Essays in macroeconomics of an open economy
著者
書誌事項
Essays in macroeconomics of an open economy
（Lecture notes in economics and mathematical systems, 362）
Springer-Verlag, c1991
- : gw
- : us
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注記
Bibliography: p. [178]-183
Includes index
内容説明・目次
内容説明
The large aggregates in the economy - consumption, investment, production of the domestic and the international sectors, international capital flows, financial accumulation and indebtedness - are analysed in this book as problems in time-optimisation for enterprises and households. The effects of fiscal and monetary policies along with exchange-rate variation are examined, and their simultaneous use for stabilizing demand are found to be necessary. All household decisions on consumptions, savings, and financial disposition are conditioned by uncertainty, and similarly for firms, who make more complex simultaneous decisions on production, real investment, financing, and market strategy. 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 labor supply, and technological progress is the framework in which all of these variables move. This codetermines the allocation of factors between domestic and international production, and the development of foreign trade. The growth both of the public debt and of international investment are treated in depth.
目次
I The Growth Path.- A. Allocation under Full Employment.- A.1. Supply Forces.- A.2. Combination with Demand Forces.- A. 3. International Market Forces.- B. Allocation with Underemployment.- II On Aggregate Stability of Closed and Open Economies.- A The Closed Economy.- A.1. Reasons for Inflexible Prices.- A2. Effect of Money and Securities.- A.3. The Alternative of Rexible Prices.- A. 4. Neoclassical Views on Prices and Wages, Factor Substitution, and Some Evidence.- B. The Open Economy.- B.1. Real Disturbances.- B.2. Financial Disturbances.- B.2.a. Trade Impediments and the Adjustment of the Trade Balance.- B.2.b. Financial Shocks.- B. 3. Induced Capital Flow as a Corrective.- C. Concluding Remarks.- III Underutilized Resources.- A. The Case of Full Complementarity.- A.1. Analysis of Parameter Changes.- A.2. Consequence of an Exchange-Rate Variation.- A.2.1. External Terms of Trade Independent.- A.2.2. Terms of Trade Varying with Exchange-Rate.- A. 3. Trade Balance Change through Income Adjustments.- B. An Economy with Mixed Forms of Production.- C. Concluding Remarks.- IV Risk Averse, Time Optimizing Behavior of Households: Comparison With German Microcensus Data.- A. A Risk-Averse Time-Optimizing Model.- B. Comparison with Some Evidence.- C. Concluding Remarks.- V Investment Behavior In An Open Economy.- A. Price, Output, and Factor-Combination Decisions of the Firm.- B. Investment Decisions.- C. The Investment Function in Three Sectors.- D. Changing Investment under Full Employment.- E. Risk Aversion and Risk Avoidance.- VI The Labor Market And Wage Determination.- A. The Wage Rate Endogenous.- B. The Wage Rate as Exogenous Variable.- C Money Wages and the Rate of Inflation.- D. Real Wage Determination under Full Employment.- E. Summary.- VII The Market For Financial Assets And Monetary Policy.- A. Characterization of the Monetarist View.- VIII Growth Once More: Income And Claims To Wealth.- A. Claims to Wealth.- B. Growth of Public Debt and Debt Service.- C. External Claims.- D. The International Exchange of Assets.- Author Index.
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