International Economics Theory and Policy 11th Edition Krugman Solutions Manual

1. 1 Introduction
2. What Is International Economics About?
3. The Gains from Trade
4. The Pattern of Trade
5. How Much Trade?
6. Balance of Payments
7. Exchange Rate Determination
8. International Policy Coordination
9. The International Capital Market
10. International Economics: Trade and Money
11. PART 1 International Trade Theory
12. 2 World Trade: An Overview
13. Who Trades with Whom?
14. Size Matters: The Gravity Model
15. Using the Gravity Model: Looking for Anomalies
16. Impediments to Trade: Distance, Barriers, and Borders
17. The Changing Pattern of World Trade
18. Has the World Gotten Smaller?
19. What Do We Trade?
20. Service Offshoring
21. Do Old Rules Still Apply?
22. Summary
23. 3 Labor Productivity and Comparative Advantage: The Ricardian Model
24. The Concept of Comparative Advantage
25. A One-Factor Economy
26. Relative Prices and Supply
27. Trade in a One-Factor World
28. Determining the Relative Price after Trade
29. BOX : Comparative Advantage in Practice: The Case of Usain Bolt
30. The Gains from Trade
31. A Note on Relative Wages
32. BOX : Economic Isolation and Autarky over Time and Space
33. Misconceptions about Comparative Advantage
34. Productivity and Competitiveness
35. BOX : Do Wages Reflect Productivity?
36. The Pauper Labor Argument
37. Exploitation
38. Comparative Advantage with Many Goods
39. Setting Up the Model
40. Relative Wages and Specialization
41. Determining the Relative Wage in the Multigood Model
42. Adding Transport Costs and Nontraded Goods
43. Empirical Evidence on the Ricardian Model
44. Summary
45. 4 Specific Factors and Income Distribution
46. The Specific Factors Model
47. BOX : What Is a Specific Factor?
48. Assumptions of the Model
49. Production Possibilities
50. Prices, Wages, and Labor Allocation
51. Relative Prices and the Distribution of Income
52. International Trade in the Specific Factors Model
53. Income Distribution and the Gains from Trade
54. The Political Economy of Trade: A Preliminary View
55. Income Distribution and Trade Politics
56. CASE STUDY : Trade and Unemployment
57. International Labor Mobility
58. CASE STUDY : Wage Convergence in the European Union
59. CASE STUDY : Immigration and the U.S. Economy: Future Prospects
60. Summary
61. 5 Resources and Trade: The Heckscher-Ohlin Model
62. Model of a Two-Factor Economy
63. Prices and Production
64. Choosing the Mix of Inputs
65. Factor Prices and Goods Prices
66. Resources and Output
67. Effects of International Trade between Two-Factor Economies
68. Relative Prices and the Pattern of Trade
69. Trade and the Distribution of Income
70. CASE STUDY : North-South Trade and Income Inequality
71. Skill-Biased Technological Change and Income Inequality
72. BOX : The Declining Labor Share of Income and Capital-Skill Complementarity
73. Factor-Price Equalization
74. Empirical Evidence on the Heckscher-Ohlin Model
75. Trade in Goods as a Substitute for Trade in Factors: Factor Content of Trade
76. Patterns of Exports between Developed and Developing Countries
77. Implications of the Tests
78. Summary
79. 6 The Standard Trade Model
80. A Standard Model of a Trading Economy
81. Production Possibilities and Relative Supply
82. Relative Prices and Demand
83. The Welfare Effect of Changes in the Terms of Trade
84. Determining Relative Prices
85. CASE STUDY : Unequal Gains from Trade across the Income Distribution
86. Economic Growth: A Shift of the RS Curve
87. Growth and the Production Possibility Frontier
88. World Relative Supply and the Terms of Trade
89. International Effects of Growth
90. CASE STUDY : Has the Growth of Newly Industrialized Economies Hurt Advanced Nations?
91. Tariffs and Export Subsidies: Simultaneous Shifts in RS and RD 166
92. Relative Demand and Supply Effects of a Tariff
93. Effects of an Export Subsidy
94. Implications of Terms of Trade Effects: Who Gains and Who Loses?
95. International Borrowing and Lending
96. Intertemporal Production Possibilities and Trade
97. The Real Interest Rate
98. Intertemporal Comparative Advantage
99. Summary
100. 7 External Economies of Scale and the International Location of Production
101. Economies of Scale and International Trade: An Overview
102. Economies of Scale and Market Structure
103. The Theory of External Economies
104. Specialized Suppliers
105. Labor Market Pooling
106. Knowledge Spillovers
107. External Economies and Market Equilibrium
108. External Economies and International Trade
109. External Economies, Output, and Prices
110. External Economies and the Pattern of Trade
111. BOX : Holding the World Together
112. Trade and Welfare with External Economies
113. Dynamic Increasing Returns
114. Interregional Trade and Economic Geography
115. BOX : Soccer and the English Premiere League
116. Summary
117. 8 Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises
118. The Theory of Imperfect Competition
119. Monopoly: A Brief Review
120. Monopolistic Competition
121. Monopolistic Competition and Trade
122. The Effects of Increased Market Size
123. Gains from an Integrated Market: A Numerical Example
124. The Significance of Intra-Industry Trade
125. CASE STUDY : Automobile Intra-Industry Trade within ASEAN-4: 1998–2002
126. Firm Responses to Trade: Winners, Losers, and Industry Performance
127. Performance Differences across Producers
128. The Effects of Increased Market Size
129. Trade Costs and Export Decisions
130. Dumping
131. CASE STUDY : Antidumping as Protectionism
132. Multinationals and Outsourcing
133. CASE STUDY : Patterns of Foreign Direct Investment Flows around the World
134. The Firm’s Decision Regarding Foreign Direct Investment
135. Outsourcing
136. BOX : Whose Trade Is It?
137. CASE STUDY : Shipping Jobs Overseas? Offshoring and Labor Market Outcomes in Germany
138. Consequences of Multinationals and Foreign Outsourcing
139. Summary
140. PART 2 International Trade Policy
141. 9 The Instruments of Trade Policy
142. Basic Tariff Analysis
143. Supply, Demand, and Trade in a Single Industry
144. Effects of a Tariff
145. Measuring the Amount of Protection
146. Costs and Benefits of a Tariff
147. Consumer and Producer Surplus
148. Measuring the Costs and Benefits
149. BOX : Tariffs and Retaliation
150. Other Instruments of Trade Policy
151. Export Subsidies: Theory
152. CASE STUDY : Europe’s Common Agricultural Policy
153. Import Quotas: Theory
154. CASE STUDY : Tariff-Rate Quota Origin and its Application in Practice with Oilseeds
155. Voluntary Export Restraints
156. CASE STUDY : A Voluntary Export Restraint in Practice
157. Local Content Requirements
158. BOX : Healthcare Protection with Local Content Requirements
159. Other Trade Policy Instruments
160. The Effects of Trade Policy: A Summary
161. Summary
162. 10 The Political Economy of Trade Policy
163. The Case for Free Trade
164. Free Trade and Efficiency
165. Additional Gains from Free Trade
166. Rent Seeking
167. Political Argument for Free Trade
168. National Welfare Arguments against Free Trade
169. The Terms of Trade Argument for a Tariff
170. The Domestic Market Failure Argument against Free Trade
171. How Convincing Is the Market Failure Argument?
172. Income Distribution and Trade Policy
173. Electoral Competition
174. Collective Action
175. BOX : Politicians for Sale: Evidence from the 1990s
176. Modeling the Political Process
177. Who Gets Protected?
178. International Negotiations and Trade Policy
179. The Advantages of Negotiation
180. International Trade Agreements: A Brief History
181. The Uruguay Round
182. Trade Liberalization
183. Administrative Reforms: From the GATT to the WTO
184. Benefits and Costs
185. BOX : Settling a Dispute—And Creating One
186. CASE STUDY : Testing the WTO’s Metal
187. The End of Trade Agreements?
188. BOX : Do Agricultural Subsidies Hurt the Third World?
189. Preferential Trading Agreements
190. BOX : Free Trade Area Versus Customs Union
191. BOX : Brexit
192. CASE STUDY : Trade Diversion in South America
193. The Trans-Pacific Partnership
194. Summary
195. 11 Trade Policy in Developing Countries
196. Import-Substituting Industrialization
197. The Infant Industry Argument
198. Promoting Manufacturing through Protection
199. CASE STUDY : Export-Led Strategy
200. Results of Favoring Manufacturing: Problems of Import-Substituting Industrialization
201. Trade Liberalization since 1985
202. Trade and Growth: Takeoff in Asia
203. BOX : India’s Boom
204. Summary
205. 12 Controversies in Trade Policy
206. Sophisticated Arguments for Activist Trade Policy
207. Technology and Externalities
208. Imperfect Competition and Strategic Trade Policy
209. BOX : A Warning from Intel’s Founder
210. CASE STUDY : When the Chips Were Up
211. Globalization and Low-Wage Labor
212. The Anti-Globalization Movement
213. Trade and Wages Revisited
214. Labor Standards and Trade Negotiations
215. Environmental and Cultural Issues
216. The WTO and National Independence
217. CASE STUDY : A Tragedy in Bangladesh
218. Globalization and the Environment
219. Globalization, Growth, and Pollution
220. The Problem of “Pollution Havens”
221. The Carbon Tariff Dispute
222. Trade Shocks and Their Impact on Communities
223. Summary
224. PART 3 Exchange Rates and Open-Economy Macroeconomics
225. 13 National Income Accounting and the Balance of Payments
226. The National Income Accounts
227. National Product and National Income
228. Capital Depreciation and International Transfers
229. Gross Domestic Product
230. National Income Accounting for an Open Economy
231. Consumption
232. Investment
233. Government Purchases
234. The National Income Identity for an Open Economy
235. An Imaginary Open Economy
236. The Current Account and Foreign Indebtedness
237. Saving and the Current Account
238. Private and Government Saving
239. BOX : The Mystery of the Missing Deficit
240. The Balance of Payments Accounts
241. Examples of Paired Transactions
242. The Fundamental Balance of Payments Identity
243. The Current Account, Once Again
244. The Capital Account
245. The Financial Account
246. Statistical Discrepancy
247. Official Reserve Transactions
248. CASE STUDY : The Assets and Liabilities of the World’s Biggest Debtor
249. Summary
250. 14 Exchange Rates and the Foreign Exchange Market: An Asset Approach
251. Exchange Rates and International Transactions
252. Domestic and Foreign Prices
253. Exchange Rates and Relative Prices
254. The Foreign Exchange Market
255. The Actors
256. BOX : Exchange Rates, Auto Prices, and Currency Wars
257. Characteristics of the Market
258. Spot Rates and Forward Rates
259. Foreign Exchange Swaps
260. Futures and Options
261. The Demand for Foreign Currency Assets
262. Assets and Asset Returns
263. BOX : Offshore Currency Markets: The Case of the Chinese Yuan
264. Risk and Liquidity
265. Interest Rates
266. Exchange Rates and Asset Returns
267. A Simple Rule
268. Return, Risk, and Liquidity in the Foreign Exchange Market
269. Equilibrium in the Foreign Exchange Market
270. Interest Parity: The Basic Equilibrium Condition
271. How Changes in the Current Exchange Rate Affect Expected Returns
272. The Equilibrium Exchange Rate
273. Interest Rates, Expectations, and Equilibrium
274. The Effect of Changing Interest Rates on the Current Exchange Rate
275. The Effect of Changing Expectations on the Current Exchange Rate
276. CASE STUDY : What Explains the Carry Trade?
277. Summary
278. 15 Money, Interest Rates, and Exchange Rates
279. Money Defined: A Brief Review
280. Money as a Medium of Exchange
281. Money as a Unit of Account
282. Money as a Store of Value
283. What Is Money?
284. How the Money Supply Is Determined
285. The Demand for Money by Individuals
286. Expected Return
287. Risk
288. Liquidity
289. Aggregate Money Demand
290. The Equilibrium Interest Rate: The Interaction of Money Supply and Demand
291. Equilibrium in the Money Market
292. Interest Rates and the Money Supply
293. Output and the Interest Rate
294. The Money Supply and the Exchange Rate in the Short Run
295. Linking Money, the Interest Rate, and the Exchange Rate
296. U.S. Money Supply and the Dollar/Euro Exchange Rate
297. Europe’s Money Supply and the Dollar/Euro Exchange Rate
298. Money, the Price Level, and the Exchange Rate in the Long Run
299. Money and Money Prices
300. The Long-Run Effects of Money Supply Changes
301. Empirical Evidence on Money Supplies and Price Levels
302. Money and the Exchange Rate in the Long Run
303. Inflation and Exchange Rate Dynamics
304. Short-Run Price Rigidity versus Long-Run Price Flexibility
305. BOX : Money Supply Growth and Hyperinflation in Zimbabwe
306. Permanent Money Supply Changes and the Exchange Rate
307. Exchange Rate Overshooting
308. CASE STUDY : Inflation Targeting and Exchange Rate in Emerging Countries
309. Summary
310. 16 Price Levels and the Exchange Rate in the Long Run
311. The Law of One Price
312. Purchasing Power Parity
313. The Relationship between PPP and the Law of One Price
314. Absolute PPP and Relative PPP
315. A Long-Run Exchange Rate Model Based on PPP
316. The Fundamental Equation of the Monetary Approach
317. Ongoing Inflation, Interest Parity, and PPP
318. The Fisher Effect
319. Empirical Evidence on PPP and the Law of One Price
320. Explaining the Problems with PPP
321. Trade Barriers and Nontradables
322. Departures from Free Competition
323. Differences in Consumption Patterns and Price Level Measurement
324. BOX : Measuring and Comparing Countries’ Wealth Worldwide: The International Comparison Program (ICP)
325. PPP in the Short Run and in the Long Run
326. CASE STUDY : Why Price Levels Are Lower in Poorer Countries
327. Beyond Purchasing Power Parity: A General Model of Long-Run Exchange Rates
328. The Real Exchange Rate
329. Demand, Supply, and the Long-Run Real Exchange Rate
330. BOX : Sticky Prices and the Law of One Price: Evidence from Scandinavian Duty-Free Shops
331. Nominal and Real Exchange Rates in Long-Run Equilibrium
332. International Interest Rate Differences and the Real Exchange Rate
333. Real Interest Parity
334. Summary
335. 17 Output and the Exchange Rate in the Short Run
336. Determinants of Aggregate Demand in an Open Economy
337. Determinants of Consumption Demand
338. Determinants of the Current Account
339. How Real Exchange Rate Changes Affect the Current Account
340. How Disposable Income Changes Affect the Current Account
341. The Equation of Aggregate Demand
342. The Real Exchange Rate and Aggregate Demand
343. Real Income and Aggregate Demand
344. How Output Is Determined in the Short Run
345. Output Market Equilibrium in the Short Run: The DD Schedule
346. Output, the Exchange Rate, and Output Market Equilibrium
347. Deriving the DD Schedule
348. Factors That Shift the DD Schedule
349. Asset Market Equilibrium in the Short Run: The AA Schedule
350. Output, the Exchange Rate, and Asset Market Equilibrium
351. Deriving the AA Schedule
352. Factors That Shift the AA Schedule
353. Short-Run Equilibrium for an Open Economy: Putting the DD and AA Schedules Together
354. Temporary Changes in Monetary and Fiscal Policy
355. Monetary Policy
356. Fiscal Policy
357. Policies to Maintain Full Employment
358. Inflation Bias and Other Problems of Policy Formulation
359. Permanent Shifts in Monetary and Fiscal Policy
360. A Permanent Increase in the Money Supply
361. Adjustment to a Permanent Increase in the Money Supply
362. A Permanent Fiscal Expansion
363. Macroeconomic Policies and the Current Account
364. Gradual Trade Flow Adjustment and Current Account Dynamics
365. The J-Curve
366. Exchange Rate Pass-Through and Inflation
367. The Current Account, Wealth, and Exchange Rate Dynamics
368. BOX : Understanding Pass-Through to Import and Export Prices
369. The Liquidity Trap
370. CASE STUDY : How Big Is the Government Spending Multiplier?
371. Summary
372. 18 Fixed Exchange Rates and Foreign Exchange Intervention
373. Why Study Fixed Exchange Rates?
374. Central Bank Intervention and the Money Supply
375. The Central Bank Balance Sheet and the Money Supply
376. Foreign Exchange Intervention and the Money Supply
377. Sterilization
378. The Balance of Payments and the Money Supply
379. How the Central Bank Fixes the Exchange Rate
380. Foreign Exchange Market Equilibrium under a Fixed Exchange Rate
381. Money Market Equilibrium under a Fixed Exchange Rate
382. A Diagrammatic Analysis
383. Stabilization Policies with a Fixed Exchange Rate
384. Monetary Policy
385. Fiscal Policy
386. Changes in the Exchange Rate
387. Adjustment to Fiscal Policy and Exchange Rate Changes
388. Balance of Payments Crises and Capital Flight
389. Managed Floating and Sterilized Intervention
390. Perfect Asset Substitutability and the Ineffectiveness of Sterilized Intervention
391. CASE STUDY : Can Markets Attack a Strong Currency? The Case of Switzerland
392. Foreign Exchange Market Equilibrium under Imperfect Asset Substitutability
393. The Effects of Sterilized Intervention with Imperfect Asset Substitutability
394. Evidence on the Effects of Sterilized Intervention
395. Reserve Currencies in the World Monetary System
396. The Mechanics of a Reserve Currency Standard
397. The Asymmetric Position of the Reserve Center
398. The Gold Standard
399. The Mechanics of a Gold Standard
400. Symmetric Monetary Adjustment under a Gold Standard
401. Benefits and Drawbacks of the Gold Standard
402. The Bimetallic Standard
403. The Gold Exchange Standard
404. CASE STUDY : The Cost to Become an International Currency: The Renminbi Case
405. Summary
406. PART 4 International Macroeconomic Policy
407. 19 International Monetary Systems: An Historical Overview
408. Macroeconomic Policy Goals in an Open Economy
409. Internal Balance: Full Employment and Price Level Stability
410. External Balance: The Optimal Level of the Current Account
411. BOX : Can a Country Borrow Forever? The Case of New Zealand
412. Classifying Monetary Systems: The Open-Economy Monetary Trilemma
413. International Macroeconomic Policy under the Gold Standard, 1870–1914
414. Origins of the Gold Standard
415. External Balance under the Gold Standard
416. The Price-Specie-Flow Mechanism
417. The Gold Standard “Rules of the Game”: Myth and Reality
418. Internal Balance under the Gold Standard
419. CASE STUDY : The Political Economy of Exchange Rate Regimes: Conflict over America’s Monetary Standard during the 1890s
420. The Interwar Years, 1918–1939
421. The Fleeting Return to Gold
422. International Economic Disintegration
423. CASE STUDY : The International Gold Standard and the Great Depression
424. The Bretton Woods System and the International Monetary Fund
425. Goals and Structure of the IMF
426. Convertibility and the Expansion of Private Financial Flows
427. Speculative Capital Flows and Crises
428. Analyzing Policy Options for Reaching Internal and External Balance
429. Maintaining Internal Balance
430. Maintaining External Balance
431. Expenditure-Changing and Expenditure-Switching Policies
432. The External Balance Problem of the United States under Bretton Woods
433. CASE STUDY : The End of Bretton Woods, Worldwide Inflation, and the Transition to Floating Rates
434. The Mechanics of Imported Inflation
435. Assessment
436. The Case for Floating Exchange Rates
437. Monetary Policy Autonomy
438. Symmetry
439. Exchange Rates as Automatic Stabilizers
440. Exchange Rates and External Balance
441. CASE STUDY : The First Years of Floating Rates, 1973–1990
442. Macroeconomic Interdependence under a Floating Rate
443. CASE STUDY : Transformation and Crisis in the World Economy
444. CASE STUDY : The Dangers of Deflation
445. What Has Been Learned Since 1973?
446. Monetary Policy Autonomy
447. Symmetry
448. The Exchange Rate as an Automatic Stabilizer
449. External Balance
450. The Problem of Policy Coordination
451. Are Fixed Exchange Rates Even an Option for Most Countries?
452. Summary
453. 20 Financial Globalization: Opportunity and Crisis
454. The International Capital Market and the Gains from Trade
455. Three Types of Gain from Trade
456. Risk Aversion
457. Portfolio Diversification as a Motive for International Asset Trade
458. The Menu of International Assets: Debt versus Equity
459. International Banking and the International Capital Market
460. The Structure of the International Capital Market
461. Offshore Banking and Offshore Currency Trading
462. The Shadow Banking System
463. Banking and Financial Fragility
464. The Problem of Bank Failure
465. Government Safeguards against Financial Instability
466. Moral Hazard and the Problem of “Too Big to Fail”
467. BOX : Does the IMF Cause Moral Hazard?
468. The Challenge of Regulating International Banking
469. The Financial Trilemma
470. International Regulatory Cooperation through 2007
471. CASE STUDY : The Global Financial Crisis of 2007–2009
472. BOX : Foreign Exchange Instability and Central Bank Swap Lines
473. International Regulatory Initiatives after the Global Financial Crisis
474. How Well Have International Financial Markets Allocated Capital and Risk?
475. The Extent of International Portfolio Diversification
476. The Extent of Intertemporal Trade
477. Onshore-Offshore Interest Differentials
478. The Efficiency of the Foreign Exchange Market
479. Summary
480. 21 Optimum Currency Areas and the Euro
481. How the European Single Currency Evolved
482. What Has Driven European Monetary Cooperation?
483. BOX : Brexit
484. The European Monetary System, 1979–1998
485. German Monetary Dominance and the Credibility Theory of the EMS
486. Market Integration Initiatives
487. European Economic and Monetary Union
488. The Euro and Economic Policy in the Euro Zone
489. The Maastricht Convergence Criteria and the Stability and Growth Pact
490. The European Central Bank and the Eurosystem
491. The Revised Exchange Rate Mechanism
492. The Theory of Optimum Currency Areas
493. Economic Integration and the Benefits of a Fixed Exchange Rate Area: The GG Schedule
494. Economic Integration and the Costs of a Fixed Exchange Rate Area: The LL Schedule
495. The Decision to Join a Currency Area: Putting the GG and LL Schedules Together
496. What Is an Optimum Currency Area?
497. Other Important Considerations
498. CASE STUDY : Is Europe an Optimum Currency Area?
499. The Euro Crisis and the Future of EMU
500. Origins of the Crisis
501. Self-Fulfilling Government Default and the “Doom Loop”
502. A Broader Crisis and Policy Responses
503. ECB Outright Monetary Transactions
504. The Future of EMU
505. Summary
506. 22 Developing Countries: Growth, Crisis, and Reform
507. Income, Wealth, and Growth in the World Economy
508. The Gap between Rich and Poor
509. Has the World Income Gap Narrowed Over Time?
510. The Importance of Developing Countries for Global Growth
511. Structural Features of Developing Countries
512. BOX : The Commodity Supercycle
513. Developing-Country Borrowing and Debt
514. The Economics of Financial Inflows to Developing Countries
515. The Problem of Default
516. Alternative Forms of Financial Inflow
517. The Problem of “Original Sin”
518. The Debt Crisis of the 1980s
519. Reforms, Capital Inflows, and the Return of Crisis
520. East Asia: Success and Crisis
521. The East Asian Economic Miracle
522. BOX : Why Have Developing Countries Accumulated Such High Levels of International Reserves?
523. Asian Weaknesses
524. BOX : What Did East Asia Do Right?
525. The Asian Financial Crisis
526. Lessons of Developing-Country Crises
527. Reforming the World’s Financial “Architecture”
528. Capital Mobility and the Trilemma of the Exchange Rate Regime
529. “Prophylactic” Measures
530. Coping with Crisis
531. Understanding Global Capital Flows and the Global Distribution of Income: Is Geography Destiny?
532. BOX : Capital Paradoxes
533. Summary
534. Mathematical Postscripts
535. Postscript to Chapter 5: The Factor-Proportion Model
536. Factor Prices and Costs
537. Goods Prices and Factor Prices
538. Factor Supplies and Outputs
539. Postscript to Chapter 6: The Trading World Economy
540. Supply, Demand, and Equilibrium
541. Supply, Demand, and the Stability of Equilibrium
542. Effects of Changes in Supply and Demand
543. Economic Growth
544. A Transfer of Income
545. A Tariff
546. Postscript to Chapter 8: The Monopolistic Competition Model
547. Postscript to Chapter 20: Risk Aversion and International Portfolio Diversification
548. An Analytical Derivation of the Optimal Portfolio
549. A Diagrammatic Derivation of the Optimal Portfolio
550. The Effects of Changing Rates of Return
551. Index
552. Credits

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