What conclusions can be drawn from recent advances in international trade and international macroeconomics? New datasets, theoretical models, and empirical studies have resulted in fresh questions about the world trade and payment system. These chapters--six on trade and six on international macroeconomics--reveal the richness that researchers have uncovered in recent years. The chapters on foreign trade present, among other subjects, new integrated multisector analytical frameworks, the use of gravity equations for the estimation of trade flows, the role of domestic institutions in shaping comparative advantage, and international trade agreements. On international macroeconomics, chapters explore the relation between exchange rates and other macroeconomic variables; risk sharing, allocation of capital across countries, and current account dynamics; and sovereign debt and financial crises. By addressing new issues while enabling deeper and sharper analyses of old issues, this volume makes a significant contribution to our understanding of the global economy.

Autorentext
Winner of the Bhagwati Prize for the best paper published in the Journal of International Economics for the two years 2003 and 2004, she is a member of the American Economic Review editorial board. Elhanan Helpman is Galen L. Stone Professor of International Trade, Harvard University, Cambridge MA, USAA 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.

Inhalt

1. Heterogeneous Firms and Trade Marc Melitz and Stephen J. Redding 2. Multinational Firms and the Structure of International Trade. Pol Antras and Stephan Yeaple 3. Gravity Equations: Workhorse, Toolkit, and Cookbook Keith Head and Thierry Mayer 4. Trade Theory with Numbers: Quantifying the Consequences of Globalization Andreas Rodrigues-Clare and Arnot Costinot 5. Domestic Institutions as a Source of Comparative Advantage Nathan Nunn and Daniel Trefler 6. Negotiating Trade Deals Giovanni Maggi 7. International Prices and Exchange Rates Ariel Burstein and Gita Gopinath 8. Exchange Rates and Interest Parity Charles Engle 9. Assessing International Efficiency Fabrizio Perri and Jonathan Heathcote 10. External Adjustment, Global Imbalances, Valuation Effects Pierre-Olivier Gourinchas and Helene Rey 11. Sovereign Debt Mark Aguiar and Manuel Amador 12. International Financial Crises Guido Lorenzoni