International Economics | Steve Suranovic

- 1Introductory Trade Issues: History, Institutions, and Legal Framework
  - 1.1The International Economy and International Economics
  - 1.2Understanding Tariffs
  - 1.3Recent Trade Controversies
  - 1.4The Great Depression, Smoot-Hawley, and the Reciprocal Trade Agreements Act (RTAA)
  - 1.5The General Agreement on Tariffs and Trade (GATT)
  - 1.6The Uruguay Round
  - 1.7The World Trade Organization
  - 1.8Appendix A: Selected U.S. Tariffs—2009
  - 1.9Appendix B: Bound versus Applied Tariffs
- 2The Ricardian Theory of Comparative Advantage
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  - 2.1The Reasons for Trade
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  - 2.2The Theory of Comparative Advantage: Overview
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  - 2.3Ricardian Model Assumptions
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  - 2.4The Ricardian Model Production Possibility Frontier
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  - 2.5Definitions: Absolute and Comparative Advantage
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  - 2.6A Ricardian Numerical Example
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  - 2.7Relationship between Prices and Wages
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  - 2.8Deriving the Autarky Terms of Trade
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  - 2.9The Motivation for International Trade and Specialization
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  - 2.10Welfare Effects of Free Trade: Real Wage Effects
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  - 2.11The Welfare Effects of Free Trade: Aggregate Effects
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  - 2.12Appendix: Robert Torrens on Comparative Advantage
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- 3The Pure Exchange Model of Trade
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  - 3.1A Simple Pure Exchange Economy
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  - 3.2Determinants of the Terms of Trade
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  - 3.3Example of a Trade Pattern
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  - 3.4Three Traders and Redistribution with Trade
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  - 3.5Three Traders with International Trade
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  - 3.6The Nondiscrimination Argument for Free Trade
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- 4Factor Mobility and Income Redistribution
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  - 4.1Factor Mobility Overview
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  - 4.2Domestic Factor Mobility
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  - 4.3Time and Factor Mobility
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  - 4.4Immobile Factor Model Overview and Assumptions
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  - 4.5The Production Possibility Frontier in the Immobile Factor Model
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  - 4.6Autarky Equilibrium in the Immobile Factor Model
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  - 4.7Depicting a Free Trade Equilibrium in the Immobile Factor Model
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  - 4.8Effect of Trade on Real Wages
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  - 4.9Intuition of Real Wage Effects
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  - 4.10Interpreting the Welfare Effects
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  - 4.11Aggregate Welfare Effects of Free Trade in the Immobile Factor Model
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- 5The Heckscher-Ohlin (Factor Proportions) Model
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  - 5.1Chapter Overview
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  - 5.2Heckscher-Ohlin Model Assumptions
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  - 5.3The Production Possibility Frontier (Fixed Proportions)
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  - 5.4The Rybczynski Theorem
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  - 5.5The Magnification Effect for Quantities
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  - 5.6The Stolper-Samuelson Theorem
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  - 5.7The Magnification Effect for Prices
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  - 5.8The Production Possibility Frontier (Variable Proportions)
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  - 5.9The Heckscher-Ohlin Theorem
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  - 5.10Depicting a Free Trade Equilibrium in the Heckscher-Ohlin Model
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  - 5.11National Welfare Effects of Free Trade in the Heckscher-Ohlin Model
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  - 5.12The Distributive Effects of Free Trade in the Heckscher-Ohlin Model
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  - 5.13The Compensation Principle
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  - 5.14Factor-Price Equalization
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  - 5.15The Specific Factor Model: Overview
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  - 5.16The Specific Factor Model
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  - 5.17Dynamic Income Redistribution and Trade
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- 6Economies of Scale and International Trade
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  - 6.1Chapter Overview
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  - 6.2Economies of Scale and Returns to Scale
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  - 6.3Gains from Trade with Economies of Scale: A Simple Explanation
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  - 6.4Monopolistic Competition
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  - 6.5Model Assumptions: Monopolistic Competition
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  - 6.6The Effects of Trade in a Monopolistically Competitive Industry
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  - 6.7The Costs and Benefits of Free Trade under Monopolistic Competition
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- 7Trade Policy Effects with Perfectly Competitive Markets
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  - 7.1Basic Assumptions of the Partial Equilibrium Model
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  - 7.2Depicting a Free Trade Equilibrium: Large and Small Country Cases
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  - 7.3The Welfare Effects of Trade Policies: Partial Equilibrium
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  - 7.4Import Tariffs: Large Country Price Effects
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  - 7.5Import Tariffs: Large Country Welfare Effects
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  - 7.6The Optimal Tariff
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  - 7.7Import Tariffs: Small Country Price Effects
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  - 7.8Import Tariffs: Small Country Welfare Effects
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  - 7.9Retaliation and Trade Wars
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  - 7.10Import Quotas: Large Country Price Effects
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  - 7.11Administration of an Import Quota
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  - 7.12Import Quota: Large Country Welfare Effects
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  - 7.13Import Quota: Small Country Price Effects
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  - 7.14Import Quota: Small Country Welfare Effects
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  - 7.15The Choice between Import Tariffs and Quotas
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  - 7.16Export Subsidies: Large Country Price Effects
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  - 7.17Export Subsidies: Large Country Welfare Effects
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  - 7.18Countervailing Duties
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  - 7.19Voluntary Export Restraints (VERs): Large Country Price Effects
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  - 7.20Administration of a Voluntary Export Restraint
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  - 7.21Voluntary Export Restraints: Large Country Welfare Effects
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  - 7.22Export Taxes: Large Country Price Effects
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  - 7.23Export Taxes: Large Country Welfare Effects
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- 8Domestic Policies and International Trade
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  - 8.1Chapter Overview
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  - 8.2Domestic Production Subsidies
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  - 8.3Production Subsidies as a Reason for Trade
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  - 8.4Production Subsidy Effects in a Small Importing Country
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  - 8.5Domestic Consumption Taxes
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  - 8.6Consumption Taxes as a Reason for Trade
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  - 8.7Consumption Tax Effects in a Small Importing Country
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  - 8.8Equivalence of an Import Tariff with a Domestic (Consumption Tax plus Production Subsidy)
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- 9Trade Policies with Market Imperfections and Distortions
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  - 9.1Chapter Overview
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  - 9.2Imperfections and Distortions Defined
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  - 9.3The Theory of the Second Best
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  - 9.4Unemployment and Trade Policy
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  - 9.5The Infant Industry Argument and Dynamic Comparative Advantage
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  - 9.6The Case of a Foreign Monopoly
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  - 9.7Monopoly and Monopsony Power and Trade
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  - 9.8Public Goods and National Security
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  - 9.9Trade and the Environment
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  - 9.10Economic Integration: Free Trade Areas, Trade Creation, and Trade Diversion
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- 10Political Economy and International Trade
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  - 10.1Chapter Overview
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  - 10.2Some Features of a Democratic Society
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  - 10.3The Economic Effects of Protection: An Example
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  - 10.4The Consumers’ Lobbying Decision
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  - 10.5The Producers’ Lobbying Decision
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  - 10.6The Government’s Decision
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  - 10.7The Lobbying Problem in a Democracy
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- 11Evaluating the Controversy between Free Trade and Protectionism
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  - 11.1Introduction
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  - 11.2Economic Efficiency Effects of Free Trade
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  - 11.3Free Trade and the Distribution of Income
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  - 11.4The Case for Selected Protection
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  - 11.5The Economic Case against Selected Protection
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  - 11.6Free Trade as the “Pragmatically Optimal” Policy Choice
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- 12Introductory Finance Issues: Current Patterns, Past History, and International Institutions
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  - 12.1GDP, Unemployment, Inflation, and Government Budget Balances
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  - 12.2Exchange Rate Regimes, Trade Balances, and Investment Positions
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  - 12.3Business Cycles: Economic Ups and Downs
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  - 12.4International Macroeconomic Institutions: The IMF and the World Bank
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- 13National Income and the Balance of Payments Accounts
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  - 13.1National Income and Product Accounts
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  - 13.2National Income or Product Identity
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  - 13.3U.S. National Income Statistics (2007–2008)
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  - 13.4Balance of Payments Accounts: Definitions
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  - 13.5Recording Transactions on the Balance of Payments
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  - 13.6U.S. Balance of Payments Statistics (2008)
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  - 13.7The Twin-Deficit Identity
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  - 13.8International Investment Position
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- 14The Whole Truth about Trade Imbalances
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  - 14.1Overview of Trade Imbalances
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  - 14.2Trade Imbalances and Jobs
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  - 14.3The National Welfare Effects of Trade Imbalances
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  - 14.4Some Further Complications
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  - 14.5How to Evaluate Trade Imbalances
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- 15Foreign Exchange Markets and Rates of Return
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  - 15.1The Forex: Participants and Objectives
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  - 15.2Exchange Rate: Definitions
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  - 15.3Calculating Rate of Returns on International Investments
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  - 15.4Interpretation of the Rate of Return Formula
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  - 15.5Applying the Rate of Return Formulas
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- 16Interest Rate Parity
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  - 16.1Overview of Interest Rate Parity
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  - 16.2Comparative Statics in the IRP Theory
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  - 16.3Forex Equilibrium with the Rate of Return Diagram
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  - 16.4Exchange Rate Equilibrium Stories with the RoR Diagram
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  - 16.5Exchange Rate Effects of Changes in U.S. Interest Rates Using the RoR Diagram
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  - 16.6Exchange Rate Effects of Changes in Foreign Interest Rates Using the RoR Diagram
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  - 16.7Exchange Rate Effects of Changes in the Expected Exchange Rate Using the RoR Diagram
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- 17Purchasing Power Parity
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  - 17.1Overview of Purchasing Power Parity (PPP)
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  - 17.2The Consumer Price Index (CPI) and PPP
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  - 17.3PPP as a Theory of Exchange Rate Determination
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  - 17.4Problems and Extensions of PPP
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  - 17.5PPP in the Long Run
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  - 17.6Overvaluation and Undervaluation
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  - 17.7PPP and Cross-Country Comparisons
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- 18Interest Rate Determination
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  - 18.1Overview of Interest Rate Determination
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  - 18.2Some Preliminaries
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  - 18.3What Is Money?
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  - 18.4Money Supply Measures
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  - 18.5Controlling the Money Supply
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  - 18.6Money Demand
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  - 18.7Money Functions and Equilibrium
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  - 18.8Money Market Equilibrium Stories
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  - 18.9Effects of a Money Supply Increase
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  - 18.10Effect of a Price Level Increase (Inflation) on Interest Rates
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  - 18.11Effect of a Real GDP Increase (Economic Growth) on Interest Rates
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  - 18.12Integrating the Money Market and the Foreign Exchange Markets
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  - 18.13Comparative Statics in the Combined Money-Forex Model
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  - 18.14Money Supply and Long-Run Prices
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- 19National Output Determination
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  - 19.1Overview of National Output Determination
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  - 19.2Aggregate Demand for Goods and Services
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  - 19.3Consumption Demand
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  - 19.4Investment Demand
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  - 19.5Government Demand
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  - 19.6Export and Import Demand
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  - 19.7The Aggregate Demand Function
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  - 19.8The Keynesian Cross Diagram
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  - 19.9Goods and Services Market Equilibrium Stories
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  - 19.10Effect of an Increase in Government Demand on Real GNP
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  - 19.11Effect of an Increase in the U.S. Dollar Value on Real GNP
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  - 19.12The J-Curve Effect
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- 20The AA-DD Model
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  - 20.1Overview of the AA-DD Model
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  - 20.2Derivation of the DD Curve
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  - 20.3Shifting the DD Curve
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  - 20.4Derivation of the AA Curve
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  - 20.5Shifting the AA Curve
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  - 20.6Superequilibrium: Combining DD and AA
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  - 20.7Adjustment to the Superequilibrium
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  - 20.8AA-DD and the Current Account Balance
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- 21Policy Effects with Floating Exchange Rates
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  - 21.1Overview of Policy with Floating Exchange Rates
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  - 21.2Monetary Policy with Floating Exchange Rates
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  - 21.3Fiscal Policy with Floating Exchange Rates
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  - 21.4Expansionary Monetary Policy with Floating Exchange Rates in the Long Run
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  - 21.5Foreign Exchange Interventions with Floating Exchange Rates
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- 22Fixed Exchange Rates
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  - 22.1Overview of Fixed Exchange Rates
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  - 22.2Fixed Exchange Rate Systems
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  - 22.3Interest Rate Parity with Fixed Exchange Rates
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  - 22.4Central Bank Intervention with Fixed Exchange Rates
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  - 22.5Balance of Payments Deficits and Surpluses
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  - 22.6Black Markets
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- 23Policy Effects with Fixed Exchange Rates
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  - 23.1Overview of Policy with Fixed Exchange Rates
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  - 23.2Monetary Policy with Fixed Exchange Rates
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  - 23.3Fiscal Policy with Fixed Exchange Rates
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  - 23.4Exchange Rate Policy with Fixed Exchange Rates
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  - 23.5Reserve Country Monetary Policy under Fixed Exchange Rates
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  - 23.6Currency Crises and Capital Flight
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  - 23.7Case Study: The Breakup of the Bretton Woods System, 1973
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- 24Fixed versus Floating Exchange Rates
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  - 24.1Overview of Fixed versus Floating Exchange Rates
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  - 24.2Exchange Rate Volatility and Risk
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  - 24.3Inflationary Consequences of Exchange Rate Systems
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  - 24.4Monetary Autonomy and Exchange Rate Systems
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  - 24.5Which Is Better: Fixed or Floating Exchange Rates?
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