《汇率与国际金融》第四版 Copeland

书籍推荐 · 发表于 2019-3-11 16:04:26

《汇率与国际金融》第四版 Copeland 《汇率与国际金融》第四版 Copeland- 一起下吧

Preface to the fourth edition x
Publishers’ acknowledgements xii
1 Introduction 1
Introduction 1
1.1 What is an exchange rate? 3
1.2 The market for foreign currency 11
1.3 Balance of payments 18
1.4 DIY model 22
1.5 Exchange rates since World War II: a brief history 23
1.6 Overview of the book 33
Summary 34
Reading guide 35
Notes 36
Part I THE INTERNATIONAL SETTING 41
2 Prices in the open economy: purchasing power parity 43
Introduction 43
2.1 The law of one price in the domestic economy 44
2.2 The law of one price in the open economy 51
2.3 A digression on price indices 56
2.4 Purchasing power parity 59
2.5 Purchasing power parity – the facts at a glance 65
H 2.6 Purchasing power parity extensions 68
H 2.7 Empirical research 73
2.8 Conclusions 74
Summary 76
Reading guide 77
Notes 78
3 Financial markets in the open economy 81
Introduction 81
3.1 Uncovered interest rate parity 82
3.2 Covered interest rate parity 90
3.3 Borrowing and lending 92
3.4 Covered interest rate parity – the facts 96
3.5 Efficient markets – a first encounter 97
H 3.6 PPP revisited 100
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一起下吧 www.yqdaw.com
Summary 104
Reading guide 105
Notes 105
4 Open economy macroeconomics 109
Introduction 109
4.1 IS–LM model of aggregate demand 110
4.2 Aggregate supply 132
4.3 Conclusions 137
Summary 138
Reading guide 139
Notes 139
Part II EXCHANGE RATE DETERMINATION 143
5 Flexible prices: the monetary model 145
Introduction 145
5.1 The simple monetary model of a floating exchange rate 146
5.2 The simple monetary model of a fixed exchange rate 154
5.3 Interest rates in the monetary model 163
5.4 The monetary model as an explanation of the facts 165
5.5 Conclusions 169
Summary 169
Reading guide 170
Notes 170
6 Fixed prices: the Mundell–Fleming model 172
Introduction 172
6.1 Setting 173
6.2 Equilibrium 176
6.3 Monetary expansion with a floating exchange rate 177
6.4 Fiscal expansion with a floating exchange rate 178
6.5 Monetary expansion with a fixed exchange rate 180
6.6 Fiscal expansion with a fixed exchange rate 182
6.7 The monetary model and the Mundell–Fleming model compared 183
6.8 Evidence 187
6.9 Conclusions 188
Summary 188
Reading guide 188
Notes 189
7 Sticky prices: the Dornbusch model 191
Introduction 191
7.1 Outline of the model 192
7.2 Monetary expansion 197
H 7.3 A formal explanation 201
7.4 Oil and the UK economy 205
H 7.5 Empirical tests: the Frankel model 211
7.6 Conclusions 212
Summary 213
Reading guide 214
Notes 214
8 Portfolio balance and the current account 216
Introduction 216
8.1 Specification of asset markets 217
8.2 Short-run equilibrium 221
8.3 Long-run and current account equilibrium 226
8.4 Evidence on portfolio balance models 228
8.5 Conclusions 233
Summary 233
Reading guide 234
Notes 234
9 Currency substitution 236
Introduction 236
9.1 The model 237
9.2 Evidence on currency substitution 244
9.3 Conclusions 245
Summary 246
Reading guide 246
Notes 247
H10 General equilibrium models 249
Introduction 249
10.1 The Redux model 251
10.2 Extensions of Redux 269
10.3 Evidence 272
10.4 Conclusions 273
Summary 274
Reading guide 275
Notes 275
Appendix 10.1: Derivation of price index (Equation 10.2) 277
Appendix 10.2: Derivation of household demand (Equations 10.6 and 10.6′) 279
Appendix 10.3: Log linearization of model solution (Equations L1–L4) 279
Appendix 10.4: Sticky prices 281
11 Optimum currency areas and monetary union 282
Introduction 282
11.1 Benefits of monetary union 285
11.2 Costs of monetary union 290
11.3 Other considerations 293
11.4 Currency boards 303
11.5 Conclusions 305
Summary 306
Reading guide 307
Part III A WORLD OF UNCERTAINTY 313
12 Market efficiency and rational expectations 315
Introduction 315
12.1 Mathematical expected value 316
12.2 Rational expectations 319
12.3 Market efficiency 322
12.4 Unbiasedness 324
12.5 The random walk model 325
12.6 Testing for efficiency: some basic problems 327
12.7 Spot and forward rates: background facts 328
12.8 Results 330
12.9 Conclusions 333
Summary 334
Reading guide 335
Notes 335
13 The ‘news’ model and exchange rate volatility 339
Introduction 339
13.1 The ‘news’ model: a simple example 340
H 13.2 The monetary model revisited 342
13.3 Testing the ‘news’ 348
13.4 Results 352
H 13.5 Volatility tests, bubbles and the peso problem 354
13.6 Conclusions 359
Summary 359
Reading guide 360
Notes 361
14 The risk premium 363
Introduction 363
14.1 Assumptions 364
14.2 A simple model of the risk premium: mean-variance analysis 365
H 14.3 A general model of the risk premium 368
14.4 Evidence of the risk premium 374
14.5 Conclusions 375
Summary 375
Reading guide 376
Notes 376
Appendix 14.1 378
Part IV FIXED EXCHANGE RATES 379
15 A certain uncertainty: non-linearity, cycles and chaos 381
Introduction 381
15.1 Deterministic versus stochastic models 382
15.2 A simple non-linear model 383
15.3 Time path of the exchange rate 385
15.4 Chaos 398
15.5 Evidence 403
15.6 Conclusions 407
Summary 409
Reading guide 409
Notes 410
16 Target zones 413
Introduction 413
16.1 What is a target zone? 415
16.2 Effect of target zones 416
16.3 Smooth pasting 420
H 16.4 An option interpretation 422
16.5 A honeymoon for policymakers? 432
16.6 Beauty and the beast: the target zone model meets the facts 433
16.7 Intramarginal interventions: leaning against the wind 435
16.8 Credibility and realignment prospects 438
16.9 Conclusions 439
Summary 440
Reading guide 441
Notes 441
Appendix 16.1 442
17 Crises and credibility 444
Introduction 444
17.1 First generation model 445
17.2 Second generation crisis models 453
17.3 Third generation models 462
17.4 Conclusions 468
Summary 469
Reading guide 470
Notes 470
Part V CONCLUSIONS 473
18 Conclusions 475
18.1 Summary of the book 475
18.2 Where do we go from here? 477
Notes 481
Appendix: list of symbols 482
Bibliography 484
Index 492

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书籍推荐 · 发表于 2019-3-25 05:04:44

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《汇率与国际金融》 第四版 Copeland

《汇率与国际金融》第四版 Copeland