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International Macroeconomics: A Modern Approach [Hardback]

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  • Formāts: Hardback, 482 pages, height x width: 254x178 mm, 1 color + 125 b/w illus. 10 tables.
  • Izdošanas datums: 06-Sep-2022
  • Izdevniecība: Princeton University Press
  • ISBN-10: 0691170649
  • ISBN-13: 9780691170640
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International Macroeconomics: A Modern ApproachPalielināt
  • Formāts: Hardback, 482 pages, height x width: 254x178 mm, 1 color + 125 b/w illus. 10 tables.
  • Izdošanas datums: 06-Sep-2022
  • Izdevniecība: Princeton University Press
  • ISBN-10: 0691170649
  • ISBN-13: 9780691170640
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9780691170640.html
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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
Preface xiii
Chapter 1 Global Imbalances
1(30)
1.1 The Balance of Payments
3(3)
1.2 The Trade Balance and the Current Account
6(2)
1.3 The Trade Balance and the Current Account across Countries
8(2)
1.4 Imbalances in U.S. Trade with China
10(2)
1.5 The Current Account and the Net International Investment Position
12(1)
1.6 Valuation Changes and the Net International Investment Position
13(6)
1.6.1 Examples of Valuation Changes
14(1)
1.6.2 Valuation Changes in the United States
14(3)
1.6.3 A Hypothetical NIIP That Excludes Valuation Changes
17(2)
1.7 The NIIP-- Nil Paradox
19(4)
1.7.1 Dark Matter
19(2)
1.7.2 Return Differentials
21(1)
1.7.3 The Flip Side of the NIIP--Nil Paradox
22(1)
1.8 Summing Up
23(1)
1.9 Exercises
24(7)
PART I DETERMINANTS OF THE CURRENT ACCOUNT
31(160)
Chapter 2 Current Account Sustainability
33(11)
2.1 Can a Country Run a Perpetual Trade Balance Deficit?
33(2)
2.2 Can a Country Run a Perpetual Current Account Deficit?
35(1)
2.3 Saving, Investment, and the Current Account
36(2)
2.3.1 The Current Account as the Gap between Saving and Investment
36(2)
2.3.2 The Current Account as the Gap between National Income and Domestic Absorption
38(1)
2.4 Appendix: Perpetual Trade Balance and Current Account Deficits in Infinite Horizon Economies
38(3)
2.5 Summing Up
41(1)
2.6 Exercises
42(2)
Chapter 3 An Intertemporal Theory of the Current Account
44(24)
3.1 The Intertemporal Budget Constraint
45(2)
3.2 The Lifetime Utility Function
47(3)
3.3 The Optimal Intertemporal Allocation of Consumption
50(2)
3.4 The Interest Rate Parity Condition
52(1)
3.5 Equilibrium in the Small Open Economy
53(2)
3.6 The Trade Balance and the Current Account
55(1)
3.7 Adjustment to Temporary and Permanent Output Shocks
56(3)
3.7.1 Adjustment to Temporary Output Shocks
56(2)
3.7.2 Adjustment to Permanent Output Shocks
58(1)
3.8 Anticipated Income Shocks
59(2)
3.9 An Economy with Logarithmic Preferences
61(1)
3.10 Summing Up
62(1)
3.11 Exercises
63(5)
Chapter 4 Terms of Trade, the World Interest Rate, Tariffs, and the Current Account
68(19)
4.1 Terms of Trade Shocks
69(1)
4.2 Terms of Trade Shocks and Imperfect Information
70(1)
4.3 Imperfect Information, the Price of Copper, and the Chilean Current Account
71(1)
4.4 World Interest Rate Shocks
72(3)
4.5 Import Tariffs
75(5)
4.5.1 A Temporary Increase in Import Tariffs
77(2)
4.5.2 A Permanent Increase in Import Tariffs
79(1)
4.5.3 An Anticipated Future Increase in Import Tariffs
80(1)
4.6 Summing Up
80(1)
4.7 Exercises
81(6)
Chapter 5 Current Account Determination in a Production Economy
87(37)
5.1 The Investment Decision of Firms
87(6)
5.2 The Investment Schedule
93(3)
5.2.1 The Profit Function
93(3)
5.3 The Consumption-Saving Decision of Households
96(6)
5.3.1 Effect of a Temporary Increase in Productivity on Consumption
98(1)
5.3.2 Effect of an Anticipated Future Productivity Increase on Consumption
99(2)
5.3.3 Effect of an Increase in the Interest Rate on Consumption
101(1)
5.4 The Saving Schedule
102(2)
5.5 The Current Account Schedule
104(2)
5.6 Equilibrium in the Production Economy
106(4)
5.6.1 Adjustment of the Current Account to Changes in the World Interest Rate
107(1)
5.6.2 Adjustment of the Current Account to a Temporary Increase in Productivity
108(1)
5.6.3 Adjustment of the Current Account to an Anticipated Future Productivity Increase
109(1)
5.7 Equilibrium in the Production Economy: An Algebraic Approach
110(5)
5.7.1 Adjustment to an Increase in the World Interest Rate
114(1)
5.7.2 Adjustment to a Temporary Increase in Productivity
114(1)
5.7.3 Adjustment to an Anticipated Future Increase in Productivity
115(1)
5.8 The Terms of Trade in the Production Economy
115(2)
5.9 An Application: Giant Oil Discoveries
117(2)
5.10 Summing Up
119(1)
5.11 Exercises
120(4)
Chapter 6 Uncertainty and the Current Account
124(17)
6.1 The Great Moderation
124(1)
6.2 Ca uses of the Great Moderation
125(1)
6.3 The Great Moderation and the Emergence of Current Account Imbalances
126(1)
6.4 An Open Economy with Uncertainty
126(5)
6.5 Complete Asset Markets and the Current Account
131(4)
6.5.1 State Contingent Claims
131(1)
6.5.2 The Household's Problem
132(1)
6.5.3 Free Capital Mobility
133(1)
6.5.4 Equilibrium in the Complete Asset Market Economy
134(1)
6.6 Summing Up
135(1)
6.7 Exercises
136(5)
Chapter 7 Large Open Economies
141(19)
7.1 A Two-Country Economy
141(2)
7.2 An Investment Surge in the United States
143(2)
7.3 Microfoundations of the Two-Country Model
145(3)
7.4 International Transmission of Country-Specific Shocks
148(1)
7.5 Country Size and the International Transmission Mechanism
149(2)
7.6 Explaining the U.S. Current Account Deficit: The Global Saving Glut Hypothesis
151(3)
7.6.1 Two Competing Hypotheses
151(2)
7.6.2 The Made in the U.S.A. Hypothesis Strikes Back
153(1)
7.7 Summing Up
154(1)
7.8 Exercises
155(5)
Chapter 8 The Twin Deficits: Fiscal Deficits and the Current Account
160(31)
8.1 An Open Economy with a Government Sector
160(5)
8.1.1 The Government
161(1)
8.1.2 Firms
162(1)
8.1.3 Households
163(2)
8.2 Ricardian Equivalence
165(3)
8.3 Government Spending and Twin Deficits
168(1)
8.4 Failure of Ricardian Equivalence: Tax Cuts and Twin Deficits
169(6)
8.4.1 Borrowing Constraints
170(2)
8.4.2 Intergenerational Effects
172(1)
8.4.3 Distortionary Taxation
172(3)
8.5 The Optimality of Twin Deficits
175(3)
8.6 Fiscal Policy in Economies with Imperfect Capital Mobility
178(3)
8.7 Fiscal Policy in a Large Open Economy
181(2)
8.8 Summing Up
183(1)
8.9 Exercises
184(7)
PART II THE REAL EXCHANGE RATE
191(82)
Chapter 9 The Real Exchange Rate and Purchasing Power Parity
193(34)
9.1 The Law of One Price
193(5)
9.2 Purchasing Power Parity
198(3)
9.3 PPP Exchange Rates
201(5)
9.3.1 Big Mac PPP Exchange Rates
201(1)
9.3.2 PPP Exchange Rates for Baskets of Goods
202(1)
9.3.3 PPP Exchange Rates and Standard of Living Comparisons
202(3)
9.3.4 Rich Countries Are More Expensive Than Poor Countries
205(1)
9.4 Relative Purchasing Power Parity
206(4)
9.4.1 Does Relative PPP Hold in the Long Run?
207(3)
9.4.2 Does Relative PPP Hold in the Short Run?
210(1)
9.5 How Wide Is the Border?
210(3)
9.6 Nontradable Goods and Deviations from Purchasing Power Parity
213(2)
9.7 Trade Barriers and Real Exchange Rates
215(1)
9.8 Home Bias and the Real Exchange Rate
216(1)
9.9 Price Indices and Standards of Living
217(4)
9.9.1 Microfoundations of the Price Level
218(2)
9.9.2 The Price Level, Income, and Welfare
220(1)
9.10 Summing Up
221(1)
9.11 Exercises
222(5)
Chapter 10 Determinants of the Real Exchange Rate
227(46)
10.1 The TNT Model
228(7)
10.1.1 Households
228(3)
10.1.2 Equilibrium
231(1)
10.1.3 Adjustment of the Relative Price of Nontradables to Interest Rate and Endowment Shocks
232(3)
10.2 From the Relative Price of Nontradables to the Real Exchange Rate
235(1)
10.3 The Terms of Trade and the Real Exchange Rate
236(2)
10.4 Sudden Stops
238(5)
10.4.1 A Sudden Stop through the Lens of the TNT Model
238(2)
10.4.2 The Argentine Sudden Stop of 2001
240(2)
10.4.3 The Icelandic Sudden Stop of 2008
242(1)
10.5 The TNT Model with Sectoral Production
243(16)
10.5.1 The Production Possibility Frontier
244(3)
10.5.2 The PPF and the Real Exchange Rate
247(2)
10.5.3 The Income Expansion Path
249(2)
10.5.4 Partial Equilibrium
251(4)
10.5.5 General Equilibrium
255(2)
10.5.6 Sudden Stops and Sectoral Reallocations
257(2)
10.6 Productivity Differentials and Real Exchange Rates: The Balassa-Samuelson Model
259(4)
10.7 Summing Up
263(1)
10.8 Exercises
264(9)
PART III INTERNATIONAL CAPITAL MOBILITY
273(78)
Chapter 11 International Capital Market Integration
275(27)
11.1 Covered Interest Rate Parity
276(2)
11.2 Covered Interest Rate Differentials in China: 1998-2021
278(1)
11.3 Capital Controls and Interest Rate Differentials: Brazil 2009-2012
279(2)
11.4 Empirical Evidence on Covered Interest Rate Differentials: A Long-Run Perspective
281(2)
11.5 Empirical Evidence on Offshore-Onshore Interest Rate Differentials
283(2)
11.6 Uncovered Interest Rate Parity
285(7)
11.6.1 Asset Pricing in an Open Economy
285(3)
11.6.2 CIP as an Equilibrium Condition
288(1)
11.6.3 Is UIP an Equilibrium Condition?
288(2)
11.6.4 Carry Trade as a Test of UIP
290(1)
11.6.5 The Forward Premium Puzzle
291(1)
11.7 Real Interest Rate Parity
292(2)
11.8 Saving-Investment Correlations
294(4)
11.9 Summing Up
298(1)
11.10 Exercises
299(3)
Chapter 12 Capital Controls
302(49)
12.1 Capital Controls and Interest Rate Differentials
303(1)
12.2 Macroeconomic Effects of Capital Controls
304(5)
12.2.1 Effects of Capital Controls on Consumption, Savings, and the Current Account
304(4)
12.2.2 Effects of Capital Controls on Investment
308(1)
12.2.3 Welfare Consequences of Capital Controls
309(1)
12.3 Quantitative Restrictions on Capital Flows
309(2)
12.4 Borrowing Externalities and Optimal Capital Controls
311(7)
12.4.1 An Economy with a Debt-Elastic Interest Rate
312(2)
12.4.2 Competitive Equilibrium without Government Intervention
314(2)
12.4.3 The Efficient Allocation
316(1)
12.4.4 Optimal Capital Control Policy
317(1)
12.5 Capital Mobility in a Large Economy
318(5)
12.6 Graphical Analysis of Equilibrium under Free Capital Mobility in a Large Economy
323(4)
12.7 Optimal Capital Controls in a Large Economy
327(4)
12.8 Graphical Analysis of Optimal Capital Controls in a Large Economy
331(1)
12.9 Retaliation
332(5)
12.10 Empirical Evidence on Capital Controls around the World
337(5)
12.11 Summing Up
342(1)
12.12 Exercises
343(8)
PART IV MONETARY POLICY AND EXCHANGE RATES
351(106)
Chapter 13 Nominal Rigidity, Exchange Rate Policy, and Unemployment
353(46)
13.1 The TNT-DNWR Model
354(9)
13.1.1 The Supply Schedule
355(1)
13.1.2 The Demand Schedule
356(5)
13.1.3 The Labor Market Slackness Condition
361(1)
13.1.4 Equilibrium in the TNT-DNWR Model
362(1)
13.2 Adjustment to Shocks with a Fixed Exchange Rate
363(8)
13.2.1 An Increase in the World Interest Rate
364(2)
13.2.2 Asymmetric Adjustment: A Decrease in the World Interest Rate
366(2)
13.2.3 Output and Terms of Trade Shocks
368(2)
13.2.4 Volatility and Average Unemployment
370(1)
13.3 Adjustment to Shocks with a Floating Exchange Rate
371(6)
13.3.1 Adjustment to External Shocks
372(2)
13.3.2 Supply Shocks, the Inflation-Unemployment Trade-off, and Stagflation
374(3)
13.4 A Numerical Example: A World Interest Rate Hike
377(5)
13.4.1 The Pre-Shock Equilibrium
378(1)
13.4.2 Adjustment with a Fixed Exchange Rate
379(2)
13.4.3 Adjustment with a Floating Exchange Rate
381(1)
13.4.4 The Welfare Cost of a Currency Peg
381(1)
13.5 The Monetary Policy Trilemma
382(2)
13.6 Exchange Rate Overshooting
384(4)
13.7 Empirical Evidence on Downward Nominal Wage Rigidity
388(5)
13.7.1 Evidence from U.S. Micro Data
388(1)
13.7.2 Evidence from the Great Depression
388(2)
13.7.3 Evidence from Emerging Countries
390(3)
13.8 Appendix
393(1)
13.9 Summing Up
393(1)
13.10 Exercises
394(5)
Chapter 14 Managing Currency Pegs
399(25)
14.1 A Boom-Bust Cycle in the TNT-DNWR Model
399(2)
14.2 The Currency Peg Externality
401(1)
14.3 Managing a Currency Peg
402(13)
14.3.1 Macroprudential Capital Control Policy
403(3)
14.3.2 Fiscal Devaluations
406(5)
14.3.3 Higher Inflation in a Monetary Union
411(4)
14.4 The Boom-Bust Cycle in Peripheral Europe, 2000-2011
415(2)
14.5 Summing Up
417(2)
14.6 Exercises
419(5)
Chapter 15 Inflationary Finance and Balance of Payments Crises
424(33)
15.1 The Quantity Theory of Money
425(3)
15.1.1 A Flexible Exchange Rate Regime
427(1)
15.1.2 A Fixed Exchange Rate Regime
428(1)
15.2 A Monetary Economy with a Government Sector
428(3)
15.2.1 An Interest-Elastic Demand for Money
429(1)
15.2.2 Purchasing Power Parity
429(1)
15.2.3 The Interest Parity Condition
430(1)
15.2.4 The Government Budget Constraint
430(1)
15.3 Fiscal Deficits and the Sustainability of Currency Pegs
431(1)
15.4 Fiscal Consequences of a Devaluation
432(2)
15.5 A Constant Money Growth Rate Regime
434(1)
15.6 Fiscal Consequences of Money Creation
435(3)
15.6.1 The Inflation Tax
435(1)
15.6.2 The Inflation Tax Laffer Curve
436(1)
15.6.3 Inflationary Finance
436(2)
15.7 Balance of Payments Crises
438(4)
15.8 Appendix: A Dynamic Optimizing Model of the Demand for Money
442(6)
15.9 Summing Up
448(1)
15.10 Exercises
449(8)
Index 457
Stephanie Schmitt-Grohé is professor of economics at Columbia University. Martķn 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).