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  1. You can register on MIT Opencourseware for Global Markets, National Politics and the Competitive Advantage of Firms at https://ocw.mit.edu/courses/sloan-school-of-management/15-223-global-markets-national-politics-and-the-competitive-advantage-of-firms-fall-2011/ About the course Our world is changing in fundamental ways. The institutions and regulations governing our global economy are clearly in flux. Recent events have shown that traditional national regulations (or lack thereof) are no longer adequate yet international accords over trade, intellectual property, labor standards and a host of other issues are fiercely and frequently contested by competing interests. The final results of these debates and the current global financial crisis will determine who wins and who loses in the new global economy. Understanding the interaction between this shifting political-economic-regulatory environment and individual firms, even entire industries, is key to determining both the possibilities for and constraints on global business in today's fast-changing economy. This course provides students with the conceptual tools necessary to understand and work effectively in today's global world. We will do this in three closely related ways: Analyzing how the environment for business varies around the world, including what this means for business people and policy makers. Discussing efforts to construct "rules of the game" for the global economy. In particular we will examine contemporary debates and controversies surrounding financial markets, intellectual property rights, trade policies and labor and environmental standards. Developing conceptual tools and frameworks that help make sense of our increasingly global, complex and crisis-prone world. This course is part two of a two part course series, and should be preceded by 15.015 Macro and International Economics. Syllabus SES # TOPICS LECTURE NOTES Part I—Introduction 1 Whatever next for the world economy? (PDF) 2 Freer markets, more rules? Rethinking regulation in our global economy (PDF) Part II—Varieties of Market Economies 3 Liberal market economies—The United States (PDF) 4 State-driven development—Singapore (PDF) 5 Emerging markets/uncertain rules—Africa (PDF) Part III—Beyond the Nation State? Who is Making the New Rules? 6 The politics of trade (PDF) 7 Intellectual property protection (PDF) 8 The rise of emerging markets—reaching where? 9 Global business and human rights (PDF) 10 Non-government organizations (NGOs) and private non-market action (PDF) 11 Rebuilding the global economic system (PDF) 12 In-class final exam
  2. You can register on MIT Opencourseware for Applied Macro- and International Economics at https://ocw.mit.edu/courses/sloan-school-of-management/15-012-applied-macro-and-international-economics-spring-2011/ About the course Applied Macro- and International Economics uses case studies to investigate the macroeconomic environment in which firms operate. The first half of the course develops the basic tools of macroeconomic management: monetary, fiscal, and exchange rate policy. The class discusses recent emerging market and financial crises by examining their causes and considering how best to address them and prevent them from recurring in the future. The second half evaluates different strategies of economic development. Topics covered in the second half of this course include growth, the role of debt and foreign aid, and the reliance on natural resources. Syllabus SES # TOPICS LECTURE NOTES 1 Introduction and the money multiplier via babysitters (PDF) 2 Germany and Zimbabwe: Monetary policy and the velocity theory of money 3 The IS-LM model (PDF) 4 Japan, Ireland, and the Great Depression: Applications of the IS-LM model: Fiscal policy and the Great Depression 5 AD-AS and long run adjustment: The connection to inflation (PDF) 6 Central bank accounting (PDF - 1.5MB) 7 World through inflation (PDF) 8 Banking crisis and accounting 9 Theories of nominal exchange rates: Short-run and long-run (PDF - 1.3MB) 10 Fiscal currency crises (GAME: Greece, Argentina, Mexico, and Everyone else) 11 Self-fulfilling currency crises (MIT: Malaysia, Indonesia, and Thailand) 12 Exchange-rate regimes (PDF) 13 Capital controls, exchange rate regimes, and unemployment: The unholy trinity (PDF) 14 US financial crisis 15 Debate 1: The international role of the dollar 16 Debate 2: The Euro 17 Introduction to development economics
  3. You can register on MIT Opencourseware for Economic Analysis for Business Decisions at https://ocw.mit.edu/courses/sloan-school-of-management/15-010-economic-analysis-for-business-decisions-fall-2004/ About the course 15.010 is the Sloan School's core subject in microeconomics, with sections for non-Sloan students labeled 15.011. Our objective is to give you a working knowledge of the analytical tools that bear most directly on the economic decisions firms must regularly make. We will emphasize market structure and industrial performance, including the strategic interaction of firms. We will examine the behavior of individual markets -- and the producers and consumers that sell and buy in those markets -- in some detail, focusing on cost analysis, the determinants of market demand, pricing strategy, market power, and the implications of government regulatory policies. We will also examine the implications of economics on other business practices, such as incentive plans, auctions, and transfer pricing. Syllabus SES # TOPICS LECTURE NOTES HANDOUTS L1 Markets Introduction to the Course Types of Markets: Competitive, Monopoly/Monopsony and Oligopoly/Oligopsony The Boundaries of a Market Product Boundaries, Geographical Boundaries Examples: Bicycles, Prescription Drugs, Airline Travel, Role of Internet Course Overview Markets (PDF) Extra Sources (PDF) Questions for U.K. Credit Card Case Discussion (PDF) L2 Defining the Market Discussion of Market Definition and Market Strategy Case Study: Credit Cards in the U.K. Market Definition (PDF) Table: Profitability of Consumer Groups - Stuart, Harborne W., Jr. "Pricing for Profit: The U.K. Credit Card Industry in the Late 1980s (A)." Boston, MA: Harvard Business School, 1997. Case No. 9-897-168. Tips for Homework Solutions and Exams (PDF) Exhibit 2: UK Credit Card System - Stuart, Harborne W., Jr. "Pricing for Profit: The U.K. Credit Card Industry in the Late 1980s (A)." Boston, MA: Harvard Business School, 1997. Case No. 9-897-168. L3 Analysis of Competitive Markets Supply-Demand Analysis of Government Intervention in Competitive Markets (Examples: Taxes, Subsidies, Tariffs, Import Quotas) Detailed Analysis of the Sugar Quota and its Effects Analysis of Competitive Markets (PDF) Thurow, Roger and Geoff Winestock. A Global Journal Report --- Bittersweet: How an Addiction To Sugar Subsidies Hurts Development --Politically Vital Farm Support, Especially in EU, Throttles Exports From Poor Nations --- Negating $50 Billion in Aid." The Wall Street Journal, 16 September 2002. Sugar Surplus (PDF) L4 Production and Cost Brief Review of Production Economics and Cost Minimization Cost Concepts: Fixed, Variable and Sunk Total, Average, and Marginal Cost in the Short Run and Long Run Accounting Cost vs. Economic Cost Production and Cost I (PDF) L5 Production and Cost (cont.) Airline Cost Example: User Cost of Capital Economies of Scale and Scope The Learning Curve and Cost Reduction over Time Production and Cost II (PDF) L6 Consumer Demand Introduction to Consumer Demand: Empirical Demand Analysis and Models of Consumer Choice Consumer Demand Introduction (PDF) L7 Consumer Demand (cont.) Pricing, Product Characteristics and Quality The Analysis of Network Externalities, and their Competitive and Strategic Implications Example from the Software Industry Consumer Demand and Product Characteristics (PDF) L8 Time and Uncertainty Intertemporal Prices and Net Present Value Uncertainty and Risk Aversion Waiting and Option Value Time and Uncertainty (PDF) L9 Market Power Competition and Entry Monopoly Power and Mark-up Pricing Production across Multiple Plants Pricing with Network Externalities Market Power (PDF) L10 Pricing with Market Power Various Forms of Price Discrimination Segmented Markets and Pricing Oriented toward Market Segmentation Examples of Price Discrimination in Practice Pricing with Market Power I (PDF) Maremont, Mark. "The Only Difference is When You Throw Them Away." Business Week, 12 July 1993. L11 Pricing with Market Power (cont.) The Use of Two-part Tariffs Volume Pricing Commodity Bundling Pricing with Market Power II Game Theory Cournot Questions (PDF) Tran, Khanh T.L. "Fans of Web Games Pay to Play." The Wall Street Journal, 9 November 2000. L12 Game Theory and Competitive Strategy Thinking Strategically Duopoly Exercise (in class) to Introduce Cournot First-mover Advantage: Stackelberg Repeated Cournot Cournot-Nash in detail Nash Equilibrium in Other Kinds of Games Game Theory and Competitive Strategy I (PDF) L13 Game Theory and Competitive Strategy (cont.) Dominant Strategies Nash Equilibrium again Repeated Games The Prisoners' Dilemma Sequential Games Threats and Credibility Pre-emptive Moves Entry Deterrence Game Theory and Competitive Strategy II (PDF) Barnett, F. William. "Making Game Theory Work in Practice." The Wall Street Journal, 13 February 1995. Myerson, Allen R. "Philip Morris Cuts Cigarette Prices, Stunning Market -- Stocks Plunge as Result -- 40 cent-a-pack Reduction in No. 1 Marlboro Brand is Directed at Its Lower-Cost Rivals." The New York Times, 3 April 1993. Ortega, Bob. "Retail Combat -- Warehouse-Club War Leaves Few Standing, And They Are Bruised -- Wal-Mart and Price-Costco Survive Bitter U.S. Clash, Will Resume it in Mexico -- An Intense Game of Chicken." The Wall Street Journal, 18 November 1993. L14 Collusion and Competition in Oligopolistic Markets Tacit Collusion Examples: Electrical Equipment, Mineral Cartels Collusion and Competition in Oligopolistic Markets (PDF) L15 Limiting Market Power Antitrust Laws U.S. vs. Microsoft® Common Property Resources Limiting Market Power (PDF) Antitrust and Monopolies (PDF) Surowiecki, James. "Mixed Motives." The Financial Page, The New Yorker, 8 November 2004. L16 Auctions and Bidding Alternative Forms of Auctions and their Characteristics The Winner's Curse Auctions and Bidding (PDF) Double Marginalization (PDF) L17 Transfer Pricing and Vertical Integration Transfer Pricing in the Vertically Integrated Firm Transfer Pricing with Outside Markets Double Marginalization Costs and Benefits of Vertical Integration Transfer Pricing and Vertical Integration (PDF) Outsourcing Sales (PDF) Phillips, Michael M. "Taking Shelter -- As Congress Ponders New Tax Breaks, Firms Already Find Plenty -- Using Tactics Such as Shifting Profit to Havens Abroad, Some Pare Bills to Zero -- GM Keeps the Tab Down." The Wall Street Journal, 9 August 1999. L18 Incentives and Information Principal-agent Problem and Incentives Moral Hazard Multi-tasking Promotion Tournaments and Up-or-out Policies Team Incentives Back-loaded Wages Incentives and Employment (PDF) L19 Information and Market Structure Markets with Asymmetric Information Quality Uncertainty and the Market for "Lemons" Adverse Selection Signaling Asymmetric Information and Market Structure (PDF) L20 Externalities and Market Structure Positive and Negative Externalities Market Failure and Forms of Government Intervention Property Rights Externalities and Market Structure (PDF) Other Economics Courses (PDF) L21 Final Examination
  4. You can register on MIT Opencpurseware for International Economics I at https://ocw.mit.edu/courses/economics/14-581-international-economics-i-spring-2013/ About the course This course covers, with a focus on both theory and empirics, advanced topics in international trade (as well as inter-regional trade and economic geography.) It includes the study of positive issues, such as: Why do countries trade? What goods do countries trade? What are the implications of openness for the location of production, industries, occupations, and innovative activity? And, what impedes trade and why do some countries deliberately erect policy impediments to trade? The course also concerns normative issues, such as: Is trade openness beneficial to a representative agent? And, are there winners and losers from trade and if so, can we identify them? Throughout, these issues are approached in neoclassical settings as well as those with market failures, at the industry-level as well as the firm-level, and in the presence of both mobile and immobile factors (e.g., FDI, offshoring of tasks, multinational firms and immigration). Syllabus LEC # TOPICS READINGS Section I: Core Models of International Trade 1 Lecture 1: Gains from Trade and the Law of Comparative Advantage (Theory) Essential [DN] pp. 65–79, and 94–6. Recommended [F] pp. 179–88. Deardorff, A. "The General Validity of the Law of Comparative Advantage." Journal of Political Economy 88, no. 5 (1980): 941–57. Dixit, A., and V. Norman. "Gains from Trade without Lump-Sum Compensation." Journal of International Economics 21, no. 1–2 (1986): 111–22. Samuelson, P. "The Gains from International Trade." Cambridge Journal of Economics (1939): 195–205. 2 & 3 Lecture 2&3: The Ricardian Model (Theory) Essential Dornbusch, R., S. Fischer, et al. "Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods." American Economic Review 67, no. 5 (1977): 823–39. Eaton, J., and S. Kortum. "Technology, Geography and Trade." Econometrica 70, no. 5 (2002): 1741–79. Recommended (Extensions and Generalizations): Costinot, A. "On the Origins of Comparative Advantage." Journal of International Economics 77, no. 2 (2009): 255–64. Grossman, G., and E. Rossi-Hansberg. "External Economies and International Trade Redux." The Quarterly Journal of Economics 125, no. 2 (2010): 829–58. Jones, R. "Comparative Advantage and the Theory of Tariffs: A Multi-Country, Multi- Commodity Model." Review of Economic Studies 28, no. 3 (1961): 161–75. [K] Chapter 10. Matsuyama, K. "A Ricardian Model with a Continuum of Goods under Nonhomothetic Preferences: Demand Complementarities, Income Distribution, and North-South Trade." (PDF - 2.1MB) The Journal of Political Economy 108, no. 6 (2000): 1093–120. Wilson, Charles A. "On the General Structure of Ricardian Models with a Continuum of Goods: Applications to Growth, Tariff Theory, and Technical Change." Econometrica 48, no. 7 (1980): 1675–702. Recommended (Extensions and Generalizations) Alvarez, F., and R. Lucas. "General Equilibrium Analysis of the Eaton-Kortum Model of International Trade." Journal of Monetary Economics 54, no. 6 (2007): 1726–68. Dekle, R., J. Eaton, et al. "Global Rebalancing with Gravity: Measuring the Burden of Adjustment." IMF Staff Papers 55, no. 3 (2008): 511–40. Fieler, Ana C. "Non-Homotheticity and Bilateral Trade: Evidence and a Quantitative Explanation." Econometrica 79, no. 4 (2011): 1069–101. Mimeo. Eaton, J., and S. Kortum. "Putting Ricardo to Work." Journal of Economic Perspectives 26, no. 2 (2012): 65–90. 4 Lecture 4: Assignment Models (Theory) Essential Costinot, A. "An Elementary Theory of Comparative Advantage." Econometrica 77, no. 4 (2009): 1165–92. Costinot, A., and J. Vogel. "Matching and Inequality in the World Economy." Journal of Political Economy 118, no. 4 (2010): 747–86. Recommended (Worker Heterogeneity and the Pattern of Trade) Grossman, G. "The Distribution of Talent and the Pattern and Consequences of International Trade." Journal of Political Economy 112, no. 1 (2004): 209–39. Grossman, Gene M, and G. Maggi. "Diversity and Trade." American Economic Review 90, no. 5 (2000): 1255–75. Ohnsorge, F., and D. Trefler. "Sorting It Out: International Trade and Protection with Heterogeneous Workers." Journal of Political Economy 115, no. 5 (2007): 868–92. (NBER Working Paper no. 10959) Recommended (Worker Heterogeneity and Labor Markets) Acemoglu, D., and D. Autor. "Skills, Tasks and Technologies: Implications for Employment and Earnings." Handbook of Labor Economics 4 (2011): 1043–171. Heckman, J., and B. Honore. "The Empirical Content of the Roy Model." Econometrica 58, no. 5 (1990): 1121–49. Heckman, J., and G. Sedlacek. "Heterogeneity, Aggregation, and Market Wage Functions: An Empirical Model of Self-Selection in the Labor Market." Journal of Political Economy 93, no. 6 (1985): 1077–125. 5 Lecture 5: Gains from Trade and the Law of Comparative Advantage (Empirics) Essential Bernhofen, and Brown. "A Direct Test of the Theory of Comparative Advantage: The Case of Japan." Journal of Political Economy 112, no. 1 (2004): 48–67. ———. "An Empirical Assessment of the Comparative Advantage Gains from Trade: Evidence from Japan." American Economic Review 95, no. 1 (2005): 208–25. Frankel, J., and D. Romer. "Does Trade Cause Growth?" American Economic Review 89, no. 3 (1999): 379–99. Feyrer, J. "Trade and Income Exploiting Time Series in Geography." (PDF) NBER Working Paper no. 14910, 2009. Recommended Rodrik, Dani, and Francisco Rodriguez. "Trade Policy and Economic Growth: A Skeptic's Guide to the Cross-National Evidence." In Kenneth Rogoff and Ben S. Bernanke. NBER Macroeconomics Annual 2000, MIT Press, 2001. ISBN: 9780262025034. Feyrer, J. "Distance, Trade and Income – The 1967 to 1975 Closing of the Suez Canal as a Natural Experiment." NBER Working Paper no. 15557, 2009. Broda, Christian, and David E. Weinstein. "Globalization and the Gains from Variety." The Quarterly Journal of Economics 121, no. 2 (2006): 541–85. 6 Lecture 6: The Ricardian Model (Empirics) Essential Costinot, Arnaud and Dave Donaldson. "What Goods Do Countries Trade? A Quantitative Exploration of Ricardo's Ideas." Review of Economic Studies 79, no. 2 (2012): 581-608. Nunn, Nathan. "Relationship-Specificity, Incomplete Contracts, and the Pattern of Trade." The Quarterly Journal of Economics 122, no. 2 (2007): 569–600. Recommended Mac Dougall, G. "British and American Exports: A Study Suggested by the Theory of Comparative Costs. Part I." The Economic Journal 61, no. 244 (1951): 697–724. Stern, R. "British and American Productivity and Comparative Costs in International Trade." Oxford Economic Papers New Series 14, no. 3 (1962): 275–96. Balassa, B. "An Empirical Demonstration of Classical Comparative Cost Theory." Review of Economics and Statistics 45, no. 3 (1963): 231–8. Golub, and Hsieh. "Classical Ricardian Theory of Comparative Advantage Revisited." Review of International Economics 8, no. 2 (2000): 221–34. [JK] Deardorff, A. 7 Lecture 7: Assignment Models (Empirics) Essential Costinot, A., and D. Donaldson. "How Large Are the Gains from Economic Integration? Theory and Evidence from US Agriculture, 1880-2002." (PDF) Working Paper, 2011. Costinot, A., D. Donaldson, et al. "Evolving Comparative Advantage and the Impact of Climate Change in Agricultural Markets: Evidence from a 9 Million-Field Partition of the Earth (PDF - 2.2MB)." 2012. Costinot, A., and D. Donaldson. "Ricardo's Theory of Comparative Advantage: Old Idea, New Evidence." American Economic Review Papers and Proceedings 102, no. 3 (2012): 453–58. 8 & 9 Lectures 8&9: Factor Proportion Theory Specific-Factor Model (aka Ricardo-Viner) Essential [DN] pp. 38–43, 86–7, and 102–6. Recommended: [JK] Jones, R., and P. Neary. "The Positive Theory of International Trade." pp. 21–7. Bhagwati, J. "A Three Factor Model in Theory, Trade and History." Trade, Balance of Payments and Growth. Edited by R. W. Jones, R. Mundell and J. Vanek. North-Holland Publishing Company, 1975. Heckscher-Ohlin Model Essential [F] pp. 31–41, 64–71, and 83–93. Recommended [DN] pp. 106–22. Dornbusch, R., Stanley Fischer, and Paul A. Samuelson. "Heckscher-Ohlin Trade Theory with a Continuum of Goods." The Quarterly Journal of Economics 95, no. 2 (1980): 203–24. [JK] Ethier, W. "Higher Dimensional Trade Theory." [HKa] Chapter 1. Jones, R. "The Structure of Simple General-Equilibrium Models." (PDF) Journal of Political Economy 73 (1965): 557–72. [JK] Jones, R., and P. Neary. "The Positive Theory of International Trade." pp. 14–21. Leamer, Edward E. The Craft of Economics: Lessons From the Heckscher-Olin Framework. The MIT Press, 2012. IBSN: 9780262016872. 10 & 11 Lectures 10&11: Empirics of The Heckcher-Ohlin Model Heckscher-Ohlin: General/Introduction Essential Baldwin, Robert E. The Development and Testing of Heckscher-Ohlin Trade Models: A Review (Ohlin Lectures). MIT Press, 2008. ISBN: 9780262026567. [F] Chapters 2, and 4. Leamer, Edward E. The Craft of Economics: Lessons from the Heckscher-Olin Framework. The MIT Press, 2012. IBSN: 9780262016872. [GR] Leamer, and Levinsohn. "International Trade Theory: The Evidence." [section 1–3 only] Heckscher-Ohlin: 'Goods Content' of Trade Tests Essential Harrigan, James. "Technology, Factor Supplies, and International Specialization: Estimating the Neoclassical Model." American Economic Review 87, no. 4 (1997): 475–94. (NBER Working Paper no. 5722) Hartigan. "Specialization and the Volume of Trade: Do the Data Obey the Laws?" Handbook of International Trade: Economic and Legal Analyses of Trade Policy and Institutions. Vol. 2. Edited by Choi and Hartigan. Wiley-Blackwell, 2005. ISBN: 9781405120623. [section 2 only]. Recommended Bernstein, Jeffrey R, and D. Weinstein. "Do Endowments Predict the Location Of Production?: Evidence from National and International Data." Journal of International Economics 56, no. 1 (2002): 55–76. Blum, Bernardo S. "Endowments, Output, and the Bias of Directed Innovation." Review of Economic Studies 77, no. 2 (2010): 534–59. Morrow, Peter M. "Ricardian-Heckscher-Ohlin Comparative Advantage: Theory and Evidence." Journal of International Economics 82, no. 2 (2010): 137–51. Romalis, John. "Factor Proportions and the Structure of Commodity Trade." American Economic Review 94, no. 1 (2004): 67–97. Schott, Peter K. "One Size Fits All? Heckscher-Ohlin Specialization in Global Production." American Economic Review 93, no. 3 (2003): 686–708. ———. "Across-Product Versus Within-Product Specialization in International Trade." The Quarterly Journal of Economics 119, no. 2 (2004): 647–78. Heckscher-Ohlin: Factor Content of Trade Tests Essential Davis, and Weinstein. "The Factor Content of Trade." The Handbook of International Trade: Economic and Legal Analyses of Trade Policy and Institutions. Vol. 2. Edited by J. Choi and J. Harrigan. Wiley-Blackwell, 2005. ISBN: 9781405120623. Recommended Antweiler, Werner and David Trefler. "Increasing Returns and All That: A View from Trade." American Economic Review 92 no. 1 (2002): 93–119. Bernhofen, Daniel M, and Brown. "Testing the General Validity Of the Heckscher-Ohlin Theorem: The Natural Experiment of Japan." (PDF) University of Nottingham Working Paper, 2009. Bowen, Harry P, Leamer, et al. "Multicountry, Multifactor Tests of the Factor Abundance Theory." (PDF - 2.43MB) American Economic Review 77, no. 5 (1987): 791–809. Choi, and Krishna. "The Factor Content of Bilateral Trade: An Empirical Test." Journal of Political Economy 112, no. 4 (2004): 887–914. Davis, and Weinstein, et al. "Using International and Japanese Regional Data to Determine When the Factor Abundance Theory of Trade Works." (PDF - 3.1MB) American Economic Review87, no. 3 (1997): 421–46. Davis, and Weinstein. "An Account of Global Factor Trade." American Economic Review 91, no. 5 (2001): 1423–53. ———. "Do Factor Endowments Matter for North-North Trade?" NBER Working Paper no. 8516, 2001. Debaere, Peter. "Relative Factor Abundance and Trade." Journal of Political Economy 111, no. 3 (2003): 589–610. Gabaix, X. "The Factor Content of Trade: A Rejection of the Heckscher-Ohlin-Leontief Hypothesis." Mimeo, Harvard, 1997. Hakura, Dalia S. "Why does HOV fail?: The Role of Technological Differences Within the EC." Journal of International Economics 54, no. 2 (2001): 361–82. Trefler, Daniel. "The Case of the Missing Trade and Other Mysteries." American Economic Review85, no. 5 (1995): 1029–46. ———. "International Factor Price Differences: Leontief Was Right!" Journal of Political Economy101, no. 6 (1993): 961–87. Trefler, Daniel, and Susan Chun Zhu. "The Structure of Factor Content Predictions." Journal of International Economics 82, no. 2 (2010): 195–207. Heckscher-Ohlin: FPE tests Recommended Bernard, Redding, et al. "Testing for Factor Price Equality with Unobserved Differences in Factor Quality or Productivity." (PDF) Working Paper. Slaughter, Mathew. "Does Trade Liberalization Converge Factor Prices? Evidence From the Antebellum Transportation Revolution." Journal of International Trade and Economic Development 10, no. 3 (2001): 339–62. 12 & 13 Lectures 12&13: Trade Theory with Firm-Level Heterogeneity (Empirics) Essential [JK] Tybout. "Plant- and Firm-Level Evidence on "New" Trade Theories." Bernard, Jensen, et al. "Firms in International Trade." Journal of Economic Perspectives 21, no. 3 (2007): 105–30. Trefler, Daniel. "The Long and Short of the Canada-U.S. Free Trade Agreement." American Economic Review 94, no. 4 (2004): 870–95. Helpman, Melitz, et al. "Estimating Trade Flows: Trading Partners and Trading Volumes." The Quarterly Journal of Economics 123, no. 2 (2008): 441–87. Recommended Pavcnik, Nina. "Trade Liberalization, Exit, and Productivity Improvements: Evidence from Chilean Plants." Review of Economic Studies 69, no. 1 (2002): 245–76. Lilleeva, Alla and Daniel Trefler. "Improved Access to Foreign Markets Raises Plant-Level Productivity...For Some Plants." (PDF) Quarterly Journal of Economics (2010): 1051. Eaton, Kortum, et al. "An Anatomy of International Trade: Evidence from French Firms." NBER Working Paper No. 14610, 2008. Bernard, Eaton, et. al. "Plants and Productivity in International Trade." American Economic Review 93, no. 4 (2003): 1268–90. Roberts, and Tybout. "The Decision to Export in Colombia: An Empirical Model of Entry with Sunk Costs." American Economic Review 87, no. 4 (1997): 545–64. Bernard, Andrew B., and J. Bradford Jensen. "Exceptional Exporter Performance: Cause, Effect, or Both?" Journal of International Economics 47, no. 1 (1999): 1–25. 14 & 15 Lectures 14&15: Trade Theory with Firm-Level Heterogeneity (Theory) Monopolistic Competition with Firm-Level Heterogeneity Essential Melitz, M. "The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity." Econometrica 71, no. 6 (2003): 1695–725. Melitz, M., and S. Redding. "Heterogeneous Firms and Trade." NBER Working Paper No. 18652, 2012. (Handbook (2013)) Recommended Arkolakis, Costas. "Market Penetration Costs and the New Consumers Margin in International Trade." Journal of Political Economy 118, no. 6 (2010): 1151–99. Arkolakis, C., and M. Muendler. "The Extensive Margin of Exporting Products: A Firm-Level Analysis." Mimeo, 2010. Bernard, S. Redding, et al. "Comparative Advantage and Heterogeneous Firms." (PDF) Review of Economic Studies 74, no. 1 (2007): 31–66. ———. "Multi-product Firms and Trade Liberalization." The Quarterly Journal of Economics 126, no. 3 (2011): 1271–318. Chaney, T. "Distorted Gravity: Heterogeneous Firms, Market Structure and the Geography of International Trade." (PDF) American Economic Review (2006). Helpman, E., O. Itskhoki, et al. "Inequality and Unemployment in a Global Economy." Econometrica 78, no. 4 (2010): 1239–83. Mayer, T., M. Melitz, et al. "Market size, Competition, and the Product Mix of Exporters." (PDF)Mimeo, 2009. Melitz, Marc, and Gianmarco Ottaviano. "Market Size, Trade and Productivity." Review of Economic Studies 75, no. 1 (2008): 295–316. Sampson, T. "Selection into Trade and Wage Inequality." (PDF) Mimeo, 2012. Monopolistic Competition without Firm-Level Heterogeneity (Not Covered in Class) Recommended [HKa] Chapters 6, and 9. [K] Chapters 1, and 3. Fajgelbaum, P., G. Grossman, et al. "Income Distribution, Product Quality, and International Trade." (PDF) Journal of Political Economy 119, no. 4 (2011): 721–65. Other Oligopolistic Settings (Not Covered in Class) Recommended [HKa] Chapter 5. [K] Chapter 4. Neary, P. "International Trade in General Oligopolistic Equilibrium." (PDF) Mimeo. 16 Lecture 16: Gravity Models and the Gains From Trade Essential Arkolakis, C., and Arnaud Costinot. "New Trade Models, Same Old Gains?" American Economic Review 102, no. 1 (2012): 94–130. Costinot A., and A. Rodriguez-Clare. "Trade Theory with Numbers: Quantifying the Consequences of Globalization." NBER Working Paper no. 18896, 2013. Handbook Recommended Arkolakis, C., A. Costinot, et al. "The Elusive Pro-Competitive Effects of Trade." (PDF) Mimeo, 2012. Atkeson, A., and A. Burstein "Innovation, Firm Dynamics, and International Trade." Journal of Political Economy 118, no. 3 (2010): 433–84. Burstein, A., and J. Vogel. "Globalization, Technology, and the Skill Premium: A Quantitative Analysis." (PDF) Mimeo, 2008. Ramondo, N., and A. Rodriguez-Clare. "Trade, Multinational Production, and the Gains from Openness." Journal of Political Economy 121, no. 2 (2013): 273–322. (NBER Working Paper no. 15604) 17 Lecture 17: Empirics of Gravity Models Essential Anderson, James E, and Van Wincoop. "Trade Costs." Journal of Economic Literature 42 (2004): 691–751. Hummels, David. "Transportation Costs and International Trade in the Second Era of Globalization." Journal of Economic Perspectives 21, no. 3 (2007): 131–54. Trefler, and Lai. Working Paper 2002. Head, and Mayer. Handbook chapter draft. (2013). Donaldson, Dave. "Railroads of the Raj: Estimating the Impact of Transportation Infrastructure." NBER Working Paper no. 16487, 2010. Recommended (Gravity Equation Estimation) Anderson, James E., and Van Wincoop. "Gravity with Gravitas: A Solution to the Border Puzzle." American Economic Review 93, no. 1 (2003): 170–92. Rauch, James E. "Networks Versus Markets in International Trade." Journal of International Economics 48, no. 1 (1999): 7–35. Hummels, and Hilberry. "Trade Responses to Geographic Frictions: A Decomposition Using MicroData." European Economic Review 52, no. 3 (2008): 527–50. (NBER Working Paper no. 11339) Section II: Miscellaneous Topics in Trade 18 Lecture 18: Trade Costs Recommended Fackler, and Goodwin. "Spatial Price Analysis." In Handbook of Agricultural Economics Volume 1B: Marketing, Distribution, and Consumers. Edited by Gardner and Rausser. North Holland, 2001. ISBN: 9780444507297. Engel, and Rogers. "How Wide is the Border?" American Economic Review 86, no. 5 (1996): 1112–25. Goldberg, and Verboven. "Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market." Journal of International Economics 65, no. 1 (2005): 49–73. Greif, Avner. Institutions and the Path to the Modern Economy: Lessons From Medieval Trade.Cambridge University Press, 2006. ISBN: 9780521671347. Obstfeld, Maurice, and Rogoff. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?" NBER Macroeconomics Annual 15, 2001. Fafchamps. Market Institutions in Sub-Saharan Africa: Theory and Evidence. MIT Press, 2004. ISBN: 9780262062367. 19 & 20 Lecture 19&20: Offshoring and Fragmentation of Production Recommended (Theory) Antràs, P., L. Garicano, et al. "Offshoring in a Knowledge Economy." The Quarterly Journal of Economics 121, no. 1 (2006): 31–77. (NBER Working Paper no. 11094) Antras, P., and E. Rossi-Hansberg. "Organizations and Trade." Annual Review of Economics 1, no. 1 (2009): 43–64. (NBER Working Paper no. 14262) Costinot, A., J. Vogel, et al. "An Elementary Theory of Global Supply Chains." Review of Economic Studies 80, no. 1 (2013): 109–44. (NBER Working Paper no. 16936) Burstein A., and A. Monge-Naranjo. "Foreign Know-How, Firm Control, and the Income of Developing Countries." The Quarterly Journal of Economics 124, no. 1 (2009): 149–95. Grossman, Gene M, and E. Rossi-Hansberg. "Trading Tasks: A Simple Theory of Offshoring." American Economic Review 98, no. 5 (2008): 1978–97. ———. "Task Trade between Similar Countries." Econometrica 80, no. 2 (2012): 593-629. Kremer, M., and E. Maskin. "Globalization and Inequality." (PDF - 1.34MB) Mimeo, Harvard University, 2006. Nocke, V., and S. Yeaple. "An Assignment Theory of Foreign Direct Investment." Review of Economic Studies 75, no. 2 (2008): 529–57. Rodriguez-Clare, A. "Offshoring in a Ricardian World." American Economic Journal: Macroeconomics 2, no. 2 (2010): 227–58. Yi, K. "Can Vertical Specialization Explain the Growth of World Trade?" Journal of Political Economy 111, no. 1 (2003): 52–102. ———. "Vertical Specialization and the Border Effect Puzzle." American Economic Review, 2005. (Federal Reserve Bank of Philadelphia Working Paper no. 05-24). Recommended (Empirics) Hummels, Jorgensen, et al. "The Wage and Employment Effects of Outsourcing: Evidence from Danish Matched Worker Firm Data." (PDF) Working Paper, 2010. Amiti, Mary, and Wei. "Service Offshoring and Productivity: Evidence from the US." (PDF) CEPR Working Paper, 2006. Jensen, and Kletzer. "Measuring Tradable Services and the Task Content of Offshorable Services Jobs." (PDF) UCSC Working Paper, 2007. Liu, and Trefler. " Much Ado About Nothing: American Jobs and the Rise of Service Outsourcing to China and India." NBER Working Paper No. 14061, 2008. Feenstra, and Hanson. "The Impact of Outsourcing and High-Technology Capital on Wages: Estimates For The United States, 1979–1990." The Quarterly Journal of Economics114, no. 3 (1999): 907–40. Hsieh, Chang-Tai, and Woo. "The Impact of Outsourcing to China on Hong Kong's Labor Market." American Economic Review 95, no. 5 (2005): 1673–87. Ebeinstein, Harrison, et al. "Estimating the Impact of Trade and Offshoring on American Workers Using the Current Population Surveys." NBER Working Paper no. 15107, 2009. Autor, and Handel. "Putting Tasks to the Test: Human Capital, Job Tasks and Wages." NBER Working Paper no. 15116, 2009. Hummels, Jorgensen, et al. "The Wage and Employment Effects of Outsourcing: Evidence from Danish Matched Worker Firm Data." (PDF) Working Paper, 2010. Blinder, Alan, and Alan Krueger. "Alternative Measures of Offshorability: A Survey Approach." NBER Working Paper No. 15287, 2009. Blinder, Alan. "How Many U.S. Jobs Might Be Offshorable?" Princeton Working Paper, 2007. Jensen, and Kletzer. "Measuring Tradable Services and the Task Content of Offshorable Services Jobs." UCSC Working Paper, 2007. Amiti, and Wei. "Service Offshoring, Productivity and Employment: Evidence from the US." (PDF) CEPR Working Paper, 2006. Becker, Sascha, Karolina Elkholm, and Marc-Andreas Muendler. "Offshoring and The Onshore Composition of Tasks and Skills." UCSD Working Paper, 2009. 21 & 22 Lecture 21&22: Economic Geography Recommended Fujita, Masahisa, Paul Krugman, and Anthony J. Venables. The Spatial Economy: Cities, Regions and International Trade. MIT Press, 1999. ISBN: 9780262062046. Redding, and Sturm. American Economic Review 2007. Bleakley, and Yin. The Quarterly Journal of Economics 2011. Greenstone, Hornbeck and Moretti. The Journal of Political Economy 2010. 23 & 24 Lecture 23&24: Trade Policy and Trade Agreements (Theory) Essential (Trade Policy) [HKb] Chapter 2. G., Grossman, and E. Helpman. "Protection for Sale." American Economic Review 84, no. 4 (1994): 833–50. Recommended (Trade Policy) Dixit, A. "Tax Policy in Open Economies." Handbook of Public Economics. Vol. 1. Edited by A. Auerbach and M. Feldstein. North Holland, 1985. ISBN: 9780444876126. Johnson, H. G. "Optimum Tariffs and Retaliation." Review of Economic Studies 1953. [GR] Rodrik, D. "The Political Economy of Trade Policy." Essential (Trade Agreements) [BS] Chapter 2. Recommended (Trade Agreements) Bagwell, Kyle, and R. W. Staiger. "An Economic Theory of GATT." American Economic Review 89, no. 1 (1999): 215–48. Grossman, G., and E. Helpman. "Trade Wars and Trade Talks." Journal of Political Economy 103, (1995): 675–708. (NBER Working Paper no. 4280) Maggi, G., and A. Rodríguez-Clare. "The Value of Trade Agreements in the Presence of Political Pressures." Journal of Political Economy 106, no. 3 (1998): 574–601. Horn, Henrik, G. Maggi, et al. "Trade Agreements as Endogenously Incomplete Contracts." American Economic Review 100, no. 1 (2010): 394–419. Ossa, R. "A 'New Trade' Theory of GATT/WTO Negotiations." Mimeo, 2010. Strategic Trade Policy (Not Covered in Class) [GR] Brander, J. "Strategic trade policy." Brander, J., and B. Spencer. "Export Subsidies and International Market Share Rivalry." (PDF)Journal of International Economics 18 (1985): 83–100. Eaton, J., and G. Grossman. "Optimal Trade Policy and Industrial Policy Under Oligopoly." The Quarterly Journal of Economics 101, no. 2 (1986): 383–406. [HKb] Chapters 3, 4, 5, 6, and 8. Maggi, G. "Strategic Trade Policies with Endogenous Mode of Competition." American Economic Review 86, no. 1 (1996): 237–58. 25 & 26 Lecture 25&26: Political Economy of Trade Policy and the WTO (Empirics) Recommended (Political Economy of Trade Policy) Goldberg, Pinelopi Koujianou, and Maggi. "Protection for Sale: An Empirical Investigation." American Economic Review 89, no. 5 (1999): 1135–55. [JK] Gawande, and Krishna. "The Political Economy of Trade Policy: Empirical Approaches." Trefler, Daniel. "Trade Liberalization and the Theory of Endogenous Protection: An Econometric Study of US Import Policy." Journal of Political Economy 101, no. 1 (1993): 138–60. Recommended (Evidence on the role of the WTO and Trade Agreements) Broda, Christian, Nuno Limão, and David E. Weinstein. "Optimal Tariffs and Market Power: The Evidence." American Economic Review 98, no. 5 (2008): 2032-2065. Limao, Nuno. "Preferential Trade Agreements as Stumbling Blocks for Multilateral Trade Liberalization: Evidence for the United States." American Economic Review 96, no. 3 (2006): 896–914. Rose, Andrew K. "Do We Really Know That the WTO Increases Trade?" American Economic Review 94, no. 1 (2004): 98–114.
  5. You can register on MIT for Principles of Macroeconomics at https://ocw.mit.edu/courses/economics/14-02-principles-of-macroeconomics-spring-2014/ About the course This course provides an overview of macroeconomic issues: the determination of output, employment, unemployment, interest rates, and inflation. Monetary and fiscal policies are discussed. Important policy debates such as, the sub-prime crisis, social security, the public debt, and international economic issues are critically explored. The course introduces basic models of macroeconomics and illustrates principles with the experience of the U.S. and foreign economies. Why do economies expand sometimes, raising employment and living standards and shrink at other times? What is a recession? What happened in 2008–09 when the world economy was hit by the worst recession since the Great Depression of the 1930s? How did a crisis initially limited to the financial market eventually hit the entire economy? And what caused the financial market crisis in the first place? How did government policy respond to the crisis and was this response effective? More generally, can government policy make economies grow or stop them from shrinking? Why do we have inflation? Is inflation a bad thing? Is there anything we can do to reduce inflation? Why do we have unemployment? Is unemployment a bad thing? Do policies to reduce unemployment work? Why do countries borrow from abroad? How are exchange rates determined and why are they so volatile? Is exchange rate volatility a bad thing? Should we have a single currency for the entire world, as Europeans have done for some members of the European Union? These are some of the questions that keep macroeconomists up at night. If you are curious about the answers, then this is the course for you. The course is organized in three parts: Part 1: The first seven lectures are dedicated to understanding the interactions between financial markets and the "real" economy. This is probably the hardest part of the course. But you are fresh from the Winter break, and it will be lots of fun; Part 2: The following 10 lectures build up a macro model starting from the Short Run, then moving to the Medium Run and finally opening up the economy to the rest of the world; Part 3: In the last seven lectures, we shall study the effectiveness of the government's intervention through fiscal and monetary policies. Syllabus L = Lecture session R = Recitation session SES # TOPICS READINGS KEY DATES L1 Models of the financial crisis: Leverage No readings R1 Balance sheets and leverage No readings L2 Models of the financial crisis: Holmstrom-Tirole I No readings L3 Models of the financial crisis: Holmstrom-Tirole II No readings R2 Holmstrom-Tirole model No readings Pset 1 posted (leverage, Holstrom-Tirole, Diamond-Dybvig) L4 Models of the financial crisis: Diamond-Dybvig I No readings L5 Models of the financial crisis: Diamond-Dybvig II No readings R3 Diamond-Dybvig model No readings Pset 1 due L6 Models of the financial crisis: Tirole No readings L7 Models of the financial crisis: Kiyotaki-Moore No readings R4 Kiyotaki-Moore model No readings Pset 2 posted (Kiyotaki-Moore and IS-LM) L8 Core: National accounts [Macro] Chapters 1 and 2. L9 Core: The IS-LM model [Macro] Chapters 3–5. R5 IS-LM No readings Pset 2 due L10 Core: The IS-LM model (cont.) [Macro] Chapters 3–5. L11 Core: The IS-LM model (cont.) [Macro] Liquidity trap section, pp. 473–6. Quiz 1 on lectures 1–11 No readings L12–13 Core: The medium run [Macro] Chapters 6–9. R6 Medium run No readings Pset 3 posted (Medium run) L14 Core: The medium run (cont.) [Macro] Chapters 6–9. L15 Core: The open economy [Macro] Chapters 18–21. R7 Open economy No readings Pset 3 due L16–17 Core: The open economy (cont.) [Macro] Chapters 18–21. Quiz 2 on lectures 12–17 No readings L18 The Mundell-Fleming model [Macro] Chapter 20. Pset 4 posted (Open economy) L19 Fixed and flex exchange rates [Macro] Chapter 21. R8 Fiscal policy [Macro] Chapter 21. L20 Fiscal policy (cont.) [Macro] Chapter 23. Pset 4 due R9 Fiscal policy exercise No readings Pset 5 posted (Fiscal and monetary policy) L21–22 Monetary policy and the crisis [Macro] Chapters 9 and 24. R10 Monetary policy and the crisis exercises No readings L23 The state of the U.S. economy after the crisis—Bob Hall No readings Pset 5 due L24 Review for the quiz No readings Quiz 3 on lectures 18 to 24 No readings
  6. You can register on MIT for Principles of Microeconomics at https://ocw.mit.edu/courses/economics/14-01sc-principles-of-microeconomics-fall-2011/ About the course 14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester. This course is a core subject in MIT's undergraduate Energy Studies Minor. This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmental challenges. This course has been designed for independent study. It includes all of the materials you will need to understand the concepts covered in this subject. The materials in this course include: A complete set of Lecture Videos by Prof. Jon Gruber. Reading Assignments in your choice of two textbooks – one of which is a free online edition - as preparation for the lectures. Multiple-choice Quizzes to assess your understanding of the key concepts in each session. Problem Sets with solution keys to test your ability to apply to concepts covered in lecture, and Problem Solving Videos to provide step-by-step instruction through several problem set solutions. A collection of links For Further Study to provide supplemental online content. A full set of Exams, including review material and practice exams to help you prepare. After completing this course, students should have developed a range of skills enabling them to understand economic concepts and use those concepts to analyze specific questions. By the end of this course, students should be able to: Understand consumer behavior. Understand firm behavior. Analyze different types of market structures (monopoly, oligopoly and a competitive market). Understand how to apply economic principles to a range of policy questions. Students should also have the skills needed to: Use supply and demand diagrams to analyze the impact of overall changes in supply and demand on price and quantity. Solve a consumer's utility maximization problem mathematically and graphically; analyze the impact of changes in price and income on a consumer's decision via shifting income and substitution effects. Understand the consumer's labor supply decision. Solve a firm's cost minimization problem mathematically and graphically. Analyze the behavior of firms in a perfectly competitive market in the short-run and the long-run. Calculate producer and consumer surplus. Analyze the behavior of firms in a monopoly or oligopoly, and calculate the resulting changes in producer or consumer surplus. Understand consumer behavior under uncertainty. Use economic tools to analyze economic policies. Syllabus No details yet
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