Course Topics
1. Ricardo model 2. Resources, comparative advantage, and income distribution – Heckscher-Ohlin model 3. Specific factors model 4. Standard trade model 5. Economies of Scale, imperfect competition, and international trade 6. Summary: trade theory 7. Trade policy and its instruments 8. Balance of payments and national accounting 9. Foreign exchange market and elasticity approach 10. Gross domestic product and trade balance 11. Expenditure and exchange rate in the Keynesian model 12. Mundell-Fleming model 13. Purchasing power parity theory and interest parity theory 14. Monetary exchange rate model (flex price model) 15. Exchange rate overshooting (Dornbusch model)

Propaedeutic courses
None, but the frequency of the courses Macroeconomics, Microeconomics and Mathematics for EPE is suggested in order to properly follow these lectures

Teaching format
Lectures (in person)

Educational objectives
ILO (Intended Learning Outcomes) ILO 1 Knowledge and understanding ILO 1.1 The ability to understand the role of governments in market economies; ILO 1.2 the ability to analyse the behaviour of economic variables in the short, medium and long term; ILO 1.3 the ability to understand complex texts in the field of economics in the three languages of instruction; ILO 2 Ability to apply knowledge and understanding ILO 2.1 the ability to assess the appropriateness of monetary and fiscal policy in relation to macroeconomic variables; ILO 2.2 the ability to communicate fluently and spontaneously with native speakers on economic topics; ILO 2.3 the ability to assess the impact of trade in a globalised world; ILO 3 Making judgements ILO 3.1 Acquire the necessary judgement and methodological tools to critically analyse data, sources, assumptions and implications of scientific practice and the political, ethical and legal contexts in which economic phenomena are situated and with which they interact. ILO 4 Communication skills ILO 4.1 Proficiency in written and spoken Italian, German and English, including the translation of these languages. Intercultural competence. Conceptual conciseness, ability to capture facts in writing, especially for scientific and science-based texts ILO 5 Learning skills ILO 5.1 Fostering critical thinking and analytical skills to recognise complex problems in their long-term dynamics and in the diversity of their - also ethical - implications

Assessment
Written exam (100 %), consisting of problems and muliple choice questions (ILOs assessed: 1-5).

Evaluation criteria
Knowledge, analytical skills.