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Open Economy Macroeconomics

In: The Economics of Foreign Exchange and Global Finance

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  • Peijie Wang

    (University of Hull, Business School)

Abstract

The balance of payments examined in the previous chapter is an extension of national accounts in a closed economy to national accounts with an external sector, and deals specifically with the external sector. Therefore, this chapter extends the basic IS-LM analytical framework for a closed economy through incorporating the balance of payments into IS-LM analysis in an open economy, which is particularly helpful and relevant to the Mundell-Fleming model of foreign exchange rate determination, to be introduced in the following chapter. Various assumptions on the attributes of prices adopted by different models for exchange rate determination are presented, providing a background for the study of these models in the later chapters.

Suggested Citation

  • Peijie Wang, 2009. "Open Economy Macroeconomics," Springer Books, in: The Economics of Foreign Exchange and Global Finance, chapter 5, pages 1-18, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-00100-0_5
    DOI: 10.1007/978-3-642-00100-0_5
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    Cited by:

    1. Bossone, Biagio, 2019. "The portfolio theory of inflation and policy (in)effectiveness," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 13, pages 1-25.

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