Your email was sent successfully. Check your inbox.

An error occurred while sending the email. Please try again.

Proceed reservation?

Export
Filter
Type of Medium
Language
Region
Library
Years
Subjects(RVK)
Access
1
UID:
gbv_789744562
Format: Online Ressource (xiii, 625-1239 pages) , illustrations.
Edition: Online-Ausg.
ISBN: 0444867937 , 9780444867933
Series Statement: Handbooks in economics bk. 2
Content: This Handbook adopts a traditional definition of the subject, and focuses primarily on the explanation of international transactions in goods, services, and assets, and on the main domestic effects of those transactions. The first volume deals with the "real side" of international economics. It is concerned with the explanation of trade and factor flows, with their main effects on goods and factor prices, on the allocation of resources and income distribution and on economic welfare, and also with the effects on national policies designed explicitly to influence trade and factor flows. In other words, it deals chiefly with microeconomic issues and methods. The second volume deals with the "monetary side" of the subject. It is concerned with the balance of payments adjustment process under fixed exchange rates, with exchange rate determination under flexible exchange rates, and with the domestic ramifications of these phenomena. Accordingly, it deals mainly with economic issues, although microeconomic methods are frequently utilized, especially in work on expectations, asset markets, and exchange rate behavior
Content: This Handbook adopts a traditional definition of the subject, and focuses primarily on the explanation of international transactions in goods, services, and assets, and on the main domestic effects of those transactions. The first volume deals with the "real side" of international economics. It is concerned with the explanation of trade and factor flows, with their main effects on goods and factor prices, on the allocation of resources and income distribution and on economic welfare, and also with the effects on national policies designed explicitly to influence trade and factor flows. In other words, it deals chiefly with microeconomic issues and methods. The second volume deals with the "monetary side" of the subject. It is concerned with the balance of payments adjustment process under fixed exchange rates, with exchange rate determination under flexible exchange rates, and with the domestic ramifications of these phenomena. Accordingly, it deals mainly with economic issues, although microeconomic methods are frequently utilized, especially in work on expectations, asset markets, and exchange rate behavior
Note: Includes bibliographical references and indexes. - Print version record , v. 2. Macroeconomic theory and policy : how the closed economy was opened , The specification and influence of asset markets , The specification of goods and factor markets in open economy macroeconomic models , Stabilization policies in open economies , Exchange rate dynamics , Empirical studies of exchange rates : price behavior, rate determination and market efficiency , Income and price effects in foreign trade , Empirical studies of macroeconomic interdependence , International money and international monetary arrangements , Economic interdependence and coordination of economic policies
Language: English
Subjects: Economics
RVK:
RVK:
Keywords: Weltwirtschaft ; Welthandel ; Electronic books
URL: Volltext  (Deutschlandweit zugänglich)
Author information: Kenen, Peter B. 1932-2012
Library Location Call Number Volume/Issue/Year Availability
BibTip Others were also interested in ...
Associated Volumes
  • 2
    UID:
    gbv_1831647311
    ISBN: 0444867937
    Content: This chapter discusses history of international transactions and relationships that were introduced into macroeconomic models and policy in the twenty-five years following the Second World War. Modern models of exchange-rate determination focus sharply on money and bond markets. The chapter discusses the Marshall–Lerner–Robinson that was developed to show how a change in the exchange rate affects the current-account balance. The Keynesian multiplier has been used to show how changes in domestic activity affect the balance of payments and to trace the propagation of business fluctuations. The chapter focuses on the aims and instruments of economic policy. It discusses fixed and flexible exchange rates that are dealt mainly with the best technique for altering rates promptly. The ways in which exchange-rate changes can influence wages and prices, nominal rates of return on financial instruments, or the demand for real balances are also discussed in the chapter. Finally, it reviews that the actors within any economic model base their own decisions on experience. The ways in which households, firms, and governments respond to information are conditioned by earlier successes and mistakes. They may be maximizing something or other, but their strategies are almost always based on imperfect information and imperfect methods for collecting and assessing it. The institutional framework within which they operate is itself a product of experience. Economists design their own models to fit certain sets of facts, frequently subsets of “stylized facts” distilled from recollection and observation by methods that lead to build models that fit the recent facts most closely.
    In: Handbook of international economics, Amsterdam : North Holland, 1985, (1985), Seite 625-677, 0444867937
    In: 9780444867933
    In: year:1985
    In: pages:625-677
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
  • 3
    UID:
    gbv_1831647303
    ISBN: 0444867937
    Content: This chapter reviews developments in international monetary economics from the late 1960s through the early 1980s. It discusses that the “monetary approach to the balance of payments” was the economic determinants of the behavior of the balance of payments, especially, the theoretical elaboration and empirical investigation of the dynamic mechanism of balance of payments adjustment. Recent research on macroeconomics, for both closed and open economies, expresses far less confidence in the ability of governments to systematically affect levels of national income and consistently maintain full employment through policy manipulation. The chapter discusses that in earlier work on exchange rate theory, the condition for equilibrium in the flow market for foreign exchange transactions has been regarded as the proximate determinant of the exchange rate. In some analyses, expectations of future exchange rates had an important influence on current exchange rates by affecting speculative capital flows. The chapter also provides modern analysis of the dynamics of balance of payments adjustment under fixed exchange rates beginning with a simple exposition of the key elements of the monetary mechanism of balance of payments adjustment. Finally, the chapter also deals with the theory of flexible exchange rates. The evolution of the international monetary system from a regime of pegged exchange rates into a regime of flexible rates resulted in a renewed interest in the theory of exchange rate determination.
    In: Handbook of international economics, Amsterdam : North Holland, 1985, (1985), Seite 679-747, 0444867937
    In: 9780444867933
    In: year:1985
    In: pages:679-747
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
  • 4
    UID:
    gbv_183164729X
    ISBN: 0444867937
    Content: This chapter discusses portfolio balance models with postulated asset demands, asset demands broadly consistent with but not directly implied by microeconomic theory. The demand for the sum of assets denominated in each currency is homogeneous of degree one in nominal wealth, and the demand for money in each country depends on the return on the security denominated in that country's currency but not on the return on securities denominated in other currencies. However, under these same assumptions the demand for money depends on real wealth. Because the conclusions of macroeconomic analysis often depend crucially on the form of asset demand functions, it is important to continue to explore the implications of the microeconomic theory and other microeconomic approaches. The chapter discusses that the consumer arrives at his or her asset demands by maximizing his or her utility given interest rates and the parameters of the distributions of prices and exchange rates. The distributions of prices and exchange rates are not invariant to changes in the distributions of policy variables and stochastic components of tastes and technology. It has been recognized that a very important item on the research agenda is imbedding consumer's asset demands based on utility maximization in a general equilibrium model in which the distributions of prices and exchange rates are determined endogenously.
    In: Handbook of international economics, Amsterdam : North Holland, 1985, (1985), Seite 749-805, 0444867937
    In: 9780444867933
    In: year:1985
    In: pages:749-805
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
  • 5
    UID:
    gbv_1831647281
    ISBN: 0444867937
    Content: The art of macroeconomic model-building involves making strategic choices among a wide range of alternatives. Theoretical models range from the equation of exchange of the simple quantity theory to vast dynamic models involving many sectors and many agents and which defy analytical solutions. The chapter focuses on theoretical models and considers the implications for open-economy models of alternative assumptions that are made when specifying goods and factor markets. It presents two simple benchmark models: one that focuses completely on monetary factors at the expense of neglecting structural considerations entirely, and the other that focuses on structural factors but that fails to provide a complete model capable of determining the endogenous variables. The two benchmark models are combined under the assumption that real national output and income are constant. The chapter introduces the role of the labor market and discusses the possibility of unemployment. In turn this creates room for output movements as part of the adjustment process, either as a result of changes in unemployment or as a result of endogenous changes in the equilibrium level of output because of changes in equilibrium relative prices. Finally, the chapter discusses the inter-temporal models that focus on the long-run aspects of savings, investment, and international capital movements.
    In: Handbook of international economics, Amsterdam : North Holland, 1985, (1985), Seite 807-857, 0444867937
    In: 9780444867933
    In: year:1985
    In: pages:807-857
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
  • 6
    UID:
    gbv_1831647273
    ISBN: 0444867937
    Content: This chapter discusses that the modern open economy is not the one found in most macroeconomic textbooks, an economy that occasionally imports Bordeaux wine but which produces most of what it consumes at prices determined domestically. It is rather an economy integrated with those abroad through commodity and financial linkages that limit the scope for national stabilization policy. The progressive modifications are classified into three categories: capital mobility; wage and price flexibility; and rational expectations and the natural rate hypothesis. The chapter examines standard propositions about policy using rational expectations and a stochastic supply function. The same model is used to re-examine the choice between exchange rate regimes and the insulating properties of flexible rates. The chapter focuses on a single national economy. This economy is assumed to produce its own good and to issue its own interest-bearing bond. In limiting cases commodity arbitrage pegs the price of the good at purchasing power parity and financial arbitrage pegs the interest rate at interest parity.
    In: Handbook of international economics, Amsterdam : North Holland, 1985, (1985), Seite 859-916, 0444867937
    In: 9780444867933
    In: year:1985
    In: pages:859-916
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
  • 7
    UID:
    gbv_1831647265
    ISBN: 0444867937
    Content: This chapter discusses the dynamic behavior of exchange rates. It focuses on both the exchange rate's response to exogenous disturbances and the relation between exchange-rate movements and movements in such endogenous variables as nominal and relative prices, interest rates, output, and the current account. The chapter discusses an ideal treatment of exchange-rate dynamics by summarizing the relevant characteristics of the empirical record. All key features of the stochastic processes that appear to govern exchange rates and other statistically related economic variables have been reviewed in the chapter. It also presents a set of models that are compatible with at least some of the observed relationships. The chapter introduces market frictions so that the role of endogenous output fluctuations can be studied. The assumption of domestic price stickiness reinforces both the correlation between exchange-rate and terms-of-trade changes and the high short-run variability of the exchange rate compared to that of international price-level ratios. Finally, the chapter examines deterministic and stochastic models in which individual behavior is derived from an explicit intertemporal optimization problem.
    In: Handbook of international economics, Amsterdam : North Holland, 1985, (1985), Seite 917-977, 0444867937
    In: 9780444867933
    In: year:1985
    In: pages:917-977
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
  • 8
    UID:
    gbv_1831647257
    ISBN: 0444867937
    Content: This chapter provides an overview of empirical results concerning recent exchange rate behavior. Alternative valuation measures, time series, and distributional properties have been covered in the chapter, along with estimates of transaction costs in the foreign exchange market. The chapter reviews empirical tests of specific models of exchange rate determination. It tests a particular model of exchange rate determination to forecast exchange rates or to examine the effect of other economic policies on exchange rates and vice versa. The chapter discusses the simple monetary approach, where exchange rates are determined by the relative demand for two moneys, and then proceeds to a portfolio balance approach that introduces bonds. It presents tests of foreign exchange market efficiency. Finally, the chapter provides an overview of efficient market theory, a review of evidence on the efficiency of markets in removing risk-free opportunities, and the evidence of the efficiency of markets in removing risky profit opportunities. It includes the evidence on the relationship between the forward rate and future spot rate.
    In: Handbook of international economics, Amsterdam : North Holland, 1985, (1985), Seite 979-1040, 0444867937
    In: 9780444867933
    In: year:1985
    In: pages:979-1040
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
  • 9
    UID:
    gbv_1831647249
    ISBN: 0444867937
    Content: This chapter identifies, summarizes, and evaluates the main methodological and policy issues that have surrounded the estimation of trade equations. By “trade equations,” it mean equations for the time-series behavior of the quantities and prices of merchandise imports and exports, and as the title of the chapter suggests, it focuses explicitly on the role played by income and prices in the determination of these trade variables. The chapter addresses the main methodological issues in the specification of trade models. It discusses variables in demand and supply functions for imports and exports, what choices and compromises have to be made in the measurement of these variables, and what light existing evidence throws on the choice among competing specifications. The treatment of dynamics and time lags, aggregation, simultaneity, and stability of the relationships concerned has also been discussed in the chapter. The empirical estimates of income and price elasticities themselves and to the policy implications of those estimates have also been reviewed. Finally, suggestions are made for further research in the chapter.
    In: Handbook of international economics, Amsterdam : North Holland, 1985, (1985), Seite 1041-1105, 0444867937
    In: 9780444867933
    In: year:1985
    In: pages:1041-1105
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
  • 10
    UID:
    gbv_1831647230
    ISBN: 0444867937
    Content: This chapter presents some empirical results from studies of macroeconomic interdependence. It focuses on studies that involve linked macroeconometric models of two or more countries. It presents specific versions of the models and analysis with special attention to the role of exchange rates in international transmission. The chapter classifies the main linkage projects, paying special attention to those features of the models that have important bearing on the international transmission of disturbances under fixed and flexible exchange rates. It discusses the international repercussions of fiscal policy, monetary policy, and changes in world oil prices. Empirical studies of macroeconomic interdependence have been producing useful results for over a decade. The earliest studies were mainly of two types: large multilateral projects based mainly on linkage through trade flows and trade prices, and bilateral or few-country models with a more complete and consistent modeling of trade, capital, exchange rate, and, occasionally, migration linkages. Recently, the availability of better multi-country data sets has made possible the construction of many-country models based on consistent aggregate theoretical structures and emphasizing monetary and exchange rate linkages. At the same time, forecasting models such as Project LINK, the OECD INTERLINK, and the EEC Eurolink models have moved some way toward a complete specification of monetary and capital account linkages, and modelers have been examining and ironing out unnecessary differences among the structures of the individual country models.
    In: Handbook of international economics, Amsterdam : North Holland, 1985, (1985), Seite 1107-1151, 0444867937
    In: 9780444867933
    In: year:1985
    In: pages:1107-1151
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
Close ⊗
This website uses cookies and the analysis tool Matomo. Further information can be found on the KOBV privacy pages