Macroeconomic Policy in Open Economies

Front Cover
Michele Fratianni, Dominick Salvatore, Jurgen Von Hagen, Jürgen von Hagen
Greenwood Publishing Group, 1997 - Business & Economics - 580 pages


Focusing on the international dimension of macroeconomic policy, this handbook covers the main areas of modern macroeconomic policy in open economies. The emphasis is on policy applications rather than the development of economic theory. There are three basic goals: (1) an understanding of how economic theories affect actual policy making, (2) a description of the institutional and conceptual development of the international economy, and (3) an explanation of the way policy-making institutions deal with the so-called international economy.

The handbook consists of an introductory chapter and four parts. The first treats macroeconomic policy-making from the home country versus the rest of the world perspective. The second part stresses policies among interacting and reacting countries. The third part considers the development of world capital markets and the international monetary system as important parts of the policy environment. The final part details macroeconomic policies in the G7 and Latin American countries.

 

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Contents

INTRODUCTION AND SUMMARY
1
MACROECONOMIC POLICY FOR THE OPEN ECONOMY
13
PARADIGMS OF MACROECONOMIC POLICY FOR THE OPEN ECONOMY
15
OPEN ECONOMY STRATEGIES AND DOMESTIC POLICY GOALS
55
MACROECONOMIC POLICY AMONG OPEN ECONOMIES
85
INTERNATIONAL ECONOMIC POLICY COORDINATION THEORY AND POLICY IMPLICATIONS
87
EMPIRICAL EVIDENCE ON INTERNATIONAL ECONOMIC POLICY COORDINATION
148
THE POLITICAL ECONOMY OF INTERNATIONAL POLICY COORDINATION
177
THE INTERNATIONAL DIMENSION OF MACROECONOMIC POLICIES IN THE UNITED STATES
289
THE INTERNATIONAL DIMENSION OF MACROECONOMIC POLICIES IN GERMANY
328
THE INTERNATIONAL DIMENSION OF MACROECONOMIC POLICIES IN JAPAN
356
THE INTERNATIONAL DIMENSION OF MACROECONOMIC POLICIES IN THE UNITED KINGDOM
384
THE INTERNATIONAL DIMENSION OF MACROECONOMIC POLICIES IN FRANCE
432
THE INTERNATIONAL DIMENSION OF MACROECONOMIC POLICIES IN ITALY
453
THE INTERNATIONAL DIMENSION OF MACROECONOMIC POLICIES IN CANADA
495
THE INTERNATIONAL DIMENSION OF MACROECONOMIC POLICIES IN LATIN AMERICA
538

THE INTERNATIONAL FINANCIAL SYSTEM
219
THE INTERNATIONAL MONETARY FUND AND THE INTERNATIONAL MONETARY SYSTEM
221
MACROECONOMIC POLICIES AND WORLD FINANCIAL INTEGRATION
248
MACROECONOMIC POLICY IN INDIVIDUAL COUNTRIES
287
Subject Index
569
ABOUT THE CONTRIBUTORS
573
Copyright

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About the author (1997)

MICHELE U. FRATIANNI is AMOCO Professor of Business Economics and Public Policy at Indiana University. He is the author of 13 books and many articles on macroeconomics, monetary economics, international finance, and public choice.

DOMINICK SALVATORE is Department Chair and Professor of Economics at Fordham University. He is president of the International Trade and Finance Association, vice-president of the New York Academy of Sciences, and consultant to the United Nations in New York and the Economic Policy Institute in Washington. His books include International Economics (1995, 5th ed.), Managerial Economics in a Global Economy (1996, 3rd ed.), Economic Development (Greenwood, 1994), and Monetary Policy in Developed Economies (Greenwood, 1992).

JÜRGEN VON HAGEN is Professor of Business Economics and Public Policy and Professor of Economics at the University of Mannheim, Germany. His research interests have focused on monetary policy and control with empirical applications for West Germany and the U.S.

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