Open economy macroeconomics / edited by Norman C. Miller.

VOLUMEN I -- Acknowledgements, vii -- Introduction / Norman C. Miller, ix -- Part I. Traditional open economy models -- 1. Currency depreciation, income, and the balance of trade / Arnold C. Harberger, 3 -- 2. Flexible exchange rates and the theory of employment / Svend Laursen and Lloyd A. Metzler, 17 -- 3. Effects of a devaluation on a trade balance / Sidney S. Alexander, 36 -- 4. Effects of a devaluation: a simplified synthesis of elasticities and absorption Approaches / Sidney S. Alexander, 52 -- 5. Domestic financial policies under fixed and under floating exchange rates / J. Marcus Fleming, 73 -- 6. Capital mobility and stabilization policy under fixed and flexible exchange rates / R.A. Mundell, 84 -- 7. Expectations and exchange rate dynamics / Rudiger Dornbusch, 95 -- 8. Exchange rate dynamics and the overshooting hypothesis / Jacob A. Frenkel and Carlos A. Rodríguez, 111 -- 9. Comparative advantage, trade, and payments in a Ricardian Model with a continuum of goods / R. Dornbusch, S. Fischer and P.A. Samuelson, 141 -- Part II. First generation intertemporal open economy models -- 10. A general equilibrium theory of international capital flows / Norman C. Miller, 161 -- 11. A fisherian approach to trade, capital movements, and tariffs / Michael Connolly and Stephen Ross, 170 -- 12. The curtest account and macroeconomic adjustment in the 1970 / Jeffrey D. Sachs, 177 -- 13. Aggregate spending and the terms of trade: is there a Laursen-Metzler effect? / Maurice Obstfeld, 245 -- 14. Interest rates and currency prices in a two-country world / Robert E. Lucas, Jr., 265 -- 15. The terms of trade and the current account: the Harberger-Laursen-Metzler effect / Lars E.O. Svensson and Assaf Razin, 290 -- 16. Real interest rates, home goods, and optimal external borrowing / Rudiger Dornbusch, 319 -- 17. Global versus country-specific productivity shocks and the current account / Reuven Glick and Kenneth Rogoff, 332 -- 18. The equilibrium approach to exchange rates / Alan C. Stockman, 366 -- 19. The dynamic-optimizing approach to the current account: theory and evidence / Assaf Razin, 385 -- 20. What do we need to know about the international monetary system? / Paul Krugman, 415 -- Part III. Structure of open economy macro-models -- 21. On the almost total inadequacy of Keynesian balance-of-payments theory / Edward A. Kuska, 443 -- 22. The structure of open economy macro- models / Norman C. Miller, 455 -- Name index, 471.

VOLUMEN II -- Acknowledgements, vii -- Introduction / Norman C. Miller, ix -- Part I. Controversies and puzzles in open economy macroeconomics -- l. Domestic saving and international capital flows / Martin Feldstein and Charles Horioka, 3 -- 2. Explaining saving-investment correlations / Marianne Baxter and Mario J. Crucini, 19 -- 3. Quantifying international capital mobility in the 1980s / Jeffrey A. Frankel, 40 -- 4. Anomalies: foreign exchange / Kenneth A. Froot and Richard H. Thaler, 74 -- 5. Empirical exchange rate models of the seventies: do they fit out of sample? / Richard A. Meese and Kenneth Rogoff, 88 -- 6. Real exchange rate behavior: the recent float from the perspective of the past two centuries / James R. Lothian and Mark P. Taylor, 110 -- 7. The Purchasing Power Parity Puzzle / Kenneth Rogoff, 132 -- 8. International real business cycles / David K. Backus, Patrick J. Kehoe, Finn E. Kydland, 154 -- 9. The six major puzzles in international macroeconomics: is there a common cause? / Maurice Obstfeld and Kenneth Rogoff, 185 -- Part II. Second generation intertemporal models: the new open economy macroeconomics -- 10. Excess capacity, monopolistic competition, and international transmission of monetary disturbances / Lars E.O. Svensson and Sweder van Wijnbergen, 239 -- 11. Exchange rate dynamics redux / Maurice Obstfeld and Kenneth Rogoff, 260 -- 12. Exchange rate dynamics in a model of pricing-to-market / Caroline Betts and Michael B. Devereux, 297 -- 13. Tariffs and exchange rate dynamics redux / John Fender and Chong K. Yip, 327 -- 14. New directions for stochastic open economy models / Maurice Obstfeld and Kenneth Rogoff, 350 -- 15. Welfare and macroeconomic interdependence / Giancarlo Corsetti and Paolo Pesenti, 387 -- 16. Money shocks and the current account / vPhilip R. Lane, 412 -- 17. The role of consumption substitutability in the international transmission of monetary shocks / Cedric Tille, 439 -- 18. Useful government spending, direct crowding-out and fiscal policy interdependence / Giovanni Ganelli, 463 -- 19. Exchange rate dynamics and the welfare effects of monetary policy in a two-country model with home-product bias / Francis E. Warnock, 480 -- Name index, 501.