A.B. Economics

ECO 100 Introduction to Microeconomics Fall/Spring SA 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. K. Noonan, H. Farber

ECO 101 Introduction to Macroeconomics Fall/Spring SA 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. E. Bogan, A. Blinder

ECO 202 Statistics and Data Analysis for Economics Spring QR 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. U. Mueller

ECO 300 Microeconomic Theory Fall SA 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. K. Noonan

ECO 301 Macroeconomics Spring SA 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. Staff

ECO 302 Econometrics Fall QR 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. K. Evdokimov

ECO 310 Microeconomic Theory: A Mathematical Approach Fall/Spring SA 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. C. Urgun

ECO 311 Macroeconomics: A Mathematical Approach Spring SA 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. G. Violante

ECO 312 Econometrics: A Mathematical Approach Fall/Spring QR 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. B. Honoré, M. Plagborg-Moller

ECO 313 Econometric Applications Spring QR 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. H. Farber

ECO 315 Topics in Macroeconomics Spring SA 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. N. Kiyotaki

ECO 317 The Economics of Uncertainty Fall SA 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. L. Yariv

ECO 321 Firm Competition and Strategy Fall SA 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. N. Buchholz

ECO 324 Law and Economics Fall 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, product liability, deterring crime, incarceration as punishment, and social choice. Prerequisite: 100. Two 90-minute lectures. T. Leonard

ECO 328 Disease Ecology, Economics, and Policy (See ENV 304)

ECO 329 Environmental Economics (See WWS 306)

ECO 331 Economics of the Labor Market Fall SA 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. Staff

ECO 332 Economics of Health and Health Care (also

GHP 332

ECO 339 Introduction to Population Problems (also

SOC 351

ECO 341 Public Finance Spring SA 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 H. Rosen

ECO 342 Money and Banking Fall SA 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. M. Brunnermeier

ECO 347 Mathematical Models in the Study of Politics (See POL 347)

ECO 349 Public Economics (See WWS 307)

ECO 351 Economics of Development Spring SA 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. T. Fujiwara

ECO 352 International Trade (See WWS 301)

ECO 353 International Monetary Economics Fall SA 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. I. Zaidi

ECO 362 Financial Investments Fall SA 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. M. Cherkes

ECO 363 Corporate Finance and Financial Institutions Spring SA Investigates the financing decisions of companies and financial institutions in the wider context of the workings of financial markets. Topics include capital budgeting, capital structure choice, risk management, liquidity, corporate governance, and the interactions between corporate finance and the workings of financial institutions and markets. Prerequisite: 362. Two lectures, one class. A. Matray, D. Schoenherr

ECO 364 Introduction to Financial Mathematics (See ORF 335)

ECO 370 American Economic History (also

HIS 378

ECO 372 Economics of Europe (also

EPS 342

ECO 379 The Chinese Economy (also

EAS 346

ECO 385 Ethics and Economics (also

CHV 345

ECO 386 History of Economic Thought (also

HIS 311

ECO 414 Introduction to Economic Dynamics Not offered this year QR Mathematical analysis of the evolution of markets and economies over time. Topics include growth, business cycles, asset pricing, and responses to policy changes. Particular attention is given to expectations as a determinant of economic behavior. Mathematical methods (difference equations, dynamic optimization, time series analysis) are introduced as needed. Prerequisites: 310, 311, and 312; and either MAT 201 and 202, MAT 203 and 204, or MAT 217; or instructor's permission. Two 90-minute lectures. Staff

ECO 418 Strategy and Information Fall SA . Explores basic themes in modern game theory and information economics. Non-cooperative solution concepts for games will be developed and applied to the study of repeated games and dynamic interaction in oligopolistic industries, reputation formation, auctions, and bargaining. Prerequisites: MAT 175 or 201, or equivalent