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The first part focuses on models of international trade theory, dealing with the causes and consequences of trade and trade policy under perfect and imperfect competition. The second part introduces students to a variety of topics in international finance/ open economy macroeconomics.
Based on the topics discussed in class, groups of two (to three, depending on course size) students analyze one scientific paper in detail and replicate (part) of the results. Students prepare a presentation for 25-30 minutes and a short seminar paper. For each presentation there will be assigned discussants and an open discussion. Students can develop their ideas further to a master thesis.
After this class students should have a sound knowledge of the main theories of international trade and international finance, understand their empirical implications, and be able to apply them to real world issues and questions of economic policy relevance. The course consists of a international trade part and an international macroeconomics/finance part. In the former part the course focuses on models of international trade theory, dealing with the causes and consequences of trade and trade policy under perfect and imperfect competition. Selected topics in the international finance part include: business-cycle facts around the world; small open economy models (endowment and production economies) with a focus on the current account; two-country extensions, importable Goods, exportable Goods and the terms of trade; nontradable goods and the real exchange rate; open economy monetary models and exchange rates; exchange rate policy and capital controls; (if time permits open economy applications with financial frictions and aggregate instability; models of sovereign default)
Further, students familize themselve with current topics in international trade.
Attendance is compulsory. Students can be absent during 2 units, beyond that a confirmation of severe reasons for absence is requested.
Students cannot be deregistered from the course after archieving accomplishments in one of the course's components.
Topic Pitch (10%): Students present their research questions (5-10 minutes)
Presentation (15%): Students prepare a presentation of their seminar paper for 25-30 minutes
Seminar paper (65%): 12-16 pages
Discussion and active participation (10%): For each presentation there will be assigned discussants and an open discussion.
Students can develop their ideas further to a master thesis.
„Field Course: International Economics" (attendance in this term or positive grade from course in previous terms)
During the registration period, students will be placed on a first-come, first-serve basis. Once registration closes, more seats will be made available. Students from the waiting list will then be placed based on their cohort. Students from an older cohort will be placed before students from younger cohorts. If you are registered, but do not intend to take the class, we ask you to deregister during the registration period. There is no guarantee for a seat in this lecture!
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Good knowledge of microeconomics, macroeconomics, mathematics; knowledge in econometrics is helpful.
