exchange rate regimes. This includes a detailed description and evaluation of the gold standard regimes, the IMF system, the float and the EMS. The second objective is to introduce the reader to a detailed and rigorous analysis of open economy models. The coverage is extensive, including the Mundell-Fleming model and its many variants. These involve the well-known Dornbusch and Branson models, models with flexible wages and prices, portfolio balance models, two and three country models and models with traded and non-traded goods. There are also chapters on the New Classical contributions and an extensive review of exchange rate models. The third aim is to aply the model framework to address key policy issues, such as desirable macro targets, the advantages and disadvantages of macro policy co-ordination and how to evaluate the global macro performance. The fourth objective is to review some country experiences of macro policy,, notably those of Thatcherism, Reaganomics, Japan, Australia and New Zealand. The style is clear, persuasive and to the point. Although the presentation is rigorous and mathematics are used extensively, they are kept as simple as possible. International Macroeconomics: Theory and Practice presents a balanced assessment of the key issues, post-Maastricht, in international open economy macroeconomics and international monetary economics.

"Victor Argy is one of the original architects of the modern approach to international finance, with its emphasis on the high integration of countries' capital markets and the importance of expectations. This fine book is a comprehensive view of the workings of the global macroeconomy." -Jeffrey Frankel, University of California, Berkeley "This book is superb, very comprehensive, balanced and clear, highly suitable as a text for open-economy macroeconomics. Apart from expounding all the main theories, it is particularly strong in describing the macroeconomic policies of major economies, notably Japan." -W. Max Corden, The Johns Hopkins University

List of figures
List of tables
Acknowledgements
General introduction
Global exchange rate regimesp. 1
The gold standard regimep. 3
The International Monetary Fund systemp. 12
The floatp. 26
The European Monetary Systemp. 34
The increased financial interdependence in the world economyp. 43
Open economy models - comparative statics analysisp. 51
The Mundell-Fleming modelp. 53
The Mundell-Fleming model - its strengths and limitationsp. 73
The Mundell-Fleming model with wage and price adjustmentp. 85
Disequilibrium models of product and labour marketsp. 106
The portfolio balance model of the monetary sectorp. 119
The Mundell-Fleming model with wealthp. 130
The classical elasticities approach to a devaluationp. 142
A two-country Mundell-Fleming type modelp. 150
The two-country model with flexible wages and pricesp. 175
Econometric evidence - the large-country casep. 181
A three-country model and the European Monetary Systemp. 186
A two-sector model of a small economy with flexible exchange ratesp. 194
Open economy models - dynamic analysisp. 201
Dynamic effects of a monetary expansion under flexible rates - the Dornbusch 1976 modelp. 203
Branson's portfolio balance model - monetary expansion under flexible ratesp. 212
The dynamic adjustment to a fiscal deficit - a simple frameworkp. 224
An extended Mundell-Fleming model with J curvesp. 231
Effects of a restrictive money growth policy on the path of inflation and unemploymentp. 241
New Classical themesp. 249
Macro policy impotence and the New Classical paradigmp. 251
The effects of anticipated monetary and fiscal policies in a small economy with flexible exchange ratesp. 260
The equilibrium rate of inflation with discretion and some reputationp. 270
The Ricardian equivalence hypothesisp. 285
A general frameworkp. 293
Modelling goods and money marketsp. 295
Modelling production and labour marketsp. 303
Imposing medium- to long-run constraints on the modelp. 317
The effects in the short and the long run of a monetary and fiscal expansion under flexible rates in a more general frameworkp. 321
Models of exchange ratesp. 327
Modelling exchange rates (1)p. 329
Modelling exchange rates (2)p. 339
Foreign exchange market efficiency and financial integration - concepts and evidencep. 347
Policy designp. 355
Macro policy targetsp. 357
The regulatory-institutional environment, the policy regime and macro performancep. 380
Choosing the exchange rate regimep. 392
Rules versus discretionp. 415
Assignment rules for internal and external balancep. 427
Theoretical evaluation of alternative simple policy regimesp. 439
Econometric evaluation of policy regimesp. 453
Issues raised by nominal income targetingp. 461
Global macro performance - 1972-91p. 467
The rise and fall of monetarismp. 481
Unemployment performance and policyp. 494
Macro policy coordinationp. 507
Case studies of macro policyp. 525
A decade of Thatcherism: 1979-89 - Thatcherism and Reaganomics comparedp. 527
Japan's macroeconomic performance (1960-90)p. 548
Macroeconomic policy and the regulatory environment: the Australian and New Zealand experience 1973-91p. 578
Notesp. 599
Referencesp. 608
Indexp. 633
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780415098229
ISBN-10: 041509822X
Audience: Tertiary; University or College
For Ages: 18 years old
Format: Hardcover
Language: English
Number Of Pages: 672
Published: 9th June 1994
Publisher: Taylor & Francis Ltd
Country of Publication: GB
Dimensions (cm): 25.4 x 17.8  x 3.9
Weight (kg): 1.34
Edition Number: 1