Foundations of International Macroeconomics

(Hardback)

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Description

"Foundations of International Macroeconomics" is a text that offers an integrative modern treatment of the core issues in open economy macroeconomics and finance. It is suitable for first-year graduate macroeconomics courses as well as graduate courses in international macroeconomics and finance. Each chapter incorporates an array of empirical evidence. For beginning students these examples should aid the understanding of the practical value of the economic models developed. For advanced researchers, they highlight key insights and conundrums in the field. Topic coverage includes intertemporal consumption and investment theory, government spending and budget deficits, finance theory and asset pricing, the implications of (and problems inherent in) international capital market integration, growth, inflation and seignorage, policy credibility, real and nominal exchange rate determination, and many topics such as speculative attacks, target exchange rate zones and parallels between immigration and capital mobility. Most main results are derived both for the small country and world economy cases. The first seven chapters cover models of the real economy, while the final three chapters incorporate the economy's monetary side, including an approach to bridging the chasm between real and monetary models.

Reviews

"This amazingly comprehensive book provides a lucid explanation of modernmacroeconomic theory and applies the theory to a wide range of internationalissues. For reference and classroom use, it sets a new standard in openeconomy macroeconomics. The use of boxes and applications in anadvanced graduate text such as this is unorthodox, but extremelyeffective." John Campbell, Otto Eckstein Professor of Applied Economics, Harvard University "This is a landmark treatment of dynamic, open-economy macroeconomics--the only kind of macroeconomics that matters any more." Paul Romer, Graduate School of Business, Stanford University

Author Bio

Maurice Obstfeld is Class of 1958 Professor of Economics at the University of California, Berkeley. Kenneth Rogoff is Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University.