Introduction to the global economy -- Understanding the global economy -- Comparative advantage : how nations can gain from international trade -- International trade : enduring issues -- Sources of comparative advantage -- Regulating international trade : trade policies and their effects --...

In most nations, paths of monetary aggregates and prices consistently depart from stationary trends. This paper shows that this is a fundamental implication when monetary authorities of interdependent countries seek to smooth their home output and prices in the presence of incomplete world...