The course analyses the fundamental elements of modern international economic theory and policy. The aim is to understand the behaviour of the main economic variables at the global level, with attention to the aspects of international trade and open-economy macroeconomics. International economic phenomena are studied from both theoretical and empirical perspectives. Issues related to the formulation of international trade and open macroeconomic policies and their consequences are also addressed in an institutional context.

Knowledge and understanding The course provides key theoretical tools for comparing theories of international economics and understanding their strengths and weaknesses. The course provides advanced knowledge to enable students to understand the processes, content, and consequences of different policies across countries and globally. Applying knowledge and understanding The students will be able to: - Apply international trade theories to the current economic situation - Examine international trade policy by comparing different approaches in Europe, the USA, and Asia - Consider how politics and institutions shape, constrain, and enable policy-making. Making judgments Students will be able to analyse international economic theories, public policies and governance models to demonstrate an in-depth, critical understanding of their scope and challenges. Throughout the course, students will be asked to critically analyse current events that influence the international economy. Communication Skills This course will enable students to acquire and understand key terms and concepts in order to communicate their ideas, proposals, analyses and critical reasoning. This will be done through individual contributions in class, class discussions and simulations, and teamwork between students. Learning skills This course will help to equip students with the tools to identify the benefits and challenges of particular policies and the impact of current events on the international economy.

Open-economy macroeconomics The balance of payments, foreign exchange markets, and exchange rates Short-run output and foreign exchange interventions with fixed exchange rates Output and exchange rates in the short-run The International Monetary System Theory of optimum currency areas and the Euro International trade theory and policy The Ricardian model The Specific-Factor model The Heckscher-Ohlin model Movement of labor and capital between countries International trade theories under monopolistic competition. International trade policies International agreements on trade and the environment

Feenstra, R.C., Taylor, A.M. (2021), International Economics, Macmillan, Fifth edition Additional reading lists will be provided in class

Lectures, class discussions, and problem sets.

- Mid-term exam (written): 35% - Project work: 35% - Final exam (written): 30%

Interest in the subject and 28/30 final grade