Courses - Fall 2024
The Department of Economics enforces course prerequisites. Students who do not meet the course prerequisites will be administratively dropped from the course.
ECON111
Restriction: Must be sophomore standing or lower.
An introduction to the modes of thought of economics. Use of simple standard tools of economics to analyze important problems that arise frequently in public policy, the news media, and in daily life. An emphasis on how economists predict what choices societies make and how economists analyze whether those are good choices. Practical application of a variety of economic tools leading to a focus on the essential unity underlying these analytical tools, viewing economics as a discipline that applies a core methodology in different ways in different situations.
ECON200
Principles of Microeconomics
Prerequisite: MATH107 or MATH110; or must have math eligibility of MATH113 or higher.
Credit only granted for: ECON200, AREC240, or AREC250.
Additional information: It is recommended that students complete ECON200 before taking ECON201.
Introduces economic models used to analyze economic behavior by individuals and firms and consequent market outcomes. Applies conceptual analysis to several policy issues and surveys a variety of specific topics within the broad scope of microeconomics.
ECON201
Principles of Macroeconomics
Prerequisite: MATH107 or MATH110; or must have math eligibility of MATH113 or higher.
Recommended: ECON200.
Credit only granted for: ECON201 or ECON205.
An introduction to how market economies behave at the aggregate level. The determination of national income/output and the problems of unemployment inflation, will be examined, along with monetary and fiscal policy.
ECON230
Applied Economic Statistics
Prerequisite: Must have math eligibility of MATH113 or higher; or 1 course with a minimum grade of C- from (MATH107, MATH110); and minimum grade of C- in ECON200 and ECON201.
Recommended: Students should already have basic familiarity with Microsoft Excel or similar spreadsheet software.
Restriction: Must be in Economics Bachelor of Arts program.
Introductory course to develop understanding of statistical concepts used in applied economics. Students will acquire skills needed to calculate and interpret statistical concepts, including descriptive statistics, probability, discrete and continuous distributions, sampling, point and interval estimations, hypothesis testing, basic analysis of variance, and simple linear regression models. Students will apply these concepts to data using both handheld calculators and spreadsheets(Excel), and students will be introduced to an econometric software package such as SPSS or SAS or R.
ECON300
Methods and Tools for Economic Analysis
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON200, ECON201); and minimum grade of C- in MATH140.
Restriction: Must be in Economics Bachelor of Science program; and must not have completed MATH241.
Economic application of mathematical tools and concepts necessary for intermediate and advanced coursework in economics. Topics include: multivariable calculus, constrained optimization, foundational coverage of probability theory, and exponential/logarithmic functions.
ECON305
Intermediate Macroeconomic Theory and Policy
Credits:
4
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON200 and ECON201; and 1 course with a minimum grade of C- from (MATH120, MATH130, MATH136, MATH140).
Credit only granted for: ECON305 or ECON325.
Analysis of the determination of national income, employment, and price levels. Discussion of consumption, investment, inflation, and government fiscal and monetary policy.
ECON306
Intermediate Microeconomic Theory & Policy
Credits:
4
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON200, AREC250); and minimum grade of C- in ECON201; and 1 course with a minimum grade of C- from (MATH120, MATH130, MATH136, MATH140).
Credit only granted for: ECON306, ECON326, AREC489M, or AREC326.
Analysis of the theories of consumer behavior, producer behavior, different market structures, and various sources of inefficient outcomes. Analysis of microeconomic policies designed to improve market outcomes.
ECON311
American Economic History Before the Civil War
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON200 and ECON201.
Restriction: Must be in Economics Bachelor of Arts program.
Economic concepts are used to analyze various aspects of the founding and early history of the U.S., including the British settlement of the North American colonies, the economics of the American Revolutionary war, the writing of the Constitution, the development of financial markets, policies on public lands and the spread of western agriculture, slavery, banking, and early industrialization.
ECON317
Global Economic Policies
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON200 and ECON201.
Restriction: Must be in Economics Bachelor of Arts program.
Analysis of policy options and debates on fostering economic growth and development in a global economy where national boundaries are no longer relevant. Topics covered will include real loanable funds markets in both local and international contexts during normal conditions and during financial crises, the design of trade and industrial policies, and the role of the World Bank, IMF, WTO, and other international agencies as well as regional and bilateral trade agreements. Emerging economies will be emphasized.
ECON321
Economic Statistics
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON200 and ECON201; and minimum grade of C- in ECON300 or (MATH241 and any statistics course).
Restriction: Must be in Economics Bachelor of Science program.
Introduction to the use of statistics in economics. Topics include: Probability, random variables and their distributions, sampling theory, estimation, hypothesis testing, analysis of variance, regression analysis and correlation.
ECON325
Intermediate Macroeconomic Analysis
Credits:
4
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON200 and ECON201; and minimum grade of C- in ECON300 or (MATH241 and any statistics course).
Restriction: Must be in Economics Bachelor of Science program.
Credit only granted for: ECON305 or ECON325.
Analysis of macroeconomic behavior and policy with emphasis on theoretical rigor. Topics include the determinants of economic growth, unemployment, inflation, and international economic flows.
ECON326
Intermediate Microeconomic Analysis
Credits:
4
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON200 and ECON201; and minimum grade of C- in ECON300 or (MATH241 and any statistics course).
Restriction: Must be in Economics Bachelor of Science program.
Credit only granted for: ECON306, ECON326, or AREC326.
Analysis of economic decision-making by individuals and firms, the resulting market outcomes, and applications to real-world problems. Emphasis on analytical logic and theoretical rigor. Topics covered include consumer preferences and utility maximization, perfect competition and market power, uncertainty and risk, externalities, and asymmetric information.
ECON327
Behavioral Economics
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON200 and ECON201.
Restriction: Must be in Economics Bachelor of Arts program.
Integrating the insights of psychology into economics. Analysis of the ways in which individuals make decisions that systematically depart from the so-called "standard model" of homo economicus, which assumes perfect rationality, perfect selfishness, and perfect willpower. Investigating the implications of the major findings of behavioral economics for policymakers.
ECON330
Money and Banking
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON200 and ECON201.
The structure of financial institutions and their role in the provision of money and near money. Analysis of the Federal Reserve System, the techniques of central banks, and the control of supply of financial assets in stabilization policy. Relationship of money and credit to economic activity and the price level.
ECON371
Economic Analysis of Good, Evil, and Fairness
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON200 and ECON201.
Restriction: Must be in Economics Bachelor of Arts program.
Examines how economic tools can be used to analyze and better understand issues of "Good", "Evil" and "Fairness". Considers questions such as: What is the relation between fairness and equal treatment? Between fairness and equality? What makes an economic or political system "fair" or "unfair"? What makes a system "good"?
ECON375
Economics of Poverty and Discrimination
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON200 and ECON201.
Examination of various issues, including: the causes of persistent poverty over time for some groups within society; the relationship of poverty to technological change, to economic growth, and to education and training; economic results of discrimination; proposed remedies for poverty and discrimination.
ECON386
Experiential Learning
Credits:
3
Grad Meth:
S-F
Prerequisite: ECON201 and ECON200.
Restriction: Permission of BSOS-Economics department; and must be in a major within the BSOS-Economics department; and minimum cumulative GPA of 2.5; and junior standing or higher.
See Department Advising Office for course eligibility, course requirements, and application information.
Student and internship eligibility requirements, along with the ECON386 application, can be found at: http://ter.ps/ECON386.
ECON387
Career Preparation for Economics Majors
Credits:
2
Grad Meth:
Reg
Prerequisite: Minimum grade of C- in ECON200 and ECON201.
Restriction: Must be in one of the following programs (Economics Bachelor of Arts; Economics Bachelor of Science) ; and must have earned a minimum of 30 credits.
Increase student knowledge of career paths, job search tools, and strategies for successfully obtaining a job with a BA or BS in economics. Students will engage in a range of different activities which build their understanding of job opportunities in economics and hone their abilities to find positions they want. Students will reflect on specific skills employers seek from economics graduates and incorporate that knowledge in their own individual job search and career plan.
ECON396
Independent Honors Study
Credits:
3
Grad Meth:
Reg
Restriction: Permission of BSOS-Economics department.
First semester of the departmental honors sequence. Students will develop and apply research skills required to carry out original research. By the end of the semester students will have produced a complete draft of an honors thesis resembling a scholarly journal article.
ECON399
Independent Study in Economics
Credits:
1 - 3
Grad Meth:
Reg, P-F
Permission of instructor must be arranged in advance. Open only to students who have previously earned 6 or more credits in upper division economics courses.
ECON402
Macroeconomic Models and Forecasting
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON305, ECON325); and 1 course with a minimum grade of C- from (ECON230, BMGT230, ECON321).
Restriction: Must be in Economics Bachelor of Arts program.
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.
ECON410
Comparative Economic Institutions
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON325 and ECON326; and 1 course with a minimum grade of C- from (ECON321, STAT401).
Restriction: Must be in Economics Bachelor of Science program.
Institutions are the sets of rules that constrain the decisions and interactions of economic agents. The course uses economic analysis to understand both formal institutions (e.g. laws) and informal institutions (e.g. cultural norms). Practical examples are drawn from economics, law, and politics, and reflect the experience of many different countries.
ECON414
Game Theory
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON306, ECON326); and 1 course with a minimum grade of C- from (ECON230, BMGT230, ECON321, STAT400).
Restriction: Must be in one of the following programs (Economics Bachelor of Arts; Economics Bachelor of Science).
Credit only granted for: CMSC474, ECON414, GVPT399A or GVPT390.
Studies the competitive and cooperative behavior that results when several parties find that their individual outcomes are jointly determined. Students will learn how to use game theory to analyze situations of potential conflict. Applications are drawn from economics, business, and political science.
ECON418C
Economic Development of Selected Areas; China
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON306, ECON326); and 1 course with a minimum grade of C- from (ECON230, BMGT230, ECON321).
Restriction: Must be in Economics Bachelor of Arts program. Credit only granted for: ECON418C or AREC447.
An introductory survey course of economic development in China with emphasis on understanding the process of economic reform in mainland China since 1978.
Restriction: Must be in Economics Bachelor of Arts program. Credit only granted for: ECON418C or AREC447.
An introductory survey course of economic development in China with emphasis on understanding the process of economic reform in mainland China since 1978.
ECON422
Econometrics
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON325, ECON326); and 1 course with a minimum grade of C- from (ECON321, STAT401).
Restriction: Must be in Economics Bachelor of Science program.
Credit only granted for: ECON422, ECON424, or AREC422.
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.
ECON424
Applied Econometrics
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON305, ECON306, ECON325, ECON326); and 1 course with a minimum grade of C- from (ECON230, BMGT230, ECON321).
Restriction: Must be in Economics Bachelor of Arts program.
Credit only granted for: ECON422, ECON424 or AREC422.
Provide the knowledge and skills necessary to accomplish and utilize basic applied econometric analysis utilized by many business service providers, government agencies, and nonprofits engaged in policy analysis. Topics include simple and multiple regressions using cross section, time series, and panel data, issues of heteroskedasticity, serial correlation, and multicollinearity, models with binary dependent variable, and program evaluation. Course emphasizes application of knowledge using software packages but still covers essential theoretical background.
ECON432
Applied Machine Learning
Credits:
4
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON422, ECON424).
Restriction: Permission of BSOS-Economics department; Must be in one of the following programs (Economics Bachelor of Arts; Economics Bachelor of Science).
Offers a comprehensive examination of the concepts and techniques used in machine learning, with a specific emphasis on their applications in economics. Focuses on the practical aspects of machine learning, including the use of different methods, model selection, and performance evaluation. Students will explore both supervised and unsupervised learning techniques, such as linear and non-linear regression, k-nearest neighbors, tree-based approaches, support vector machines, neural networks, and dimensionality reduction methods. Additional advanced methods may be covered, depending on the time available. Hands-on implementation of these techniques will be conducted using the R programming language.
ECON433
Economics of Big Data
Credits:
4
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON306, ECON326); and 1 course with a minimum grade of C- from (ECON230, BMGT230, ECON321, STAT401).
Restriction: Must be in one of the following programs (Economics Bachelor of Arts; Economics Bachelor of Science).
The importance of big data in the global economy is rising. Students will explore the definition and characteristics of big data, the impact of big data on individuals, use of big data by firms, entrepreneurs and non-profits, as well as how big data reshapes various public policies.
ECON442
Globalization and Capital Markets
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: Minimum grade of C- in ECON326 and ECON325; and 1 course with a minimum grade of C- from (ECON321, STAT401).
Restriction: Must be in Economics Bachelor of Science program; and must not have completed ECON441.
Credit only granted for: ECON441 or ECON442.
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.
ECON443
International Trade and Trade Policy in the New Global Economy
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON305, ECON325); and 1 course with a minimum grade of C- from (ECON306, ECON326); and 1 course with a minimum grade of C- from (ECON230, BMGT230, ECON321).
Restriction: Must be in Economics Bachelor of Arts program; and must not have completed ECON441.
Credit only granted for: ECON441 or ECON443.
Examines the economics of international economic integration, including the theory of customs unions and free trade areas, the role of GATT and the WTO, changes in individual countries' foreign trade policies during the new era of globalization, the special role of multinational firms in world trade, and recent controversies about the benefits and costs of globalized trade.
ECON451
Public Choice
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON306, ECON326); and 1 course with a minimum grade of C- from (ECON230, BMGT230, ECON321).
Restriction: Must be in Economics Bachelor of Arts program.
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.
ECON453
Natural Resources and Public Policy
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: AREC326, ECON306, or ECON326; and (BMGT230 or ECON230).
Restriction: Must be in one of the following programs (Agricultural and Resource Economics; Agricultural and Resource Economics: Agribusiness; Agricultural and Resource Economics: Environmental and Resource Economics; Economics Bachelor of Arts; Environmental Science & Policy-Env Economics).
Cross-listed with: AREC453.
Credit only granted for: AREC453 or ECON453.
Rational use and reuse of natural resources. Theory, methodology, and policies concerned with the allocation of natural resources among alternative uses. Optimum state of conservation, market failure, safe minimum standard, and cost-benefit analysis.
ECON455
Economics of Education Policy
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON306, ECON326); and 1 course with a minimum grade of C- from (ECON230, BMGT230, ECON321).
Restriction: Must be in Economics Bachelor of Arts program.
Credit only granted for: ECON468E or ECON455.
Formerly: ECON468E.
Examines the role that government plays in providing and financing education. Analyzes why people invest in education. Considers the effects of education on long-term social and economic outcomes, the behavior of institutions that produce education, and how to design and implement public policies affecting the level and distribution of educational resources. Uses microeconomic models and empirical findings to analyze current issues in education policy.
ECON456
Law and Economics
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (ECON306, ECON326); and 1 course with a minimum grade of C- from (ECON230, BMGT230, ECON321).
Restriction: Must be in Economics Bachelor of Arts program.
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 and efficiency issues .
ECON481
Environmental Economics
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (AREC326, ECON306, ECON326); and 1 course with a minimum grade of C- from (ECON230, ECON321, BMGT230).
Restriction: Must be in one of the following programs (Agricultural and Resource Economics; Agricultural and Resource Economics: Agribusiness; Environmental Science & Policy-Env Economics; Agricultural and Resource Economics: Environmental and Resource Economics; Economics Bachelor of Arts program).
Cross-listed with: AREC481.
Credit only granted for: ECON481 or AREC481.
An exploration of the use of economic incentives for protection of the environment and the determination of appropriate (or efficient) level of environmental quality. Also covers the choice of policy instruments for the attainment of environmental standards.
ECON485
Economics of Land Use
Credits:
3
Grad Meth:
Reg, P-F, Aud
Prerequisite: 1 course with a minimum grade of C- from (AREC326, ECON306, ECON326); and 1 course with a minimum grade of C- from (ECON230, ECON321, BMGT230).
Cross-listed with: AREC455.
Credit only granted for: AREC455 or ECON485.
Fundamentals of location theory. Microeconomics of land use decisions, including determination of rent and hedonic pricing models. Impacts of government decisions on land use, including regulation (e.g., zoning), incentives (transferable development rights), provision of public services, and infrastructure investments. Impacts of land use on environmental quality, including issues relating to sprawl, agricultural land preservation, and other topics of special interest.
ECON499
Independent Research in Economics
Credits:
1 - 3
Grad Meth:
Reg, P-F
ECON601
Macroeconomic Analysis I
Credits:
3
Grad Meth:
Reg, Aud
Restriction: Permission of BSOS-Economics 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.
ECON603
Microeconomic Analysis I
Credits:
3
Grad Meth:
Reg, Aud
Restriction: Permission of BSOS-Economics 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.
ECON616
Economic Development II
Credits:
3
Grad Meth:
Reg, Aud, S-F
Prerequisite: ECON615, ECON603, and ECON604; or permission of BSOS-Economics department.
Survey of a variety of models explaining how market failures may lead to poverty and underdevelopment, with an emphasis on the empirical evaluation of constraints faced by individuals in developing countries and the programs that attempt to alleviate those constraints. Topics include: agricultural and land markets, labor markets, human capital in developing countries, credit markets, and consumption smoothing and risk coping.
ECON623
Econometrics I
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: Must have advanced knowledge of probability, statistics, and linear algebra.
Restriction: Permission of BSOS-Economics department.
Topics covered include problems of specification, estimation, hypothesis testing, and prediction in linear models. Topics include: classical linear regression and ordinary least squares, generalized linear models and generalized least squares, identification and estimation of simultaneous equation models including discussion of two-stage and three-stage least squares and other instrumental variable estimation methods. Both finite and large sample analysis of econometric procedures will be covered, and there will also be discussion of general hypothesis testing principles including discussion of misspecification tests. In addition, the course will provide instructions on the use of a major statistical package such as Stata.
ECON625
Computational Economics
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON604 and ECON624.
Credit only granted for: ECON625 or ECON698R.
Formerly: ECON698R.
An examination of the specification, computation, estimation and interpretation of structural models that are widely used in Industrial Organization, and in a range of other applied microeconomic contexts (marketing and public, environmental, education and urban economics). The focus will be on the connections between these models and relevant economic theories, and on the details of their implementation in practice.
ECON626
Empirical Microeconomics
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON624.
Restriction: Must be in Economics (Doctoral) program.
An overview is provided of modern microeconometric methods with a focus on reduced form causal inference. Tools discussed include linear regression and selection on observables, instrumental variables including LATE and the role of heterogeneity in causal inference, difference-in-difference, regression discontinuity, synthetic control, matching, propensity score methods, and inverse probability weighted estimation. In addition, inferential issues such as weak instruments and techniques for robust standard errors, clustering, bootstrap and randomized inference are discussed, time permitting. The course places strong emphasis on relating statistical methods to substantive empirical applications. Each topic is introduced with an empirical paper that uses the technique. The discussion of technical material is at an intuitive level that focuses on applications and recommendations for empirical practice. The course offers an opportunity to work on a number of extended empirical exercises that are based on published papers and original data. Students practice working with data, implementing code in Stata and conducting their own empirical analysis. These exercises also offer practice in scientific writing relevant for empirical work.
ECON630
Computational Methods in Macroeconomics
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON602 and ECON601.
Restriction: Must be in one of the following programs (Economics (Master's); Economics (Doctoral)) ; or permission of BSOS-Economics 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.
ECON635
Experimental Economics
Credits:
3
Grad Meth:
Reg, Aud
Restriction: Permission of instructor.
An introduction to the methodology of laboratory and field experiments. The course concentrates on a series of experiments to show how experiments build on one another, allowing researchers with different theoretical dispositions to narrow the range of potential disagreement.
ECON637
Decision Theory
Credits:
3
Grad Meth:
Reg, Aud, S-F
Prerequisite: ECON603 and ECON604.
Restriction: Must be in the Economics program; or must have completed ECON603 and ECON604 with a letter grade of B+ or better.
Credit only granted for: ECON698B or ECON637.
Formerly: ECON698B.
Decision making is a process in which we select a course of action among available options. This course will explore the various behavioral biases observed in decision making processes by adjusting our normative theories to capture these biases.
ECON641
Microeconomic Analysis
Credits:
3
Grad Meth:
Reg, Aud
Restriction: Must be in M.Prof.Studies: Applied Economics program; or permission of BSOS-Economics department.
Credit only granted for: ECON641 or ECON506.
Formerly: ECON506.
Microeconomic analysis applied to public policy problems with an emphasis on practical examples and how they illustrate microeconomic theories. Policy issues such as pollution, welfare and income distribution, market design, industry regulation, price controls, tax policy and health insurance are practical examples used to illustrate the abstract principles of microeconomics.
ECON642
Topics in Applied Macroeconomics
Credits:
3
Grad Meth:
Reg, Aud
Restriction: Must be in M.Prof.Studies: Applied Economics program; or permission of BSOS-Economics department.
Focus is on applied macroeconomic models used by federal agencies to explain and predict economic behavior. Course emphasizes macroeconomic data: NIPA accounts, GDP, construction and application of CPI, labor force data and economic indicators. Students will also study a selected set of current macroeconomic topics including models of economic growth, economic fluctuations, monetary policy, inflation and financial markets.
ECON643
Empirical Analysis I: Foundations of Empirical Research
Credits:
3
Grad Meth:
Reg, Aud
Credit only granted for: ECON643 or ECON521.
Formerly: ECON521.
Fundamental aspects of data management and interpretation emphasizing sampling, descriptive statistics, index numbers and construction of aggregated variables. Students will learn probability theory, confidence intervals, hypothesis testing and regression analysis using the EXCEL spreadsheet program and STATA statistical software.
ECON645
Empirical Analysis III: Econometric Modeling and Forecasting
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON644.
Credit only granted for: ECON645 or ECON523.
Formerly: ECON523.
Study of empirical techniques that are particularly relevant to the analysis of microeconomic models. Emphasis is on advanced panel data methods, time series regressions, instrumental variables, limited dependent variables, and sample selection corrections.
ECON664
Empirical Studies in Industrial Organization
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON603, ECON604, and ECON624.
Credit only granted for: ECON664 or ECON698J.
Formerly: ECON698J.
Introduces students to the recent empirical literature of industrial organization. It consists of four themes: pricing and contracting; cartels, collusion and merger reviews; demand estimation; and information economics.
ECON670
Financial Economics
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON641; and must have completed or be concurrently enrolled in ECON644.
Restriction: Must be in M.Prof.Studies: Applied Economics program.
The course applies microeconomic theory and applied econometric techniques to the study of financial institutions and markets for financial assets. Students will learn how economists model and estimate the value of financial assets. The economic and empirical models are of interest to public policy makers and private wealth managers. Specific topics can include financial intermediation, the regulation of financial institutions, risk management, portfolio theory, the capital asset pricing model and the efficient markets hypothesis.
ECON673
Information, Game Theory and Market Design
Credits:
3
Grad Meth:
Reg, Aud, S-F
Prerequisite: ECON641; and must have completed or be concurrently enrolled in ECON644.
A study of the strategic decision-making and the theory and practice of market design. Focus is on the design of organized market and incentives created by market rules. Topics include online auction markets, government auctions procurement auctions and matching markets. The analysis includes documenting the rules of real-world markets, game theoretic analysis, empirical analysis, and experimental work.
ECON674
Economic Analysis of Law
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON641; and must have completed or be concurrently enrolled in ECON644.
A study of the application of economics to law with a focus on game theory, strategic behavior and public policy.
ECON675
Environmental Economics
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON641; and must have completed or be concurrently enrolled in ECON645.
A study of the nature of environmental regulation focusing on U.S. environmental policies and policy debates.
ECON676
Economic Development
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON641; and ECON642; and must have completed or be concurrently enrolled in ECON644.
Restriction: Must be in M.Prof.Studies: Applied Economics program.
Analysis of economic development. The course will focus on the consequences of poverty and poor institutions for the behavior and welfare of individuals, households, firms and the aggregate economy in developing countries. Theoretical models and empirical evidence will be used to understand the intended and unintended consequences of policies designed to enhance economic development.
ECON683
International Macroeconomics and Finance
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON641 and ECON642; and must have completed or be concurrently enrolled in ECON644.
Restriction: Must be in M.Prof.Studies: Applied Economics program.
Economic analysis of international macroeconomic issues and policy. Topics can include the study of exchange rates, balance of payments, international financial markets, international business cycles, contagion, and the roles played by international economic institutions.
ECON687
Economics Applications of R Programming
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON645.
Restriction: Must be in Applied Economics Master of Science program; or permission of the program director.
Builds on the data analysis and econometric skills learned in the Empirical analysis sequence of ECON 643, 644, and 645. The STATA skills acquired in that sequence, such as basic data manipulation and econometric estimation, will be extended to the R programming language. The fundamentals of more advanced scientific programming--objects, data structures, loops, functions, simulation, parallel computing--will be introduced with applications to economics and the social sciences. Additional emphasis is placed on good coding practices and tools for version control and collaboration such as Git and R Markdown.
ECON701
Advanced Macroeconomics I
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON602 and ECON601.
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.
ECON703
Advanced Microeconomics I
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON604 and ECON603.
A formal treatment of game theory and its microeconomic applications is presented. Equilibrium concepts for static and dynamic games, and games with complete and incomplete information are studied. Topics also discussed: the relation between games in strategic form and games in extensive form, equilibrium refinement, Bayesian games, multi-dimensional mechanism design, dominant strategy and Bayesian implementation, Nash-in-Nash bargaining solutions.
ECON708
Advanced Topics in Applied and Theoretical Microeconomics
Credits:
2
Grad Meth:
S-F, Aud
ECON709
Advanced Topics in Applied and Theoretical Macroeconomics
Credits:
2
Grad Meth:
S-F, Aud
ECON721
Econometrics III
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON624; or permission of BSOS-Economics department.
Oriented towards macro-econometric methods. Topics covered will be selected from the following: Further discussion of topics covered in ECON624, non-stationary time series models (models with deterministic trends, unit roots, co-integration, error correction models, vector autoregressive models), econometric models of conditional heteroskedasticity (ARCH and GARCH models), Bayesian econometrics and methods for Bayesian computation, large-dimensional factor analysis, models of changes in regime, and methods for time series forecasting.
ECON741
Advanced International Economics I
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON601; or permission of BSOS-Economics department.
International Business Cycles; Exchange Rate Determination; Imperfect Financial Markets; Deviations from Full Information Rational Expectations; Monetary and Exchange Rate Policy
ECON744
Advanced Topics in International Economics
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON601 and ECON602.
Credit only granted for: ECON698M or ECON744.
Formerly: ECON698M.
Focuses on key topics in international macroeconomics. We will cover classic and recent papers on business cycles, exchange rates, capital flows, monetary and fiscal policy, sovereign debt, default, and currency denomination. The course will be orientated towards students initiating research in the field.
ECON754
Theory of Political Economy
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON603 and ECON604; or permission of BSOS-Economics department.
Basic Electoral Models of Aggregating Preferences and Information. Political Participation and Voter Turnout. Pivotal and Ethical Voters. Opportunistic versus Policy-Motivated Candidates. Credibility of Policy. Political Agency and Accountability - Moral Hazard and Selection. Legislatures - Legislative Bargaining and Legislative Dynamics. Special Interest Politics. Campaign Financing. Political Polarization and Ambiguity. Behavioral Political Economy. Populism and Authoritarianism. Political Parties.
ECON771
Advanced Labor Economics: Theory and Evidence
Credits:
3
Grad Meth:
Reg, Aud
Prerequisite: ECON603 and ECON624; or permission of BSOS-Economics department.
Restriction: Must be in the Economics Doctoral program.
Provides students the theoretical background and econometric tools to engage and conduct research in labor economics. The course highlights the importance of a good balance between theory and solid empirical work. The topics include human capital, empirical earning functions, labor demand, incentive, discrimination, minimum wage, labor supply, tasks and skills, and inequality. In addition, it goes over essential topics in applied economics, including selection bias, instrumental variables, structural vs. reduced-form analysis, dynamic discrete choice models, and unobserved heterogeneity. During the term, students work with different data sets.
ECON799
Master's Thesis Research
Credits:
1 - 6
Grad Meth:
S-F
ECON808
Workshop on Macroeconomics, International Macroeconomics and International Finance; Workshop in Applied Economics
Credits:
2
Grad Meth:
S-F, Aud
ECON828
Workshop in Econometrics
Credits:
2
Grad Meth:
S-F, Aud
ECON868
Workshop in Industrial Organization, Microeconomic Theory and Behavioral and Experimental Economics
Credits:
2
Grad Meth:
S-F, Aud
ECON878
Workshop in Development, Labor and Public Economics
Credits:
2
Grad Meth:
S-F, Aud
ECON898
Pre-Candidacy Research
Credits:
1 - 8
Grad Meth:
S-F
ECON899
Doctoral Dissertation Research
Credits:
6
Grad Meth:
S-F
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