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5EN455 International Trade: Theory and Policy

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The outline of lectures is only informative and always subject to change.

1. Introduction
– Impact of international trade on economy
– long-run monetary phenomena
– spider web development of international trade and the Great Depression
– Globalization
– International capital movements and interest rates spreads
– “Chimerica”
– Louisiana purchase

International Trade – Introduction LN1

2. Comparative advantage – classical theories
– Opportunity costs
– Comparative advantage
– Autarky
– Gains from trade
– Balassa index
– Constant returns to scale
– Absolute costs
– Production possibility frontier (PPF)
– Terms of trade
– World PPF
– Revealed (comparative) advantage

International Trade – Comparative Advantage LN2

balassa index

International Trade – Slave Trade LN3

3. Balance of payments
– Balance of payments
– Current account
– Capital inflows and outflows
– Trade balance
– Capital account
– Sales and values added
– Benefits of capital flows

International Trade – Balance of Payments LN4

4. + 5. Production structure and factor prices
– Production functions
– Cost minimization
– Constant returns to scale
– Isoquants
– Factor intensity
– Unit costs
– Factor price equalization
– Unit value isoquant/isocost line
– Magnification effect
– Stolper-Samuelson
– Lerner diagram
– Globalization debate

International Trade – neoclassical theory – production LN5

6. + 7. Production volume and factor abundance

– Rybczynski result
– Contract curve
– Output magnification
– Edgeworth Box
– Sector-specific capital
– Labour migration in Israel
– Heckscher-Ohlin result
– Rybczynski lines
– Marginal rate of transformation (MRT)
– Autarky
– General equilibrium
– Homothetic demand
– Marginal rate of substitution (MRS)
– Leontief paradox
– International trade
– Missing trade

8. Competitive advantage 1
– Monopoly/oligopoly
– Cournot competition
– Pro-competitive effect of trade
– Excersises

9. Competitive advantage 2
– Mark-up pricing
– Reaction curves
– Excersises
– Reciprocal dumping

10. Intra-industry trade
– Intra-industry trade
– Dixit-Stiglitz demand
– Internal and external scale economies
– Mark-up pricing
– Grubel-Lloyd index
– (love-of-)variety
– Price elasticity of demand
– Monopolistic competition
– Zero profits

11. Trade policy, International Trade Organizations
– Tariff/effective tariff
– Voluntary export restraints (VER)
– Double distortion
– Trade indifference curves
– Quota
– Harberger triangle
– Offer curve
– “Optimal” tariff and retaliation
– Beggar-thy-neighbour
– General Agreement on Tariffs and Trade (GATT)
– UN Conference on Trade and Development (UNCTAD)
– Organization of Economic Cooperation and Development (OECD)
– Central and Eastern European Economic Transition Process
– World Trade Organization (WTO)
– United Nations (UN)
– Feldstein-Horioka puzzle

International Trade – Trade policy LN11 a LN12

12. Strategic trade policy
– Bhagwati model
– Brander-Spencer model
– Eaton-Grossman model
– Non-equivalence
– Bertrand competition
– Informational requirements

13. Foreign exchange markets, Purchasing power parity
– Spot exchange rate
– Appreciation and depreciation
– Black and parallel markets
– Plain vanilla
– Effective exchange rates
– Intervention

Exams from SS 2014/2015

2015-05-19

2015-05-26

2015-06-02

2015-06-09

Exams from SS 2013/2014

2014-05-27

2014-06-03

2014-06-10

2014-06-17

Exams from WS 2013/2014:

2014-01-07

2014-01-14

2014-01-21

2014-01-28

2014-02-11