ISBN-10:
0262201119
ISBN-13:
9780262201117
Pub. Date:
12/01/1997
Publisher:
MIT Press
International Macroeconomic Dynamics

International Macroeconomic Dynamics

by Stephen J. Turnovsky

Hardcover

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Product Details

ISBN-13: 9780262201117
Publisher: MIT Press
Publication date: 12/01/1997
Series: The MIT Press
Pages: 520
Product dimensions: 7.20(w) x 10.20(h) x 1.60(d)
Age Range: 18 Years

About the Author

Stephen J. Turnovsky is Professor of Economics at the University of Washington.

Table of Contents

Preface ix
1 Introduction and Overview
1(14)
1.1 Some General Background
1(3)
1.2 Scope of the Book
4(2)
1.3 Equilibrium and the Representative Agent Model
6(2)
1.4 Outline of the Book
8(7)
I SMALL OPEN ECONOMY 15(192)
2 The Basic One-Good Monetary Model
17(38)
2.1 Basic Monetary Model
17(12)
2.2 Optimal Government Policies: A General Characterization
29(2)
2.3 Optimal Monetary Growth
31(4)
2.4 Optimal Monetary-Fiscal Package
35(1)
2.5 Sluggish Adjustment in Basic Monetary Model
36(6)
2.6 Upward-Sloping Supply Curve of Debt
42(5)
2.7 Some Final Comments
47(2)
Appendix: Saddlepoint Behavior
49(6)
3 One-Sector Models of Capital Accumulation
55(46)
3.1 Introduction
55(2)
3.2 One-Good Model of Physical Capital Accumulation
57(20)
3.3 Two-Good Model of Physical Capital Accumulation
77(6)
3.4 The Laursen-Metzler Effect
83(3)
3.5 Tariffs
86(7)
3.6 Some Final Comments
93(1)
Appendix: Formal Solutions for Temporary Disturbances
94(7)
4 Two-Sector Models
101(50)
4.1 The Dependent Economy Model: Some Background
102(3)
4.2 The Two-Sector Dependent Economy
105(10)
4.3 Analysis of Structural Shocks
115(6)
4.4 Traded Investment in the Dependent Economy Model
121(2)
4.5 Traded versus Nontraded Capital in the Dependent Economy Model
123(2)
4.6 Dependent Economy Model with Traded and Nontraded Capital
125(9)
4.7 Structural Shocks with Two Types of Capital
134(8)
4.8 Generalizations of Production Technology
142(4)
Appendix
146(5)
5 Capital Accumulation and Long-Run Growth
151(56)
5.1 Introduction
151(7)
5.2 One-Good Model of Endogenous Growth
158(6)
5.3 Equilibrium in One-Good Model
164(5)
5.4 Utility-Enhancing Government Expenditure
169(7)
5.5 Some Extensions to One-Good Model
176(6)
5.6 Two-Sector Model of Endogenous Growth
182(3)
5.7 Determination of Equilibrium in Two-Sector Model
185(12)
5.8 Applications of the Two-Sector Model
197(6)
5.9 Some Final Comments
203(4)
II TWO-COUNTRY MODELS 207(116)
6 Fiscal Policy in a Two-Country World Economy
209(44)
6.1 Fiscal Policy Shocks
210(3)
6.2 Two-Country Macroeconomic Structure
213(4)
6.3 Viability of Alternative Tax Regimes
217(3)
6.4 Macroeconomic Equilibrium
220(5)
6.5 Transmission of Tax Shocks under a Source-Based Taxation Regime
225(6)
6.6 Government Consumption Expenditure and Endogenous Labor Supply
231(3)
6.7 Macroeconomic Equilibrium in Expanded Model
234(3)
6.8 Government Expenditure under Alternative Forms of Tax Financing
237(9)
6.9 Welfare Effects
246(3)
6.10 Conclusions
249(4)
7 Relative Price Adjustments in Two-Country Models
253(26)
7.1 Adjustment Costs in a Two-Country World
254(3)
7.2 Macroeconomic Equilibrium
257(4)
7.3 A Two-Good, Two-Country World
261(6)
7.4 Equilibrium Dynamics in a Two-Good, Two-Country World
267(12)
8 Strategic Behavior in the World Economy
279(44)
8.1 Strategic Behavior in International Economics: Some Background
279(4)
8.2 A Simple Two-Country Model with Two Types of Government Expenditure
283(14)
8.3 Noncooperative Strategic Behavior
297(4)
8.4 Noncooperative Behavior and Bimatrix Games
301(4)
8.5 Cooperative Equilibrium
305(2)
8.6 Strategic Behavior in a Two-Good Model
307(7)
8.7 A Simple Dynamic Game Theory Formulation
314(4)
8.8 Some Final Remarks
318(5)
III STOCHASTIC GROWTH MODELS 323(140)
9 Stochastic Growth in a Small Open Economy
325(48)
9.1 Introduction
325(2)
9.2 Some Basic Results from Continuous-Time Stochastic Calculus
327(6)
9.3 Stochastic Small Open Economy
333(6)
9.4 Macroeconomic Equilibrium
339(4)
9.5 Equilibrium Solutions
343(4)
9.6 Stochastic Terms of Trade Shocks
347(3)
9.7 Terms of Trade Shocks and Growth
350(4)
9.8 Terms of Trade Shocks and the External Account
354(2)
9.9 Terms of Trade Shocks and Welfare
356(1)
9.10 Effects of Income Taxes
357(4)
9.11 Optimal Tax Policy
361(2)
9.12 Optimal Integrated Fiscal Policy
363(4)
Appendix
367(6)
10 A Stochastic Monetary Growth Model and Financial Policy
373(52)
10.1 Introduction
373(3)
10.2 The Analytical Framework
376(10)
10.3 Macroeconomic Equilibrium
386(10)
10.4 Equilibrium Properties
396(6)
10.5 Risk and the Equilibrium Growth Rate
402(4)
10.6 Applications to Issues in International Finance
406(5)
10.7 Government Finance Policy and Welfare
411(2)
10.8 The Optimal Target Interest Rate
413(3)
10.9 Alternative Financial Rules
416(2)
10.10 Optimal Debt Policy
418(2)
10.11 Some Final Comments
420(5)
11 Stochastic Growth in the World Economy
425(38)
11.1 Introduction
425(1)
11.2 Two-Country Stochastic World Economy
426(4)
11.3 Equilibrium in the World Economy
430(7)
11.4 Effects of Risky Investment on Growth and Welfare
437(2)
11.5 Effects of Production Risk on the World Economy
439(5)
11.6 Effects of Government Expenditure
444(2)
11.7 Export Instability, Growth, and Investment
446(2)
11.8 Contemporaneous Responses to Current Shocks and Real Business Cycle Models
448(7)
11.9 Nontraded Consumption and the Real Exchange Rate
455(4)
11.10 Distortionary Taxes and Growth
459(1)
11.11 Some Final Comments
460(3)
References 463(18)
Index 481

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