The trade side of the volume surveys theoretical work on trade based on scale economics and imperfect competition, the relationship between trade and technological progress, strategic trade policy, the political economy of trade policy, and the rules and institutions of international trade, as well as empirical work on trade patterns, trade policies, and regional integration. The finance side covers topics such as exchange rates, purchasing power parity, the current account, the international transmission of business cycles, foreign ending, international capital markets, target zones and speculative attacks on fixed exchange rates, and international economic policy coordination.
For students and researchers interested in understanding developments in modern international economics, this book is an essential reference.
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A member of the National Academy of Sciences, he is the author most recently of This Time Is Different: Eight Centuries of Financial Folly (with Carmen M. Reinhart), 2009.