ECONOMICS 355: International Trade and Finance

International Economics, Spring 2023

Lecturer: Professor E. Kwan Choi

Office Hours: 9 - 10am, MWF.

Office: 280C Heady Hall

other hours by appointment


Mark Heng's sketch of Paul Krugman

Optional Textbook, if you really need one:

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.

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 18 +20
Chapters 1
January 23 + 25 +27
Chapter 2
Labor Productivity
30 + February 1 + 3
Chapter 3
The Ricardian Trade Model
February 6 + 8 + 10
Specific Factors
Increasing Cost
February 13 + 15 + 17
Chapter 4
The Heckscher-Ohlin Model
February 20 + 22 + 24
27 + March 1 + 3
Empirical Tests
March 6 +8 + 10
Chapter 9
March 13 + 15 + 17
Spring Break
20 + 22 + 24
Chapter 7

Tariffs and Welfare
GATT/ World Trade Organization
Factor Movements

27 + 29 + 31
  Multinational Corporations
April 3 + 5 + 7
Chapter 13
Economic Integration
10 + 12 + 14
Chapters 10 & 12
Foreign Exchange Market
17 + 19 + 21
Developing Nations
Balance of Payments
24 + 26 + 28
Chapter 18
Bretton Woods System
Current International Monetary System
May 1 + 3 + 5 Chapters 14-16

Macroeconomic Policy in an Open Economy

Practice Test Review

May 10
Final Examination
(noon - 2:00 pm, May 10, Wednesday)

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
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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
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