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PAGE68Krugman/Obstfeld?InternationalEconomics:TheoryandPolicy,EighthEdition
Chapter14Money,InterestRates,andExchangeRatesPAGE69
Chapter14
Money,InterestRates,andExchangeRates
?ChapterOrganization
MoneyDefined:ABriefReview
MoneyasaMediumofExchange
MoneyasaUnitofAccount
MoneyasaStoreofValue
WhatisMoney?
HowtheMoneySupplyisDetermined
TheDemandforMoneybyIndividuals
ExpectedReturn
Risk
Liquidity
AggregateMoneyDemand
TheEquilibriumInterestRate:TheInteractionofMoneySupplyandDemand
EquilibriumintheMoneyMarket
InterestRatesandtheMoneySupply
OutputandtheInterestRate
TheMoneySupplyandtheExchangeRateintheShortRun
LinkingMoney,theInterestRate,andtheExchangeRate
U.S.MoneySupplyandtheDollar/EuroExchangeRate
Europe’sMoneySupplyandtheDollar/EuroExchangeRate
Money,thePriceLevel,andtheExchangeRateintheLongRun
MoneyandMoneyPrices
TheLong-RunEffectsofMoneySupplyChanges
EmpiricalEvidenceonMoneySuppliesandPriceLevels
MoneyandtheExchangeRateintheLongRun
InflationandExchangeRateDynamics
Short-RunPriceRigidityversusLong-RunPriceFlexibility
Box:MoneySupplyGrowthandHyperinflationinBolivia
PermanentMoneySupplyChangesandtheExchangeRate
ExchangeRateOvershooting
CaseStudy:CanHigherInflationLeadtoCurrencyAppreciation?TheImplicationsofInflationTargeting
Summary
nChapterOverview
Thischaptercombinestheforeign-exchangemarketmodelofthepreviouschapterwithananalysisofthedemandforandsupplyofmoneytoprovideamorecompleteanalysisofexchangeratedeterminationintheshortrun.Thechapteralsointroducestheconceptofthelong-runneutralityofmoneywhichallowsanexaminationofexchangeratedynamics.Theseelementsarebroughttogetherattheendofthechapterinamodelofexchangerateovershooting.
Thechapterbeginsbyreviewingtherolesplayedbymoney.Moneysupplyisdeterminedbythe
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