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Principles Microeconomics About the Authors John B. Taylor is one of the field’s most inspiring teachers. As the Raymond Professor of Economics at Stanford University, his distinc-tive instructional methods have made him a legend among intro-ductory economics students and have won him both the Hoagland and Rhodes prizes for teaching excellence. Professor Taylor is also widely recognized for his research on the foundations of modern monetary theory and policy. One of his well-known research contributions is a rule—now widely called the Taylor Rule—used at central banks around the world. Taylor has had an active career in public service, recently completing a four-year stint as the head of the International Affairs division at the United States Treasury, where he had responsibility for currency policy, international debt, and oversight of the International Monetary Fund and the World Bank and worked closely with leaders and policymakers from countries through-out the world. He has also served as economic adviser to the governor of California, to the U.S. Congressional Budget Office, and to the President of the United States and has served on several boards and as a consultant to private industry. Professor Taylor began his career at Princeton, where he graduated with highest honors in economics. He then received his Ph.D. from Stanford and taught at Columbia, Yale, and Princeton before returning to Stanford. Akila Weerapana is an Associate Professor of Economics at Wellesley College. He was born and raised in Sri Lanka and came to the United States to do his undergraduate work at Oberlin College, where he earned a B.A. with highest honors in Economics and Computer Science in 1994. He received his Ph.D. in Economics from Stanford in 1999, writing his disserta-tion on monetary economics under the mentorship of John Taylor. Since then, Professor Weerapana has taught in the Economics Department at Wellesley College. His teaching interests span all levels of the department’s curriculum, including introductory and intermediate macroeconom-ics, international finance, monetary economics, and mathematical economics. He was awarded Wellesley’s Pinanski Prize for Excellence in Teaching in 2002. He also enjoys working with thesis students, advising projects ranging from a study of the economic benefits of eradica-tion of river blindness in Ghana to an analysis of the deter-minants of enterprise performance in Russia. In addition to teaching, Professor Weerapana has research interests in macroeconomics, specifically in the areas of monetary economics, international finance, and political economy. Principles of Microeconomics Global Financial Crisis Edition JOHN B. TAYLOR AKILA WEERAPANA Cengage Learning Principles of Microeconomics Global Financial Crisis Edition Taylor, Weerapana Vice President of Editorial, Business: Jack W. 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Library of Congress Control Number: 2009927980 ISBN-13: 978-1-4390-7821-1 ISBN-10: 1-4390-7821-1 South-Western Cengage Learning 5191 Natorp Boulevard Mason, OH 45040 USA Cengage Learning products are represented in Canada by Nelson Education, Ltd. For your course and learning solutions, visit www.cengage.com Purchase any of our products at your local college store or at our preferred online store www.ichapters.com Printed in the United States of America 1 2 3 4 5 6 7 13 12 11 10 09 ... - tailieumienphi.vn
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