Economics 227 - International Trade

This course will examine the patterns, causes, and consequences of international trade. We will begin by exploring empirical data on international trade, addressing questions such as: How has trade evolved over time? Which countries exhibit trade deficits or surpluses? And which country pairs trade more than others? Moving forward, we will use classic models of international trade to discuss the determinants of trade patterns. Key questions we will address include: Why and how much do nations trade? What factors determine the composition of exported goods of a given country? Subsequently, we will analyze the impact of international trade, particularly its effects on welfare, wages, employment, and inequality. We will examine who may benefit and who may lose as a result of opening to trade. In the final section, we will discuss the implications of various trade policies, including tariffs, quotas, export subsidies, and trade agreements. Throughout the course, we will emphasize the application of theoretical frameworks to explain trade patterns observed in data and to analyze the impact of trade openness and policies. Students will actively participate in discussions and will be tasked to write policy briefs.

Requisite: ECON 111/111E. Limited to 25 students. Fall and spring semesters. Professor Wang.