The essays brought together in this volume share a common objective: To bring a unifying methodological approach to the analysis of financial problems in developing, open economies. While the primary focus is on contemporary Latin America, the methods employed and the lessons learned are of...

Money, Capital Mobility, and Trade -- Contents -- Contributors -- Acknowledgments -- Nobel Prize Background Survey -- Introduction -- The International Effects of Monetary and Fiscal Policy in a Two- Country Model -- The Rise and Fall of a Barbarous Relic: The Role of Gold in the International...

This paper studies optimal fiscal policy in an economy where heterogeneous agents with uncertain lifetimes coexist. We show that some plausible social welfare functions lead to time-inconsistent optimal plans, and we suggest restrictions on social preferences that avoid the problem. The...

Written by Robert Mundell's academic descendants, as well as other leading economists and scholars, the essays in this volume reflect Mundell's broad influence on modern open-economy macroeconomics. The topics include the vicissitudes of gold in the international system, choice of exchange rate...