The students will benefit from previous studies in Intermediate Macroeconomics and International Trade at the bachelor degree.

-Acquire skills which can be used to develop new ideas, in a research context. -Students will be able to apply the ideas of the course to understand and interpret both real world situations and more research oriented issues. -Students will be able to acquire a framework to communicate in a formal way their arguments to both a general audience and to a more specialized audience. -Students will learn the basics to be able to continue studying beyond the material of the course in an independent way. -Interpret economic data. -Apply economic analysis. -Explain complex economic arguments both orally and written. -Acquire enough skills to keep on studying in an independent way. -Know basic principles of economic analysis. -Understand both classical and new models of international trade. -Study economic policies and their macroeconomic consequences. -Study international macroeconomics. -Study financial crisis and their consequences. -Understand the origin and effects of bubbles.

1. International Trade 1.1 Introduction 1.2 Main empirical facts on world trade 1.3 Theoretical frameworks: 1.3.i. Gravity equations: main determinants of bilateral trade. 1.3.ii. Ricardian model: Theory of comparative advantage. 1.3.iii. Specific factors and income distribution. 1.4 International trade policy 1.4.i. Trade tariff in detail. 1.4.ii. Brief overview of other political instruments. 1.4.iii. Political aspects of international trade. 1.4.iv. Policy in emerging economies. 2.Open Economic Macroeconomics 2.1. Small open economy in the long run 2.2. Small open economy in the short run. 2.3. Crisis in emerging economies. 2.3.i. Sovereing debt crisis. 2.3.ii. Other forms of crisis in emerging economies.

ACTIVITIES Theory lectures Applied lectures Office hours Work in groups Individual work METHODOLOGY -Lectures of the professor with the help of slides in which the main concepts of the course are taught and the reading list is given. -Required readings. -Discussion in class under the moderation of the professor of different topics related with the course. -Assignments.