International Macroeconomic Interdependence

Bergin, Paul

International Macroeconomic Interdependence

in World Scientific Books from World Scientific Publishing Co. Pte. Ltd.

Abstract: How does globalization in goods and asset markets alter the nature of economic recessions and the choices facing macroeconomic policy makers? This volume presents empirical and theoretical contributions of economist Paul Bergin to this vital question. By a number of metrics, including trade volume and price convergence, national goods markets have become more globally integrated over time. The same is true for asset markets, which today function more as a single global marketplace. Rigorous theoretical models are developed to explore how international integration in these markets provides channels by which shocks driving recession in one country can be transmitted to other countries. These theoretical concepts can shed light on the Great Recession of the last decade, which has been referred to as the first truly global recession. Theory is also brought to bear to explore how these international spillovers and the resulting international co-movement in recessions can create incentives for policy makers to coordinate their monetary and fiscal policies with each other, as they deal with the challenge of managing their national economies.

Keywords: Macroeconomics; International; Cooperation; Business Cycles; Exchange Rate; Current Account (search for similar items in EconPapers)
JEL-codes: F16 (search for similar items in EconPapers)
Date: 2017
ISBN: 9789813224599
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Chapters in this book:

Ch 1 International Macroeconomic Comovement: The Role of Globalization in Goods and Asset Markets , pp 1-28: Paul Bergin
Ch 2 Offshoring and Volatility: Evidence from Mexico’s Maquiladora Industry , pp 31-44: Paul Bergin, Robert Feenstra and Gordon Hanson
Ch 3 Volatility Due to Offshoring: Theory and Evidence , pp 45-77: Paul Bergin, Robert Feenstra and Gordon Hanson
Ch 4 Putting the “New Open Economy Macroeconomics” to a Test , pp 79-115: Paul Bergin
Ch 5 How Well Can the New Open Economy Macroeconomics Explain the Exchange Rate and Current Account? , pp 117-152: Paul Bergin
Ch 6 Pricing-to-Market, Staggered Contracts, and Real Exchange Rate Persistence , pp 155-185: Paul Bergin and Robert Feenstra
Ch 7 Endogenous Tradability and Some Macroeconomic Implications , pp 187-210: Paul Bergin and Reuven Glick
Ch 8 Productivity, Tradability, and the Long-Run Price Puzzle , pp 211-248: Paul Bergin, Reuven Glick and Alan Taylor
Ch 9 Tradability, Productivity, and International Economic Integration , pp 249-284: Paul Bergin and Reuven Glick
Ch 10 Interest Rates, Exchange Rates and Present Value Models of the Current Account , pp 287-316: Paul Bergin and Steven Sheffrin
Ch 11 Understanding International Portfolio Diversification and Turnover Rates , pp 317-339: Amir A. Amadi and Paul Bergin
Ch 12 Fiscal Solvency and Price Level Determination in a Monetary Union , pp 343-362: Paul Bergin
Ch 13 Does Exchange Rate Variability Matter for Welfare? A Quantitative Investigation of Stabilization Policies , pp 363-386: Paul Bergin, Hyung-Cheol Shin and Ivan Tchakarov
Ch 14 Measuring Monetary Policy Interdependence , pp 387-415: Paul Bergin and Oscar Jorda

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