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ECON 305 Comparative Economic Systems (1): Economic structure, policy, and performance in advanced industrialized nations; examination of economies in transition from socialism to capitalism in Central and Eastern Europe. Prerequisites: Permission of instructor.
ECON 307 Economics of Medical Care (1): Effects of medical care on health; health insurance and public and private demand for medical care; the market for medical care; efficient organization and regulation of hospitals and physicians. Prerequisites: Permission of instructor.
ECON 308 Money and Banking (1): Nature of money and bank credit. Development, functions, and operation of monetary standards and credit systems. Banking and credit policies; price levels. Interrelationships of domestic and foreign monetary systems. Prerequisites: Permission of instructor.
ECON 309 Elements of Public Finance (1): Theory and practice of public finance. Welfare aspects of taxation and public expenditure decisions. Budgeting, public investment, external costs and benefits, and public debt. Prerequisites: Permission of instructor.
ECON 310-1,2 Microeconomics (1)(1): First Quarter: Consumer behavior and the theory of demand; production, cost, supply functions; choices under uncertainty, insurance; competitive equilibrium; subsidies, taxes, price controls; monopoly and monopsony. Second Quarter: Price discrimination and public utility pricing; monopolistic competition, oligopoly, duopoly models; game theory; factor demands; general equilibrium theory and welfare economics; information theory; externalities and public goods. Prerequisites: Permission of instructor; ECON 310-1..
ECON 311 Macroeconomics (1): Macroeconomics and monetary policy. Behavior of economy as a whole: income, inflation, unemployment, and growth; consumption, investment, and rate of interest; monetary and fiscal policy. Prerequisites: Permission of instructor.
ECON 315 Topics in Economic History (1): Varying themes, such as the decline of European feudalism, Malthusianism, convertibility and free trade, constant wage shares during growth, and origins of the welfare state. Prerequisites: Permission of instructor.
ECON 316 Advanced Topics in Macroeconomics (1): Topics may include growth, business cycles, unemployment and search, monetary economics, macroeconomic policy, inter-temporal choice, general equilibrium. Prerequisites: ECON 310-1, 310-2, 311.
ECON 317 Topics in Economic Demography (1): The economics of fertility, migration, population growth and demographic changes. Topics may include US immigration history or more recent demographic trends and current issues.
ECON 318 History of Economic Thought (1): Development of economic thought from the advent of the mercantilists to the formation of current schools of economics. Prerequisites: Permission of instructor.
ECON 321 African-American Economic History (1): Economic experiences of African Americans as slaves and free people in the pre-Civil War period and in post-Civil War agriculture. South-north migration, urbanization, civil rights movements, and global economic competition. Prerequisites: Permission of instructor.
ECON 322 Evolution of the Global Economy (1): Historical perspectives and current controversies on global integration and growth in the 19th and 20th centuries. Topics include capital movements, mass migration, commercial policy, and payments systems. Prerequisites: Permission of instructor.
ECON 323-1,2 Economic History of the United States (1)(1): Economic Development of the United States with emphasis on changing structure and performance of the economy. First Quarter: Colonial period to 1865. Second Quarter: 1865 to the present. Prerequisites: Permission of instructor.
ECON 324 Western Economic History (1): Western European developments, 1750 to the present: demographic, technical, social, and economic change. Prerequisites: Permission of instructor.
ECON 325 Economic Growth and Development (1): Macroeconomic aspects of long-term patterns of economic development. The effects of investment, education, population, and technological change on economic growth. Prerequisites: Prerequisite:permission of instructor.
ECON 326 The Economics of Developing Countries (1): Structure, performance, and problems of developing economies. Topics may include land use, labor, migration, credit, insurance, and famine. Prerequisites: Permission of instructor.
ECON 330 Behavioral Economics (1): Understanding of how humans make choices in economic situations. The incorporation of psychology and/or sociology into economics. Topics may include perceptions, judgment, biases and social pressure. Prerequisites: Permission of instructor.
ECON 331 The Economics of Risk and Uncertainty (1): Models of decision making under uncertainty. Use of these models to understand economic phenomena such as investment in financial assets, insurance, contracting, and auctions. Prerequisites: ECON 310-1,2.
ECON 335 Political Economics (1): Social choice theory. Voting theory. The analysis of political motivations and policy outcomes. Application of formal theory to contemporary and historical public policy decisions.
ECON 336 Analytic Methods for Public Policy Analysis (1): Formulation of objectives, structuring decision problems, choices under uncertainty, interactive decisions, and the impact of organizational structure on project outcomes. Prerequisites: Permission of instructor.
ECON 337 Economics of State and Local Governments (1): Economic functions and financing of state and local governments in theory and practice; costs and demands for local public services; role of government finance in urban and regional growth. Prerequisites: Permission of instructor.
ECON 339 Labor Economics (1): Survey of economic problems growing out of employment relationships; theories and processes of wage and employment determination, income distribution, and the role of trade unions and issues of economic security. Prerequisites: Permission of instructor.
ECON 340 The Economics of the Family (1): Application of microeconomic theory to the analysis of family issues: marriage, cohabitation, the decision to have children, divorce, credit and insurance, and legacies. Prerequisites: ECON 310-1,2.
ECON 341 Economics of Education (1): The economic analysis of education. Topics include returns to schooling, education and economic growth, education production functions, school financing, vouchers, charter schools, and accountability.
ECON 349 Industrial Economics (1): Price and efficiency performance of American industries representative of various types of market structures and practices. Prerequisites: Permission of instructor.
ECON 350 Monopoly, Competition, and Public Policy (1): Present public policy and unsettled issues with respect to structure and practices of industrial markets; concentration, vertical integration, and forms and effectiveness of competition. Prerequisites: Permission of instructor.
ECON 351 Law and Economics (1): The impact of judicial decisions and statutory enactment on economic behavior, including corporate law, antitrust and regulation statutes and the way this affects markets. Prerequisites: Permission of instructor.
ECON 354 Issues in Urban and Regional Economics (1): Applications of economic analysis to specific problems of urban areas, such as housing markets, zoning restrictions, and racial patterns of employment and housing. Prerequisites: Permission of instructor.
ECON 355 Transportation Economics and Public Policy (1): The demand for alternative modes by passengers and shippers. Cost of providing transportation, competition, regulation, optimal pricing, subsidies, congestion pricing, and urban transit. Prerequisites: Permission of instructor.
ECON 359 Economics of Nonprofit Organizations (1): The economic rationale for the non-profit sector in a mixed economy. Topics include the objectives and behavior of non-profit organizations, competition with commercial firms, volunteerism, and charitable donations.
ECON 360 Foundations of Corporate Finance Theory (1): How corporations allocate resources over time as facilitated by capital markets. Theory of asset evaluation, economic analysis of uncertainty, and capital budgeting and capital structure decisions. Prerequisites: Permission of instructor.
ECON 361 International Trade (1): International and interregional trade. Factors influencing trade in goods and services between areas. Reasons for and effects of impediments to trade, such as transport costs, tariffs, quotas, and voluntary export restrictions. Prerequisites: Permission of instructor.
ECON 362 International Finance (1): Determination of exchange rates, balance of payments, and international asset flows and prices; international transmission of macroeconomic disturbances. Prerequisites: Permission of instructor.
ECON 370 Environmental and Natural Resource Economics (1): Externalities and the role of property rights, pollution, waste disposal, common property problems, renewable resource management, nonrenewable resource use and depletion, recyclable resources, water allocation, and management of public lands. Prerequisites: Permission of instructor.
ECON 380-1,2 Introduction to Mathematical Economics (1)(1): First Quarter: Noncooperative game theory, with applications to industrial organization, auctions, and theories of the firm. Second Quarter: Cooperative and noncooperative game theory, and decision making under uncertainty. Prerequisites: ECON 380-1 or permission of instructor.
ECON 381-1,2 Introduction to Econometrics (1)(1): First Quarter: Probability and distribution theory, statistical inference, simple and multiple regression, specification error and multicollinearity, heteroskedasticity and serial correlation, measurement error, and dummy variables. Second Quarter: Hypothesis testing, estimation with deficient data, distributed lags, panel data, simultaneous equation systems, and limited dependent variables. Prerequisites: Permission of instructor; ECON 381-1.
ECON 383 Economic Forecasting (1): Techniques for making and evaluating economic and business forecasts, including univariate regressions, autoregressive and ARMA models, vector autoregressive models, and structural econometric models. Prerequisites: Permission of instructor.
ECON 401 Mathematical Methods of Economic Theory (1): Linear algebra and multivariate calculus, emphasizing results used in graduate-level economic theory courses.
ECON 410-1,2,3 Microeconomics (1)(1)(1): Modern theory of consumer behavior and of the firm; competitive equilibrium; game theory; informational asymmetries in markets. (Required sequence.)
ECON 411-1,2,3 Macroeconomics (1)(1)(1): Aggregative economic theory of consumption, investment, money, interest, price level, economic growth, and fluctuations. (Required sequence.)
ECON 412-1,2 Economic Theory and Methods (1)(1): Methodological aspects of modern economic theory. Problems in economic decision making, strategic interaction, and welfare economics.
ECON 414-1,2,3 Economics of Information (1)(1)(1): Asymmetric information in markets and organizations. Topics include search, signaling, bidding, rational expectations, moral hazard, principal-agent problems, and contract-mechanism design.
ECON 415-1,2 Advanced Microeconomics (1)(1): Current topics in microeconomic theory; emphasis on mathematical formulations and techniques.
ECON 416-1,2,3 Advanced Macroeconomics (1)(1)(1): Recent contributions to macroeconomics.Topics may include determinants of aggregate demand and supply; models of economic growth; money supply; interest rates;capital markets; and level of prices and outputs.
ECON 420-1 Advanced Topics in American Economic History (1): New research techniques and results. Economic analysis of historical problems, particularly developments in the postcliometric era.
ECON 420-2 Advanced Topics in European Economic History (1): Application of economic theory and other quantitative techniques to studies of European economic evolution.
ECON 425-1,2 Theory of Economic Development (1)(1): Theories of economic development and growth. Includes both the macroeconomic aspects of long-term patterns of economic growth and the micro-economic structure,performance,and problems of developing economies.
ECON 430-1,2 Monetary Theory and Policy (1)(1): Advanced issues in national and international monetary theory and policy. (Courses on these topics are also taught as ECON 416-1,2.)
ECON 436-1,2 Theory and Practice of Public Finance (1)(1): The design and effects of government spending and tax programs. Theoretical and empirical aspects of government spending and taxes are analyzed, primarily in the United States.
ECON 440-1,2,3 Economics of the Labor Market (1)(1)(1): Theoretical and empirical study of the structure and functions of labor markets.
ECON 450-1,2,3 Industrial Organization and Prices (1)(1)(1): Theoretical and empirical analysis of basic influences on industrial markets, their economic organization, practices and price formation, and related public policy issues.
ECON 460-1,2 International Trade (1)(1): Analytical tools for understanding international and interregional economic relations. International trade policy. Relationship of theory to specific problems.
ECON 480-1,2,3 Introduction to Econometrics (1)(1)(1): Nonparametric and linear regression, identification, principles of statistical inference, extremum estimators, asymptotic statistical theory, time series analysis, discrete response analysis, structural microeconometrics. (Required sequence.)
ECON 481-1,2,3 Econometrics (1)(1)(1): Advanced theory of identification, estimation, and statistical inference. Includes partial identification of probability distributions, the bootstrap, refinements of asymptotic theory, and semi- and nonparametric structural microeconometrics.
ECON 482 Applied Econometrics: Time-Series Methods (1): Topics include univariate ARIMA modeling, vector auto-regressions, autoregressive conditional heteroskedasticity, generalized method of moments, and nonstationary time series.
ECON 483 Applied Econometrics: Cross-Section Methods (1): Methods used to analyze large cross-section and panel data sets with emphasis on applications. Analysis of covariance, fixed effects and random effects models, simultaneous equations and qualitative variables, and duration models.
ECON 498-1,2 Advanced Topics in Economics (1)(1): Topics vary with the field of specialization of visiting or regular faculty.
ECON 499 Independent Study (1-3) : Permission of instructor and department required. May be repeated for credit.
ECON 501 Graduate Student Seminar (1): Student presentations of research papers. Primarily aimed at third year students.
ECON 515 Research Seminar in Economic Theory (1): Open to advanced graduate students with research interests in economic theory.
ECON 520 Research Seminar in Economic History (1): Open to advanced graduate students with research interests in economic history.
ECON 530 Research Seminar in Macroeconomics (1): Open to advanced graduate students with research interests in macroeconomics.
ECON 536 Research Seminar in Public Finance (1): Open to advanced graduate students with research interests in public finance.
ECON 540 Research Seminar in Labor Economics (1): Open to advanced graduate students with research interests in labor economics.
ECON 550 Research Seminar in Applied Microeconomics (1): Open to advanced graduate students engaged in research on industry or labor market organization, prices or wages, and the regulation of collective bargaining, competition, or specific industries.
ECON 560 Research Seminar in Development and Trade Economics (1): Open to advanced graduate students with research interests in international economics.
ECON 580 Research Seminar in Econometrics (1): Open to advanced graduate students with research interests in econometrics.
ECON 590 Research (1-3) : Independent investigation of selected problems pertaining to thesis or dissertation. May be repeated for credit.
Related Courses
FINC 485 Introduction to Finance (1): Introduction to portfolio choice and equilibrium asset pricing. Topics include choice under uncertainty, arbitrage and state prices, the capital asset pricing model, the arbitrage pricing theory, representative agent models of asset pricing, and financial markets with differential information.
FINC 486 Seminar in Corporate Finance (1): Advanced seminar with emphasis on corporate FINC. Topics include the Modigliani-Miller invariance theorems; the objective of the firm with incomplete markets; the role of taxes, agency costs, and asymmetric information in the choice of capital structure; and optimal security design. Familiarity with material from FINC 485 required.
FINC 487 Dynamic Asset Pricing Theory (1): Basic arbitrage and equilibrium models of asset pricing in dynamic settings. Topics include the implications of no arbitrage for derivative security pricing and term-structure models, optimal portfolio selection, equilibrium models of asset pricing, and the representative agent. Necessary mathematical tools are introduced, including the Ito calculus and stochastic control.
FINC 488 The Econometrics of Financial Markets (1): Introduction to some of the commonly used econometric methods in the empirical financial markets area.
MECS 449-1 Competitive Management (1): Economic theories of the firm from a management MGMT perspective. Topics covered include economic models of pricing, product quality, entry, diversification, innovation, and market intermediation. Examines market microstructure and the role of firms as intermediaries using models of search, matching, and asymmetric information.
MECS 449-2 Organization Management and Structure (1): The boundaries, organizational structure, and governance of the firm. Topics include transactions cost economics; contracts and bargaining; agency theory and incentives; vertical integration; alternative forms of governing relations between firms, such as strategic alliances or joint ventures; organizational structure; and human resources policy.
MECS 460-1 Foundations of Managerial Economics I: Static Decision Models (1): Basic models used to analyze optimal decision-making in economics and operations research. Topics include basic assumptions and decision analysis, linear programming and duality, risk aversion and risk bearing, bidding in auctions, Bayesian inference, and Markov decision problems.
MECS 460-2 Foundations of Managerial Economics II: Dynamic Decision Models (1): Techniques and applications of deterministic and stochastic dynamic programming. Topics include Markov decision processes and Martingales, economic growth, capital accumulation, consumption smoothing, job research and job matching, optimal stopping rules, and learning and multi-arm bandit problems.
MECS 460-3 Foundations of Managerial Economics III: Game Theory (1): Conflict and cooperation among rational decision makers in economic, political, and social systems. Games in extensive, normal, and characteristic function forms; Nash equilibrium and refinements; Bayesian games; infinitely repeated games; stochastic games; Nash bargaining solution; and cooperative games. Taught in a self-contained manner but closely coordinated with ECON 410-3. Prerequisites: Knowledge of probability theory and elementary linear algebra; simultaneous enrollment in ECON 410-3 or permission of the instructor.
MECS 462 Decision Theory (1): Foundations of the theory of decision under uncertainty. Special focus on axiomatic derivatives of numerical representations of preferences, and on behavioral versus cognitive data as observational definitions of theoretical terms. Covers axiomatic derivations of utility in general, and the classical works of von Neumann and Morgenstern, Savage, Anscombe, and Aumann on expected utility. Additional topics may include applications and attitudes toward risk; paradoxesand violations of expected utility; generalizations and variations of expected utility-as well as alternative theories, with applications to economics.
MECS 465 Contract Theory and Mechanism Design (1): Theory of contracts and other economic mechanisms aiming to overcome problems of asymmetric information. Topics include revelation principle and mechanism design, static and dynamic moral hazard and adverse selection, principal-agent models, nonlinear pricing, bargaining, optimal regulation, incomplete contracts, incentive contracts in general equilibrium, bidding, and the theory of organizations.
MECS 468 Selected Topics in Economic Theory (1): Rigorous analysis of selected topics in economic theory. Topics vary with instructor.
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