In this paper a distinction is made between the immediate technical-financial causes that unleashed the crisis in the United States, and its macroeconomic causes, which also explain its international transmission. Two formal paradigmatic models are considered. The first is Li's formula on...

Chaotic exchange rate models are structural models built in discrete time (difference equations), and show that with orthodox assumptions (PPP, interest parity, etc.) and introducing plausible nonlinearities in the dynamic equations, it is possible to obtain a model capable of giving rise to...

Most recent theoretical research on endogenous economic growth has been conducted with continuous-time models that embody the assumption of an intertemporally optimizing representative agent. Yet virtually none of these models has been confronted with empirical data. In this paper we make use of...

This paper is a step in the direction of a larger research project aimed at determining the long run equilibrium value of the euro/dollar real exchange rate. Given this value, one could then give a precise meaning to the notion of undervaluation or overvaluation of the euro, and calculate its...

1 Methodological Problems -- 1.1 Why “Small” Models -- 1.2 Why Continuous Models -- 1.3 Plan of the Book -- 2 The Model -- 2.1 An Overwiew -- 2.2 The Single Equations -- 2.3 Steady-state, Comparative Dynamics, Stability, and Sensitivity -- 3 Empirical Results -- 3.1 Parameter Estimates --...

This collection of essays not only gives the latest developments in the theory, but with original examples shows how it is possible to implement this in real situations. All econometricians will find this book essential reading as will those concerned with macroeconomic issues who want to keep...

1 Introduction -- 2 The classical (Ricardo-Torrens) theory of comparative costs -- 3 The neoclassical theory of international trade -- 4 The Heckscher-Ohlin model -- 5 Tariffs, protection, economic integration -- 6 International trade and economic growth -- 7 Some refinements of the orthodox...

This textbook deals with all aspects of the pure theory of international trade. It is organized as two-books-in-one by ingeniously distributing the material between text (verbal and graphic treatment) and appendices (mathematical treat- ment), so that the material can be used in both undergradu-...