MAIM-334 P420-0259, P420-0260 imm4 2 V 2 S 6 3 yes English Written exam (60 minutes / can be repeated semesterly) and term paper with presentation (can be repeated annually); Weighting: 1:1 MAIM-334 International Management 3 mandatory course 60 class hours (= 45 clock hours) over a 15-week period.The total student study time is 180 hours (equivalent to 6 ECTS credits).There are therefore 135 hours available for class preparation and follow-up work and exam preparation. Prof. Dr. Markus Hertrich mhr Prof. Dr. Markus Hertrich mhr • The students are able to explain the creation of a simultaneous equilibrium on money and foreign exchange markets and analyze the effects of data changes. • They can explain in detail and evaluate the possibilities and limits of an expansionary demand policy under flexible and fixed exchange rates. • They can explain the welfare effects of international trade. • They can explain the effects of customs duties and preferential trade arrangements. • They are able to explain the "infant industry argument" (Friedrich List) and to assess the challenges and risks that are involved. • The students are able to work on different topics in international economics on the basis of economic literature. I. Lecture 1. Interest parity and simultaneous equilibrium in the money market and the foreign exchange market 2. Output market (DD schedule) and asset market (AA) schedule) in an open economy 3. Open-economy macroeconomics with fixed and flexible exchange rates 4. Wealth effects of international trade 5. Gains and losses from international trade in specific-factors model 6. General analysis of tariff policy in small and big countries 7. Infant industry Argument 8. Customs union 9. Preferencial trade arrangements II. Seminar Different topics concerning international economics (changes every year) The module consists of a lecture and a seminar. Students have to write a term paper and present it on selected topics in international economics. Main: Krugman, P.R., M. Obstfeld, M.J. Melitz. International economics: theory and policy. Pearson, latest edition. Other: Feenstra, R.C. and A.M. Taylor. International economics. Macmillan Learning, latest edition. Thu Mar 12 14:59:59 CET 2026, CKEY=iaie, BKEY=imm4, CID=[?], LANGUAGE=en, DATE=12.03.2026