"International Macroeconomics" provides students with an analytically rigorous introduction to the impact of globalization on macroeconomics. This book: presents an analytically rigorous introduction to the field and uniquely includes optional econometric studies; provides a unified macroeconomic model to examine rigorously international macroeconomics and then focuses this model on historic cases, institutions, and specific countries, dealing with various types of macroeconomic crises; and, presents a strong policy orientation by an author who worked for many years at the IMF. It is supported by a website with extensive solutions for the problem sets, PowerPoint slides, and an update on the 08-09 meltdown.
Chapter 1. An Overview of the Book.1.1. What is international macroeconomics?.1.2. The International Macroeconomics Toolkit.1.3 The Contents of this Book.1.4. Summary.Chapter 2. Open-Economy Macroeconomic Accounting.2.1 The Balance of Payments Accounts.2.2 Sub-Accounts in the Balance of Payments.2.3 Basic BOP Facts for the United States.2.4 The NIPA in an Open Economy: Aggregate Identities.2.5 Sectoral Identities.2.6 Summary.Chapter 3. Macroeconomic Influences on the Foreign Exchange Market.3.1 Exchange Rate Concepts.3.2 Supply and Demand for Foreign Exchange.3.3 Relative Prices of Domestic and Foreign Goods: The Real Exchange Rate.3.4 Relative Returns on Domestic and Foreign Assets: Interest Parity Conditions.3.5 Central Bank Intervention in the Foreign Exchange Market: Exchange Rate Regimes.3.6 Summary.Appendix 3.1 Properties of Logarithms.Chapter 4. The Macroeconomic Framework.4.1 Production Structure and Economic Agents.4.2 Equilibrium in the Market for Financial Assets.4.3 Equilibrium in the Market for Domestic Goods.4.4 Equations and Unknowns: Imposing Additional Structure.4.5 Summary.Appendix 4.1 The Marshall-Lerner Condition.Appendix 4.2 The Framework in Log-Linear Form.Chapter 5. The Classical Gold Standard.5.1 Evolution of the International Gold Standard.5.2 The U.S. dollar.5.3 Central Bank Behavior under the Gold Standard.5.4 Summary.Chapter 6. Gold Standard Macroeconomics.6.1 Short-Run Macroeconomics under the Gold Standard.6.2 Short-run Comparative Statics.6.3 The Long-Run Model.6.4 The Gold Standard as an International Monetary System.6.5 Summary.Appendix 6.1 The Gold Standard with Zero Capital Mobility.Chapter 7. The Bretton Woods System.7.1 Evolution of the Bretton Woods System.7.2 Modeling Soft Pegs with Imperfect Capital Mobility.7.3 The Bond-Market Equilibrium (BB) Curve.7.4 Properties of the BB Curve.7.5 Summary.Chapter 8. Macroeconomics under Soft Pegs and Imperfect Capital Mobility.8.1 Solving the Model.8.2 Comparative Statics.8.3 Bretton Woods as an International Monetary System.8.4 Summary.Appendix 8.1 Alternative Monetary Policy Regimes.Chapter 9. Fixed Exchange Rates in a Financially Integrated World: Currency Crises and "Hard" Pegs.9.1 Soft Pegs with High Capital Mobility.9.2 Currency Crises.9.3 Financial Integration and Crises.9.4 Modern Versions of Hard Pegs.9.5 Soft versus Hard Pegs: Some Policy Issues.9.6 Summary.Appendix 9.1 The Monetary Approach to the Balance of Payments (MABP).Chapter 10. Floating Exchange Rates I: Transitory Shocks.10.1 Analytical Framework.10.2 Solving the Floating Exchange Rate Model.10.3 Comparative Statics.10.4 Summary.Appendix 10.1 The Asset Market Approach to the Exchange Rate.Appendix 10.2 Algebraic Solution of the Log-linear Model.Appendix 10.3 Interest Rate Targeting under Floating Exchange Rates.Chapter 11. Floating Exchange Rates II: Intermediate and Permanent Shocks.11.1 Anticipated Future Shocks.11.2 Multi-Period Shocks.11.3 Permanent Shocks.11.4 Comparing Permanent and Transitory Shocks.11.5 Summary.Chapter 12. Floating Exchange Rates III: Exchange Rate Dynamics.12.1 Asymmetric Adjustment in Goods and Asset Markets.12.2 The Dornbusch Overshooting Model.12.3 Comparative Statics.12.4 Generalizing the Model.12.5 Summary.Appendix 12.1 Proof that (St+1 / St) (Sbar / St) = lambda.Chapter 13. Long-Run Equilibrium under Floating Exchange Rates.13.1 A Long-Run Model.13.2 Solving the Long-Run Model.13.3 Comparative Statics.13.4 Comparing the Short-Run and Long-Run Responses to Permanent Shocks.13.5 The Role of Long-Run Inflation.13.6 Summary.Appendix 13.1 The Long Run Floating Rate Model in Log-Linear Form.Appendix 13.2 Fixed Exchange Rates in the Long Run.Chapter 14. Floating Exchange Rates with Short-Run Price Flexibility.14.1 A "Flexprice" Model.14.2 Real Exchange Rate Dynamics.14.3 The Monetary Approach to the Exchange Rate.14.4 Currency Crises Revisited.14.5 Summary.Chapter 15. Choosing an Exchange Rate Regime.15.1 Optimality Criterion I: Minimizing the Costs of Mak
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