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written for students who may one day continue on in an economics PhD program. These texts develop advanced
general equilibrium models and use sophisticated mathematics. However, these texts are also very difficult for the
average, non-PhD-bound student to understand. Other intermediate texts are written for noneconomics majors who
may take only a few economics courses in their program. These texts present descriptive information about the world
and only the bare basics about how economic models are used to describe that world.
This text strives to reach a median between these two approaches. First, I believe that students need to learn the
theory and models to understand how economists understand the world. I also think these ideas are accessible to
most students if they are explained thoroughly. This text presents numerous models in some detail, not by employing
advanced mathematics, but rather by walking students through a detailed description of how a model’s assumptions
influence its conclusions. Second, and perhaps more important, students must learn how the models connect with the
real world. I believe that theory is done primarily to guide policy. We do positive economics to help answer the
normative questions; for example, what should a country do about its trade policy or its exchange rate policy? The
results from models give us insights that help us answer these questions. Thus this text strives to explain why each
model is interesting by connecting its results to some aspect of a current policy issue. A prime example is found
in Chapter 13 "Fixed versus Floating Exchange Rates" of this book, which addresses the age-old question of whether
countries use fixed or floating exchange rates. The chapter applies the theories developed throughout the text to assist
our understanding of this long-standing debate.
International Finance - Theory and Policy.pdf
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