{"product_id":"international-macroeconomics-isbn-9781405183864","title":"International Macroeconomics","description":"\u003cp\u003e\u003cb\u003e\u003ci\u003eInternational Macroeconomics\u003c\/i\u003e provides students with an analytically rigorous introduction to the impact of globalization on macroeconomics.\u003c\/b\u003e\u003c\/p\u003e \u003cul\u003e \u003cli\u003ePresents an analytically rigorous introduction to the field and uniquely includes optional econometric studies\u003c\/li\u003e \u003cli\u003eProvides 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\u003c\/li\u003e \u003cli\u003eProvides a strong policy orientation by an author who worked for many years at the IMF\u003c\/li\u003e \u003cli\u003eIs supported by a website with extensive solutions for the problem sets, PowerPoint slides, and an update on the 08-09 meltdown\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003ePreface ix\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 1 Foundations 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 An Overview of the Book 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 What is International Macroeconomics? 4\u003c\/p\u003e \u003cp\u003e1.2 The International Macroeconomics Toolkit 9\u003c\/p\u003e \u003cp\u003e1.3 The Contents of this Book 10\u003c\/p\u003e \u003cp\u003e1.4 Summary 15\u003c\/p\u003e \u003cp\u003e\u003cb\u003e2 Open-economy Macroeconomic Accounting 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 The Balance of Payments Accounts 18\u003c\/p\u003e \u003cp\u003e2.2 Sub-accounts in the Balance of Payments 22\u003c\/p\u003e \u003cp\u003e2.3 Basic BOP Facts for the United States 29\u003c\/p\u003e \u003cp\u003e2.4 The NIPA in an Open Economy: Aggregate Identities 31\u003c\/p\u003e \u003cp\u003e2.5 Sectoral Identities 37\u003c\/p\u003e \u003cp\u003e2.6 Summary 41\u003c\/p\u003e \u003cp\u003e\u003cb\u003e3 Macroeconomic Influences on the Foreign Exchange Market 46\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Exchange Rate Concepts 47\u003c\/p\u003e \u003cp\u003e3.2 Supply and Demand for Foreign Exchange 50\u003c\/p\u003e \u003cp\u003e3.3 Relative Prices of Domestic and Foreign Goods: The Real Exchange Rate 52\u003c\/p\u003e \u003cp\u003e3.4 Relative Returns on Domestic and Foreign Assets: Interest Parity Conditions 63\u003c\/p\u003e \u003cp\u003e3.5 Central Bank Intervention in the Foreign Exchange Market: Exchange Rate Regimes 70\u003c\/p\u003e \u003cp\u003e3.6 Summary 77\u003c\/p\u003e \u003cp\u003eAppendix 3.1 Properties of Logarithms 80\u003c\/p\u003e \u003cp\u003e\u003cb\u003e4 The Macroeconomic Framework 82\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Production Structure and Economic Agents 84\u003c\/p\u003e \u003cp\u003e4.2 Equilibrium in the Market for Financial Assets 85\u003c\/p\u003e \u003cp\u003e4.3 Equilibrium in the Market for Domestic Goods 91\u003c\/p\u003e \u003cp\u003e4.4 Equations and Unknowns: Imposing Additional Structure 100\u003c\/p\u003e \u003cp\u003e4.5 Summary 108\u003c\/p\u003e \u003cp\u003eAppendix 4.1 The Marshall–Lerner Condition 109\u003c\/p\u003e \u003cp\u003eAppendix 4.2 The Framework in Log-Linear Form 110\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 2 Fixed Exchange Rates 113\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e5 The Classical Gold Standard 115\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Evolution of the International Gold Standard 116\u003c\/p\u003e \u003cp\u003e5.2 Central Bank Behavior under the Gold Standard 120\u003c\/p\u003e \u003cp\u003e5.3 Summary 127\u003c\/p\u003e \u003cp\u003e\u003cb\u003e6 Gold Standard Macroeconomics 129\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Short-Run Macroeconomics under the Gold Standard 130\u003c\/p\u003e \u003cp\u003e6.2 Short-Run Comparative Statics 139\u003c\/p\u003e \u003cp\u003e6.3 The Long-run Model 145\u003c\/p\u003e \u003cp\u003e6.4 The Gold Standard as an International Monetary System 148\u003c\/p\u003e \u003cp\u003e6.5 Summary 155\u003c\/p\u003e \u003cp\u003eAppendix 6.1 The Gold Standard with Zero Capital Mobility 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003e7 The Bretton Woods System 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 Evolution of the Bretton Woods System 160\u003c\/p\u003e \u003cp\u003e7.2 Modeling Soft Pegs with Imperfect Capital Mobility 164\u003c\/p\u003e \u003cp\u003e7.3 The Bond Market Equilibrium (BB) Curve 167\u003c\/p\u003e \u003cp\u003e7.4 Properties of the BB Curve 169\u003c\/p\u003e \u003cp\u003e7.5 Summary 174\u003c\/p\u003e \u003cp\u003e\u003cb\u003e8 Macroeconomics under ‘‘Soft’’ Pegs and Imperfect Capital Mobility 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Solving the Model 178\u003c\/p\u003e \u003cp\u003e8.2 Comparative Statics 180\u003c\/p\u003e \u003cp\u003e8.3 Bretton Woods as an International Monetary System 187\u003c\/p\u003e \u003cp\u003e8.4 Summary 199\u003c\/p\u003e \u003cp\u003eAppendix 8.1 Alternative Monetary Policy Regimes 202\u003c\/p\u003e \u003cp\u003e\u003cb\u003e9 Fixed Exchange Rates in a Financially Integrated World: Currency Crises and ‘‘Hard’’ Pegs 208\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Soft Pegs with High Capital Mobility 209\u003c\/p\u003e \u003cp\u003e9.2 Currency Crises 216\u003c\/p\u003e \u003cp\u003e9.3 Financial Integration and Crises 219\u003c\/p\u003e \u003cp\u003e9.4 Modern Versions of Hard Pegs 225\u003c\/p\u003e \u003cp\u003e9.5 Soft Versus Hard Pegs: Some Policy Issues 228\u003c\/p\u003e \u003cp\u003e9.6 Summary 233\u003c\/p\u003e \u003cp\u003eAppendix 9.1 The Monetary Approach to the Balance of Payments (MABP) 236\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 3 Floating Exchange Rates 239\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e10 Floating Exchange Rates I: Transitory Shocks 241\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Analytical Framework 242\u003c\/p\u003e \u003cp\u003e10.2 Solving the Floating Exchange Rate Model 245\u003c\/p\u003e \u003cp\u003e10.3 Comparative Statics 252\u003c\/p\u003e \u003cp\u003e10.4 Summary 265\u003c\/p\u003e \u003cp\u003eAppendix 10.1 The Asset Market Approach to the Exchange Rate 268\u003c\/p\u003e \u003cp\u003eAppendix 10.2 Algebraic Solution of the Log-linear Model 269\u003c\/p\u003e \u003cp\u003eAppendix 10.3 Interest Rate Targeting under Floating Exchange Rates 270\u003c\/p\u003e \u003cp\u003e\u003cb\u003e11 Floating Exchange Rates II: Intermediate and Permanent Shocks 272\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Anticipated Future Shocks 273\u003c\/p\u003e \u003cp\u003e11.2 Multi-period Shocks 279\u003c\/p\u003e \u003cp\u003e11.3 Permanent Shocks 284\u003c\/p\u003e \u003cp\u003e11.4 Comparing Permanent and Transitory Shocks 291\u003c\/p\u003e \u003cp\u003e11.5 Summary 296\u003c\/p\u003e \u003cp\u003e\u003cb\u003e12 Floating Exchange Rates III: Exchange Rate Dynamics 299\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Asymmetric Adjustment in Goods and Asset Markets 300\u003c\/p\u003e \u003cp\u003e12.2 The Dornbusch Overshooting Model 301\u003c\/p\u003e \u003cp\u003e12.3 Comparative Statics 306\u003c\/p\u003e \u003cp\u003e12.4 Generalizing the Model 310\u003c\/p\u003e \u003cp\u003e12.5 Summary 315\u003c\/p\u003e \u003cp\u003eAppendix 12.1 Proof that 317\u003c\/p\u003e \u003cp\u003e\u003cb\u003e13 Long-run Equilibrium under Floating Exchange Rates 319\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 A Long-run Model 320\u003c\/p\u003e \u003cp\u003e13.2 Solving the Long-run Model 325\u003c\/p\u003e \u003cp\u003e13.3 Comparative Statics 327\u003c\/p\u003e \u003cp\u003e13.4 Comparing the Short-run and Long-run Responses to Permanent Shocks 331\u003c\/p\u003e \u003cp\u003e13.5 The Role of Long-run Inflation 333\u003c\/p\u003e \u003cp\u003e13.6 Summary 338\u003c\/p\u003e \u003cp\u003eAppendix 13.1 The Long-run Floating Rate Model in Log-linear Form 340\u003c\/p\u003e \u003cp\u003eAppendix 13.2 Fixed Exchange Rates in the Long Run 342\u003c\/p\u003e \u003cp\u003e\u003cb\u003e14 Floating Exchange Rates with Short-run Price Flexibility 346\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 A ‘‘Flexprice’’ Model 347\u003c\/p\u003e \u003cp\u003e14.2 Real Exchange Rate Dynamics 348\u003c\/p\u003e \u003cp\u003e14.3 The Monetary Approach to the Exchange Rate 353\u003c\/p\u003e \u003cp\u003e14.4 Currency Crises Revisited 358\u003c\/p\u003e \u003cp\u003e14.5 Gradual Price Adjustment 364\u003c\/p\u003e \u003cp\u003e14.6 Summary 369\u003c\/p\u003e \u003cp\u003e\u003cb\u003e15 Choosing an Exchange Rate Regime 372\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e15.1 Optimality Criterion I: Minimizing the Costs of Making International Transactions 373\u003c\/p\u003e \u003cp\u003e15.2 Optimality Criterion II: Long-run Inflation Stabilization 377\u003c\/p\u003e \u003cp\u003e15.3 Optimality Criterion III: Short-run Macroeconomic Stability 382\u003c\/p\u003e \u003cp\u003e15.4 Weighing Optimality Criteria 389\u003c\/p\u003e \u003cp\u003e15.5 Summary 391\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 4 International Monetary Cooperation 395\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e16 The International Financial Architecture 397\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e16.1 The International Monetary System after Bretton Woods 399\u003c\/p\u003e \u003cp\u003e16.2 The International Debt Crisis 400\u003c\/p\u003e \u003cp\u003e16.3 Changes in the International Macroeconomic Environment in the 1990s 404\u003c\/p\u003e \u003cp\u003e16.4 Proposals for Reforming the International Financial Architecture 409\u003c\/p\u003e \u003cp\u003e16.5 Summary 414\u003c\/p\u003e \u003cp\u003e\u003cb\u003e17 G-8 Policy Coordination 416\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e17.1 Why Coordinate? Theory 417\u003c\/p\u003e \u003cp\u003e17.2 Comparative Statics 426\u003c\/p\u003e \u003cp\u003e17.3 Post-Bretton Woods International Policy Coordination among the G-8 Countries 430\u003c\/p\u003e \u003cp\u003e17.4 The US Current Account Deficit in the 2000s 435\u003c\/p\u003e \u003cp\u003e17.5 Summary 438\u003c\/p\u003e \u003cp\u003e\u003cb\u003e18 Monetary Unification 441\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e18.1 Economic Integration in Western Europe 442\u003c\/p\u003e \u003cp\u003e18.2 European Monetary Integration 446\u003c\/p\u003e \u003cp\u003e18.3 Monetary Union in West Africa 453\u003c\/p\u003e \u003cp\u003e18.4 The Eastern Caribbean Currency Union 457\u003c\/p\u003e \u003cp\u003e18.5 Summary 460\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 5 The New International Macroeconomics 465\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003e19 Intertemporal Issues in International Macroeconomics 467\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e19.1 A Simple One-Good Model 468\u003c\/p\u003e \u003cp\u003e19.2 A Two-Good Model 476\u003c\/p\u003e \u003cp\u003e19.3 Introducing the Government 480\u003c\/p\u003e \u003cp\u003e19.4 Summary 485\u003c\/p\u003e \u003cp\u003eIndex 487\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePeter J. Montiel\u003c\/b\u003e is the Farleigh S. Dickinson '41 Professor of Economics at Williams College, and received his PhD from MIT. He has served as a Senior Policy Advisor at the IMF as well as Chief of the Macroeconomics and Growth Division of the Policy Research Department of the World Bank, and has provided expert counsel to a variety of regional development banks and central banks. He is the author of several books, including \u003ci\u003eDevelopment Macroeconomics, 3rd edition\u003c\/i\u003e (with Richard Agenor, 2008) and \u003ci\u003eMacroeconomics in Emerging Markets\u003c\/i\u003e (2nd edition forthcoming), and numerous articles on international macroeconomics.  \u003c\/p\u003e\u003cp\u003e\"Montiel's book is indispensable for anyone wishing to deepen their understanding of \u003ci\u003eInternational Macroeconomics\u003c\/i\u003e. It presents a much more realistic picture than what is provided by other textbooks.\"\u003cbr\u003e—\u003cb\u003eRodolphe Desbordes\u003c\/b\u003e, University of Strathclyde\u003c\/p\u003e \u003cp\u003e\"This text's main strength is its unified approach, as it starts with a general model, and then considers special cases pertaining to particular countries, institutions, and historical time periods.\"\u003cbr\u003e—\u003cb\u003eKenneth Kasa\u003c\/b\u003e, Simon Fraser University\u003c\/p\u003e \u003cp\u003e\"Montiel's friendly style, clarity of exposition, and rigorous treatment of the international topics make this a strong textbook.\"\u003cbr\u003e—\u003cb\u003eDavid Shepherd\u003c\/b\u003e, University of Westminster\u003c\/p\u003e \u003cp\u003e\"This text's exposition is very methodical, applying the method of comparative statics systematically for evaluating important contemporaneous policy issues as well as historical episodes.\"\u003cbr\u003e—\u003cb\u003eWatanabe Shinichi\u003c\/b\u003e, International University of Japan\u003c\/p\u003e \u003cp\u003e\u003cb\u003eFEATURES OF THE BOOK\u003c\/b\u003e\u003c\/p\u003e \u003cul\u003e \u003cli\u003ePresents an analytically rigorous introduction to the field and uniquely includes optional econometric studies.\u003c\/li\u003e \u003cli\u003eProvides 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.\u003c\/li\u003e \u003cli\u003eProvides a strong policy orientation by an author who worked for many years at the IMF.\u003c\/li\u003e \u003cli\u003eIs supported by a website with extensive solutions for the problem sets, PowerPoint slides, and an update on the 08-09 meltdown.\u003c\/li\u003e \u003c\/ul\u003e  \"Montiel’s book is indispensable for anyone wishing to deepen their understanding of International Macroeconomics. It presents a much more realistic picture than what is provided by other textbooks.\"\u003cbr\u003e –\u003cb\u003eRodolphe Desbordes\u003c\/b\u003e, University of Strathclyde  \u003cp\u003e\"This text's main strength is its unified approach, as it starts with a general model, and then considers special cases pertaining to particular countries, institutions, and historical time periods.\"\u003cbr\u003e –\u003cb\u003eKenneth Kasa\u003c\/b\u003e, Simon Fraser University\u003c\/p\u003e \u003cp\u003e\"Montiel’s friendly style, clarity of exposition, and rigorous treatment of the international topics make this a strong textbook.\"\u003cbr\u003e –\u003cb\u003eDavid Shepherd\u003c\/b\u003e, University of Westminster\u003c\/p\u003e \u003cp\u003e\"This text’s exposition is very methodical, applying the method of comparative statics systematically for evaluating important contemporaneous policy issues as well as historical episodes.\"\u003cbr\u003e –\u003cb\u003eWatanabe Shinichi\u003c\/b\u003e, International University of Japan\u003c\/p\u003e","brand":"Wiley-Blackwell","offers":[{"title":"Default Title","offer_id":47989447819493,"sku":"NP9781405183864","price":52.5,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781405183864.jpg?v=1761784137","url":"https:\/\/k12savings.com\/products\/international-macroeconomics-isbn-9781405183864","provider":"K12savings","version":"1.0","type":"link"}