Module Code: EC4100
Module Name: International Economics
- ECTS weighting: 15
- Semester/term taught: Michaelmas + Hilary Term
- Contact Hours: 44 hours of lectures and 9 hours of tutorials
- Module Personnel: Professor Michael Wycherley (MT) / Professor Agustín Bénétrix (HT)
On successful completion of this course, students will be able to demonstrate:
- knowledge of international macroeconomic models
- knowledge of classical and modern theories of international trade
- analytical skill in the evaluation of international macroeconomic policies
- analytical skill in the evaluation of international trade policies
- capability in the interpretation of international macroeconomic data
- capability in the interpretation of international trade data
Module Learning Aims
This module provides a comprehensive treatment of the field of international economics. This is one of the classical subjects in economics and is an attractive module choice for senior sophister students that wish to develop analytical skills for interpreting a wide set of issues in international trade and international macroeconomics. The module provides a survey of all the main topics in international economics, supplemented by applications to key contemporary policy issues.
The first half of the module provides an introduction to international trade theory, which uses the standard tools of microeconomics to analyse economic interactions between countries. The subject asks questions such as: what determines the level and composition of trade between countries? What are the effects of trade on consumer welfare and income distribution? What are the effects of tariffs, quotas, and other trade policies? What are the causes and consequences of migration and foreign direct investment?
The second half of the module covers international macroeconomics. This half of the module will cover the balance of payments, international capital flows and exchange rate determination. In addition, it will analyse macroeconomic policies for open economies; exchange rate regimes; sovereign debt; currency and financial crises; and global interdependence.
Recommended Reading List
Rob Feenstra and Alan M. Taylor, International Economics, Worth publishers.
Module Pre Requisite
The final exam accounts for 70%, equally weighted between international trade and international macroeconomics. In each term, there is an essay assignment accounting for 15% of the final mark.
Late submissions that have not been agreed in writing beforehand will be penalised 10% per day.
International Trade: https://sites.google.com/site/wycherlm/ec4100 accessible via Blackboard