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As the title suggests, a study of international macroeconomics, covers an enormous range of issues. Given such a broad area much of the literature has tended to focus on sub-divisions or has been in the form of edited volumes. In International Macroeconomics: Theory and Policy , Victor Argy has drawn the issues together to present a phenomenal, up-to-date and comprehensive coverage of the entire subject. The book has four principle objectives. The first is to describe the evolution of and experience with global exchange rate regimes. This includes a detailed description and evaluation of the gold standard regimes, the IMF system, the float and the EMS. The second objective is to introduce the reader to a detailed and rigorous analysis of open economy models. The coverage is extensive, including the Mundell-Fleming model and its many variants. These involve the well-known Dornbusch and Branson models, models with flexible wages and prices, portfolio balance models, two and three country models and models with traded and non-traded goods. There are also chapters on the New Classical contributions and an extensive review of exchange rate models.
The third aim is to aply the model framework to address key policy issues, such as desirable macro targets, the advantages and disadvantages of macro policy co-ordination and how to evaluate the global macro performance. The fourth objective is to review some country experiences of macro policy,, notably those of Thatcherism, Reaganomics, Japan, Australia and New Zealand. The style is clear, persuasive and to the point. Although the presentation is rigorous and mathematics are used extensively, they are kept as simple as possible. International Macroeconomics: Theory and Practice presents a balanced assessment of the key issues, post-Maastricht, in international open economy macroeconomics and internatioanl monetary economics.