Graduate Courses for Economics (ECON)
Schedule of Classes:
Fall |
Winter |
Spring |
Summer
(Only current and next semester available)
ECON 401 Current Issues in American Economic Policy (3 credits)
Prerequisite: ECON326 with a grade of 'C' or better (or ECON306 by
permission of department). For ECON majors only.
Analysis of current economic problems and public policies. Inflation,
unemployment, market power, government regulation, poverty and
distribution of income, federal budget and tax policy, environment.
ECON 402 Macroeconomic Models and Forecasting (3 credits)
Prerequisite: ECON325 with a grade of 'C' (2.0) or better (ECON305 by
permission of department). For ECON majors only.
Analysis of the fluctuations in economic activity and the formulation
and use of forecasting models of the economy. Illustrations of computer
macro models and forecasting problems.
ECON 407 Advanced Macroeconomics (3 credits)
Prerequisite: ECON325 with a grade of 'C' (2.0) or better (or ECON305 by
permission of department). For ECON majors only.
An in-depth analysis of current issues in macroeconomic theory and
policy. Topics covered include: 1. alternative perspectives on
macroeconomics including monetarism, new classical equilibrium models,
rational expectations, and real business cycle models; 2. long term
growth, the slowdown in productivity growth, and concerns about U.S.
competitiveness; 3. the effectiveness of macroeconomic policy in an
open economy; 4. the effects of finance on the real sector.
ECON 412 Economic History and Modern Development (3 credits)
Prerequisite: ECON325 and ECON326 with a grade of 'C' (2.0) or better
(or ECON306 and ECON305 by permission). For ECON majors only.
Analysis of major economic, political, and social change in the
developed world since 1800. This includes factors contributing to
increases in economic performance, changes in the form of government,
technological change (including industrialization), and integration and
disintegration of the global economy. Emphasis is on institional changes
in how societies organize economic and political activities.
ECON 413 Information and Markets (3 credits)
Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by
permission of department). For ECON majors only.
Presents advanced microeconomic theory, concentrating on how information
affects exchange and market outcomes, including insurance, signaling,
reputations, and incentive contracts. Studies applications to various
markets and policy questions.
ECON 414 Game Theory (3 credits)
Prerequisite: ECON326 with a grade of 'C' or better (or ECON306 by
permission of department). For ECON majors only. Not open to students
who have completed GVPT399A. Credit will be granted for only one of the
following: ECON414 or GVPT399A.
Studies the competitive and cooperative behavior that results when
several parties with conflicting interests must work together. Learn how
to use game theory to analyze situations of potential conflict.
Applications are drawn from economics, business, and political science.
ECON 415 Market Design (3 credits)
Prerequisite: ECON414 with a grade of "C" or better; or permission of
department. For ECON majors only.
Most decisions are not made in isolation, but involve interaction with
others. Applies the foundations of game theory learned in ECON414 to
several important topics in business and economics. Emphasis is on
topics of practical importance: negotiation, markets with few
participants, pricing and incentives.
ECON 416 Theory of Economic Development (3 credits)
Prerequisite: ECON325 (or ECON305 by permission of department) and
ECON321 with a grade of 'C' (2.0) or better. For ECON majors only.
Credit will be granted for only one of the following: ECON315 or
ECON416.
Economic theory of the developing nations; role of innovation, capital
formation, resources, institutions, trade and exchange rates, and
governmental policies.
ECON 418 Economic Development of Selected Areas (3 credits)
Prerequisite: ECON326 and either ECON315 or ECON416. For ECON majors
only. Repeatable to 6 credits if content differs.
Institutional characteristics of a specific area are discussed and
alternate strategies and policies for development are analyzed.
ECON 422 Econometrics I (3 credits)
Prerequisites: ECON321 (or STAT400) with a grade of 'C' (2.0) or better.
For ECON majors only.
Emphasizes the interaction between economic problems and the assumptions
employed in statistical theory. Formulation, estimation, and testing of
economic models, including single variable and multiple variable
regression techniques, theory of identification, and issues relating to
inference.
ECON 423 Econometrics II (3 credits)
Prerequisite: ECON422. For ECON majors only.
Interaction between economic problems and specification and estimation
of econometric models. Topics include issues of autocorrelation,
heteroscedasticity, functional form, simultaneous equation models, and
qualitative choice models.
ECON 424 Computer Methods in Economics (3 credits)
Prerequisite: ECON325 and ECON326 (or ECON305 and ECON306 by permission
of department) and ECON321 with a grade of 'C' (2.0) or better. For ECON
majors only.
Database development from Internet and other sources, research methods,
and statistical analysis in economics using EXCEL and SAS.
ECON 425 Mathematical Economics (3 credits)
Prerequisite: ECON325 and ECON326 with a grade 'C' (2.0) or better (or
ECON305 and ECON306 by permission of department). For ECON and MATH
majors only.
Mathematical developments of theory of household and firm, general
equilibrium and welfare economics, market imperfections, and role of
information.
ECON 435 Financial Markets and the Macroeconomy (3 credits)
Finance majors will not receive credit for ECON435. Prerequisite:
ECON326 with a grade of 'C' (2.0) or better (or ECON306 by permission of
department). For ECON majors only. Not open to students who have
completed BMGT343 (for credit). Credit will be granted for only one of
the following: BMGT343 or ECON435. Formerly ECON398F.
The different types of financial assets that exist, the markets that
they trade in, and the determination of their prices and rates of return
are examined. Specific topics that will be covered include the Markowitz
portfolio selection model, the capital asset pricing model, the
arbitrage pricing theory, the efficient markets hypothesis, the term
structure of interest rates, and options. There will be almost no
emphasis on issues in corporate finance.
ECON 441 Theory of International Economics (3 credits)
Prerequisite: ECON325 and ECON326 with a grade of 'C' (2.0) or better
(or ECON305 and ECON306 by permission of department). For ECON majors
only. Not open to students who have completed ECON340. Credit will be
granted for only one of the following: ECON340 or ECON441.
Theoretical treatment of international trade and international finance.
Includes Ricardian and Heckscher-Ohlin theories of comparative
advantage, analysis of tariffs and other trade barriers, international
factor mobility, balance of payments adjustments, exchange rate
determination, and fiscal and monetary policy in an open economy.
ECON 442 Globalization and Capital Markets (3 credits)
Prerequisite: ECON325 and ECON326 with a grade of 'C' (2.0) or better
(or ECON305 and ECON306 by permission of department). For ECON majors
only. Credit will be granted for only one of the following: ECON398M or
ECON442. Formerly ECON398M.
Uses models of open-economy macroeconomics to explain the causes and
consequences of international capital flows. Analysis is made of private
consumption, investment, the government sector, current accounts, the
labor market, and the money and foreign exchange markets in small open
economies. This framework is then used to study examples of how
speculative attacks on currencies, sudden reversals of capital inflows,
and the effects of the lack of credibility of economic policy affect
economic development.
ECON 451 Public Choice (3 credits)
Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by
permission of department). For ECON majors only.
Analysis of collective decision making, economic models of government,
program budgeting, and policy implementation; emphasis on models of
public choice and institutions which affect decision making.
ECON 454 Public Finance and Public Policy (3 credits)
Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by
permission of department). For ECON majors only. Credit will be granted
for only one of the following: ECON350 or ECON454.
Study of welfare economics and the theory of public goods, taxation,
public expenditures, benefit-cost analysis, and state and local
finance. Applications of theory to current policy issues.
ECON 456 Law and Economics (3 credits)
Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by
permission of department). For ECON majors only.
Relationship of the exchange process to the system of institutions and
rules that society develops to carry out economic transactions. Topics
covered include: Property rights; torts, negligence, and liability;
contracts and exchanges; criminal control and enforcement; equity
issues in the rule and market environment.
ECON 457 Economics of the Gambling Industry (3 credits)
Prerequisite: ECON326 (or ECON306 by permission of department), ECON321
(or STAT400), and MATH140 with a grade of 'C' (2.0) or better. For ECON
majors only.
Analysis of basic economic issues related to the gambling industry.
Topics will include: (i) structure and profitability of the gambling
industry; (ii) public policy issues (distribution of the tax burden,
addiction, government operation of lotteries); (iii) probabilistic and
microeconomic elements of various games in play (lotteries, blackjack,
keno, poker, sports gambling, etc) and related issues in strategic
behavior; (iv) microeconomic similarities and distinctions between risky
investment and gambling.
ECON 460 Industrial Organization (3 credits)
Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by
permission of department). For ECON majors only.
Changing structure of the American economy; price policies in different
industrial classifications of monopoly and competition in relation to
problems of public policy.
ECON 461 Economics of Regulation and Anti-trust (3 credits)
Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by
permission of department). For ECON majors only. Credit will be granted
for only one of the following: ECON398R or ECON461. Formerly ECON398R.
Considers government intervention in economic activity of three types:
antitrust policy, regulation of natural monopolies, and health safety
regulation. Covers theoretical models, real-world policy applications,
and empirical studies relevant to the impact of regulation.
ECON 465 Health Care Economics (3 credits)
Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by
permission of department). For ECON majors only.
Analysis of health care, the organization of its delivery and
financing. Access to care; the role of insurance; regulation of
hospitals, physicians, and the drug industry; role of technology; and
limits on health care spending.
ECON 470 Theory of Labor Economics (3 credits)
Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by
permission of department). For ECON majors only. Credit will be granted
for only one of the following: ECON370 or ECON470.
An analytical treatment of theories of labor markets. Marginal
productivity theory of labor demand; allocation of time in household
labor supply models; theory of human capital; earnings differentials;
market structure and the efficiency of labor markets; the role of trade
unions; discrimination; and unemployment.
ECON 480 Seminar in the New Economy (3 credits)
Prerequisites: ECON325 and ECON326; and permission of department. For
ECON majors only. Credit will be granted for only one of the following:
ECON398J or ECON480. Formerly ECON398J.
Six research topics corresponding to the current research programs of
different Economic Department faculty members will be examined. Students
will be expected to prepare a short research paper on three of the
topics.
ECON 481 Theory and Policy in Environmental Economics (3 credits)
Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by
permission of department). For ECON and ENSP majors only. Credit will be
granted for only one of the following: ECON381 or ECON481. Formerly
ECON381.
Application of economic theory and empirical tools to the analysis of
environmental issues. The concepts of externalities, public goods,
property rights and cost-benefit analysis are applied to air pollution,
water pollution, solid waste management, hazardous waste, and global
warning. The optimal role and various tools of public policy are
addressed.
ECON 600 Analytical Techniques for Economists (3 credits)
Mathematical techniques applied in microeconomics and macroeconomics.
Problems involving the use of constrained and unconstrained optimization
are discussed, and difference equations, differential equations, and
optimal control theory are introduced.
ECON 601 Macroeconomic Analysis I (3 credits)
Three hours of lecture and two hours of laboratory per week.
Prerequisite: permission of department.
Introductory technical treatment of standard Keynesian, classical and
new classical macroeconomic models. Expectations formation and
microeconomic foundations of consumption, investment, money demand, and
labor market behavior.
ECON 602 Macroeconomic Analysis II (3 credits)
Three hours of lecture and two hours of laboratory per week.
Prerequisite: ECON 601 or permission of department.
Further issues regarding macroeconomic topics. First half emphasis will
be placed on dynamic macroeconomic theory as pertaining to monetary
issues, policy ineffectiveness and effectiveness. The second half of the
course will focus on theories of investment and growth.
ECON 603 Microeconomic Analysis I (3 credits)
Three hours of lecture and two hours of laboratory per week.
Prerequisite: permission of department.
A detailed treatment of the theory of the consumer and of the firm,
particularly emphasizing the duality approach. Topics include the
household production model, imperfect competition, monopolistic and
oligopolistic markets.
ECON 604 Microeconomic Analysis II (3 credits)
Three hours of lecture and two hours of laboratory per week.
Prerequisite: ECON 603 or permission of department.
Analysis of markets and market equilibria; the Arrow-Debreu model of
general equilibrium, the two-sector model, welfare theorems,
externalities, public goods, markets with incomplete and asymmetric
information.
ECON 606 History of Economic Thought (3 credits)
Prerequisite: ECON 403 or permission of department.
The classical economists, Adam Smith, David Ricardo, and John Stuart
Mill are studied in detail after a survey of their predecessors:
Aristotle, Aquinas, the Mercantilists, Founders, and Physiocrats.
Attention is given to methodological issues, including the meaning and
validity of economic theories.
ECON 611 Seminar in American Economic Development (3 credits)
Prerequisite: permission of department.
Selected topics in the long-term movements of the American economy.
Quantitative studies of the growth of output; applications of
econometric methods and economic theory to topics in American economic
history.
ECON 613 Origins and Development of Capitalism (3 credits)
Prerequisite: permission of department. Advanced special students not
permitted.
Institutions and technology shaping pre-capitalist economies: Archaic,
Greek and Roman, Feudal, and Mercantile. Rise of the market system,
national economies, and capitalism. The nature of industrial society.
Imperialism.
ECON 615 Economic Development of Less-Developed Areas (3 credits)
Prerequisite: ECON 603 or permission of department.
Analysis of the forces contributing to and retarding economic progress
in less-developed areas. Topics include the relationship of
international trade to development, import-substituting and export-led
industrialization, the effects of population growth on economic
development, and the analysis of institutions and institutional change
in land tenure, finance, and labor markets.
ECON 616 Seminar in Economic Development (3 credits)
Prerequisite: ECON 615 or ECON 415.
Current topics in economic development. Special emphasis on application
of theory and research techniques to special problems or countries.
ECON 621 Quantitative Methods I (3 credits)
Prerequisite: ECON 600 or permission of department.
An introduction to econometrics, and a development of the mathematical
background concepts needed. Background materials relate to various
topics in linear algebra, and in distribution theory. Focus on
estimation, hypothesis testing, and prediction in the classical linear
regression model. Corresponding large sample issues are considered.
Special topics such as non-nested models, hypotheses relating to
nonlinear functions of parameters, and specification analysis, including
tests for the dynamic stability of a model.
ECON 622 Quantitative Methods II (3 credits)
Prerequisite: ECON 621 or permission of department.
A continuation of ECON 621. Topics relate to the generalized least
squares model, to dynamic single equation and simultaneous equation
models, and to qualitative dependent variable models. Among the topics
discussed are various tests for heteroskedasticity and autocorrelation,
prediction issues, time series models such as ARCH and GARCH models,
tests for unit roots, panel data models, and systems estimation
including the GMM procedure. Both linear and nonlinear models are
considered. General testing principles, such as likelihood ratio, Wald,
and Hausman-type test are also discussed.
ECON 623 Econometrics I (3 credits)
Prerequisite: Advanced knowledge of probability and statistics, linear
algebra, and permission of department.
Specification, estimation, hypothesis testing and prediction in the
classical and generalized linear regression model. Topics include:
ordinary least squares, generalized least squares, instrumental
variableestimation, quantile regression, finite and large sample
analysis and general testing principles including misspecification
tests. The course will also provide instructions on the use of a major
statistical packagesuch as Stata or TSP.
ECON 624 Econometrics II (3 credits)
Prerequisite: ECON 623 or permission of department.
A continuation of ECON623. Topics include: Nonlinear models and
nonlinear estimation methods (generalized method of moments and
maximum likelihood estimation), panel data models, univariate dynamic
models, multivariate dynamic models including simultaneous equation
models, and non-parametric/semiparametric estimation methods. The
course will also provide instructions on the use of a major statistical
package such as Stata or TSP.
ECON 625 Computational Economics (3 credits)
Prerequisite: ECON 604 and ECON 622; or ECON 721. Credit will be granted
for only one of the following: ECON 625 or ECON 698R. Formerly ECON698R.
A one-semester course designed to give students tools for numerical
dynamic programming and computation of related general equilibrium and
game-theoretic problems.
ECON 626 Empirical Microeconomics (3 credits)
Prerequisite: ECON622, ECON624, or ECON721. For ECON majors only.
To provide students with the opportunity to use empirical techniques
that are particularly valuable in the analysis of microeconomic data.
Topics include panel data, nonlinear optimization, limited dependent
variables, truncated, censored, selected samples, the analysis of
natural experiments, and quantile regressions. This course will
emphasize hands-on practical experience.
ECON 627 Empirical Macroeconomics (3 credits)
Prerequisite: ECON 622 or ECON 721 or permission of instructor.
Introduction to the solution, identification, estimation, and evaluation
of macroeconomic models under rational expectations. Emphasis is on
those tools that allow researchers to tightly link economic theory with
econometric methods. Hands-on application of these techniques to
empirical macroeconomic problems (business cycles, growth, consumption/
saving, investment), using time-series and panel data.
ECON 630 Computational Methods in Macroeconomics (3 credits)
Prerequisite: ECON601 and ECON602. ECON majors only and non-ECON major
by permission of department.
Essential computational methods used in macroeconomics. There will be
particular focus on approximating the solution to dynamic stochastic
general equilibrium models. Methods for representative-agent and
heterogeneous-agent models will be extensively studied. Econometric
methods such as Generalized Method of Moments, Maximum Likelihood,
Vector Autoregressions wil also be covered.
ECON 651 Social Insurance (3 credits)
Prerequisite: ECON 604 and ECON 621; or ECON 624. Credit will be granted
for only one of the following: ECON 651 or ECON 698S. Formerly ECON698S.
A one-semester graduate course that surveys the theoretical and
empirical literature on the effects of social insurance on welfare,
savings, labor supply and its interaction with private insurance
markets. The main components of social insurance, including old age
benefits, disability and unemployment insurances, and sickness benefits
are studied. However, the course does not provide in-depth analysis of
health insurance or welfare programs, which are themselves sufficiently
complicated to be topics of separate courses.
ECON 652 Public Economics I (3 credits)
Prerequisite: ECON 604 and ECON 621; or ECON 624.
The characteristics and effects of government programs whose role is
redistribution and social insurance are considered. Examples include
cash welfare assistance, unemployment insurance, and Social Security.
The focus is on U.S. programs, though other countries may be considered.
Both theories of program design and empirical research on program
effects will be covered. Topics in empirical methodology generally will
also be stressed.
ECON 661 The Corporate Firm (3 credits)
Prerequisites: ECON 603 and ECON 604.
This course examines firms' strategic behavior in a variety of settings
and considers theories of the firm and industrial structure. Topics may
include product choice, quality, advertising, consumer search and switch
costs, manufacturer-retailer relations, manufacturer-supplier relations,
vertical integration, and alternative industrial structures.
ECON 662 Industry Structure, Conduct, and Performance (3 credits)
Prerequisites: ECON 603 and ECON 604.
This course studies theories of industry structure, conduct and
performance. Topics inlcude long run industry structures and dynamics, d
durable goods monopoly, price discrimination, classical models of
oligopoly, models of entry and limit pricing, dynamic oligopoly and
collusion, R&D ubcebtuves abd competitive R&D.
ECON 664 Empirical Studies in Industrial Organization (3 credits)
Prerequisites: ECON 603, ECON 604, and either ECON 621 or ECON 624.
Recommended: ECON 661, ECON 662, ECON 626. Credit will be granted for
only one of the following: ECON 664 or ECON 698J. Formerly ECON698J.
Review recent empirical literature in industrial organization. Covers
price discrimination, cartel and collusion, entry and market structure,
information and competition, technological change and adoption,
auction, and firm organization.
ECON 665 Health Economics (3 credits)
Prerequisite: ECON603 and (ECON621 or ECON624); or permission of
department.
The determinants of health and how health care markets operate are
examined by utilizing quantitative and analytic economic tools. Topics
covered include: measuring health outcomes; the determinants of health;
the government control of unhealthy behavior; the demand and supply of
health insurance; markets for medical care; social insurance programs
such as Medicare and Medicaid; the causes and consequences of medical
innovation; the role of non-profits in health care; medical malpractice;
covering the uninsured.
ECON 668 The Economics of Retail Systems (3 credits)
Repeatable to 6 credits if content differs.
This course is designed mainly but not exclusively for students in the
third year of the economics Ph.D program and for students at a similar
stage in a marketing program. Its main objective is to help the student
generate their first professional research paper. In terms of interests
it targets those in the area of microeconomics (advanced micro,
industrial organization, or more generally applied microeconomics or
micro aspects of any field). The course will be conducted as a seminar.
ECON 681 Comparative Institutional Economics I (3 credits)
Theory, empirics, and practice of economic institutions. Genesis,
functions, and effects of institutions. Examinations of three major
institutions, property, contract, and decentralization. Historical,
cultural, political, and economic origins of institutions. Case studies
from English history, comparative legal studies, China, history of world
economic development, transition, and socialism. Perspectives from law
and economics, contract theory, and information theory.
ECON 682 Comparative Institutional Economics II (3 credits)
A continuation of ECON 681. A topics course focusing on current
developments in the literature, such as legal origins, empirical studies
of the effects of institutions on trade, development, finance, contract,
and property, culture as institution and institutional determinant,
theory and practice of measurement of institutions, the design of
institutions,legal transplants.
ECON 698 Selected Topics in Economics (3 credits)
ECON 701 Advanced Macroeconomics I (3 credits)
Prerequisite: ECON 601; and ECON 602.
Recent developments in macroeconomics with an emphasis on topics and
techniques useful for conducting research in macroeconomics. Topics
include advanced treatment of fiscal and monetary policy issues; the
role of imperfect competition; real, sectoral and nominal business
cycle models.
ECON 702 Advanced Macroeconomics II (3 credits)
Prerequisites: ECON601 and ECON602.
Selected issues in monetary economics with an equal emphasis of
learning the models and understanding important issues: a survey of
models (cash-in-advance, money-in-the-utility-function, transaction
cost, search-based models), empirical issues in monetary economics,
business cycles and money, monetary policy, welfare cost of inflation,
alternative media of exchange.
ECON 703 Advanced Microeconomics I (3 credits)
Prerequisites: ECON 603 and ECON 604.
Formal treatment of game theory and its microeconomic applications are
presented, emphasizing dynamics and information. Equilibrium concepts
for static and dynamic games, and games with complete and incomplete
information are studied. Topics also discussed: mechanism design,
efficiency, reputations, signaling, and screening.
ECON 704 Advanced Microeconomics II (3 credits)
Prerequisites: ECON 603 and ECON 604.
This is the second half of a two-semester sequence in Advanced
Microeconomics, intended for second-year Ph.D. students. The course
material varies from year-to-year, but currently it focuses on auction
theory, matching theory, and the relationship between matching and
auction theory. Other topics that are treated in some years include:
sequential bargaining under incomplete information; and equilibrium
refinements.
ECON 708 Advanced Topics in Applied and Theoretical Microeconomics (2 credits)
Prerequisite: completion of a one-year graduate sequence in one of the
microeconomic fields. Repeatable to 12 credits if content differs.
Read, discuss, and analyze current topics in microeconomics, including
public economics, environmental economics, labor economics, industrial
economics, microeconomic theory, public choice and international trade.
Specific topics covered will change from semester to semester depending
on the students' and faculty's interests. Intended primarily for
students beginning thesis research in economics.
ECON 709 Advanced Topics in Applied and Theoretical Macroeconomics (2 credits)
Prerequisite: completion of a one-year graduate sequence in one of the
macroeconomic fields. Repeatable to 12 credits if content differs.
Read, discuss, and analyze current topics in macroeconomics, including
asset pricing models, models of economic growth, investment, and the
labor market. Specific topics covered will change from semester to
semester depending on the students' and faculty's interests. Intended
primarily for students beginning thesis research in economics.
ECON 721 Econometrics III (3 credits)
Prerequisite: ECON 624 or permission of department.
Oriented towards macro-econometric methods. Topics covered will be
selected from the following: Further discussion of topics covered in
ECON624, nonlinear time series models, exogeneity and causality,
non-stationary time series models (unit roots, co-integration, error
correction models, vector autoregressive models), econometric models of
volatility (ARCH and GARCH models, and Stochastic volatility models),
rational expectations models, non-stationary panel data models, tests
for structural change, Bayesian econometrics and methods for Bayesian
computation.
ECON 722 Econometrics IV (3 credits)
Prerequisite: ECON624 or permission of department.
Oriented towards micro-econometric methods. Topics covered will be
selected from the following: Further discussion of topics covered in
ECON624, binary and multinomial response models, censored and truncated
regression models, sample selection models, count data models, duration
models program evaluation and treatment effects methods, structural
econometrics, the identification problem, stratified and clustered
samples, spatial/cross sectional dependence models, dynamic panel data
models, weak instruments, non-parametric estimation, boot strap and Jack
Knife methods, pre-test estimators.
ECON 723 Time Series Econometrics (3 credits)
Prerequisite: ECON 622 or ECON 722 or permission of instructor.
Provides a broad survey of the models and methods commonly used in the
analysis of time series data. Emphasis on analyzing the statistical
properties of the methods being discussed. Particular attention to
recent developments in time series econometrics.
ECON 725 Empirical Economic Modeling I (3 credits)
Three hours of lecture and two hours of laboratory per week.
Prerequisite: ECON 622 or ECON 721. Credit will be granted for only one
of the following: ECON 725 or ECON 625.
The experience of building a structural macroeconomic model. Computer
techniques for creating models and writing model-building software.
Basics of input-output economics.
ECON 726 Empirical Economic Modeling II (3 credits)
Three hours of lecture and two hours of laboratory per week.
Prerequisite: ECON 725.
Modeling of interindustry flows, personal consumption and saving,
investment, exports and imports, wages, employment, profits, prices,
interest and income distribution. Analyzing a model's simulation
properties. Applications of general models to specific questions.
ECON 741 Advanced International Economics I (3 credits)
Prerequisite: ECON 601 or permission of department.
Exchange rate determination; exchange rate regimes; international
monetary reform; policy conflict and cooperation; the LDC debt problem;
pricing of international assets; balance of payments crises.
ECON 742 Advanced International Economics II (3 credits)
Prerequisite: ECON 603 or permission of department.
Comparative advantage, Heckscher-Ohlin theory, specific-factors model,
empirical verification, economies of scale, imperfect competition,
commercial policy, factor mobility.
ECON 743 Topics in International Finance (3 credits)
Prerequisite: ECON 602 or permission of department. Recommended: ECON
741.
Puzzles in international finance; portfolio balance, current account
dynamics, exchange rate behavior; capital market imperfections;
balance of payments crises.
ECON 744 Business Cycle Theory of Emerging Economies (3 credits)
Prerequisite: ECON 602 and ECON 604. Credit will be granted for only one
of the following: ECON 698M or ECON 744. Formerly ECON698M.
An advanced course in International Economics that studies business
cycle theory for emerging economies. It develops a set of quantitative
tools for studying the determinants of international capital flows and
their business cycle implications, with emphasis on the "Sudden Stop"
phenomenon of emerging-markets crises. The course blends elements of
real business cycle theory, international finance and equilibrium asset
pricing theory and it relies heavily on recursive macroeconomic theory.
Familiarity with computing software and the techniques covered in a
course on computational economics are also useful, but not required in
advance.
ECON 745 Advanced Topics in International Trade (3 credits)
Prerequisite: ECON 604 and ECON 622; or ECON 624. Credit will be granted
for only one of the following: ECON 698L or ECON 745. Formerly ECON698L.
Designed primarily for students planning to write dissertations on a
topic related to international trade. Its focus is on recent research in
this field including tests of trade theories; the effects of trade on
growth and knowledge diffusion; the political economy of trade policy
and the theory and practice of trade agreements.
ECON 747 The Macreconomics of Imperfect Capital Markets (3 credits)
Prerequisite: ECON601 and ECON602, or ECON603 and ECON604, or permission
of department. For ECON majors only. Credit will be granted for only one
of the following: ECON698K or ECON747. Formerly ECON698K.
After a brief overview of the micro-foundations of capital market
imperfections, topics include limited commitment, the financial
accelerator, liquidity, bubles, crises, the role of credit in monetary
economics as well as international capital flows.
ECON 751 Advanced Theory of Public Finance (3 credits)
Prerequisites: ECON 603 and ECON 604.
Expenditure side of the public sector, and the economics of state and
local public finance. Topics may include: normative theory of public
goods, private provision of public goods, voting models, monopoly models
of government, demand revelation models, growth of the public sector,
externalities, in-kind and cash transfers, the Tiebout model, empirical
studies of the demand and supply of local public goods, and fiscal
federalism.
ECON 752 Public Economics II (3 credits)
Prerequisite: ECON 751.
Theoretical and empirical issues in taxation, with particular emphasis
on income taxation.
ECON 754 Topics in Political Economy I (3 credits)
Prerequisites: ECON602 and ECON604 or permission of department.
Study of political determinants of macroeconomic outcomes. Time
inconsistency in monetary and fiscal policy, political business cycles.
Political models of redistribution, delay in reform, transition,
growth, and international policymaking.
ECON 755 Theory of Public Choice I (3 credits)
Prerequisite: ECON 604 or permission of department.
This course covers public choice approaches to the study of economic
growth and development. Alternative approaches to the study of
politics: median voter model, models with interest groups, endogenous
property rights and endogenous preferences. Economic Growth: Steady
state growth, endogenous growth, technology, human captial and extent of
the market. Inequality: Positive and normative approaches. Political
Economy of Growth: voting interest groups and rent-seeking, conflict and
appropriation, inequality and growth. Political Economy of trade
liberalization, structural adjustment and market reforms.
ECON 756 Theory of Public Choice II (3 credits)
Prerequisites: ECON 603 and ECON 604.
The economic study of non-market decisions and the application of
economic methodology to political issues is a main focus. Topics may
include: Bergson-Samuelson social welfare functions; Arrow's
impossibility theorem; single-profile impossibility theorems; relation
between "independence" and "neutrality"; Sen's liberal paradox; majority
rule and unanimity rule; other voting rules; Buchanan's critique of
social rationality; Rawls and just social contracts; Harsanyi and
Utilitarianism; Nash social welfare functions.
ECON 757 Topics in Political Economy II (3 credits)
Prerequisite: ECON602, ECON604, or permission of department.
Recommended: ECON754.
A continuation of ECON754 Topics in Political Economy I. Topics will
include: the informational role of special interest groups; campaign
finance, including welfare analysis of campaign finance reform; advanced
models of the political economy of redistribution, with emphasis on
inefficient redistribution, intergenerational redistribution, and "pork
barrel" politics; fairness and redistributive politics; the effects of
alternative electoral systems; theoretical models of parliamentary
democracies, government formation and political parties; accountability
of government officials; and the political economy of federalism.
ECON 771 Advanced Labor Economics: Theory and Evidence (3 credits)
Prerequisite: ECON 603, and (ECON 621, or ECON 624) or permission of
department.
Modern analytical and quantitative labor economics. Labor supply
decisions of individuals and households; human capital model and
distribution of income. Demand for labor; marginal productivity theory,
imperfect information and screening. Interaction of labor demand and
supply; unemployment; relative and absolute wages; macroeconomic
aspects of the labor market.
ECON 772 Population Economics (3 credits)
Prerequisite: ECON 771 or permission of department.
Covers the central ideas in population economics. These include theories
and test of theories of mortality, fertility and immigration.
ECON 781 Environmental Economics (3 credits)
Prerequisites: ECON 603 and ECON 604; and (ECON 621 or ECON 624).
The study of economics as it applies to environmental issues and
policies. Topics include: the theory of externalities and its
implications, the design of environmental policies with applications,
open-economy environmental economics encompassing the impact of
international trade on the environment and global environmental
management, and the measurement of the benefits and costs of
environmental programs.
ECON 785 Advanced Economics of Natural Resources (3 credits)
Prerequisites: ECON 603 and ECON 604; and (ECON 621 or ECON 624).
The use of exhaustible and renewable natural resources from normative
and positive points of view. Analysis of dynamic resource problems
emphasizing energy, mineral, groundwater, forestry, and fishery
resources; optimal, equilibrium, and intergenerational models of
resource allocation.
ECON 799 Master's Thesis Research (1-6 credits)
ECON 808 Workshop on Macroeconomics and Growth (2 credits)
Prerequisite: permission of department. Repeatable to 12 credits if
content differs.
ECON 818 Workshop in Microeconomic Theory (2 credits)
Repeatable to 12 credits if content differs.
Current research in microeconomic theory. Topics drawn from game
theory, mathematical economics, and the economics of information and
will include applications of the theory to diverse areas of economics.
Specific topics: bargaining, auctions, mechanism design, signaling,
general equilibrium, industrial organization theory, and financial
markets theory.
ECON 825 Advanced Economic Welfare Analysis (3 credits)
Prerequisites: ECON 603 and ECON 604, or permission of department. Not
open to students who have completed AREC 825. Credit will be granted for
only one of the following: ECON 825 or AREC 825.
Theory of economic welfare measurement, problems of path dependence in
evaluating multiple price changes, welfare measurement under risk,
general equilibrium welfare measurement with multiple distortions, and
applications in evaluation of agricultural and resource policies.
ECON 828 Workshop in Econometrics (2 credits)
Prerequisite: permission of department. Repeatable to 12 credits if
content differs.
Current research in econometrics. Topics drawn from theoretical and
applied econometrics. Special topics include: maximum likelihood and
generalized method of moments estimation of linear and non-linear
models, analysis of stationary and non-stationary time series, cross
section time series estimation, spatial estimation mehtods, Bayesian
methods, semi-and non-parametic methods, rational expectations models,
numerical methods, and various applications.
ECON 848 Workshop in International Development, and Comparative Economics (2 credits)
Prerequisite: permission of department. Repeatable to 12 credits if
content differs.
ECON 858 Workshop in Public Economics (3 credits)
Prerequisite: permission of department. Repeatable to 6 credits if
content differs.
ECON 868 Workshop in Industrial Organization (2 credits)
Prerequisite: permission of department. Repeatable to 12 credits if
content differs.
ECON 878 Workshop in Labor Economics (2 credits)
Prerequisite: permission of department. Repeatable to 12 credits if
content differs.
ECON 888 Workshop in Comparative Institutional Economics (2 credits)
Prerequisite: permission of department. Repeatable to 12 credits if
content differs.
Current research in institutional economics and closely related fields
such as economic transition, economic development, economic theory, law
and economics, political economics, and economic history. Topics are
drawn from both theoretical analysis of institutions and empirical
studies of the effects and determinants of institutions.
ECON 898 Pre-Candidacy Research (1-8 credits)
ECON 899 Doctoral Dissertation Research (1-8 credits)
