文档介绍：International Macroeconomics and
Finance: Theory and Empirical Methods
Nelson C. Mark
December 12, 2000
ing, Blackwell Publishers
i
To Shirley, Laurie, and Lesli
ii
Preface
This book grew out of my lecture notes for a graduate course in in-
ternational macroeconomics and Þnance that I teach at the Ohio State
University. The book is targeted towards second year graduate stu-
dents in a . program. The material is accessible to those who have
completed core courses in statistics, econometrics, and macroeconomic
theory typically taken in the Þrst year of graduate study.
These days, there is a high level of interaction between empirical
and theoretical research. This book reßects this healthy development
by integrating both theoretical and empirical issues. The theory is in-
troduced by developing the canonical model in a topic area and then its
predictions are evaluated quantitatively. Both the calibration method
and standard econometric methods are covered. In many of the empir-
ical applications, I have updated the data sets from the original studies
and have re-done the calculations using the Gauss programming lan-
guage. The data and Gauss programs will be available for downloading
from my website: o-.
There are several different ‘camps’ in international macroeconomics
and Þnance. One of the major divisions is between the use of ad hoc
and optimizing models. The academic research frontier stresses the
theoretical rigor and internal consistency of fully articulated general
equilibrium models with optimizing agents. However, the ad hoc mod-
els that predate optimizing models are still used in policy analysis and
evidently still have something useful to say. The book strikes a middle
ground by providing coverage of both types of models.
Some of the other divisions in the Þeld are ßexible price versus sticky
price models, rationality versus irrationality, and calibration versus sta-
tistical inference. The book g