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International macroeconomics

Author: Robert C Feenstra; Alan M Taylor
Publisher: New York : Worth Publishers, ©2012.
Edition/Format:   Print book : English : 2nd edView all editions and formats
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Document Type: Book
All Authors / Contributors: Robert C Feenstra; Alan M Taylor
ISBN: 1429241039 9781429241038
OCLC Number: 720831396
Description: xli, 508 pages : illustrations ; 26 cm
Contents: Note continued: Summing Up the LM Curve --
5. The Short-Run IS-LM-FX Model of an Open Economy --
Macroeconomic Policies in the Short Run --
Monetary Policy under Floating Exchange Rates --
Monetary Policy under Fixed Exchange Rates --
Fiscal Policy under Floating Exchange Rates --
Fiscal Policy under Fixed Exchange Rates --
Summary --
6. Stabilization Policy --
Application Australia, New Zealand, and the Asian Crisis of 1997 --
Problems in Policy Design and Implementation --
Application Macroeconomic Policies in the Liquidity Trap --
7. Conclusions --
Key Points, Key Terms, and Problems --
Appendix 1 to Chapter 7 --
Appendix 2 to Chapter 7 --
pt. 4 Applications and Policy Issues --
ch. 8 Fixed versus Floating: International Monetary Experience --
1. Exchange Rate Regime Choice: Key Issues --
Application Britain and Europe: The Big Issues --
Key Factors in Exchange Rate Regime Choice: Integration and Similarity --
Economic Integration and the Gains in Efficiency --
Economic Similarity and the Costs of Asymmetric Shocks --
Simple Criteria for a Fixed Exchange Rate --
Application Do Fixed Exchange Rates Promote Trade? --
Application Do Fixed Exchange Rates Diminish Monetary Autonomy and Stability? --
2. Other Benefits of Fixing --
Fiscal Discipline, Seigniorage, and Inflation --
Side Bar The Inflation Tax --
Liability Dollarization, National Wealth, and Contractionary Depreciations --
Summary --
3. Fixed Exchange Rate Systems --
Cooperative and Noncooperative Adjustments to Interest Rates --
Cooperative and Noncooperative Adjustments to Exchange Rates --
Application The Gold Standard --
4. International Monetary Experience --
The Rise and Fall of the Gold Standard --
Bretton Woods to the Present --
5. Conclusions --
Key Points, Key Terms, and Problems --
ch. 9 Exchange Rate Crises: How Pegs Work and How They Break --
1. Facts about Exchange Rate Crises --
What Is an Exchange Rate Crises? --
How Costly Are Exchange Rate Crises? --
Side Bar The Political Costs of Crises --
Summary --
2. How Pegs Work: The Mechanics of a Fixed Exchange Rate --
Preliminaries and Assumptions --
The Central Bank Balance Sheet --
Fixing, Floating, and the Role of Reserves --
How Reserves Adjust to Maintain the Peg --
Graphical Analysis of the Central Bank Balance Sheet --
Defending the Peg I: Changes in the Level of Money Demand --
Application Risk Premiums in Advanced and Emerging Markets --
Application The Argentine Convertibility Plan Before the Tequila Crisis --
Defending the Peg II: Changes in the Composition of Money Supply --
Application The Argentine Convertibility Plan After the Tequila Crisis --
The Central Bank Balance Sheet and the Financial System --
Summary --
Side Bar The Great Reserve Accumulation in Emerging Markets --
3. How Pegs Break I: Inconsistent Fiscal Policies --
The Basic Problem: Fiscal Dominance --
A Simple Model --
Application The Peruvian Crisis of 1986 --
Summary --
4. How Pegs Break II: Contingent Monetary Policies --
The Basic Problem: Contingent Commitment --
A Simple Model --
Application The Man Who Broke the Bank of England --
Summary --
5. Conclusions --
Can We Prevent Crises? --
Key Points, Key Terms, and Problems --
ch. 10 The Euro --
1. The Economics of the Euro --
The Theory of Optimum Currency Areas --
Simple Optimum Currency Area Criteria --
What's the Difference between a Fix and a Currency Union? --
Other Optimum Currency Area Criteria --
Application Optimum Currency Areas: Europe versus the United States --
Are the OCA Criteria Self-Fulfilling? --
Summary --
Headlines Currency Unions and Trade --
2. The History and Politics of the Euro --
A Brief History of Europe --
Summary --
3. Eurozone Tensions in Tranquil Times, 1999-2007 --
The European Central Bank --
The Rules of the Club --
Sticking to the Rules --
4. The Eurozone in Crisis, 2008-2010 --
Headlines Can the Euro Survive? --
5. Conclusions: Assessing the Euro --
Key Points, Key Terms, and Problems --
ch. 11 Topics in International Macroeconomics --
1. Exchange Rates in the Long Run: Deviations from Purchasing Power Parity --
Limits to Arbitrage --
Application It's Not Just the Burgers That Are Cheap --
Nontraded Goods and the Balassa-Samuelson Model --
Overvaluations, Undervaluations, and the Productivity Growth: Forecasting Implications for Real and Nominal Exchange Rates --
Application Real Exchange Rates in Emerging Markets --
Conclusion --
2. Exchange Rates in the Short Run: Deviations from Uncovered interest Parity --
Headlines Eastern Europe and the Euro --
Application The Carry Trade --
Headlines Mrs. Watanabe's Hedge Fund --
Application Peso Problems --
The Efficient Markets Hypothesis --
Limits to Arbitrage --
Conclusion --
3. Debt and Default --
A Few Peculiar Facts about Sovereign Debt --
A Model of Default, Part One: The Probability of Default --
Application Is There Profit in Lending to Developing Countries? --
A Model of Default, Part Two: Loan Supply and Demand --
Application The Costs of Default --
Conclusion --
Application The Argentina Crisis of 2001-2002 --
4. The Global Macroeconomy and the 2007-2009 Crisis --
Headlines Is the IMF "Pathetic"? --
Backdrop to the Crisis --
Panic and the Great Recession --
Conclusion: Lessons for Macroeconomics --
Key Points, Key Terms, and Problems.
Responsibility: Robert C. Feenstra, Alan M. Taylor.

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