International Economics

Menzie Chinn is Professor of Public Affairs and Economics at the University of Wisconsin–Madison. He is a co-editor of the Journal of International Money and Finance, a Research Associate in the International Finance and Macroeconomics Program of the National Bureau of Economic Research, and has been a visiting scholar at the International Monetary Fund, the Congressional Budget Office, the Federal Reserve Board, the European Central Bank, and the Banque de France. He served as Senior Staff Economist for International Finance on the President's Council of Economic Advisers (2000-01). He is coauthor with Jeffry Frieden of Lost Decades: The Making of America's Debt Crisis and the Long Recovery (2011, W. W. Norton), and contributor to Econbrowser, a weblog devoted to current macroeconomic issues. Douglas Irwin is John French Professor of Economics at Dartmouth College, a Research Associate of the National Bureau of Economic Research and a non-resident Senior Fellow at the Peterson Institute for International Economics. He served as president of the Economic History Association (2023–24). He has served on the staff of the President's Council of Economic Advisers in the 1980s and later worked in the International Finance Division at the Board of Governors of the Federal Reserve System. He was named one of Foreign Policy's 100 Global Thinkers of 2019 and the Financial Times has called him 'one of the world's foremost trade scholars'. He is the author of Clashing over Commerce: A History of US Trade Policy (University of Chicago Press, 2017), which The Economist and Foreign Affairs selected as one of their Best Books of the Year.

• Preface; Part I. International Trade: 1. Introducing the global economy; 2. Gains from trade; 3. Exploring the gains from trade; 4. Trade and comparative advantage; 5. Trade and factor endowments; 6. Factor mobility; 7. Product variety; 8. Trade policy; 9. Trade intervention; 10. Trade policy; Part II. International Finance: 11. Measuring the economy and its interaction with the world; 12. Exchange rates, interest rates, and the foreign exchange market; 13. Spending and income in the short run; 14. Income and interest rates under fixed exchange rates; 15. Floating exchange rates and the international trilemma; 16. Income, money and the price level in an open economy; 17. The determinants of the exchange rate; 18. Emerging market crises; 19. The global financial crisis; 20. The Eurozone crisis; References; Index.

'At a time when globalization is under threat everywhere, a clear and simple analysis of the effects of international trade and finance - who gains, who loses, what risks are created and reduced, and what policies are best on balance - grounded in good theory, and supported by data relevant to today's world, is essential. Chinn and Irwin provide that in this outstanding new textbook. I wish it was required reading for the general public, not just for classroom use.' Avinash Dixit, Princeton University