International Economics (2022)

Overview

Description

Nobel Prize winning economist Paul Krugman, renowned researcher Maurice Obstfeld, and new co-author Marc Melitzof Harvard University, continue toset the standard for International Economics courses with the text that remains the market leader in the U.S. and around the world.

International Economics: Theory and Policy is a proven approach in which each half of the book leads with an intuitive introduction to theory and follows with self-contained chapters to cover key policy applications.

MyEconLab New Design is now available for this title! MyEconLab New Design offers:

  • One Place for All of Your Courses. Improved registration experience and a single point of access for instructors and students who are teaching and learning multiple MyLab/Mastering courses.

  • A Simplified User Interface. The new user interface offers quick and easy access to Assignments, Study Plan, eText & Results, as well as additional option for course customization.

  • New Communication Tools. The following new communication tools can be used to foster collaboration, class participation, and group work.

    • Email: Instructors can send emails to their entire class, to individual students or to instructors who has access to their course.

    • Discussion Board: The discussion board provides students with a space to respond and react to the discussions you create. These posts can also be separated out into specific topics where students can share their opinions/answers and respond to their fellow classmates’ posts.

    • Chat/ ClassLive: ClassLive is an interactive chat tool that allows instructors and students to communicate in real time. ClassLive can be used with a group of students or one-on-one to share images or PowerPoint presentations, draw or write objects on a whiteboard, or send and received graphed or plotted equations. ClassLive also has additional classroom management tools, including polling and hand-raising.

  • Enhanced eText. Available within the online course materials and offline via an iPad app, the enhanced eText allows instructors and students to highlight, bookmark, take notes, and share with one another.

All end-of-chapter problems are integrated into MyEconLab—Pearson's online assessment and tutorial system. Students get instant, targeted feedback, and instructors can encourage practice without needing to grade work by hand. For more information visit MyEconLab.

Series

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MyEconLab Series

Features

Nobel Prize winning economist Paul Krugman and renowned researcher Maurice Obstfeld set the standard for International Economics courses with the text that remains the market leader in the U.S. and around the world.

International Economics: Theory and Policy is a proven approach in which each half of the book leads with an intuitive introduction to theory and follows with self-contained chapters to cover key policy applications.

MyEconLab New Design is now available for this title! MyEconLab New Design offers:

  • One Place for All of Your Courses. Improved registration experience and a single point of access for instructors and students who are teaching and learning multiple MyLab/Mastering courses.

  • A Simplified User Interface. The new user interface offers quick and easy access to Assignments, Study Plan, eText & Results, as well as additional option for course customization.

  • New Communication Tools. The following new communication tools can be used to foster collaboration, class participation, and group work.

  • Enhanced eText. Available within the online course materials and offline via an iPad app, the enhanced eText allows instructors and students to highlight, bookmark, take notes, and share with one another.

All end-of-chapter problems are integrated into MyEconLab—Pearson's online assessment and tutorial system. Students get instant, targeted feedback, and instructors can encourage practice without needing to grade work by hand. For more information visit MyEconLab.

  • The book is divided into trade and finance. Within each half, core theory chapters are followed by a series of application chapters that confront policy questions using the newest empirical work, data, and policy debates.
  • Coverage of international trade features:
    • An integrated treatment and empirical evidence of the latest models of trade, such as the gravity, Ricardian, factor endowments, and imperfect competition models.
    • A thorough discussion of the causes and effects of trade policy focuses on the income-distribution effects of trade.
    • An emphasis on the potential substitutability of international trade and international movements of factors of production in Chapter 7, featuring an analysis of international borrowing and lending as intertemporal trade–the exchange of present consumption for future consumption.
  • Coverage of international finance includes:
    • A unified model of open-economy macroeconomics that provides students with a cohesive approach to the theory, based on an asset-market approach to exchange rate determination with a central role for expectations.
    • A discussion of the international monetary experience that stresses the idea that different exchange rate systems lead to different policy coordination problems.
  • Tools to help students master the material include the following:
    • Learning Goals begin each chapter and list the essential concepts so students understand what they need to take away from each chapter.
    • Case Studies illustrate theory using real-world applications and provide important historical context.
    • Special Boxes offer vivid illustrations of points made in the text. Topics include the political backdrops of Ricardo’s and Hume’s theories; the story of Bolivian hyperinflation; and adjustments to asymmetric shocks.
    • End-of-chapter Problems, many of which cite real data or policies, range from routine computational drills to more analytical questions and problems. All end-of-chapter problems are included in MyEconLab so that instructors can assign homework without needing to grade students’ work by hand.
    • Further Reading sections end each chapter, providing annotated bibliographies of both seminal works and recent articles to make it easier to develop course syllabi and encourage students to explore the material.

New to This Edition

NEW! Marc Melitz of Harvard University joins the Krugman/Obstfeld author team in the ninth edition of International Economics: Theory & Policy.

In the ninth edition of International Economics: Theory & Policy, Krugman et al. has been thoroughly updated in terms of content and extensively revised chapters. These revisions respond both to users’ suggestions and to some important developments on the theoretical and practical sides of international economics.

The most far-reaching changes to the ninth editionare the following:

  • The specific factors model of trade is back! In response to popular demand, chapter 4 "Specific Factors and Income Distribution in the Short Run" reinstates the specific factors model of trade. This model provides a simple and intuitively appealing account of why countries trade and for illustrating how trade creates clear losers as well as winners. Chapter 4 also covers international labor movements and immigration within a theoretical framework.

  • Expanded coverage of the effects on wage inequality of North-South trade, of technological change, and of outsourcing in Chapter 5, "Resources and Trade: The Heckscher-Ohlin Model".

  • NEW! Coverage of important recent research advances on the role of firms in international trade can be found in Chapter 8, "Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises. Among the topics featured are new models with performance differences across firms, discussion of how economic integration generates both winners and losers among firms in the same industry, and the productivity gains from economic integration. The chapter also develops models of multinational firms and of outsourcing.
  • Updated treatment of the effects of trade restrictions on United States firms can be found in Chapter 9, "The Instruments of Trade Policy"

  • Therecommendations in the sixth edition of the IMF's Balance of Payments and International InvestmentPosition Manualhas been reflected in this ninth edition! You will find these recommendations inKrugman et al'sthoroughly revised Chapter 13, "National Income Accounting and the Foreign Exchange Market". These conventions set forth by the IMF have been widely adopted internationally and will be phased in over the next few years in the official United States statistics on international transations.

  • Would you like to introduce the topic of "unconventional" monetary policies in your international economics class? NEW! Krugman et al's Chapter 18, "Fixed Exchange Rates and Foreign Exchange Intervention" now integrates the case of the liquidity trap into the development of the DD-AA model, thereby allowing the instructor to introduce the topic of "unconventional" monetary policies.

  • NEWcoverage of the macroeconomic antecedents and consequences of the global financial crisis of 2007-2009! In chapter 19, "International Monetary Systems: An Historical Overview," Krugman et al merged streamlined versions of prior chapters 18 & 19, which covered, respectively, pre-1973 and post-1973 international monetary history. This chapter takes the open-economy trilemma, previously introduced in Chapter 21, as a guiding framework for understanding the evolution of the international monetary system since the late 19th century. It also features coverage of the macroeconomic antecedents and consequences of the global financial crisis of 2007-2009.

  • Extended discussion of shadow banking systems, moral hazard, and financial aspects of the 2007-2009 global crisis can be found in Chapter 21, "Financial Globalization: Opportunity and Crisis"

One of the most current International Economicstexts on the market today!

Table of Contents

Part 1: International Trade Theory
Chapter 1: Introduction

Chapter 2: World Trade: An Overview
Chapter 3: Labor Productivity and Comparative Advantage: The Ricardian Model
Chapter 4: Specific Factors and Income Distribution
Chapter 5: Resources and Trade: The Heckscher-Ohlin Model
Chapter 6: The Standard Trade Model
Chapter 7: External Economies of Scale and the International Location of Production
Chapter 8: Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises
Part 2: International Trade Policy
Chapter 9: The Instruments of Trade Policy
Chapter 10: The Political Economy of Trade Policy
Chapter 11: Trade Policy in Developing Countries
Chapter 12: Controversies in Trade Policy
Part 3: Exchange Rates and Open-Economy Macroeconomics
Chapter 13: National Income Accounting and the Balance of Payments
Chapter 14: Exchange Rates and the Foreign Exchange Market: An Asset Approach
Chapter 15: Money, Interest Rates, and Exchange Rates
Chapter 16: Price Levels and the Exchange Rate in the Long Run
Chapter 17: Output and the Exchange Rate in the Short Run
Chapter 18: Fixed Exchange Rates and Foreign Exchange
Part 4: International Macroeconomic Policy
Chapter 19: International Monetary Systems: An Historical Overview
Chapter 20: Optimum Currency Areas and the European Experience
Chapter 21: Financial Globalization: Opportunity and Crisis
Chapter 22: Developing Countries: Growth, Crisis, and Reform

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About the Author(s)

Paul Krugman is a professor in the Department of Economics and in the Woodrow Wilson School of Public and International Affairs at PrincetonUniversity. Over the last 30 years, he has contributed to numerous academic journals as well as to the public discourse on economics and as an op-ed columnist for The New York Times. He is the author of over 20 bestselling books and has written more than 200 papers and articles for various professional journal volumes and newspapers. He is acclaimed in the field of economics for insights into international trade patterns that overturned long-held theories about the global economy. In 2008, he was awarded the Nobel Prize in economics and was recognized for his analysis of trade patterns and location of economic activity.

Maurice Obstfeld is a Professor of Economics and Director of the Center for International and Development Economic Research (CIDER) at the University of California, Berkeley. He also serves as honorary advisor to the Bank of Japan's Institute of Monetary and Economic Studies. Among Professor Obstfeld's honors are the Carroll Round Keynote Lecture, Woodward Lecture, and Bernhard Harms Prize and Lecture in 2004. Professor Obstfeld is a Fellow of the Econometric Society and the American Academy of Arts and Sciences. He is active as a research Fellow of CEPR, a research associate at NBER, and an International Research Fellow at the Kiel Institute of World Economics.

Marc Melitz is a Professor of Economics at Harvard University. He is an economist who specializes in international trade theory and has worked on the development of trade models that account for differences in productivity between firms. His research is focused on producer-level responses to globalization. The Melitz model helps to explain variations in export and foreign direct investment patterns and is now widely used in the field of international trade and has become a cornerstone of trade theory. Melitz is also associate editor of the Journal of International Economics and Economic Journal, a foreign editor for the Review of Economic Studies, and is a research fellow at the Center for Economic Policy Research and a faculty research fellow with the National Bureau of Economic Research. His research has been funded by the National Science Foundation, the Weatherhead Center for International Affairs, and the Alfred P. Sloan Foundation.

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