Fiscal Policies and Growth in the World Economy / Edition 3

Fiscal Policies and Growth in the World Economy / Edition 3

by Jacob A. Frenkel, Assaf Razin, Assaf Razin
     
 

ISBN-10: 0262561042

ISBN-13: 9780262561044

Pub. Date: 10/01/1996

Publisher: MIT Press

Covering a full array of topics in open economy macro and public economics, Fiscal Policies and Growth in the World Economy has been thoroughly revised and extended. The added material in this new edition includes stochastic rational-expectations extensions of the Mundell-Fleming model, the development of a dynamic-optimizing approach of the trade balance, and an

Overview

Covering a full array of topics in open economy macro and public economics, Fiscal Policies and Growth in the World Economy has been thoroughly revised and extended. The added material in this new edition includes stochastic rational-expectations extensions of the Mundell-Fleming model, the development of a dynamic-optimizing approach of the trade balance, and an entirely new part on issues of international economic convergence, which also contains a comprehensive policy overview.Other chapters have been updated or reorganized, and there is a brief guide to solving typical dynamic macro problems along with a printout of software suitable for numerical simulations. A companion diskette containing solutions in dynamic macro problems and some sample programs is available in GAUSS for IBM. The exercises and solutions manual by Krueger, Ostry, and Yuen has also been updated and extended.Fiscal Policies and Growth in the World Economy has been used successfully in graduate and senior undergraduate courses in international economics and public finance. The objective of this new edition remains the same as before: to treat the major topics in macro and public economics using both traditional and modern approaches. The traditional approach is first explained, from the simple income-expenditure model to the more advanced stochastic Mundell-Fleming model. The modern intertemporal approach is then presented, starting with the simple two-period model and extending it to a full-fledged dynamic model. Other sections review recent developments in the world economy; government spending, budget deficits, and differences across international taxation; and economic growth in the world economy,
especially the convergence of income and growth levels across countries.

Product Details

ISBN-13:
9780262561044
Publisher:
MIT Press
Publication date:
10/01/1996
Edition description:
third edition
Pages:
663
Product dimensions:
5.90(w) x 9.00(h) x 1.40(d)
Age Range:
18 Years

Table of Contents

I. Prologue
Stylised Facts on Fiscal Policies and International Economic Interdependence
II. Traditional Approaches
The IncomeEXpenditure Model: Fiscal Policies and the
Determination of Output
The MundellFleming Model: Deterministic Dynamics
The MundellFleming Model: Stochastic Dynamics
Problems
III. The Intertemporal Approach
The TwoPeriod CompositeCommodity World
The TwoPeriod MultipleGood World
CurrentAccount Dynamics
Problems
IV. An Intertemporal Approach to Fiscal Policies in the
World Economy
Government Spending
Budget Deficits with Nondistortionary TaXes:
The Pure Wealth Effect
An EXposition of the TwoCountry OverlappingGenerations
Model
Equivalence Relations in International TaXation
Problems
V. Economic Growth and International Convergence
EXogenous Growth under International Capital and Labor Mobility
Endogenous Growth under International Capital and Labor Mobility
International TaXation and EXogenous Growth
International TaXation and Endogenous Growth
Problems
VI. Epilogue
Analytical Overview: Traditional versus Modern Approaches
Policy Overview: CurrentAccount Sustainability
History of Thought: Selected Bibliographic Notes
ALSO AVAILABLE
EXercises in Intertemporal OpenEconomy Macroeconomics.
Thomas H. Krueger, Jonathan D. Ostry, and ChiWa Yuen
To accompany Fiscal Policies and Growth in the World Economy (Third
Edition)
EXercises in Intertemporal OpenEconomy Macroeconomics is an eXercise
book designed for use with Fiscal Policies and Growth in the World
Economy, Third Edition
. The eXercises follow the book in sequence and
subject matter, and alsoprovide more advanced material adapted from
recently published journal articles. This eXercise manual has been
completely revised to reflect changes in the third edition of Fiscal
Policies and Growth in the World Economy. Updated material includes
coverage of endogenous growth, convergence, and an eXtension of the
MundellFlemming model. Over thirty percent of the eXercises are new
to this edition.

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