International Economics: Theory and Policy
Both the real trade and the monetary sections of this book are divided into a core of chapters focused on theory, followed by chapters applying the theory to major policy questions, past and contemporary. The text presents an integrated treatment of Ricardian, specific factors, factor endowments, and imperfect competition models of trade, along with in-depth analysis of empirical evidence. It covers the effects and causes of trade policy, including strategic trade policy, focusing on the income-distribution effects of trade. It aims to provide a unified model of open-economy macroeconomics based on an asset-market approach to exchange rate determination with a central role for expectations.
International Trade Theory
Specific Factors and Income Distribution
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aggregate demand analysis balance of payments capital central bank Chapter cheese comparative advantage consumers consumption cost country's current account deficit demand curve depreciation developing countries dollar economies of scale economists economy's effect employment equal equation equilibrium euro deposits European example expected factors of production fall Figure fiscal fixed exchange rate floating foreign currency foreign exchange market free trade gains from trade growth Home Home's increase industry inflation interest parity interest parity condition interest rate international economics international trade investment Japan long-run lower macroeconomic marginal product monetary policy money demand money supply monopolistic competition nontraded number of firms output percent price level price of cloth problem production possibility frontier purchase ratio real exchange rate real money real wage relative demand relative price relative supply reserves result rise sector sell shift shows tariff terms of trade theory trade policy U.S. dollar United wage rate wine workers