Open Economy Macrodynamics An Integrated Disequilibrium Approach
In the first part of this book, we treat interacting and small open economies. We do this from an historical perspective, starting from the Classical model of the gold standard and the specie-flow mechanism and aim to show there that the Dornbusch IS-LM-P
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Springer-Verlag Berlin Heidelberg GmbH
Toichiro Asada . Carl Chiarella Peter Flaschel . Reiner Franke
Open Economy Macro dynamics An Integrated Disequilibrium Approach
,
Springer
Professor Dr. Toichiro Asada Chuo University Tokyo Faculty of Economics 742-1 Higashinakano, 192-0393 Tokyo, Japan Professor Dr. Cari Chiarella University of Technology, Sydney School of Finance and Economics P.O.BOXI23 Broadway NSW 2007, Australia Professor Dr. Peter Flaschel University of Bielefeld Department of Economics Universitătsstra6e 25
33615
Bielefeld, Germany
PD Dr. Reiner Franke University of Bremen Department of Economics 28334 Bremen, Germany
ISBN 978-3-642-07274-1 ISBN 978-3-540-24793-7 (eBook) DOI 10.1007/978-3-540-24793-7 Cataloging-in-Publication Data applied for A catalog record for tbis book is available from tbe Library of Congress. Bibliographic information published by Die Deutsche Bibliotbek Die Deutsche Bibliothek lists tbis publication in tbe Deutsche Nationalbibliografie; detailed bibliographic data available in tbe internet at http.l/dnb.ddb.de This work is subject to copyright. AII rights are reserved, whetber the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any otber way, and storage in data banks. Duplication of tbis publication or parts tbereof is permitted only under tbe provisions of the German Copyright Law of September 9, 1965, in ilS current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under tbe German Copyright Law.
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Originally published by Springer-Verlag Berlin Heidelberg in
2.003
Softcover reprint of the hardcover lst edition 2.003 The use of general descriptive names, registered names, trademarks, etc. in tbis publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and tberefore free for general use. Cover design: Erich Kirchner, Heidelberg
Foreword Applied economists, especially those in the policy area, often are frustrated by the unbridged (and for the most part, seemingly unbridgeable) gap between theory and practice. Thirty years ago this chasm presented itself as the gulf between 'high' theory in macro, micro and growth on the one hand, and the abundant but naive regressions that supposedly made these theories practical, on the other. Continuing rapid growth in economic theory has widened the gap. Closing it requires parts of the bridge to be erected from both sides of the ravine. Carl Chiarella and Peter Flaschel have been working together on macrodynamics for the last decade. This is the third book to grow out of their collaboration. Coming from the theory side of the gap, they have kept in mind where they are headed. Thus there is extensive material in this volume and in their earlier work aimed at relating the dyna
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