目次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
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