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ECON Economics( Behavioral and Social Sciences) ECON200 Principles of Micro-Economics; (4 credits) Grade Method: REG/P-F/AUD. CORE Behavioral and Social Science (SB) Course.Prerequisite: MATH110 or placement in MATH113/MATH115/MATH111. It is recommended that students complete ECON200 before taking ECON201. Introduces economic models of the behavior of individual consumers and business firms, problems of international trade, the distribution of income, policies for eliminating poverty and discrimination, the problems of environmental pollution, and the impact of different market structures upon economic activity. ECON201 Principles of Macro-Economics; (4 credits) Grade Method: REG/P-F/AUD. CORE Behavioral and Social Science (SB) Course. Prerequisite: MATH110 or placement in MATH113/MATH115/MATH111. It is recommended that students complete ECON200 before taking ECON201. Credit will be granted for only one of the following: ECON201 or ECON205. An introduction to the problems of unemployment, inflation, and economic growth. Emphasis on roles of monetary and fiscal policy in the conduct of macroeconomic policy. ECON300 (PermReq) Methods and Tools for Economic Analysis; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON200, ECON201, and {MATH220 or MATH140}; and permission of department. Not open to students who have completed MATH241. Covers several mathematics techniques and demonstrates their application to a wide variety of models and problems in both microeconomic and macroeconomic analysis. Reviews concepts from algebra and elementary calculus and introduces components of multivariable calculus, linear algebra and differential equations. ECON305 Intermediate Macroeconomic Theory and Policy; (3 credits) Grade Method: REG/P-F/AUD. Prerequisites: ECON200, ECON201, and (MATH220 or MATH140). Credit will be granted for only one of the following: ECON305 or ECON325. Analysis of the determination of national income, employment, and price levels. Discussion of consumption, investment, inflation, and government fiscal and monetary policy. ECON306 Intermediate Microeconomic Theory; (3 credits) Grade Method: REG/P-F/AUD. Prerequisites: ECON200, ECON201, and (MATH220 or MATH140). Credit will be granted for only one of the following: ECON306 or ECON326. Analysis of the theories of consumer behavior and of the firm, market systems, distribution theory and the role of externalities. ECON311 American Economic History Before the Civil War; (3 credits) Grade Method: REG/P-F/AUD. Prerequisites: ECON200 and ECON201. Topics include: the British settlement of the North American colonies, economic development in the colonial period, the economics of the American Revolution, the writing of the Constitution, the development of financial markets in the early 19th century, public lands and the spread of western agriculture, slavery, banking, and early industrialization. ECON315 Economic Development of Underdeveloped Areas; (3 credits) Grade Method: REG/P-F/AUD. Prerequisites: (ECON200 and ECON201) or ECON205. Credit will be granted for only one of the following: ECON315 or ECON416. Analysis of the economic and social characteristics of underdeveloped areas. Recent theories of economic development, obstacles to development, policies and planning for development. ECON321 Economic Statistics; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON200, ECON201, MATH220 or MATH140 or permission of department. For ECON majors only. Not open to students who have completed BMGT230 or BMGT231. Introduction to the use of statistics in economics. Topics include: Probability, random variables and their distributions, sampling theory, estimation, hypothesis testing, analysis of variance, regression analysis and correlation. ECON330 Money and Banking; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON200 and ECON201. The structure of financial institutions and their role in the provision of money and near money. Analysis of the Federal Reserve System, the techniques of central banks, and the control of supply of financial assets in stabilization policy. Relationship of money and credit to economic activity and the price level. ECON340 International Economics; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON200 and ECON201. Credit will be granted for only one of the following: ECON340 or ECON441. Covers economic models of international transactions, exchange rates, and balance of payments. Analysis of policies of protection, devaluation, and exchange rate stabilization and their consequences. ECON375 Economics of Poverty and Discrimination; (3 credits) Grade Method: REG/P-F/AUD. CORE Diversity (D) Course. Prerequisites: (ECON200 and ECON201) or ECON205. The causes of the persistence of low income groups; the relationship of poverty to technological change, to economic growth, and to education and training; economic results of discrimination; proposed remedies for poverty and discrimination. ECON386 (PermReq) Experiential Learning; (3-6 credits) Grade Method: S-F. Individual Instruction course: contact department or instructor to obtain section number. Prerequisite: ECON200, ECON201, and cumulative GPA > 2.75; and permission of department. Junior standing. For ECON majors only. See Department Advising Office for course eligibility, course requirements, and application information. ECON396 (PermReq) Independent Honors Study; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON422 and permission of department. Normally taken in senior year. Course will explore selected topics in economic theory and its application in depth. Analysis of methodologies in economic research and the development of student skills in research methods. Students will prepare workshop papers. ECON397 Honors Thesis; (3 credits) Grade Method: REG/P-F/AUD. Prerequisites: ECON396 and candidacy for honors in economics. General supervision will be provided through assembled meetings with the professor in charge of the course. ECON399 (PermReq) Individual Reading and Research For Undergraduates; (3 credits) Grade Method: REG/P-F/AUD. Individual Instruction course: contact department or instructor to obtain section number. Permission of instructor must be arranged in advance. Open only to students who have previously earned 6 or more credits in upper division economics courses. ECON401 Current Issues in American Economic Policy; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON306; or permission of department. For ECON majors only. Analysis of current economic problems and public policies. Inflation, unemployment, market power, government regulation, poverty and distribution of income, federal budget and tax policy, environment. ECON414 Game Theory; (3 credits) Grade Method: REG/P-F/AUD. Prerequisites: ECON306; or permission of department. For ECON majors only. Studies the competitive and cooperative behavior that results when several parties with conflicting interests must work together. Learn how to use game theory to analyze situations of potential conflict. Applications are drawn from economics, business, and political science. ECON416 Theory of Economic Development; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON305 and ECON321. For ECON majors only. Credit will be granted for only one of the following: ECON315 or ECON416. Economic theory of the developing nations; role of innovation, capital formation, resources, institutions, trade and exchange rates, and governmental policies. ECON422 Econometrics I; (3 credits) Grade Method: REG/P-F/AUD. Prerequisites: ECON200, ECON201, and ECON321; or permission of department. For ECON majors only. Emphasizes the interaction between economic problems and the assumptions employed in statistical theory. Formulation, estimation, and testing of economic models, including single variable and multiple variable regression techniques, theory of identification, and issues relating to inference. ECON424 Computer Methods in Economics; (3 credits) Grade Method: REG/P-F/AUD. Prerequisites: ECON305, ECON306, and ECON321. For ECON majors only. Database development from Internet and other sources, research methods, and statistical analysis in economics using EXCEL and SAS. ECON435 Financial Markets and the Macroeconomy; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON306. Not open to finance majors. For ECON majors only. Credit will be granted for only one of the following: BMGT343 or ECON435. Formerly ECON 398F. The different types of financial assets that exist, the markets that they trade in, and the determination of their prices and rates of return are examined. Specific topics that will be covered include the Markowitz portfolio selection model, the capital asset pricing model, the arbitrage pricing theory, the efficient markets hypothesis, the term structure of interest rates, and options. There will be almost no emphasis on issues in corporate finance. ECON442 (PermReq) Globalization and Capital Markets; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON305 and ECON306; or ECON325 and ECON326; and permission of department. For ECON majors only. Credit will be granted for only one of the following: ECON398M or ECON442. Formerly ECON 398M. Uses models of open-economy macroeconomics to explain the causes and consequences of international capital flows. Analysis is made of private consumption, investment, the government sector, current accounts, the labor market, and the money and foreign exchange markets in small open economies. This framework is then used to study examples of how speculative attacks on currencies, sudden reversals of capital inflows, and the effects of the lack of credibility of economic policy affect economic development. ECON451 Public Choice; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON306 or ECON326; or permission of department. For ECON majors only. Analysis of collective decision making, economic models of government, program budgeting, and policy implementation; emphasis on models of public choice and institutions which affect decision making. ECON454 Public Finance and Public Policy; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON306 or ECON326; or permission of department. For ECON majors only. Credit will be granted for only one of the following: ECON350 or ECON454. Study of welfare economics and the theory of public goods, taxation, public expenditures, benefit-cost analysis, and state and local finance. Applications of theory to current policy issues. ECON456 Law and Economics; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON306 or ECON326; or permission of department. For ECON majors only. Relationship of the exchange process to the system of institutions and rules that society develops to carry out economic transactions. Topics covered include: Property rights; torts, negligence, and liability; contracts and exchanges; criminal control and enforcement; equity issues in the rule and market environment. ECON460 Industrial Organization; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON306; or permission of department. For ECON majors only. Changing structure of the American economy; price policies in different industrial classifications of monopoly and competition in relation to problems of public policy. ECON470 Theory of Labor Economics; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON306; or permission of department. For ECON majors only. Credit will be granted for only one of the following: ECON370 or ECON470. An analytical treatment of theories of labor markets. Marginal productivity theory of labor demand; allocation of time in household labor supply models; theory of human capital; earnings differentials; market structure and the efficiency of labor markets; the role of trade unions; discrimination; and unemployment. ECON601 Macroeconomic Analysis I; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 600 or permission of department. Introductory technical treatment of standard Keynesian, classical and new classical macroeconomic models. Expectations formation and microeconomic foundations of consumption, investment, money demand, and labor market behavior. The course will be co-taught by John Shea and Allan Drazen. ECON603 Microeconomic Analysis I; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 600 or permission of department. A detailed treatment of the theory of the consumer and of the firm, particularly emphasizing the duality approach. Topics include the household production model, imperfect competition, monopolistic and oligopolistic markets. The course will be co-taught by Lawrence Ausubel and Daniel Vincent. ECON613 Origins and Development of Capitalism; (3 credits) Grade Method: REG/AUD. Prerequisite: permission of department. Advanced special students not permitted. Institutions and technology shaping pre-capitalist economies: Archaic, Greek and Roman, Feudal, and Mercantile. Rise of the market system, national economies, and capitalism. The nature of industrial society. Imperialism. ECON615 Economic Development of Less-Developed Areas; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 603 or permission of department. Analysis of the forces contributing to and retarding economic progress in less-developed areas. Topics include the relationship of international trade to development, import-substituting and export-led industrialization, the effects of population growth on economic development, and the analysis of institutions and institutional change in land tenure, finance, and labor markets. ECON623 Advanced Econometrics I; (3 credits) Grade Method: REG/AUD. Prerequisite: advanced undergraduate course in probability and statistics with permission of department. Specification, estimation, hypothesis testing and prediction in the classical and generalized linear regression model. Small and large sample properties of estimators. Instrumental variables estimation and quantile regression methods. This course will be co-taught by John Chao and John Rust. ECON625 Computational Economics; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 604 and ECON 622; or ECON 721. Credit will be granted for only one of the following: ECON 625 or ECON 698R. Formerly ECON 698R. A one-semester course designed to give students tools for numerical dynamic programming and computation of related general equilibrium and game-theoretic problems. ECON652 Public Economics I; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 604 and ECON 621; or ECON 624. The characteristics and effects of government programs whose role is redistribution and social insurance are considered. Examples include cash welfare assistance, unemployment insurance, and Social Security. The focus is on U.S. programs, though other countries may be considered. Both theories of program design and empirical research on program effects will be covered. Topics in empirical methodology generally will also be stressed. This course will be co-taught by Mark Duggan and Melissa Kearney. ECON662 Industry Structure, Conduct, and Performance; (3 credits) Grade Method: REG/AUD. Prerequisites: ECON 603 and ECON 604. This course studies theories of industry structure, conduct and performance. Topics inlcude long run industry structures and dynamics, d durable goods monopoly, price discrimination, classical models of oligopoly, models of entry and limit pricing, dynamic oligopoly and collusion, R&D ubcebtuves abd competitive R&D. ECON681 Comparative Institutional Economics I; (3 credits) Grade Method: REG/AUD. Analysis of the nature of institutions, their origins, development and construction, and their effects, using microeconomic theory and applied econometrics. Understanding economic institutions by focusing on three central examples; property, contract, and decentralization. Investigating the origins, causes and consequences of institutional change through analysis of the determinants of per capita incomes, the effects of different legal systems, the influence of culture, the progress of transition economies, and the structure of China's reforms. ECON698 (PermReq) Selected Topics in Economics; (3 credits) Grade Method: REG/AUD. Individual Instruction course: contact department or instructor to obtain section number. ECON698C Selected Topics in Economics; (3 credits) Grade Method: REG/AUD. ECON701 Advanced Macroeconomics I; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 601; and ECON 602. Recent developments in macroeconomics with an emphasis on topics and techniques useful for conducting research in macroeconomics. Topics include advanced treatment of fiscal and monetary policy issues; the role of imperfect competition; real, sectoral and nominal business cycle models. ECON703 Advanced Microeconomics I; (3 credits) Grade Method: REG/AUD. Prerequisites: ECON 603 and ECON 604. Formal treatment of game theory and its microeconomic applications are presented, emphasizing dynamics and information. Equilibrium concepts for static and dynamic games, and games with complete and incomplete information are studied. Topics also discussed: mechanism design, efficiency, reputations, signaling, and screening. ECON708 (PermReq) Advanced Topics in Applied and Theoretical Microeconomics; (2 credits) Grade Method: REG/AUD. ECON709 (PermReq) Advanced Topics in Applied and Theoretical Macroeconomics; (2 credits) Grade Method: REG/AUD. ECON721 Econometrics III; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 624 or permission of instructor. A continuation of ECON 624. Estimation hypothesis testing and prediction in various generalized linear regression models, and in dynamic and simultaneous equation models. Topics include: autocorrelation, heteroskedasticity, seemingly unrelated regressions, cross section and time-series models, and general testing principles for significance. ECON741 Advanced International Economics I; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 601 or permission of department. Exchange rate determination; exchange rate regimes; international monetary reform; policy conflict and cooperation; the LDC debt problem; pricing of international assets; balance of payments crises. ECON754 Topics in Political Economy I; (3 credits) Grade Method: REG/AUD. Prerequisites: ECON602 and ECON604 or permission of department. Study of political determinants of macroeconomic outcomes. Time inconsistency in monetary and fiscal policy, political business cycles. Political models of redistribution, delay in reform, transition, growth, and international policymaking. ECON771 Advanced Labor Economics: Theory and Evidence; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 603, and (ECON 621, or ECON 624) or permission of department. Modern analytical and quantitative labor economics. Labor supply decisions of individuals and households; human capital model and distribution of income. Demand for labor; marginal productivity theory, imperfect information and screening. Interaction of labor demand and supply; unemployment; relative and absolute wages; macroeconomic aspects of the labor market. ECON785 Advanced Economics of Natural Resources; (3 credits) Grade Method: REG/AUD. Prerequisites: ECON 603 and ECON 604; and (ECON 621 or ECON 624). The use of exhaustible and renewable natural resources from normative and positive points of view. Analysis of dynamic resource problems emphasizing energy, mineral, groundwater, forestry, and fishery resources; optimal, equilibrium, and intergenerational models of resource allocation. ECON799 Master's Thesis Research; (1-6 credits) Grade Method: REG. Individual Instruction course: contact department or instructor to obtain section number. ECON808 Workshop on Macroeconomics and Growth: Workshop in Applied Economics; (2 credits) Grade Method: S-F/AUD. ECON828 Workshop in Econometrics; (2 credits) Grade Method: S-F/AUD. ECON848 Workshop in International Development, and Comparative Economics; (2 credits) Grade Method: S-F/AUD. ECON868 Workshop in Industrial Organization; (2 credits) Grade Method: S-F/AUD. ECON878 Workshop in Labor Economics; (2 credits) Grade Method: S-F/AUD. ECON888 Workshop in Comparative Institutional Economics; (2 credits) Grade Method: REG/AUD. ECON898 (PermReq) Pre-Candidacy Research; (1-8 credits) Grade Method: REG. Individual Instruction course: contact department or instructor to obtain section number. ECON899 (PermReq) Doctoral Dissertation Research; (6 credits) Grade Method: REG. Individual Instruction course: contact department or instructor to obtain section number.
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