International Macroeconomics presents a rigorous and theoretically elegant treatment of real-world international macroeconomic problems, incorporating the latest economic research while maintaining a microfounded, optimizing, and dynamic general equilibrium approach. This one-of-a-kind textbook introduces a basic model and applies it to fundamental questions in international economics, including the determinants of the current account in small and large economies, processes of adjustment to shocks, the determinants of the real exchange rate, the role of fixed and flexible exchange rates in models with nominal rigidities, and interactions between monetary and fiscal policy. The book confronts theoretical predictions using actual data, highlighting both the power and limits of given theories and encouraging critical thinking.

Provides a rigorous and elegant treatment of fundamental questions in international macroeconomics
Brings undergraduate and master's instruction in line with modern economic research
Follows a microfounded, optimizing, and dynamic general equilibrium approach
Addresses fundamental questions in international economics, such as the role of capital controls in the presence of financial frictions and balance-of-payments crises
Uses real-world data to test the predictions of theoretical models
Features a wealth of exercises at the end of each chapter that challenge students to hone their theoretical skills and scrutinize the empirical relevance of models
Accompanied by a website with lecture slides for every chapter

Auteur

Stephanie Schmitt-Grohé is professor of economics at Columbia University. Martín Uribe is professor of economics at Columbia and the coauthor (with Stephanie Schmitt-Grohé) of Open Economy Macroeconomics (Princeton). Michael Woodford is the John Bates Clark Professor of Political Economy at Columbia and the author of Interest and Prices: Foundations of a Theory of Monetary Policy (Princeton).