| Responsible Department | Institute of Food and Resource Economics | ||||||||||||||||||||
| Earliest Possible Year | BSc. 1 year | ||||||||||||||||||||
| Duration | One block | ||||||||||||||||||||
| Credits | 7.5 (ECTS) | ||||||||||||||||||||
| Level of Course | Joint BSc and MSc | ||||||||||||||||||||
| Examination | Final Examination written examination Portfolio Examination All aids allowed Description of Examination: Three homework assignments will be submitted during the course. At first submission, the students will not be assessed. Instead they will receive feedback from the instructor on how to improve the work. By the end of the course, the students will be asked to resubmit revised home assignments for final assessment. Weight: The three homework assignments are weighted equally 33 % each 7-point scale, no second examiner | ||||||||||||||||||||
| Requirement for Attending Exam | Three homework assigments submitted by the due date announced at the beginning of the course | ||||||||||||||||||||
| Organisation of Teaching | The teaching involves lectures, theoretical exercises and home assignments | ||||||||||||||||||||
| Block Placement | Block 3 Week Structure: A | ||||||||||||||||||||
| Language of Instruction | English | ||||||||||||||||||||
| Optional Prerequisites | Knowledge of first year Micro Economics and Mathematics is assumed. | ||||||||||||||||||||
| Restrictions | none | ||||||||||||||||||||
| Course Content | |||||||||||||||||||||
| This survey course explores the theoretical foundations of International Trade and International Monetary Economics. The first part of the class focuses on why nations trade, what they trade, and how free trade can be beneficial or detrimental to trading countries. We will also discuss what governments can do to influence trade flows and how government policy can be used as a strategic tool by a country to achieve its own international objectives; the political debate surrounding such policies are also surveyed. The second part of the class will focus on trade in capital, exchange rates, and monetary systems. We will discuss interest rate and monetary policies and the effects that these policies have on financial transactions and a country's output. We will also survey past monetary systems and discuss contemporary issues, such as optimal currency areas, the European Union experience and the financial crisis. | |||||||||||||||||||||
| Teaching and learning Methods | |||||||||||||||||||||
| The teaching is based on lectures combined with small exercises that introduce the students to the central elements of the curriculum of international economics. In following theoretical exercises the students will work more intensively in groups with both practical and theoretical problems. Parts of the curriculum will be left for the students to study by themselves with support from the instructor as needed. These self-studied topics enter as central elements of the homework assignment, which will be assessed at the end of the course. Although students are encouraged to work together in groups, all students are required to submit their own individual, non-identical, case studies for grading. A typical student will initially work in a group but then complete homework assignments, interpret the results of a theoretical model, or summarize an applied analysis with their own unique words in their own written report. | |||||||||||||||||||||
| Learning Outcome | |||||||||||||||||||||
| The course introduces theories of international economics and their application. The trade section presents models of why countries trade & explores why governments may restrict free trade. The finance section introduces models of exchange rate determination, describes government financial intervention with monetary policy, and shows how one may assess costs and benefits of various exchange rate regimes. After completing this course a student should be able to: -Knowledge . identify and distinguish between different models of international economics by their assumptions . describe and compare the main features and results of the different models -Skills . derive comparative statics within the economic models of international economics covered in the course . explain the outcome of comparative statics in terms of model mechanics and assumptions -Competencies . apply relevant economic theories to real world issues. This involves i) setting up an economic model applicable to the real world issue; ii) conducting relevant analyses (comparative statics) within the model; and iii) interpreting the results in terms of real world concepts and providing policy conclusions/recommendations . evaluate the applicability of different economic models for analysing specific real world issues | |||||||||||||||||||||
| Course Literature | |||||||||||||||||||||
| Robert Feenstra and Alan Taylor, International Economics, Worth Publishers (latest edition). Readings: The course may also cover a selection of W.S. Journal, Economist, and New York Times articles to be provided pending available course time. | |||||||||||||||||||||
| Course Coordinator | |||||||||||||||||||||
| Kenneth Thomas Baltzer, kb@foi.dk, Institute of Food and Resource Economics/International Economics and Policy Unit, Phone: 353-36852 | |||||||||||||||||||||
| Study Board | |||||||||||||||||||||
| Study Committee NSN | |||||||||||||||||||||
| Work Load | |||||||||||||||||||||
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