International Monetary Economics [Hardcover]

Bennett T. McCallum (Author)

Book Description

ISBN-10: 0195094948 | ISBN-13: 978-0195094947 | Publication Date: January 25, 1996

International Monetary Economics presents a brief introduction to the major topics of the subject area together with an analytical framework that is designed to facilitate a better understanding of international monetary economics. The text concentrates on concepts and relationships involving exchange rates and balance-of-payments magnitudes; the construction and manipulation of a small but versatile model of exchange rate and balance-of-payments behavior; and the description of current and prospective arrangements for multicountry cooperation in Europe and elsewhere. These broad topics are arranged in three main parts. In Part I the author presents basic concepts and a historical perspective on the US and global economy, with emphasis on the evolution of international monetary institutions since 1800. Part II introduces the basic analytical model -- usable with fixed and floating exchange rates, in which capital mobility is complete, real exchange rates are variable, and investment spending is endogenous. In addition, there is a relatively long chapter devoted to dynamic analysis with rational expectations. And finally, Part III contains three chapters on policy, including a full chapter on the European Monetary System, making this text ideal for both economic and finance courses that specifically focus on international economics.

Editorial Reviews

About the Author

Bennett T. McCallum is at Carnegie Mellon University.

Product Details

• Hardcover: 280 pages
• Publisher: Oxford University Press, USA (January 25, 1996)
• Language: English
• ISBN-10: 0195094948
• ISBN-13: 978-0195094947
• Product Dimensions: 9.5 x 6.4 x 0.9 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 1.8 out of 5 stars  See all reviews (4 customer reviews)
• Amazon Best Sellers Rank: #856,829 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

6 of 7 people found the following review helpful:

4.0 out of 5 stars Very useful book, March 6, 2000

By A Customer

This review is from: International Monetary Economics (Hardcover)

This book is a very useful text for an introductory international monetary economics class (first year graduates). It covers a good range of topics and while being good on intuition it conveys almost all basic messages with one work horse model. It is easy for students to see how a change in assumptions, expressed by little modifications of the basic model, leads to very different results. Maybe the sticky price model (Dornbusch overshooting) could be explained a little more clearly. As it is introductory, it does not cover later or latest developments (sunspots, portfolio asset model, bubbles etc.). Moreover, being an American text it does not cover interesting developments and policy issues such as European Monetary Union or international currency crises. But you can't cover everything! I use the book for my introductory class together with Gaertner, Macroeconomics under flexible exchange rates,2000, and other material. Students like it.

2 of 5 people found the following review helpful:

1.0 out of 5 stars This book makes basic economics overly confusing, November 16, 1999

By A Customer

This review is from: International Monetary Economics (Hardcover)

Throughout his book, Bennett McCallum uses obscure language and inconsistent notation. Basic concepts are not presented in a clear and understandable manner. This entire book reads like an academic paper not a textbook.

2 of 5 people found the following review helpful:

1.0 out of 5 stars Too many typos and difficult to understand., November 11, 1998

By A Customer

This review is from: International Monetary Economics (Hardcover)

I am in Professor McCallum's course on International Money & Finance and as a student who must read this book, I find it very difficult to read. If that is not enough, there are a significant amount of typographical errors.