Macroeconomic Policy Analysis: Open Economies with Quantity Constraints

Michael P. Amos

doi:10.1017/CBO9780511571862

This book introduces the concept of public sector rationing in asset markets and provides a non-Walrasian approach to macroeconomic policy analysis. The detailed treatment of credit rationing regimes makes this work particularly relevant to economies where the interest rate is regulated. Other topics covered include the disaggregation of the government into the treasury and the central bank, the specification behavior of households, firms, and the central bank as intertemporal optimizers. The book provides models that can be easily extended to take into account both institutional and economic structures of all economies and the particular needs of the policy analysts before empirical implementation.

"This book is a gem, and should have a large impact on the profession. I myself have been returning to an old interest of mine--incorporating financial and macroeconomic considerations into computable general equilibrium models. After an exhaustive survey of the relevant literature, I find the framework proposed in this book the most useful." Irma Adelman, University of California, Berkeley

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Macroeconomic Policy Analysis

Open Economies with Quantity Constraints

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Contents

Frontmatter
pp i-vi

Contents
pp vii-viii

List of tables
pp ix-x

Preface
pp xi-xii

Acknowledgments
pp xiii-xiv

1 - Introduction and background
pp 1-7

2 - Firms rationed in the credit market
pp 8-20

3 - Households rationed in the credit market
pp 21-27

4 - Households and firms rationed in the credit market
pp 28-34

5 - Central-bank portfolio selection and stabilization policies
pp 35-51

6 - Summary
pp 52-60

Appendix: Monetary and fiscal policies with a flexible interest rate
pp 61-64

Selected bibliography
pp 65-68

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Open Economies with Quantity Constraints

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