Global Imbalances, Exchange Rates, and Stabilization Policy
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This book analyzes key international monetary issues from a macro-foundations perspective. It proposes novel frameworks, mainly diagrammatic, to interpret macroeconomic and financial linkages for globally integrated economies, examining global imbalances, exchange rates, interest rates, international capital flows, inflation, foreign and public debt, as well as the effectiveness of macroeconomic policy under different exchange rate regimes. The work relies heavily on much-neglected economy-wide relations, such as the output-absorption distinction and traditional flow-of-funds analysis, to derive a range of new results.
Copyright 2009 Palgrave Macmillan. This extract is taken from the author's original manuscript and has not been edited. The definitive version of this piece may be found in Global Imbalances, Exchange Rates and Stabilization Policy by Anthony J. Makin which can be accessed from www.palgrave.com