International Economics, Spring 2021

Lecturer: Professor E. Kwan Choi

Hours: 2:15 - 3:05 pm, MWF.

Office: 280C Heady Hall

Virtual Office Hrs (via Zoom) : 9 - 10:00 am, MWF, and other hours by appointment


TA: Mahendra Singh

Students can join him at: 

Office Hours: 3:30 - 5:00 pm, TR (Questions on homework, exam, etc.).

Mark Heng's sketch of Paul Krugman

Textbook (optional): Paul R. Krugman, Maurice Obstfeld and Marc Melitz, International Economics: Theory and Policy, 11th edition (2019)
Components of grade

First Examination: 40%

Homework: 6%

Quizzes 14%

Final Exam. 40%

*attendance rate of 7/14 is necessary for letter grades (A, B, C and D)

** The final exam is also necessary for above grades.

Quizzes and exams are submitted through canvas (3:00 - 3:15 pm)

Homework assignments (HW1 - HW3) are submitted to TA, Mahendra Singh:


85% and above: A

80% and above: A-

70% and above: B+

60% and above: B

50% and above: B-


Dates Krugman and Obstfeld
January 25 +27 + 29
Chapters 1
February 1 +3 + 5
Chapter 2
Labor Productivity
8 + 10 + 12
Chapter 3
The Ricardian Trade Model
February 15 +17 + 19
Specific Factors
Increasing Cost
22 +24 + 26
Chapter 4
The Heckscher-Ohlin Model
22 + 24 + 26
March 1 + 3 + 5
Empirical Tests
8 + 10 + 12
Chapter 9
15 + 17 + 19
Chapter 7

Tariffs and Welfare
GATT/ World Trade Organization
Factor Movements

22 + 24 + 26
Multinational Corporations
29 + 31 + April 2
Chapter 13
Economic Integration
April 5 + 7 + 9
Chapters 10 & 12
Foreign Exchange Market
12 + 14 + 16
Developing Nations
Balance of Payments
19 + 21 + 23
Chapter 18
Bretton Woods System
Current International Monetary System
26 + 28 + 30
Chapters 14-16
Macroeconomic Policy in an Open Economy
May 6
Final Examination (noon - 2:00 pm, May 4, Tuesday)

Academic Dishonesty
The class will follow Iowa State University’s policy on academic dishonesty. Anyone suspected of academic dishonesty will be reported to the Dean of Students Office.
Disability Accommodation
“This material can be provided to you in alternative format. Anyone who anticipates difficulties with the content or format of the course due to a physical or learning disability should see me immediately in order to work out a plan. You may also want to contact the Disability Resources (DR) office, located on the main floor of the Student Services Building, Room 1076 or call them at 515-294-7220.“
Dead Week
For academic programs, the last week of classes is considered to be a normal week in the semester except that in developing their syllabi faculty shall consider the following guidelines:
• Mandatory final examinations in any course may not be given during Dead Week except for laboratory courses and for those classes meeting once a week only and for which there is no contact during the normal final exam week. Take home final exams and small quizzes are generally acceptable. (For example, quizzes worth no more than 10 percent of the final grade and/or that cover no more than one-fourth of assigned reading material in the course could be given).
• Major course assignments should be assigned prior to Dead Week (major assignments include major research papers, projects, etc.). Any modifications to assignments should be made in a timely fashion to give students adequate time to complete the assignments.
• Major course assignments should be due no later than the Friday prior to Dead Week. Exceptions include class presentations by students, semester-long projects such as a design project in lieu of a final, and extensions of the deadline requested by students.
Harassment and Discrimination
"Iowa State University strives to maintain our campus as a place of work and study for faculty, staff, and students that is free of all forms of prohibited discrimination and harassment based upon race, ethnicity, sex (including sexual assault), pregnancy, color, religion, national origin, physical or mental disability, age, marital status, sexual orientation, gender identity, genetic information, or status as a U.S. veteran. Any student who has concerns about such behavior should contact his/her instructor, Student Assistance at 515-294-1020, or the Office of Equal Opportunity and Compliance at 515-294-7612."
Religious Accommodation
If an academic or work requirement conflicts with your religious practices and/or observances, you may request reasonable accommodations. Your request must be in writing, and your instructor or supervisor will review the request. You or your instructor may also seek assistance from the Dean of Students Office or the Office of Equal Opportunity and Compliance.
Contact Information
If you feel that any of your rights as a student have been violated email