Economics

ECON 1499 First-Year Seminar: Economics and Society

Economics and Society is a first-year seminar, open to interested students, and is without prerequisites of any kind. Two to four topics will be chosen for in-depth discussion during the semester. Possible topics include, but are not limited to: inequality (domestic and international); globalization (pros/cons); big banks and their role in financial crises; wars and national security; health and disease; capitalism and socialism. The seminar seeks to spread economic literacy among tomorrow's opinion leaders, improve their ability to analyze social issues, help them explain their viewpoint to others, and understand different opinions. (The course cannot be used for Economics major/minor credit.)

Credit 3 units. A&S IQ: SSC Art: SSC BU: BA EN: S

Typical periods offered: Spring

ECON 1501 Introduction to Microeconomics

Determination of prices; distribution of national income; theory of production. For a thorough introduction to economics, "Introduction to Macroeconomics" should also be completed.

Credit 3 units. A&S IQ: SSC, AN EN: S

Typical periods offered: Fall, Spring, Summer

ECON 1502 Introduction to Macroeconomics

Business fluctuations: inflation, recession; monetary and fiscal policy; economic development. For a thorough introduction to economics, "Introduction to Microeconomics" should also be completed.

Credit 3 units. A&S IQ: SSC, AN EN: S

Typical periods offered: Fall, Spring, Summer

ECON 1996 Economics Coursework Completed Abroad

Credit 12 units.

ECON 2900 Internship

Students may receive up to 3 units of credit for an unpaid internship. The internship must be approved by the Career Center and supervised by a faculty member. Note: See Career Center for further information. This course does not count toward the major or minor in Economics.

Credit 3 units.

Typical periods offered: Fall, Spring

ECON 2970 Sophomore Research Seminar

How do you find an economically-relevant research topic? What are the different types of economic papers? How do you write like an economist? This seminar is aimed to help sophomores develop research skills in economics. Work will consist of an original research paper to be completed by the student by the end of the semester under supervision of the instructor. The paper will describe an economic problem, survey the relevant research literature, and outline a contribution to the field.

Credit 3 units. EN: S

Typical periods offered: Spring

ECON 3150 Introduction to Econometrics

Econometrics is the development and application of statistical techniques for the measurement of economic phenomena. This course is your initial study of econometric theory and practice. Topics include: translation of economic theory into statistical models, statistical foundations of econometrics, preregression analysis bivariate and multiple regression techniques, hypothesis testing, multicollinearity, specification error, autocorrelation, errors in variables, identification, and simultaneous estimation.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring, Summer

ECON 3210 Money and Banking

Money and the monetary system; money creation by the banking system; central bank functions; monetary theory and economic policy. Prerequisite: Econ 1011 & 1021.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring, Summer

ECON 3220 Financial Markets and Analysis

This course is a rigorous introduction to financial markets, financial institutions, and their purpose and functions in the economy. In financial markets, trade is essentially money now for money in the future. As such, financial decisions must often take into account future events, whether those be related to individual stocks, portfolios, or the market as a whole. This course explores the topics related to the level and structure of interest rates and of stock prices, portfolio choice, basic investment theory, and arbitrage pricing theory, among others. Prerequisites: Econ 1011 and Econ 1021.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 3310 Behavioral Economics

Behavioral economics incorporates insights from psychology and other social sciences into economics, with the goal of increasing the realism and accuracy of standard economic models. Topics discussed include: risk, beliefs, overconfidence, limited attention, social preferences, emotions, self-control, frames, and nudges. The framework developed from these topics can be applied to wide-ranging concerns such as decisions about savings and consumption choices; financial market participation and credit card use; gambling; procrastination; charitable giving; and happiness. Students may have the opportunity to participate in in-class/lab experiments. Prerequisite: Econ 1011.

Credit 3 units. A&S IQ: SSC BU: BA EN: S

Typical periods offered: Summer

ECON 3320 Health Economics

Analysis of consumer demand for health care, medical technology, and the role of health insurance. Emphasis placed on behavior of the physician (whether he acts as an agent for the consumer or on his own behalf); on the use of paramedics, preventive care, outpatient care, and the general market organization of the health industry. The major concern will be the rising cost of health care and appropriate public policy responses. Prerequisite: Econ 1011.

Credit 3 units. A&S IQ: SSC BU: BA EN: S

Typical periods offered: Fall

ECON 3345 Labor and the Economy

Economic analysis of labor markets. Theory and policy applications of labor supply and labor demand; explanations of wage and income differentials; migration and immigration; discrimination; labor unions; unemployment. Prerequisite: Econ 1011.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring, Summer

ECON 3350 Environmental Policy

Course will examine the relationship between environmental economics and environmental policy. The course will focus on air pollution, water pollution, and hazardous wastes, with some attention given to biodiversity and global climate change. The course will examine critically two prescriptions that economics usually endorses: (1) balancing of benefits against costs (e.g., benefit-cost analysis) and the use of risk analysis in evaluating policy alternatives; (2) use of market incentives (e.g., prices, taxes, or charges) or property rights instead of traditional command-and-control regulations to implement environmental policy.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall

ECON 3373 International Economics

Explores consequences of economic integration from various perspectives in international trade: Ricardian, Heckscher-Ohlin, and the New International Trade Theories. Topics include patterns of trade, protectionism, international factor movements, balance of payments, exchange-rate determination, international policy coordination, the international capital market, multinational and international investments, and patterns of international business. Prerequisites: Econ 1011 and Econ 1021, or permission of instructor.

Credit 3 units. A&S IQ: SSC BU: IS EN: S

Typical periods offered: Fall

ECON 3620 History of Economic Analysis

The purpose of this course is to introduce students to some of the theories and doctrines that constitute the main paradigms from which economists and policy makers approach the world. Rather than focusing on the whole history of economic thinking, we will focus on practical issues, including questions such as the following: What determines the wage of labor? Why is monopoly considered a bad thing? At what level does an interest rate become usury? We will consider how these questions have been framed and answered at different points in time and in different cultures. Important components of this course are participation in in-class discussion and essays submitted on the practical issues discussed throughout the semester.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 3640 American Economic History

Basic theoretical concepts applied to analyze the changing structure and performance of the American economy from colonial times to the present.

Credit 3 units. A&S IQ: SSC BU: BA EN: S

Typical periods offered: Spring

ECON 3650 The Economics of Criminal Justice

In this course, we will use the theoretical and empirical tools of economics to study the criminal justice system. By constructing models of how arrest/prosecution/conviction/sentencing/etc. decisions are made, we will evaluate these decisions for errors and especially for bias. We will also see how economists test hypotheses about the criminal justice system using the same types of natural experiments they use to study markets. Prerequisites: Econ 1011 and SDS 2200.

Credit 3 units. A&S IQ: SSC BU: BA EN: S

Typical periods offered: Spring

ECON 3690 Socio-Economic Perspectives on Inequality

This course examines the definition and impact of social and economic inequality. Beginning with a review social, economic, and philosophical perspectives of inequality, the course considers the measurement of inequality, international comparisons of inequality, and policies designed to eliminate inequality. Students should be comfortable with methods of quantitative social science. Prerequisite: Econ 1011 is recommended.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Summer

ECON 3710 Game Theory and Its Business Applications

This course provides an introduction to game theory and its applications in real life economic decisions. Students will learn fundamental game theory concepts, including(but not limited to) Nash equilibrium, subgame perfect Nash equilibrium, etc. Students will also be exposed to how game theory can be applied to a wide variety of economic decisions: pricing, rm's decision of entering or exiting a market, etc. The ultimate goal of this course is to develop students' rational and game-theoretic thinking. Prerequisites: High-school mathematics, Econ 1011 or the equivalent. 3 units.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Summer

ECON 3840 Economic Realities of the American Dream

Exploration of the realities of economic life in the U.S. and how they correspond to the American Dream. Interdisciplinary perspectives from economics, sociology, and other areas of social inquiry. Emphasis on the consistency between empirical data and different concepts of the American Dream. Specific topics to include sources of economic growth and changing living standards, unemployment, impact of globalization on U.S. citizens, economic mobility, poverty and inequality, and social justice. Prerequisites: An introductory course in economics or sociology, or consent of the instructors. All students who pre-register will be put on the wait list. Students will receive an email immediately after pre-registration requesting more information.

Credit 3 units. A&S IQ: SSC, WI BU: BA EN: S

Typical periods offered: Fall

ECON 4001 Intermediate Microeconomic Theory

Analytic theory of consumer and producer behavior under perfect and imperfect competition. Coverage of demand theory (indifference curves and utility functions) and preferences under uncertainty, including expected utility and risk aversion. Development of general equilibrium under pure exchange, including the concepts of competitive equilibrium and Pareto efficiency. Discussion of the role of time as it pertains to interest rates, discounting and net present value. Analysis of standard monopoly and simple oligopoly problems. Development of non-cooperative game theory, including strategic and extensive-form equilibria and Nash and sub-game perfect equilibria. Thorough training in intermediate theory would require both intermediate microeconomics and intermediate macroeconomics.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4002 Intermediate Macroeconomic Theory

National income and labor market measurement. Business cycle facts and consideration of alternative explanations for business cycle phenomena. Development of Solow growth model, along with theories of endogenous growth and an examination of reasons for differences in growth rates across counties. General equilibrium description of firms and consumers in labor and product markets. Implementation of monetary and fiscal policy, and exploration of the impact of policy changes on the macroeconomy. Prerequisites: Econ 1021 and Econ 4011.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4150 Introduction to Econometrics With Writing

Econometrics is the development and application of statistical techniques for the measurement of economic phenomena. This course is your initial study of econometric theory and practice. Topics include: translation of economic theory into statistical models, statistical foundations of econometrics, preregression analysis bivariate and multiple regression techniques, hypothesis testing, multicollinearity, specification error, autocorrelation, errors in variables, identification, and simultaneous estimation. The 3 writing assignments and the final paper will provide you an opportunity to formulate an economic model, estimate the model with appropriate data, and interpret the results.

Credit 3 units. A&S IQ: SSC, WI EN: S

Typical periods offered: Fall, Spring

ECON 4151 Applied Econometrics

Introduction to econometrics as it is applied in microeconomics. Emphasis is on hands-on implementation of the models covered in the course. Topics related to the analysis of microeconomic data include cross-section and panel data linear models and robust inference; instrumental variables estimation; simultaneous equation models; models for discrete choice; and truncation, censoring and sample selection models.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4160 Topics in Econometrics: Microeconometrics

This is a topics class in econometrics but with a strong focus on microeconometrics. This course has two main objectives: (i) Teach students various advanced theoretical econometric tools to the students and (ii) guide them through the process of writing a research paper that explores an empirical research question in economics using adequate econometrics tools. We will study theory and application of methods of data analysis developed for microdata pertaining to individuals, households and firms. More, precisely, We will study recent development of theory and methods for analyzing selective samples and analyzing discrete choice models.Matrix Algebra is recommended.Students should co-enroll in the A subsection.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall

ECON 4210 Topics in Financial Economics: Asset Pricing

The objective of the course is to develop the basic economic models that can be used to study the valuation of different financial assets and to discuss how to confront the theory with the evidence from financial markets. The course will develop the basic model of investment under uncertainty and discuss portfolio choices in static and dynamic settings as well as market equilibria and the impact of news on the forecast-ability of excess returns. The course will describe valuation in incomplete asset markets (e.g. arbitrage pricing theory) and the extension to the valuation of firms and real estate assets.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall

ECON 4211 Topics in Financial Economics: Investments

This course surveys recent developments in investments and portfolio management. The course aims to provide students with a structure for thinking about investment decisions from the perspective of a portfolio manager. We start by understanding fundamental concepts for investment theory: modern asset valuation and portfolio selection under uncertainty. We will proceed to investigate various sources of risk which financial institutions are exposed to, such as interest rate risk, credit risk and liquidity risk, and study how financial institutions manage these risks. The course will also introduce student to investment evaluation techniques. We will explore recent innovations in financial markets, as well as various frictions that arise in markets. Students will have the opportunity to apply concepts learned in class on a virtual investment and trading platform, StockTrak. Prerequisites: Econ 4011, Math/SDS 2200 (or Math/SDS 3200, Math/SDS 3211, QBA 120 and QBA 121, ESE 326.) or PolSci 363 with permission from instructor.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall

ECON 4212 Topics in Financial Economics

The objective of the course is to develop the basic economic models that can be used to study the valuation of different financial assets and to discuss how to confront the theory with the evidence from financial markets. The course will develop the basic model of investment under uncertainty and discuss portfolio choices in static and dynamic settings as well as market equilibria and the impact of news on the forecast-ability of excess returns. The course will describe valuation in incomplete asset markets (e.g. arbitrage pricing theory) and the extension to the valuation of firms and real estate assets.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4220 Open Economy Macroeconomics

This course will begin with a review of international trade theory, of the balance of payment accounts and their relationship to international borrowing and lending. We will then study the asset approach to exchange rates determination, exchange rate behavior in the short and in the long run, and the relationship of exchange rates with prices and output. The course will also explore monetary and fiscal policy under both fixed and floating exchange rates, macroeconomic policy coordination and optimum currency areas, international debt problems of developing countries and their relation to stabilization program.

Credit 3 units. A&S IQ: SSC Art: SSC BU: IS EN: S

Typical periods offered: Spring

ECON 4230 The Economics of Financial Intermediation

The structure and the role of banks have changed tremendously. The historically-traditional activity of granting loans and collecting deposits has evolved into a much richer and more complex set of financial contracts. The separation between financial asset trading activity and traditional commercial bank activity that was typical of the financial system in the period after the World War II also disappeared. Coincident with the evolution of financial institutions was the development of the asymmetric information model. The role of banks in the economy can be explained with the tools developed in these models of the economics of information, as a microeconomic theory of banking does not exist when information is symmetric and markets are complete. The economics of information literature is also used to explain the evolution of financial institutions and markets, and to understand the consequences of that evolution for economic outcomes (such as economic development and financial crises) and for monetary policy choices (such as central bank interventions, regulations and changes in the payments system).

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4240 Money & Monetary Policy

We will explore several classic questions in the theory of money. What is money? What forms does money take? Why is money necessary-why is there a demand for money? What determines the supply of money? What is the debate on central versus free banking? Should banking be regulated, and, if so, why and how? What determines inflation? Should nations enter into fixed exchange rate regimes, or should they let the value of their monies be market-determined? What are the tensions that arise in fixed exchange rate regimes and common currency areas? How should policymakers view cryptocurrencies? Is a central bank digital currency desirable? These, and other questions, are explored within the context of theories that model the microfoundations of monetary exchange explicitly.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 4310 Behavioral Economics and Experimental Economics

Behavioral economics is an effort to incorporate ideas from psychology into economic models of behavior. We will focus on popular experimental anomalies, including the Allais and Rabin paradoxes, ultimatum bargaining, the centipede and public goods contribution games. We will examine the extent to which these are consistent with standard economic theory and how they may contradict it. The primary focus will be a critical examination of psychological theories of non-standard preferences including loss aversion, probability weighting, reciprocity, fairness and present bias. Theories of incorrect beliefs and systematic biases such as money illusion and procrastination will be covered. The class will include an introduction to experimental methods in economics, including hands-on experience in the MISSEL laboratory. A sound grounding in economic theory is essential to the course.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4312 Game Theory and Social Behavior

Game theory is the formal toolkit for analyzing situations in which payoffs depend not only on your actions (say, watching a baseball game), but also others' (e.g., whether you meet your friends at the game). In this course, you'll learn how to solve one-shot and repeated games using tools like Nash equilibrium, subgame perfection, Bayesian Nash equilibrium, and the one-off deviation principle. We'll apply these insights to human social behavior, examining why people are altruistic, where our sense of social norms come from, and more. Along the way, discussion will leverage empirical data from lab and field experiments about how people actually behave. Thus, one of our objectives is to become familiar with experimental economics as well.  

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 4315 Market Design

The objective of this course is to study how to design mechanisms to allocate scarce resources and how to create successful marketplaces. We will primarily consider two topics: (1) two-sided matching markets, such as the National Resident Matching Program and the Kidney Exchange for transplants, and (2) auctions used by Google, Facebook, etc. Time permitting, a third topic will be the problem of designing and regulating market platforms, such as the e-commerce markets run by eBay, Amazon, and Craigslist, and applications marketplaces run by Apple, Google, etc., as well as the electronic financial trading platforms run by the NYSE.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4320 Auction Theory and Practice

This course will use the theoretical and empirical tools of economics to study auctions, which are one way of buying and selling goods (or services). The course begins with a consideration of optimal bidding in different types of auctions. We will explore how to design auction rules that maximize the seller's revenue, or minimize the buyer's cost (such as in the case of government procurement). We will also study how to design auction rules that improve efficiency by reducing collusion by bidders. The course will conclude by using econometrics to analyze real-world auction data to estimate preferences and cost distributions; to determine optimal reserve prices; and to answer some questions related to auction design. Familiarity with computer programming/estimation, such as with MATLAB, R, or Julia, will be helpful.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 4325 Public Finance

The study of fundamental forms of market failure that provide the economic rationale for government action. The first third of the class examines market failure when an economy contains externalities and public goods and the general nature of public policies that address these issues. The second third addresses particular public policies, with a focus on their intended and unintended consequences and their costs. The final third addresses taxation. Topics include the measurement and evaluation of tax burdens, the federal personal income tax, tax evasion, and proposals for fundamental tax reform. Prerequisite: Econ 4011.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall

ECON 4326 Economics of Public Policy

This course will cover the logic underlying the economics and politics of public policies concerning issues such as international trade, monetary policy, fiscal policy, market reforms, pollution control, economic inequality and the welfare state more generally. The general question we will address, using specific cases, is that of the role of markets and government in an economy. The course relies heavily on the concepts and methods of microeconomics and macroeconomics. There are many theories of how economic policies work and considerable debate as to what can be done and what should be done. We will examine the facts (past and present) and then examine the theories and their explanatory power. We will also organize the class into research groups that will address specific economic policies issues. Prerequisite: Econ 4011.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 4330 Innovation and Intellectual Property: Theory and Practice

Innovation - that is: figuring out better and cheaper ways of satisfying human desires - is the key to improving our well being. It is not patient saving and accumulation that makes us so much better off than we used to be: capital accumulation is only the conduit through which the innovation juices flow. The question is what drives it? How come some societies are apparently much more innovative than others? How come we have the impression that most useful inventions took place in the last three centuries? Are there policies that help fostering innovation and others that hurt? The course tries to address these questions. Economists have many theories of innovation, and some better than others. We will look at the theories, we will examine the facts (past and present), then we will go back to the theories and reconsider their explanatory power. With this background we approach the debate about Intellectual Property, what it is and what it is not good for, whose interests it serves and whose well being it thwarts. Prerequisite: Econ 4011.

Credit 3 units. A&S IQ: SSC Art: SSC EN: S

ECON 4331 Advertising and Media Markets

This course explores current research on policy questions in advertising and media markets. We will address questions such as: How does advertising impact competition in product markets? Does advertising make consumers better or worse off? How are different advertising markets organized? How can antitrust authorities encourage competition among online advertising and media platforms? What is the impact of file sharing/streaming for content producers? How does the introduction of ad-supported subscription tiers affect content offerings? We will learn tools used in the empirical industrial organization (IO) literature, including game theoretic models of imperfect competition, entry, auctions, and antitrust, and will read research papers that employ statistical and empirical methods of analysis using data on advertising and media markets.

Credit 3 units. A&S IQ: SSC

Typical periods offered: Fall

ECON 4335 Industrial Organization

Theoretical and empirical analysis of the presence and value of competitive forces in the United States economy. Theories of industrial organization and development of criteria for performance of noncompetitive industries. Prerequisite: Econ 4011.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4345 Labor Economics

Economic analysis of labor markets. Theory and evidence on supply of and demand for labor, explanation of wage and income differentials; impact of education on human skills and productivity. Prerequisite: Econ 401 and Econ 413.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 4360 Urban Economics

Economic function of the city and the role of the city in a national economy. Local decision making; financing of local government expenditures. An analysis of selected urban problems, such as causes and effects of housing market segregation; decay and abandonment, landlord-tenant relations, crime, and urban transport systems. Prerequisite: Econ 4011.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall

ECON 4380 Current Topics in Health Economics

In this advanced undergraduate course, we will mix textbook surveys of major topics in health economics, with student-led critiques of current and classic journal articles, possibly including student presentations of own projects. The course is designed to prepare you to be informed participants in the current debate about health care policy. Core topics will include the social and individual determinants of health, health behavior and health care choices, and development of a critical perspective about the data sources and methodologies in health care research.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 4390 Economics of Education

The economics of education involves analysis of the economic and social determinants and consequences of education. Because each person's education is an investment in human capital which allows the individual to contribute to society in a productive way, education becomes a crucial determinant of an economy's ability to achieve high growth with high wages, low unemployment and strong social cohesion. This course will address three essential topics from the wide-ranging field of the economics of education. The first is demand-side oriented and includes: (i) the measurement of the returns to education in the labor market (human capital theory; the central idea of education as human capital investment); and (ii) a characterization of the education production function, which relates the various inputs affecting a student's learning (schools, families, peers, neighborhoods, etc.) to measure outputs including labor market success, graduation rates and standardized test scores. The second important topic involves political economy and the supply side: the financing and provision of education. The third part of the course is devoted to the links between education and economic development, including cross-country differences in schooling, returns to schooling and per-capita income. Prerequisites: Econ 4011, Econ 4021, and Econ 413.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall

ECON 4410 Macroeconomics of Inequality

In this course, we study the driving forces of inequality across countries, across time, and across individuals within a country. We will define and measure inequality using standard measures of economic well-being, such as income, wealth, and consumption of market goods, and we will also consider broader measures such as health outcomes. Historical cross-country data, microdata, and specific case studies will be used to evaluate theories of the sources of inequality. Key variables to be evaluated include physical capital investment, education and human capital investment, technological progress, robotization, international trade, and financial markets, among others. Prerequisites: Econ 4011 and Econ 4021.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4420 Computational Macroeconomics

This course provides a more in depth look into quantitative methods used in contemporary macroeconomic analysis. We will cover numerical methods used in dynamic optimization. In practice, we will apply these methods to solve two major models used in macroeconomic analysis, using both Excel and Matlab. The Neoclassical Growth Model and its variants are used to study aggregate trends and aggregate effects of government policy. The lifecycle model is used to examine questions involving decision-making over the lifecycle. We will learn how to use empirical observations for the purpose of calibrating model parameters and how to conduct policy evaluation in the context of calibrated models. Our policy evaluation will focus on fiscal policy (taxes) and social security issues. Prerequisites: Econ 4011 and Econ 4021.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 4425 Macro Public Finance: Inequality, Redistribution, and Insurance

This is an advanced undergraduate course on the macroeconomics of public finance, with a particular focus on the government's role in redistributing resources and providing insurance through the tax-and-transfer system and labor market policies. In the first (and longer) part we study inequality in income, wealth, and consumption as well as risks individuals face. We proceed to study how the U.S. welfare state redistributes resources and provides insurance. Most of the first part is then devoted to studying the trade-offs the government faces in the design of the welfare state. In the second part we focus specifically on imperfect labor markets and how institutions shape labor market outcomes.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 4520 Topics in Growth and Development

This course highlights important empirical facts concerning growth and development in various countries at different development stages. Fundamental growth theory is then provided for explaining these facts systematically and for evaluating the consequences of commonly adopted development policies. Topics vary, but may include population, human capital and labor market development, R&D and innovation, finance and growth, modernization and industrial transformation, world income disparities and poverty problems, institutions and political economy issues, environmental and social factors, and international trade and economic integration.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 4521 Advanced Topics in Modern Economic Growth

This course studies economic theories that explain the observed patterns of economic development across time and space. What explains the growth of the world economy since the Industrial Revolution? Why are the level and the growth rate of per-capita income so different across countries? What explains the decline of manufacturing, and its growth in the early stages of development? What are the determinants of inequality and risk faced by individuals in different countries? Theories featuring the role of investment in physical and human capital, technology, coordination, financial markets, and environmental variables will be presented. Theories will be evaluated using historical data and detailed case studies. This course is designed to complement Econ 472. Prerequisites: Econ 4011.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Spring

ECON 4710 Game Theory

This course covers advanced applications of Game Theory in economics. Topics include expected utility, strategic-form and extensive-form games with perfect information, Bayesian games, infinitely repeated games, dominance, Nash equilibrium and its refinements. We apply these tools to study strategic situations in industrial organization, auctions, bargaining, voting, and signaling games.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall

ECON 4720 Optimization and Economic Theory

An introduction to mathematical optimization and its applications within economics. The course is designed for, and should be taken by, all undergraduates considering graduate study in economics, but all interested students are welcome.

Credit 3 units. A&S IQ: SSC Art: SSC EN: S

Typical periods offered: Spring

ECON 4770 Decision Under Risk and Time

This course covers topics on individual decision making, subject to risk and to inter-temporal considerations. The emphasis is on economic modeling, which combines both theory and reality. The course will begin by establishing a framework for analyzing preferences about risky outcomes. This framework will be applied to practical problems such as economic development and finance. The remainder of the course will consider decision-making in the long run, with focuses on the problem of time inconsistency and other real-world implications.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4775 Economic Choices Under Uncertainty

Theories of gambling, insurance, and other economic choices that increase or decrease exposure to risk.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4830 Mathematical Economics

The objective of this course is to develop the mathematical tools necessary for the study of intermediate micro- and macro-economic theory and the advanced electives in economics. The principal focus will be the calculus of multivariate functions (including total and partial differentiation), unconstrained and constrained optimization of multivariate functions, and implicit and inverse function rules. Time permitting, additional topics will be introduced. Economics majors and minors must take this course (or Calculus III) prior to, or concurrently with, Intermediate Microeconomics . Students who have taken, or are taking, Calculus III may take this course as well.

Credit 1 unit. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4840 Data Analytics for Economics in STATA

This short course introduces students to the data analysis and statistical software tools used in upper-level econometrics and applied economics courses. The course is designed to serve as a bridge between introductory econometrics and practical work with real-world databases. The course will be held in the computer classroom so that students can obtain hands-on experience with data preparation, workflow, and modeling using the Stata statistical software package. Emphasis throughout the course is placed on examples of applications in economics.

Credit 1.5 units.

Typical periods offered: Fall, Spring

ECON 4841 Data Analytics for Economics in Excel

This mini course offers students the opportunity to master the advance functionality of Microsoft Excel, and to apply those skills to common economic, statistical, and financial problems. Even those familiar with the basic functioning of Excel may be surprised to learn how little of its full capability most users access. Though basic functions will be covered, our focus will be on leveraging Excel's more advanced functions, analytical tools, reporting templates, and linking features to manage multiple workbooks, manipulate data across files, automate tasks, and produce publication quality charts, tables, and graphs. In addition to providing hands-on experience using Excel's advanced capabilities, the course is designed to serve as a bridge between introductory econometrics and practical work with real-world datasets. The course will be held in the computer classroom so that students can obtain practical experience preparing data, managing workflow, and presenting results. Added emphasis throughout the course will be placed on examples with applications in economics.

Credit 1.5 units.

Typical periods offered: Fall, Spring

ECON 4850 Economic Analysis With Python

Coming soon!

Credit 3 units.

Typical periods offered: Spring

ECON 4970 Research in Economics

Opportunity to work as part of a research project under faculty supervision. Note: this course does not count toward the major or minor in Economics. May be repeated for credit.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall, Spring

ECON 4980 Honors Seminar

Advanced application of economic theory to policy problems. This is the first part of the two-course sequence for seniors writing an honors thesis, and it is taken in the fall semester of the senior year. This course may not be used to satisfy major requirements. Prerequisite: invitation into the Honors in Economics with Thesis track of the department's Honors Program.

Credit 3 units. A&S IQ: SSC EN: S

Typical periods offered: Fall

ECON 4990 Study for Honors

Independent reading and research under faculty direction leading to a Senior Honors Thesis. This is the second part of the two-course sequence for seniors writing an honors thesis, and it is taken in the spring semester of the senior year. This course may not be used to satisfy major requirements. Prerequisite: invitation into the Honors in Economics with Thesis track of the department's Honors Program.

Credit 3 units.

Typical periods offered: Spring

ECON 4999 Independent Work

See Academic Coordinator for further details. Note: This course does not count toward the major or minor in Economics. Credit to be determined; maximum 6 units.

Credit 6 units.

Typical periods offered: Fall, Spring