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This volume brings together nine papers from a conference on
international macroeconomics sponsored by the NBER in 1985.
International economists as well as graduate students in the fields
of global monetary economics, finance, and macroeconomics will find
this an outstanding contribution to current research. It includes
two commentaries for each paper, written by experts in the field,
and Frenkel's detailed introduction, which serves as a reader's
guide to the arguments made, the models employed, and the issues
raised by each contributor. The studies analyze national fiscal
policies within the context of the international economic order.
Malcolm D. Knight and Paul R. Masson use an empirical model to show
that fiscal changes in recent years in the United States, West
Germany, and Japan have caused major disturbances in net savings
and investment flows. Linda S. Kole uses a two-country simulation
model to examine the effects of a large nation's expansion on
exchange rates, interest rates, and the balance of payments. In
other studies, Warwick J. McKibbin and Jeffrey D. Sachs discuss the
influences of different currency regimes on the international
transmission of inflation; Kent P. Kimbrough analyzes the
interaction between optimal tax policies and international trade;
Sweder van Wijnbergen investigates the interrelation of fiscal
policies, trade intervention, and world interest rates; and Willem
H. Buiter uses an analytical model to look at fiscal
interdependence and optimal policy design. David Backus, Michael
Devereux, and Douglas Purvis develop a theoretical model to
investigate effects of different fiscal policies in an open
economy. Alan C. Stockman looks at the influence of policy
anticipation in the private sector, while Lawrence H. Summers shows
the effects of differential tax policy on international
competitiveness.
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