General Information

The course analyzes the fundamental elements of modern international economic theory and policy. The objective is to understand the behaviour of the main economic variables at a global level, paying attention to aspects of international trade and open-economy macroeconomics.  International economic phenomena will be studied taking into account theoretical and empirical standpoints. Issues pertaining to international trade and to open macroeconomic policy formulation, and their consequences will be also addressed in institutional contexts.


Students are assumed to be familiar with the basic concepts of Microeconomics and Macroeconomics. Moreover, an elementary knowledge of algebra and diagrammatic analysis are required.

Course Contents

Part 1: International Trade Theory and Policy

An Overview of World Trade.

International Trade Theories under Perfect Competition: The Ricardian Theory of Comparative Advantage; the Specific-Factor model and the Heckscher-Ohlin Model.

Migration and FDI

International Trade under Imperfect Competition

Trade Policy under Perfect and Imperfect Competition

International Trade Agreements and the World Trade Organization

Part 2: Open Economy Macroeconomics

The Balance of Payments, Exchange Rates and the Foreign Exchange Market

Macroeconomic Equilibrium for an Open Economy

Fiscal and Monetary Policy under Fixed and Flexible Exchange Rates

The International Monetary System and the Role of the International Monetary Fund and the World Bank

Theory of Optimum Currency Areas

Brief Reference to the European Experience


Feenstra R. and  R. Taylor, Essentials of International Economics, Worth Publisher, 2nd edition.


To contact prof. Eloisa Campioni, please write to the following e-mail address:


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