Survey of International Economics
Survey of International Economics ECON 364
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This 3 page Class Notes was uploaded by April Jerde on Thursday September 17, 2015. The Class Notes belongs to ECON 364 at University of Wisconsin - Madison taught by Maria Muniagurria in Fall. Since its upload, it has received 70 views. For similar materials see /class/205134/econ-364-university-of-wisconsin-madison in Economcs at University of Wisconsin - Madison.
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Date Created: 09/17/15
Economics 364 Survey of International Economics Fall 2008 Maria Muniagurria 7424 Social Science Phone 2633865 email muniasscwiscedu Of ce Hours TuTh 230 330 pm Course Description There are two courses on international trade and nance offered by the Department of Economics this course and Econ 464 Econ 364 is designed for nonmajors and does not have the intermediate theory classes Econ 301 and 302 as prerequisites However Econ 101 and 102 are required and I expect the students to be able to use the main concepts that were taught in these introductory courses specially in 101 Ifyou have taken 101 more than 2 semesters ago you will need to review the basic material Economics Majors and others seeking a more in depth treatment should take Economics 464 instead The rst and major part of the course about 18 lectures explores the theoretical foundations of International Trade focusing on why nations trade and what do they trade in what sense international trade is bene cial to trading countries the effect of different trade policy instruments and international trade agreements Current policy issues will be examined to demonstrate the usefulness as well as the limitations of the theory The second part of the course about 8 lectures will be devoted to topics in International Finance balance of payments foreign exchange market It is extremely important that you work on linking the concepts that we cover in class with developments in the real world This is the only way to make sure that these concepts are really understood I will occasionally send you emails with links to articles where international economics issues are discussed But I urge you to do this on your own as well Good sources are The New York Times The Financial Times The Economist and Google World News Also check The Trade Observatory at httpwwwtradeobservatoryorg If you nd an interesting or amusing article about any of the issues we discuss in class please send it to me so that we can discuss it in class Required Reading 1 International Trade by Robert C Feenstra and Alan M Taylor Worth Publishers 2008 Chapters 1 11 available at the University Bookstore The International Finance chapters Chapters 13 and 16 will be available in ereserves Soc Sc Reference Library available through 2 Handouts and assigned articles distributed in class available at the course s web page links and ereserves Soc Sc Reference Library available through My UW Grading Important DatesOther 1 Grading will be on the basis ofthree exams and homework assignments between 4 and 6 There will be no Final Exam for the class H amewark grading I will decide which homework will be graded and we will randomly pick one or more problems to grade this is due to the shortage of grading help for the TA Even if the homework is not graded we will record who turned it in The dates and weighting will be Weight Date Dates Exam 1 32 Tu October 7 Exam 2 32 Tu November 11 Exam 3 30 Th December 11 last day of class Homework Assignments 6 To be announced in class 2 There will be no Class on Th October 11 there will be a special assignment instead 3 Students are responsible for announcements made in class and via e mail 4 As a general rule I do not give make up exams However if there are exceptional circumstances that make it impossible for you to take an exam at the scheduled time you should contact me before the exam E mail and WEB Page The class will be put on an electronic mailing list This allows distribution of announcements and class related information to everyone Please activate your account and check your Email regularly this is mandatoryI will use Email to provide you with detailed information about the topics we will be covering each class speci c readings and handouts Sample exams or review questions will occasionally be sent to you The Web page for our class has the syllabus some handouts other relevant information and useful links httpwwwsscwiscedumunia364 General Approach and Microeconomic Concepts There is no perfect book for this class in general they are either too easy or too hard Overall Feenstra and Taylor is harder than the right level for this class so we will not cover all the material in the book We will skip topics sections details will be announced via email and in the web page My lectures and the handouts are designed to provide you with enough background to understand the topics that I consider important As a consequence it is very important that you attend class and section read the handouts and do the homework Make sure you have a classmate s email or phone number to borrow hisher lecture notes in case you are unable to attend class The International Trade Theory part of the course will make heavy use of concepts from Microeconomic Theory You need to master these concepts to do well in the class Review material is in ereserves COURSE OUTLINE AND READINGS Below Feenstra and Taylor will be referred as FT I Introduction Ch 1 FT The Trade Tiqhtrope The NYTimes by P Krugman 22704 Microeconomic Theory Handouts Part 1 and Part 2Web Page II Standard Trade Model Gains From Trade Class material III Ricardian Model and Comparative Advantage Ch 2 FT Ricardian Model I and IIquot web page Mark s recipe for Ricardoquot web page In Praise of Cheap Labor quot by Paul Krugman Slate March 1999 web page IV Specific Factors Model and Income Distribution V Resources and Trade Heckscher Ohlin Model Ch 4 FT Patterns of Trade in the HO Model web page VI Movement of Labor and Capital Between Countries Ch 5 FT VII Outsourcing FT VIII WTO US Trade Policy Import Tariffs Quotas Dumping Ch 8 FT Understanding Antidumping and Countervailing Duties web page Understanding Safeguards web page IX Export Subsidies Ch 10 FT some topics will be skipped X Trade Agreements Ch 11 FT XI Intertemporal Trade National Income Accounting Balance ofPayments Intertemporal Tradequot from International Tradequot by J Markusen J Melvin W Kaempfer and K Maskus MC Graw Hill 1995 e reserves Ch 16 FT Do Government De cits Worsen the Current Accountquot from International Economicsquot 4 h Ed by P Krugman and M Obst eld Addisson Wesley 1997 e reserves The Global Saving Glut and the US Current Account De cit by Ben Bernanke March 2005 web page XII Exchange Rates Topics in International Monetary Economics Ch 13 FT Grievance Procedure The Department of Economics has developed a grievance procedure through which you may register comments or complaints about a course an instructor or a teaching assistant The Department continues to provide a course evaluation each semester in every class If you wish to make anonymous complaints to an instructor or teaching assistant the appropriate vehicle is the course evaluation If you have a disagreement with an instructor or a teaching assistant we strongly encourage you to try to resolve the dispute with him or her directly The grievance procedure is designed for situations where neither of these channels is appropriate If you wish to file a grievance you should go to room 7238 Social Science and request a Course Comment Sheet When completing the comment sheet you will need to provide a detailed statement that describes what aspects of the course you find unsatisfactory You will need to sign the sheet and provide your student identification number your address and a phone where you can be reached The Department plans to investigate comments fully and will respond in writing to complaints Your name address phone number and student ID number will not be revealed to the instructor or teaching assistant involved and will be treated as confidential The Department needs this information because it may become necessary for a commenting student to have a meeting with the department chair or a nominee to gather additional information A name and address are necessary for providing a written response