The Open Economy Macromodel: Past, Present And Future has two main
objectives. The first is to assess the state of play of the Open
Economy Macromodel by bringing together those who developed it with
those who apply it today. The second is to assess possible
directions for its future development.
The volume is divided into three parts. Part one focuses on the
models, men, and institutions involved in the development of the
international macroeconomic model. In this section, the
contributors examine the two monetary approaches to the balance of
payments, as well as the relationship between long-term
fluctuations in real exchange rates and inflation. Part two deals
with the present state of the models by looking at Robert Mundell's
theory of optimum currency areas (OCAs) and its relationship with
key currencies. The chapters in this section also consider the
impact of exchange rate variability on labor markets, as well as
the interactions between theoretical developments and real-world
behavior in the open economy macromodel. The third and last part of
this volume provides a perspective on the future by looking at
alternate models and institutional perspectives. Several
contributors examine the relationship between asset prices, the
real exchange rate, and unemployment in a small economy via what
they call "a medium-run structuralist perspective." The future of
institutional structures necessary to conduct international
economic policy is the subject of the last chapters in part three
of the volume.
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