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• Title Page
• Copyright
• Brief Contents
• Contents
• Preface
• Chapter 1. Introduction
• What Is International Economics About?
• The Gains from Trade
• The Pattern of Trade
• How Much Trade?
• Balance of Payments
• Exchange Rate Determination
• International Policy Coordination
• The International Capital Market
• International Economics: Trade and Money
• Part 1: International Trade Theory
• Chapter 2. World Trade: An Overview
• Who Trades with Whom?
• Size Matters: The Gravity Model
• Using the Gravity Model: Looking for Anomalies
• Impediments to Trade: Distance, Barriers, and Borders
• The Changing Pattern of World Trade
• Has the World Gotten Smaller?
• What Do We Trade?
• Service Offshoring
• Do Old Rules Still Apply?
• Summary
• Chapter 3. Labor Productivity and Comparative Advantage: The Ricardian Model
• The Concept of Comparative Advantage
• A One-Factor Economy
• Production Possibilities
• Relative Prices and Supply
• Trade in a One-Factor World
• Determining the Relative Price after Trade
• Box: Comparative Advantage in Practice: The Case of Usain Bolt
• The Gains from Trade
• A Note on Relative Wages
• Box: Economic Isolation and Autarky Over Time and Over Space
• Misconceptions about Comparative Advantage
• Productivity and Competitiveness
• Box: Do Wages Reflect Productivity?
• The Pauper Labor Argument
• Exploitation
• Comparative Advantage with Many Goods
• Setting Up the Model
• Relative Wages and Specialization
• Determining the Relative Wage in the Multigood Model
• Adding Transport Costs and Nontraded Goods
• Empirical Evidence on the Ricardian Model
• Summary
• Chapter 4. Specific Factors and Income Distribution
• The Specific Factors Model
• Box: What is a Specific Factor?
• Assumptions of the Model
• Production Possibilities
• Prices, Wages, and Labor Allocation
• Relative Prices and the Distribution of Income
• International Trade in the Specific Factors Model
• Income Distribution and the Gains from Trade
• The Political Economy of Trade: A Preliminary View
• The Politics of Trade Protection
• Trade and Unemployment
• Case Study: U.S. Manufacturing Employment and Chinese Import Competition
• Box: The Trump Trade War
• International Labor Mobility
• Case Study: Wage and Social Benefits Convergence: Migrant Mobility in China
• Case Study: Immigration and the U.S. Economy
• Summary
• Appendix to Chapter 4: Further Details on Specific Factors
• Marginal and Total Product
• Relative Prices and the Distribution of Income
• Chapter 5. Resources and Trade: The Heckscher-Ohlin Model
• Model of a Two-Factor Economy
• Prices and Production
• Choosing the Mix of Inputs
• Factor Prices and Goods Prices
• Resources and Output
• Effects of International Trade between Two-Factor Economies
• Relative Prices and the Pattern of Trade
• Trade and the Distribution of Income
• Case Study: North-South Trade and Income Inequality
• Skill-Biased Technological Change and Income Inequality
• Box: The Declining Labor Share of Income and Capital-Skill Complementarity
• Factor-Price Equalization
• Empirical Evidence on the Heckscher-Ohlin Model
• Trade in Goods as a Substitute for Trade in Factors: Factor Content of Trade
• Patterns of Exports between Developed and Developing Countries
• Implications of the Tests
• Summary
• Appendix to Chapter 5: Factor Prices, Goods Prices, and Production Decisions
• Choice of Technique
• Goods Prices and Factor Prices
• More on Resources and Output
• Chapter 6. The Standard Trade Model
• A Standard Model of a Trading Economy
• Production Possibilities and Relative Supply
• Relative Prices and Demand
• The Welfare Effect of Changes in the Terms of Trade
• Box: U.S. Consumer Gains from Chinese Imports
• Determining Relative Prices
• Economic Growth: A Shift of the RS Curve
• Growth and the Production Possibility Frontier
• World Relative Supply and the Terms of Trade
• International Effects of Growth
• Case Study: Has the Growth of Newly Industrialized Economies Hurt Advanced Nations?
• Box: The Exposure of Developing Countries to Terms of Trade Shocks and the COVID-19 Pandemic
• Tariffs and Export Subsidies: Simultaneous Shifts in RS and RD
• Relative Demand and Supply Effects of a Tariff
• Effects of an Export Subsidy
• Implications of Terms of Trade Effects: Who Gains and Who Loses?
• International Borrowing and Lending
• Intertemporal Production Possibilities and Trade
• The Real Interest Rate
• Intertemporal Comparative Advantage
• Summary
• Appendix to Chapter 6: More on Intertemporal Trade
• Chapter 7. External Economies of Scale and the International Location of Production
• Economies of Scale and International Trade: An Overview
• Economies of Scale and Market Structure
• The Theory of External Economies
• Specialized Suppliers
• Labor Market Pooling
• Knowledge Spillovers
• External Economies and Market Equilibrium
• External Economies and International Trade
• External Economies, Output, and Prices
• External Economies and the Pattern of Trade
• Trade and Welfare with External Economies
• Box: Holding the World Together
• Dynamic Increasing Returns
• Interregional Trade and Economic Geography
• Box: The City and the Street
• Summary
• Chapter 8. Firms in the Global Economy: Export and Foreign Sourcing Decisions and Multinational Ente
• The Theory of Imperfect Competition
• Monopoly: A Brief Review
• Monopolistic Competition
• Monopolistic Competition and Trade
• The Effects of Increased Market Size
• Gains from an Integrated Market: A Numerical Example
• The Significance of Intra-Industry Trade
• Case Study: Automobile Intra-Industry Trade within ASEAN-4: 1998–2002
• Firm Responses to Trade: Winners, Losers, and Industry Performance
• Performance Differences across Producers
• The Effects of Increased Market Size
• Trade Costs and Export Decisions
• Dumping
• Case Study: Antidumping as Protectionism
• Multinationals and Foreign Direct Investment
• Patterns of Foreign Direct Investment Flows around the World
• Case Study: COVID-19 and Foreign Direct Investment Flows around the World
• Foreign Direct Investment and Foreign Sourcing Decisions
• The Horizontal FDI Decision
• The Foreign Sourcing Decision
• The Outsourcing Decision: Make or Buy
• Box: Whose Trade Is It?
• Case Study: Shipping Jobs Overseas? Offshoring and Labor Market Outcomes in Germany
• Consequences of Multinationals and Foreign Outsourcing
• Summary
• Appendix to chapter 8: Determining Marginal Revenue
• Part 2: International Trade Policy
• Chapter 9. The Instruments of Trade Policy
• Basic Tariff Analysis
• Supply, Demand, and Trade in a Single Industry
• Effects of a Tariff
• Measuring the Amount of Protection
• Costs and Benefits of a Tariff
• Consumer and Producer Surplus
• Measuring the Costs and Benefits
• Case Study: Winners and Losers of the Trump Trade War
• Box: Tariffs and Retaliation
• Other Instruments of Trade Policy
• Export Subsidies: Theory
• Box: The Unfriendly Skies: Settling the Longest Running Trade Dispute
• Import Quotas: Theory
• Case Study: Tariff-Rate Quota Origin and its Application in Practice with Oilseeds
• Voluntary Export Restraints
• Local Content Requirements
• Box: Healthcare Protection with Local Content Requirements
• Other Trade Policy Instruments
• The Effects of Trade Policy: A Summary
• Summary
• Appendix to Chapter 9: Tariffs and Import Quotas in the Presence of Monopoly
• The Model with Free Trade
• The Model with a Tariff
• The Model with an Import Quota
• Comparing a Tariff and a Quota
• Chapter 10. The Political Economy of Trade Policy
• The Case for Free Trade
• Free Trade and Efficiency
• Additional Gains from Free Trade
• Rent Seeking
• Political Argument for Free Trade
• National Welfare Arguments against Free Trade
• The Terms of Trade Argument for a Tariff
• The Domestic Market Failure Argument against Free Trade
• How Convincing Is the Market Failure Argument?
• Income Distribution and Trade Policy
• Electoral Competition
• Collective Action
• Box: Politicians for Sale: Evidence from the 1990s
• Modeling the Political Process
• Who Gets Protected?
• International Negotiations and Trade Policy
• The Advantages of Negotiation
• International Trade Agreements: A Brief History
• The Uruguay Round
• Trade Liberalization
• Administrative Reforms: From the GATT to the WTO
• Benefits and Costs
• Box: Settling a Dispute—and Creating One
• Case Study: Testing the WTO’s Metal
• The End of Trade Agreements?
• Box: Do Agricultural Subsidies Hurt the Third World?
• Preferential Trading Agreements
• Box: Free Trade Area Versus Customs Union
• Box: Brexit
• Case Study: Trade Diversion in South America
• The Trans-Pacific Partnership
• Summary
• Appendix to Chapter 10: Proving That the Optimum Tariff Is Positive
• Demand and Supply
• The Tariff and Prices
• The Tariff and Domestic Welfare
• Chapter 11. Trade Policy in Developing Countries
• Import-Substituting Industrialization
• The Infant Industry Argument
• Promoting Manufacturing through Protection
• Case Study: Export-Led Strategy
• Results of Favoring Manufacturing: Problems of Import-Substituting Industrialization
• Trade Liberalization since 1985
• Trade and Growth: Takeoff in Asia
• Box: India’s Boom
• Summary
• Chapter 12. Controversies in Trade Policy
• Sophisticated Arguments for Activist Trade Policy
• Technology and Externalities
• Imperfect Competition and Strategic Trade Policy
• Box: A Warning From Intel’s Founder
• Case Study: When the Chips Were Up
• Globalization and Low-Wage Labor
• The Anti-Globalization Movement
• Trade and Wages Revisited
• Labor Standards and Trade Negotiations
• Environmental and Cultural Issues
• The WTO and National Independence
• Case Study: A Tragedy in Bangladesh
• Globalization and the Environment
• Globalization, Growth, and Pollution
• The Problem of “Pollution Havens”
• The Carbon Tariff Dispute
• Trade Shocks and Their Impact on Communities
• Summary
• Part 3: Exchange Rates and Open-Economy Macroeconomics
• Chapter 13. National Income Accounting and the Balance of Payments
• The National Income Accounts
• National Product and National Income
• Capital Depreciation and International Transfers
• Gross Domestic Product
• National Income Accounting for an Open Economy
• Consumption
• Investment
• Government Purchases
• The National Income Identity for an Open Economy
• An Imaginary Open Economy
• The Current Account and Foreign Indebtedness
• Saving and the Current Account
• Private and Government Saving
• Box: The Mystery of the Missing Deficit
• The Balance of Payments Accounts
• Examples of Paired Transactions
• The Fundamental Balance of Payments Identity
• The Current Account, Once Again
• The Capital Account
• The Financial Account
• Statistical Discrepancy
• Box: Multinationals’ Profit Shifting and Ireland’s Volatile GDP
• Official Reserve Transactions
• Case Study: The Assets and Liabilities of the World’s Biggest Debtor
• Summary
• Chapter 14. Exchange Rates and the Foreign Exchange Market: An Asset Approach
• Exchange Rates and International Transactions
• Domestic and Foreign Prices
• Exchange Rates and Relative Prices
• The Foreign Exchange Market
• The Actors
• Characteristics of the Market
• Spot Rates and Forward Rates
• Foreign Exchange Swaps
• Futures and Options
• The Demand for Foreign Currency Assets
• Assets and Asset Returns
• Risk and Liquidity
• Interest Rates
• Exchange Rates and Asset Returns
• A Simple Rule
• Return, Risk, and Liquidity in the Foreign Exchange Market
• Equilibrium in the Foreign Exchange Market
• Interest Parity: The Basic Equilibrium Condition
• How Changes in the Current Exchange Rate Affect Expected Returns
• The Equilibrium Exchange Rate
• Interest Rates, Expectations, and Equilibrium
• The Effect of Changing Interest Rates on the Current Exchange Rate
• The Effect of Changing Expectations on the Current Exchange Rate
• Case Study: What Explains the Carry Trade?
• Forward Exchange Rates and Covered Interest Parity
• Summary
• Chapter 15. Money, Interest Rates, and Exchange Rates
• Money Defined: A Brief Review
• Money as a Medium of Exchange
• Money as a Unit of Account
• Money as a Store of Value
• What Is Money?
• How the Money Supply Is Determined
• The Demand for Money by Individuals
• Expected Return
• Risk
• Liquidity
• Aggregate Money Demand
• The Equilibrium Interest Rate: The Interaction of Money Supply and Demand
• Equilibrium in the Money Market
• Interest Rates and the Money Supply
• Output and the Interest Rate
• The Money Supply and the Exchange Rate in the Short Run
• Linking Money, the Interest Rate, and the Exchange Rate
• U.S. Money Supply and the Dollar/Euro Exchange Rate
• Europe’s Money Supply and the Dollar/Euro Exchange Rate
• Money, the Price Level, and the Exchange Rate in the Long Run
• Money and Money Prices
• The Long-Run Effects of Money Supply Changes
• Empirical Evidence on Money Supplies and Price Levels
• Money and the Exchange Rate in the Long Run
• Inflation and Exchange Rate Dynamics
• Short-Run Price Rigidity versus Long-Run Price Flexibility
• Box: Money Supply Growth and Hyperinflation in Zimbabwe
• Permanent Money Supply Changes and the Exchange Rate
• Exchange Rate Overshooting
• Case Study: Inflation Targeting and Exchange Rate in Emerging Countries
• Summary
• Chapter 16. Price Levels and the Exchange Rate in the Long Run
• The Law of One Price
• Purchasing Power Parity
• The Relationship between PPP and the Law of One Price
• Absolute PPP and Relative PPP
• A Long-Run Exchange Rate Model Based on PPP
• The Fundamental Equation of the Monetary Approach
• Ongoing Inflation, Interest Parity, and PPP
• The Fisher Effect
• Empirical Evidence on PPP and the Law of One Price
• Explaining the Problems with PPP
• Trade Barriers and Nontradables
• Departures from Free Competition
• Differences in Consumption Patterns and Price Level Measurement
• Box: Measuring And Comparing Countries’ Wealth Worldwide: The International Comparison Program (IC
• PPP in the Short Run and in the Long Run
• Case Study: Why Price Levels Are Lower in Poorer Countries
• Beyond Purchasing Power Parity: A General Model of Long-Run Exchange Rates
• The Real Exchange Rate
• Demand, Supply, and the Long-Run Real Exchange Rate
• Box: Sticky Prices and the Law of One Price: Evidence from Scandinavian Duty-Free Shops
• Nominal and Real Exchange Rates in Long-Run Equilibrium
• International Interest Rate Differences and the Real Exchange Rate
• Real Interest Parity
• Summary
• Appendix to Chapter 16: The Fisher Effect, the Interest Rate, and the Exchange Rate under the Flexib
• Chapter 17. Output and the Exchange Rate in the Short Run
• Determinants of Aggregate Demand in an Open Economy
• Determinants of Consumption Demand
• Determinants of the Current Account
• How Real Exchange Rate Changes Affect the Current Account
• How Disposable Income Changes Affect the Current Account
• The Equation of Aggregate Demand
• The Real Exchange Rate and Aggregate Demand
• Real Income and Aggregate Demand
• How Output Is Determined in the Short Run
• Output Market Equilibrium in the Short Run: The DD Schedule
• Output, the Exchange Rate, and Output Market Equilibrium
• Deriving the DD Schedule
• Factors That Shift the DD Schedule
• Asset Market Equilibrium in the Short Run: The AA Schedule
• Output, the Exchange Rate, and Asset Market Equilibrium
• Deriving the AA Schedule
• Factors That Shift the AA Schedule
• Short-Run Equilibrium for an Open Economy: Putting the DD and AA Schedules Together
• Temporary Changes in Monetary and Fiscal Policy
• Monetary Policy
• Fiscal Policy
• Policies to Maintain Full Employment
• Inflation Bias and Other Problems of Policy Formulation
• Permanent Shifts in Monetary and Fiscal Policy
• A Permanent Increase in the Money Supply
• Adjustment to a Permanent Increase in the Money Supply
• A Permanent Fiscal Expansion
• Macroeconomic Policies and the Current Account
• Gradual Trade Flow Adjustment and Current Account Dynamics
• The J-Curve
• Exchange Rate Pass-Through and Inflation
• Global Value Chains and Exchange Rate Effects on Export and Import Prices
• The Current Account, Wealth, and Exchange Rate Dynamics
• Box: Understanding Pass-Through to Import and Export Prices
• The Liquidity Trap
• Case Study: How Big Is the Government Spending Multiplier?
• Summary
• Appendix 1 to Chapter 17: Intertemporal Trade and Consumption Demand
• Appendix 2 to Chapter 17: The Marshall-Lerner Condition and Empirical Estimates of Trade Elasticitie
• Appendix 3 to Chapter 17: The IS-LM Model and the DD-AA Model
• Chapter 18. Fixed Exchange Rates and Foreign Exchange Intervention
• Why Study Fixed Exchange Rates?
• Central Bank Intervention and the Money Supply
• The Central Bank Balance Sheet and the Money Supply
• Foreign Exchange Intervention and the Money Supply
• Sterilization
• The Balance of Payments and the Money Supply
• How the Central Bank Fixes the Exchange Rate
• Foreign Exchange Market Equilibrium under a Fixed Exchange Rate
• Money Market Equilibrium under a Fixed Exchange Rate
• A Diagrammatic Analysis
• Stabilization Policies with a Fixed Exchange Rate
• Monetary Policy
• Fiscal Policy
• Changes in the Exchange Rate
• Adjustment to Fiscal Policy and Exchange Rate Changes
• Balance of Payments Crises and Capital Flight
• Managed Floating and Sterilized Intervention
• Perfect Asset Substitutability and the Ineffectiveness of Sterilized Intervention
• Case Study: Can Markets Attack a Strong Currency? The Case of Switzerland, 2011–2015
• Foreign Exchange Market Equilibrium under Imperfect Asset Substitutability
• The Effects of Sterilized Intervention with Imperfect Asset Substitutability
• Evidence on the Effects of Sterilized Intervention
• Reserve Currencies in the World Monetary System
• The Mechanics of a Reserve Currency Standard
• The Asymmetric Position of the Reserve Center
• The Gold Standard
• The Mechanics of a Gold Standard
• Symmetric Monetary Adjustment under a Gold Standard
• Benefits and Drawbacks of the Gold Standard
• The Bimetallic Standard
• The Gold Exchange Standard
• Case Study: The Demand for International Reserves
• Summary
• Appendix 1 to Chapter 18: Equilibrium in the Foreign Exchange Market with Imperfect Asset Substituta
• Demand
• Supply
• Equilibrium
• Appendix 2 to Chapter 18: The Timing of Balance of Payments Crises
• Appendix 3 to Chapter 18: The Monetary Approach to the Balance of Payments
• Part 4: International Macroeconomic Policy
• Chapter 19. International Monetary Systems: A Historical Overview
• Macroeconomic Policy Goals in an Open Economy
• Internal Balance: Full Employment and Price Level Stability
• External Balance: The Optimal Level of the Current Account
• Box: Can a Country Borrow Forever? The Case of New Zealand
• Classifying Monetary Systems: The Open-Economy Monetary Trilemma
• International Macroeconomic Policy under the Gold Standard, 1870–1914
• Origins of the Gold Standard
• External Balance under the Gold Standard
• The Price-Specie-Flow Mechanism
• The Gold Standard “Rules of the Game”: Myth and Reality
• Internal Balance under the Gold Standard
• Case Study: The Political Economy of Exchange Rate Regimes: Conflict over America’s Monetary Stand
• The Interwar Years, 1918–1939
• The Fleeting Return to Gold
• International Economic Disintegration
• Case Study: The International Gold Standard and the Great Depression
• The Bretton Woods System and the International Monetary Fund
• Goals and Structure of the IMF
• Convertibility and the Expansion of Private Financial Flows
• Speculative Capital Flows and Crises
• Analyzing Policy Options for Reaching Internal and External Balance
• Maintaining Internal Balance
• Maintaining External Balance
• Expenditure-Changing and Expenditure-Switching Policies
• The External Balance Problem of the United States under Bretton Woods
• Case Study: The End of Bretton Woods, Worldwide Inflation, and the Transition to Floating Rates
• The Mechanics of Imported Inflation
• Assessment
• The Case for Floating Exchange Rates
• Monetary Policy Autonomy
• Symmetry
• Exchange Rates as Automatic Stabilizers
• Exchange Rates and External Balance
• case study: The First Years of Floating Rates, 1973–1990
• Macroeconomic Interdependence under a Floating Rate
• Case Study: Transformation and Crisis in the World Economy
• Box: The Thorny Problem of Currency Manipulation
• Case Study: The Dangers of Deflation
• What Has Been Learned Since 1973?
• Monetary Policy Autonomy
• Symmetry
• The Exchange Rate as an Automatic Stabilizer
• External Balance
• The Problem of Policy Coordination
• Are Fixed Exchange Rates Even an Option for Most Countries?
• Summary
• Appendix to Chapter 19: International Policy Coordination Failures
• Chapter 20. Financial Globalization: Opportunity and Crisis
• The International Capital Market and the Gains from Trade
• Three Types of Gain from Trade
• Risk Aversion
• Portfolio Diversification as a Motive for International Asset Trade
• The Menu of International Assets: Debt versus Equity
• International Banking and the International Capital Market
• The Structure of the International Capital Market
• Offshore Banking and Offshore Currency Trading
• The Shadow Banking System
• Banking and Financial Fragility
• The Problem of Bank Failure
• Government Safeguards against Financial Instability
• Moral Hazard and the Problem of “Too Big to Fail”
• Box: Does the IMF Create Moral Hazard?
• The Challenge of Regulating International Banking
• The Financial Trilemma
• International Regulatory Cooperation through 2007
• Case Study: The Global Financial Crisis of 2007–2009
• Box: Foreign Exchange Instability and Central Bank Swap Lines
• International Regulatory Initiatives after the Global Financial Crisis
• Metrics for International Capital Market Performance
• The Extent of International Portfolio Equity Diversification
• The Extent of Intertemporal Trade
• The Efficiency of International Asset-Price Arbitrage
• The Efficiency of the Foreign Exchange Market
• Summary
• Chapter 21. Optimum Currency Areas and the Euro
• How the European Single Currency Evolved
• What Has Driven European Monetary Cooperation?
• Box: Brexit
• The European Monetary System, 1979–1998
• German Monetary Dominance and the Credibility Theory of the EMS
• Market Integration Initiatives
• European Economic and Monetary Union
• The Euro and Economic Policy in the Euro Zone
• The Maastricht Convergence Criteria and the Stability and Growth Pact
• The European Central Bank and the Eurosystem
• The Revised Exchange Rate Mechanism
• The Theory of Optimum Currency Areas
• Economic Integration and the Benefits of a Fixed Exchange Rate Area: The GG Schedule
• Economic Integration and the Costs of a Fixed Exchange Rate Area: The LL Schedule
• The Decision to Join a Currency Area: Putting the GG and LL Schedules Together
• What Is an Optimum Currency Area?
• Other Important Considerations
• Case Study: Is Europe an Optimum Currency Area?
• The Euro Crisis and the Future of EMU
• Origins of the Crisis
• Self-Fulfilling Government Default and the “Doom Loop”
• A Broader Crisis and Policy Responses
• ECB Outright Monetary Transactions
• Response to the COVID-19 Pandemic
• The Future of EMU
• Summary
• Chapter 22. Developing Countries: Growth, Crisis, and Reform
• Income, Wealth, and Growth in the World Economy
• The Gap between Rich and Poor
• Has the World Income Gap Narrowed Over Time?
• The Importance of Developing Countries for Global Growth
• Structural Features of Developing Countries
• Box: The Commodity Super Cycle
• Developing-Country Borrowing and Debt
• The Economics of Financial Inflows to Developing Countries
• The Problem of Default
• Alternative Forms of Financial Inflow
• The Problem of “Original Sin”
• The Debt Crisis of the 1980s
• Reforms, Capital Inflows, and the Return of Crisis
• East Asia: Success and Crisis
• The East Asian Economic Miracle
• Box: Why Have Developing Countries Accumulated High Levels of International Reserves?
• Asian Weaknesses
• Box: What Did East Asia Do Right?
• The Asian Financial Crisis
• Lessons of Developing-Country Crises
• Reforming the World’s Financial “Architecture”
• Capital Mobility and the Trilemma of the Exchange Rate Regime
• “Prophylactic” Measures
• Coping with Crisis
• Box: Emerging Markets and Global Financial Cycles
• Understanding Global Capital Flows and the Global Distribution of Income: Is Geography Destiny?
• Box: Capital Paradoxes
• Summary
• Mathematical Postscripts
• Postscript to Chapter 5: The Factor-Proportions Model
• Factor Prices and Costs
• Goods Prices and Factor Prices
• Factor Supplies and Outputs
• Postscript to Chapter 6: The Trading World Economy
• Supply, Demand, and Equilibrium
• Supply, Demand, and the Stability of Equilibrium
• Effects of Changes in Supply and Demand
• Economic Growth
• A Transfer of Income
• A Tariff
• Postscript to Chapter 8: The Monopolistic Competition Model
• Postscript to Chapter 20: Risk Aversion and International Portfolio Diversification
• An Analytical Derivation of the Optimal Portfolio
• A Diagrammatic Derivation of the Optimal Portfolio
• The Effects of Changing Rates of Return
• Merchandise Trade Flows with the United States (in 2018 U.S. dollars)
• Gross National Product per Capita (in 2019 U.S. dollars)
• Index
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