EMORY UNIVERSITY
Department of Economics
Introduction to Global Trade and Finance1
Economics 231, section 001
Fall 2015
Instructor: Edouard Wemy
Office: Modern Language, Room 106
E-mail: ewemy@emory.edu*.
Office Hours: Monday and Wednesday 10:00am-11:30am and by appointment.
Class Time: Tuesday, Thursday 8:30am-9:45am
Class Room: White Hall 206
*Do not send me an email through Learn link. I never check that account.
Course Description
Economics 231 serves as an introduction to international economics. The course begins with an
examination of early trade theory by Ricardo and proceeds to study the Heckscher-Ohlin Model
and additional theories that seek to explain the determinants of trade as well as the distributional
effects of trade on income. The latter portion of the course focuses on trade policies and
international finance. We will perform welfare analysis on tariffs, quotas, and export subsidies
and examine the impact of international agreements on trade and related outcomes. Finally we
will discuss exchange rates and balance of payments. The emphasis as we go through these
topics will be on using economic tools to analyze a variety of current events in the world
economy.
Course Objectives
1. Understand both classic and modern trade theory and be able to analyze gains from trade
and distributional effects of each model.
2. Be familiar with trade policies and be able to analyze the implications of the policies
using economic models.
3. Apply economic analysis to current trade debates.
4. Gain understanding of the history, importance, and evolution of trade and trade policy.
5. Understand the economics of exchange rates and the inter-relation amongst exchange
rates, national incomes, and monetary and fiscal policies.
6. Be familiar with the causes and consequences of current account imbalances.
General Outline of the Class
The format of the class: it will be mostly lectures, but I will also review problem sets or exams on a
regular basis. You’re welcome to make remarks or to ask questions during the class. Do not hesitate
to interrupt me if you do not understand me or are confused by something I said. You can also of
course come ask me questions after class, or during office hours, or by email. My experience is that
email is great for precise questions, but it is ineffective when the question is more general. Please ask
for help as soon as you fall behind, and not just before the exams!
Textbook and Useful Resources:
The following textbook is required:
1
This syllabus is subject to change at any time during the course of the semester. All changes will be announced in
class.

Essentials of International Economics, Third Edition by Feenstra and Taylor packaged
with Launchpad [You can buy the loose leaf of the text packaged with Launchpad:
ISBN: 9781319002282 from the bookstore]
Class Etiquette:
Please do not use laptops in class.
Using computers in class can create negative externalities for other students. If you use a
computer or tablet to take notes, please make sure the audio functions are muted. Refrain from
web surfing in class as it could be distracting to other students seating behind and beside you.
Please turn your cellular phones off before entering the class.
Please arrive on time. If you are going to be late on a particular day, for a valid reason, please let
me know in advance.
If you have to leave early on a particular day, for a valid reason, please let me know in advance.
Blackboard: Blackboard is a communication medium used to make announcements, distribute
handouts and lectures, post reading material. To get to the Blackboard main page, go to:
https://classes.emory.edu and then use your email ID and Password to log in and select our
course. If you cannot log in, you may contact classes@emory.edu for help. There are several
navigation buttons on the left that we will use to organize and classify information. Among these
are:
Announcements – used to make various announcements. Please read this section regularly.
Course Documents – used to post the syllabus, lecture presentations, and assignments.
Additional Readings – used to post non-textbook reading material (supplementary readings)
Honor Code: The honor code is in effect throughout the semester. By taking this course, you
affirm that it is a violation of the code to cheat on exams, to plagiarize, to deviate from the
teacher’s instructions about collaboration on work that is submitted for grades, to give false
information to a faculty member, and to undertake any other form of academic misconduct.
You agree that the teacher is entitled to move you to another seat during examinations,
without explanation. You also affirm that if you witness others violating the code you have a
duty to report them to the honor council.
Here is the link to the entire honor code:
http://college.emory.edu/home/academic/policy/honor_code.html
GRADING AND TESTS
The grade in this course will be determined as follows:
Assignment
LaunchPad Problem Sets
Learning Curve
Each in class exam (2)
Final Exam
Weights
20%
10%
20%
30%
Launchpad Problem Sets:
All launchpad problem sets assignments are completed using the website:
http://www.macmillanhighered.com/launchpad/feenstrataylorintlecon3/547337/Home#/launchpa
d
See the registration directions at the end of the syllabus. The homework assignments will
provide both an incentive to keep up with the work throughout the class and immediate feedback
on your understanding of the concepts. There will be 12 problem sets during the semester. All
“Graded” problem sets will be due on the specified day and time (listed on Launchpad). Each
assignment has equal weight. Your best 9 problem sets out of 12 will count towards your grade.
All homework assignment due dates will be listed on Launchpad. You are responsible for
checking Launchpad for any changes to due dates. You have between 5-8 days to complete these
assignments so start early and do not wait for the last day to complete the assignment. LATE
ASSIGNMENTS ARE NOT ACCEPTED.
Learning Curve
Learning curve is a tool on Launchpad to foster learning. Students complete an activity by
reaching a designated “Target Activity Score”. Students score points by answering questions.
Harder questions are worth more points than easier questions, and students earn fewer points on
a given question the more hints they need and the more incorrect guesses they make before
answering the question correctly. Activities are graded on a completion basis. Every student who
completes the activity receives a grade of 100%. Students who start but don’t complete the
activity get 0%. Remember that students must reach target score to complete and receive a grade
of 100% for the activity. The default target score is 150 times the number of topics in the
activity, which ensures that every student answers at least 5 questions for each topic. Student can
continue to answer questions in the activity after the due date has passed but student’s grade
either 100% or 0% does not be change. Learning Curve activities will be assigned via Launchpad
at the end of each chapter and due dates are available on Launchpad. Learning curve activities
should promote quick completion of problem sets. Learning curve is an easy way to earn points
towards your overall grade in this class. While I encourage you to complete all learning curve
assignments, I will drop three of these assignments so you only need 12 to get the full score 10%.
All learning curve assignment due dates will be listed on Launchpad. You are responsible for
checking Launchpad for any changes to due dates. Start working on learning curve assignments
as soon as possible. LATE ASSIGNMENTS ARE NOT ACCEPTED.
Final Exam: The final exams will consist of multiple-choice and short answer problems. These
questions are based on the readings, homework, and discussions throughout the semester. The
final exam is CUMULATIVE.
Attendance: I will take attendance on random days AT THE BEGINNING OF THE CLASS.
Late arrivals will be counted as missed classes unless I receive an early VALID notice from you
justifying your tardiness. If you missed more than 3 classes, you will be disqualified from ANY
extra credit given.
Grades are not curved. Your final course grade will be computed according to the following
scale:
A
AB+
B
BC+
C
C-
95% - 100%
90% - 94%
85% - 89%
80% - 84%
75% - 79%
70% - 74%
65% - 69%
60% - 64%
D
F
55% - 59%
< 54%
MISSED EXAMS: No make-up exams are given. If you are ill, or must miss an exam for some
other reason, please contact me prior to the exam. Failure to do so may result in a failing grade.
For an excused absence the other two exams will be weighted more heavily in place of the
missing exam.
Expected Conduct
Instructor:
I will come to class prepared to teach the material you need to learn in this course.
I will make every effort to arrive on time, begin class on time, and release you on time.
I will answer your questions to the best of my ability and respond in a timely fashion should I
not immediately know the answer.
I will hold regular office hours and be available to answer your questions.
Students:
You are expected to arrive on time and prepared for class. (Late arrival disturbs everyone and
will not be allowed.)
Please turn off your phones and all other electronics before you enter class.
Please be quiet during class so that others may hear what is going on.
Please discuss with me any problems you may have in the course or any suggestions to
improve the course.
Suggestions for Success:
Be attentive and take detailed notes.
You should look over the assigned material before class, and read it carefully after class.
You should be sure to do the assigned homework problems on a regular basis. Economics
requires gradual learning.
Access and Disability Resources:
Students with medical/health conditions that might impact academic success should visit Access,
Disability Services and Resources (ADSR formerly the Office of Disability Services, ODS) to
determine eligibility for appropriate accommodations. Students who receive accommodations
must present the Accommodation Letter from ADSR to your professor at the beginning of the
semester, or when the letter is received.
Tutoring for Undergraduate Students:
Emory College supports EPASS (Emory Pathways to Academic Success for Students) which is a
peer tutoring program available to all undergraduates needing academic help. This service is
free. The Economics Department also recruits private tutors among our best students and posts a
list of tutors at the beginning of each semester. Each tutor sets their fees for service. Both
services can be accessed through our undergraduate web page at
http://economics.emory.edu/home/undergraduate/tutor.html.
Tentative Course Outline
Topic
The Global Economy
Trade and Technology: The
Ricardian Models
LaunchPad assignment 1
Gains and Losses from Trade
in Specific Factors Model
LaunchPad assignment 2
Trade and Resources: The
Heckscher-Ohlin Model
LaunchPad assignment 3
Movement of Labor and
Capital between Countries
LaunchPad assignment 4
Increasing Returns to Scale
and Monopolistic
Competition
LaunchPad assignment 5
EXAM ONE: OCTOBER 6th
(Chapter 1-6)
Chapter
Week
1
2
1
2
3
3
4
4
5
5
6
6
7
7 and 8
FALL BREAK OCTOBER 12 -13
8
9
9
10
10
11
11
12
Import Tariff and Quota
Under Perfect Competition
LaunchPad assignment 6
Import Tariff and Quota
Under Imperfect Competition
LaunchPad assignment 7
International Agreement:
Trade, Labor and the
Environment
LaunchPad assignment 8
Introduction to Exchange
Rates and the Foreign
Exchange Market
Exchange Rates 1: The
Monetary Approach in the
Long Run
LaunchPad assignment 9
EXAM TWO: November 17th
(Chapter 7-12)
12
Exchange Rates 2: The Asset
Approach in the Short Run
LaunchPad assignment 10
THANKSGIVING RECESS November 26-27
National and International
13
Account: Income, Wealth and
the Balance of Payments
LaunchPad assignment 11
Output, Exchange Rates, and
14
Macroeconomic Policies in
the Short Run
LaunchPad assignment 12
Fixed Versus Floating;
15
International Monetary
Experience
Final Exam Tuesday, December 15th 11:30am -2:30pm
13
14
15
16
LaunchPad
ACTIVATION MESSAGE
Dear Students,
The online portion of our course is open for student registration. Follow these steps to get started.
If you need additional guidance, consult the student Get Started guide, especially the system
requirements which list the recommended browsers.
To register for the course go to:
http://www.macmillanhighered.com/launchpad/feenstrataylorintlecon3/1753174
PLEASE bookmark the page to make it easy to return to.
You have three options to enroll in the course: you can purchase direct access, you can buy an
access code, or you can get free 21 day access while deciding. Your registration options are
explained here.
To navigate and start using LaunchPad please consult the Get Started guide and/or view this
video.
If you have problems registering, purchasing, or logging in, please contact Customer Support.
You can reach a representative 24 hours a day, 7 days a week:


through the online form
by chat
Or from 9 a.m. to 3 a.m. EST, 7 days a week:

by phone at
(800) 936-6899 FREE