International Macroeconomics | Buch

Cover: 9780691170640 | International Macroeconomics | A Modern Approach | Buch | Englisch

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Beschreibung

An essential introduction to one of the most timely and important subjects in economics

International Macroeconomics presents a rigorous and theoretically elegant treatment of real-world international macroeconomic problems, incorporating the latest economic research while maintaining a microfounded, optimizing, and dynamic general equilibrium approach. This one-of-a-kind textbook introduces a basic model and applies it to fundamental questions in international economics, including the determinants of the current account in small and large economies, processes of adjustment to shocks, the determinants of the real exchange rate, the role of fixed and flexible exchange rates in models with nominal rigidities, and interactions between monetary and fiscal policy. The book confronts theoretical predictions using actual data, highlighting both the power and limits of given theories and encouraging critical thinking.

Provides a rigorous and elegant treatment of fundamental questions in international macroeconomics
Brings undergraduate and master's instruction in line with modern economic research
Follows a microfounded, optimizing, and dynamic general equilibrium approach
Addresses fundamental questions in international economics, such as the role of capital controls in the presence of financial frictions and balance-of-payments crises
Uses real-world data to test the predictions of theoretical models
Features a wealth of exercises at the end of each chapter that challenge students to hone their theoretical skills and scrutinize the empirical relevance of models
Accompanied by a website with lecture slides for every chapter

Provides a rigorous and elegant treatment of fundamental questions in international macroeconomics
Brings undergraduate and master's instruction in line with modern economic research
Follows a microfounded, optimizing, and dynamic general equilibrium approach
Addresses fundamental questions in international economics, such as the role of capital controls in the presence of financial frictions and balance-of-payments crises
Uses real-world data to test the predictions of theoretical models
Features a wealth of exercises at the end of each chapter that challenge students to hone their theoretical skills and scrutinize the empirical relevance of models
Accompanied by a website with lecture slides for every chapter

Über den Autor

Stephanie Schmitt-Grohé is professor of economics at Columbia University. Martín Uribe is professor of economics at Columbia and the coauthor (with Stephanie Schmitt-Grohé) of Open Economy Macroeconomics (Princeton). Michael Woodford is the John Bates Clark Professor of Political Economy at Columbia and the author of Interest and Prices: Foundations of a Theory of Monetary Policy (Princeton).

Inhaltsverzeichnis

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...

Details

Erscheinungsjahr:	2022
Fachbereich:	Volkswirtschaft
Genre:	Importe , Wirtschaft
Rubrik:	Recht & Wirtschaft
Medium:	Buch
Inhalt:	Einband - fest (Hardcover)
ISBN-13:	9780691170640
ISBN-10:	0691170649
Sprache:	Englisch
Einband:	Gebunden
Autor:	Schmitt-Grohé, Stephanie Uribe, Martín Woodford, Michael
Hersteller:	Princeton University Press
Verantwortliche Person für die EU:	Libri GmbH, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de
Maße:	260 x 184 x 33 mm
Von/Mit:	Stephanie Schmitt-Grohé (u. a.)
Erscheinungsdatum:	06.09.2022
Gewicht:	1,17 kg