DEPARTMENT OF ECONOMICS

Small, writing and discussion-oriented course exploring a specific topic or theme, and introducing skills necessary to thriving at Northwestern. Not eligible to be applied towards a WCAS major or minor except where specifically indicated.

Small, writing and discussion-oriented course exploring a specific topic or theme, and introducing skills necessary to thriving at Northwestern. Not eligible to be applied towards a WCAS major or minor except where specifically indicated.

Small, writing and discussion-oriented course exploring a specific topic or theme, and introducing skills necessary to thriving at Northwestern. Not eligible to be applied towards a WCAS major or minor except where specifically indicated.

Small, writing and discussion-oriented course exploring a specific topic or theme, and introducing skills necessary to thriving at Northwestern. Not eligible to be applied towards a WCAS major or minor except where specifically indicated.

Small, writing and discussion-oriented course exploring a specific topic or theme, and focused on the fundamentals of effective, college-level written communication. Not eligible to be applied towards a WCAS major or minor except where specifically indicated.

A discussion of  why we want to “do good”; how to try to do good (and why problems exist in the first place); and, how to know if you did good. Applications to public policy as well as personal life.   Prerequisites: None.

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 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.

Application of microeconomics to the study of health insurance and the health care sector.  Topics include: design and financing of health insurance, public and private demand for medical care, role of competition, regulation of hospitals and physicians, roles of nonprofit and for-profit organizations, and technological change. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

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.

Algorithms and data are increasingly used to guide high-stakes predictions about individuals, with a range of economic and social implications. This course covers theoretical frameworks for thinking through those implications. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, MATH 220-2, MATH 230-1.

The role of information in markets and strategic interactions. The course introduces formal models of asymmetric information to study its implications for efficiency, incentives, and market outcomes, emphasizing both theoretical foundations and applications to real-world institutions. Topics include adverse selection, moral hazard, signaling, screening, mechanism design, Bayesian persuasion, strategic communication, information disclosure, auctions, matching, and market design. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

This course is for students looking for advanced and rigorous analysis in macroeconomics.  Topics vary and may include: growth, business cycles, unemployment and search, monetary economics, macroeconomic policy, inter-temporal choice, and general equilibrium. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311, MATH 220-2, MATH 230-1.

Economic development of the United States with emphasis on changing structure and performance of the economy: Colonial period to 1865. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.

Economic development of the United States with emphasis on changing structure and performance of the economy: 1865 to the present. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0. ECON 323-1 is not a prerequisite.

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.

Microeconomic issues in underdeveloped countries.  Topics include: land use, labor, migration, credit and microfinance, informal and formal insurance, famine, education and health. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

Economic change in sub-Saharan Africa, emphasizing current issues and policies in their historical contexts. Agriculture and rural development, industrialization, and international economic relations.  Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 326-0.

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.

Application of experimental methods to study economic questions.  Students will learn about, participate in, and potentially design, experiments to gain insight into economic theories about decision-making, games, and markets. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

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 analysis of political motivations and policy outcomes using economic models of social choice theory and voting theory. Application of formal theory to contemporary and historical public policy decisions. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

Study of methodological problems in public policy analysis and an examination of how economists perform policy analysis in practice. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

Economic functions and financing of state and local governments in theory and practice, costs and demands for local public services, and the role of government finance in urban and regional growth. 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.

The economic analysis of education. Topics include: returns to schooling, individual decisions to invest in education, the production of education, markets for schools and teachers, financing, and public policy. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

 Application of microeconomics and empirical tools to the study of crime and the criminal justice system. Topics include the determinants of crime, discrimination in the criminal justice system, consequences of criminal justice contact, and the economic and social costs of violence. 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 microeconomic tools to the problems and issues caused by monopoly power in the context of antitrust law, public utility regulation, and intellectual property.  Use of economic theory and landmark legal cases to study the purpose and development of policies to mitigate anti-competitive practices, and highlight currently unresolved public policy debates.   Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

Economics of all forms of transportation and the regulatory and public policy environment in which they operate.  Topics include: demand by passengers and freight shippers, costs of production, optimal pricing, regulatory interventions, subsidies, evaluation of investment, and dealing with congestion.  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.

How corporations allocate resources over time as facilitated by capital markets. Topics include: discounting techniques and applications, stock and bond valuation, asset pricing models, diversification and portfolio choice, capital budgeting, and basic option theory. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0. (May not receive credit for both this course and BUS_INST 304-0. Not for students who have previously taken KELLG_FE 310-0.)

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.

Determination of exchange rates, balance of payments, and international asset flows and prices; international transmission of macroeconomic disturbances. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.

Analysis of the functioning and regulation of electricity, oil and natural gas markets.  Topics include: the role of competition and environmental concerns.  Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

Economic analysis of scarcity and incentives explaining environmental issues such as pollution and climate change. Modeling and evaluation of public policy. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

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.

Game theory is a collection of mathematical models of interaction among decision makers. It is used widely in understanding economic phenomena.  This course will present some of the basic ideas of game theory Prerequisites: ECON 310-1, ECON 310-2, MATH 220-2, MATH 230-1. (Should not be taken by students who have completed MMSS 211-2.) 

First part of the specialized sequence in econometrics.  A more rigorous and higher level alternative to ECON 281-0.  Economics majors completing ECON 381-1 will have the ECON 281-0 requirement waived.  Prerequisites: ECON 310-1, (ECON 310-2, ECON 311-0 recommended), MATH 226-0, MATH 230-1, MATH 230-2, MATH 240-0 and MATH 314-0 (or equivalent).

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).

Methods for using actual data together with modern software to build, assess critically, and interpret econometric models of real world phenomena and policy issues. Prerequisites: ECON 281-0, ECON 310-1.

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.

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.

A preparatory course held prior to the Fall Quarter of the student’s first year.  Emphasizing mathematical concepts and results applied in graduate economics courses.  Topics include linear algebra, multivariate calculus, constrained optimization and probability theory.  Registration is only necessary for students obtaining a combined BA/MA degree in Economics.  PhD students should not register.

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 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 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.)

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.)

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.)

Methodological aspects of modern economic theory. Problems in economic decision making, strategic interaction, and welfare economics.

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. 

Asymmetric information in markets and organizations. Topics include search, signaling, bidding, rational expectations, moral hazard, principal-agent problems, and contract-mechanism design.

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.

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.

Application of economic theory and other quantitative techniques to research on long-term factors in the development of the American economy.

Application of economic theory and other quantitative techniques to studies of European economic evolution.

Theoretical and empirical study of economic behavior and institutions in developing countries.

Theoretical and empirical study of economic behavior and institutions in developing countries.

Theoretical and empirical aspects of government spending and taxation.

Theoretical and empirical aspects of government spending and taxation.

Theoretical and empirical study of the structure and functions of labor markets.

Theoretical and empirical study of the structure and functions of labor markets.

Theoretical and empirical analysis of the behavior of firms, the structure of markets and related public policy issues.

Theoretical and empirical analysis of the behavior of firms, the structure of markets and related public policy issues.

Theoretical and empirical analysis of the behavior of firms, the structure of markets and related public policy issues.

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.

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.)

Nonparametric and linear regression, identification, principles of statistical inference, extremum estimators, asymptotic statistical theory, discrete response analysis, and and structural microeconometrics. (Required sequence.)

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.

Methods used to analyze time-series data with a focus on macroeconomic applications.

Methods used to analyze cross-section and panel data sets with an emphasis on applications.

Topics vary with the field of specialization of visiting or regular faculty.

Student presentations of research papers. Primarily aimed at third year students.

Open to graduate students with research interests in economic theory.

Open to graduate students with research interests in economic history.

Open to advanced graduate students with research interests in development economics.

Open to graduate students with research interests in macroeconomics.

Open to graduate students with research interests in health care, education, labor, and public finance economics.

Open to graduate students with research interests in industrial organization.

Open to graduate students with research interests in econometrics.

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).