International Macroeconomics and Finance

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Mã tài liệu: 201314

Số trang: 376

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This book grew out of my lecture notes for a graduate course in in-ternational macroeconomics and Finance that I teach at the Ohio State University. The book is targeted towards second year graduate students in a Ph.D. program. The material is accessible to those who have completed core courses in statistics, econometrics, and macroeconomic theory typically taken in the First year of graduate study. These days, there is a high level of interaction between empirical and theoretical research. This book reßects this healthy development by integrating both theoretical and empirical issues. The theory is introduced by developing the canonical model in a topic area and then its predictions are evaluated quantitatively. Both the calibration method and standard econometric methods are covered. In many of the empirical applications, I have updated the data sets from the original studies and have re-done the calculations using the Gauss programming language. The data and Gauss programs will be available for downloading from my website: www.econ.ohio-state.edu/Mark.
There are several different camps in international macroeconomics and Finance. One of the major divisions is between the use of ad hoc and optimizing models. The academic research frontier stresses the theoretical rigor and internal consistency of fully articulated general equilibrium models with optimizing agents. However, the ad hoc models that predate optimizing models are still used in policy analysis and evidently still have something useful to say. The book strikes a middle ground by providing coverage of both types of models. Some of the other divisions in the field are ßexible price versus sticky price models, rationality versus irrationality, and calibration versus statistical inference. The book gives consideration to each of these mini debates. Each approach has its good points and its bad points. Although many people feel Firmly about the particular way that research in the Field should be done, I believe that beginning students should see a balanced treatment of the different views.

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