International Economics

Description

This course covers various aspects of the international economy and consists of two major substantive parts: 1) international trade, 2) international macroeconomics (focus on financial and monetary themes). After following this course, the student is able to: 1. present and evaluate the implications and underlying assumptions of the major trading and financial-monetary theories based on the findings of recent and/or leading research. 2. to elaborate international trade models, based on both perfect and imperfect competition, algebraically and graphically and to derive the implications for the international trade pattern. Students can also indicate how and to what extent empirical research validates these models. 3. analyze graphically and algebraically the trade and welfare effects of trade policy instruments. 4. understand and explain recent trends in the international economy based on theoretical findings and the political-economic properties of policy instruments. 5. explain the main principles and features of monetary and financial economics. 6. explain and analyze the features and challenges of monetary unions, and EMU in particular. 7. explain the international impact of economic shocks and crises and derive the implications for macroeconomic policy, and for monetary policy in particular. 8. analyze a current policy problem regarding international economics on the basis of a policy document, newspaper article or recent research article. They can indicate which insights from the scientific analysis of the international economy are relevant for solving the policy problem. They can also critically evaluate possible solutions to the policy problem based on insights from the course.