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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Find related papers by JEL classification: F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
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