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About the Author
John B. Taylor, a highly regarded and widely honored figure, has earned numerous awards for both teaching and leadership in International Finance. Dr. Taylor is currently the Raymond Professor of Economics at Stanford University, where he has received the Hoagland Prize for excellence in undergraduate teaching and Rhodes Prize for teaching introductory economics. Dr. Taylor was founding Director of the innovative Stanford Introductory Economics Center and has served as Director of the Stanford Institute for Economic Policy Research. Since 1976, Dr. Taylor has worked in numerous government economic advisory roles. From 2001 to 2005, Dr. Taylor served as Undersecretary of Treasury for International Affairs, where he developed and implemented U.S. international financial policy, including currencies; trade in financial services; foreign investment, international debt; and reform of the International Monetary Fund, the World Bank, and other international financial institutions. Dr. Taylor was awarded the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. He was awarded the Treasury Distinguished Service Award for designing and implementing the financial reconstruction plan in Iraq and was awarded the Alexander Hamilton Award for his leadership in international finance. His accomplishments include helping to assemble an international coalition to freeze terrorist assets, expediting Afghanistan's economic reconstruction, creating a new currency and central bank in Iraq, forging an international agreement to reduce Iraq's debt by 80 percent, and creating a new economic engagement with Broader Middle East and North African countries. Taylor received his B.A. in Economics summa cum laude from Princeton University and Ph.D. in Economics from Stanford University.
Akila Weerapana is Associate Professor of Economics at Wellesley College. He was born and raised in Sri Lanka and came to the United States to complete his undergraduate work at Oberlin College, where he earned a B.A. with highest honors in Economics and Computer Science in 1994. Inspired by his professors at Oberlin, he attended graduate school at Stanford University. He received his Ph.D. in Economics from Stanford in 1999, writing his dissertation in monetary economics under the mentorship of Dr. John Taylor. Having taught several classes at Stanford while he was a graduate student, Dr. Weerapana was determined to pursue a career as a liberal arts college professor, combining his research interests with the opportunity to teach economics to gifted college students. Since 1999 Dr. Weerapana has taught more than 800 students at the Economics Department at Wellesley College. His teaching interests span all levels of the department's curriculum, including introductory and intermediate macroeconomics, international finance, monetary economics and mathematical economics. He was awarded Wellesley's Pinanski Prize for Excellence in Teaching in 2002. He has advised many students who have pursued graduate studies in economics or who have worked in economic research at the Federal Reserve. In addition to teaching, Dr. Weerapana's research interests focus on macroeconomics, specifically in the areas of monetary economics, international finance and political economy.
Table of Contents
PART ONE INTRODUCTION TO ECONOMICS. 1 The Central Idea. 2 Observing and Explaining the Economy. Appendix to Chapter 2 Reading, Understanding, and Creating Graphs. 3 The Supply and Demand Model. 4 Subtleties of the Supply and Demand Model: Price Floors, Price Ceilings and Elasticity. PART TWO PRINCIPLES OF MICROECONOMICS. 5 The Demand Curve and the Behavior of Consumers. Appendix to Chapter 5 Consumer Theory with Indifference Curves. 6 The Supply Curve and the Behavior of Firms. 7 The interaction of People in Markets. PART THREE THE ECONOMICS OF THE FIRM. 8 Costs and the Changes at Firms over Time. Appendix to Chapter 8 Producer Theory with Isoquants. 9 The Rise and Fall of Industries. 10 Monopoly. 11 Product Differentiation, Monopolistic Competition, and Oligopoly. 12 Antitrust Policy and Regulation. PART FOUR MARKETS. 13 Labor Markets. 14 Taxes, Transfers and Income Distribution. 15 Public Goods, Externalities and Government Behavior. 16 Capital and Financial Markets. Appendix to chapter 16 Present Discounted Value. PART FIVE PRINCIPLES OF MACROECONOMICS. 17 Macroeconomics: The Big Picture. Appendix to Chapter 17 The Miracle of Compound Growth. 18 Measuring the Production, Income and Spending of Nations. 19 The Spending Allocation Model. 20 Unemployment and Employment. 21 Productivity and Economic Growth. Appendix to Chapter 21 Deriving the Growth Accounting Formula. 22 Money and Inflation. PART SIX ECONOMIC FLUCTUATIONS AND MACROECONOMIC POLICY. 23 The Nature and Causes of Economic Fluctuations. Appendix to Chapter 23 Deriving the Formula for the Keynesian Multiplier and the Forward Looking Consumption Model. 24 The Economic Fluctuations Model. 25 Using the Economic Fluctuations Model. 26 Fiscal Policy. 27 Monetary Policy. PART SEVEN OPEN ECONOMY MACROECONOMICS. 28 Economic Growth and Globalization. 29: International Trade. 30: International Finance.