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ROBERT C. FEENSTRA is Professor of Economics at the University of California, Davis, USA. He received his B.A. in 1977 from the University of British Columbia, Canada, and his Ph.D. in economics from MIT in 1981. Feenstra has been teaching international trade at the undergraduate and graduate levels at UC Davis since 1986, where he holds the C. Bryan Cameron Distinguished Chair in International Economics. Feenstra is a research associate of the National Bureau of Economic Research, where he directs the International Trade and Investment research program. He is the author of Offshoring in the Global Economy and Product Variety and the Gains from Trade (MIT Press, 2010). Feenstra received the Bernhard Harms Prize from the Institute for World Economics, Kiel, Germany, in 2006, and delivered the Ohlin Lectures at the Stockholm School of Economics in 2008. ALAN M. TAYLOR is Souder Family Professor of Arts and Sciences in the Department of Economics, University of Virginia, USA. He is also a research associate at the National Bureau of Economic Research (Cambridge, USA) and a research fellow at the Centre for Economic Policy Research (London, UK). He read mathematics at King's College, Cambridge UK, and received his PhD in economics from Harvard University in 1992. Prior to his appointment at UVA, he taught at both UC-Davis and Northwestern University. Taylor received the John Simon Guggenheim Memorial Fellowship in 2004, and was named a Houblon-Norman/George Fellow at the Bank of England for 2009-2010.

PART I: INTRODUCTION TO INTERNATIONAL TRADE Trade in the Global Economy PART II: PATTERNS OF INTERNATIONAL TRADE Trade and Technology: The Ricardian Model Gains and Losses from Trade in the Specific-Factors Model Trade and Resources: The Heckscher-Ohlin Model Movement of Labor and Capital between Countries PART III: NEW EXPLANATIONS FOR INTERNATIONAL TRADE Increasing Returns to Scale and Monopolistic Competition Offshoring of Goods and Services PART IV: INTERNATIONAL TRADE POLICIES Import Tariffs and Quotas under Perfect Competition Import Tariffs and Quotas under Imperfect Competition Export Subsidies in Agriculture and High-Technology Industries International Agreements: Trade, Labor, and the Environment PART V: INTRODUCTION TO INTERNATIONAL MACROECONOMICS The Global Macroeconomy PART VI: EXCHANGE RATES Introduction to Exchange Rates and the Foreign Exchange Market Exchange Rates I: The Monetary Approach in the Long Run Exchange Rates II: The Asset Approach in the Short Run PART VII: THE BALANCE OF PAYMENTS National and International Accounts: Income, Wealth, and the Balance of Payments Balance of Payments I: The Gains from Financial Globalization Balance of Payments II: Output, Exchange Rates, and Macroeconomic Policies in the Short Run PART VIII: APPLICATIONS AND POLICY ISSUES Fixed versus Floating: International Monetary Experience Exchange Rate Crises: How Pegs Work and How They Break The Euro Topics in International Macroeconomics