Essays In Macroeconomics Of An Open Economy
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Essays in Macroeconomics of an Open Economy
Author: Franz Gehrels
language: en
Publisher: Springer Science & Business Media
Release Date: 2012-12-06
The large aggregates in the economy - consumption, investment, production of the domestic and the international sectors, international capital flows, financial accumulation and indebtedness - are analysed in this book as problems in time-optimisation for enterprises and households. The effects of fiscal and monetary policies along with exchange-rate variation are examined, and their simultaneous use for stabilizing demand are found to be necessary. All household decisions on consumptions, savings, and financial disposition are conditioned by uncertainty, and similarly for firms, who make more complex simultaneous decisions on production, real investment, financing, and market strategy. The marginal efficiency-of-investment function derived from these decisions is fundamentally different from the marginal productivity of capital in the neoclassical sense. An economy which grows through the accumulation of capital, increase in labor supply, and technological progress is the framework in which all of these variables move. This codetermines the allocation of factors between domestic and international production, and the development of foreign trade. The growth both of the public debt and of international investment are treated in depth.
Trade, Stability, and Macroeconomics
Trade, Stability, and Macroeconomics: Essays in Honor of Lloyd A. Metzler provides information pertinent to the fundamental aspects of trade, stability, and macroeconomics. This book covers a variety of topics, including nontraded and intermediate commodities, prices, production, exchange rates, and wages. Organized into five parts encompassing 22 chapters, this book begins with an overview of the theory of international trade and the effect of a tariff or export tax on domestic prices. This text then defines the supply of the international commodities as a function of their prices and of the output of the domestic commodity. Other chapters consider the Stolper–Samuelson analysis of the effects of protection of the distribution of income. This book discusses as well the theory of external–internal balance or the assignment problem as related to macroeconomic policy in an open economy. The final chapter deals with the dynamic allocation of scarce resources. This book is a valuable resource for economists.
Macroeconomic Dimensions of Public Finance
There is no magic formula for balancing fiscal policy and economic performance. As a scholar and policy advisor, Vito Tanzi has made a major contribution to identifying links between public finance and macro and microeconomic consequences. His findings bear relevance in both developing and industrialized economies. The essays in this volume and its companion, Fiscal Policy and Economic Reform, highlight many of these interconnected issues, for instance: * the interaction between budgetary policy and economic aggregates, such as employment, inflation and growth * the implication of economic linkages for designing fiscal policies * expenditure policies and alternative deficit financing strategies * the trade-offs between macro- and microeconomic objectives The list of contributors includes Max Corden, John Makin, Ronald McKinnon and Richard Musgrave.