Essays in Macroeconomics of an Open Economy

ISBN-13: 9783540540748 / Angielski / Miękka / 1991 / 183 str.

Franz Gehrels

Opis

The large aggregates in the economy such as consumption, investment, production in 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.

Spis treści

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.