YESHIVA COLLEGE
International Economics: ECO-1701-341 – CRN: 26869
Fall 2018
INSTRUCTOR:
Office:
Office Phone:
Elias C. Grivoyannis
CLASS:
Meets at Furst Hall 315
Belfer Hall 510
Dates:
Aug. 35, 2018 – Jan. 9, 2019
Lecture:
Tuesdays: 4:30-5:45 pm
Thursdays: 4:30-5:45 pm
212- 960-5400, ext. 6872
E-mail:
grivoyan@yu.edu
Office Manager
Nicholas Pitsirikos
Furst Hall 111
646-592-4435
Phone:
Office Hours: Tuesdays & Thursdays:
8:00–9:00 pm
and by appointment
Contacting:
a) Call at the office or at home or e-mail to arrange for an appointment.
b) Leave messages or important/confidential materials with Office Manager.
Tutorial/Review Sessions:
These are offered twice a week for those students who need personal help or attention.
Every effort will be made to accommodate students’ time constraints. Date, time and place
for these sessions will be announced in class. Tentative date/time:
1)
Tuesdays 9:00 pm – 10:00 pm
2)
Thursdays 9:00 pm – 10:00 pm
Course Objectives:
In this course students will learn the theory of international trade, international finance,
commercial policy, balance of payments, the foreign exchange market, competitiveness in
the global economy, international macroeconomics, and foreign direct investment.
Emphasis will be given on the determinants and effects of international linkages, including
the roles of consumers, firms, and government policies, in the context of the international
economic environment.
Prerequisites:
(ECO 1021 or 1021H or 1031 or 1031H) and (ECO 1011 or 1011H or 1041 or 1041H); Satisfies
a Social Science requirement only for students who were on campus prior to April 2012. For
students on campus starting April 2012, this course can be used toward major or elective
requirements only.
International Economics: ECO 1701-341, Fall 2018
Dr. Elias C. Grivoyannis’ Syllabus
Page 2 of 6
TEXTBOOKS
Required:
Dominick Salvatore, International Economics, 12th edition, Wiley, 2016, ISBN:
9781119196389
Collateral Readings
For those students who prefer to supplement the textbook with outside readings, or wish
to probe more deeply on their own, they are provided with additional recommended
readings which include established classics as well as up-to-date examinations of recent
issues. For further reference, students may want to consult the following:
Recommended:
Richard E. Caves, and Jeffrey A. Frankel, World Trade and Payments: An Introduction,
10th edition, Prentice Hall, 2007, ISBN: 978-0-321-226600
Paul R. Krugman, Maurice Obstfeld, and Marc J. Melitz, International Economics: Theory
& Policy, 9th edition, Addison-Wesley, 2012, ISBN: 978-0-13-214665-4
Robert C. Feenstra and Alan M. Taylor Essentials of International Economics, 2nd edition,
plus Aplia for International Economics, Worth Publishers 2012. ISBN: 978-1-4292-9424-9
James Gerber, International Economics, Plus NEW MyEconLab with Pearson eText –
Instant Access, 6th edition, Pearson, 2014, ISBN: 978-0-13-2948913
Thomas Pugel, International Economics, 15th edition, McGraw Hill, 2012, ISBN: 978-0073-523170
Steven Husted and Michael Melvin, International Economics, 9th edition, Prentice Hall,
2013, ISBN: 978-0-321-783868
W. Charles Sawyer and Richard L. Sprinkle, International Economics, 3rd edition, Prentice
Hall, 2009, ISBN: 978-0-136-054696
Mordenhai E. Kreinin, International Economics, Pearson Learning Solutions, 2010, ISBN:
978-0-558-588830
Dennis R. Appleyard, Alfred J. Field, and Steven Cobb, International Economics, 7th
edition, McGraw Hill, 2010, ISBN: 978-0-073-511344
Philip G. King and Sharmila Kumari King, International Economics, Globalization, and
Policy: A Reader, 5th edition, McGraw Hill, 2009, ISBN: 978-0-073-375816
International Economics: ECO 1701-341, Fall 2018
Dr. Elias C. Grivoyannis’ Syllabus
Page 3 of 6
ECONOMIC DATA ON THE WORLD WIDE WEB
Economic Statistics Briefing Room:
http://www.whitehouse.gov/fsbr/esbr/htm
National Bureau of Economic Research (NBER) Home Page:
http://www.nber.org
Bureau of Economic Analysis (BEA) Home Page:
http://www.bea.doc.gov/
Business Cycle Indicators:
http://www.globalexosure.com/bci.html
CIA Publication:
http://www.odic.gov/cia/publications/pubs.html
International Trade Administration:
http://www.ita.doc.gov/
Bureau of Labor Statistics:
http://stats.bls.gov:80/
US Census Bureau Home Page:
http://www.census.gov/
Evaluation:
Student progress and learning will be evaluated based on performance in 3 examinations,
class participation and attendance, as follows:
25% First exam
[Tuesday, October 30, 2018]
25% Second exam
[Thursday, November 29, 2018]
30% Final exam (cumulative)
[Tuesday, January 8, 2019]
10% Quizzes
[Every week after a chapter is covered]
10% Attendance and Class participation (see below)
Grading:
I do not impose a strict grade distribution. I regard a B as a respectable grade
and an A as an outstanding grade. An A requires a consistently high-quality performance
and evidence that the student has both mastered the assigned work and has thought about
the issues deeply enough. A grade of B will be given for someone who has demonstrated
sound knowledge of the class material and adequate effort. An A grade will be reserved for
those whose understanding goes beyond the basic requirements. Grades of +/- will be
determined, in part, by outstanding class participation and evidenced effort.
International Economics: ECO 1701-341, Fall 2018
Dr. Elias C. Grivoyannis’ Syllabus
Page 4 of 6
Exams: Class exams must be taken on the dates assigned. Absence from a class exam
will cause you to fail that exam. A strict policy of no make-up exams will be enforced. The
class exams are “closed book” and the final is comprehensive. You are expected to abide
by the honor system of the University.
Quizzes:
Every week when we finish a chapter you should prepare to take a quiz on that chapter at
the beginning of our next class meeting.
In class, I expect your brains to be on, for you to participate, ask questions, answer
questions, and think. Expect cold-calling and prepare accordingly. The use of electronic
media (laptops, iPads, etc.) in class is forbidden. Answering cell phones in class is strictly
forbidden, and texting is strongly discouraged.
Class Participation: Students are expected to attend all class meetings. They will be
selected without prior announcement to participate orally by answering instructorgenerated questions on the material covered during each class as outlined in the syllabus.
Students will be evaluated on (a) ability to communicate effectively to the audience, and
(b) thorough understanding of the material. You should spend at least two hours on each
reading assignment, be sure to work through the arguments and the examples in the text,
and keep good notes for your class participation.
You may request to be excused three times without a reason by completing a piece of paper
with your name, date, and course number; you will have to provide a valid reason for each
excuse after the third.
Class participation is the foundation of an “active learning” teaching approach and
disciplines students to be best prepared for class exams.
Attendance Policy: Students are expected to attend all their scheduled class sessions
and to be present promptly at the beginning of the class, unless prevented from doing so by
illness or other compelling reason. A student’s grade is to be reduced by the instructor if
the student has more than three unexcused absences over the course of the semester. If a
student enters a class ten minutes after it has begun, or the student leaves the class before
the class is over, the student is marked “late”, and each such event is considered half an
absence.
A FRIENDLY ADVICE:
Learning is a process in which you must participate actively. It should take place both
inside and outside the classroom. A full-time course of study (5 to 6 courses, 15 - 17 credit
hours) requires as much time (and effort) as a full-time job, i.e., at least 40 hours per week,
or 8 hours per week for each course. Three of those hours should be spent attending class
meetings. In the remaining five hours, you should read the week's assignment (several
times) and test your understanding of it. Develop a habit of learning in increments. Learn
International Economics: ECO 1701-341, Fall 2018
Dr. Elias C. Grivoyannis’ Syllabus
Page 5 of 6
approximately two chapters [or 2 to 4 academic papers] per week for each course you are
taking. Don't wait until your exams are a week away to start reading. Such reading cannot
be digested and absorbed in the form of lasting knowledge. With last minute reading, you
could pass your exams but you could never learn for life. A few weeks after your exams are
over you will be unable to have an intelligent discussion on these subjects.
Use Help from the YC Writing Center: Free Help with Your Writing! The Writing
Center, in Furst 202, offers individualized tutoring that can support your writing for this
course. All writers need feedback, even strong ones. Make an appointment and find out
about drop-in hours at yu.edu/wilf/writingcenter.
Note for students with disabilities: Students with disabilities who are enrolled in
this course and who will be requesting documented disability-related accommodations
should make an appointment with the Office of Disability Services, (646) 5924280, akelsen@yu.edu during the first week of class. Once you have been approved for
accommodations, please submit your accommodation letter to ensure the successful
implementation of those accommodations.
International Economics: ECO 1701-341, Fall 2018
Dr. Elias C. Grivoyannis’ Syllabus
Page 6 of 6
COURSE OUTLINE
Students are responsible for all required readings (from Salvatore) and all material presented in lectures and class
discussions. Required reading assignments are listed below. I intend to adhere to this schedule, but depending on the
class level, if we need to slow down on certain topics or move fast on others I would adjust it slightly.
Session
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Dates
Topics
INTRODUCTION
28 Globalization, International Flows, Economic Problems & Challenges
INTERNATIONAL TRADE THEORY
30 Comparative Advantage and the Gains from Trade
SEP
4 Comparative Advantage and the Gains from Trade
6 The Standard Theory of International Trade
SEP 9 – OCT 3 Rosh Hashanah – Yom Kippur – Sukkot - No Classes
OCT
4 The Standard Theory of International Trade
9 Demand & Supply, Offer Curves, & the Terms of Trade
11 Demand & Supply, Offer Curves, & the Terms of Trade
16 Factor Endowments & the Heckscher-Ohlin Theory
18 Factor Endowments & the Heckscher-Ohlin Theory
23 Economies of Scale, Imperfect Competition, & International Trade
25 Economies of Scale, Imperfect Competition, & International Trade
OCT 30 Exam 1
INTERNATIONAL TRADE POLICY
NOV
1 Trade Restrictions: Tariffs
6 Trade Restrictions: Tariffs
THE BALANCE OF PAYMENTS, FOREIGN EXCHANGE
MARKETS, AND EXCHANGE RATES
8 Balance of Payments
13 Balance of Payments
15 Foreign Exchange Markets and Exchange Rates
20 Foreign Exchange Markets and Exchange Rates
22 Thanksgiving - No Classes
27 Exchange Rate Determination
NOV 29 Exam 2
OPEN-ECONOMY MACROECONOMICS AND THE
INTERNATIONAL MONETARY SYSTEM
DEC
4 The Price Adjustment Mechanism with Flexible & Fixed Exchange Rates
6 The Price Adjustment Mechanism with Flexible & Fixed Exchange Rates
11 The Income Adjustment Mechanism & Synthesis of Automatic Adjustments
13 The Income Adjustment Mechanism & Synthesis of Automatic Adjustments
18 Fast of Tevet - No Classes
20 The International Monetary System: Past, Present, and Future
AUG
DEC 25 –DEC 30 Wilf Campus Reading Week
JAN
8 Final Exam, (Comprehensive), Tuesday, 9:30 AM – 11:45 AM
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