This course is an intermediate economics course that introduces riveting topics on international trade and monetary system. Examining international trade and monetary issues through a historical and global perspective, it builds a solid foundation of economic analysis and thinking that can benefit students throughout their education and future careers. Throughout the course, students are required to solve problem sets, participate in two special topic debates, and perform two exams.
It is important for students to provide feedback in time throughout the course to ensure positive learning and teaching experience. If students have trouble keeping up with the class material or the workload, please feel free to contact the instructor. It is the instructor's responsibility to support students to make progress and succeed in the course.
Prerequisite
Please check the following list of topics I expect you to know. Reviewing them in time will enhance your performance in this course.
1) Opportunity cost, production possibility frontier (PPF), indifference curve, demand and supply model, consumer and producer surplus.
2) National income (GDP), quantity theory of money (MV=PY), inflation, interest rate, Fisher equation, monetary policy tools and goals.
Course Objectives
In our global economy with ever increasing activities and connections in business cooperation and policy coordination, a comprehensive understanding of issues in international economics will equip students with the competitive advantage to better seize new opportunities and take on future challenges. After completing this course, students should become familiar with the language used extensively and debates widely discussed in the field. With the background knowledge and theoretical framework, students shall be able to approach pertinent economic issues intuitively, graphically, and mathematically if necessary. The following bullet points provide students with clues to study and prepare exam.
International Trade Section:
Sketch a broad picture of the history, evolution and significant patterns of the world trade
Remember important concepts and models in trade theory, rules in practices and significant events in trade history
Identify the causes and driving forces behind international trade and develop corresponding analytical frameworks
Analyze the equilibrium models of international trade and the effects of trade policy on the welfare of nations
International Finance Section:
Understand economic ties between countries through balance of payment and NIIP accounts
Explain the function of foreign exchange market and the determination of exchange rates
Illustrate the macroeconomic policy goals, tools, effects, and the trilemma in an open economy
Be familiar with the brief history, evolution and architecture of the international monetary system
Essential Goals in General:
Apply price theory, money theory and interest theory to international trade arena and global financial system
Acquire essential computer skills in obtaining, processing and interpreting trade and macroeconomic data
Conduct research on issues in international economics with theoretical foundation and empirical support
Address relevant topics by academic standards and present convincing arguments in public debates
Throughout the course, all students are encouraged to 1) Raise questions and participate in discussion; 2) Provide feedback and suggestions regarding teaching and course organization; 3) Solve the problem sets together; 4) Assist in grading the assignments on a voluntary basis; 5) Improve the learning and teaching process.