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International Macroeconomics: Beyond the Mundell-Fleming Model

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  • Obstfeld, Maurice

Abstract

This lecture presents a broad overview of postwar analytical thinking on international macroeconomics, culminating in a more detailed discussion of very recent progress. Along the way, it reviews important empirical evidence that has inspired alternative modeling approaches, as well as theoretical and policy considerations behind developments in the field. The most recent advances in model building center on the "new open economy macroeconomics," which synthesizes Keynesian nominal rigidities, intertemporal approaches to open economy dynamics, and the effects of market structure on international trade.

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Paper provided by Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley in its series Center for International and Development Economics Research, Working Paper Series with number qt6796n8s0.

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Date of creation: 01 Jul 2001
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Handle: RePEc:cdl:ciders:qt6796n8s0

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Keywords: New open economy macroeconomics; exchange rates; pricing to market;

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References

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