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JOHN CABOT UNIVERSITY
COURSE CODE: "EC 316"
COURSE NAME: "International Economics"
SEMESTER & YEAR:
Fall 2014
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SYLLABUS
INSTRUCTOR:
Alessandro Antonelli
EMAIL: [email protected]
HOURS:
MW 8:30 AM 9:45 AM
TOTAL NO. OF CONTACT HOURS:
45
CREDITS:
3
PREREQUISITES:
Prerequisites: Junior Standing, EC 201, EC 202
OFFICE HOURS:
By appointment
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COURSE DESCRIPTION:
This course aims to provide students with a wide overview to the main topics in international trade, open-economy macroeconomics and finance. It focuses on the analysis of concepts and methods of international economics and on illustrations with applications drawn from the real world. The study of concepts, theories, historic development and current events in the field is designed to allow students to strengthen their skills in critical thinking, and in assessing risks, threats, opportunities and impacts related to the international and the global economic environment.
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SUMMARY OF COURSE CONTENT:
* International Trade Theory.
* International Trade Policy.
* Exchange Rates and Open-Economy Macroeconomics.
* International Macroeconomic Policy.
* World Economic Outlook.
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LEARNING OUTCOMES:
* Introduce students to an analytical framework that can be used for understanding current events in the field of international economics.
* Learn about sources of information related to the global economy.
* Ability to distinguish good economic arguments for international trade and international macroeconomic policy from those based on vested interests, narrow nationalism or ideology.
* Develop an awareness of the distributional consequences of globalization and economic policy and systemically apply a cost benefit analysis that is inclusive as well as identifies areas of uncertainty.
* Develop skills in the critical analysis and presentation of these arguments through careful study and through active class participation.
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TEXTBOOK:
| Book Title | Author | Publisher | ISBN number | Library Call Number | Comments | Format | Local Bookstore | Online Purchase |
| International Economics (9th international edition, though other recent editions are fine) | Paul Krugman, Maurice Obstfeld, Marc Melitz | Pearson Higher Education | 9780273754206 | | | | | |
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REQUIRED RESERVED READING:
RECOMMENDED RESERVED READING:
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GRADING POLICY
-ASSESSMENT METHODS:
| Assignment | Guidelines | Weight |
| Exam 1, Exam 2, Class Presentation/Exercises, Class Participation | | 30% + 40% + 15% + 15% |
| | The two exams (30% + 40%) will consist of essay-type questions, graphic analysis, as well as some problems that require quantitative analysis, in which the student is asked to explain and/or solve with accuracy and clarity issues of a particular topic covered by the syllabus.
Cases and/or class exercises (overall weight: 15%) will be assigned by the professor. Each student should be prepared to offer an effective oral and written summary of the case/exercise and the key facts to the class, and to present their views regarding the possible questions.
The class participation grade (15%) will reflect the students care in attending the class, and her or his interventions during class. Unjustified absences will negatively affect the class participation grade.
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-ASSESSMENT CRITERIA:
A Work of this quality directly addresses the question or problem raised and provides a coherent argument displaying an extensive knowledge of relevant information or content. This type of work demonstrates the ability to critically evaluate concepts and theory and has an element of novelty and originality. There is clear evidence of a significant amount of reading beyond that required for the course
B This is highly competent level of performance and directly addresses the question or problem raised.There is a demonstration of some ability to critically evaluatetheory and concepts and relate them to practice. Discussions reflect the student’s own arguments and are not simply a repetition of standard lecture andreference material. The work does not suffer from any major errors or omissions and provides evidence of reading beyond the required assignments.
C This is an acceptable level of performance and provides answers that are clear but limited, reflecting the information offered in the lectures and reference readings.
D This level of performances demonstrates that the student lacks a coherent grasp of the material.Important information is omitted and irrelevant points included.In effect, the student has barely done enough to persuade the instructor that s/he should not fail.
F This work fails to show any knowledge or understanding of the issues raised in the question. Most of the material in the answer is irrelevant.
-ATTENDANCE REQUIREMENTS:
The University attendance policy is described in the catalogue. Persistent absence or tardiness usually precludes satisfactory performance in the course. Students are expected to arrive to class on time and are responsible for all material covered by the syllabus and/or discussed in class, whether or not they are actually present in class.
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ACADEMIC HONESTY
As stated in the university catalog, any student who commits an act of academic
dishonesty will receive a failing grade on the work in which the dishonesty occurred.
In addition, acts of academic dishonesty, irrespective of the weight of the assignment,
may result in the student receiving a failing grade in the course. Instances of
academic dishonesty will be reported to the Dean of Academic Affairs. A student
who is reported twice for academic dishonesty is subject to summary dismissal from
the University. In such a case, the Academic Council will then make a recommendation
to the President, who will make the final decision.
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STUDENTS WITH LEARNING OR OTHER DISABILITIES
John Cabot University does not discriminate on the basis of disability or handicap.
Students with approved accommodations must inform their professors at the beginning
of the term. Please see the website for the complete policy.
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SCHEDULE
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PART I, INTERNATIONAL TRADE THEORY
Chapter 1: What Is International Economics About?
Chapter 2: World Trade: An Overview
Chapter 3: Labor Productivity and Comparative Advantage: The Ricardian Model
Boxes: 1) The Case of Babe Ruth; 2) The Losses from Nontrade; 3) Do Wages Reflect Productivity?
Chapter 4/5: Specific Factors and Income Distribution
Case Study: Wage Convergence in the Age of Mass Migration
Case Study: Foreign Workers: The Story of the GCC
Resources and Trade: The Heckscher-Ohlin Model
Case Study: North-South Trade and Income Inequality
Chapter 7: External Economies of Scale
Box: Holding the World Together
Box: Tinseltown Economics
Chapter 8: Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises
Case study: The Emergence of the Turkish Automotive Industry
Case Study: Antidumping as Protectionism
Case Study: Patterns of Foreign Direct Investment Flows Around the World
Review
SEPTEMBER 29: Exercises and problems, Part I (compulsory)
PART II, INTERNATIONAL TRADE POLICY
Chapter 9: The Instruments of Trade Policy
Case Study: Europe's Common Agricultural Policy
Case Study: An Import Quota in Practice: US Sugar
Case Study: A Voluntary Export Restraint in Practice: Japanese Autos
Chapter 10: The Political Economy of Trade Policy
Case Study: The Gains from 1992
Box: Politicians for Sale: Evidence from the 1990s
Box: Settling a Dispute-and Creating One
Case Study: The Salmon War
Box: Do Agricultural Subsidies Hurt the Third World?
Case Study: Trade Diversion in South America
Chapter 11: Trade Policy in Developing Countries
Box: India's Boom
Case Study: Mexico Abandons Import-Substituting Industrialization
Chapter 12: Controversies in Trade Policy
Case Study: Bare Feet, Hot Metal, and Globalization
Case Study: The Shipbreakers of Alang
Program review
OCTOBER 20: Exam 1, Part I and Part II (Ch 1, 2, 3, 4, 5, 7, 8, 9, 10, 11, 12)
PART III EXCHANGE RATES AND OPEN ECONOMY MACROECONOMICS
Chapter 13: National Income Accounting and the Balance of Payments
Case Study: The Assets and Liabilities of World's Biggest Debtor
Chapter 14: Exchange Rates and the Foreign Exchange Market
Chapter 15: Money, Interest Rates, and Exchange Rates
Chapter 16: Price Levels and the Exchange Rate in the Long Run
Box: Some Meaty Evidence on the Law of One Price
Chapter 17: Output and the Exchange Rate in the Short Run
Chapter 18: Fixed Exchange Rates and Foreign Exchange Intervention
Case Study: The Demand for International Reserves
PART IV, INTERNATIONAL MACROECONOMIC POLICY
Chapter 19: International Monetary Systems: An Historical Overview
Case Study: Transformation and Crisis in the World Economy
Chapter 20: Optimum Currency Areas and the European Experience
Box: The Euro
Case Study: Is Europe an Optimum Currency Area?
Chapter 21: Financial Globalization: Opportunity and Crisis
Case Study: Moral Hazard
Box: The Simple Algebra of Moral Hazard
Case Study: When the World Almost Ended: Two Episodes of Market Turmoil
Chapter 22: Developing Countries: Growth, Crisis and Reform
Box: Why Have Developing Countries Accumulated Such High Levels of Int’l Reserves
Box: What Did Asia Do Right?
Case Study: East Asia: Success and Crisis
Case Study: The Lost Decade of Latin America Growth
Case Study: Financial Crisis: Mexico 1994-1995
Case Study: China’s Undervalued Currency
World Economic Outlook
Program review
Exam 2, Final, Part III and Part IV (Ch 13, 14, 15, 16, 17, 18, 19, 20, 21, 22), see JCU final exams schedule for date and time.
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