The Open Economy Macromodel: Past, Present and Future

1. Front Matter

   Pages i-xviii

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2. Past

   1. Front Matter

      Pages 17-17

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3. Notes on the Development of the International Macroeconomic Modell

   1. Notes on the Development of the International Macroeconomic Modell

      • Robert Mundell

      Pages 1-16

4. Past

   1. Front Matter

      Pages 17-17

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   2. The Two Monetary Approaches to the Balance of Payments: Keynesian and Johnsonian

      • Jaques J. Polak, Yakir Plessner

      Pages 19-47

   3. Long-Term Fluctuations of Real Exchange Rates with Emphasis on those Caused by Inflation

      • Peter Bernholz, Nissan Liviatan

      Pages 50-72

   4. Why White, Not Keynes? Inventing the Post-War International Monetary System

      • James M. Boughton, D. E. Moggridge

      Pages 73-102

   5. Struggling with the Impossible: Sterling, the Balance of Payments and British Economic Policy, 1949–72

      • Roger Middleton, David Laidler

      Pages 103-159

   6. The Adam Klug Memorial Lecture: Haberler Versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods?

      • Michael D. Bordo, Harold James, Peter B. Kenen

      Pages 161-186

5. Present

   1. Front Matter

      Pages 187-187

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   2. Optimum Currency Areas and Key Currencies

      • Ronald McKinnon, Peter B. Kenen

      Pages 189-219

   3. Designing EU-US Atlantic Monetary Relations: The Impact of Exchange Rate Variability on Labor Markets on both Sides of the Atlantic

      • Ansgar Belke, Daniel Gros, Leo Kaas, Joshua Aizenman

      Pages 221-250

   4. The Open Economy Macromodel: Interactions between Theoretical Developments and Real-World Behavior

      • Marina v. N. Whitman, M. June Flanders

      Pages 251-272

6. Future

   1. Front Matter

      Pages 273-273

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   2. Asset Prices, the Real Exchange Rate, and Unemployment in a Small Open Economy: A Medium-Run Structuralist Perspective

      • Hian Teck Hoon, Edmund S. Phelps, Elise Brezis

      Pages 275-288

   3. Do We Need a Reform of the International Monetary Institutions After the Asian Crises? Some Preliminary Suggestions Using Constitutional Economics

      • Friedrich Schneider, Benjamin Bental

      Pages 289-307

   4. The Architecture and Future of the International Monetary System

      • Dominick Salvatore, Marina v. N. Whitman

      Pages 309-333

7. Back Matter

   Pages 335-342

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The impetus for the conference that was the basis for this volume emanated from the influence of two brilliant minds-Egon Sohmen and Adam Klug, who both died at an early age, leaving their families and the professions of economics and economic history with major voids. In the course of research on the origins of Open Economy Macroeconomics, the significant contributions of Egon Sohmen came to the fore. After correspondence with some of those involved in the early development of the Open Economy Macromodel, we turned to Adam Klug for his views on the matter-as he had dealt with the history of intertemporal trade models in his Ph. D. thesis. And it was Adam who suggested the idea of a conference bringing together economists and economic historians. At this point we want to acknowledge the very generous grant from the Egon Sohmen Foundation and the active participation of Dr. Helmut Sohmen and Mrs. Renee Sohmen at the conference. We also want to thank Prof. Sir Aaron Klug, Nobel Laureate, and the Klug family for their support and the financial contribution of the Adam Klug Memorial Lecture Fund at Ben Gurion University. Other institutions that contributed to the conference were the Gianni Foundation; Bank of Israel; University of North Carolina; Department of Economics, Faculty of Social Science and Aharon Meir Center for Banking, Bar Ilan University; Department of Economics and Faculty of Social Science, Ben-Gurion University of the Negev.

• Bretton Woods
• Inflation
• Keynes
• economic policy
• labor market
• macroeconomics
• unemployment

• Ben-Gurion University of the Negev, Beer-Sheva, Israel

  Arie Arnon

• Bar-Ilan University, Ramat-Gan, Israel

  Warren Young

Policies and ethics