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内容安排. Theories of Exchange Rates The Fundamental International Parity Conditions The Fundamental International Monetary Economics Intertemporal Approaches to the Current Account. 市 场 . 参考文献. 莫里斯 D. 列维( Levi , 1996 ), 《 国际金融 》 ,(英文版),第 3 版,机械工业出版社

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Theories of exchange rates the fundamental international parity conditions the fundamental international monetary econo

内容安排

  • Theories of Exchange Rates

  • The Fundamental International Parity Conditions

  • The Fundamental International Monetary Economics

  • Intertemporal Approaches to the Current Account

市 场


Theories of exchange rates the fundamental international parity conditions the fundamental international monetary econo

参考文献

  • 莫里斯 D. 列维(Levi,1996),《国际金融》,(英文版),第3版,机械工业出版社

    Chapter 6,7;10,11

  • 贝内特 T. 麦克勒姆(McCallum, 1996),陈末,张杰译,《国际货币经济学》,中国金融出版社

    Chapter 5,6,7,9

  • Obstfeld and Rogoff(1996), 刘红忠等译,《高级国际金融学教程》,中国金融出版社

    Chapter 1


Theories of exchange rates the fundamental international parity conditions the fundamental international monetary econo

参考文献

  • Frankel and Rose(1994), “A Survey of Empirical Research on Nominal Exchange Rates”, NBER 4865

  • Froot and Rogoff(1994):”Perspectives on PPP and Long-run Real Exchange Rates”, NBER4952

  • Selahattin Dibooglu(2000), ”Aggregate Supply, Domestic Absorption, and Terms of Trade: a Structural Decomposition of the U.S. Trade Balance”, The International Trade Journal, Volume XIV, No. 2

  • SEBASTIAN EDWARDS(2004),” Thirty Years of Current Account Imbalances,Current Account Reversals, and Sudden Stops”, IMF Staff Papers,Vol. 51, Special Issue


Theories of exchange rates the fundamental international parity conditions the fundamental international monetary econo

参考文献

  • http://www1.elsevier.com/hes/books/03/menu03.htm

  • Volume 3, Edited by: Gene M. Grossman and Kenneth Rogoff

  • Chapters32. Perspectives on PPP and Long-Run Real Exchange Rates - Kenneth A. Froot and Kenneth Rogoff33. Empirical Research on Nominal Exchange Rates - Jeffrey A. Frankel and Andrew K. Rose34. The Intertemporal Approach to the Current Account - Maurice Obstfeld and Kenneth Rogoff35. International Trade and Business Cycles - Marianne Baxter37. Puzzles in International Financial Markets - Karen K. Lewis


Foundations of international macroeconomics

Foundations of International Macroeconomics

Obstfelf and Rogoff(1996)

刘红忠等译

中国金融出版社


Theories of exchange rates the fundamental international parity conditions the fundamental international monetary econo

传统理论

  • 20世纪50、60年代

  • Self-regulating:通过国内价格水平的调整和资金的自由流动,经济可实现充分就业和国际收支均衡

  • Metzler、Machlup等把Keynes的宏观理论应用到国际经济的问题研究(静态分析)。

    • 如贸易乘数效应、贬值效应、贸易条件在Keynes消费函数中的作用等

  • Meade(1951):引入货币因素分析开放经济条件下的宏观经济政策

  • Mundell and Fleming:20世纪60年代,固定汇率制下的政策选择,资本项目分析和内外均衡研究

  • Dornbusch(1976):不变价格假定和汇率超调现象,Mundell-Fleming-Dornbusch模型


Theories of exchange rates the fundamental international parity conditions the fundamental international monetary econo

传统理论

  • 20世纪70年代:古典模型的特征(价格是弹性的)

  • Monetary Approach:

    • Harry Johnson, Jacb Frenkel, Mundell, J. J. Polak

  • Asset Portfolio Approach


Theories of exchange rates the fundamental international parity conditions the fundamental international monetary econo

经常项目的跨时均衡分析

  • 理论背景

  • Lucas(1976): Lucas批判

    • 政策分析应立足于经济主体的理性决策


Theories of exchange rates the fundamental international parity conditions the fundamental international monetary econo

经常项目的跨时均衡分析

  • 20世纪80年代

  • Intertemporal Approaches to the Current Account

  • Sachs(1981), Obstfeld(1982), Frenkel and Razin(1986)

    • 经常项目的过度失衡问题石油危机

    • 债务危机


Theories of exchange rates the fundamental international parity conditions the fundamental international monetary econo

经常项目的跨时均衡分析

  • 最优增长理论再开放经济宏观经济学中的应用

  • 经常项目的均衡是Forward-looking储蓄和投资的最优决策结果(微观基础)

    • Keynes的分析框架:CA<0


Theories of exchange rates the fundamental international parity conditions the fundamental international monetary econo

经常项目的跨时均衡分析

  • 短期的动态调整

  • 政策评估和福利分析

  • 扩展和应用

    • 实际汇率和贸易条件的研究

    • 资产交易风险的不确定性对经常项目变化和经济周期德国际传导影响的研究

    • 国际资本市场不完善性导致国际债务问题

    • 经济增长理论


Theories of exchange rates the fundamental international parity conditions the fundamental international monetary econo

新的开放经济的宏观经济学

  • 经常项目的跨时分析假定:价格完全弹性,经济一体化

  • 新的开放经济的宏观经济学(New Open-economy Macroeconomics):价格粘性

  • Obstfeld and Rogoff(1995): 汇率决定的动态一般均衡模型

    • 微观经济基础

    • 名义价格刚性

    • 不完全竞争


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