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3 produkter
3 produkter
1 188 kr
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Del 362 - Lecture Notes in Economics and Mathematical Systems
Essays in Macroeconomics of an Open Economy
Häftad, Engelska, 1991
554 kr
Skickas inom 10-15 vardagar
The large aggregates in the economy such as consumption, investment, production of the domestic and the international sectors, international capital flows, financial accumulation and indebtedness, are analyzed in this book in terms of problems in time-optimization for enterprises and households. An examination of the effects of fiscal and monetary policies and exchange-rate variation leads to the conclusion that it is necessary that they should all be introduced simultaneously in order to stabilize demand. All household decisions on consumption, savings and financial dispositions are conditioned by uncertainty and this also afflicts companies, who make even more complex simultaneous decisions on production, real investment, financing and market strategy. The book argues that 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 the labour supply and technological progress is the framework in which all of these variables operate.This determines the allocation of factors between domestic and international production and the development of foreign trade. This book also examines growth of both public debt and international investment in depth. This monograph on macroeconomics and international economics is intended for researchers.
1 098 kr
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Helmut Schneider 1. The Formulation of the Research Programme 1. In the late sixties the acceleration of US inflation revived the discussion of the fifties about the superiority of flexible exchange rates: The US balance of payments deteriorated since 1965, the dollar shortage after World War II changed to a dollar surplus. The import of US inflation by their main trading partners intensified political pressures so that at the beginning of the seventies most leading countries decided, contrary to the rules of the Bretton Woods agreement, to stop their intervention in the market for foreign exchange and to let the exchange rates be determined by market forces. It is worthwhile recalling that at that time one had only very limited experience with the regime of flexible exchange rates: The most important case, the floating of Canadian against the US dollar, could not be generalized to a world where nearly all important countries adhered to the regime of flexible exchange rates. ! - But one really had rich experience with destabilizing capital flows (or "hot money") that forced monetary authorities to adjust exchange rates in a system of managed flexibility to the expecta tions of "speculators".