Foundations of International Macroeconomics

by Obstfeld, Maurice; Rogoff, Kenneth

• ISBN13: 9780262150477
• ISBN10: 0262150476
• Format: Hardcover
• Copyright: 1996-09-12
• Publisher: The MIT Press

Summary

Foundations of International Macroeconomicsis an innovative text that offers the first integrative modern treatment of the core issues in open economy macroeconomics and finance. With its clear and accessible style, it is suitable for first-year graduate macroeconomics courses as well as graduate courses in international macroeconomics and finance. Each chapter incorporates an extensive and eclectic array of empirical evidence. For the beginning student, these examples provide motivation and aid in understanding the practical value of the economic models developed. For advanced researchers, they highlight key insights and conundrums in the field. Topic coverage includes intertemporal consumption and investment theory, government spending and budget deficits, finance theory and asset pricing, the implications of (and problems inherent in) international capital market integration, growth, inflation and seignorage, policy credibility, real and nominal exchange rate determination, and many interesting special topics such as speculative attacks, target exchange rate zones, and parallels between immigration and capital mobility. Most main results are derived both for the small country and world economy cases. The first seven chapters cover models of the real economy, while the final three chapters incorporate the economy's monetary side, including an innovative approach to bridging the usual chasm between real and monetary models.

Author Biography

Maurice Obstfeld is Class of 1958 Professor of Economics at the University of California, Berkeley.

Table of Contents

Preface	p. xiii
Introduction	p. xix
Intertemporal Trade and the Current Account Balance	p. 1
Dynamics of Small Open Economies	p. 59
The Life Cycle, Tax Policy, and the Current Account	p. 129
The Real Exchange Rate and the Terms of Trade	p. 199
Uncertainty and International Financial Markets	p. 269
Imperfections in International Capital Markets	p. 349
Global Linkages and Economic Growth	p. 429
Money and Exchange Rates under Flexible Prices	p. 513
Nominal Price Rigidities: Empirical Facts and Basic Open-Economy Models	p. 605
Sticky-Price Models of Output, the Exchange Rate, and the Current Account	p. 659
References	p. 755
Notation Guide and Symbol Glossary	p. 781
Author Index	p. 789
Subject Index	p. 795
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