International Economics - Washburn



INTERNATIONAL ECONOMICS

EC 410 A

Course Syllabus

SUMMER 2014

|Instructor: |Dmitri Nizovtsev |

| |Office: |310N in Henderson Center |

| |Phone: |(785) 670-1599 | |

| |E-mail: |dmitri.nizovtsev@washburn.edu |

|Meeting Time: |T W R |9:15 am – 10:50 am |HC 304 |

|Office Hours: |T W 11 am – noon + Open door policy |

|Required Text: |Feenstra and Taylor, Essentials of International Economics, 2nd ed. |

|Prerequisites: |EC 200, EC201, and 54 hours*. |

Course Description:

The theory of international trade and the mechanics of foreign exchange markets. Costs and benefits of international economic interdependence. Discussion of current problems in international trade and monetary policy.

Course Objectives:

Students successfully completing this course will be able to:

1. Demonstrate familiarity with the terminology adopted in international economics;

2. State the principle of comparative advantage and explain its implications (pattern of trade, terms of trade, gains from trade);

3. List trade policy instruments and explain their effects on nations’ welfare;

4. Analyze causes and effects of exchange rate variations and apply that knowledge to the analysis of current issues in international finance;

5. Explain the impact of the global economy on business conduct and performance as well as the effects of business actions on the global economy;

6. Demonstrate the ability to think critically and objectively by relating current issues in international economics to the material learned in class.

Grading:

Grades will be assigned on a (partial) curve based on students’ weighted scores at the end of the semester. The cutoffs for A, B, C, and D I usually use on the curved scale are 90, 80, 70, and 60, respectively. The components of the final score are as follows:

HW assignments: 20% of the total overall score.

Two midterm exams: 20% of total overall score each, for a total of 40%.

Debates participation: 10% of the total overall score.

Final exam (comprehensive): 30% of final score.

Test scores are the only grade component that will be curved.

The grade appeal procedure can be found on pp. 65-66 of the Washburn University 2013-2014 Catalog.

Expected Workload:

This course is worth three credit hours. For every credit hour awarded for a course, the student is typically expected to complete approximately one hour of classroom instruction, online interaction with course material, or direct faculty instruction and a minimum of two additional hours of student work each week for approximately 15 weeks for one semester or the equivalent amount of work over a different amount of time.

Homework:

Over the course of the semester, there will be several homework assignments. Late homework is accepted, but for partial credit only. Solutions to the assignments will be discussed in class or posted on the class Web page.

Debates:

Over the course of the semester, there will be three debates on current issues in international economics or international economic policy. Topics and format guidelines will be provided to you separately.

Examinations:

There will be two midterm exams (one take-home, due on June 17th, and the other given in class on July 2nd) and a comprehensive final exam on the last day of class, July 17th.

The exact topic coverage for each test will be discussed at a later point. Answering test questions may involve plotting graphs and performing calculations. You are allowed to use your own calculators.

Make-up Policy:

Normally, no make-up tests are given. The most I can do is discuss a possibility of redistributing the weights of your final score in the case when you have to miss a test due to significant unforeseen circumstances. Even that is possible only if I have been informed about your absence in a timely manner (before the test, preferably, or within hours after the test).

Any official documentation that may serve as an explanation for missing a test is appreciated.

Attendance:

According to the university policy, all students are expected to attend all class meetings. While I am not going to take attendance, I reserve the right to issue warnings and take action. Naturally, each student is personally responsible for learning the material covered during the class period that was missed.

Bonus points:

For every class except test days, one student will be asked to prepare and conduct a three-question trivia quiz based on current world economic events. Doing so will be rewarded with two points of extra credit on a hundred point scale. Student(s) providing the largest number of correct answers over the semester will earn two more points. Those points will be added to the total aggregate scores at the end of the semester and will not affect the grade curve.

Feedback:

My office hours are listed above. Coming to see me during those hours will probably work the best. However, you can also make an appointment to come see me at any other time, or just drop by when my office door is open.

Since every class is different, it may be necessary for me to adjust course content and difficulty on the fly. Please view the course outline provided below as tentative. Also, I am very willing to hear your comments about the way the class is taught: are we going too fast or too slow, covering too much or too little ground, do you find the difficulty level appropriate for you? If you are uncomfortable discussing these issues in person, you can do it anonymously using a link on the class Web page (see below).

Your Washburn University e-mail address will be the official address used by the University for relaying important messages regarding academic and financial information and the University will consider this your official notification for important information. It may also be used by your instructors to provide specific course information. If you prefer to use an alternate e-mail address to receive official University notices, you can access your MyWashburn e-mail account, choose the "Options" tab, and select "Settings", scroll to the bottom of the screen, click enable forwarding and enter the e-mail address you would like your Washburn emails forwarded to in the “mail forwarding” area. Click add and the click on save changes. This will complete the process of forwarding your Washburn e-mail. It is your responsibility to ensure that your official e-mail box does not exceed your message quota resulting in the inability of e-mail messages to be accepted into your mailbox.

Class Participation:

Everyone is strongly encouraged to ask questions and make comments during the class. I hope you will soon discover it is in your best interest to do so as it helps you understand the material covered.

Web page:

The Web page for this class is located at washburn.edu/sobu/dnizovtsev/Econ410.html. There, I am going to post assigned readings, homework assignments and answers to them, your current scores, and other materials that can aid you in learning.

Once the page is up and running, you will be able to access it by typing its URL directly in the address field of your browser (bookmarking the page on your personal computer may be a good idea) or through MyWashburn (in that case, choose the “MyCourses” tab, then “EC410”, then “Links” in the menu on the left).

Withdrawal Policy:

During fall and spring semesters, students may withdraw from full semester courses through the second week of class with no recorded grade. From the third through the eleventh week a “W” is recorded for any dropped course. Beginning with the start of the twelfth week, there are NO withdrawals, and a grade will be assigned for the course.

Although it is the student's responsibility to initiate course withdrawals, an instructor, after due notice to the student, may request withdrawal of the student from a course because of nonattendance through the same date as the last day a student may withdraw from a course. This would NOT absolve the student of financial responsibility for tuition/fees for the course in question. The inclusion of this information in the course syllabus is considered due notice.

Success Week:

Success Week for undergraduate students is designated as the five week days preceding the first day of scheduled final examinations each Fall and Spring semester. It is intended to provide students ample opportunity to prepare for final examinations. For guidelines related to workload and assignments during Success Week, see washburn.edu/sobu/dnizovtsev/successweek.pdf

Disability Services:

The Student Services Office (SSO) is responsible for assisting in arranging accommodations and for identifying resources on campus for persons with disabilities. Qualified students with disabilities must register with the office to be eligible for services. The office MUST have appropriate documentation on file in order to provide services. Accommodations may include in-class note takers, test readers and/or scribes, adaptive computer technology, brailled materials. Requests for accommodations should be submitted at least two months before services should begin; however, if you need an accommodation this semester, please contact the SSO immediately.

Location: Student Services, Morgan Hall Room 135

Phone: 785-670-1629 or TDD 785-670-1025; E-Mail: student-services@washburn.edu

Students may voluntarily identify themselves to the instructor for a referral to the Student Services Office.

Academic Misconduct Policy:

All students are expected to conduct themselves appropriately and ethically in their academic work. Inappropriate and unethical behavior includes (but is not limited to) giving or receiving unauthorized aid on examinations or in the preparation of papers or other assignments, or knowingly misrepresenting the source of academic work. Washburn University’s Academic Impropriety Policy describes academically unethical behavior in greater detail and explains the actions that may be taken when such behavior occurs. For guidelines regarding protection of copyright, consult

washburn.edu/copyright/students. For a complete copy of the Academic Impropriety Policy, contact the office of the Vice President for Academic Affairs, Bradbury Thompson Alumni Center Suite 200, or go on-line to:

washburn.edu/admin/vpaa/fachdbk/FHsec7.html#VIII

Office of Academic Advising:

As a Washburn student, you may experience difficulty with issues such as studying, personal problems, time management, or choice of major, classes, or employment. The Office of Academic Advising is available to help students either directly through academic advising, mentoring, testing and developing learning strategies or by identifying the appropriate University resource. If you feel you need someone with whom to discuss an issue confidentially and free of charge, contact Academic Advising in Morgan 122, 785-670-1942, advising@washburn.edu.

Proposed course outline (tentative and subject to change):

|Class |Date |Topics covered |Reading assignment |

|1 |5/27 |Overview of the course. Review of prior relevant topics |Ch.1,2 |

|2 |5/28 |Ricardian model of trade |Ch.2 |

|3 |5/29 |Specific factors model |Ch.3 |

|4 |6/3 |Debate: Sweatshops | |

|5 |6/4 |“Neoclassical” model of an economy and its insights. |Ch.4 |

|6 |6/5 |Trade in the neoclassical model. Role of resource endowments. |Ch.4 |

|7 |6/10 |Application: The U.S. steel market | |

|8 |6/11 |Factor mobility and its effects |Ch.5 |

| | |Debate: The U.S. immigration policy | |

|9 |6/12 |Foreign direct investment. Trade and economic growth. |Ch.5, Class notes |

|10 |6/17 |Midterm 1 due. |Ch.6 |

| | |Imperfect competition and intra-industry trade. | |

|11-12 |6/18-19 |Trade policy instruments – tariffs. |Ch.7,8 |

|13 |6/24 |Trade policy instruments – quotas and subsidies. |Ch.7,8 + handouts |

|14 |6/25 |Dumping practices and anti-dumping duties. |Ch. 8 |

|15 |6/26 |Political economy of trade policy. Trade and environment. |Ch.9 |

|16 |7/1 |International trade agreements and WTO. Forms of economic integration. |Ch.9 |

|17 |7/2 |Midterm 2. | |

|18 |7/3 |Exchange rates – the basics. |Ch.10 |

|19 |7/8 |Exchange rates – the asset approach. |Ch.10, 12 |

| | |Interest parity condition. | |

|20 |7/9 |Foreign exchange market and money market |Ch.11,12 |

|21 |7/10 |Debate: Exchange rates regimes. | |

|22 |7/15 |Balance of payments. |Ch.13 |

| | |Exchange rates regimes. | |

|23 |7/16 |International capital markets and currency crises. |Ch.15, |

| | |Application: Global contagion |handouts |

|16 |7/17 |Final test | |

More specific reading assignments will be posted on the class Web page during the semester.

* It is the responsibility of the student to meet all prerequisite requirements for courses in which the student is enrolled. A student failing to meet prerequisite requirements is subject to administrative withdrawal from the course at any time.

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Washburn University Board of Regents, 2010

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