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Foundations of international macroeconomics

Author: Maurice Obstfeld; Kenneth S Rogoff
Publisher: Cambridge, Mass. : MIT Press, 1996.
Edition/Format:   Print book : EnglishView all editions and formats

This text presents core issues in open economy macroeconomics and finance. Topic coverage includes intertemporal consumption and investment theory, government spending and budget deficits, finance  Read more...


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Genre/Form: manuel
Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Maurice Obstfeld; Kenneth S Rogoff
ISBN: 0262150476 9780262150477
OCLC Number: 422103143
Description: xxiii, 804 p. : ill. ; 27 cm
Contents: Part 1 Intertemporal trade and the current account balance: a small two-period endowment economy - application - consumption smoothing in the second millennium BC; the role of investment - nominal versus real current accounts; a two-region world economy - application - war and the current account, application - investment productivity and world real interest rates in the 1980s; taxation of foreign borrowing and lending; international labour movements - application - energy prices, global saving, and real interest rates; stability and the Marshall-Lerner condition. Part 2 Dynamics of small open economies: a small economy with many periods - application - when is a country bankrupt?; dynamics of the current account - Japan's 1923 earthquake; a stochasic current account model - application - Deaton's paradox, application - the relative impact of productivity shocks on investment and the current account; consumer durables and the current account; firms, the labour market and investment; trend productivity growth, saving and investment - a detailed example; speculative asset price bubbles, ponzi games and transversatility conditions. Part 3 The life cycle, tax policy and the current account: government budget policy in the absence of overlapping generations; government budget deficits in an overlapping generations model - generational accounting, application - do government budget deficits cause current account deficits?, application - overlapping generations and econometric tests of the Euler equation; output fluctuations, demographics and the life cycle - application - how are saving and growth related?; investment and growth - application - Feldstein and Horioka's saving-investment puzzle; aggregate and intergenerational gains from trade; public debt and the world interest rate - application - government debt and world interest rates since 1970; integrating the overlapping generations and representative-consumer models; dynamic inefficiency. Part 4 The real exchange rate and the terms of trade: international price levels and the real exchange rate; the price of nontraded goods with mobile capital - empirical evidence on the law of one price - application - sectoral productivity differentials and the relative prices of nontradables in industrial countries, application - productivity growth and real exchange rates; consumption and production in the long run; consumption dynamics, the price level and the real interest rate; the terms of trade in a dynamic Ricardian model - the transfer effect for industrial countries, endogenous labour supply, revisited, costly capital mobility and short-run relative price adjustment. (Part contents).
Responsibility: Maurice Obstfeld, Kenneth Rogoff.


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"This amazingly comprehensive book provides a lucid explanation of modernmacroeconomic theory and applies the theory to a wide range of internationalissues. For reference and classroom use, it sets a Read more...

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