Economics (ECON)

5101. European Economic History

Three credits.

The economic development of Europe from the Industrial Revolution to World War I. Emphasis on the economic and social factors that led to the industrialization of Europe.

5102. American Economic History

Three credits.

The growth and development of the American economy and the evolution of its economic institutions from the colonial period to the present. Assessment of agriculture, industry, transportation, commerce, finance, government, and population; and of their interaction with the physical environment, technology, public policy, and the world economy.

5110. History of Economic Thought

Three credits.

History and methodological underpinnings of economic ideas from ancient times to the present. Particular attention to Smith, Marx, Marshall, and Keynes.

5128. Economic Rights

Three credits. Prerequisite: instructor consent.

Explores the conceptual bases, measurement, and policy applications of economic rights. Specific topics will include: child labor, the right to development, non-governmental initiatives, and the institutionalization of economic rights (e.g., constitutionalization versus statutory implementation versus discretionary policies).

5198. Topics in Economic History

Three credits. Prerequisite: instructor consent.

Focuses on critical episodes and salient turning points in the history of European, American, and Third World economic development; emphasis on institutional and technological factors. Evaluates different approaches.

5201. Microeconomics

Three credits. Not open for credit to students who have passed ECON 2211Q.

Beginning graduate microeconomics covering consumer and producer theory, price determination, economic efficiency, and welfare analysis.

5202. Macroeconomics

Three credits. Not open for credit to students who have passed ECON 2212Q.

Survey of the field: its historical foundations and development, conceptual framework, and application to current macroeconomic problems.

5298. Topics in Microeconomics

Three credits.

Topics in microeconomic theory. Students choose the material to be covered.

5301. Mathematical Economics

Three credits.

Use of mathematical concepts such as matrix algebra, optimization, and comparative statics, to study economic problems.

5311. Applied Econometrics I

Three credits.

Statistical theory and linear regression applied to business and economic problems.

5312. Applied Econometrics II

Three credits. Prerequisite: ECON 5311.

5314. Causal Program Evaluation

(Also offered as PP 5314.) Three credits.

Survey of the statistical methods and tools commonly used to evaluate causal claims about the impact of public policies and programs. This course is a required MPP course.

5348. Economic Development Policy

Three credits.

The role of government in the economic development of underdeveloped countries. Topics include alternative paradigms of development and the resulting place for government in the economy; the theory, institutions, and policies of government in planning, fiscal, and monetary concerns; analysis of policy instruments influencing international trade and financial flows; and the influence of international organizations on the development process.

5411. Monetary Theory and Policy

Three credits.

Theoretical analysis of the role of money in the economy, including general equilibrium and monetarist frameworks, the demand for and supply of money, channels of monetary influence, and determinants of long-term and short-term interest rates. Problems of monetary policy, such as selection of instruments and targets, use of discretionary policy, and stability of the money multiplier.

5416. Issues in Monetary Theory and Policy

Three credits. Prerequisite: ECON 5411.

Contemporary theoretical and policy issues in money, such as portfolio theory, the money supply process, the mechanics of policy implementation, “crowding out,” dynamic macro models, disequilibrium macro models, and rational expectations.

5421. International Trade: Theory and Policy

Three credits.

The economic aspects of international relations, including the pure theory of international trade and the instruments of commercial policy. Topics include comparative advantage; international economic policies;and regional economic integration.

5422. International Finance: Theory and Policy

Three credits.

Theoretical and historical analysis of international finance, including balance-of-payments adjustments, foreign-exchange markets, international capital flows, and the effectiveness of macroeconomic policies in open economies.

5433. Federal Finance

Three credits.

Theories of government in the economy including general equilibrium, public choice and institutional economics. Government expenditures: budgeting, cost-benefit studies and analysis of specific expenditure programs. Taxation: equity and efficiency criteria for evaluating taxes, with application to major sources of revenue; public debt.

5434. State and Local Finance

Three credits.

Taxes and expenditures in a federal system, with particular emphasis on intergovernmental relationships. Rationale for federalism, problems of public choice, and tax incidence analysis.

5439. Urban and Regional Economics

Three credits.

Theoretical and empirical analysis of urban and regional systems in developed and developing economies. Special emphasis on the spatial characteristics and problems of metropolitan markets for housing, transportation services, productive factors, and final products; land-use controls, housing subsidies, public transit, and other forms of public sector intervention.

5441. The Labor Market

Three credits.

A thorough examination of the labor market. Topics include human capital, wage determination, public policy, and money wage rates.

5461. Industrial Organization

Three credits.

Survey of contemporary theory and models of the organization of industry. Topics include oligopoly; product differentiation;advertising; innovation; contestable markets; the financial theory of the firm;dynamic and evolutionary models; and transaction-cost economics.

5462. Topics in Public Policy Toward Industry

Three credits. May be repeated for a total of 12 credits.

Theories of economic regulation. U.S. antitrust policy. Regulation of natural monopolies in theory and practice. Health and safety regulation.

5463. The Economics of Organization

Three credits.

Surveys the modern agency, transaction-cost, and evolutionary theories of organization. Topics include measurement and monitoring costs, asset specificity, incomplete-contracts theory, the dynamic capabilities approach, and alternative organizations.

5473. Economic Development

Three credits.

An examination of the problems facing the less developed nations. Comparisons of alternative paradigms of economic development (orthodox to political economy) and the strategies and policies they imply.

5474. Seminar in Development and Growth

Three credits.

A continuation of ECON 5473. Topics include agriculture and industry in development, investment criteria, essentials of developing planning, the promotion of domestic saving and fixed investment, foreign aid, improvements in international trade, and human capital formation.

5479. Economic Growth and Fluctuations

Three credits.

Economic growth and business cycles in the economically advanced countries, with emphasis on both theory and evidence.

5494. Applied Research Seminar

Three credits.

A survey of research methods in economics and development of individual research projects.

5495. Topics in Economics

Three credits. Prerequisite: instructor consent. May be repeated for a total of nine credits.

5499. Independent Study in Economics

Variable (1-3) credits. Prerequisite: instructor consent. May be repeated for a total of 12 credits.

5500. Writing in Economics

One credit. Students taking this course will be assigned a final grade of S (satisfactory) or U (unsatisfactory).

Techniques for, and practice in, research, writing, citation, and data presentation in economics.

6110. History of Economic Thought

Three credits.

Advanced treatment of the history and methodological underpinnings of economic ideas from ancient times to the present. Particular attention to Smith, Marx, Marshall, and Keynes.

6201. Microeconomic Theory I

Three credits. Prerequisite: ECON 5201 or ARE 5201.

Neoclassical consumer and producer theory, choice under uncertainty, competitive and monopoly markets, and an introduction to general equilibrium.

6202. Macroeconomic Theory I

Three credits. Prerequisite: ECON 5202.

A rigorous course in dynamic general equilibrium models. Emphasis on analytical techniques and numerical solution methods.

6211. Microeconomic Theory II

Three credits. Prerequisite: A grade of B- or better in ECON 6201.

Game theory, information, and related topics.

6212. Macroeconomic Theory II

Three credits. Prerequisite: A grade of B- or better in ECON 6202.

Stochastic modeling, recent developments in the literature, and policy applications. Topics may include real business cycle theory, new classical economics, neo-Keynesian theory and growth models.

6301. Advanced Mathematical Economics I

Three credits.

An introduction to advanced mathematical topics with applications to economics. Topics and applications may include set theory, logic, topology, difference and differential equations, game theory, preference theory and matching models.

6302. Advanced Mathematical Economics II

Three credits. Prerequisite: A grade of B- or better in ECON 6301.

Topics and applications may include: dynamic programming, fixed-point theorems, measure theory, Markov chains and processes, functional analysis, and advanced optimization.

6310. Econometrics I

Three credits. Prerequisite: open only to Economics graduate students.

First advanced course in econometrics methods used in economics. Properties of classical linear regression. Statistical theories that underpin econometric methods.

6311. Econometrics II

Three credits. Prerequisite: ECON 6310.

Large sample linear regression, time series analysis, maximum likelihood, GMM, and qualitative choice models.

6312. Econometrics III

Three credits. Prerequisite: A grade of B- or better in ECON 6311.

Special topics from recent advances in econometrics.

6400. Independent Study

Variable (1-3) credits. May be repeated for a total of nine credits.

Students pursue an in-depth study of an area of interest under the guidance of a faculty member.

6411. Advanced Macroeconomics I

Three credits. Prerequisite: ECON 6212.

Advanced treatment of material covered in ECON 6202 and ECON 6212.

6412. Advanced Macroeconomics II

Three credits. Prerequisite: ECON 6411.

Advanced treatment of material covered in ECON 6202 and ECON 6212.

6421. Advanced International Trade: Theory and Policy

Three credits. Prerequisite: ECON 6211.

Advanced treatment of material covered in ECON 5421.

6422. Advanced International Finance: Theory and Policy

Three credits. Prerequisite: ECON 6212.

Advanced treatment of material covered in ECON 5422.

6435. Government Expenditures

Three credits. Prerequisite: ECON 6211.

Theory and evidence of government expenditure policy.

6436. Government Revenues

Three credits. Prerequisite: ECON 6211.

Positive and normative analysis of alternative government resource uses.

6441. Advanced Labor Economics I

Three credits. Prerequisite: ECON 6211.

Labor supply with an emphasis on the family. Applications in the area of demography, development, and health.

6442. Advanced Labor Economics II

Three credits. Prerequisite: ECON 6211.

Labor demand and other applied topics in labor economics.

6461. Industrial Organization

Three credits. Prerequisite: ECON 6211.

Advanced treatment of the behavior and performance of firms in imperfectly competitive markets. Topics include the theory of the firm and costly contracting; information and strategic behavior; and product differentiation.

6462. The Organization of Industry

Three credits. Prerequisite: ECON 6211.

Advanced treatment of the behavior and performance of firms in imperfectly competitive markets. Topics include advertising, industrial RandD, and two-sided markets.

6463. Economics of Organization

Three credits.

Advanced treatment of material covered in ECON 5463.

6466. Environmental Economics

Three credits. Prerequisite: ECON 5201 or ARE 5201.

Economic analysis of environmental problems and corrective policy instruments. Topics covered will include the theory of externalities and public goods, the role of uncertainty and imperfect information in policy design, benefit-cost analysis, and non-market valuation. Applications to various environmental problems (such as air and water pollution, hazardous waste, and occupational health and safety) will be discussed.

6473. Economic Development: Microeconomic Issues

Three credits.

Overview of current literature on microeconomics of development, including human capital, internal structure of households, functioning of factor markets, and the role of institutions in mediating change.

6494. Graduate Seminar

One credit. May be repeated for a total of eight credits. Students taking this course will be assigned a final grade of S (satisfactory) or U (unsatisfactory).

Participation in departmental research seminars and presentation and discussion of original research projects.

6498. Variable Topics

Three credits. May be repeated for credit.

5101. European Economic History

Three credits.

The economic development of Europe from the Industrial Revolution to World War I. Emphasis on the economic and social factors that led to the industrialization of Europe.

5102. American Economic History

Three credits.

The growth and development of the American economy and the evolution of its economic institutions from the colonial period to the present. Assessment of agriculture, industry, transportation, commerce, finance, government, and population; and of their interaction with the physical environment, technology, public policy, and the world economy.

5110. History of Economic Thought

Three credits.

History and methodological underpinnings of economic ideas from ancient times to the present. Particular attention to Smith, Marx, Marshall, and Keynes.

5128. Economic Rights

Three credits. Prerequisite: instructor consent.

Explores the conceptual bases, measurement, and policy applications of economic rights. Specific topics will include: child labor, the right to development, non-governmental initiatives, and the institutionalization of economic rights (e.g., constitutionalization versus statutory implementation versus discretionary policies).

5198. Topics in Economic History

Three credits. Prerequisite: instructor consent.

Focuses on critical episodes and salient turning points in the history of European, American, and Third World economic development; emphasis on institutional and technological factors. Evaluates different approaches.

5201. Microeconomics

Three credits. Not open for credit to students who have passed ECON 2211Q.

Beginning graduate microeconomics covering consumer and producer theory, price determination, economic efficiency, and welfare analysis.

5202. Macroeconomics

Three credits. Not open for credit to students who have passed ECON 2212Q.

Survey of the field: its historical foundations and development, conceptual framework, and application to current macroeconomic problems.

5298. Topics in Microeconomics

Three credits.

Topics in microeconomic theory. Students choose the material to be covered.

5301. Mathematical Economics

Three credits.

Use of mathematical concepts such as matrix algebra, optimization, and comparative statics, to study economic problems.

5311. Applied Econometrics I

Three credits.

Statistical theory and linear regression applied to business and economic problems.

5312. Applied Econometrics II

Three credits. Prerequisite: ECON 5311.

5314. Causal Program Evaluation

(Also offered as PP 5314.) Three credits.

Survey of the statistical methods and tools commonly used to evaluate causal claims about the impact of public policies and programs. This course is a required MPP course.

5348. Economic Development Policy

Three credits.

The role of government in the economic development of underdeveloped countries. Topics include alternative paradigms of development and the resulting place for government in the economy; the theory, institutions, and policies of government in planning, fiscal, and monetary concerns; analysis of policy instruments influencing international trade and financial flows; and the influence of international organizations on the development process.

5411. Monetary Theory and Policy

Three credits.

Theoretical analysis of the role of money in the economy, including general equilibrium and monetarist frameworks, the demand for and supply of money, channels of monetary influence, and determinants of long-term and short-term interest rates. Problems of monetary policy, such as selection of instruments and targets, use of discretionary policy, and stability of the money multiplier.

5416. Issues in Monetary Theory and Policy

Three credits. Prerequisite: ECON 5411.

Contemporary theoretical and policy issues in money, such as portfolio theory, the money supply process, the mechanics of policy implementation, “crowding out,” dynamic macro models, disequilibrium macro models, and rational expectations.

5421. International Trade: Theory and Policy

Three credits.

The economic aspects of international relations, including the pure theory of international trade and the instruments of commercial policy. Topics include comparative advantage; international economic policies;and regional economic integration.

5422. International Finance: Theory and Policy

Three credits.

Theoretical and historical analysis of international finance, including balance-of-payments adjustments, foreign-exchange markets, international capital flows, and the effectiveness of macroeconomic policies in open economies.

5433. Federal Finance

Three credits.

Theories of government in the economy including general equilibrium, public choice and institutional economics. Government expenditures: budgeting, cost-benefit studies and analysis of specific expenditure programs. Taxation: equity and efficiency criteria for evaluating taxes, with application to major sources of revenue; public debt.

5434. State and Local Finance

Three credits.

Taxes and expenditures in a federal system, with particular emphasis on intergovernmental relationships. Rationale for federalism, problems of public choice, and tax incidence analysis.

5439. Urban and Regional Economics

Three credits.

Theoretical and empirical analysis of urban and regional systems in developed and developing economies. Special emphasis on the spatial characteristics and problems of metropolitan markets for housing, transportation services, productive factors, and final products; land-use controls, housing subsidies, public transit, and other forms of public sector intervention.

5441. The Labor Market

Three credits.

A thorough examination of the labor market. Topics include human capital, wage determination, public policy, and money wage rates.

5461. Industrial Organization

Three credits.

Survey of contemporary theory and models of the organization of industry. Topics include oligopoly; product differentiation;advertising; innovation; contestable markets; the financial theory of the firm;dynamic and evolutionary models; and transaction-cost economics.

5462. Topics in Public Policy Toward Industry

Three credits. May be repeated for a total of 12 credits.

Theories of economic regulation. U.S. antitrust policy. Regulation of natural monopolies in theory and practice. Health and safety regulation.

5463. The Economics of Organization

Three credits.

Surveys the modern agency, transaction-cost, and evolutionary theories of organization. Topics include measurement and monitoring costs, asset specificity, incomplete-contracts theory, the dynamic capabilities approach, and alternative organizations.

5473. Economic Development

Three credits.

An examination of the problems facing the less developed nations. Comparisons of alternative paradigms of economic development (orthodox to political economy) and the strategies and policies they imply.

5474. Seminar in Development and Growth

Three credits.

A continuation of ECON 5473. Topics include agriculture and industry in development, investment criteria, essentials of developing planning, the promotion of domestic saving and fixed investment, foreign aid, improvements in international trade, and human capital formation.

5479. Economic Growth and Fluctuations

Three credits.

Economic growth and business cycles in the economically advanced countries, with emphasis on both theory and evidence.

5494. Applied Research Seminar

Three credits.

A survey of research methods in economics and development of individual research projects.

5495. Topics in Economics

Three credits. Prerequisite: instructor consent. May be repeated for a total of nine credits.

5499. Independent Study in Economics

Variable (1-3) credits. Prerequisite: instructor consent. May be repeated for a total of 12 credits.

5500. Writing in Economics

One credit. Students taking this course will be assigned a final grade of S (satisfactory) or U (unsatisfactory).

Techniques for, and practice in, research, writing, citation, and data presentation in economics.

6110. History of Economic Thought

Three credits.

Advanced treatment of the history and methodological underpinnings of economic ideas from ancient times to the present. Particular attention to Smith, Marx, Marshall, and Keynes.

6201. Microeconomic Theory I

Three credits. Prerequisite: ECON 5201 or ARE 5201.

Neoclassical consumer and producer theory, choice under uncertainty, competitive and monopoly markets, and an introduction to general equilibrium.

6202. Macroeconomic Theory I

Three credits. Prerequisite: ECON 5202.

A rigorous course in dynamic general equilibrium models. Emphasis on analytical techniques and numerical solution methods.

6211. Microeconomic Theory II

Three credits. Prerequisite: A grade of B- or better in ECON 6201.

Game theory, information, and related topics.

6212. Macroeconomic Theory II

Three credits. Prerequisite: A grade of B- or better in ECON 6202.

Stochastic modeling, recent developments in the literature, and policy applications. Topics may include real business cycle theory, new classical economics, neo-Keynesian theory and growth models.

6301. Advanced Mathematical Economics I

Three credits.

An introduction to advanced mathematical topics with applications to economics. Topics and applications may include set theory, logic, topology, difference and differential equations, game theory, preference theory and matching models.

6302. Advanced Mathematical Economics II

Three credits. Prerequisite: A grade of B- or better in ECON 6301.

Topics and applications may include: dynamic programming, fixed-point theorems, measure theory, Markov chains and processes, functional analysis, and advanced optimization.

6310. Econometrics I

Three credits. Prerequisite: open only to Economics graduate students.

First advanced course in econometrics methods used in economics. Properties of classical linear regression. Statistical theories that underpin econometric methods.

6311. Econometrics II

Three credits. Prerequisite: ECON 6310.

Large sample linear regression, time series analysis, maximum likelihood, GMM, and qualitative choice models.

6312. Econometrics III

Three credits. Prerequisite: A grade of B- or better in ECON 6311.

Special topics from recent advances in econometrics.

6400. Independent Study

Variable (1-3) credits. May be repeated for a total of nine credits.

Students pursue an in-depth study of an area of interest under the guidance of a faculty member.

6411. Advanced Macroeconomics I

Three credits. Prerequisite: ECON 6212.

Advanced treatment of material covered in ECON 6202 and ECON 6212.

6412. Advanced Macroeconomics II

Three credits. Prerequisite: ECON 6411.

Advanced treatment of material covered in ECON 6202 and ECON 6212.

6421. Advanced International Trade: Theory and Policy

Three credits. Prerequisite: ECON 6211.

Advanced treatment of material covered in ECON 5421.

6422. Advanced International Finance: Theory and Policy

Three credits. Prerequisite: ECON 6212.

Advanced treatment of material covered in ECON 5422.

6435. Government Expenditures

Three credits. Prerequisite: ECON 6211.

Theory and evidence of government expenditure policy.

6436. Government Revenues

Three credits. Prerequisite: ECON 6211.

Positive and normative analysis of alternative government resource uses.

6441. Advanced Labor Economics I

Three credits. Prerequisite: ECON 6211.

Labor supply with an emphasis on the family. Applications in the area of demography, development, and health.

6442. Advanced Labor Economics II

Three credits. Prerequisite: ECON 6211.

Labor demand and other applied topics in labor economics.

6461. Industrial Organization

Three credits. Prerequisite: ECON 6211.

Advanced treatment of the behavior and performance of firms in imperfectly competitive markets. Topics include the theory of the firm and costly contracting; information and strategic behavior; and product differentiation.

6462. The Organization of Industry

Three credits. Prerequisite: ECON 6211.

Advanced treatment of the behavior and performance of firms in imperfectly competitive markets. Topics include advertising, industrial RandD, and two-sided markets.

6463. Economics of Organization

Three credits.

Advanced treatment of material covered in ECON 5463.

6466. Environmental Economics

Three credits. Prerequisite: ECON 5201 or ARE 5201.

Economic analysis of environmental problems and corrective policy instruments. Topics covered will include the theory of externalities and public goods, the role of uncertainty and imperfect information in policy design, benefit-cost analysis, and non-market valuation. Applications to various environmental problems (such as air and water pollution, hazardous waste, and occupational health and safety) will be discussed.

6473. Economic Development: Microeconomic Issues

Three credits.

Overview of current literature on microeconomics of development, including human capital, internal structure of households, functioning of factor markets, and the role of institutions in mediating change.

6494. Graduate Seminar

One credit. May be repeated for a total of eight credits. Students taking this course will be assigned a final grade of S (satisfactory) or U (unsatisfactory).

Participation in departmental research seminars and presentation and discussion of original research projects.

6498. Variable Topics

Three credits. May be repeated for credit.