Introduction to Microeconomics
Professor/InstructorKelly Noonan, Henry Stuart Farber
Economics is the study of the allocation of scarce resources. The subject of this course is microeconomics, which examines the decision making of individuals and firms with regard to consumption, production, and allocation of good and services in a market system. We examine the benchmark "perfectly competitive" market setting as well as market settings that are not perfectly competitive. We discuss the appropriate role of government in addressing these "market failures". Two one-hour lectures, and a one-hour class.
Introduction to Macroeconomics
Professor/InstructorElizabeth Chapin Bogan, Alan Stuart Blinder
The theory, and some of the evidence, of how and why national economies fluctuate, with periods of boom and bust, and periods of high and low inflation. Substantial emphasis is given to fiscal policy and monetary policy including the novel policy responses to the 2007-2009 financial crisis and the ensuing recessions in the US and abroad. Attention is also paid to international economic issues and to problems of economic growth. Two lectures, one class.
Statistics and Data Analysis for Economics
Professor/InstructorUlrich K. Mueller
An introduction to probability and statistical methods for empirical work in economics. Descriptive statistics, probability, random variables, sampling, estimation, confidence intervals, hypothesis testing, introduction to the regression model. The class uses STATA as statistical software package. Two 90-minute classes, one preceptorial. Prerequisites: MAT 103.
This course builds on your knowledge of microeconomics from ECO 100. The general themes are (1) choices made by individual consumers and firms, (2) equilibrium from the interaction of these choices in markets or similar institutions, and (3) the role of government policy in improving economic outcomes. In each case, the analysis will be more in depth than it was in ECO 100. Some new concepts and techniques will be developed, especially for studying behavior under uncertainty, and strategic interactions (game theory). Two 90-minute lectures, and a one-hour class. Prerequisites: 100, MAT 175 or equivalent.
The determinants of national income, unemployment, inflation, interest rates and exchange rates. Includes analyses of business cycles, monetary and fiscal policies, consumption, investment, economic growth, and issues in international monetary macroeconomics. Two lectures, one precept. Prerequisites: ECO100 and ECO101.
The objective of this course is to prepare students for basic empirical work in economics. In particular, topics will include basic data analysis, regression analysis, testing, and forecasting. Students will be provided with the opportunity to use actual economic data to test economic theories. Prerequisites: 100 or 101, and 202, or ORF 245; MAT 103 or equivalent. Two 90-minute classes, one preceptorial.
Microeconomic Theory: A Mathematical Approach
Topics include consumer and firm behavior, market equilibrium, efficiency, an introduction to game theory, and information economics. Uses multivariable calculus and linear algebra to treat the topics in greater depth and to better prepare for advanced courses. Two lectures, one class. Prerequisites: ECO 100 or equivalent; MAT 175 or 201 or equivalent.
Macroeconomics: A Mathematical Approach
Professor/InstructorGiovanni L. Violante
This course examines the determinants of economic growth, business cycle fluctuations, and the conduct of monetary and fiscal policy. The first part of the course develops a framework for the analysis of households' consumption and savings behavior and firms' production decisions, and uses that to analyze long-run growth and financial crises. The second part of the course extends that analysis to examine business cycle fluctuations, including inflation, unemployment. Current issues in macroeconomic and financial policy are discussed throughout. Two lectures, one class. Prerequisites: 100 and 101; MAT 175 or 201 or equivalent.
Econometrics: A Mathematical Approach
Professor/InstructorBo E. Honoré, Mikkel Plagborg-Moller
Statistical analysis of economic data. The two-variable regression model, multiple regression. Techniques for dealing with violations of the regression model's assumptions, including autocorrelation, heteroscedasticity, specification error, and measurement error. Dummy variables, discrete-choice models, time series models, and forecasting. Introduction to simultaneous equations. Estimation and testing of economic models will be an important part of the course. Prerequisites: 100 and 101 and 202 (or ORF 245); MAT 175 or 201 or equivalent. Two 90-minute lectures, one class.
Professor/InstructorHenry Stuart Farber
This course provides hands-on experience in econometric analysis designed to help students to acquire the skills necessary to carry out their own empirical analyses in economics. Various aspects of empirical research in economics will be covered, including development of testable economic models, appropriate use of data, identification and causal inference, and specification and techniques for estimation of econometric models. Prerequisites: 302 or 312; and calculus. Two lectures, one preceptorial.
Topics in Macroeconomics
By extending ECO300-level macroeconomics, we develop alternative macroeconomic frameworks with financial frictions to understand business cycles, financial crises and public policy. The lecture begins with a historical overview of financial crises and basic financial accelerator models which emphasizes the interaction between borrowing constraint, asset prices and aggregate production. We then introduce financial intermediaries and government to study banking crisis, credit policy and macro prudential policy. Two 90-minute lectures, one preceptorial.
The Economics of Uncertainty
The microeconomic theory of individual decision making under uncertainty and economic interaction under asymmetric information. Topics include expected utility, value of information, risk-sharing in insurance and asset markets, contracting with moral hazard and adverse selection, and auctions. Applications include health insurance and finance. Two lectures, one preceptorial. Prerequisites: 300, MAT 175 or equivalent, and basic probability.
Professor/InstructorNicholas Wyeth Buchholz
An economic analysis of the structure of markets and of corporate behavior. The development and interpretation of public policies, including antitrust legislation and direct regulation related to market structure, corporate mergers, restrictive and discriminatory practices, advertising, and research and development. Two lectures, one class. Prerequisites: 300 or 310, and MAT 175 or equivalent.
Law and Economics
Professor/InstructorThomas Clark Leonard
An introduction to the economics of law. Application of price theory and welfare analysis to problems and actual cases in the common law ¿ property, contracts, torts ¿ and to criminal and constitutional law. Topics include the Coase Theorem, intellectual property, product liability, deterring crime, incarceration as punishment, and social choice. Prerequisite: 100. Two 90-minute lectures.
Disease Ecology, Economics, and Policy
Professor/InstructorC. Jessica E. Metcalf, Bryan T. Grenfell
The dynamics of the emergence and spread of disease arise from a complex interplay among disease ecology, economics, and human behavior. Lectures will provide an introduction to complementarities between economic and epidemiological approaches to understanding the emergence, spread, and control of infectious diseases. The course will cover topics such as drug-resistance in bacterial and parasitic infections, individual incentives to vaccinate, the role of information in the transmission of infectious diseases, and the evolution of social norms in healthcare practices. One three-hour lecture, one preceptorial.
Professor/InstructorSmita Bhatnagar Brunnermeier
An introduction to the use of economics in thinking about and dealing with environmental issues. Stress on economic externalities and the problem of dealing with them as instances of organizing gains from trade. Applications to a wide variety of problems, among them air pollution (including, importantly, global climate change), water pollution, solid waste and hazardous substances management, species preservation, and population policy.
Economics of the Labor Market
Applies microeconomic analysis to the demand for labor, labor supply, and the determination of wages. Examines investments in human capital, unemployment, discrimination, unions, government intervention in the labor market. Empirical findings as well as theoretical models are studied. Two lectures, one preceptorial. Prerequisites: 100, 302, and MAT 175 or equivalent.
Introduction to Population Problems
A survey of demographic trends throughout the world, the factors underlying them, and their social and economic implications, including the analysis of mortality, fertility, migration, changes in composition, problems of prediction, and issues of policy. Two lectures, one preceptorial. Prerequisite: 100.
Professor/InstructorHarvey S. Rosen
This course develops a conceptual framework for examining government taxing and spending, and uses this framework to analyze current public policy issues. We focus on both the efficiency and equity aspects of the government
Money and Banking
Professor/InstructorMarkus Konrad Brunnermeier
This course explores the role that money, financial markets and institutions, and monetary policy play in shaping the economic environment. The class investigates why these markets and institutions arise and may lubricate the resource allocation analytically (rather than descriptively), using tolls of economic theory. Two lectures, one class.
Professor/InstructorElizabeth Chapin Bogan
Evaluation of public policies in terms of economic efficiency and equity. The course will examine the conditions that lead to efficient markets and those that lead to market failure, as well as the implications for government policy. It will discuss both existing and proposed public policies in a number of areas, including education, health care, poverty, financial markets, the environment, and industrial development. Prerequisites: Economics 100 and 101, or instructor's permission. Two lectures, one preceptorial.
Economics of Development
Surveys development economics including current issues, historical background, growth theories, trade and development, markets and planning, strategies for poverty alleviation, agriculture, technology, employment, industry, population, education, health, and internal and external finance. Selective attention to particular countries and regimes. Two lectures, one class. Prerequisites: 101 and 300 or 310, or instructor's permission.
Professor/InstructorGene Michael Grossman
Examination of the causes and economic consequences of international trade in goods and services, investment and migration. Stress on the possibility of aggregate national gains from trade, and the distributional conflicts generated by trade. Analysis of policies regarding these issues from the perspective of economics and political economy. Two lectures, one preceptorial. Prerequisites: WWS 100 or ECO 300 or ECO 310.
International Monetary Economics
Foreign exchange markets and balance-of-payments accounts. Effects of incomes, prices, interest rates, and exchange rates on trade and capital flows. Effects of exchange rate arrangements and capital mobility on macroeconomic policies. Current policy issues: exchange rate management, macroeconomic policy coordination, managing currency crises, the roles of international institutions.
A survey of the field of investments with special emphasis on the valuation of financial assets. Issues studied include how portfolios of assets should be formed, how to measure and control risk, how to evaluate investment performance, and how to test alternative investment strategies and asset pricing models. Prerequisites: 202, 310 and MAT 175 or equivalent. ECO 202 or equivalent may be taken concurrently, but students would remain responsible for statistical concepts as they arise in 362. Two lectures, one preceptorial.