Inflation, Exchange Rates, and the World Economy: Lectures on International Monetary Economics

by W. Max Corden

Overview

The previous editions of this work were praised as lucid and insightful introductions to a complicated subject. This third edition incorporates major additions to update the survey while retaining its clarity. Selected from the second edition are essential chapters on developments in balance-of-payments theories, inflation and exchange rates, the international adjustment to the oil price rise, and monetary integration in Europe. In three new chapters, Corden considers the international transmission of economic disturbances, the international macrosystem, and macroeconomic policy coordination.

Product Details

ISBN-13:	9780226115825
Publisher:	University of Chicago Press
Publication date:	02/15/1986
Series:	Studies in Business and Society
Edition description:	Third Edition
Pages:	204
Product dimensions:	5.50(w) x 8.50(h) x 0.50(d)

About the Author

W. M. Corden is professor of international economics at the Paul H. Nitze School of Advanced International Studies of the Johns Hopkins University. He was Nuffield Reader in international economics at Oxford University from 1967-1976 and has also taught at Berkeley, Harvard, Minnesota, and Princeton. His publications include The Theory of Protection and Trade Policy and Economic Welfare.

Table of Contents

Introduction
Balance-of-Payments Theory: Old and New
1. A Model of Balance-of-Payments Policy
Appendix: Absorption and switching for internal and external balance
2. Wage Rigidity, Income Distribution, and Balance-of-Payments Policy
3. Money, the Monetary Approach, Capital Movements, and Portfolio Balance
Inflation and Exchange Rates
4. Inflation and the Exchange-Rate System: A Symmetrical Approach
Appendix: Inflation under fixed and flexible rates
5. Inflation and the Exchange-Rate System: Some Asymmetries
6. The Reserve-Currency Role and the Export of Inflation by the United States
International Adjustment to the Oil-Price Rise
7. The Adjustment to the Oil-Price Rise: Income Distribution, Inflation, and Unemployment
Appendix I. The welfare effects of the oil-price rise
Appendix II. The effects of the oil-price rise in the LM-IS diagram
8. The Adjustment to the Oil-Price Rise: Balances of Payments and Exchange-Rate Flexibility
9. Adjustment to the Oil-Price Rise: Three Interesting Issues
Monetary Integration in Europe
10. European Monetary Integration: The Main Issues
The World of Flexible Exchange Rates and Capital Mobility
11. The International Transmission of Disturbances
Appendix: Policy responses to a capital-market disturbance
12. The International Macro-System
13. Macro-Economic Policy Co-ordination
Index of Names
Subject Index