International Economics

Developed in the classroom by two of the most prominent researchers in the field, Feenstra and Taylor’s International Economics uses engaging applications to provide a modern view of the global economy for a modern audience. Most international economics textbooks emphasize theory and the economies of advanced countries. Feenstra and Taylor combine theoretical coverage with empirical evidence throughout, while reflecting the realities of the global economy by covering emerging markets and developing countries (India, China, Southeast Asia).

The new edition has been thoroughly updated to include new data and Applications, as well as many new Headlines to reflect the rapid changes in international economics during the last three years. The 4th Edition includes the latest on opening relations with Cuba, immigration and Europe’s refugee crisis, the effect of NAFTA on wages and employment, job polarization, quicksourcing, China’s problems, and the debate in Britain about leaving the European Union. A modern textbook requires a modern and integrated homework system. LaunchPad offers our acclaimed content organized for easy assignability by instructors and enhanced learning for students.

Robert C. Feenstra is Professor of Economics at the University of California, Davis. 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. He lives in Davis, California, with his wife Gail, and has two grown children: Heather, who is a genetic counselor; and Evan, who recently graduated from Pitzer College. Alan M. Taylor is Professor of Economics at the University of California, Davis. He received his B.A. in 1987 from King’s College, Cambridge, U.K and earned his Ph.D. in economics from Harvard University in 1992. Taylor has been teaching international macroeconomics, growth, and economic history at UC Davis since 1999, where he directs the Center for the Evolution of the Global Economy.  He is also a research associate of the National Bureau of Economic Research and coauthor (with Maurice Obstfeld) of Capital Markets: Integration, Crisis and Growth (Cambridge University Press, 2004). Taylor was awarded a Guggenheim Fellowship in 2004 and was a visiting professor at the American University in Paris and London Business School in 2005–06.  He lives in Davis, with his wife Claire, and has two young children, Olivia and Sebastian.

PART 1 Introduction to International Trade

Chapter 1 Trade in the Global Economy

PART 2 Patterns of International Trade

Chapter 2 Trade and Technology: The Ricardian Model

Chapter 3 Gains and Losses from Trade in the Specific-Factors Model

Chapter 4 Trade and Resources: The Heckscher-Ohlin Model

Chapter 5 Movement of Labor and Capital between Countries

PART 3 New Explanations for International Trade

Chapter 6 Increasing Returns to Scale and Monopolistic Competition

Chapter 7 Offshoring of Goods and Services

PART 4 International Trade Policies

Chapter 8 Import Tariffs and Quotas under Perfect Competition

Chapter 9 Import Tariffs and Quotas under Imperfect Competition

Chapter 10 Export Subsidies in Agriculture and High-Technology Industries

Chapter 11 International Agreements: Trade, Labor, and the Environment

PART 5 Introduction to International Macroeconomics

Chapter 12 The Global Macroeconomy

PART 6 Exchange Rates

Chapter 13 Introduction to Exchange Rates and the Foreign Exchange Market

Chapter 14 Exchange Rates I: The Monetary Approach in the Long Run

Chapter 15 Exchange Rates II: The Asset Approach in the Short Run

PART 7 The Balance of Payments

Chapter 16 National and International Accounts: Income, Wealth, and the Balance of Payments

Chapter 17 Balance of Payments I: The Gains from Financial Globalization

Chapter 18 Balance of Payments II: Output, Exchange Rates, and Macroeconomic Policies in the Short Run

PART 8 Applications and Policy Issues

Chapter 19 Fixed versus Floating: International Monetary Experience

Chapter 20 Exchange Rate Crises: How Pegs Work and How They Break

Chapter 21 The Euro

[web only – Chapter 22 Topics in international Macroeconomics]