International Economics – ECON-UA 238

IMPORTANT: This course, while online, is designed for students in the continental U.S. only. If you’re in another time zone and decide to stay in this class, you’ll have to take the midterm and final exams on our New York schedule. Alternative exam times will not be offered. Sorry, but this is necessary to protect the integrity of the exams.

This syllabus is in Q&A format. The next several pages answer each of the questions below.

GENERAL INFO ABOUT THIS COURSE

1. Where will I find everything for this class?

2. What is this course about?

3. How will the lectures be delivered, and why?

4. How should I watch the lectures?

5. Will I be able to interact with you personally?

6. Is there any required or recommended reading? A textbook?

7. What work is required for the course?

QUIZZES & PROBLEM SETS

8. How will the weekly quizzes work?

9. How will the problem sets work?

10. What if I miss a quiz or problem set due to an illness, emergency or technical problem?

11. I’m confused about the timing of all this. Can you spell it out more clearly?

EXAMS

12. When is the midterm exam and what will it cover?

13. When is the final exam and what will it cover?

14. What are the exams like?

GETTING HELP

15. If I have questions, should I email you?

16. How do I meet with you over Zoom?

17. Do we have recitations? Is there a T.A.?

18. What if I need more extensive help?

GRADES

19. How is my average score in the course calculated?

20. How are final course grades determined?

21. What are the grade cutoffs?

COURSE TOPICS

22. What topics will be covered, and when?

GENERAL INFO ABOUT THIS COURSE

1. Where will I find everything for this class?

NYU just switched over from NYU Classes to Brightspace. This is where you’ll find everything related to our class: Lectures, quizzes, problem sets and announcements. A good place to start is the “Content” section, where you will see everything related to the current week. 

Presumably, you’ve been given instructions for how to get into Brightspace and find our class. If all else fails, try using this URL: https://brightspace.nyu.edu/d2l/home/61846. The instructor controls for this new system are ridiculously complex and restrictive; I’m trying to figure out workarounds for what it won’t let me do, and will update you if any changes.

2. What is this course about?

International Econ studies the reasons for, and implications of, economic interdependence among nations. It’s divided into two parts. One part, “International Trade,” deal with trade in goods and services. For example: Which nations will trade with each other, and which goods and services will they trade? What is the impact of trade on jobs, wages, and economic inequality? How do government policies alter those impacts?

The other part, “International Finance,” deals with global financial markets. For example: How are currency exchange rates determined, and what makes them change? How do exchange rates help explain why the U.S. has a large trade deficit every year? And was Donald Trump correct when he said that the trade deficit is evidence that the U.S. is “losing from trade”? (Spoiler alert: No.)

The first 3/4 of this course focus on International Trade, and the last 1/4 on International Finance.

3. How will the lectures be delivered, and why?

I will pre-record the lectures, and at the beginning of each week, I’ll post links to them in the “Content” section of our Brightspace page. You’ll have to keep up on a weekly basis, but you’ll have some flexibility about when to watch them.

I know there are downsides to pre-recorded lectures. But for the material in this class, which becomes increasingly complex as we go, I think the advantages outweigh the disadvantages.

One major advantage: Economizing on your time. The lectures will cover the same material as I would in a live class. But the total duration of the recordings will be much shorter. If the lectures were done live, we’d have 1½ hours of lecture, 4 days a week, for a total of 6 hours per week. The recorded lectures will average half that duration, because I can move more quickly, knowing that each of you can pause as needed to think, take notes, draw graphs, or replay just those sections that moved too fast for you. This means you’ll spend more time with each lecture than the duration of the recording, but less time than if the lecture were live and I had to go much slower.

The lectures will be subdivided into smaller units, 10 to 30 minutes each, for easier viewing.

4. How should I watch the lectures?

To do well in this course, you should take the same type of notes on each lecture as you would in a live class. If I display a graph, draw that graph. If I say something that strikes you as important for understanding a concept, write it in your notes, even if it isn’t displayed on the screen.

I can’t prevent you from simply taking screenshots, or getting notes from someone else. But you won’t get nearly as much out of the class that way. Taking your own notes is the best way to absorb the course content.

5. Will I be able to interact with you personally?

Yes! I’m going to have frequent group and individual Zoom office hours appointments. They’re not required, and will have no impact on your grade. But anyone who wants to ask questions or discuss anything related to the class material is encouraged to see me. Don’t be shy!

6. Is there any required or recommended reading? A textbook?

This is a lecture based course, so there’s no outside required reading. I’ll occasionally post some pages in the lecture itself, and you should pause and read those.

But there are recommended readings.

First, I strongly recommend that everyone in the class read a short paperback book: The Choice: A Fable of Free Trade and Protectionism (3rd ed, 2007) by Russell Roberts. It’s a useful, intuitive review of many of the concepts we’ll be covering. Used copies can be ordered from Amazon. See the Course Outline at the end of this syllabus for when it’s best to read specific chapters.

Second, if you want to learn more about a topic, I’ve listed recommended articles (see the Course Outline). Some are available online, others will be posted on our Brightspace page.

You will not be tested on any of the recommended reading (except for pages posted within the recorded lectures).

7. What work is required for the course?

• Midterm exam (on first half of course material)

• Final exam (on second half of course material)

• 5 Weekly Quizzes (to make sure you keep up with the lectures)

• 7 problem sets (You’ll provide answers to selected questions online for just 5 of these; the other two you will do on your own)

QUIZZES AND PROBLEM SETS

8. How will the weekly quizzes work?

To make sure you keep up, quizzes on each week’s lectures will be posted every Thursday at 11:30am, with answers due online within 24 hours (i.e., by Friday at 11:30am).

Most of the questions will be easy, so most students’ scores will be high. But you’ll have to answer each question before moving to the next, you won’t be able to go back once you’ve answered, and you can take each quiz only once. Once the quiz deadline passes, answers won’t be accepted. So , to protect yourself from last-minute technical problems, don’t wait till shortly before the deadline.

9. How will the problem sets work?

You can’t really understand the logic of international trade models until you work through them using numbers, drawing graphs, and connecting the numbers to the graphs. That’s what the problem sets are for. A worksheet for each problem set will be posted a few days before it’s due. You’ll answer all the questions on the worksheet and draw the graphs, then answer selected questions from that worksheet online and upload your graphs. The time required for each problem set will vary, but usually between 1 and 2½ hours.

10. What if I miss a quiz or problem set due to an illness, emergency or technical problem?

Your one weekly Quiz with the lowest scores and your one Problem Set with the lowest score will not count. This means you can miss one Quiz and one Problem Set without penalty; they’ll be your lowest scores and will be dropped from your class average. Your second lowest score on a quiz or problem set will count half the normal amount.

These “freebies” should be used for illness or a genuine emergency only. Plan on doing all of the quizzes and problem sets, because once you use your freebies, they’re gone, even if you later have a good excuse. 4 of 9

11. I’m confused about the timing of all this. Can you spell it out more clearly?

Yes. Here’s a complete schedule for the entire 6 weeks (if there are any changes, I’ll let you know). Days when work is due are bolded, so please enter them into your calendar. No extensions or makeup work; if you miss a deadline, you’ll have to use it as one of your “freebies.”

If this schedule seems like a lot of work, you’re right! But remember: In a summer class, we collapse 16 weeks into 6 weeks. The schedule will give you some flexibility as to the days and times you do things, while the deadlines will prevent you from falling behind. But if you’re not comfortable with this kind of compact schedule, I suggest taking the class in the regular semester instead. (I’ll be teaching it next fall.) 

EXAMS

12. When is the midterm exam and what will it cover?

The midterm exam is on Monday, June 14 from 2:00pm to 3:00pm EDT. Alternative exam times will not be offered, because this class is not meant for overseas students. If you’re not comfortable taking the exam at that time, you should not take this class.

The midterm will cover Sections I and II of the course outline at the end of this syllabus.

13. When is the final exam and what will it cover?

The final exam is on Thursday, July 1 from 2:00pm to 3:00pm EDT. Alternative exam times will not be offered, because this class is not meant for overseas students. If you’re not comfortable taking the exam at that time, you should not take this class.

The final is not cumulative; it will cover Sections III and IV of the course outline at the end of this syllabus.

14. What are the exams like?

The midterm and final exams will be proctored with webcam using zoom, with several anti-cheating strategies built in, which (sorry) includes time pressure. You’ll be able to use your notes, but you’re not allowed to communicate with anyone during the exam. The format is all multiple choice, but to reduce the reward to guessing, many of the questions will have more than 5 choices, and once you’ve answered a question, you won’t be able to go back.

Some questions will be easy for anyone who has kept up with the work, others will be easy only for those who truly understand and have thought about the material (rather than just being familiar with it). And a few will be a bit more challenging.

I don’t post sample questions or past exams, (I stopped doing that years ago. Students would laser-focus on those specific questions, then complain that the actual exam was harder, when in fact it was just different.) But shortly before each exam I’ll announce details (like number of questions, time per question, etc.), so you’ll know what to expect.

In my experience, students who become interested in the content of this class, and engage with it, tend to perform the best on exams. Those mainly interested in their grade, who fret about what will or won’t be on the exam, tend not to do as well.

GETTING HELP

15. If I have questions, should I email?

That depends on the type of question. For quick, administrative-type questions about the course (e.g., “I heard a rumor that NYU has gone bankrupt and our class is cancelled. Is that true?”), feel free to email me.

For questions that require explanations (e.g., “I don’t understand why ___” or “Can you explain the part about___”), please don’t email. Instead, ask in office hours.

Here’s why: In this course, every concept is built on earlier concepts. When you ask a content question via email, you might be confused about any of a dozen prior concepts you didn’t identify. In a meeting, I can discover the difficulty much quicker and help you more effectively.

16. How do I meet with you over Zoom?

I’ll hold frequent zoom office hours, including extra office hours before exams. The available times will vary from week to week, but you’ll see them on the booking sites listed below. If no slots are available, email me; I’ll add times if I can.

To be included in a 30-minute group meeting with me and up to 5 other students, sign up at least an hour in advance at: https://group-appts.youcanbook.me/ If you have just one or two quick questions, it’s best to ask them in a group meeting.

If you’d prefer a 15-minute one-on-one meeting with just me, sign up at least an hour in advance at: https://individual-appts.youcanbook.me/

When you book an appointment, you’ll see a meeting link for my personal Zoom account. (I’m not using the Zoom link on Brightspace for office hours.) Be sure to save the Zoom link when you see it displayed.

17. Do we have recitations? Is there a T.A.?

This being a summer course, there are no recitations or T.A. sessions. However, we have a Course Assistant: Ignacio Cigliutti. He’s a Ph.D. student in the economics department, and aside from providing administrative help to me, he can help if you’re having difficulty with a problem set.

Before each online problem set is due, Ignacio will hold office hours twice, from 10am to 11am on each of those days. He will not give you answers or solve the questions for you, but he can help if you’re having trouble getting started or you’re having difficulty with a math concept needed to answer the questions.

If you need Ignacio’s help, be sure to work on the problem set early enough to find that out! Once his office hours are over you’re on your own.

Note: Neither Ignacio nor I will give hints about quiz questions. (But I’ll be happy to discuss quizzes with you in office hours after you see your results.)

Ignacio is not using the Zoom link in Brightspace. Instead, you can attend his office hours at his Zoom account: https://nyu.zoom.us/my/nacho No appointment necessary.

Ignacio’s email address is: nacho.[email protected]

Here is a list of his office hours:

For Problem Set #1

Monday, May 31: 10am – 11am

Tuesday, June 1: 10am – 11am

For Problem Set #2

Friday, June 4: 10am – 11am

Monday, June 7: 10am – 11am

For Problem Set #3

Wednesday, June 9: 10am – 11am

Thursday, June 10: 10am – 11am

For Problem Set #4: (No online answers due; no office hours)

For Problem Set #5:

Wednesday, June 16: 10am – 11am

Thursday, June 17: 10am – 11am

For Problem Set #6:

Wednesday, June 23: 10am – 11am

Thursday, June 24: 10am – 11am

For Problem Set #7: (No online answers due; no office hours)

18. What if I need more extensive help?

The University Learning Center may be offering online tutoring for our course. You can check their website for updates (google NYU University Learning Center). Every professor has their own approach to this course, so it’s best to request a tutor who took the course from me.

GRADES

19. How is my average score in the course calculated?

Your average score in the course is the following weighted average:

■ 25% Quizzes

■ 25% Problem Sets

■ 25% Midterm exam

■ 25% Final exam

20. How are final course grades determined?

Assigning grades to students is, for me, the worst thing about teaching. I hate it. I wish I could just teach and let someone else assess how much each student has learned.

To make matters worse, the economics department has a strict curve for grades in large courses like ours, and grades of B-minus and above are closely monitored by the department. Showing favoritism by giving a higher grade to one student would force me to lower the grade for some other student, so I don’t have “favorites” or make exceptions for students who miss deadlines. All grades are assigned objectively.

This means that your grade will not be influenced by getting to know me, or by asking questions in office hours, or telling me that you’re working hard. I do welcome questions, and I’d be happy to get to know you, but not as a strategy to influence your grade.

21. What are the grade cutoffs?

The cutoffs for grades A through B- are based entirely on the economics dept. curve. Grades below B- are determined in two ways (see below), and you get the higher of the two grades.

COURSE TOPICS

22. What topics will be covered, and when?

(see the course outline on the next two pages)