Theory and policy 10th edition pearson series in economics, by paul r. Bank runs and secondgeneration crisis models diamond and dybvig 1983, obstfeld 1996, morris. International institutions for reducing global financial instability kenneth rogoff. We adapt their fixed exchange rate setup to a monetary union framework and extend their full financial integration setup to the imperfect financial integration framework. Among obstfelds honors are the carroll round keynote lecture, woodward lecture, and bernhard harms prize and lecture in 2004. Foundations of international macroeconomics, part 8, maurice. Firms, investment and the current account obstfeld and rogoff 1996 ch. Everyday low prices and free delivery on eligible orders. University of glasgow glasgow, august 2001 abstract in this paper, we first outline the monetary version of the sticky price intertemporal model of obstfeld and rogoff 1995, 1996, in which monetary shocks unambiguously generate a. The most significant difference in the cashinadvance model.
International institutions for reducing global financial. Foundations of international macroeconomics the mit press. Dornbuschs overshooting model after twentyfive years second annual research conference, international monetary fund mundellfleming lecture november 30, 2001 revised january 22, 2002 kenneth rogoff1 i. Obstfeld and rogoff 1996, chapter 4 embed trade costs in a version of the dornbusch.
Earlier drafts of this paper were presented in 1998 at harvard, wharton, mit, stan ford, lse, and at the 1998 national bureau of economic research summer institute. The six major puzzles in international macroeconomics. Introduction it is a great honor to pay tribute here to one of the most influential papers written in. Finally, our findings can be compared with historical narratives e. He has served as a consultant for the imf, world bank, european commission, and several central banks.
Exchange rates and fundamentals european central bank. Rogoff this amazingly comprehensive book provides a lucid explanation of modern macroeconomic theory and applies the theory to a wide range of international issues. As argued in detail by obstfeld and rogoff 1995, a level. Keynes, john maynard, a tract on monetary reform macmillan, 1923. Microfoundations of international macroeconomics 1. Smith, consumption and real exchange rates in dynamic exchange. This paper presents a quantitative evaluation of the effect on the yen of some alternative scenarios under which japan reaches current account balance. For a more extended discussion, see obstfeld and rogoff 1996.
The primary referencefor the class is the textbook by obstfeld and rogoff 1996. The latter category of riddles includes both the meeserogoff exchange rate forecasting. Foundations of international macroeconomics pdf free download. Open economy macroeconomics in developing countries. Armella, rudiger dornbusch, and maurice obstfeld, editors, financial policies and the world capital market. In theory, huge longrun efficiency gains can be reaped by allowing global. Samuel kortum, professor of economics, yale university. Implications for the yen of japanese current account adjustment, center for international and development economics research, working paper series qt5nw3n8gk, center for international and development economics research, institute for business and economic research, uc berkeley. Foundations of international macroeconomics kenneth rogoff. Intertemporal trade in the open economy obstfeld and rogoff 1996 ch. We also draw on selected chapters of the recent textbook by carlos vegh 2014. The model was first published in exchange rate dynamics redux, journal of. Gopinath, gita, maurice obstfeld, and kenneth rogoff. Stochastic models of international capital flows and asset prices obstfeld rogoff, chs.
Foundations of international macroeconomics, part 8. Prepared for the conference in honor of assaf razin, telaviv university, march 2001. Along with the solutions, the website contains overheads for use in teaching foundations of international macroeconomics, as well as other information and accessories, such as typos in the rst fall. Maurice obstfeld and kenneth rogoff, mit press, october 1996. Kydland, international real business cycles, journal of political. Current accounts 7 development 9 empirical exchange rate issues 22 general 11 international monetary policy cooperation 8 international debt and international financial institutions 32. Models of currency crises with selffulfilling features. Obstfeld foundations of international macroeconomics pdf. Pdf the six major puzzles in international macroeconomics. Obstfeld is a fellow of the econometric society and the american academy of arts and sciences. Obstfeld and rogoff 1998, the exchange rate is given by their equation 30 2.
With its clear and accessible style, it is suitable for firstyear graduate macroeconomics courses as well as graduate courses in international macroeconomics and. Dornbusch s overshooting model after twentyfive years. We begin by adapting fishers model to the case of a small open economy that consumes a single good and lasts for two periods, labeled 1 and 2. Intertemporal trade in a small open economy obstfeld and rogoff 1996 ch. The purchasing power parity puzzle kenneth rogoff journal of. The intertemporal approach views the currentaccount balance as the outcome of forwardlooking dynamic saving and investment decisions. Obstfeld and rogoff 1996, chapter 4 embed trade costs in a version of the dornbusch fischersamuelson 1977 ricardian model and show that samuelsons transferproblem. Exchange rate interventions and firstgeneration currency attacks obstfeld and rogoff 1996 ch. Implications for the yen of japanese current account. Maurice obstfeld university of california, berkelqr kenneth rogoff princeton university we develop an analytically tractable twocountry model that marries a full account of global macroeconomic dynamics to a supply frame work based on monopolistic competition and sticky nominal prices. Stochastic models of international capital flows and asset prices obstfeldrogoff, chs. Obstfeld serves as honorary advisor to the bank of japans institute of monetary and economic studies. Pdf the intertemporal approach to the current account. Theory and empirical methods, by nelson mark, blackwell publisher, september 2001.
These trade costs may include transport costs but also tariffs, nontariff barriers, and possibly other broader factors that impede trade. Implications for the yen of japanese current account adjustment. The empirical relevance of a basic stickyprice intertemporal model massimo giuliodori. Kenneth rogoff the journal of political economy, vol. Foundations of international macroeconomics free ebooks. Scribd is the worlds largest social reading and publishing site. Economics 246 fall 2004 international macroeconomics. Jan frankeviebach ws 201819 intern macro ws 1819 contents. Pdf obstfeld e rogoff foundations of international. The analytical framework is a global generalequilibrium model, based closely on obstfeld and rogoff 2005a, 2005b, within which relative prices clear the world markets for traded goods as well as the. Among obstfeld s honors are the carroll round keynote lecture, woodward lecture, and bernhard harms prize and lecture in 2004. Workbook for foundations of international macroeconomics. Use features like bookmarks, note taking and highlighting while reading international economics. Both have their origins in economic policies followed in a number of countries in the 2000s and in distortions that influenced the.
Rogoff foundations of international macroeconomics the mit press 1996 0912 isbn. Pdf obstfeld and rogoff 2001 propose that trade frictions lie behind key puzzles in international macroeconomics. Economics 246 fall 2009 international macroeconomics. The purchasing power parity puzzle kenneth rogoff journal of economic literature, vol. Downloadable instructor resources available for this title. Download it once and read it on your kindle device, pc, phones or tablets. Global justice and the foundations of international law philosophy, public policy, and transnational law removed. Intertemporal trade and openeconomy puzzles obstfeld and rogoff 1996 ch. The purchasing power parity puzzle kenneth rogoff journal. Obstfeld, maurice, and kenneth rogoff, 1996, foundations of. Rogoff, kenneth s bookplateleaf 0003 boxid ia1640522 camera sony alphaa6300 control. For reference and classroom use, it sets a new standard in open economy macroeconomics. Rogoff, kenneth s bookplateleaf 0003 boxid ia1640522. Theory and policy pearson series in economics kindle edition by krugman, paul r.
With its clear and accessible style, it is suitable for firstyear graduate macroeconomics courses as well as graduate courses in international macroeconomics and finance. The problem of latin american countries, university of chicago press, 1983 with robert e. Pdf obstfeld and rogoffs international macro puzzles. This paper, a chapter in the forthcoming third volume of the. Obstfeld and rogoff pdf 2000 by maurice obstfeld and kenneth rogoff. The classical gold standard was a highly globalized period of mostly 3 as noted below, our approach follows that of shambaugh 2004 and is closely related to the work of frankel 1999 and frankel et al. Foundations of international macroeconomics maurice. If the gamepad is not in use for a long time it automatically switches off. Foundations of international macroeconomics is an innovative text that offers the first integrative modern treatment of the core issues in open economy macroeconomics and finance. A quantitative assessment journal of economic dynamics and control 2016 vol.
The model was first published in exchange rate dynamics redux, journal of political economy 1995 103, 62460. This pdf is a selection from an outofprint volume from the national bureau of economic research. Journal of political economy, august 1983 with kenneth rogoff. Rogoff exchange rate forecasting puzzle and the baxterstockman neutrality of exchange rate regime. With investment, the current accounts role is to allow investors to maintain globally diversified portfolios of equity claims through purchases of newly issued shares in the profits of capital as discussed in obstfeld and rogoff, 1996, chapter 5. Maurice obstfeld, robert flood, eduardo borensztein and carmen reinhart, and research. Price rigidities and exchange rate overshooting dornbusch 1976. Download obstfeld e rogoff foundations of international macroeconomics. Obstfeld, maurice and kenneth rogoff foundations of international macroeconomics. Kydland, international real business cycles, journal of political economy, august 1992. As argued in detail by obstfeld and rogoff 1995, a level of foreign reserves in excess of the monetary basis is not necessary nor, for. Chapters 16 available on request in pdf format foundations of international macroeconomics obstfeld, maurice, rogoff, kenneth s. Foundations of international macroeconomics, mit press, cambridge. With kenneth rogoff, he is the author of foundations of international macroeconomics 1996.
133 1360 363 698 1250 591 1344 1104 1356 63 818 1075 2 197 1097 223 944 1061 1343 1269 283 1046 1042 1391 1210 674 308 1456 1274 498 415 696 619 1304 302