Synopses & Reviews
Review
'It seems to me an important achieveent. It works out in detail and in a notably systematic fashion the implications of the new approach to balance of payments or exchange rate theory. One of its most pleasing characteristics is its honesty. The implications of various assumptions are made very clear, and their limitations pointed out.' W. M. Corden, December 1981, , The Economic Journal
Review
'It can justifiably be regarded as an updated version of Meade's treatise on the balance of payments which synthesized neoclassical price theory and Keynesian expenditure theory ... rigorous, elegant, lucid and masterly, this treatise is an outstanding contribution in the taxonomic tradition.' P. Robson, February 1982, , Economica
Table of Contents
Preface; Part I. Introduction: 1. An agenda; Part II. Modeling an Open economy: 2. The structure of the model; 3. Solving the model; 4. Comparative statics: goods-market disturbances; 5. Comparative statics: asset-market and compound disturbance; 6. Dynamics under pegged and flexible exchange rates; Part III. Extending the Model: 7. Claims, caveas, and simplifications; 8. On money, income, and insulation; 9. Expectations, speculation, and exchange-rate stability; 10. On the specification of fiscal policy; Part IV. Analyzing Interdependence: 11. A two-country model; 12. Similarities and symmetries in goods and asset markets; 13. Comparative statics in the two-country model; Part V. The Theory of Financial Integration: 14. Dimensions of integration; 15. Market integration, interdependence, and monetary policy under pegged exchange rates; 16. The analytics of a monetary union; 17. Market integration, interdependence, and fiscal policy under pegged exchange rates; 18. Fiscal policy in a monetary union; Appendixes; Glossary; Index.