ECONOMICS
(AS) {ECON}
L/R 001. Introduction to Micro Economics.
(C) Society
Sector. All classes.
Introduction to economic analysis and its application.
Theory of supply and demand, costs and revenues of the
firm under perfect competition, monopoly and oligopoly,
pricing of factors of production, income distribution,
and theory of international trade. Econ 1 deals
primarily with microeconomics.
L/R 002. Introductory Economics: Macro.
(C) Society
Sector. All classes. Prerequisite(s): ECON 001.
Introduction to economic analysis and its application.
An examination of a market economy to provide an understanding
of how the size and composition of national output
are determined. Elements of monetary and fiscal
policy, international trade, economic development,
and comparative economic systems.
L/R 010. Introduction to Economics
for Business. (A) Staff.
The first part of the course covers basic microeconomic concepts
such as opportunity cost, comparative advantage, supply
and demand, importance of costs and revenues under
perfect competition vs. monopoly, externalities and
public goods.
The second part
of the course introduces macroeconomic data, two models
of the labor market, a model of the aggregate household,
and the standard AD-AS model. The course concludes
with an introduction to fiscal policy, banking, and
the role of the Central Bank.
024. Development Economics. (C) Prerequisite(s): ECON 001 or ECON
010.
This course presents an overview of the field of development
economics. The general aim is to show how economic
analysis has been applied to issues related to developiing
countries. Among the topics covered are: income
distribution, poverty, health, population growth, migration,
growth, and the rural economy.
028. (SAST282) Globalization, Regional
Blocks and Sustainable Development. (C) Prerequisite(s): ECON 001, 002, 010.
This course examines the twin phenomena of liberalization
and globalization in the context of developing economies
and the complex economic issues thrown up by them. The
course will explore the resulting interlinkages and
their implications regarding the interrelationship
between the North and the South and policies for the
economies of the South Asia Region.
The study of the course will involve understanding and
analysis of both the empirical evidence and the underlying
theoretical principles concering the issues outlined. We
will address issues such as the role of the state and
market, globalization and regional trading blocks, foreign
direct investment and the problems of multinationals,
growth, poverty and sustainable development etc.
030. (PPE 030) Public Policy Analysis.
(C) Staff.
Prerequisite(s): ECON 001 and 002 or ECON 010. Credit
cannot be received for both ECON 030 and 231.
This course provides an introduction to the economic method
for analyzing public policy questions. It develops
the implications of this method for the role of government
in a market economy and for the analysis of specific
public projects.
033. (PPE 033) Labor Economics.
(B) Distribution
Course in Society. Class of 2009 & prior only.
Prerequisite(s): ECON 001 or ECON 010. Credit cannot
be received for both ECON 033 and 233.
The course begins with an extensive discussion of models of
labor market demand and supply. The rest of the
course addresses a variety of related topics including
the schoool-to-work transition, job training, employee
benefits, the role of labor unions, discrimination,
workforce diversity, poverty, and public policy.
034. (PPE 034) Economics of Family & Gender.
(A) Prerequisite(s): ECON 001, 002, or 010 and ECON 103.
The course will use economic theory and econometric analysis
to explore issues regarding decision making and allocation
of resources within the family. The impact of
gender roles and differences on economic outcomes will
be discussed. We will study some feminist criticism
of the economic tools for understanding household allocations
and gender differences. The US economy will serve
as the reference point though developing countries
will also be discussed.
035. (PPE 035) Industrial Organization.
(C) Distribution
Course in Society. Class of 2009 & prior only.
Prerequisite(s): ECON 001 or ECON 010. Credit cannot
be received for both ECON 035 and 235.
Theories of various industrial organizational structures and
problems are developed, including monopoly, oligopoly,
moral hazard and adverse selection. These theories
are then applied to the study of various industries,
antitrust cases, and regulatory issues.
036. (PPE 036) Law and Economics.
(A) Distribution
Course in Society. Class of 2009 & prior only.
Prerequisite(s): ECON 001 or ECON 010. Credit cannot
be received for both ECON 036 and 234.
The relationship of economic principles to law and the use
of economic analysisto study legal problems. Topics
will include: property rights and intellectual property;
analysis of antitrust and economic analysis of legal
decision making.
039. (HCMG202) Economics and Financing
of Health Care Delivery. (A) Distribution Course in Society. Class of 2009 & prior
only. Prerequisite(s): ECON 001 or ECON 010 or permission
of instructor. For non-Econ Majors only. Students
may not receive credit for HCMG 202, HCMG 302, or
Econ 236.
Systematic and critical review of the present economic literature
on the health care "industry". Topics
include the demography and determinants of illness,
the demand for curative and preventive care and determinants
of recent health cost inflation, the efficacy of markets,
and the role of government.
050. International Economics. (C) Distribution Course in Society. Class
of 2009 & prior only. Prerequisite(s): ECON 001
and 002 or ECON 010. ECON 050 is a one-semester course
in international economics. Students wishing
to study the subject in greater depth should take instead
the two-semester sequence ECON 251 and 252. A
student may not receive credit for both ECON 050 and
ECON 251 or ECON 252.
Introduction to the theory of international trade and international
monetary economics. The theoretical background
is used as a basis for discussion of policy issues. Patterns
of international trade and production; gains from trade;
tariffs, and impediments to trade; foreign exchange
markets, balance of payments, capital flows, financial
crises, coordination of monetary and fiscal policy
in a global economy.
062. The Soviet and Post-Soviet
Economy. (C) Distribution
Course in Society. Class of 2009 & prior only.
Prerequisite(s): ECON 001 and 002 or ECON 010. ECON
103 and ECON 262 helpful.
The development and operation of the Soviet centrally planned
economy. Its strengths and weaknesses, and causes
of its collapse. The transition from central
planning to a market economy.
072. Topics in Macroeconomics.
(A) Distribution
Course in Society. Class of 2009 & prior only.
Prerequisite(s): ECON 001 and 002 or 010. Note: A
student may not receive credit for ECON 072 and ECON
242.
This course examines several controversies in Macroeconomics. We
will study the effects of fiscal policy, including
taxation and deficits, on economic performance. We
will also consider the coordination of monetary and
fiscal policies. Also analyzed will be the relationship
between inflation and unemployment. Other topics
may be considered if time allows.
101. Intermediate Microeconomics.
(C) Distribution
Course in Society. Class of 2009 & prior only.
Prerequisite(s): ECON 001 and 002; MATH 104 and either
MATH 114 or MATH 115. (ECON 101 was formerly ECON
003).
Theories of consumer behavior, demand, production, costs,
the firm in various market contexts, factor employment,
factor incomes, elementary general equilibrium, and
welfare.
102. Intermediate Macroeconomics.
(C) Distribution
Course in Society. Class of 2009 & prior only.
Prerequisite(s): ECON 001, ECON 002, ECON 101, MATH
104 and MATH 114 or MATH 115. Students who receive
credit for FNCE 101 or its equivalent will not receive
credit for ECON 102. Please see the Economics
Department for descriptions specific to each section
of this course.
Facts and theories about the determination of per capita income
and its differences across countries and across time. The
study of economic fluctuations in output and employment. The
role of government in influencing these aggregate variables:
monetary and fiscal policy.
103. Statistics for Economists.
(C) Prerequisite(s):
MATH 104 and MATH 114 or MATH 115 and ECON 001 and
ECON 002. Intended primarily for economics majors. ECON
103 cannot be taken by any student who has already
completed Statistics at least at the level of STAT
101 (including the sequence STAT 111/112). Students
who have one semester of statistics must take the
second course in statistics or ECON 220 (or ECON
103, if STAT 111 was taken) to satisfy the statistics
requirement of the major. Students are strongly advised
to take the second course in statistics, rather than
ECON 220.
(Students with a one semester AP Statistics credit
for STAT 101 or higher can drop the credit in order
to take ECON 103 via a release form available from
the department.) NOTE: Students who took STAT 111/112
prior to or in Spring semester 2006, can count that
sequence as waiving out of the ECON 103 requirement. After
Spring 2006, however, STAT 111/112 cannot be used to
satisfy any of the Economics Department statistics
requirements. Students who completed STAT 111
or the 111/112 or SYS/ESE 301/302 sequence should enroll
in ECON 103.
The course focuses on elementary probability and inferential
statistical techniques. The course begins with
a survey of basic descriptive statistics and data sources
and then covers elementary probability theory, sampling,
estimation, hypothesis testing, correlation, and regression. The
course focuses on practical issues involved in the
substantive interpretation of economic data using the
techniques of statistical inference. For this
reason empirical case studies that apply the techniques
to real-life data are stressed and discussed throughout
the course, and students are required to perform several
statistical analyses of their own.
199. Independent Study. (C) Staff. Prerequisite(s): ECON 101,
102, 103 and written permission from the Director of
Independent Research. Please see the Undergraduate
Coordinator in Economics (160 McNeil) for the appropriate
sequence number.
Individual study and research under the direction of a member
of the Economics Department faculty. At a minimum,
the student must write a major paper summarizing, unifying,
and interpreting the results of the study. This
is a one semester, one c.u. course.
210. Economics of Family. (M) Prerequisite(s): ECON 101, MATH 104
and MATH 114 or MATH 115. Students may not receive
credit for ECON 034 and ECON 210. In addition,
any 200-level evening course (Section 601), when offered,
WILL NOT count for Economics Majors unless you are
officially registered as a CGS student.
This course will use economic tools to explore decision making
and allocation of resources within the family. The
course will use both economic theory and econometric
evidence to investigate these issues. The impact
of gender roles and differences will be examined and
the effect of these differences on economic decisions
and outcomes both within and outside the family will
be discussed.
Student participation
will be an integral part of the course. During
class, students will be required to evaluate data and
relate it to the theoretic model covered. Student
participation will also include two in-class oral presentations. Students
will be working with CWiC (Communication Within the
Curriculum) as they work on these presentations.
211. Social Choice Theory. (M) Prerequisite(s): ECON 101; MATH 104
and MATH 114 or MATH 115. (ECON 211 was formerly ECON
116). In addition, any 200-level CGS course (Section
601), when offered, MAY NOT count for Economics Majors,
unless you are officially registered as a CGS student.
This course investigates a topic which lies at the heart of
economic, social and political sciences, namely the
aggregation of individual preferences. Can a
society as a whole exhibit preferences as individuals
do? Can these preferences be based on individual
ones, and show the same level of coherence? Which process
can lead from individual preferences to the preferences
of the society? At the end of the 18th century,
the pioneers in the field already realized that mathematics
is the only language powerful enough to make deep progress
in the understanding of these questions. The
formalization involves pure logic as well as geometry
and combinatorics.
SM 212. Game Theory. (C) Distribution Course in Society. Class
of 2009 & prior only. Prerequisite(s): ECON 101;
MATH 104 and MATH 114 or MATH 115. Any 200-level CGS
course (Section 601), when offered, WILL NOT count
for Economics Majors unless you are officially registered
as a CGS student.
An introduction to game theory and its applications to economic
analysis. The course will provide a theoretical
overview of modern game theory, emphasizing common
themes in the analysis of strategic behavior in different
social science contexts. The economic applications
will be drawn from different areas including trade,
corporate strategy and public policy.
220. Introduction to Econometrics.
(C) Distribution
Course in Society. Class of 2009 & prior only.
Staff. Prerequisite(s): ECON 101, 102, 103 or with
instructor's permission; MATH 104 and MATH 114 or
MATH 115. In addition, any 200-level CGS course (Section
601), when offered, WILL NOT count for Economics
Majors unless you are officially registered as a
CGS student.
This course is designed to introduce students to econometric
techniques and their applications in economic analysis
and decision-making. The main objective of the
course is to train the student in (i) handling economic
data; (ii) quantitative analyses of economic models
with probabilistic tools; (iii) econometric techniques,
their application as well as their statistical and
practical interpretation; (iv) implementing these techniques
on a computer. Estimation and inference procedures
are formally analyzed for simple econometric models
and illustrated by empirical case studies using real-life
data. The course covers linear regression models,
simultaneous-equations models, discrete choice models
and univariate time series models. Estimation
and Inference is conducted using least squares and
likelihood based techniques. Students are required
to perform several econometric analyses of their own.
221. Econometric Forecasting. (C) Distribution Course in Society. Class
of 2009 & prior only. Prerequisite(s): ECON 101,
102, 103; MATH 104 and MATH 114 or MATH 115. ECON
220 is highly desirable but not strictly required.
In addition, any 200-level CGS course (Section 601),
when offered, WILL NOT count for Economics Majors unless
you are officially registered as a CGS student.
This course provides a comprehensive introduction to forecasting
in economics and business. Topics covered include
statistical graphics, trends, seasonality, cycles,
forecast construction, forecast evaluation and forecast
combination.
222. Advanced Econometric Techniques
and Applications. (B) Distribution Course in Society. Class of 2009 & prior
only. Prerequisite(s): ECON 101, 220; MATH 104 and
MATH 114 or MATH 115. In addition, any 200-level
CGS course (Section 601), when offered WILL NOT count
for Economics Majors unless you are officially registered
as a CGS student.
This course introduces students to advanced study in econometrics,
with an emphasis on methods used in microeconomic applications
and in evaluating the effects of social interventions. The
methods covered include methods for handling limited
dependent variables (useful, for example, in forecasting
the demand for a new good), maximum likelihood estimators,
and flexible semiparametric and non parametric estimation
methods, and randomized and nonexperimental methods
of estimating treatment effects. Applications
of econometrics to the field of program evaluation
will also be studied.
231. Public Finance. (C) Prerequisite(s): ECON 101; MATH 104
and MATH 114 or MATH 115. ECON 103 is recommended.
Credit cannot be received for both ECON 030 and 231. In
addition, any 200-level CGS evening course (Section
601), when offered, WILL NOT count for Economics Majors
unless you are officially registered as a CGS student.
This course has two parts. The first looks at market
and government failures and discusses the need for
public policies as well as limits to their effectiveness
including the evaluation of public projects using cost
benefit analysis. The second part focuses on
the economic analysis of taxation, including the economic
incidence and efficiency of taxes.
232. (PPE 232) Political Economy.
(B) Prerequisite(s):
ECON 101; MATH 104 and MATH 114 or MATH 115. ECON
103 is recommended. The CGS 200-level evening course
(Section 601), when offered, WILL NOT count for Economics
Majors unless you are officially registered as a
CGS student.
This course examines the political and economic determinants
of government policies. The course presents economic
arguments for government action in the private economy. How
government decides policies via simple majority voting,
representative legislatures, and executive veto and
agenda-setting politics will be studied. Applications
include government spending and redistributive policies.
233. Labor Economics. (C) Distribution Course in Society. Class
of 2009 & prior only. Prerequisite(s): ECON 101;
MATH 104 and MATH 114 or MATH 115. ECON 103 is
recommended. Credit cannot be received for both ECON
033 and 233. In addition, the CGS 200-level evening
course (Section 601), when offered, WILL NOT count
for Economics Majors unless you are officially registered
as a CGS student.
Labor supply and labor demand, income distribution, labor
market contracts and work incentives, human capital,
labor market discrimination, job training and unemployment.
234. Law and Economics. (B) Distribution Course in Society. Class
of 2009 & prior only. Prerequisite(s): ECON 101;
MATH 104 and MATH 114 or MATH 115. Credit cannot be
received for both ECON 036 and 234. In addition,
the CGS evening course (Section 601), when offered,
MAY NOT count for Economics Majors, unless you are
officially registered as a CGS student.
This course will use basic microeconomic tools to understand
how the law often, but not always, promotes economic
efficiency. Among the areas to be discussed will
be tort law, property law, intellectual property, antitrust
regulation. The distinction between common law
and legislative law will be drawn.
235. Industrial Organization. (C) Distribution Course in Society. Class
of 2009 & prior only. Prerequisite(s): ECON 101;
MATH 104 and MATH 114 or MATH 115. ECON 103 is
recommended. Credit cannot be received for both ECON
035 and 235. In addition, the CGS 200-level evening
course (Section 601), when offered, WILL NOT count
for Economics Majors unless you are officially registered
as a CGS student.
Theories of various industrial organizational structures and
problems are developed, including monopoly, oligopoly,
nonlinear pricing and price discrimination. These
theories are used to model various industries, antitrust
cases, and regulatory issues.
236. (HCMG302) Economics and Financing
of Health Care Delivery. (B) Prerequisite(s): ECON101, MATH 104, and either MATH 114 or
MATH 115. For ECON majors only. Intermediate
Micro is a prerequisite and this course will use
advanced quantitative methods. Students may
not take Econ 039, HCMG 202. Cross-listed with
HCMG 302. In addition, the CGS 200-level evening
course (Section 601), when offered, WILL NOT count
for Economics Majors unless you are officially registered
as a CGS student.
This course provides an application of economic principles
to the health care sector. By recognizing the
importance of scarcity and incentives this course will
focus on the critical economic issues in producing,
delivering and financing health care. In particular,
the course will analyze determinants of demand for
medical care, such as health status, insurance coverage
and income; the unique role of physicians in guiding
and shaping the allocation of resources in medical
care markets; and competition in medical care markets,
especially among hospitals. Special emphasis
will be placed on the evaluation of policy instruments
such as government regulation, antitrust laws, 'sin
taxes' on cigarettes and alcohol, and public health
programs. The course will use more advanced quantitative
methods and formal economic theory; knowledge of calculus
and basic microeconomics are recommended.
237. (BPUB230, FNCE230, REAL230)
Urban Fiscal Policy. (M) Inman. Prerequisite(s): ECON 101, ECON 102, MATH 104 and MATH 114 or
115.
The purpose of this course is to examine the financing of
governments in the urban economy. Topics to be
covered include the causes and consequences of the
urban fiscal crisis, the design of optimal tax and
spending policies for local governments, funding of
public infrastructures and the workings of the municipal
bond market, privatization of government services,
and public financial systems for emerging economies. Applications
include analyses of recent fiscal crises, local services
and taxes as important determinants of real estate
prices, the infrastructure crisis, financing and the
provision of public education, and fiscal constitutions
for new democracies using South Africa as an example.
241. Topics in Macroeconomics -
Growth, Development, and Business Cycles. (C) Distribution Course in Society. Class of 2009 &
prior only. Prerequisite(s): ECON 101, 102, 103; MATH
104 and MATH 114 or MATH 115. ECON 220 and/or
ECON 221 are highly desirable but not strictly required.
In addition, the CGS 200-level evening course (Section
601), when offered, WILL NOT count for Economics Majors
unless you are officially registered as a CGS student.
This course provides a comprehensive introduction to international
financial markets and macroeconomic fundamentals, and
the links between them, as relevant for exchange rate
forecasting, portfolio allocation, hedging, risk management,
and asset pricing in global contexts. The course
is demanding and very highly quantitative.
242. Topics in Macroeconomics.
(C) Distribution
Course in Society. Class of 2009 & prior only.
Prerequisite(s): ECON 101 and 102; MATH 104 and MATH
114 or MATH 115. ECON 103 is recommended. A
student may not receive credit for ECON 072 and ECON
242. In addition, the CGS 200-level evening
course (Section 601), when offered, WILL NOT count
for Economics Majors unless you are officially registered
as a CGS student.
This course covers topics of interest in macroeconomics. It
studies how household decision making and government
policies and interventions determine macroeconomic
aggregates. There will be an emphasis on developing
and applying economic models. Students are expected
to have completed intermediate macroeconomics Econ
102.
243. Monetary and Fiscal Policies.
(C) Distribution
Course in Society. Class of 2009 & prior only.
Prerequisite(s): ECON 101 and 102; MATH 104 and MATH
114 or MATH 115.
ECON 103 is recommended. In addition, the CGS 200-level
evening course (Section 601), when offered, WILL NOT
count for Economics Majors unless you are officially
registered as a CGS Student.
This is an advanced course in macroeconomics. A relatively
simple, but well defined and internally consistent
model of the U.S. economy is set up and used to study
how output is generated given the initial resources,
how output is divided between consumption and addition
to capital stock, and how this process accumulates
over time. The role of prices including the rate
of interest in this process is also reviewed, and monetary
and fiscal policies needed to improve the performance
of the economy under such circumstances are discussed.
244. Macro-Modeling. (M) Distribution Course in Society. Class
of 2009 & prior only. Prerequisite(s): ECON 101
and 102; MATH 104 and MATH 114 or MATH 115. ECON
103 is recommended. In addition, the CGS 200-level
evening course (Section 601), when offered, WILL NOT
count for Economics Majors unless you are officially
registered as a CGS student.
Fundamentals of modern macroeconomic modeling and applications
for forecasting and policy analysis. Attention
will focus on representing such macroeconomic phenomena
as inflation, unemployment, the business cycle, productivity,
and secular growth. Students will build a macro
model. Topics will include how to simulate a
range of fiscal and monetary policies and how to measure
their effectiveness for stabilization and growth.
245. Math for Economists. (C) Prerequisite(s): ECON 101, ECON 102,
MATH 104 and MATH 114 or 115. The CGS 200-level evening
course (Section 601), when offered, WILL NOT count
for Economics Majors unless you are officially registered
as a CGS student.
This course will introduce students to mathematical tools
that are commonly used in modern economics and give
students experience using these tools to answer economic
questions. Topics covered may include constrained
optimization, duality, dynamic fixed point theorems
and optimal control theory.
251. International Trade. (A) Distribution Course in Society. Class
of 2009 & prior only. Prerequisite(s): ECON 101
and 102; MATH 104 and MATH 114 or MATH 115. A student
may not receive credit for both ECON 050 and ECON 251. In
addition, the CGS 200-level evening course (Section
601), when offered, WILL NOT count for Economics Majors
unless you are officially registered as a CGS student.
Structure of the world economy; theory of international trade;
economic growth and international trade; international
trade policy: developed countries; developing countries. Direct
investment, technology transfers, and the multinational
firm.
252. International Finance. (B) Distribution Course in Society. Class
of 2009 & prior only. Prerequisite(s): ECON 101
and 102; MATH 104 and MATH 114 or MATH 115. A student
may not receive credit for ECON 050 and ECON 252. In
addition, the CGS 200-level evening course (Section
601), when offered, WILL NOT count for Economics Majors
unless you are officially registered as a CGS student.
International monetary economics with emphasis on economic
policy in an open economy. Topics covered in
the course include: balance-of-payments adjustment,
theories of exchange rate determinaton, the effects
of exchange rate devaluation, macroeconomic policy
under fixed and floating exchange rates, the Euro-dollar
market, currency and balance of payments crises.
261. Topics in Development. (M) Prerequisite(s): ECON 101; MATH 104
and MATH 114 or MATH 115. ECON 103 is recommended.
Student may not receive credit for Econ 033 and Econ
261. In addition, the CGS 200-level evening course
(Section 601), when offered, WILL NOT count for Economics
Majors unless you are officially registered as a CGS
student.
This course studies institutions in developing economies. The
first section of the course will cover the organization
of production in traditional agrarian societies. Topics
will include land, labor and credit markets. The
second section of the course will focus on the role
of the community in facilitating the transition to
the modern market economy. Here we will study
how the community spreads information, permits the
formation of informal networks and organizes collective
institutions, allowing individuals to take advantage
of new economic opportunities.
SM 300. Honors Seminar. (E) Distribution Course in Society. Class
of 2009 & prior only. Staff. Prerequisite(s): ECON
101, 102, 103, and 220 and one 200 level course; MATH
104 and MATH 114 or MATH 115. GPA of at least
3.5 in Economics and permission of the instructor.
Course meets weekly. Required of all honors majors.
Students prepare an honors thesis in economics over the academic
year, supervised by a faculty member of their choice. In
both semesters students present their work in progress
to the class. Any student intending to do empirical
work in the thesis should have COMPLETED ECON 103 and
220.
Regularly Offered Ph.D.
Courses
680. Microeconomics. (A) Prerequisite(s): Equivalent of ECON
003 or permission of instructor.
Basic tools of microeconomic analysis: consumer choice, firm
behavior; partial and general equilibrium theory. Econ
681 is a more theoretical course covering the same
material.
681. Microeconomic Theory. (A) Prerequisite(s): Equivalent of ECON
003; meeting the department's minimal mathematical
requirements; or permission of instructor.
Basic tools of microeconomic theory: consumer choice, firm
behavior, partial and general equilibrium theory. This
is a more theoretical treatment of the basic tools
of microeconomic analysis than Econ 680.
682. Game Theory and Applications.
(B) Prerequisite(s):
ECON 680 or 681.
A graduate level introduction to decision making under uncertainty,
applied game theory, and information economics.
701. Microeconomic Theory I. (A) Prerequisite(s): Meeting the Department's
minimal mathematical requirements.
Nonlinear programming, theory of the consumer and producer,
general equilibrium.
702. Macroeconomic Theory I. (B) Prerequisite(s): Meeting the Department's
minimal mathematical requirements; ECON 701, 703 and
898, or equivalents.
Dynamic programming, search theory, neoclassical growth theory,
asset pricing, business cycles.
703. Microeconomic Theory II. (A) Prerequisite(s): Meeting the department's
minimal mathematical requirements.
Game theory, decision making under uncertainty, information
economics.
704. Macroeconomic Theory II. (B) Prerequisite(s): Meeting the Department's
minimal mathematical requirements; ECON 701, 703 and
898, or equivalents.
Equilibrium notions in the growth model. Economies with
distortions. Incomplete markets. Overlapping
generations.
705. Econometrics I: Fundamentals.
(A) Prerequisite(s):
Meeting the Department's minimal mathematical requirements.
Violations of classical linear regresson assumptions, nonlinear
regression models (including logit, probit, etc.),
diagnostic testing, distributed lag models, panel data
models, identification, linear simultaneous-equations
model.
706. Econometrics II: Methods
& Models. (B) Prerequisite(s):
Meeting the department's minimal mathematical requirements; ECON 705 and 898,
or equivalents.
Analysis in time and frequency domains, state space representations,
Kalman filtering, conditional heteroskedasticity, nonlinear
and nonparametric methods for time series, integration,
co-integration, numerical and simulation techniques.
708. The Economics of Agency, Information,
and Incentives. (C) Prerequisite(s): Meeting the Department's minimal mathematical
requirements; ECON 898 or equivalents.
This course studies the economics of adverse selection and
moral hazard in strategic settings. The primary
focus is on the agency relationship and the structure
of agency contracts. Other settings include auctions,
bilateral trading, and the internal organization of
the firm.
712. Topics in Advanced Economic
Theory and Mathematical Economics. (C)
Topics and prerequisites announced each year.
713. Game Theory. (C) Prerequisite(s): ECON 701 and 703.
A rigorous introduction to the concepts, tools, and techniques
of the theory of games, with emphasis on those parts
of the theory that are of particular importance in
economics. Topics include games in normal and
extensive form, Nash equilibrium, games of incomplete
information and Bayesian equilibrium, signaling games,
and repeated games.
714. Quantitative MacroEconomic
Theory. (C) Prerequisite(s):
ECON 702 and 704.
Computation of Equilibria. Calibration of models. Heterogenous
agents, macroeconomic models.
716. Equilibrium Theory. (C) The course relies heavily on material
covered in Microeconomic Theory I (ECON 701).
This course covers various topics in equilibrium theory (broadly
conceived as the analysis of any model in which the
collective outcome of individual actions in an economic
-- or, even more generally, social setting is described
by a system of equations). In recent years the
focus has been on the theory of equilibrium in a competitive
setting when financial markets are "imperfect," for
example, when there are an incomplete set of financial
markets, or when households' transactions on financial
markets are restricted by various conventions or institutions.
721. Econometrics III: Advanced
Techniques of Cross-Section Econometrics. (C) Prerequisite(s): ECON 705 and 706.
Qualitative response models, panel data, censoring, truncation,
selection bias, errors in variables, latent variable
models, survey design, advanced techniques of semiparametric
estimation and inference in cross-sectional environments. Disequilibrium
models. Methods of simulated moments.
722. Econometrics IV: Advanced
Techniques of Time-Series Econometrics. (C) Prerequisite(s): ECON 705 and 706.
Consistency and asymptotic normality for m-estimator and for
generalized moment estimators. Asymptotics for
integrated and cointegrated time-series. Inference
in presence of nuisance parameters identified only
under the alternative: consistent moment tests, testing
for threshold effects, testing for structural breaks. Estimation
of stochastic differential equations from discrete
observations: simulated method of moments, indirect
inference. Discrete time GARCH models and their continuous
limits.
730. International Trade Theory
and Policy. (C) Prerequisite(s):
ECON 701 and 702.
Pure theory of international trade, commercial policy, and
trade.
731. International Monetary Theory
and Policy. (C) Prerequisite(s):
ECON 701 and 702.
Balance of payments, international capital movements, and
foreign exchange examined against a background of current
theories and policies.
740. Monetary Economics. (C) Prerequisite(s): ECON 703, 704, 705,
and 706.
The role of money as a medium of exchange and as an asset. Models
of the demand for money.
741. Economic Growth. (C) Prerequisite(s): ECON 701 and 702.
Theories of economic growth and their quantitative implications.
750. Public Economics. (C) Prerequisite(s): ECON 701 and 703.
Public goods, externalities, uncertainty, and income redistribution
as sources of market failures; private market and collective
choice models as possible correcting mechanisms. Microeconomic
theories of taxation and political models affecting
economic variables.
751. Public Economics II. (C) Prerequisite(s): ECON 701 and 703.
Expenditures: Alternative theories of public choice; transfers
to the poor; transfers to special interests and rent
seeking; social insurance; publicly provided private
goods; public production and bureaucracy. Taxation:
Tax incidence in partial and general equilibrium; excess
burden analysis. Topics on tax incidence and
efficiency: lifetime incidence and excess burden, dynamic
incidence, the open economy.
Normative theories of taxation: Optimal commodity and
income taxation.
The political economy of income taxation.
753. Macroeconomic Policy. (C) Prerequisite(s): ECON 702.
A review of alternative theories of growth and business cycles,
and their relevance for recent history of selected
industrialized countries. Fiscal and monetary
policy in a dynamic setting and their application to
current policy issues.
760. Development Economics: Basic
Micro Topics. (C) Prerequisite(s):
ECON 701 and 705, or permission of instructor.
Analysis of selected topics in economic development related
to household/firm (farm) behavior, including determinants
of and the impact of human resources, contractual arrangements
in land, labor and credit markets, investment and savings. Emphasis
on tractable modeling that leads to integrated analysis
given available data.
780. Industrial Organization. (C) Prerequisite(s): ECON 701.
Development of microeconomic models to explain the structure
and performance of markets. Among other topics:
the conditions under which monopoly power can be exercised,
the relationship between profit rates and concentration
or size, the persistence of profits over time, industry
turnover and interindustry comparisons.
781. Empirical Methods for Industrial
Organization. (C) Prerequisite(s): ECON 780.
The goal of the course is to explore links between theory
and data in order to identify and test implications
of economic models.
Reduced form and structural approaches will be used to
study a variety of topics that include: Estimation of
multiproduct cost functions; detection of collusion,
multimarket contact, and network externalities; asymmetric
information: auctions and nonlinear pricing; price competition
and product differentiation; and complementarities: innovation
and organizational design.
785. Selected Topics in Industrial
Organization. (C) Prerequisite(s): ECON 701.
The course will cover topics in oligopolistic competition,
product selection, the operation of markets under imperfect
information and related subjects.
791. (DEMG796, SOCI796) Economic
and Demographic Interrelations. (M) Prerequisite(s): Microeconomic theory and econometrics at
the graduate or advanced undergraduate level, or
permission of instructor.
Application of economics to the analysis of demographic behaviors
and processes including fertility, mortality, health,
marriage and migration. Focus is on the development
and testing of models of household behavior using econometric
tools. Consideration is also given to the economic
consequences of population growth.
792. Economics of Labor I. (C) Prerequisite(s): ECON 701, 703, 705,
and 706.
Topics include: Theories of the supply and demand for labor,
wage determination, wage differentials, labor market
discrimination, unemployment, occupational choice and
dynamics of specific labor markets, theory of matching,
trade unions. The theory and empirics of human
capital accumulation, intertemporal labor supply, search,
intergenerational mobility of income and wealth, contracts
and bargaining, efficiency wage models, principal/agent
models, and signaling models.
793. Economics of Labor II. (C) Prerequisite(s): ECON 792 or permission
of instructor.
A continuation of ECON 792.
898. Elementary Mathematics for
Economists. (A)
Vector spaces, linear transformations and matrices, quadratic
forms definite matrices, eigenvalues and similarity
transformations, linear difference and differential
equations, point set topology, and fixed point theorems.
980. Topics in Economics. (M)
Topics and prerequisites announced when course is offered.
982. Topics in Econometrics. (C)
Topics and prerequisites announced when course is offered.
983. Topics in Microeconomics.
(C)
Topics and prerequisites announced when course is offered.
984. Topics in Macroeconomics.
(C)
Topics and prerequisites announced when course is offered.
998. Individual Readings and Research. (C)
999. Independent Study. (C)
Workshops and Research Seminars
Forum at which visiting speakers, Penn faculty, and graduate
students present research ideas
SM 719. Economic Theory. (C) Related Courses: ECON 712.
SM 729. Econometrics. (C) Related Courses: ECON 721 and 722.
SM 739. International Economics. (C) Related Courses: ECON 730 and 731.
SM 749. Monetary Economics. (C) Related Courses: ECON 740 and 741.
SM 759. Political Economy. (C) Related Courses: ECON 750 and 751.
SM 769. Economic Development Workshop.
(C) Related
Courses: ECON 760, 761, 791.
Forum at which visiting speakers, Penn faculty, and graduate
students present research ideas.
SM 779. Comparative Economic Systems. (C) Related Courses: ECON 770 and 771.
SM 789. (BPUB959) Applied Microeconomics Workshop. (C) Related Courses: ECON 780 and 781.
SM 799. Empirical Microeconomics.
(C) Related
Courses: ECON 791, 792, 793.
