International Macroeconomics

ISBN-10: 1429206918

ISBN-13: 9781429206914

Edition: 2008

List price: $137.99
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Description:

Combining classic international economics with straight-from-the-headlines immediacy, the macoeconomics split volume of Feenstra and Taylor's text seamlessly integrates the subject's established core content with new topic areas and new ideas that have emerged from recent empirical studies. Like no other textbook it brings cutting-edge theory, evidence, and policy analysis to the field of international economics. "International Economics" is available as a complete textbook or in two split volumes: "International Trade" and "International Macroeconomics,"
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Book details

List price: $137.99
Copyright year: 2008
Publisher: Worth Publishers, Incorporated
Publication date: 12/20/2007
Binding: Hardcover
Pages: 548
Size: 8.00" wide x 10.00" long x 0.75" tall
Weight: 2.156
Language: English

Robert C. Feenstra is professor in the Department of Economics at the University of California, Davis, where he also holds the C. Bryan Cameron Distinguished Chair in International Economics. He is director of the International Trade and Investment Program of the NBER.

Alan M. Taylor is Professor of Economics, University of California, Davis.

Introduction to International Macroeconomics
The Global Macroeconomy
Foreign Exchange: Of Currencies and Crises
How Exchange Rates Behave
Why Exchange Rates Matter
When Exchange Rates Misbehave
Headlines: Economic Crisis in Argentina
Summary
Globalization of Finance: Of Debts and Deficits
Deficits and Surpluses: The Balance of Payments
Debtors and Creditors: External Wealth
Darlings and Deadbeats: Defaults and Other Risks
Summary
Government and Institutions: Of Policies and Performance
Integration and Capital Controls: The Regulation of International Finance
Independence and Monetary Policy: The Choice of Exchange Rate Regimes
Institutions and Economic Performance: The Quality of Governance
Headlines: The Wealth of Nations
Summary
Conclusions
Exchange Rates
Introduction to Exchange Rates and the ForeigN Exchange Market
Exchange Rate Essentials
Defining the Exchange Rate
Appreciations and Depreciations
Multilateral Exchange Rates
Example: Using Exchange Rates to Compare Prices in a Common Currency
Headlines: By How Much Has the Dollar Fallen?
Exchange Rates in Practice
Exchange Rate Regimes: Fixed Versus Floating
Application: Recent Exchange Rate Experiences
Side Bar: Currency Unions and Dollarization
Exchange Rate Regimes of the World
The Market for Foreign Exchange
The Spot Contract
Transaction Costs
Derivatives
Application: Foreign Exchange Derivatives
Private Actors
Government Intervention
Arbitrage and Spot Exchange Rates
Cross Rates and Vehicle Currencies
Arbitrage and Interest Rates
Riskless Arbitrage: Covered Interest Parity
Application: Evidence on Covered Interest Parity
Risky Arbitrage: Uncovered Interest Parity
Side Bar: Assets and Their Attributes
Application: Evidence on Uncovered Interest Parity
Uncovered Interest Parity: A Useful Approximation
Allowing for Risk
Summary
Conclusion
Exchange Rates I: The Monetary Approach in the Long Run
Exchange Rates and Prices in the Long Run: Purchasing Power Parity and Goods
The Law of One Price
Purchasing Power Parity
The Real Exchange Rate
Absolute PPP and the Real Exchange Rate
Absolute PPP, Prices, and the Nominal Exchange Rate
Relative PPP, Inflation, and Exchange Rate
Summary
Application: Evidence for PPP in the Long Run and Short Run
How Slow is Convergence to PPP?
Side Bar: Forecasting When the Real Exchange Rate is Undervalued or Overvalued
What Explains Deviations from PPP?
Headlines: The Big Mac Index
Money, Prices, and Exchange Rates in the Long Run: Money Market Equilibrium in a Simple Model
What is Money?
The Measurement of Money
The Supply of Money
Demand for Money: A Simple Model
Equilibrium in the Money Market
A Simple Monetary Model of Prices
A Simple Monetary Model of the Exchange Rate
Money Growth, Inflation, and Depreciation
The Monetary Approach: Implications and Evidence
Exchange Rate Forecasts using the Simple Model
Application: Evidence for the Monetary Approach
Application: Hyperinflations of the Twentieth Century
Side Bar: Currency Reform
Headlines: The First Hyperinflation of the Twenty-First Century
Money, Interest, and Prices in the Long Run: A General Model
The Demand for Money: The General Model
Long-Run Equilibrium in the Money Market
Inflation and Interest Rates in The Long Run
The Fisher Effect
Real Interest Parity
Application: Evidence on the Fisher Effect and Real Interest Parity
The Fundamental Equations under the General Model
Exchange Rate Forecasts using the Standard Model
Monetary Regimes and Exchange Rate Regimes
The Long Run: The Nominal Anchor
Side Bar: Nominal Anchors in Theory and Practice
Conclusion
Exchange Rates II: The Asset Approach in the Short Run
Exchange Rates and Interest Rates in the Short Run: UIP and FX Market Equilibrium
Risky Arbitrage
Equilibrium in the FX Market: An Example
Adjustment to FX Market Equilibrium
Changes in Domestic and Foreign Returns and FX Market Equilibrium
Interest Rates in the Short Run: Money Market Equilibrium
Money Market Equilibrium in the Short Run: How Nominal Interest Rates are Determined
Money Market Equilibrium in the Short Run: Graphical Solution
Adjustment to Money Market Equilibrium in the Short Run
Another Building Block: Short-Run Money Market Equilibrium
Changes in Money Supply and the Nominal Interest Rate
Changes in Real Income and the Nominal Interest Rate
The Monetary Model: The Short Run versus the Long Run
The Asset Approach: Applications and Evidence
The Asset Approach to Exchange Rates: Graphical Solution
Short-Run Policy Analysis
Application: The Fall of the Dollar, 1999���200
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