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.

Will we face an energy crisis in the near future, or will technological breakthroughs solve problems? Will we destroy the environment by careless use of polluting energy, or we will find new and clean sources of energy that resolves the environmental issue once and for all? Will politicians and governments succeed in agreeing on a coherent strategy to deal with global issues related to energy, or do we expect individual countries to move in different directions and exacerbate the problems?

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.

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.

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.

General supervision will be provided through assembled meetings with the professor in charge of the course.

Expands on the assumptions of rational decision-making used in intermediate microeconomics and develops more complicated, more realistic models which address uncertainty, intertemporal choices, strategic interactions, social preferences and considerations of what is fair.

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.

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.

Analysis of the determinants and influences on economic development. Emphasis on both theoretical models and econometric methods of explaining why some countries are poor, along with examination of policies to promote development.

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.

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.

An introduction to the methodology of experimental economics and its application to issues such as decision-making under uncertainty, auctions, and public goods. Also an introduction to behavioral economics as a relatively new area of economic research.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Explore both the causes and consequences in development economics from a historical and scientific approach. Presents theoretical models and applied work that test alternative hypotheses. Explore models of economic growth and institutions, with emphasis on property rights and political regimes as causal factors affecting development. Discuss empirical methods widely used in the field and important related topics including poverty, inequality, education and health.

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.

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.

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.

Classical theories of industry organization are analyzed. Topics include monopoly price discrimination, product differentiation and bundling as well as traditional oligopoly models of Cournot and Bertrand are examined. Dynamic models of oligopoly including entry deterrence and collusion are discussed in addition to games of research and development. Long-run industry structures and dynamics are also analyzed. Also investigates implications of these models for antitrust policy.

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.

Advanced Topics in Applied and Theoretical Microeconomics

Advanced Topics in Applied and Theoretical Macroeconomics

Oriented towards micro-econometric methods.

Oriented towards micro-econometric methods.

Puzzles in international finance; portfolio balance, current account dynamics, exchange rate behavior; capital market imperfections; balance of payments crises.

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.

After a brief overview of the micro-foundations of capital market imperfections, topics include limited commitment, the financial accelerator, liquidity, bubbles, crises, the role of credit in monetary economics as well as international capital flows.

Theoretical and empirical issues in taxation and redistribution, with a particular emphasis on the U.S. experience. Major topics covered include the theory of optimal income taxation and transfer program design; U.S. anti-poverty and income support programs; taxes and labor supply among both low- and high-income individuals; taxable income elasticities; tax incidence and efficiency; and individual savings behavior, in particular as it relates to taxation and public policy.

An introduction to empirical political economy. Determinants of individual political behavior and the impact of political rules on economic outcomes will both be analyzed. Modern applied econometric techniques will also be covered.

Covers the central ideas in population economics. These include theory and test of theories of mortality, fertility and immigration.

The theory and practice of valuing environmental benefits, including the health, recreation and aesthetic benefits associated with controlling air and water pollution, and the damages associated with climate change. Estimation of the benefits of energy efficiency improvements-including the benefits of fuel economy standards.

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