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Course Descriptions

ECO 100Introduction to Microeconomics(SA)Economics is the study of how people and societies deal with scarcity. This course focuses on the advantages and disadvantages of market systems for allocating scarce resources.Uwe E. Reinhardt
ECO 101Introduction to Macroeconomics(SA)The theory of the determination of the level of national income and economic activity, including an examination of the financial system. Emphasis on economic growth and such economic problems as inflation, unemployment and recession, and on appropriate policy responses. Some attention is also paid to international issues.Elizabeth C. Bogan
ECO 300Microeconomic Theory(SA)This is an intermediate microeconomics course. The general themes are: (1) choices made by individual consumers and firms, (2) equilibrium of the interaction of these choices in markets and (3) the role of government policy in improving economic outcomes. Some new concepts and techniques are developed, especially for studying behavior under uncertainty, and strategic interactions (game theory). The theory of each topic is accompanied by evidence, illustrations, and applications.Sylvain Chassang
ECO 302Econometrics(QR)Develop facility with basic econometric methods and the ability to apply them to actual problems and understand their application in other substantive course work in economics.Kirill Evdokimov
ECO 310Microeconomic Theory: A Mathematical Approach(SA)This course presents the economic theory of individual and firm behavior using mathematical tools including calculus. The course will emphasize applications of microeconomic theory to consumer choices, output and production of firms, market interaction and equilibrium.Marco Battaglini
ECO 312Econometrics: A Mathematical Approach(QR)This course is an introduction to econometrics. Econometrics is a sub-discipline of statistics that provides methods for inferring economic structure from data. This course has two goals. The first goal is to give you means to evaluate an econometric analysis critically and logically. Second, you should be able to analyze a data set methodically and comprehensively using the tools of econometrics.Bo E. Honoré
ECO 324Law and Economics(SA)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, inalienable goods, product liability, crime and punishment, and social choice theory.Thomas C. Leonard
ECO 326Economics of the Internet: The Digital RevolutionUsing applied microeconomic theory and case studies, this course examines the impact of digital technology on markets. In a connected economy, information is freely, constantly and ubiquitously available to all participants. We ask how these features affect the way markets function. Topics include the economics of platform markets, social networks, technological innovation, intellectual property, internet security, privacy and other regulatory issues. Using case studies, we cover the impact of the internet on education, health, media and new industries, such as big-data; internet search, online advertising, mobile and cloud computing.Swati Bhatt
ECO 331Economics of the Labor Market(SA)To provide a general overview of labor markets. Covering labor force participation, the allocation of time to market work, migration, labor demand, investment in human capital (education, on-the-job training, man-power training), discrimination, unions and unemployment. The course will also examine the impact of government programs (such as unemployment insurance, minimum wages, or a negative income tax) on the labor market.Orley C. Ashenfelter
ECO 342Money and Banking(SA)This course explores the role that money, financial markets and institutions, and monetary policy play in shaping the economic environment. We investigate why these markets and institutions arise and may lubricate the resource allocation analytically (rather than descriptively), using tools of economic theory.Valentin Haddad
ECO 353International Monetary Economics(SA)This course studies topics in open-economy macroeconomics and international finance. Topics include Exchange Rates,Current Account Imbalances, Inflation, Sovereign Debt, and Open Economy Macroeconomics. The course will include economic theory as well as several applications.Mark A. Aguiar
ECO 362Financial Investments(SA)This course surveys 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.Yacine Aït-SahaliaHarrison Hong
ECO 372/EPS 342Topics in Country and Regional Economics: Economics of the European Union and Economies in Europe(SA)This course studies the economies of current and prospective European Union (EU) members and economic integration in Europe after 1945. It explores the political motivation for, and the economic implications of, the European Union's moves towards ever deeper integration and enlargement. Topics include policy-making in the EU, adoption of common trade, agricultural, regional and competition policy as well as European Monetary Union and its implications for fiscal and labor market policies. The course focuses on current economic challenges and uses economic analysis to study policy issues.Silvia Weyerbrock
ECO 418Strategy and Information(SA)Explores basic themes in modern game theory and information economics. Non-cooperative solution concepts for games will be developed and applied in a variety of contexts including auctions, bargaining, repeated games and dynamic interaction in oligopolistic industries, and reputation formation.Staff
ECO 464Corporate Restructuring(SA)This course applies topics from microeconomics (ECO 310) and corporate finance (ECO 363) to study corporate restructuring. Topics include mergers, acquisitions, joint ventures, divestiture and share repurchases. Each of these is discussed in the context of the relevant economic theory, institutional and regulatory environment, and with a focus on shareholder value.O. Griffith Sexton
ECO 466Fixed Income: Models and Applications(SA)This course will deal with no-arbitrage models of contracts based on interest rates including bonds, forward and future contracts, swaps, options and other derivatives. We will develop the theory of arbitrage-free pricing of financial assets in discrete and continuous time, as well as many special models that can be used to price and hedge fixed income securities.Staff
ECO 467Institutional Finance, Trading, and MarketsInstitutional Finance examines how finance professionals create value through the practical application of the theory of finance. The course presents a unified framework for thinking about financial decisions focused on the perspective of managers of financial institutions. Students should emerge from the semester capable of valuing a broad range of financial instruments and investment opportunities. They will be able to identify, implement, and manage risks associated with a wide variety of investment strategies.Staff
ECO 468Behavioral FinanceTraditional finance typically considers that financial markets are efficient because investors are rational and maximize their expected utility from consumption. This course departs from this view and discusses how inefficiencies arise due to psychology and limits to arbitrage. The psychology of investors shapes their preferences and may impair their judgment. Whether these psychological factors have an impact on financial markets ultimately depends on arbitrageurs' ability to fight against mispricings. These issues will be covered through lectures and class games and will allow discussions about cognitive illusions and speculative bubbles.Harrison Hong
ENV 304/ECO 328/EEB 304/WWS 455Disease Ecology, Economics, and Policy(STN)The dynamics of the emergence and spread of disease arise from a complex interplay between 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.Bryan T. GrenfellC. Jessica E. Metcalf
WWS 301/ECO 352International Trade(SA)This course concerns the microeconomics of international trade and trade policy. The first part explores the determinants and effects of trade in progressively more general models of trade. The second part studies various instruments of trade policy and the arguments for and against free trade. Topics covered include: Does growth in developing countries benefit or hurt developed countries?; the distributional consequences of trade liberalization; the impact of trade liberalization on productivity and welfare; labor migration; multinationals and outsourcing; regional economic integration; and trade policy in developing countries.Stephen J. Redding
WWS 302/ECO 359International Development(SA)This course will focus on less developed countries and will consider topics such as economic growth and personal well-being; economic inequality and poverty; intra-household resource allocation and gender inequality; fertility and population change, credit markets and microfinance; labor markets and trade policy. The course will tackle these issues both theoretically and empirically.Alicia Adsera
WWS 306/ECO 329/ENV 319Environmental Economics(SA)Course introduces use of economics in understanding both the sources of and the remedies to environmental and resource allocation problems. It emphasizes the reoccurrence of economic phenomena like public goods, externalities, market failure and imperfect information. Students learn about the design and evaluation of environmental policy instruments, the political economy of environmental policy, and the valuation of environmental and natural resource services. The concepts are illustrated in a variety of applications from domestic pollution of air, water and land to international issues such as global warming and sustainable development.Smita B. Brunnermeier
WWS 307/ECO 349Public Economics(SA)The role of government in promoting efficiency and equity in the U.S. economy. Conditions when markets fail to be efficient. Problems with government allocation of resources. Economic analysis and public policies regarding health care, education, poverty, the environment, financial regulations and other important issues.Elizabeth C. Bogan