02537 - International Economics

Academic Year 2023/2024

  • Docente: Giulio Fella
  • Credits: 10
  • SSD: SECS-P/01
  • Language: Italian

Learning outcomes

The aim is to provide basic knowledge of Open Macroeconomics and International trade issues. At the end of the course the students are expected to be able to use concepts currently employed in the economic debate, like, exchange rates, balance of payments, exports, FDI. They are expected to understand the rationales underlying the macroeconomic and trade policies in open economies and to analyse the main international economic events related to globalization.

Course contents


Comparative advantage in an exchange economy

Labor Productivity and Comparative Advantage: The Ricardian Model

The Heckscher-Ohlin Model

External Economies of Scale and the International Location of Production

Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises

The Instruments of Trade Policy

The Political Economy of Trade Policy

Trade Policy in Developing Countries

National Income Accounting and the Balance of Payments

Determinants of the current account

The real exchange rate

Foreign Exchange Market: A Portfolio Approach

Money, the Price Level and the Nominal Exchange Rate in the Long Run

Nominal Exchange Rate in the Short Run

Fixed Exchange Rates and Foreign Exchange Intervention

Macroeconomic Policies under Fixed and Flexible Exchange Rates

Optimal Currency Areas and the Euro


Krugman P. R., Obstfeld M., Melitz M. J. (2019), International Economics: Theory and Policy, 11th Edition, Pearson.

Teaching methods

Lectures and exercises with the instructor

Assessment methods

Written exam. Two partial exams (one midterm and one final) for students currently taking the course.

Marks: fail <18; pass 18-23; good 24-27; very good 28-30; outstanding 30 cum laude

Teaching tools

Lecture slides made available through the online unibo platform

Office hours

See the website of Giulio Fella