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Fall 2000

ISSN 0890-913X

Volume 16, Number 1

Categories: Fall 2000

The Contributions of Leland B. Yeager to International Economics

Alan A. Rabin, The University of Tennessee at Chattanooga

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TheContributionsofLelandB.YeagertoInternationalEconomicsAlanA.RabinTheUniversityofTennesseeatChattanoogaThroughouthiscareer,LelandB.Yeagerhasextendedhiscontributionstodomesticmonetarytheorytotherealmofinternationaleconomics.Whilehehaswrittenintheareaofpuretradetheory(YeagerandTuerck,1976,forexample),hismostsignificantcontributionisprobablyhisInternationalMonetaryRelations(1966,1976),alandmarkbookthatsoonbecamethestandardreferenceinthefieldofinternationalmoneyandfinance.Thispaperfocusesonthemanycontributionsofthatseminalwork.Atthetimeofpublication,Yeager'sbookwasuniqueinseveralways.First,itwashighlyunusualforabookininternationaleconomicstofocussolelyonthemonetaryaspectsofthesubject.Bythetimeofthesecondedition,amonetaryapproachtointernationaleconomicshadagainbecomefashionable.Second,hisbookisevenlydividedbetweentheoryandhistoricalnarrative.(FriedmanandSchwartz's1963narrativehadbeenpublishedonlythreeyearsearlier.)Inthelatterhalfofhistext,Yeagerprovidesahistoryoftheinternationalmonetarysysteminthetwentiethcentury.Hispurposeistofocusonthepolicylessonsthatcanbelearnedfromthehistoricalexperiencesinthelightofeconomictheory.Third,hisbookwasprobablythemostbalancedandthoroughpresentationofthecaseforfreelyfloatingexchangerates.Thefirsthalfofthebookfocusesontheautomaticadjustmentmechanismsthatoperateunderasystemofeitherfixedorfreelyfloatingexchangerates.Thesetwosystemsprovideacontrasttothesystemtheninexistence:theBrettonWoodssystemoffixedbut-adjustableexchangerates.Unliketheothertwosystems,thisonelackedanyautomaticadjustmentmechanism.Theconsequencesofthisdeficiencyaredevelopedthroughoutthebook.Theajustmentmechanismsunderfixedandfloatingrates

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Metadata [hide]

Title	The Contributions of Leland B. Yeager to International Economics
Authors/Creators:	Alan A. Rabin, The University of Tennessee at Chattanooga
Year:	2000
Volume:	16
Number:	1
Pages:	124 - 136
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles

Citation:
Rabin, Alan A. / 2000. "The Contributions of Leland B. Yeager to International Economics." The Journal of Private Enterprise, 16(1): 124-136.