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Open Economy Macroeconomics
For this two-volume set the editor has selected the key contributions to the field of open economy macroeconomics which have been made over the past half century and more. The articles selected cover traditional open economy models, first generation intertemporal open economy models, the structure of open economy macro-models, some controversies and puzzles, and second generation intertemporal models.
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Contributors
Contents
More Information
For this two-volume set the editor has selected the key contributions to the field of open economy macroeconomics which have been made over the past half century and more. The articles selected cover traditional open economy models, first generation intertemporal open economy models, the structure of open economy macro-models, some controversies and puzzles, and second generation intertemporal models.
Norman Miller has written an authoritative introduction to each volume, which both summarizes and offers a critical appraisal of the major ideas which have shaped macroeconomics during the last fifty years.
This collection will be of particular interest to specialists and graduate students in the fields of international finance and open economy macroeconomics.
Norman Miller has written an authoritative introduction to each volume, which both summarizes and offers a critical appraisal of the major ideas which have shaped macroeconomics during the last fifty years.
This collection will be of particular interest to specialists and graduate students in the fields of international finance and open economy macroeconomics.
Contributors
41 articles, dating from 1950 to 2003
Contributors include: R. Dornbusch, J.A. Frankel, J.A. Frenkel, P. Krugman, R.E. Lucas, R.A. Meese, M. Obstfeld, A. Razin, K. Rogoff, J.D. Sachs, L.E.O. Svensson
Contributors include: R. Dornbusch, J.A. Frankel, J.A. Frenkel, P. Krugman, R.E. Lucas, R.A. Meese, M. Obstfeld, A. Razin, K. Rogoff, J.D. Sachs, L.E.O. Svensson
Contents
Contents:
Volume I
Acknowledgements
Introduction Norman C. Miller
PART I TRADITIONAL OPEN ECONOMY MODELS
1. Arnold C. Harberger (1950), ‘Currency Depreciation, Income, and the Balance of Trade’
2. Svend Laursen and Lloyd A. Metzler (1950), ‘Flexible Exchange Rates and the Theory of Employment’
3. Sidney S. Alexander (1952), ‘Effects of a Devaluation on a Trade Balance’
4. Sidney S. Alexander (1959), ‘Effects of a Devaluation: A Simplified Synthesis of Elasticities and Absorption Approaches’
5. J. Marcus Fleming (1962), ‘Domestic Financial Policies Under Fixed and Under Floating Exchange Rates’
6. R.A. Mundell (1963), ‘Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates’
7. Rudiger Dornbusch (1976), ‘Expectations and Exchange Rate Dynamics’
8. Jacob A. Frenkel and Carlos A. Rodriguez (1982), ‘Exchange Rate Dynamics and the Overshooting Hypothesis’
9. R. Dornbusch, S. Fischer and P.A. Samuelson (1977), ‘Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods’
PART II FIRST GENERATION INTERTEMPORAL OPEN ECONOMY MODELS
10. Norman C. Miller (1968), ‘A General Equilibrium Theory of International Capital Flows’
11. Michael Connolly and Stephen Ross (1970), ‘A Fisherian Approach to Trade, Capital Movements, and Tariffs’
12. Jeffrey D. Sachs (1981), ‘The Current Account and Macroeconomic Adjustment in the 1970s’
13. Maurice Obstfeld (1982), ‘Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?’
14. Robert E. Lucas, Jr. (1982), ‘Interest Rates and Currency Prices in a Two-Country World’
15. Lars E.O. Svensson and Assaf Razin (1983), ‘The Terms of Trade and the Current Account: The Harberger-Laursen-Metzler Effect’
16. Rudiger Dornbusch (1983), ‘Real Interest Rates, Home Goods, and Optimal External Borrowing’
17. Reuven Glick and Kenneth Rogoff (1995), ‘Global versus Country-Specific Productivity Shocks and the Current Account’
18. Alan C. Stockman (1987), ‘The Equilibrium Approach to Exchange Rates’
19. Assaf Razin (1995), ‘The Dynamic-Optimizing Approach to the Current Account: Theory and Evidence’
20. Paul Krugman (1993), ‘What do We Need to Know about the International Monetary System?’
PART III STRUCTURE OF OPEN ECONOMY MACRO-MODELS
21. Edward A. Kuska (1978), ‘On the Almost Total Inadequacy of Keynesian Balance-of-Payments Theory’
22. Norman C. Miller (1986), ‘The Structure of Open Economy Macro-Models’
Name Index
Volume II
PART I CONTROVERSIES AND PUZZLES IN OPEN ECONOMY MACROECONOMICS
1. Martin Feldstein and Charles Horioka (1980), ‘Domestic Saving and International Capital Flows’
2. Marianne Baxter and Mario J. Crucini (1993), ‘Explaining Saving-Investment Correlations’
3. Jeffrey A. Frankel (1991), ‘Quantifying International Capital Mobility in the 1980s’
4. Kenneth A. Froot and Richard H. Thaler (1990), ‘Anomalies: Foreign Exchange’
5. Richard A. Meese and Kenneth Rogoff (1983), ‘Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?’
6. James R. Lothian and Mark P. Taylor (1996), ‘Real Exchange Rate Behavior: The Recent Float from the Perspective of the Past Two Centuries’
7. Kenneth Rogoff (1996), ‘The Purchasing Power Parity Puzzle’
8. David K. Backus, Patrick J. Kehoe and Finn E. Kydland (1992), ‘International Real Business Cycles’
9. Maurice Obstfeld and Kenneth Rogoff (2001), ‘The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?’
PART II SECOND GENERATION INTERTEMPORAL MODELS: THE NEW OPEN ECONOMY MACROECONOMICS
10. Lars E.O. Svensson and Sweder van Wijnbergen (1989), ‘Excess Capacity, Monopolistic Competition, and International Transmission of Monetary Disturbances’
11. Maurice Obstfeld and Kenneth Rogoff (1995), ‘Exchange Rate Dynamics Redux’
12. Caroline Betts and Michael B. Devereux (2000), ‘Exchange Rate Dynamics in a Model of Pricing-to-Market’ 13. John Fender and Chong K. Yip (2000), ‘Tariffs and Exchange Rate Dynamics Redux’
14. Maurice Obstfeld and Kenneth Rogoff (2000), ‘New Directions for Stochastic Open Economy Models’
15. Giancarlo Corsetti and Paolo Pesenti (2001), ‘Welfare and Macroeconomic Interdependence’
16. Philip R. Lane (2001), ‘Money Shocks and the Current Account’
17. Cédric Tille (2001), ‘The Role of Consumption Substitutability in the International Transmission of Monetary Shocks’
18. Giovanni Ganelli (2003), ‘Useful Government Spending, Direct Crowding-Out and Fiscal Policy Interdependence’
19. Francis E. Warnock (2003), ‘Exchange Rate Dynamics and the Welfare Effects of Monetary Policy in a Two-Country Model with Home-Product Bias’
Name Index
Volume I
Acknowledgements
Introduction Norman C. Miller
PART I TRADITIONAL OPEN ECONOMY MODELS
1. Arnold C. Harberger (1950), ‘Currency Depreciation, Income, and the Balance of Trade’
2. Svend Laursen and Lloyd A. Metzler (1950), ‘Flexible Exchange Rates and the Theory of Employment’
3. Sidney S. Alexander (1952), ‘Effects of a Devaluation on a Trade Balance’
4. Sidney S. Alexander (1959), ‘Effects of a Devaluation: A Simplified Synthesis of Elasticities and Absorption Approaches’
5. J. Marcus Fleming (1962), ‘Domestic Financial Policies Under Fixed and Under Floating Exchange Rates’
6. R.A. Mundell (1963), ‘Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates’
7. Rudiger Dornbusch (1976), ‘Expectations and Exchange Rate Dynamics’
8. Jacob A. Frenkel and Carlos A. Rodriguez (1982), ‘Exchange Rate Dynamics and the Overshooting Hypothesis’
9. R. Dornbusch, S. Fischer and P.A. Samuelson (1977), ‘Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods’
PART II FIRST GENERATION INTERTEMPORAL OPEN ECONOMY MODELS
10. Norman C. Miller (1968), ‘A General Equilibrium Theory of International Capital Flows’
11. Michael Connolly and Stephen Ross (1970), ‘A Fisherian Approach to Trade, Capital Movements, and Tariffs’
12. Jeffrey D. Sachs (1981), ‘The Current Account and Macroeconomic Adjustment in the 1970s’
13. Maurice Obstfeld (1982), ‘Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?’
14. Robert E. Lucas, Jr. (1982), ‘Interest Rates and Currency Prices in a Two-Country World’
15. Lars E.O. Svensson and Assaf Razin (1983), ‘The Terms of Trade and the Current Account: The Harberger-Laursen-Metzler Effect’
16. Rudiger Dornbusch (1983), ‘Real Interest Rates, Home Goods, and Optimal External Borrowing’
17. Reuven Glick and Kenneth Rogoff (1995), ‘Global versus Country-Specific Productivity Shocks and the Current Account’
18. Alan C. Stockman (1987), ‘The Equilibrium Approach to Exchange Rates’
19. Assaf Razin (1995), ‘The Dynamic-Optimizing Approach to the Current Account: Theory and Evidence’
20. Paul Krugman (1993), ‘What do We Need to Know about the International Monetary System?’
PART III STRUCTURE OF OPEN ECONOMY MACRO-MODELS
21. Edward A. Kuska (1978), ‘On the Almost Total Inadequacy of Keynesian Balance-of-Payments Theory’
22. Norman C. Miller (1986), ‘The Structure of Open Economy Macro-Models’
Name Index
Volume II
PART I CONTROVERSIES AND PUZZLES IN OPEN ECONOMY MACROECONOMICS
1. Martin Feldstein and Charles Horioka (1980), ‘Domestic Saving and International Capital Flows’
2. Marianne Baxter and Mario J. Crucini (1993), ‘Explaining Saving-Investment Correlations’
3. Jeffrey A. Frankel (1991), ‘Quantifying International Capital Mobility in the 1980s’
4. Kenneth A. Froot and Richard H. Thaler (1990), ‘Anomalies: Foreign Exchange’
5. Richard A. Meese and Kenneth Rogoff (1983), ‘Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?’
6. James R. Lothian and Mark P. Taylor (1996), ‘Real Exchange Rate Behavior: The Recent Float from the Perspective of the Past Two Centuries’
7. Kenneth Rogoff (1996), ‘The Purchasing Power Parity Puzzle’
8. David K. Backus, Patrick J. Kehoe and Finn E. Kydland (1992), ‘International Real Business Cycles’
9. Maurice Obstfeld and Kenneth Rogoff (2001), ‘The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?’
PART II SECOND GENERATION INTERTEMPORAL MODELS: THE NEW OPEN ECONOMY MACROECONOMICS
10. Lars E.O. Svensson and Sweder van Wijnbergen (1989), ‘Excess Capacity, Monopolistic Competition, and International Transmission of Monetary Disturbances’
11. Maurice Obstfeld and Kenneth Rogoff (1995), ‘Exchange Rate Dynamics Redux’
12. Caroline Betts and Michael B. Devereux (2000), ‘Exchange Rate Dynamics in a Model of Pricing-to-Market’ 13. John Fender and Chong K. Yip (2000), ‘Tariffs and Exchange Rate Dynamics Redux’
14. Maurice Obstfeld and Kenneth Rogoff (2000), ‘New Directions for Stochastic Open Economy Models’
15. Giancarlo Corsetti and Paolo Pesenti (2001), ‘Welfare and Macroeconomic Interdependence’
16. Philip R. Lane (2001), ‘Money Shocks and the Current Account’
17. Cédric Tille (2001), ‘The Role of Consumption Substitutability in the International Transmission of Monetary Shocks’
18. Giovanni Ganelli (2003), ‘Useful Government Spending, Direct Crowding-Out and Fiscal Policy Interdependence’
19. Francis E. Warnock (2003), ‘Exchange Rate Dynamics and the Welfare Effects of Monetary Policy in a Two-Country Model with Home-Product Bias’
Name Index
