An introduction to economics with emphasis on macroeconomics. Topics include: scarcity and choice, elements of supply and demand, inflation, unemployment, recessions, booms, fiscal and monetary policy, international balance of payments, and budget deficits. Prerequisite: basic algebra and graphing.
An introductory course on the fundamentals of microeconomics. The behavior of individuals and firms in deciding on prices and allocation of scarce resources. Topics include: consumer preferences, costs of production, equilibrium prices and output, different market types, potential market failures, and the role of government interventions and public policy. Prerequisite: ECON 201-0.
An introductory course on the fundamentals of microeconomics. The behavior of individuals and firms in deciding on prices and allocation of scarce resources. Topics include: consumer preferences, costs of production, equilibrium prices and output, different market types, potential market failures, and the role of government interventions and public policy. Prerequisite: ECON 201-0.
An introduction to econometrics. The underlying theory of regression and the practical application of these techniques to data sets. Understanding and diagnosing common statistical problems encountered during estimation. Prerequisite: ECON 201-0, ECON 202-0, MATH 220-1, STAT 210-0 or higher level statistics class. All other substitutions (including AP Statistics) must be cleared through the Director of Undergraduate Studies for Economics.
The role of money, banking, and financial markets in the modern economy. Topics include: function and history of money, financial flows, evolving nature of banks and their regulation, monetary policy, modern central bank practices, effect of monetary policy on economic outcomes, and the response to financial crises. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.
Understanding the role of government in the economy in theory and practice. Topics include: structure and implications of various tax instruments, role of public debt, and methods for evaluating government expenditures and programs. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.
A more mathematically formal and rigorous treatment of the core concepts of microeconomics introduced in ECON 202-0. Topics include: consumer behavior and the theory of demand, costs of production and the nature of equilibrium in competitive and monopolistic markets. Prerequisites: ECON 201-0, ECON 202-0, MATH 220-1.
The continuation of the intermediate microeconomics sequence provides tools to analyze social wellbeing, social choice, risk and uncertainty, information asymmetries, competitive independencies between firms (game theory), market spillovers and general equilibrium. Prerequisite: ECON 310-1.
A more mathematically formal and rigorous treatment of the core concepts of macroeconomics introduced in ECON 201-0. Topics include: aggregate consumption, inflation, unemployment, growth, international balances between countries, and the role of monetary and fiscal policy. Prerequisites: ECON 201-0, ECON 202-0, MATH 220-1.
Western European developments from 1750 to the present. Topics include: demographic, technical, social, and economic change. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.
Macroeconomic aspects of long-term patterns of economic development, and the examination of differences in the income levels and growth performances across countries. The role of investment, education, population, and technological change in economic growth. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0.
Economists have found it useful to relax the traditional assumptions of an economy in equilibrium populated by agents who are perfectly rational. Complexity economics is one alternative approach that assumes that markets may not be in equilibrium and that the people in the economy may not perfectly understand their environment. They face fundamental uncertainty in their decision-making. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0.
Understanding of how humans make choices in economic situations. The incorporation of psychology and/or sociology into economics to gain deeper insight into economic behavior, to make better predictions, and to generate improved policy prescriptions. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.
The theory and empirical analysis of employment relationships. Topics include: decision to participate in the labor market, tradeoff between labor and leisure, demand for labor by firms, matching of workers and jobs, role and effect of trade unions, minimum wage legislation, labor mobility, and human capital acquisition, Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0.
Analysis of gender differences in employment, earnings and division of labor in the household. Topics include: the status of women around the world, education, marriage, fertility, labor supply, household decision-making, and discrimination. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.
Examination of the competitive and cooperative strategies employed by profit-maximizing firms in a wide range of market structures. Topics include: the setting of prices and outputs, product quality and variety, competitive responses, entry barriers, mergers and acquisitions, and relationships with suppliers and distributors. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.
Application of economic analysis to creative and performing arts, and the heritage and cultural industries. The economic organization of the cultural sector and with the behavior of producers, consumers and governments in that sector. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.
Factors influencing trade in goods and services between countries and the implication of globalization. The reasons for, and the effects of, trade policy instruments such as tariffs, quotas, and voluntary export restrictions. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0.
Evaluation of economics models and public policy concerning natural resources such as farming, fisheries, forests, minerals, ores and fossil fuels. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2. (Students may not receive credit for both ECON 370-0 and ECON 373-0.)
Second part of the upper-level econometrics sequence. The course introduces additional econometrics tools beyond those introduced in ECON 381-1. The course also explores the empirical application of these tools, and how to evaluate critically econometric and statistical methods used in policy analysis. Prerequisite: ECON 381-1, (ECON 310-2, ECON 311-0 recommended).
For students of superior ability. Original research on a topic of interest to the student, culminating in a senior thesis. By department invitation only. Grade of K given in 398-1. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0, MATH 220-2, MATH 230-1; at least four 300-level economics electives.
Theoretical treatment of the behavior of consumers and firms. Topics include: uncertainty, monotone comparative statics, competitive equilibrium, matching, game theory, informational asymmetries, and mechanism design (Required sequence.)
Theoretical methodologies and their application to the study of dynamic economies. Topics include: economic growth and business cycles, the determinants of consumption and investment, and the effects of monetary and fiscal policy. (Required sequence.)
Information imperfections and asymmetries in markets and organizations. The theory and application of mechanism design to markets and contracts. Topics include: modeling information, search, the value of information, games with incomplete information, adverse selection and moral hazard.
Recent contributions to macroeconomics. Topics may include: models with heterogeneous agents, the role of financial markets and of the housing market, models of search and unemployment, the role of market power in good markets, and inequality.
Analytical tools for understanding international trade and international macroeconomics. Topics include: the relationship between trade and growth, international trade policy, international effects of monetary and fiscal policy, capital flows, and the choice of exchange rate regimes.
Nonparametric and linear regression, identification, principles of statistical inference, extremum estimators, asymptotic statistical theory, discrete response analysis, and and structural microeconometrics. (Required sequence.)
Advanced theory of identification, estimation, and statistical inference. Topics include: partial identification of probability distributions, the bootstrap, refinements of asymptotic theory, and semi- and nonparametric structural microeconometrics.
STAT 210 Introduction to Probability and Statistics
A mathematical introduction to probability theory and statistical methods, including properties of probability distributions, sampling distributions, estimation, confidence intervals, and hypothesis testing. STAT 210-0 is primarily intended for economics majors. May not receive credit for both STAT 202-0 and STAT 210-0. Prerequisite: strong background in high school algebra (calculus is not required).
$ = Discussion sections in core classes are for 50 minutes
