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International Monetary Economics - Bennett T. McCallum

International Monetary Economics

Hardcover Published: 25th January 1996
ISBN: 9780195094947
Number Of Pages: 280

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International Monetary Economics presents a brief introduction to the major topics of the subject area together with an analytical framework that is designed to facilitate a better understanding of international monetary economics. The text concentrates on concepts and relationships involving exchange rates and balance-of-payments magnitudes; the construction and manipulation of a small but versatile model of exchange rate and balance-of-payments behavior; and the description of current and prospective arrangements for multicountry cooperation in Europe and elsewhere. These broad topics are arranged in three main parts. In Part I the author presents basic concepts and a historical perspective on the US and global economy, with emphasis on the evolution of international monetary institutions since 1800. Part II introduces the basic analytical model -- usable with fixed and floating exchange rates, in which capital mobility is complete, real exchange rates are variable, and investment spending is endogenous. In addition, there is a relatively long chapter devoted to dynamic analysis with rational expectations. And finally, Part III contains three chapters on policy, including a full chapter on the European Monetary System, making this text ideal for both economic and finance courses that specifically focus on international economics.

Part I 1: Introduction Preliminary Remarks U.S. Exchange Rates, 1947-1993 U.S. Current Account, 1947-1993 Alternative International Arrangements A Look Ahead 2: Exchange Rate Concepts Bilateral Rates: Spot and Forward Interest Parity Average Exchange Rates Real Exchange Rates Purchasing Power Parity PPP and Non-Traded Goods U.S. Spot Rates, 1947-1993 3: Balance of Payments Accounts Basic Concepts U.S. Accounts BOP and National Income Accounts Additional Statistical Material 4: Historical Perspective Introduction The Gold Standard From 1800 to 1914 From 1918 to 1945 Bretton Woods, 1947-1971 Floating Exchange Rates, 1973-1993 Part II 5: A Basic Model: Building Blocks Preliminaries The Open-Economy IS Relation The Open-Economy LM Function Two Identities Uncovered Interest Parity Completion of the Model 6: Long Run and Short Run Analysis Long Run Analysis: Stationary States Long Run Analysis: Steady States Short Run Analysis Discussion Representation of Monetary Policy Actions A Two-Country Framework Appendix 7: Analysis with Fixed Exchange Rates Loss of Monetary Autonomy Impact and Stationary State Analysis Steady State Analysis Imperfect Capital Mobility Current Account Balance The J-Curve Effect Appendix 8: Expectations and Dynamic Analysis Introduction Preliminary Analysis Expectations Rational Expectations Analysis with Rational Expectations Solution Procedure Properties of the Solution Process More Realism in Specification A Model with Sticky Prices Conclusion Appendix 9: Empirical Evidence Introduction Money Demand and Saving-Investment Relations Interest Parity Apparent Failure of UIP Price Level Stickiness Long-Run Purchasing Power Parity Part III 10: Fixed vs. Floating Exchange Rates Introduction Microeconomic Efficiency Macroeconomic Flexibility Rules vs. Discretion in Monetary Policy Rules, Discretion, Discipline, and Exchange Rates Intermediate Arrangements Conclusions 11: The European Monetary System Background The EMS as of December 1991 The Maastricht Treaty Post-Maastricht Developments Alternative Forms of Ecu 12: International Policy Cooperation Introduction The Case for Coordination Macroeconomic Coordination, Continued Qualifications Attempts at Coordination, 1973-1993 Optimal Currency Areas Concluding Remarks

ISBN: 9780195094947
ISBN-10: 0195094948
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 280
Published: 25th January 1996
Country of Publication: US
Dimensions (cm): 24.13 x 16.26  x 2.31
Weight (kg): 0.48

Earn 358 Qantas Points
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