Open Economy Macroeconomics
AbstractProfessor Rødseth provides a broad survey of open economy macroeconomics within a unified framework. This upper-level textbook reviews the theories employed by ministries of finance, central banks and financial institutions which form the basis for most quantitative models of open economies. It also points out the limitations of these theories and gives an update on recent research. The emphasis is on how the nature of the markets for foreign exchange and for exports and imports sets the stage for government policy and determines the macroeconomic effects of external and internal shocks. Particular attention is paid to the relations between short- and long-run equilibria and the long-run consequences of national policies. Short-run wage rigidities play a key role, and models with wage bargaining are compared to more traditional formulations. Exchange rate policy and the transmission of shocks are discussed both from a national and an international perspective.
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Bibliographic InfoThis book is provided by Cambridge University Press in its series Cambridge Books with number 9780521788748 and published in 2000.
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- Philip R. Lane & Gian Maria Milesi-Ferretti, 2000.
"The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates,"
062000, Hong Kong Institute for Monetary Research.
- Philip R. Lane & Gian Maria Milesi-Ferretti, 2004. "The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates," The Review of Economics and Statistics, MIT Press, vol. 86(4), pages 841-857, November.
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- Margarida Duarte, 2001. "International pricing in new open-economy models," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 53-70.
- John Bradley & Timo Mitze & Edgar Morgenroth & Gerhard Untiedt, 2006. "How can we know if EU cohesion policy is successful? Integrating micro and macro approaches to the evaluation of Structural Funds," Working Papers 1-2006, GEFRA - Gesellschaft fuer Finanz- und Regionalanalysen.
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