1 Introduction -- Part I International Trade Theory -- 2 The Origins of International Trade Theory -- 3 The Ricardian Trade Model -- 4 Factor Intensity -- 5 Stripping Away Ricardo's Assumptions -- 6 Trade Barriers and Protectionism -- Part II Global Macroeconomics Policy Demystified -- 7 Global...

Introduction and Overview -- Part One–International Trade Theory -- The Origins of Trade Theory -- The Ricardian Trade Model.- Factor Intensity -- Stripping Away Ricardo’s Assumptions -- Trade Barriers and Protectionism -- Part Two–Global Macroeconomics -- Global Macroeconomics -- Exchange...

We show an example of a small open economy - the Czech Republic - where the fiscal restriction was put in place between 2010 and 2013 in a negative output gap and zero lower bound on nominal interest rates. According to our results, such fiscal policy seems to have been mistaken, as the...