(Click here for complete outlines from previous year.)

Mar 6: Exchange Rates In What Forms Are Exchange Rates Reported? Bilateral Nominal Rates Multilateral (Trade-Weighted) Rates Real Rates Forward Rates What Determines Exchange Rates? Markets Governments/Central Banks Theories of Exchange Rates Purchasing Power Parity Asset Theory Supply and Demand Model Mar 4: The Balance of Trade and International Transactions What is the Balance of Trade? What Does the Balance of Trade Not Mean? International Transactions Current Account Capital Account What Does the Balance of Trade Really Mean? From Balance of Payments Accounting From National Income Accounting Feb 25,27: Winter Break Feb 20: Visit by John Sweetland Feb 18: Exam Feb 13: International Movements of Capital Terminology FDI, DFI, MNEs, MNCs Real Versus Financial Capital Purposes Served by FDI Local Market versus Export Reasons for FDI Who Gains and Who Loses? Effects that are Similar to Trade Effects that are Similar to Migration Other Effects Feb 11: Migration Why People Migrate Why Wages Differ across Countries Effects of Migration On Payments to Factors Labor Other Other Effects Policies to Affect Migration The U.S. Experience Feb 6: World Trade Arrangements and the WTO International Organizations Related to Trade World Trade Organization History, as GATT GATT Rounds WTO Today Functions Current Issues China Entry Seattle Protests and Beyond Doha Round Feb 4: U.S. Trade Policies and Institutions Parts of U.S. Government that Handle Trade We Do NOT Have a Trade Ministry What We DO Have Main Features of U.S. Trade Policies Tariffs, Quotas, VERs Escape Clause Unfair Trade Laws Trade Adjustment Assistance Fast Track Dumping and Anti-Dumping Why the U.S. Protects Trends in U.S. Trade Policy Jan 30: Reasons for Protection Reasons that Do NOT Make Economic Sense Pauper Labor Fairness Patriotism Retaliation Reasons that DO Make Economic Sense, with Counter-Arguments Revenue Optimal Tariff Infant Industry National Security Protect Favored Industry Retaliation... Jan 28: Nontariff Barriers What Are NTBs? Main Types Quotas Voluntary Export Restraints (VERs) Variable Levies Government Procurement Regulations Customs Procedures Standards Local Content Requirements Unfair Trade Laws Effects of Quotas Equivalent to a Tariff Who Gets the Rents? Jan 23: Tariffs What Are They? Who Uses Them? Effects of Tariffs Small Country Case Effects on quantities and prices Effects on economic welfare Large Country Case Effect on world price Effect on welfare Size of these Effects Jan 16: Modern Theories and Additional Effects of Trade Sources of Comparative Advantage The Heckscher-Ohlin Model Main Idea Intuition Does the Theory Work? Effects of Trade Changes in Production Factor Price Equalization The New Trade Theory Assumptions Implications Jan 14: Comparative Advantage and the Gains from Trade Why Countries Trade Price Differences Supply and Demand Determinants of Prices Ricardian Model of Trade Examples With Absolute Advantage With Comparative Advantage Wages and Prices in the Ricardian Model Lessons of the Ricardian Model Generality of Gains from Trade Jan 9: Institutions of the International Economy The Three Main Institutions IMF = International Monetary Fund World Bank WTO = World Trade Organization Why They Were Created, and When How They Have Changed Their Reputations Today Other Institutions United Nations OECD=Organization for Economic Cooperation and Development Preferential Trading Arrangements Jan 7: International Economics Introduction and Overview Course Organization Overview of the World Economy Elements of the World Economy Ways that Countries Interact Trade Capital Flows Migration Policies that Affect Others