Essays in Macroeconomics of an Open Economy

  • Franz Gehrels

Part of the Lecture Notes in Economics and Mathematical Systems book series (LNE, volume 362)

Table of contents

  1. Front Matter
    Pages N1-VII
  2. Franz Gehrels
    Pages 1-4
  3. Franz Gehrels
    Pages 5-20
  4. Franz Gehrels
    Pages 45-71
  5. Franz Gehrels
    Pages 97-121
  6. Franz Gehrels
    Pages 122-142
  7. Franz Gehrels
    Pages 156-174
  8. Back Matter
    Pages 175-186

About this book


The large aggregates in the economy - consumption, investment, production of the domestic and the international sectors, international capital flows, financial accumulation and indebtedness - are analysed in this book as problems in time-optimisation for enterprises and households. The effects of fiscal and monetary policies along with exchange-rate variation are examined, and their simultaneous use for stabilizing demand are found to be necessary. All household decisions on consumptions, savings, and financial disposition are conditioned by uncertainty, and similarly for firms, who make more complex simultaneous decisions on production, real investment, financing, and market strategy. The marginal efficiency-of-investment function derived from these decisions is fundamentally different from the marginal productivity of capital in the neoclassical sense. An economy which grows through the accumulation of capital, increase in labor supply, and technological progress is the framework in which all of these variables move. This codetermines the allocation of factors between domestic and international production, and the development of foreign trade. The growth both of the public debt and of international investment are treated in depth.


Growth Inflation Macroeconomics Makroökonomie Open Economy Volkswirtschaft Wachstum production

Authors and affiliations

  • Franz Gehrels
    • 1
  1. 1.Seminar für Internationale WirtschaftsbeziehungenUniversität MünchenMünchen 22Germany

Bibliographic information

  • DOI
  • Copyright Information Springer-Verlag Berlin Heidelberg 1991
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-540-54074-8
  • Online ISBN 978-3-642-95659-1
  • Series Print ISSN 0075-8442
  • Buy this book on publisher's site
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