International Economics, the best-selling textbook in the field, is written by two of the world's preeminent economists. Both the real trade portion of the book and the monetary portion are divided into a core of chapters focused on theory, followed by chapters applying the theory to major policy questions, past and current. The Sixth Edition has been throughly revised to reflect the changes of today's global economic landscape, including the unprecedented expansion of globalization, the increasingly crucial nature of international economic relations, the gains from trade, and recent anti-globalization controversies such as the continuing debate over the optimal level of trade.
Consistent with previous editions, the text presents an integrated treatment of the Ricardian model, 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 and the income-distribution effects of trade. The book also provides a unified model of open-economy macroeconomics, based on an asset-market approach to exchange rate determination with a central role for expectations.
Paul Krugman earned his Ph.D. in economics from MIT, and has since taught at some of United States? most prestigious universities, including Yale, Stanford, MIT, and currently, Princeton University.
Krugman spent a year in the early 1980s working in the White House for the Council of Economic Advisors. He has written and edited several hundred articles and 18 internationally acclaimed books. Notably, he is recognized as a co-founder of the "new trade theory," which has been an important contribution to the fields of economics and finance.
In recognition of his achievements, Krugman was awarded the John Bates Clark medal in 1991.
Maurice Obstfeld specialized in mathematics in Cambridge University and went on to MIT, where he attained his Ph.D. in economics. He has since held faculty positions at Columbia University and the University of Pennsylvania and currently, is the class of 1958 Professor of Economics at the University of California, Berkeley.
Obstfeld has authored numerous articles and highly influential books. In view of his prominence in the fields of economics and finance, he has served as consultant for the World Bank, as participant in the European Commission Study Group on the impact of the Euro on capital markets, and most recently as the honorary advisor for the Institute of Economic and Monetary Studies, Bank of Japan.
I. INTERNATIONAL TRADE THEORY.2. Labor Productivity and Comparative Advantage: The Ricardian Model.
II. INTERNATIONAL TRADE POLICY.8. The Instruments of Trade Policy.
III. EXCHANGE RATES AND OPEN-ECONOMY MACROECONOMICS.12. National Income Accounting and the Balance of Payments.
IV. INTERNATIONAL MACROECONOMIC POLICY.18. The International Monetary System, 1870-1973.