Essays In Macroeconomics Of An Open Economy

Author : Franz Gehrels
Publisher : Springer Science & Business Media
Page : 194 pages
File Size : 45,7 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642956591

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Essays in Macroeconomics of an Open Economy by Franz Gehrels Pdf

The large aggregates in the economy - consumption, investment, production of the domestic and the international sectors, international capital flows, financial accumulation and indebtedness - are analysed in this book as problems in time-optimisation for enterprises and households. The effects of fiscal and monetary policies along with exchange-rate variation are examined, and their simultaneous use for stabilizing demand are found to be necessary. All household decisions on consumptions, savings, and financial disposition are conditioned by uncertainty, and similarly for firms, who make more complex simultaneous decisions on production, real investment, financing, and market strategy. The marginal efficiency-of-investment function derived from these decisions is fundamentally different from the marginal productivity of capital in the neoclassical sense. An economy which grows through the accumulation of capital, increase in labor supply, and technological progress is the framework in which all of these variables move. This codetermines the allocation of factors between domestic and international production, and the development of foreign trade. The growth both of the public debt and of international investment are treated in depth.

Author : Mian Zhu
Publisher : Unknown
Page : 85 pages
File Size : 49,9 Mb
Release : 2011
Category : Electronic
ISBN : OCLC:785825397

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Essays in Open Economy Macroeconomics by Mian Zhu Pdf

Author : John Smithin
Publisher : World Scientific Publishing Company
Page : 340 pages
File Size : 51,6 Mb
Release : 2013-06-27
Category : Business & Economics
ISBN : 9789814525299

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Essays in the Fundamental Theory of Monetary Economics and Macroeconomics by John Smithin Pdf

This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary Economics offered at York University, Toronto, written in the style of academic papers. The essays are mathematical in method — but also take a historical perspective, tracing the evolution of monetary thought through the Keynesian model, the monetarist model, new classical model, etc, up to and including the neo-Wickesellian models of the early 21st century. The book will be an essential resource for both graduate and advanced undergraduate students in economics, as well as for individual researchers seeking basic information on the theoretical background of contemporary debates.

Author : Wontae Han
Publisher : Unknown
Page : 0 pages
File Size : 44,7 Mb
Release : 2018
Category : Electronic
ISBN : OCLC:1091901435

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Essays in Open Economy Macroeconomics by Wontae Han Pdf

This dissertation consists of two independent essays on open economy macroeconomics. The first chapter of the dissertation is motivated by the question: "What rationalizes the stylized facts of emerging market business and credit cycles?" Business and credit cycles in emerging countries display very volatile consumption, highly volatile and countercyclical net exports, strongly countercyclical real interest rates, and procyclical flows of credit to the household sector and to the business sector. The standard small-open-economy (SOE) model cannot generate this cyclical pattern of the interest rate and the change in credit market liabilities of households. In order to correct this irregularity and account for the data pattern, this paper augments the SOE model to include collateral constraints for the household sector and limited enforcement constraints for the banking sector. The model generates business and credit cycles consistent with Korean data and gives a rationale for highly volatile consumption, countercyclical country interest rates, and procyclical credit flows. In the counterfactual experiments, we find that the output volatility in Korea is reduced by 11% and welfare gains amount to 0.17% increase in one quarter's steady-state consumption when the default risk in the financial sector is completely eliminated. The second chapter investigates how the presence of pricing-to-market and the degree of imperfect financial market integration affects the effectiveness of optimal monetary policy. Global resource allocation can be inefficient because exporting firms may set different prices among markets and households in different countries may pay different prices for identical goods. On the other hand, political, technological, or informational barriers may hinder capital flows across countries, leading to deviations from perfect cross-country risk sharing. Considering this stylized setting, we augment a standard monetary open economy model to include the failure of the law of one price and imperfect financial market integration. We characterize the optimal monetary policy and assess its effectiveness in compared to inward-looking policies

Author : Louis-Philippe Rochon,Matias Vernengo
Publisher : Edward Elgar Publishing
Page : 304 pages
File Size : 45,8 Mb
Release : 2001-01-01
Category : Business & Economics
ISBN : 1782542825

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Credit, Interest Rates and the Open Economy by Louis-Philippe Rochon,Matias Vernengo Pdf

'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' - A.P. Thirlwall, University of Kent at Canterbury, UK The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.

Author : Karl-Josef Koch,Klaus Jaeger
Publisher : Springer Science & Business Media
Page : 398 pages
File Size : 50,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783662004234

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Trade, Growth, and Economic Policy in Open Economies by Karl-Josef Koch,Klaus Jaeger Pdf

Part 1 of this volume focusses on globalization. Gains from trade, international competitiveness, labour market issues in open economies, customs unions, dumping and intra-firm trade are the topics of this part. Part 2 puts a stronger emphasis on dynamic economics. Social income, intergenerational transfers, public pension systems, and bequest and gift motives in overlapping generation models are main topics. Economic policies are analyzed in Part 3, including the relation between wage rigidity and migration, several aspects of German financial and monetary policy, as well as tax competition. The volume concludes with institutional issues of globalization, a western view on eastern transition, social cost of rent seeking, and the evolution of social institutions.

Author : Luís Brites Pereira,Maria Eugénia Mata,Miguel Rocha de Sousa
Publisher : Springer Nature
Page : 339 pages
File Size : 44,7 Mb
Release : 2020-10-16
Category : Business & Economics
ISBN : 9783030532659

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Economic Globalization and Governance by Luís Brites Pereira,Maria Eugénia Mata,Miguel Rocha de Sousa Pdf

Reflecting the diverse and profound changes triggered by the latest wave of economic globalization, this book highlights various governance responses at national, regional and global levels. The topics covered are wide-ranging and include economic history and development, European integration, exchange rate arrangements, industrial and labor economics, international cooperation and multilateralism, and public choice. The book is divided into three parts: The first part, which contains contributions by Barry Eichengreen and Marc Flandreau, is devoted to economic history. The second part examines open economy macroeconomics with a focus on Europe, including contributions by Jurgen von Hagen and Paul Krugman. The third part presents contributions to international political economy, and related interdisciplinary topics. This Festschrift is written in honor of Jorge Braga de Macedo, Professor Emeritus of Economics at the Nova School of Business and Economics and a distinguished Portuguese academic whose work has an impressive global reach. The contributions, written by a selection of international authors, deal with his oeuvre covering the wide range of topics broached in this book, as his publication record amply attests.

Author : Peter B. Kenen
Publisher : Princeton University Press
Page : 566 pages
File Size : 42,6 Mb
Release : 1995-06-04
Category : Business & Economics
ISBN : 9780691034089

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Understanding Interdependence by Peter B. Kenen Pdf

Surveying the current state of knowledge on the international monetary system, this volume contains essays on the behaviour of exchange rates, current account adjustment, international debt, European monetary union, capital mobility, the reform of former planned economies, and more.

Author : G. Harcourt,J. Cohen
Publisher : Springer
Page : 170 pages
File Size : 46,8 Mb
Release : 1986-09-29
Category : Business & Economics
ISBN : 9781349183920

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International Monetary Problems and Supply-Side Economics by G. Harcourt,J. Cohen Pdf

Author : Guillermo A. Calvo,Rudiger Dornbusch,Maurice Obstfeld
Publisher : MIT Press
Page : 572 pages
File Size : 51,6 Mb
Release : 2004
Category : Business & Economics
ISBN : 0262532603

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Money, Capital Mobility, and Trade by Guillermo A. Calvo,Rudiger Dornbusch,Maurice Obstfeld Pdf

Essays by leading economists and scholars reflecting on Mundell's broad influence on modern open-economy macroeconomics.

Author : George Horwich,Paul A. Samuelson
Publisher : Academic Press
Page : 577 pages
File Size : 55,9 Mb
Release : 2014-05-10
Category : Political Science
ISBN : 9781483267487

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Trade, Stability, and Macroeconomics by George Horwich,Paul A. Samuelson Pdf

Trade, Stability, and Macroeconomics: Essays in Honor of Lloyd A. Metzler provides information pertinent to the fundamental aspects of trade, stability, and macroeconomics. This book covers a variety of topics, including nontraded and intermediate commodities, prices, production, exchange rates, and wages. Organized into five parts encompassing 22 chapters, this book begins with an overview of the theory of international trade and the effect of a tariff or export tax on domestic prices. This text then defines the supply of the international commodities as a function of their prices and of the output of the domestic commodity. Other chapters consider the Stolper–Samuelson analysis of the effects of protection of the distribution of income. This book discusses as well the theory of external–internal balance or the assignment problem as related to macroeconomic policy in an open economy. The final chapter deals with the dynamic allocation of scarce resources. This book is a valuable resource for economists.

Author : James Tobin
Publisher : MIT Press
Page : 550 pages
File Size : 47,7 Mb
Release : 1987
Category : Business & Economics
ISBN : 0262200627

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Essays in Economics by James Tobin Pdf

These 28 essays, covering Tobin's work in macroeconomics from the early 1940s to 1970 are grouped into three parts - macroeconomic theory, economic growth, and money and finance.

Author : Helmut Frisch,Andreas Worgotter
Publisher : Springer
Page : 437 pages
File Size : 50,6 Mb
Release : 2016-07-27
Category : Business & Economics
ISBN : 9781349128846

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Open-Economy Macroeconomics by Helmut Frisch,Andreas Worgotter Pdf

The integration of market economies is one of the most remarkable features of international economics, which has important implications for macroeconomic performance in open economies. Equally important is the declining relevance of the real versus the monetary theory dichotomy. These papers focus on those aspects of monetary policy which relate to credibility and non-neutrality; the domestic adjustment to foreign shocks; the interdependence of open economies and their strategic interactions. An important section is also devoted to the innovative modelling of exchange rate dynamics.

Author : Rudolfs Bems
Publisher : Unknown
Page : 204 pages
File Size : 50,6 Mb
Release : 2005
Category : Macroeconomics
ISBN : NWU:35556037556719

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Essays in International Macroeconomics by Rudolfs Bems Pdf

Author : Axel Leijonhufvud
Publisher : Edward Elgar Publishing
Page : 207 pages
File Size : 49,9 Mb
Release : 2009-01-01
Category : Business & Economics
ISBN : 9781848446021

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Macroeconomics in the Small and the Large by Axel Leijonhufvud Pdf

Roger Farmer is to be congratulated for editing this splendid set of essays in honour of Axel Leijonhufvud. . . I am sure that most of the readers of these essays will be excited and stimulated by their contents. Economic Record This book honors the work of the influential economist Axel Leijonhufvud. His work in macroeconomics, monetary theory and European economic history has spurred great discussion over many years, and the authors of this book comprise some of the very best economists active today. The broad influence of his work is evident in the variety of subjects his readers address. The topics range from Keynesian economics and the economics of high inflation to the micro-foundations of macroeconomics and economic history. The reader will find an intriguing compilation of ideas ranging from bankruptcy and collateral debt, the macroeconomics of broken promises, interest rate setting, growth patterns of macro models, innovation history to macroeconomics with intelligent autonomous agents. Scholars and students of economic history, Keynesian economics and alternative monetary theory will be delighted with the work inspired by this influential thinker.