Subject(s): International economic relations, International finance,International labour, -- Economic Policy,International Trade, Open Economy, Commerce -- Balance of payment, Exchange rate determination, International policy coordination, International capital market -- International trade theory -- Labour productive and comparative advantage- Ricardian model : concept comparative advantage A one factor economy, Comparative advantage in practice- case of Babe Ruth, Relative price after trade,Misconsumptions about comparative advantage, Pauper labour argument, Exploitation, Comparative advantages with many goods, adding transport costs and non traded goods, Empirical evidence on the Ricardian model -- Specific factors and income distribution : Specific factor model, Income distribution and the gains from trade, Political economy of trade, Optimal trade policy, Income distribution and trade politics -- resources and trade- Heckscher-Ohlin Model : Model of a two factor economy, Effects of international trade between two-factor economies -- Standard trade model : Trading economy, Welfare effect, RS curve, Growth and production possibility frontier, International effects of growth, International transfer on Income- Shifting the RD curve -- Economies of scale, imperfect competition and international trade : Market structure, Theory of imperfect competition, Monopolistic competition and trade, North American auto pact of 1964, Economics of dumping, Theory of external economies, labour market pooling, External economies and international trade, Tinesltown economics -- International factor movements - International labour mobility : International labour movement, Wage convergence in the age of mass migration, Immigration and he US economy, International borrowing and lending. Workers in High wage countries, Foreign direct investment in the US -- International trade policy -- Instruments of trade policy, basic tariff analysis, costs and benefits of a tariff, Other instruments of trade policy, Europe's common agricultural policy, Import quota, Export restraint, Trade policy -- Political economy of trade policy - case for free trade, national welfare arguments against free trade, Income distribution and trade policy, International negotiations and trade policy, GATT , WTO, Customs union -- Trade policy in developing countries : Import substituting industrialization, Dual economy, Export oriented industrialization , China's boom -- Controversies in trade policy : Sophisticated arguments for activist trade policy, Globalization and low wage labour, Anti-globalization movement, Labour standards and trade negotiations -- Exchange rates and open economy macroeconomics -- national income accounting and the balance of payments: national income accounts, GDP, Current account surplus , Balance of payment accounts -- Exchange rates and the foreign exchange market : exchange rate and international transactions, Foreign exchange market, Tale of two dollars, Demand for foreign currency assets, Liquidity, Equilibrium in the foreign exchange market, Interest rate, expectations and equilibrium -- Money, interest rates and exchange rates: Demand of money by individuals, Aggregate money demand, Equilibrium interest rates- Interaction of money supply and demand, Money supply and exchange rate in the short run, Money, price level and the exchange rate in the long run, Inflation, Hyperinflation -- Price levels and the exchange rate in the long run -- Law of one price purchasing power parity, Long run exchange rate model based on PPP, Empirical evidence on PPP and the law of one price, International interest rate differences and the real exchange rate -- output and the exchange rate in the short run : determinants of aggregate demand in an open economy, Equation of aggregate demand, DD schedule, Asset market equilibrium in the short run, AA schedule, Mnetary and fiscal policy, Macroeconomic policies and the current account , J-Curve, IS-ML model , DD-AA model, Marshall-Lerner condition -- Fixed exchange rates and foreign exchange intervention : Fixed exchange rates, Central bank intervention and money supply, stabilization policies with a fixed exchange rate, Liquidity trap, Capital flight, Managed floating and sterilized intervention, Mexico's 1994 balance of payment crisis, Reserve currencies in the world monetary system, Gold standard, Sustainability -- International macroeconomics policy -- International monetary system 1870-1973 : Macroeconomic policy goals in an open economy, International macroeconomic policy under the gold standard , Hume vs Mercantilists, America's monetary standard during the 1890s, International economic disintegration, International gold standard and great depression, Bretton woods system and international monetary fund, Floating rates -- Macroeconomic policy and coordination under floating exchange rates : Monetary policy autonomy, Disinflation , growth, crisis and recession -- Optimum currency areas and European experience : European single currency, Euro and economic policy in the Euro zone, Theory of optimum currency areas , GG schedule, LL schedule -- Global capital market- performance and policy problems :International capital market and the gains from trade, International banking and the international capital market, Regulating international banking, Banco ambrosiano collapse, International capital market -- Developing countries - Growth, crisis and reforms : Income wealth and growth in the world economy, Structural features of developing countries, Developing country borrowing and debt, Latin america, Moral Hazard, Economic stagnation -- mathematical postscripts : Specific factors model, Factor proportion model, Trading world economy, World equilibrium, Monopolistic competition model, Risk aversion and international portfolio diversification