I don't understand how Peskin & Schroeder can evaluate the integral on page 27 by having the real axis wrapping around branch cuts just like that. The picture of the contours are on page 28.
I think what they have done is simply completed a loop (like a key-hole contour) but the arc/circular bit dies away as your variable go to infinity so effectively the flat/horizontal bit is same as the two vertical bits (by Cauchy theorem... as no poles inside loop)
describing the loop: first bit is the original bit the flat/horizontal (-R,+R) bit with R eventually taken to infinity, then to complete the loop you need to add a 1/4 of an arc going from +R to +iR, then comes down to avoid the branch cut, go around the pole and goes up again before arch back from +iR to -R.
I haven't check this particular example and see if it does goes away... but it usually does and that's why we close the contour in the first place....by the way, I did say "I think"...perhaps you can check that.... to prove that you need to look at your integrand and see what happen when R becomes large (ie. when the integration variable expressed in polar form becomes large). Sometimes Jordon's lemma or ML-estimate maybe used to help.