Global monetary economics
This book provides a coherent account of traditional and modern theories of exchange rate determination and the results of international monetary movements. Focusing on the links between nominal exchange rate determination and the effects on the real economy, including necessary stabilization policies, this text provides a stimulating introduction to international monetary economics. The book includes a substantial section extending the treatment of internal and external stabilization and adjustment policies to developing countries and transitional economies, as well as an analysis of the role of policy in industrialized nations and within monetary unions. Covering a complete course in international monetary economics, this book is written in a clear and concise style suitable for all students. Author Emil-Maria Claassen also presents much useful data on the latest econometric techniques.
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A MACROECONOMIC APPROACH TO THE REAL
The External Relative Price of Tradable Goods ei 1
The Internal Relative Price of Tradable Goods e2 1
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anchor country assume balance of payments budget deficit capital immobility currency area demand for domestic dollar domestic and foreign domestic currency domestic interest rate domestic price domestic tradables equation excess demand excess supply exchange rate expectations expenditure exports external equilibrium fiscal policy fixed exchange rates floating exchange rates foreign assets foreign country foreign exchange market foreign financial assets foreign tradable French franc German German mark growth rate higher impact implies income increase inflation rate inflationary interest rate parity international reserves long-run lower macroeconomic market for domestic monetary approach monetary union money market money supply nominal depreciation nominal exchange rate nominal wage perfect capital mobility point Q price level price of domestic production purchasing power parity quantity of money real appreciation real exchange rate real interest rate relative price rise risk premium schedule sector shift terms of trade trade balance deficit trade balance surplus wealth