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Produktbild: International Macroeconomics

International Macroeconomics A Modern Approach

115,99 €

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Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

06.09.2022

Abbildungen

1 color + 125 b/w illus. 10 tables.

Verlag

University Presses

Seitenzahl

482

Maße (L/B/H)

26/18,4/3,3 cm

Gewicht

1170 g

Sprache

Englisch

ISBN

978-0-691-17064-0

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

06.09.2022

Abbildungen

1 color + 125 b/w illus. 10 tables.

Verlag

University Presses

Seitenzahl

482

Maße (L/B/H)

26/18,4/3,3 cm

Gewicht

1170 g

Sprache

Englisch

ISBN

978-0-691-17064-0

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: gpsr@libri.de

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  • Produktbild: International Macroeconomics

    • Preface
    • CHAPTER 1 Global Imbalances
      • 1.1 The Balance of Payments
      • 1.2 The Trade Balance and the Current Account
      • 1.3 The Trade Balance and the Current Account across Countries
      • 1.4 Imbalances in U.S. Trade with China
      • 1.5 The Current Account and the Net International Investment Position
      • 1.6 Valuation Changes and the Net International Investment Position
        • 1.6.1 Examples of Valuation Changes
        • 1.6.2 Valuation Changes in the United States
        • 1.6.3 A Hypothetical NIIP That Excludes Valuation Changes
        • 1.7 The NIIP—NIIParadox
          • 1.7.1 Dark Matter
          • 1.7.2 Return Differentials
          • 1.7.3 The Flip Side of the NIIP—NII Paradox
          • 1.8 Summing Up
          • 1.9 Exercisessection.1.9
          • PART I Determinants of the Current Account
            • CHAPTER 2 Current Account Sustainability
              • 2.1 Can a Country Run a Perpetual Trade Balance Deficit?
              • 2.2 Can a Country Run a Perpetual Current Account Deficit?
              • 2.3 Saving, Investment, and the Current Account
                • 2.3.1 The Current Account as the Gap between Saving and Investment
                • 2.3.2 The Current Account as the Gap between National Income and Domestic Absorption
                • 2.4 Appendix: Perpetual Trade Balance and Current Account Deficits in Infinite Horizon Economies
                • 2.5 Summing Up
                • 2.6 Exercises
                • CHAPTER 3 An Intertemporal Theory of the Current Account
                  • 3.1 The Intertemporal Budget Constraint
                  • 3.2 The Lifetime Utility Function
                  • 3.3 The Optimal Intertemporal Allocation of Consumption
                  • 3.4 The Interest Rate Parity Condition
                  • 3.5 Equilibrium in the Small Open Economy
                  • 3.6 The Trade Balance and the Current Account
                  • 3.7 Adjustment to Temporary and Permanent Output Shocks
                    • 3.7.1 Adjustment to Temporary Output Shocks
                    • 3.7.2 Adjustment to Permanent Output Shocks
                    • 3.8 Anticipated Income Shocks
                    • 3.9 An Economy with Logarithmic Preferences
                    • 3.10 Summing Up
                    • 3.11 Exercises
                    • CHAPTER 4 Terms of Trade, the World Interest Rate, Tariffs, and the Current Account
                      • 4.1 Terms of Trade Shocks
                      • 4.2 Terms of Trade Shocks and Imperfect Information
                      • 4.3 Imperfect Information, the Price of Copper, and the Chilean Current Account
                      • 4.4 World Interest Rate Shocks
                      • 4.5 Import Tariffs
                        • 4.5.1 A Temporary Increase in Import Tariffs
                        • 4.5.2 A Permanent Increase in Import Tariffs
                        • 4.5.3 An Anticipated Future Increase in Import Tariffs
                        • 4.6 Summing Up
                        • 4.7 Exercises
                        • CHAPTER 5 Current Account Determination in a Production Economy
                          • 5.1 The Investment Decision of Firms
                          • 5.2 The Investment Schedule
                            • 5.2.1 The Profit Function
                            • 5.3 The Consumption-Saving Decision of Households
                              • 5.3.1 Effect of a Temporary Increase in Productivity on Consumption
                              • 5.3.2 Effect of an Anticipated Future Productivity Increase on Consumption
                              • 5.3.3 Effect of an Increase in the Interest Rate on Consumption
                              • 5.4 The Saving Schedule
                              • 5.5 The Current Account Schedule
                              • 5.6 Equilibrium in the Production Economy
                                • 5.6.1 Adjustment of the Current Account to Changes in the World Interest Rate
                                • 5.6.2 Adjustment of the Current Account to a Temporary Increase in Productivity
                                • 5.6.3 Adjustment of the Current Account to an Anticipated Future Productivity Increase
                                • 5.7 Equilibrium in the Production Economy: An Algebraic Approach
                                  • 5.7.1 Adjustment to an Increase in the World Interest Rate
                                  • 5.7.2 Adjustment to a Temporary Increase in Productivity
                                  • 5.7.3 Adjustment to an Anticipated Future Increase in Productivity
                                  • 5.8 The Terms of Trade in the Production Economy
                                  • 5.9 An Application: Giant Oil Discoveries
                                  • 5.10 Summing Up
                                  • 5.11 Exercises
                                  • CHAPTER 6 Uncertainty and the Current Account
                                    • 6.1 The Great Moderation
                                    • 6.2 Causes of the Great Moderation
                                    • 6.3 The Great Moderation and the Emergence of Current Account Imbalances
                                    • 6.4 An Open Economy with Uncertainty
                                    • 6.5 Complete Asset Markets and the Current Account
                                      • 6.5.1 State Contingent Claims
                                      • 6.5.2 The Household’s Problem
                                      • 6.5.3 Free Capital Mobility
                                      • 6.5.4 Equilibrium in the Complete Asset Market Economy
                                      • 6.6 Summing Up
                                      • 6.7 Exercises
                                      • CHAPTER 7 Large Open Economies
                                        • 7.1 A Two-Country Economy
                                        • 7.2 An Investment Surge in the United States
                                        • 7.3 Microfoundations of the Two-Country Model
                                        • 7.4 International Transmission of Country-Specific Shocks
                                        • 7.5 Country Size and the International Transmission Mechanism
                                        • 7.6 Explaining the U.S. Current Account Deficit: The Global Saving Glut Hypothesis
                                          • 7.6.1 Two Competing Hypotheses
                                          • 7.6.2 The Made in the U.S.A. Hypothesis Strikes Back
                                          • 7.7 Summing Up
                                          • 7.8 Exercises
                                          • CHAPTER 8 The Twin Deficits: Fiscal Deficits and the Current Account
                                            • 8.1 An Open Economy with a Government Sector
                                              • 8.1.1 The Government
                                              • 8.1.2 Firms
                                              • 8.1.3 Households
                                              • 8.2 Ricardian Equivalence
                                              • 8.3 Government Spending and Twin Deficits
                                              • 8.4 Failure of Ricardian Equivalence: Tax Cuts and Twin Deficits
                                                • 8.4.1 Borrowing Constraints
                                                • 8.4.2 Intergenerational Effects
                                                • 8.4.3 Distortionary Taxation
                                                • 8.5 The Optimality of Twin Deficits
                                                • 8.6 Fiscal Policy in Economies with Imperfect Capital Mobility
                                                • 8.7 Fiscal Policy in a Large Open Economy
                                                • 8.8 Summing Up
                                                • 8.9 Exercises
                                                • PART II The Real Exchange Rate
                                                  • CHAPTER 9 The Real Exchange Rate and Purchasing Power Parity
                                                    • 9.1 The Law of One Price
                                                    • 9.2 Purchasing Power Parity
                                                    • 9.3 PPP Exchange Rates
                                                      • 9.3.1 Big Mac PPP Exchange Rates
                                                      • 9.3.2 PPP Exchange Rates for Baskets of Goods
                                                      • 9.3.3 PPP Exchange Rates and Standard of Living Comparisons
                                                      • 9.3.4 Rich Countries Are More Expensive Than Poor Countries
                                                      • 9.4 Relative Purchasing Power Parity
                                                        • 9.4.1 Does Relative PPP Hold in the Long Run?
                                                        • 9.4.2 Does Relative PPP Hold in the Short Run?
                                                        • 9.5 How Wide Is the Border?
                                                        • 9.6 Nontradable Goods and Deviations from Purchasing Power Parity
                                                        • 9.7 Trade Barriers and Real Exchange Rates
                                                        • 9.8 Home Bias and the Real Exchange Rate
                                                        • 9.9 Price Indices and Standards of Living
                                                          • 9.9.1 Microfoundations of the Price Level
                                                          • 9.9.2 The Price Level, Income, and Welfare
                                                          • 9.10 Summing Up
                                                          • 9.11 Exercises
                                                          • CHAPTER 10 Determinants of the Real Exchange Rate
                                                            • 10.1 The TNT Model
                                                              • 10.1.1 Households
                                                              • 10.1.2 Equilibrium
                                                              • 10.1.3 Adjustment of the Relative Price of Nontradables to Interest Rate and Endowment Shocks
                                                              • 10.2 From the Relative Price of Nontradables to the Real Exchange Rate
                                                              • 10.3 The Terms of Trade and the Real Exchange Rate
                                                              • 10.4 Sudden Stops
                                                                • 10.4.1 A Sudden Stop through the Lens of the TNT Model
                                                                • 10.4.2 The Argentine Sudden Stop of 2001
                                                                • 10.4.3 The Icelandic Sudden Stop of 2008
                                                                • 10.5 The TNT Model with Sectoral Production
                                                                  • 10.5.1 The Production Possibility Frontier
                                                                  • 10.5.2 The PPF and the Real Exchange Rate
                                                                  • 10.5.3 The Income Expansion Path
                                                                  • 10.5.4 Partial Equilibrium
                                                                  • 10.5.5 General Equilibrium
                                                                  • 10.5.6 Sudden Stops and Sectoral Reallocations
                                                                  • 10.6 Productivity Differentials and Real Exchange Rates: The Balassa-Samuelson Model
                                                                  • 10.7 Summing Up
                                                                  • 10.8 Exercises
                                                                  • PART III International Capital Mobility
                                                                    • CHAPTER 11 International Capital Market Integration
                                                                      • 11.1 Covered Interest Rate Parity
                                                                      • 11.2 Covered Interest Rate Differentials in China: 1998–2021
                                                                      • 11.3 Capital Controls and Interest Rate Differentials: Brazil 2009–2012
                                                                      • 11.4 Empirical Evidence on Covered Interest Rate Differentials: A Long-Run Perspective
                                                                      • 11.5 Empirical Evidence on Offshore-Onshore Interest Rate Differentials
                                                                      • 11.6 Uncovered Interest Rate Parity
                                                                        • 11.6.1 Asset Pricing in an Open Economy
                                                                        • 11.6.2 CIP as an Equilibrium Condition
                                                                        • 11.6.3 Is UIP an Equilibrium Condition?
                                                                        • 11.6.4 Carry Trade as a Test of UIP
                                                                        • 11.6.5 The Forward Premium Puzzle
                                                                        • 11.7 Real Interest Rate Parity
                                                                        • 11.8 Saving-Investment Correlations
                                                                        • 11.9 Summing Up
                                                                        • 11.10 Exercises
                                                                        • CHAPTER 12 Capital Controls
                                                                          • 12.1 Capital Controls and Interest Rate Differentials
                                                                          • 12.2 Macroeconomic Effects of Capital Controls
                                                                            • 12.2.1 Effects of Capital Controls on Consumption, Savings, and the Current Account
                                                                            • 12.2.2 Effects of Capital Controls on Investment
                                                                            • 12.2.3 Welfare Consequences of Capital Controls
                                                                            • 12.3 Quantitative Restrictions on Capital Flows
                                                                            • 12.4 Borrowing Externalities and Optimal Capital Controls
                                                                              • 12.4.1 An Economy with a Debt-Elastic Interest Rate
                                                                              • 12.4.2 Competitive Equilibrium without Government Intervention
                                                                              • 12.4.3 The Efficient Allocation
                                                                              • 12.4.4 Optimal Capital Control Policy
                                                                              • 12.5 Capital Mobility in a Large Economy
                                                                              • 12.6 Graphical Analysis of Equilibrium under Free Capital Mobility in a Large Economy
                                                                              • 12.7 Optimal Capital Controls in a Large Economy
                                                                              • 12.8 Graphical Analysis of Optimal Capital Controls in a Large Economy
                                                                              • 12.9 Retaliation
                                                                              • 12.10 Empirical Evidence on Capital Controls around the World
                                                                              • 12.11 Summing Up
                                                                              • 12.12 Exercises
                                                                              • PART IV Monetary Policy and Exchange Rates
                                                                                • CHAPTER 13 Nominal Rigidity, Exchange Rate Policy, and Unemployment
                                                                                  • 13.1 The TNT-DNWR Model
                                                                                    • 13.1.1 The Supply Schedule
                                                                                    • 13.1.2 The Demand Schedule
                                                                                    • 13.1.3 The Labor Market Slackness Condition
                                                                                    • 13.1.4 Equilibrium in the TNT-DNWR Model
                                                                                    • 13.2 Adjustment to Shocks with a Fixed Exchange Rate
                                                                                      • 13.2.1 An Increase in the World Interest Rate
                                                                                      • 13.2.2 Asymmetric Adjustment: A Decrease in the World Interest Rate
                                                                                      • 13.2.3 Output and Terms of Trade Shocks
                                                                                      • 13.2.4 Volatility and Average Unemployment
                                                                                      • 13.3 Adjustment to Shocks with a Floating Exchange Rate
                                                                                        • 13.3.1 Adjustment to External Shocks
                                                                                        • 13.3.2 Supply Shocks, the Inflation-Unemployment Trade-off, and Stagflation
                                                                                        • 13.4 A Numerical Example: A World Interest Rate Hike
                                                                                          • 13.4.1 The Pre-Shock Equilibrium
                                                                                          • 13.4.2 Adjustment with a Fixed Exchange Rate
                                                                                          • 13.4.3 Adjustment with a Floating Exchange Rate
                                                                                          • 13.4.4 The Welfare Cost of a Currency Peg
                                                                                          • 13.5 The Monetary Policy Trilemma
                                                                                          • 13.6 Exchange Rate Overshooting
                                                                                          • 13.7 Empirical Evidence on Downward Nominal Wage Rigidity
                                                                                            • 13.7.1 Evidence from U.S. Micro Data
                                                                                            • 13.7.2 Evidence from the Great Depression
                                                                                            • 13.7.3 Evidence from Emerging Countries
                                                                                            • 13.8 Appendix
                                                                                            • 13.9 Summing Up
                                                                                            • 13.10 Exercises
                                                                                            • CHAPTER 14 Managing Currency Pegs
                                                                                              • 14.1 A Boom-Bust Cycle in the TNT-DNWR Model
                                                                                              • 14.2 The Currency Peg Externality
                                                                                              • 14.3 Managing a Currency Peg
                                                                                                • 14.3.1 Macroprudential Capital Control Policy
                                                                                                • 14.3.2 Fiscal Devaluations
                                                                                                • 14.3.3 Higher Inflation in a Monetary Union
                                                                                                • 14.4 The Boom-Bust Cycle in Peripheral Europe, 2000–2011
                                                                                                • 14.5 Summing Up
                                                                                                • 14.6 Exercises
                                                                                                • CHAPTER 15 Inflationary Finance and Balance of Payments Crises
                                                                                                  • 15.1 The Quantity Theory of Money
                                                                                                    • 15.1.1 A Flexible Exchange Rate Regime
                                                                                                    • 15.1.2 A Fixed Exchange Rate Regime
                                                                                                    • 15.2 A Monetary Economy with a Government Sector
                                                                                                      • 15.2.1 An Interest-Elastic Demand for Money
                                                                                                      • 15.2.2 Purchasing Power Parity
                                                                                                      • 15.2.3 The Interest Parity Condition
                                                                                                      • 15.2.4 The Government Budget Constraint
                                                                                                      • 15.3 Fiscal Deficits and the Sustainability of Currency Pegs
                                                                                                      • 15.4 Fiscal Consequences of a Devaluation
                                                                                                      • 15.5 A Constant Money Growth Rate Regime
                                                                                                      • 15.6 Fiscal Consequences of Money Creation
                                                                                                        • 15.6.1 The Inflation Tax
                                                                                                        • 15.6.2 The Inflation Tax Laffer Curve
                                                                                                        • 15.6.3 Inflationary Finance
                                                                                                        • 15.7 Balance of Payments Crises
                                                                                                        • 15.8 Appendix: A Dynamic Optimizing Model of the Demand for Money
                                                                                                        • 15.9 Summing Up
                                                                                                        • 15.10 Exercises
                                                                                                        • Index