The first part of this course looks at both the theory and practice of international trade. Topics include an analysis of the gains from free trade and the effects of barriers to trade such as tariffs, quotas, subsidies, and other instruments of commercial policy. The second part of the course focuses on international monetary theory and exchange rate determination, as well as macroeconomic policymaking in an open economy. Topics include balance of payments analysis, emerging market currency crises, exchange rate regimes such as monetary unions, and more. The course will stress concepts and their application rather than theoretical formalism.