International Macroeconomic Dynamics

Author: (USA) Stephen
Publisher:
Publish Date: 2002-01-01
Features: This book is a comprehensive summary and presentation of the academic achievements of Professor Stephen J. Turnovsky, a Ph.D. in economics. It fully reflects the author's personal academic expertise and research style. For a long time, the study of macroeconomics has almost exclusively focused on closed economies and downplayed (belittled) the role of international trade. However, researchers have recognized that without considering the global economy in which each country operates, one cannot fully understand the macroeconomic relationships of their own country. Economists are increasingly treating international trade as an integral part of the macroeconomic system and international macroeconomics has become a research-intensive field. International macroeconomic dynamics provides the widespread application of important macroeconomic dynamic models in the international economy. It adopts the main framework of contemporary macroeconomics—the representative agent model—and develops a series of increasingly complex models. The author considers both small and large economies and analyzes these economies in both deterministic and stochastic settings. This book places more emphasis on the development of analytical models, with a novel feature being the widespread application of continuous-time stochastic methods. On the other hand, the author also applies these models to a wide range of important policy issues, particularly fiscal policy issues. The author also hopes that readers will view this analysis as a blueprint for other applications.