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.

History shows that the gap between the rich and the poor has varied over time within and between countries, most recently seeming to increase within many countries while somewhat decreasing between countries. This course challenges students to investigate why people make different amounts of money, why income inequality has changed dramatically in recent years, what public policy tools exist to counter inequality increases, and what different institutional arrangements different countries use to lower inequality.

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.

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.

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.

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.

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.

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.

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.

Analysis of the determination of national income, employment, and price levels. Discussion of consumption, investment, inflation, and government fiscal and monetary policy.

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.

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.

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.

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.

Analysis of macroeconomic behavior and policy with emphasis on theoretical rigor. Topics include the determinants of economic growth, unemployment, inflation, and international economic flows.

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.

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.

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.

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"?

See Department Advising Office for course eligibility, course requirements, and application information.
Contact department for information to register for this course.

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.

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.

Analysis of current economic problems and public policies. Topics could include poverty, income inequality, social insurance, education, environmental sustainability, immigration, and innovation. Other issues may be substituted depending on current events.

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.

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.

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.

Governments, businesses, non-profits, funders, and other organizations must allocate scarce resources between competing uses. Understanding the causal effect of policies, programs or investments on key outcomes can guide the choices of these decision-makers. Correlations between policies and outcomes or changes in outcomes after new policies are adopted are rarely sufficient for estimating the causal effect, however.

Emphasizes the interaction between economic problems and the assumption 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.

Interaction between economic problems and specification and estimation of econometric models. Topics may include: autocorrelation, heteroscedasticity, functional form, simultaneous equation models, logit and probit models, instrumental variables, qualitative choice models, and other computational methods.

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.

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.

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.

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.

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.

The role of the public sector in a market economy constitutes the over-arching topic of this course. Emphasis lies on analyzing government expenditure programs and the microeconomics of tax policy.

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.

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.

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.

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.

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.

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.

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.
Beginning on Fri, October 23rd, students will need to attend an evening meeting from 5:30p-830p

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.

An exploration of how people make decisions, questioning the concept of "perfect rationality" in the standard economic theory, providing improved models in line with the observed biases of decision makers. Focusing on decision making under risk and ambiguity, endowment effect, status quo bias, loss aversion, intertemporal choice, and selfish and pro-social preferences.

The foundations of public economics, taxation, inequality, and behavioral public economics are reviewed. Major topics include welfare economics, tax incidence, behavioral responses to tax incentives and the efficiency cost of taxation, optimal taxation, income and wealth inequality, optimal tax systems and tax evasion, capital taxation and business income taxes, and taxation and behavioral economics. The course material is aimed to give students an understanding of both the foundations and methods of modern public economics. This is the first course in the two-part Ph.D.

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.

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.

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.

Advanced Topics in Applied and Theoretical Microeconomics

Advanced Topics in Applied and Theoretical Macroeconomics

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.

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.

This is an advanced course in the intersection of international finance, trade, and macroeconomics. The goal is to integrate topics from the three fields and to understand the links between individual/micro and aggregate/macro outcomes in real and financial markets. Topics include firm sale and pricing behavior, consumer choice and aggregate responses---trade elasticities, real exchange rate fluctuations, risk sharing, portfolio choice, asset pricing anomalies, and information frictions.

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.

Workshop on Macroeconomics and Growth; Workshop in Applied Economics

Workshop in Econometrics

Workshop in International Development, and Comparative Economics

Workshop in Industrial Organization

Workshop in Labor Economics