syllabusFall2018.pdf - International Trade 4357 Fall 2018 Instructor Dr James Lake e-mail [email protected] Class meetings Tuesday Thursday Section I

syllabusFall2018.pdf - International Trade 4357 Fall 2018...

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Unformatted text preview: International Trade 4357 Fall 2018 Instructor: Dr. James Lake e-mail: [email protected] Class meetings: Tuesday & Thursday • Section I: 9:30-10:50am, Umphrey Lee 243 • Section II: 12:30pm-1:50pm, Umphrey Lee 303 Oce Hours: Tuesday 2-3pm, Thursday 11am-noon, or by appointment. Umphrey Lee 301Z. Prerequisite: Price Theory Course description This course has four key objectives. First, an understanding of the economic theory behind why countries trade with each other. Second, an understanding of the distributional implications of international trade both within and across countries. Third, an understanding of how distributional implications can help explain why countries restrict trade. Fourth, an understanding of how economic theory and empirical evidence can shed light on popular mainstream controversies surrounding international trade. Student learning objectives • Demonstrate a strong ability to use economic theory to explain why countries engage in trade. • Demonstrate a strong ability to analyze the distributional implications of international trade within countries using economic theory and empirical evidence. • Demonstrate a strong ability to use economic theory and empirical evidence to explain how distributional implications can help explain why countries restrict trade between themselves. • Demonstrate a strong ability to relate economic theory and empirical evidence to popular controversies surrounding international trade. 1 • Strengthen the ability to relate economic theory and empirical evidence to new problems, both abstract in nature and practical in nature. Course requirements To be successful in this course, you should: • Attend class and participate in in-class quizzes. • Ask questions either in class, via email, or during oce hours to clarify misunderstandings of the material. • Complete required readings and problem sets. • Give a group presentation that summarizes a podcast on current trade policy issues held by two economists from The Economist and the Peterson Institute for International Economics. • Convey your understanding on three midterms. You are expected to demonstrate understanding of the material by applying ideas, concepts, and models learned in class and through the readings to new problems. This goes beyond a mere knowledge of denitions and ability to replicate what is done in class. The application of concepts and models requires you to carefully read the problem, identify which concept or model can be used to answer the problem, set up the solution based on the information contained in the problem, and nally solve the problem using this setup (i.e. by manipulating a model or using reasoning to nd the answer). Course resources that you need to purchase Textbook Ultimately, I leave this decision to you as the student. There is no required textbook and, thus, there is no textbook available in the book store. One way to study for the course is by (i) reviewing lecture notes, (ii) completing and reviewing problem sets, (iii) completing assigned readings and associated out-of-class online quizzes and (iv) reviewing in-class quiz questions. Many students will nd this approach sucient. However, some students will benet from having a textbook to supplement these materials and clarify or present the lecture material in an alternative way. Interested students should 2 refer to either International Trade: Theory and Policy or International Economics: Theory and Policy, both authored by Paul Krugman, Maurice Obstfeld and Marc Melitz (indeed, in past years this was the required textbook and so the in-class material will often follow the textbook). The former is merely the rst (and only relevant) part of the latter. You will only nd the former in the 10th edition, but you will nd the latter in earlier editions. I strongly recommend you use the 9th or 10th editions. You can nd these new or used on Amazon or other standard online textbook websites. The 9th edition and 10th edition of the latter are also available on Fondren library reserve for 24 hour day loan. Top Hat Top Hat is an interactive in-class tool that will be used for two purposes: • Taking attendance. • As a means of reviewing material from previous classes, I will give quiz questions at the start of class using Top Hat. These quiz questions will be available for exam review purposes after class. You will need to purchase access to Top Hat. You can do so by going to tophat.com/register/student/ and entering the course code 872578 143951 (11am section). The cost of Top Hat is $26 for the semester. . (9:30am section) or You will need to bring some device each class in order to register your attendance and participate in any quiz questions asked of you during class. You can use a smartphone, laptop, iPad or regular cell phone for this purpose. There is a Top Hat app. You can also use a regular cell phone and text messaging. For this purpose, you should register your phone number during the initial registration process and save the Top Hat phone number in your phone as a contact. Additional resources We will use Canvas throughout this course. • All problem sets and other course related material (including any additional readings) will be posted on Canvas. • I will not send class emails but will put all relevant information (e.g. an- nouncements, assignments, additional information etc) on Canvas. It is your responsibility to sign up for Canvas announcements (which is easy to do). 3 Course policies Attendance Attendance is required and expected. Indeed, President Turner has asked that all faculty announce and utilize an attendance policy, emphasizing the importance of attendance in meeting academic expectations and enabling faculty to take note of frequent or long absences, a potential sign of student distress. ve unexcused absences (e.g. weddings, family Upon your sixth unexcused absence, I will withdraw you from You are allowed up to and including reunions, family birthdays). the class. If your sixth unexcused absence occurs after the nal withdrawal date, you will get an F (last day for dropping a class is Friday November 2). Excused absences include those described below under University policies. They also include serious illnesses/personal issues that are documented by a licensed medical practitioner (including those at the Student Health Center on campus) or the Oce of Academic Advising. They also include job interviews with appropriate documentation (e.g. the email conrmation you received from your potential employer about date and time). It is your responsibility to register your attendance using Top Hat at the beginning of each class and monitor your attendance in Top Hat throughout the semester. If you come in late, please come and see me at the end of class. I will then instruct you to email me after class and then I can adjust your attendance manually in Top Hat. If you do not let me know you were late for class, and hence did not register you attendance, until weeks later then there is little chance I will remember and you will be marked absent (showing me class notes will not constitute proof  of attendance). You can view your Top Hat attendance within Top Hat at any time. See the Academic Dishonesty and the Course Grade sections of the syllabus for further information on attendance. Use of laptops and other wireless devices in class Use of laptops and other wireless devices (e.g. iPads, iPhones) is prohibited except for Top Hat purposes. Violation will result in you being asked to stop using such a device and, possibly, leave the classroom. Repeated violation will result in a loss of up to 2% points of your nal grade. Late homework submissions I will not accept any late submissions after the solutions have been posted. If you need an extension you should contact me ASAP in which case I will delay posting the solutions if 4 you are granted an extension. University policies Disability Accommodations Students needing academic accommodations for a disability must rst register with Disability Accommodations & Success Strategies (DASS). Students can call 214-768-1470 or visit to begin the process. Once registered, students should then schedule an appointment with the professor as early in the semester as possible, present a DASS Accommodation Letter, and make appropriate arrangements. Please note that accommodations are not retroactive and require advance notice to implement Religious Observance Religiously observant students wishing to be absent on holidays that require missing class should notify their professors in writing at the beginning of the semester, and should discuss with them, in advance, acceptable ways of making up any work missed because of the absence. (See University Policy No. 1.9.) Excused Absences for University Extracurricular Activities Students participating in an ocially sanctioned, scheduled University extracurricular activity should be given the opportunity to make up class assignments or other graded assignments missed as a result of their participation. It is the responsibility of the student to make arrangements with the instructor prior to any missed scheduled examination or other missed assignment for making up the work. (University Undergraduate Catalogue) Plagiarism and academic dishonesty All students are expected to abide by the SMU honor code , including those sections related to plagiarism. Plagiarism is a serious academic oence and ignorance is not an excuse. Further information regarding plagiarism can be found at . Blatant examples of academic dishonesty include: • Submitting a replica of another student's assignment or an assignment that is not your own work 5 • Submitting an assignment that contains replica parts of another student's assignment or an assignment that is not your own work • Submitting an assignment containing information that has been copied and pasted from another source (e.g. internet) without citing the source  • I will use TurnItIn in Canvas to automatically detect for situations of plagiarism Electronically registering attendance/quiz answers when not present in class and/or not present for the entire class  • Randomly, I will take attendance manually Electronically transmitting attendance codes or quiz answers to someone outside of the classroom Consequences of academic dishonesty include, but are not limited to, failure of the particular assessment task in question, receiving a D (no credit for major) or an F, and disciplinary referral to the SMU Honor council. Course grade • Written assignment (17.5%) This assignment contains two components. The rst component is worth 5% and the second is worth 12.5%. Each component must be double spaced and typed in 11 point font with 1 inch margins. For each component, you should bring a hard copy to class and upload your assignment to Canvas in word or PDF form.  First component (hard copy due in class on Tuesday 8/28 and electronic copy on Canvas by 2pm on Tuesday 8/28): In no more than three pages, clearly and concisely outline why you think international trade is benecial or harmful to countries who engage in international trade. You do not need to refer to any material covered in class. Indeed, ideally, you will not refer to any material covered thus far.  Second component (hard copy due in my oce and electronic copy due on Canvas, both by 5pm on Wednesday 12/5): In no more than three pages, use the economic theory and empirical evidence you have learned in class to revisit your arguments from the rst component. You should use the economic theory and empirical evidence you have learned, and any limitations of the theory, to clearly and concisely justify your argument or revise your argument accordingly. 6  Each part of the assignment is an essay and, thus, should be written accordingly. Key elements of an essay include: ∗ An introduction that clearly outlines the argument to be made in the rest of the essay ∗ Multiple paragraphs. Each paragraph should begin by outlining the main point of the paragraph (which is being used to support the argument outlined in the introduction) and then proceed to provide evidence in support of the main point.  ∗ A conclusion that reinforces the argument of the paper ∗ Correct grammar and absence of spelling mistakes (use spellchecker) Regardless of your particular approach to the second component, the task is still to address the question of why you think trade is good or bad. The dierence is now you must use theory and empirical evidence from class to support your arguments. Various specic approaches include: ∗ Revisiting the points you raised in the rst component and using theory and empirical evidence to address the same point (perhaps theory supports your original view or contradicts your original view or is silent on the point). ∗ Constructing an argument based entirely around what you have learned in class rather than based on views you had when writing the rst component.  Regardless of your approach to the second component, remember that the key objective of the second component is for you to show how you can use economic theory and empirical evidence to support an argument about how trade is good or bad (or both). Thus, merely describing the main models from class will not achieve this objective. • Real world data collection assignment (3.5%)  Using 2016 data from The Observatory of Economic Complexity, you should complete the data collection quizzes on Canvas. The data collected pertains to the products imported and exported by the US with its top trade partners. There are two quizzes. One quiz is based on products aggregated to the HS4 classication level; with about 1000 products, the products are still quite detailed. The second quiz is based on the HS2 classication level; with about 100 products, the products are quite broad. • Problem sets (4%): 7  There will be 4 problem sets for the semester, corresponding to one problem set per topic beginning with the Trade Policy topic.  Generally, the problem set will be due in my oce by 5pm one week after we nish the relevant material in class. You're welcome to submit it during class. But, if you bring it to my oce when I'm not there then you should send me a copy of each page by email. In this case, please make sure you check your sent folder to make sure it actually went through.  The problem sets will be posted on Canvas. Certain parts of the problem set must be completed on Canvas so please read the instructions carefully. It is your responsibility to follow the instructions correctly and check your Canvas account to make sure it has actually been submitted. The exams will follow the style of the problem sets very closely. Problem sets will include: ∗ Multiple choice questions. ∗ Problem solving questions. ∗ Paragraph response questions. These questions will typically require one clear and concise paragraph. Excessive and irrelevant material will adversely aect your grade. You will be asked to respond to a statement, something like you might expect to see in the newspaper. This is not an opinion piece; you will need to apply the theory/empirical evidence from a particular model/paper in class and write an appropriate response.  The problem solving problems and paragraph response questions will be submitted during class. The multiple choice questions will be submitted online via Canvas. ∗ The problem solving and paragraph response count for two-thirds of the problem set grade and the multiple choice questions count for one-third of the problem set grade.  Advice for paragraph response questions. Before beginning your answer you will probably nd it helpful to brainstorm around three issues and only begin crafting an answer once you are clear on these issues. To be clear, I'm suggesting a brainstorming exercise to help you clarify in your own mind how you would respond to the statement. I'm not suggesting you literally give your brainstorming exercise as your response verbatim. ∗ How can you interpret what the question is saying in the context of the model? ∗ What key results/theorems/ideas of the model can you use to address the question? 8 ∗ What conclusion do you reach when you apply the results/theorems/ideas of the model to the question at hand? • Examinations (52.5%)  There are three midterms. Given the description of material covered on the various midterms below, it should be clear that the exams are not cumulative. All midterms are in-class and will consist of an problem solving exercises, a paragraph response question and a podcast quiz section. ∗ Midterm I (17.5%): The rst midterm covers the Trade Policy topic as well as any required readings assigned and any podcasts presented during this topic. The midterm is tentatively scheduled for Tuesday 9/25. However, the exact date will be dictated by the possibility that we may move slower or faster than anticipated. Hence, you should check with me in advance about any potentially conicting travel plans. ∗ Midterm II (17.5%): The second midterm covers the Ricardo model as well as any required readings assigned and any podcasts presented during this topic. It is tentatively scheduled for Tuesday 10/23. However, the exact date will be dictated by the possibility that we may move slower or faster than anticipated. Hence, you should check with me in advance about any potentially conicting travel plans. ∗ Midterm III (17.5%): The third midterm covers the Specic Factors and HOS models as well as any required readings assigned and any podcasts presented during this topic. It is scheduled for the last day of class Thursday 11/30. Hence, you should check with me in advance about any potentially conicting travel plans. The only acceptable excuses for missing an exam, apart from those mentioned above in University policies, are illnesses/personal issues. These excuses must be accompanied by a written note from a licensed medical practitioner, including those at the Student If you miss Midterm I or II for an approved reason, this weight will move to Midterm III. If you miss Midterm III for an approved reason, this weight will shift equally to Midterm I and Midterm II. Health Center on campus, or the Oce of Academic Advising. • Readings and online quizzes (5%) 9  Throughout the course we will discuss recent empirical research that empirically quanties the distributional implications of trade and explore political ramications of these distributional implications in terms of the political viability of US trade liberalization and composition of the US Congress along ideological and party lines.  To complement your understanding of this empirical research, both in terms of the economic concepts/intuition and the econometric analysis, I will assign three sets of readings. These readings will be posted on Canvas and will include (i) newspaper articles describing the ndings of these papers and (ii) the introduction and conclusion sections of the articles themselves. An online quiz will accompany each set of readings. For your reference, the references for these empirical papers are listed in the course reading guide at the end of the syllabus. • Group presentation (5% plus potential bonus 2% points)  Soumaya Keynes from The Economist and Chad Bown from the Peterson Institute for International Economics release a weekly podcast via iTunes titled Trade Talks that discusses current trade policy news. You should subscribe to the podcast in iTunes, Google Play, Stitcher, TuneIn or most other places you get your podcasts.  Group presentations will be based on on a podcast that aired at least 10 days earlier and should last last for approximately 5 minutes and certainly less than 10 minutes. Students should self select into groups on Canvas and select a date for their presentation from a list of designated dates.  The presentation should consist of ∗ An introduction that describes the topic of the podcast, providing the motivation an...
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