Open Economy Macrodynamics

An Integrated Disequilibrium Approach

Authors: Asada, T., Chiarella, C., Flaschel, P., Franke, R.

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About this book

In the first part of this book, we treat interacting and small open economies. We do this from an historical perspective, starting from the Classical model of the gold standard and the specie-flow mechanism and aim to show there that the Dornbusch IS-LM-PC approach, with or without rational expectations, can still be considered as a (if not the) core contribution to contemporaneous open economy macrodynamics, also on the level of structural macroeconometric model building. In the second part we then extend this analysis to the incorporation of more disequilibrium on the real markets, prominent further feedback channels of the macrodynamic literature and integrated macromodel building. We start from the closed economy, consider large open economies in a fixed exchange rate system, small open economies subject to high capital mobility, and finally two large interacting economies like the USA and Euroland. Our macrofounded approach extends and integrates non-market clearing traditions to macrodynamics and can be usefully compared with the New Keynesian approaches which are generally rigorously microfounded, but often much more limited in scope in capturing full market and agent interactions.

Table of contents (10 chapters)

  • The Closed Economy: The Frisch or Keynes Paradigm?

    Asada, Toichiro (et al.)

    Pages 1-31

  • Classical Two-Country Dynamics: Pure Price Adjustments?

    Asada, Toichiro (et al.)

    Pages 39-89

  • Keynesian Two-Country Dynamics: Pure Quantity Adjustments

    Asada, Toichiro (et al.)

    Pages 91-124

  • Output, Interest and Changing Exchange Rate Regimes

    Asada, Toichiro (et al.)

    Pages 125-167

  • Exchange Rate Volatility

    Asada, Toichiro (et al.)

    Pages 169-243

Buy this book

eBook $189.00
price for USA (gross)
  • ISBN 978-3-540-24793-7
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $239.00
price for USA
  • ISBN 978-3-540-40144-5
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $239.00
price for USA
  • ISBN 978-3-642-07274-1
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Open Economy Macrodynamics
Book Subtitle
An Integrated Disequilibrium Approach
Authors
Copyright
2003
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin Heidelberg
eBook ISBN
978-3-540-24793-7
DOI
10.1007/978-3-540-24793-7
Hardcover ISBN
978-3-540-40144-5
Softcover ISBN
978-3-642-07274-1
Edition Number
1
Number of Pages
XVII, 540
Topics