International Macroeconomics 5th Edition By Robert Feenstra, Alan Taylor – Ebook PDF Instant Download/Delivery: 1319344177, 9781319344177
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ISBN 10: 1319344177
ISBN 13: 9781319344177
Author: Robert Feenstra, Alan Taylor
Available for the first time with Macmillan’s new online learning tool, Achieve, the new edition of Feenstra and Taylor’s International Economics provides engaging, balanced coverage and applications of key concepts. Developed in the classroom by two of the most prominent researchers in the field, it seamlessly blends theory and empirical data with real-world policies, events, and evidence. And with Achieve, the new edition adds an enhanced interactive dimension to investigating the global economy.
International Macroeconomics 5th Table of contents:
Chapter 1: The Global Macroeconomy
1 Foreign Exchange: Currencies and Crises
How Exchange Rates Behave
Why Exchange Rates Matter
When Exchange Rates Misbehave
Headlines: Economic Crisis in Iceland
Summary and Plan of Study
2 Globalization of Finance: Debts and Deficits
Deficits and Surpluses: The Balance of Payments
Debtors and Creditors: External Wealth
Darlings and Deadbeats: Defaults and Other Risks
Summary and Plan of Study
3 Government and Institutions: Policies and Performance
Integration and Capital Controls: The Regulation of International Finance
Independence and Monetary Policy: The Choice of Exchange Rate Regimes
Institutions and Economic Performance: The Quality of Governance
Summary and Plan of Study
4 Conclusions
End of Chapter
Key Points
Key Terms
Problems
Chapter 2: Introduction to Exchange Rates and the Foreign Exchange Market
1 Exchange Rate Essentials
Defining the Exchange Rate
Appreciations and Depreciations
Multilateral Exchange Rates
Example: Using Exchange Rates to Compare Prices in a Common Currency
2 Exchange Rates in Practice
Exchange Rate Regimes: Fixed Versus Floating
Application: Recent Exchange Rate Experiences
3 The Market for Foreign Exchange
The Spot Contract
Transaction Costs
Derivatives
Private Actors
Government Actions
4 Arbitrage and Spot Exchange Rates
Arbitrage with Two Currencies
Arbitrage with Three Currencies
Cross Rates and Vehicle Currencies
5 Arbitrage and Interest Rates
Riskless Arbitrage: Covered Interest Parity
Application: Evidence on Covered Interest Parity
Risky Arbitrage: Uncovered Interest Parity
Application: Evidence on Uncovered Interest Parity
Uncovered Interest Parity: A Useful Approximation
Summary
6 Conclusions
End of Chapter
Key Points
Key Terms
Problems
Chapter 3: Exchange Rates I: The Monetary Approach in the Long Run
1 Exchange Rates and Prices in the Long Run: Purchasing Power Parity and Goods Market Equilibrium
The Law of One Price
Purchasing Power Parity
The Real Exchange Rate
Absolute PPP and the Real Exchange Rate
Absolute PPP, Prices, and the Nominal Exchange Rate
Relative PPP, Inflation, and Exchange Rate Depreciation
Summary
Application: Evidence for PPP in the Long Run and Short Run
How Slow Is Convergence to PPP?
What Explains Deviations from PPP?
Headlines: The Big Mac Index
2 Money, Prices, and Exchange Rates in the Long Run: Money Market Equilibrium in a Simple Model
What Is Money?
The Measurement of Money
The Supply of Money
The Demand for Money: A Simple Model
Equilibrium in the Money Market
A Simple Monetary Model of Prices
A Simple Monetary Model of the Exchange Rate
Money Growth, Inflation, and Depreciation
3 The Monetary Approach: Implications and Evidence
Exchange Rate Forecasts Using the Simple Model
Application: Evidence for the Monetary Approach
Application: Hyperinflations
4 Money, Interest Rates, and Prices in the Long Run: A General Model
The Demand for Money: The General Model
Long-Run Equilibrium in the Money Market
Inflation and Interest Rates in the Long Run
The Fisher Effect
Real Interest Parity
Application: Evidence on the Fisher Effect
The Fundamental Equation Under the General Model
Exchange Rate Forecasts Using the General Model
5 Monetary Regimes and Exchange Rate Regimes
The Long Run: The Nominal Anchor
Application: Nominal Anchors in Theory and Practice
6 Conclusions
End of Chapter
Key Points
Key Terms
Problems
Chapter 4: Exchange Rates II: The Asset Approach in the Short Run
1 Exchange Rates and Interest Rates in the Short Run: UIP and FX Market Equilibrium
Risky Arbitrage
Equilibrium in the FX Market: An Example
Adjustment to Forex Market Equilibrium
Changes in Domestic and Foreign Returns and FX Market Equilibrium
Summary
2 Interest Rates in the Short Run: Money Market Equilibrium
Money Market Equilibrium in the Short Run: How Nominal Interest Rates Are Determined
Money Market Equilibrium in the Short Run: Graphical Solution
Adjustment to Money Market Equilibrium in the Short Run
Another Building Block: Short-Run Money Market Equilibrium
Changes in Money Supply and the Nominal Interest Rate
Application: Can Central Banks Always Control the Interest Rate? A Lesson from the Crisis of 2008–09
Changes in Real Income and the Nominal Interest Rate
The Monetary Model: The Short Run Versus the Long Run
3 The Asset Approach: Applications and Evidence
The Asset Approach to Exchange Rates: Graphical Solution
Short-Run Policy Analysis
Application: The Rise and Fall of the Dollar, 1999–2004
4 A Complete Theory: Unifying the Monetary and Asset Approaches
Long-Run Policy Analysis
Overshooting
5 Fixed Exchange Rates and the Trilemma
What Is a Fixed Exchange Rate Regime?
Pegging Sacrifices Monetary Policy Autonomy in the Short Run: Example
Pegging Sacrifices Monetary Policy Autonomy in the Long Run: Example
The Trilemma
Application: The Trilemma in Europe
6 Conclusions
Application: News and the Foreign Exchange Market in Wartime
End of Chapter
Key Points
Key Terms
Problems
Chapter 5: National and International Accounts: Income, Wealth, and the Balance of Payments
1 Measuring Macroeconomic Activity: An Overview
The Flow of Payments in a Closed Economy: Introducing the National Income and Product Accounts
The Flow of Payments in an Open Economy: Incorporating the Balance of Payments Accounts
2 Income, Product, and Expenditure
Three Approaches to Measuring Economic Activity
From GNE to GDP: Accounting for Trade in Goods and Services
From GDP to GNI: Accounting for Trade in Factor Services
Application: Celtic Tiger or Tortoise?
From GNI to GNDI: Accounting for Transfers of Income
What the National Economic Aggregates Tell Us
Understanding the Data for the National Economic Aggregates
What the Current Account Tells Us
Application: Global Imbalances
3 The Balance of Payments
Accounting for Asset Transactions: The Financial Account
Accounting for Asset Transactions: The Capital Account
Accounting for Home and Foreign Assets
How the Balance of Payments Accounts Work: A Macroeconomic View
How the Balance of Payments Accounts Work: A Microeconomic View
Understanding the Data for the Balance of Payments Account
What the Balance of Payments Account Tells Us
4 External Wealth
The Level of External Wealth
Changes in External Wealth
Understanding the Data on External Wealth
What External Wealth Tells Us
5 Conclusions
End of Chapter
Key Points
Key Terms
Problems
Appendix: External Wealth and Total Wealth
Chapter 6: Balance of Payments I: The Gains from Financial Globalization
1 The Limits on How Much a Country Can Borrow: The Long-Run Budget Constraint
How the Long-Run Budget Constraint Is Determined
The Budget Constraint in a Two-Period Example
A Long-Run Example: The Perpetual Loan
Implications of the LRBC for Gross National Expenditure and Gross Domestic Product
Summary
Application: The Favorable Situation of the United States
Application: The Difficult Situation of the Emerging Markets
2 Gains from Consumption Smoothing
The Basic Model
Consumption Smoothing: A Numerical Example and Generalization
Summary: Save for a Rainy Day
Application: Consumption Volatility and Financial Openness
Application: Precautionary Saving, Reserves, and Sovereign Wealth Funds
Headlines: Copper-Bottomed Insurance
3 Gains from Efficient Investment
The Basic Model
Efficient Investment: A Numerical Example and Generalization
Summary: Make Hay While the Sun Shines
Application: Delinking Saving from Investment
4 Gains from Diversification of Risk
Diversification: A Numerical Example and Generalization
Application: The Home Bias Puzzle
Summary: Don’t Put All Your Eggs in One Basket
5 Conclusions
End of Chapter
Key Points
Key Terms
Problems
Appendix 1: Common Versus Idiosyncratic Shocks
Appendix 2: Can Poor Countries Gain from Financial Globalization?
Chapter 7: Balance of Payments II: Output, Exchange Rates, and Macroeconomic Policies in the Short Run
1 Demand in the Open Economy
Preliminaries and Assumptions
Consumption
Investment
The Government
The Trade Balance
Headlines: The Curry Trade
Application: The Trade Balance and the Real Exchange Rate
Exogenous Changes in Demand
2 Goods Market Equilibrium: The Keynesian Cross
Supply and Demand
Determinants of Demand
Factors That Shift the Demand Curve
Summary
3 Goods and Forex Market Equilibria: Deriving the IS Curve
Equilibrium in Two Markets
Forex Market Recap
Deriving the IS Curve
Factors That Shift the IS Curve
Summing Up the IS Curve
4 Money Market Equilibrium: Deriving the LM Curve
Money Market Recap
Deriving the LM Curve
Factors That Shift the LM Curve
Summing Up the LM Curve
5 The Short-Run IS–LM–FX Model of an Open Economy
Macroeconomic Policies in the Short Run
Monetary Policy Under Floating Exchange Rates
Monetary Policy Under Fixed Exchange Rates
Fiscal Policy Under Floating Exchange Rates
Fiscal Policy Under Fixed Exchange Rates
Summary
6 Stabilization Policy
Application: The Right Time for Austerity?
Headlines: Poland Is Not Latvia
Problems in Policy Design and Implementation
Application: Macroeconomic Policies in the Liquidity Trap: From the Global Financial Crisis to the Coronavirus Recession
7 Conclusions
End of Chapter
Key Points
Key Terms
Problems
Appendix 1: The Marshall–Lerner Condition
Appendix 2: Multilateral Real Exchange Rates
Chapter 8: Fixed Versus Floating: International Monetary Experience
1 Exchange Rate Regime Choice: Key Issues
Application: Britain and Europe: The Big Issues
Key Factors in Exchange Rate Regime Choice: Integration and Similarity
Economic Integration and the Gains in Efficiency
Economic Similarity and the Costs of Asymmetric Shocks
Simple Criteria for a Fixed Exchange Rate
Application: Do Fixed Exchange Rates Promote Trade?
Application: Do Fixed Exchange Rates Diminish Monetary Autonomy and Stability?
2 Other Benefits of Fixing
Fiscal Discipline, Seigniorage, and Inflation
Liability Dollarization, National Wealth, and Contractionary Depreciations
Summary
3 Fixed Exchange Rate Systems
Cooperative and Noncooperative Adjustments to Interest Rates
Cooperative and Noncooperative Adjustments to Exchange Rates
Application: The Gold Standard
4 International Monetary Experience
The Rise and Fall of the Gold Standard
Bretton Woods to the Present
5 Conclusions
End of Chapter
Key Points
Key Terms
Problems
Chapter 9: Exchange Rate Crises: How Pegs Work and How They Break
1 Facts About Exchange Rate Crises
What Is an Exchange Rate Crisis?
How Costly Are Exchange Rate Crises?
Summary
2 How Pegs Work: The Mechanics of a Fixed Exchange Rate
Preliminaries and Assumptions
The Central Bank Balance Sheet
Fixing, Floating, and the Role of Reserves
How Reserves Adjust to Maintain the Peg
Graphical Analysis of the Central Bank Balance Sheet
Defending the Peg I: Changes in the Level of Money Demand
Application: Risk Premiums in Advanced and Emerging Markets
Application: The Argentine Convertibility Plan Before the Tequila Crisis
Defending the Peg II: Changes in the Composition of Money Supply
Application: The Argentine Convertibility Plan After the Tequila Crisis
The Central Bank Balance Sheet and the Financial System
Summary
3 How Pegs Break I: Inconsistent Fiscal Policies
The Basic Problem: Fiscal Dominance
A Simple Model
Application: The Peruvian Crisis of 1986
Summary
4 How Pegs Break II: Contingent Monetary Policies
The Basic Problem: Contingent Commitment
A Simple Model
Application: The Man Who Broke the Bank of England
Summary
5 Conclusions
Can We Prevent Crises?
End of Chapter
Key Points
Key Terms
Problems
Chapter 10: The Euro: Economics and Politics
1 The Economics of the Euro
The Theory of Optimum Currency Areas
Simple Optimum Currency Area Criteria
What’s the Difference Between a Fixed Exchange Rate and a Currency Union?
Other Optimum Currency Area Criteria
Application: Optimum Currency Areas: Europe Versus the United States
Are the OCA Criteria Self-Fulfilling?
Headlines: Currency Unions and Trade
Summary
2 The History and Politics of the Euro
A Brief History of Europe
Summary
3 Eurozone Tensions in Tranquil Times, 1999–2007
The European Central Bank
The Rules of the Club
Sticking to the Rules
4 The Eurozone in Crisis, 2008–13
5 Conclusions: Assessing the Euro
End of Chapter
Key Points
Key Terms
Problems
Chapter 11: Topics in International Macroeconomics
1 Exchange Rates in the Long Run: Deviations from Purchasing Power Parity
Limits to Arbitrage
Application: It’s Not Just the Burgers That Are Cheap
Nontraded Goods and the Balassa–Samuelson Model
Overvaluations, Undervaluations, and Productivity Growth: Forecasting Implications for Real and Nominal Exchange Rates
Application: Real Exchange Rates in Emerging Markets
Conclusion
2 Exchange Rates in the Short Run: Deviations from Uncovered Interest Parity
Application: The Carry Trade
Application: Peso Problems
The Efficient Markets Hypothesis
Limits to Arbitrage
Conclusion
3 Debt and Default
A Few Peculiar Facts About Sovereign Debt
A Model of Default, Part One: The Probability of Default
Application: Is There Profit in Lending to Developing Countries?
A Model of Default, Part Two: Loan Supply and Demand
Application: The Costs of Default
Conclusion
Application: The Argentina Crisis of 2001–02
4 Case Study: The Global Macroeconomy and the Global Financial Crisis
Backdrop to the Crisis
Panic and the Great Recession
Conclusion: Lessons for Macroeconomics
End of Chapter
Key Points
Key Terms
Problems
Index
Notes
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Tags: Robert Feenstra, Alan Taylor, International Macroeconomics