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INTERNATIONAL ECONOMICS
Instructor: Andrés Vargas andresm.vargas@usa.edu.co
Course description
This is a seminar designed for students interested in understanding the central issues in international trade and finance. In this course we will cover the basic tools to understand what determines the flow of godos across countries, and what determines the flow of savings and investments from onecountry to another. We will also cover applications to a number of topics of current interest, including the debate on free trade and growth, global imbalances, multinationals, outsourcing and international organization of production, financial crises and the global financial architecture
Requirements
1. Exercises
2. Summary papers: all students must do the required reading before class. Iwill require a 1 page summary before class of articles and chapters marked *. You need to do this summary only 5 times
3. Essay
The final grade will be computed as follows
* 30%: exercises and at least two summary papers. Deadline March 20
* 30%: exercises and at least two summary papers. Deadline May 7
* 40%: essay and at least 1 summary paper. Deadline June 5
Basic Readinglist
* Feenstra, R., Taylor, A., 2008, International economics, Ed. Worth (FT)
* Krugman, P., Obstfeld, M., International economics, (KO)
* Feenstra R.,2004, Advanced international trade: theory and evidence, Ed. Princenton University Press (RF)
* Krugman P., 1994, Rethinking international trade, MIT Press (PK)
* Obstfeld M., Rogoff K., 1996, Foundations of internationalmacroeconomics (OR)

Course outline
Part I: Trade theory and evidence
The Ricardian Model:
1. Feb 1: *FT chap. 2, *KO chap. 2, RF chap. 1
2. Feb 8:
a. Bowen, Hollander adn Viane, 1998, Applied international trade analysis, Ed. Macmillan, Chapter 3.5
b. Obstfeld M., Rogoff K., 1996, Foundations of international macroeconomics, MIT Press, Chapter 4.5
c. *Dornbusch, R., S.Fischer, and P. Samuelson. 1977. Comparative Advantage, Trade and Payments in a Ricardian Model with a Continuum of Goods. AER 67: 823-839.
STATA SESION
1. Feb 15: Introduction to STATA
Heckscher Ohlin model
1. Feb 18: *FT chap 4, *KO chap 4, RF chap 2
2. Feb 22: *FT chap 4, *KO chap 4, RF chap 2
3. Feb 25:
a. *Davis D. and D. Weinstein. 2001. "An Account of Global FactorTrade." AER, 91(5), 1423-53.
b. *Trefler D. 1995. “The Case of the Missing Trade and Other HOV Mysteries." AER, 85, 1029-47.
STATA SESION
1. March 1: Emprirical exercises 2.1-2.3 RF chapter 2
Monopolistic competition models
1. March 4: *FT chap 6, *KO chap 6
2. March 8: *PK chap 1
3. March 11: Melitz, M. J, 2003. “The Impact of Trade on Intra-industry Reallocations andAggregate Industry Productivity,” Econometrica,71 (6) , 1695-1725
STATA SESION
1. March 15: Emprirical exercises 5.1-5.2 RF chapter 5
Part II: Trade policy
1. March 18: *FT chap 8, *KO chap 8, RF chap 7-8
2. March 22: *FT chap 9, *PK chap. 12
Part III: International factor mobility and organization of production
Movements of labor and capital between countries
1. March 25: *FT chap5, *KO chap 7
Multinationals
1. March 29: *RF chap 11
Part IV: Trade, productivity and growth
1. April 5: *RF chap 10
2. April 8: *PK chap 10
3. April 12: *Young, Alwyn. 1991. “Learning by Doing and the Dynamic Effects of International Trade." QJE, 106 (2), 369-405.
4. April 15: Frankel, J. and D. Romer. 1999. “Does Trade Cause Growth”. AER; 89(3), 379-399.
STATA SESION1. April 19: we are going to replicate the paper Frankel, J. and D. Romer. 1999. “Does Trade Cause Growth”. AER; 89(3), 379-399.
Part V: Capital flows, interest rates and Exchange rates
Capital flows and economic performance
1. April 22:
a. Kose, Prasad and Taylor, 2009, Thresholds in the process of international financial integration, NBER Working papers 14916
2. April 26...
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