Inflation, Exchange Rates, and the World Economy

Lectures on International Monetary Economics

W. Max Corden

Inflation, Exchange Rates, and the World Economy
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W. Max Corden

3d edition
204 pages | © 1971, 1981, 1986
Paper $22.50 ISBN: 9780226115825 Published February 1986 Not for sale in the British Commonwealth except Canada
The previous editions of this work were praised as lucid and insightful introductions to a complicated subject. This third edition incorporates major additions to update the survey while retaining its clarity. Selected from the second edition are essential chapters on developments in balance-of-payments theories, inflation and exchange rates, the international adjustment to the oil price rise, and monetary integration in Europe. In three new chapters, Corden considers the international transmission of economic disturbances, the international macrosystem, and macroeconomic policy coordination.
Contents
Introduction
Balance-of-Payments Theory: Old and New
1. A Model of Balance-of-Payments Policy
Appendix: Absorption and switching for internal and external balance
2. Wage Rigidity, Income Distribution, and Balance-of-Payments Policy
3. Money, the Monetary Approach, Capital Movements, and Portfolio Balance
Inflation and Exchange Rates
4. Inflation and the Exchange-Rate System: A Symmetrical Approach
Appendix: Inflation under fixed and flexible rates
5. Inflation and the Exchange-Rate System: Some Asymmetries
6. The Reserve-Currency Role and the Export of Inflation by the United States
International Adjustment to the Oil-Price Rise
7. The Adjustment to the Oil-Price Rise: Income Distribution, Inflation, and Unemployment
Appendix I. The welfare effects of the oil-price rise
Appendix II. The effects of the oil-price rise in the LM-IS diagram
8. The Adjustment to the Oil-Price Rise: Balances of Payments and Exchange-Rate Flexibility
9. Adjustment to the Oil-Price Rise: Three Interesting Issues
Monetary Integration in Europe
10. European Monetary Integration: The Main Issues
The World of Flexible Exchange Rates and Capital Mobility
11. The International Transmission of Disturbances
Appendix: Policy responses to a capital-market disturbance
12. The International Macro-System
13. Macro-Economic Policy Co-ordination
Index of Names
Subject Index
For more information, or to order this book, please visit http://www.press.uchicago.edu
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