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Chapter 1A: Intertemporal trade and the current account balance.Table of content:
A small two-period endowment economy.
The consumer's problem.
Equilibrium of the small open economy.
nternational Borrowing and Lending, the Current Account, and the gains from Trade.
Autarky interest rates and the intertemporal trade pattern.
Temporary versus permanent output changes.
Adding government consumption.
A digression on itertemporal preferences.
The role of investment.
Adding investment to the model.
Budget constraint and individual maximization.
Production possibilities and equilibrium.
The model with government consumption.
A two-region World economy.
A global endowment economy.
Saving and the interest rate.
