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International Economics: Theory and Policy

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Author: Steve Suranovic Categoy: Divers Pages: 240 Language: English   Table of Contents About the Author Acknowledgments Preface Chapter 1: Introductory Trade Issues: History, Institutions, and Legal Framework ◦The International Economy and International Economics ◦Understanding Tariffs ◦Recent Trade Controversies ◦The Great Depression, Smoot-Hawley, and the Reciprocal Trade Agreements Act (RTAA) ◦The General Agreement on Tariffs and Trade (GATT) ◦The Uruguay Round ◦The World Trade Organization ◦Appendix A: Selected U.S. Tariffs—2009 ◦Appendix B: Bound versus Applied Tariffs Chapter 2: The Ricardian Theory of Comparative Advantage ◦The Reasons for Trade ◦The Theory of Comparative Advantage: Overview ◦Ricardian Model Assumptions ◦The Ricardian Model Production Possibility Frontier ◦Definitions: Absolute and Comparative Advantage ◦A Ricardian Numerical Example ◦Relationship between Prices and Wages ◦Deriving the Autarky Terms of Trade ◦The Motivation for International Trade and Specialization ◦Welfare Effects of Free Trade: Real Wage Effects ◦The Welfare Effects of Free Trade: Aggregate Effects ◦Appendix: Robert Torrens on Comparative Advantage Chapter 3: The Pure Exchange Model of Trade ◦A Simple Pure Exchange Economy ◦Determinants of the Terms of Trade ◦Example of a Trade Pattern ◦Three Traders and Redistribution with Trade ◦Three Traders with International Trade ◦The Nondiscrimination Argument for Free Trade Chapter 4: Factor Mobility and Income Redistribution ◦Factor Mobility Overview ◦Domestic Factor Mobility ◦Time and Factor Mobility ◦Immobile Factor Model Overview and Assumptions ◦The Production Possibility Frontier in the Immobile Factor Model ◦Autarky Equilibrium in the Immobile Factor Model ◦Depicting a Free Trade Equilibrium in the Immobile Factor Model ◦Effect of Trade on Real Wages ◦Intuition of Real Wage Effects ◦Interpreting the Welfare Effects ◦Aggregate Welfare Effects of Free Trade in the Immobile Factor Model Chapter 5: The Heckscher-Ohlin (Factor Proportions) Model ◦Chapter Overview ◦Heckscher-Ohlin Model Assumptions ◦The Production Possibility Frontier (Fixed Proportions) ◦The Rybczynski Theorem ◦The Magnification Effect for Quantities ◦The Stolper-Samuelson Theorem ◦The Magnification Effect for Prices ◦The Production Possibility Frontier (Variable Proportions) ◦The Heckscher-Ohlin Theorem ◦Depicting a Free Trade Equilibrium in the Heckscher-Ohlin Model ◦National Welfare Effects of Free Trade in the Heckscher-Ohlin Model ◦The Distributive Effects of Free Trade in the Heckscher-Ohlin Model ◦The Compensation Principle ◦Factor-Price Equalization ◦The Specific Factor Model: Overview ◦The Specific Factor Model ◦Dynamic Income Redistribution and Trade Chapter 6: Economies of Scale and International Trade ◦Chapter Overview ◦Economies of Scale and Returns to Scale ◦Gains from Trade with Economies of Scale: A Simple Explanation ◦Monopolistic Competition ◦Model Assumptions: Monopolistic Competition ◦The Effects of Trade in a Monopolistically Competitive Industry ◦The Costs and Benefits of Free Trade under Monopolistic Competition Chapter 7: Trade Policy Effects with Perfectly Competitive Markets ◦Basic Assumptions of the Partial Equilibrium Model ◦Depicting a Free Trade Equilibrium: Large and Small Country Cases ◦The Welfare Effects of Trade Policies: Partial Equilibrium ◦Import Tariffs: Large Country Price Effects ◦Import Tariffs: Large Country Welfare Effects ◦The Optimal Tariff ◦Import Tariffs: Small Country Price Effects ◦Import Tariffs: Small Country Welfare Effects ◦Retaliation and Trade Wars ◦Import Quotas: Large Country Price Effects ◦Administration of an Import Quota ◦Import Quota: Large Country Welfare Effects ◦Import Quota: Small Country Price Effects ◦Import Quota: Small Country Welfare Effects ◦The Choice between Import Tariffs and Quotas ◦Export Subsidies: Large Country Price Effects ◦Export Subsidies: Large Country Welfare Effects ◦Countervailing Duties ◦Voluntary Export Restraints (VERs): Large Country Price Effects ◦Administration of a Voluntary Export Restraint ◦Voluntary Export Restraints: Large Country Welfare Effects ◦Export Taxes: Large Country Price Effects ◦Export Taxes: Large Country Welfare Effects Chapter 8: Domestic Policies and International Trade ◦Chapter Overview ◦Domestic Production Subsidies ◦Production Subsidies as a Reason for Trade ◦Production Subsidy Effects in a Small Importing Country ◦Domestic Consumption Taxes ◦Consumption Taxes as a Reason for Trade ◦Consumption Tax Effects in a Small Importing Country ◦Equivalence of an Import Tariff with a Domestic (Consumption Tax plus Production Subsidy) Chapter 9: Trade Policies with Market Imperfections and Distortions ◦Chapter Overview ◦Imperfections and Distortions Defined ◦The Theory of the Second Best ◦Unemployment and Trade Policy ◦The Infant Industry Argument and Dynamic Comparative Advantage ◦The Case of a Foreign Monopoly ◦Monopoly and Monopsony Power and Trade ◦Public Goods and National Security ◦Trade and the Environment ◦Economic Integration: Free Trade Areas, Trade Creation, and Trade Diversion Chapter 10: Political Economy and International Trade ◦Chapter Overview ◦Some Features of a Democratic Society ◦The Economic Effects of Protection: An Example ◦The Consumers’ Lobbying Decision ◦The Producers’ Lobbying Decision ◦The Government’s Decision ◦The Lobbying Problem in a Democracy Chapter 11: Evaluating the Controversy between Free Trade and Protectionism ◦Introduction ◦Economic Efficiency Effects of Free Trade ◦Free Trade and the Distribution of Income ◦The Case for Selected Protection ◦The Economic Case against Selected Protection ◦Free Trade as the “Pragmatically Optimal” Policy Choice Chapter 12: Introductory Finance Issues: Current Patterns, Past History, and International Institutions ◦GDP, Unemployment, Inflation, and Government Budget Balances ◦Exchange Rate Regimes, Trade Balances, and Investment Positions ◦Business Cycles: Economic Ups and Downs ◦International Macroeconomic Institutions: The IMF and the World Bank Chapter 13: National Income and the Balance of Payments Accounts ◦National Income and Product Accounts ◦National Income or Product Identity ◦U.S. National Income Statistics (2007–2008) ◦Balance of Payments Accounts: Definitions ◦Recording Transactions on the Balance of Payments ◦U.S. Balance of Payments Statistics (2008) ◦The Twin-Deficit Identity ◦International Investment Position Chapter 14: The Whole Truth about Trade Imbalances ◦Overview of Trade Imbalances ◦Trade Imbalances and Jobs ◦The National Welfare Effects of Trade Imbalances ◦Some Further Complications ◦How to Evaluate Trade Imbalances Chapter 15: Foreign Exchange Markets and Rates of Return ◦The Forex: Participants and Objectives ◦Exchange Rate: Definitions ◦Calculating Rate of Returns on International Investments ◦Interpretation of the Rate of Return Formula ◦Applying the Rate of Return Formulas Chapter 16: Interest Rate Parity ◦Overview of Interest Rate Parity ◦Comparative Statics in the IRP Theory ◦Forex Equilibrium with the Rate of Return Diagram ◦Exchange Rate Equilibrium Stories with the RoR Diagram ◦Exchange Rate Effects of Changes in U.S. Interest Rates Using the RoR Diagram ◦Exchange Rate Effects of Changes in Foreign Interest Rates Using the RoR Diagram ◦Exchange Rate Effects of Changes in the Expected Exchange Rate Using the RoR Diagram Chapter 17: Purchasing Power Parity ◦Overview of Purchasing Power Parity (PPP) ◦The Consumer Price Index (CPI) and PPP ◦PPP as a Theory of Exchange Rate Determination ◦Problems and Extensions of PPP ◦PPP in the Long Run ◦Overvaluation and Undervaluation ◦PPP and Cross-Country Comparisons Chapter 18: Interest Rate Determination ◦Overview of Interest Rate Determination ◦Some Preliminaries ◦What Is Money? ◦Money Supply Measures ◦Controlling the Money Supply ◦Money Demand ◦Money Functions and Equilibrium ◦Money Market Equilibrium Stories ◦Effects of a Money Supply Increase ◦Effect of a Price Level Increase (Inflation) on Interest Rates ◦Effect of a Real GDP Increase (Economic Growth) on Interest Rates ◦Integrating the Money Market and the Foreign Exchange Markets ◦Comparative Statics in the Combined Money-Forex Model ◦Money Supply and Long-Run Prices Chapter 19: National Output Determination ◦Overview of National Output Determination ◦Aggregate Demand for Goods and Services ◦Consumption Demand ◦Investment Demand ◦Government Demand ◦Export and Import Demand ◦The Aggregate Demand Function ◦The Keynesian Cross Diagram ◦Goods and Services Market Equilibrium Stories ◦Effect of an Increase in Government Demand on Real GNP ◦Effect of an Increase in the U.S. Dollar Value on Real GNP ◦The J-Curve Effect Chapter 20: The AA-DD Model ◦Overview of the AA-DD Model ◦Derivation of the DD Curve ◦Shifting the DD Curve ◦Derivation of the AA Curve ◦Shifting the AA Curve ◦Superequilibrium: Combining DD and AA ◦Adjustment to the Superequilibrium ◦AA-DD and the Current Account Balance Chapter 21: Policy Effects with Floating Exchange Rates ◦Overview of Policy with Floating Exchange Rates ◦Monetary Policy with Floating Exchange Rates ◦Fiscal Policy with Floating Exchange Rates ◦Expansionary Monetary Policy with Floating Exchange Rates in the Long Run ◦Foreign Exchange Interventions with Floating Exchange Rates Chapter 22: Fixed Exchange Rates ◦Overview of Fixed Exchange Rates ◦Fixed Exchange Rate Systems ◦Interest Rate Parity with Fixed Exchange Rates ◦Central Bank Intervention with Fixed Exchange Rates ◦Balance of Payments Deficits and Surpluses ◦Black Markets Chapter 23: Policy Effects with Fixed Exchange Rates ◦Overview of Policy with Fixed Exchange Rates ◦Monetary Policy with Fixed Exchange Rates ◦Fiscal Policy with Fixed Exchange Rates ◦Exchange Rate Policy with Fixed Exchange Rates ◦Reserve Country Monetary Policy under Fixed Exchange Rates ◦Currency Crises and Capital Flight ◦Case Study: The Breakup of the Bretton Woods System, 1973 Chapter 24: Fixed versus Floating Exchange Rates ◦Overview of Fixed versus Floating Exchange Rates ◦Exchange Rate Volatility and Risk ◦Inflationary Consequences of Exchange Rate Systems ◦Monetary Autonomy and Exchange Rate Systems ◦Which Is Better: Fixed or Floating Exchange Rates?  

To download the book International Economics: Theory and Policy, follow this link This book is distributed under the Creative Commons  

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