BENNETT T. MCCALLUM

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INTERNATIONAL MONETARY ECONOMICS
作者：BENNETT T. MCCALLUM　
出版社：OXFORD UNIVERSITY PRESS
出版日期：1997-12-31

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圖書名稱：INTERNATIONAL MONETARY ECONOMICS

圖書簡介
It focuses clearly and simply on the underlying economics of exchange rate dtermination and balance of payments. In Part I the author presents basic concepts within historical perspectives of the US and Global Economy. Part II intriduces a 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. Variants of the model are used for short and long-run comparative static analysis. In addition, there is a relatively long chapter devoted to dynamic analysis with rational expectations. Part III contains three chapters on policy, including a full chapter on the European Moneatry System.
作者簡介
Bennett T. McCallum, H.J. Heinz Professor of Economics at the Graduate School of Industrial Administration, Carnegie Mellon University
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