Intranational Macroeconomics
Cambridge University Press, 11/30/2000
EAN 9780521661638, ISBN10: 0521661633
Hardcover, 338 pages, 23.7 x 16.4 x 2.6 cm
Language: English
Historically, the study of international trade and finance has focused on the movements of goods and capital between nations. But as countries are becoming more integrated, the macroeconomic role of national borders is diminished. The approach that researchers have recently adopted to further our understanding of how economic interactions between nations will evolve as national borders decline in importance is to analyze economic interactions within a country (i.e., 'intranational macroeconomics'). This book brings the intranational macroeconomics literature into clearer focus by collecting the strands of research into a common thread. Each chapter attempts to answer the following two questions: first, what contributions do national borders make to our understanding of macroeconomics? Second, how will these contributions change as the world becomes more integrated?
Introduction
Part I. Financial and Goods Market Integration
1. Intranational versus international saving-investment comovements Eric van Wincoop
2. International and intranational risk sharing Gregory D. Hess and Mario Crucini
3. Interregional and international credit market integration Bent E. Sorenson and Oved Yosha
4. Home bias in equity markets
international and intranational evidence Gur Huberman
5. Relative price volatility
what role does the border play? Charles Engel and John Rogers
6. (Why) do borders matter for trade? Holger Wolf
Part II. Business Cycles and Growth
7. Income dynamics in regions and countries Paul Evans
8. Intranational labor migration, business cycles and growth Antonio Fatas
9. The sources of fluctuations within and across countries Todd Clark and Kwanho Shin
Part III. Fiscal and Monetary Policy
10. Regional non-adjustment and fiscal policy Maurice Obstfeld and Fabrizio Peri
11. Fiscal policy and intranational risk sharing Juergen von Hagen
12. Do local banks matter for the local economy? In search of a regional credit channel Sandra Hanson and Chris Waller.