International macroeconomics and finance philippe martin. The authors are grateful to enrique mendoza, maurice obstfeld, vincent reinhart, two anonymous referees and the editor for useful suggestions and the national science foundation. Gopinath, gita, maurice obstfeld, and kenneth rogoff. Terry vaughn, economics editor at mit press, for his advice and encouragement. The model was first published in exchange rate dynamics redux, journal of political economy 1995 103, 62460. The course will cover both theoretical and empirical contributions and. This pdf is a selection from an outofprint volume from the national.
Workbook for foundations of international macroeconomics by maurice obstfeld, kenneth rogoff and gita gopinath. Maurice obstfeld and kenneth rogoff 1996 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. Increasing returns, imperfect competition and the positive theory of international trade. Stiglitz, volatility and macroeconomic paradign for rich and poor in j. Growth and stabilization in recent development experience. The objective of the course is to offer students an introduction to recent work in international macroeconomics and finance.
Five years ago, we published a paper obstfeld and rogoff 2000a arguing that the u. Maurice obstfeld university of california, berkeley. 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. Obstfeld and rogoff 1996, chapter 4 embed trade costs in a version of the dornbusch.
Maurice obstfeld is the class of 1958 professor of economics at the university of california, berkeley, and a research associate of the national bureau of economic research. With its clear and accessible style, it is suitable for firstyear graduate macroeconomics courses as well as graduate courses in international macroeconomics and finance. Acharya and matthew richardson, editors, restoring financial stability. Workbook for foundations of international macroeconomics. Maurice obstfeld and kenneth rogoff 1996 foundations of international macroeconomics is an innovative text that offers the first integrative modern treatment of the core issues in open economy. Building on maurice obstfeld and rogoff 2000b, d, i will argue here that the status quo arrangement among the dollar, yen, and euro which i take to be benign neglect is not far from optimal, not only for. Progress and confusion by olivier blanchard overdrive. Obstfeld and rogoff or chapters 8 section 4, 9 section 4, 10 section 1. Also, obstfeld and rogoff 1996 derive it in their textbook, though in that derivation they assume q is constant. We thank the national science foundation for financial support.
Rogoff harvard university abstract in this note, we attempt to place the. Living with financial globalization june 2014 in search of the armington elasticity with robert c feenstra. Rogoff curriculum vitae economics department, littauer center, harvard university, cambridge ma 0283001. Foundations of international macroeconomics by maurice obstfeld and kenneth rogoff, 9780262296977. Handbook of international economics volume 4 gopinath, gita, helpman, elhanan, rogoff, kenneth on. This amazingly comprehensive book provides a lucid explanation of modern macroeconomic theory and applies the theory to a wide range of international issues. Maurice obstfeld and kenneth rogoff foundations of international macroeconomics. Banking distress in europe in the context of the global financial. This pdf is a selection from a published volume from the.
My first summer at princeton i worked as a research assistant for ken rogoff and maury obstfeld writing solutions for. This is the same equation that edison and pauls 1993 use. Global implications of selforiented national monetary rules the. International economics jehlereny advanced microeconomic theory johnsonlans a health economics primer keatyoung managerial economics klein mathematical methods for economics. This is a revised version of our working paper obstfeld and rogoff. For instance, obstfeld and rogoff 2009 noted that foreign banks appetite for assetsthat turned out to be toxic provided one ready source of external funding for the. Since the last volume of the handbook of international economics appeared nearly two decades ago, researchers in the field have made massive intellectual progress on topics ranging from firmlevel. Reinhart and rogoff 2009, who combine own data with kaminsky and reinhart 1999, bordo et al.
Foundations of international macroeconomics the mit press. It follows assaf rom the kibutz to the city, from israel to different parts of the world, from his childhood in the. Both have their origins in economic policies followed in a number. Global imbalances and the financial crisis european parliament. Larry randall wray born june 19, 1953 is a professor of economics at bard college and senior scholar at the levy economics institute. The role of the this time is different syndrome carmen m. International trade and macroeconomic dynamics with. Banking distress in europe in the context of the global. Both have their origins in economic policies followed in a number of countries in the 2000s and in distortions that influenced the. After completing his secondary education at the gymnasium am moltkeplatz in krefeld, he went to study abroad. Sovereign debt relief and its aftermath reinhart 2016. Cabot professor of public policy and professor of economics at harvard university.
Foundations of international macroeconomics maurice. Lucio sarno, moto shintani, the editor, two anonymous referees, and seminar participants at the university of chicago, the university. Obstfeld e rogoff foundations of international macroeconomics. Handbook of international economics, volume 4 1st edition. Leading economists consider the shape of future economic policy. Maurice obstfeld and kenneth rogoff november 2009 abstract this paper makes a case that the global imbalances of the 2000s and the recent global financial crisis are intimately connected. We thank the editor and two referees for helpful suggestions that greatly improved the paper. Workbook for foundations of international macroeconomics by maurice obstfeld, kenneth rogoff and gita gopinath, cambridge, ma mit press, february 1998, 129 pp. General advertisement the real exchange rates central importance in an economy has long been recognized see, for example, milton friedman, 1953. Previously, he was a professor at the university of missourikansas. This paper makes a case that the global imbalances of the 2000s and the recent global financial crisis are intimately connected. Risk and exchange rates, with maurice obstfeld, in elhanan helpman and effraim. For reference and classroom use, it sets a new standard in open economy macroeconomics.
Reynolds, kenneth rogoff, lucio sarno, moto shintani, the editor. These trade costs may include transport costs but also tariffs, nontariff barriers, and possibly other broader factors that impede trade. More about this item book chapters the following chapters of this book are listed in ideas. The microfoundations of big mac real exchange rates august 4, 2006. The six major puzzles in international macroeconomics. Foundations of international macroeconomics pdf free download. Co editor, nber macroeconomics annual, 2000 2010 member. Ken rogoff, ben bernanke, pierreolivier gourinchaswere all hugely supportive. Obstfeld and rogoff 1996 survey work in this tradition. Helpman 1981 an exploration in the theory of exchange rate regimes, journal of political economy, october, 865890.
694 725 1555 683 634 1047 1259 710 987 233 1134 971 859 853 90 1412 724 1268 1539 158 1537 1551 409 883 1188 179 1256 591 1186 1213 1196 419 794 490 523 267 510 856 1058 1115 1037 1346 1369 427 1 1136 887 1306 930