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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. ECON200M 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. Restricted to students in the Markets and Society Program. ECON200S 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. Restricted to students in College Park Scholars - Business, Society and the Economy. 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: By permission with ECON200, ECON201, and {MATH220 or MATH140} with a grade of 'C'(2.0) or better. For ECON majors only and permission of department. Not open to students who have completed MATH240 or 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). Not open to students who have completed ECON325. ECON majors are required to take ECON325. 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). Not open to students who have completed ECON326. ECON majors are required to take ECON326. 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. 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} with a grade of 'C'(2.0) or better. For ECON majors only. Not open to students who have completed BMGT230 (unless with department permission) or BMGT231. Credit will be granted for only one of the following: BMGT230, BMGT231 or ECON321. 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. ECON325 Intermediate Macroeconomic Analysis; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON300 with a grade of 'C' (2.0) or better. For ECON majors only. Credit will be granted for only one of the following: ECON305 (not accepted for major requirements) or ECON325. Analysis of macroeconomic behavior and policy with emphasis on theoretical rigor. Topics include the deterimants of economic growth, unemployment, inflation, and international economic flows. ECON326 Intermediate Microeconomic Analysis; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON300 with a grade of 'C' (2.0) or better. For ECON majors only. Credit will be granted for only one of the following: ECON306 (not accepted for major requirements) or ECON326. Analysis of economic decision-making by individual buyers and sellers, and resulting market outcomes, with emphasis on theoretical rigor. The efficient properties of perfect competition are examined, followed by consideration of market power, externalities, and asysmetric information. 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 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. ECON397 (PermReq) 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: ECON326 with a grade of 'C' or better (or ECON306 by 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. ECON402 Macroeconomic Models and Forecasting; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON325 with a grade of 'C' (2.0) or better (ECON305 by permission of department). For ECON majors only. Analysis of the fluctuations in economic activity and the formulation and use of forecasting models of the economy. Illustrations of computer macro models and forecasting problems. ECON412 Economic History and Modern Development; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON325 and ECON326 with a grade of 'C' or better (or ECON306 and ECON305 with permission). For ECON majors only. Analysis of major economic, political, and social change in the developed world since 1800. This includes factors contributing to increases in economic performance, changes in the form of government, technological change (including industrialization), and integration and disintegration of the global economy. Emphasis is on institional changes in how societies organize economic and political activities. ECON414 Game Theory; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON326 with a grade of 'C' or better (or ECON306 by permission of department). For ECON majors only. Not open to students who have completed GVPT399A. Credit will be granted for only one of the following: ECON414 or GVPT399A. 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: ECON325 (or ECON305 by permission of department) and ECON321 with a grade of 'C' (2.0) or better. 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: ECON321 (or STAT400) with a grade of 'C' (2.0) or better. 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. ECON423 Econometrics II; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON422. For ECON majors only. Interaction between economic problems and specification and estimation of econometric models. Topics include issues of autocorrelation, heteroscedasticity, functional form, simultaneous equation models, and qualitative choice models. ECON424 Computer Methods in Economics; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON325 and ECON326 (or ECON305 and ECON306 by permission of department) and ECON321 with a grade of 'C' (2.0) or better. For ECON majors only. Database development from Internet and other sources, research methods, and statistical analysis in economics using EXCEL and SAS. ECON425 Mathematical Economics; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON325 and ECON326 with a grade 'C' (2.0) or better (or ECON305 and ECON306 by permission of department). For ECON and MATH majors only. Mathematical developments of theory of household and firm, general equilibrium and welfare economics, market imperfections, and role of information. ECON435 Financial Markets and the Macroeconomy; (3 credits) Grade Method: REG/P-F/AUD. Finance majors will not receive credit for ECON435. Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by permission of department). For ECON majors only. Not open to students who have completed BMGT343 (for credit). Credit will be granted for only one of the following: BMGT343 or ECON435. Formerly ECON398F. 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. ECON441 Theory of International Economics; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON325 and ECON326 with a grade of 'C' (2.0) or better (or ECON305 and ECON306 by permission of department). For ECON majors only. Not open to students who have completed ECON340. Credit will be granted for only one of the following: ECON340 or ECON441. Theoretical treatment of international trade and international finance. Includes Ricardian and Heckscher-Ohlin theories of comparative advantage, analysis of tariffs and other trade barriers, international factor mobility, balance of payments adjustments, exchange rate determination, and fiscal and monetary policy in an open economy. ECON451 Public Choice; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by 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/P-F/AUD. Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by 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: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by 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: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by 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. ECON461 Economics of Regulation and Anti-trust; (3 credits) Grade Method: REG. Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by permission of department). For ECON majors only. Credit will be granted for only one of the following: ECON398R or ECON461. Formerly ECON398R. Considers government intervention in economic activity of three types: antitrust policy, regulation of natural monopolies, and health safety regulation. Covers theoretical models, real-world policy applications, and empirical studies relevant to the impact of regulation. ECON470 Theory of Labor Economics; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by 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. ECON481 Theory and Policy in Environmental Economics; (3 credits) Grade Method: REG/P-F/AUD. Prerequisite: ECON326 with a grade of 'C' (2.0) or better (or ECON306 by permission of department). For ECON and ENSP majors only. Credit will be granted for only one of the following: ECON381 or ECON481. Formerly ECON381. Application of economic theory and empirical tools to the analysis of environmental issues. The concepts of externalities, public goods, property rights and cost-benefit analysis are applied to air pollution, water pollution, solid waste management, hazardous waste, and global warning. The optimal role and various tools of public policy are addressed. ECON602 Macroeconomic Analysis II; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 601 or permission of department. Further issues regarding macroeconomic topics. First half emphasis will be placed on dynamic macroeconomic theory as pertaining to monetary issues, policy ineffectiveness and effectiveness. The second half of the course will focus on theories of investment and growth. ECON604 Microeconomic Analysis II; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 603 or permission of department. Analysis of markets and market equilibria; the Arrow-Debreu model of general equilibrium, the two-sector model, welfare theorems, externalities, public goods, markets with incomplete and asymmetric information. ECON624 Econometrics II; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 623 or permission of department. Estimation, hypothesis testing and prediction in the classical and generalized linear regression model. Topics include: ordinary least squares and generalized least squares, including a discussion of their algebraic, small and large sample properties, prediction and parameter restriction; specification tests; large sample distribution theory. ECON626 Empirical Microeconomics; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON622 or ECON721 or permission of instructor. For ECON majors only. To provide students with the opportunity to use Empirical techniques that are particularly valuable in the analysis of microeconomic data. Topics include panel data, nonlinear optimization, limited dependent variables, truncated, censored, and selected samples, the analysis of natural experiments, and quantile regressions.This course will emphasize hands-on practical experience. For ECON majors only. ECON661 The Corporate Firm; (3 credits) Grade Method: REG/AUD. Prerequisites: ECON 603 and ECON 604. This course examines firms' strategic behavior in a variety of settings and considers theories of the firm and industrial structure. Topics may include product choice, quality, advertising, consumer search and switch costs, manufacturer-retailer relations, manufacturer-supplier relations, vertical integration, and alternative industrial structures. ECON664 Empirical Studies in Industrial Organization; (3 credits) Grade Method: REG. Prerequisites: ECON 603, ECON 604, and either ECON 621 or ECON 624. Recommended: ECON 661, ECON 662, ECON 626. Credit will be granted for only one of the following: ECON 664 or ECON 698J. Formerly ECON698J. Review recent empirical literature in industrial organization. Covers price discrimination, cartel and collusion, entry and market structure, information and competition, technological change and adoption, auction, and firm organization. ECON698 (PermReq) Selected Topics in Economics; (3 credits) Grade Method: REG/AUD. Individual Instruction course: contact department or instructor to obtain section number. ECON698K Selected Topics in Economics: Macroeconomics of Imperfect Capital Markets; (3 credits) Grade Method: REG/AUD. ECON702 Advanced Macroeconomics II; (3 credits) Grade Method: REG/AUD. Prerequisites: ECON601 and ECON602. Selected issues in monetary economics with an equal emphasis of learning the models and understanding important issues: a survey of models (cash-in-advance, money-in-the-utility-function, transaction cost, search-based models), empirical issues in monetary economics, business cycles and money, monetary policy, welfare cost of inflation, alternative media of exchange. ECON704 Advanced Microeconomics II; (3 credits) Grade Method: REG/AUD. Prerequisites: ECON 603 and ECON 604. General equilibrium theory and its relation to the core, the convergence theorem, and temporary equilibrium in a sequence of markets. The role of information in various economic organizations: including coordination and incentives under incomplete information, the principal-agent problem, search, and signaling. Principles of efficient and optimal allocation over time, and applications to capital accumulation and taxation. 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. ECON722 Econometrics IV; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 721 or permission of instructor. A continuation of ECON 721. A "topics course." The topics considered are a large subset of the following: inference in parametric and semi-parametric nonlinear econometric models (least mean distance and GMM estimation); pretest estimation issues; rational expectations models; further issues in specification testing; qualitative and limited dependent variable models (binary and polychotomous choice models, truncated and censored samples, etc.); causality and exogeneity; time series models with unit roots; cointegration; spatial models; ARCH and GARCH models; the Kalman filter; cross section time series models (random parameters); and optimal control. ECON742 Advanced International Economics II; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 603 or permission of department. Comparative advantage, Heckscher-Ohlin theory, specific-factors model, empirical verification, economies of scale, imperfect competition, commercial policy, factor mobility. ECON743 Topics in International Finance; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 602 or permission of department. Recommended: ECON 741. Puzzles in international finance; portfolio balance, current account dynamics, exchange rate behavior; capital market imperfections; balance of payments crises. ECON744 Business Cycle Theory of Emerging Economies; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 602 and ECON 604. Credit will be granted for only one of the following: ECON 698M or ECON 744. Formerly ECON698M. An advanced course in International Economics that studies business cycle theory for emerging economies. It develops a set of quantitative tools for studying the determinants of international capital flows and their business cycle implications, with emphasis on the "Sudden Stop" phenomenon of emerging-markets crises. The course blends elements of real business cycle theory, international finance and equilibrium asset pricing theory and it relies heavily on recursive macroeconomic theory. Familiarity with computing software and the techniques covered in a course on computational economics are also useful, but not required in advance. ECON752 Public Economics II; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 751. Theoretical and empirical issues in taxation, with particular emphasis on income taxation. ECON757 Topics in Political Economy II; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON602, ECON604, or permission of department. Recommended: ECON754. A continuation of ECON754 Topics in Political Economy I. Topics will include: the informational role of special interest groups; campaign finance, including welfare analysis of campaign finance reform; advanced models of the political economy of redistribution, with emphasis on inefficient redistribution, intergenerational redistribution, and "pork barrel" politics; fairness and redistributive politics; the effects of alternative electoral systems; theoretical models of parliamentary democracies, government formation and political parties; accountability of government officials; and the political economy of federalism. ECON772 Population Economics; (3 credits) Grade Method: REG/AUD. Prerequisite: ECON 771 or permission of department. Covers the central ideas in population economics. These include theories and test of theories of mortality, fertility and immigration. ECON781 Environmental Economics; (3 credits) Grade Method: REG/AUD. Prerequisites: ECON 603 and ECON 604; and (ECON 621 or ECON 624). The study of economics as it applies to environmental issues and policies. Topics include: the theory of externalities and its implications, the design of environmental policies with applications, open-economy environmental economics encompassing the impact of international trade on the environment and global environmental management, and the measurement of the benefits and costs of environmental programs. ECON799 Master's Thesis Research; (1-6 credits) Grade Method: REG. Individual Instruction course: contact department or instructor to obtain section number. ECON808 (PermReq) Workshop on Macroeconomics and Growth; (2 credits) Grade Method: S-F/AUD. ECON graduate students only. ECON828 Workshop in Econometrics; (2 credits) Grade Method: S-F/AUD. ECON848 (PermReq) Workshop in International Development, and Comparative Economics; (2 credits) Grade Method: S-F/AUD. ECON graduate students only. ECON868 (PermReq) Workshop in Industrial Organization; (2 credits) Grade Method: S-F/AUD. ECON graduate students only. ECON878 (PermReq) Workshop in Labor Economics; (2 credits) Grade Method: S-F/AUD. ECON graduate students only. 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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