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In most macroeconomic models, the substitutability between domestic and foreign goods is calibrated using aggregated data. This imposes homogeneous elasticities across goods, and the calibration is only valid under this assumption. If elasticities are heterogeneous, the aggregate substitutability is a weighted average of good-specific elasticities, which in general cannot be inferred from aggregated data. We identify structurally the substitutability in US goods using multilateral trade data. We impose homogeneity, and find an aggregate elasticity similar in value to conventional macroeconomic estimates. It is more than twice larger with sectoral heterogeneity. We discuss the implications in various areas of international economics.
"This book deals with the financial side of international economics and covers all aspects of international finance. There are many books and articles by exponents of alternative points of view. I know of no other book that provides the scope, balance, objectivity and rigor of the book." (Professor Jerome L. Stein, Brown University) From the reviews: "In this survey of international finance and open-economy macroeconomics, Gandolfo succeeds in meeting the needs of advanced undergraduate or lower-level graduate students through a largely textual and graphical approach, while at the same time presenting in the appendices explicit mathematical analyses for more advanced graduate students." (Journal of Banking & Finance 2004)
This is a collection of independent works on the GLOBUS model. A first and basic application of the GLOBUS model was made through the computation of its standard run for the years 1970-2010. Stated in the simplest possible terms GLOBUS is a computer simulation model of many important macropolitical and macroeconomic relationships within and among 25 prominent contemporary nations plus a rest-of-world entity. It is designed and used to explore possible solutions to long-term global problems.
There is no lack of good international economics textbooks ranging from the elementary to the advanced, so that an additional drop in this ocean calls for an explanation. In the present writer's opinion, there seems still to be room for a textbook which can be used in both undergraduate and graduate courses, and which contains a wide range of topics, including those usually omitted from other textbooks. These are the intentions behind the present book, which is an outcrop from undergraduate and graduate courses in international economics that the author has been holding at the University of Rome since 1974, and from his on going research work in this field. Accordingly the work is organized as two-books in-one by distributing the material between text and appendices. The treatment in the body of this book is directed to undergraduate students and is mainly confined to graphic analysis and to some elementary algebra, but it is assumed that the reader will have a good knowledge of basic microeconomics and macroeconomics (so that the usual review material on production functions, indifference curves, standard Keynesian model, etc. , etc. has been omitted) . Each chapter is followed by an appendix in which the treatment is mainly mathematical, and where (i) the topics explained in the text are treated at a level suitable for advanced undergraduate or first-year graduate students and (ii) generalizations and/or topics not treated in the text (including some of those at the frontiers of research) are formally examined.
This book is about the history of thought and policy on the international adjustment mechanism. Economics emerged as a discipline in its own right largely out of the accumulated reflections, analyses and judgements of a group of writers from the sixteenth to the early nineteenth century who shared a common perspective on matters relating to the adjustment of the balance of payments. The present survey starts with the development of the doctrine at that time and continues the story up to the present debate on economic and monetary union in Europe.
The nine papers in this volume were written for a conference on research in international trade and finance held at Princeton University in March 1973. Each author was asked to survey research on one major topic, with a view to answering three questions: What have we learned from recent empirical research? What are the major gaps in present knowledge? How should we go about filling those gaps? When answering the second question, authors were urged to look at the practical requirements of those who must make policy concerning the international economy, and at the opportunities and insights offered by recent developments in pure theory. When answering the third, they were urged to look at developments in econometric technique, newly available data, and work in progress in related fields.
Containing Fritz Machlup's papers on international finance spanning thirty years, this volume includes pieces translated into English for the first time. Focussing on the theme of the balance of payments, the work is structured as follows: Foreign Exchanges and Balance of Payments, The Effects of Devaluation, Gold and Foreign Reserves, Capital Movements and the Transfer Problem. An introduction to each section by the author is included.
The debt crisis in Latin America has rekindled debate about the effects of the IMF's stabilization programs in the Third World. Critics contend that these programs have short-run recessionary impacts and damage prospects for long-term growth. In response, Fund economists point to cross-country studies revealing mixed impacts on growth rates coupled with significant success in achieving the IMF's stated goals: current account and balance-of-payments improvements and inflation rate reduction. Dr. Pastor argues that the traditional growth-oriented critique is theoretically misplaced, and he recasts Fund activities in terms of class and income distribution. Applying the methodology of previous Fund studies, he evaluates the effects of IMF programs in eighteen Latin American countries in the pre-crisis period (1965-1981).
Economic Analysis in Historical Perspective offers a wide discussion on economics and its history. One of the book's main principles is to place the several major areas of economic analysis in historical perspective. The book's first topic is about monetary economics; it includes subtopics such as concepts of money, supply and demand of money, monetary control, and rate of interest. The next chapter highlights the economics of welfare, including its nature, modern issues, classical paradigm, and advancements. In Chapter 4, the main topics are public finance, taxes, and the government's role in all of it. This chapter also elaborates on public expenditure, taxation, and income redistribution. In the last remaining chapters, the discussion circles around the topic's relevant theories, metrics, and statistics. The text serves as a valuable reference to undergraduates or postgraduates of economics.