Prerequisites

Course Credits

1.00

Description

This course is no longer offered.

Term Offered

Prerequisites

Course Credits

3.00

Description

Study of macroeconomic models and the application of these analytical models to examine current and past world economic problems. Topics include fundamental macroeconomic models which explain the determination of equilibrium output, the price level, exchange rates and balance of payments adjustment. Topics also include effects of money creation, government spending and taxation in an open economy as well as a closed economy, and international economic interdependence. Normally offered every year

Term Offered

Prerequisites

Course Credits

3.00

Description

The application of mathematical techniques in microeconomics to solve managerial decision problems. The theory of the firm is used to integrate microeconomics with decision sciences using various business applications. Topics include optimization, economic theory of consumer and firm behavior, risk and uncertainty. A global view of managerial economics is taken to reflect the current globalization of production and distribution in the world . Normally offered every year.

Term Offered

Prerequisites

Course Credits

3.00

Description

Examines how incentives impact government behavior and government actions impact the economic behavior of citizens. Topics include an examination of theories of the origin of the state, interest groups, rent seeking, regulation, bureaucracy, federalism, democratic efficiency, and taxation.

Term Offered

Prerequisites

EC 720 or EC 820 or Instructors Permission

Course Credits

3.00

Description

This course examines regulation and analyzes the structure, conduct and performance of American industry. Monopoly and strategic behavior in oligopoly and monopolistic competition are considered. U.S. antitrust law and the effect of regulatory laws on industrial performance are explored. Regulatory practices, rate setting, deregulation, public-enterprise pricing, and issues in privatization are examined, with an emphasis on case studies and policy analysis. Normally offered every year.

Term Offered

Prerequisites

EC 720 or EC 820 or Instructors Permission

Course Credits

3.00

Description

The objective of the course is to expose students to the theoretical principles and practical applications of investment appraisal and risk analysis. It begins with the financial appraisal of investment expenditures, and then proceeds to a detailed discussion of the techniques of economic cost-benefit analysis. An integrated approach is applied to the financial, economic, distributive, and risk evaluation of projects. Students work on exercises and cases throughout the course. In general, an applied exercise accompanies each of the theoretical issues discussed in the lectures.

Term Offered

Prerequisites

Course Credits

3.00

Description

Analysis of the causes and consequences of international trade and international factor movements. Coverage of the neoclassical, the Heckscher-Ohlin and alternative theories of trade. Other topics include the instruments of trade policy, the impact of trade policies on economic welfare and income distribution, the political economy of protectionism, and the economics of integration.

Term Offered

Prerequisites

Course Credits

3.00

Description

This course considers the degree to which it is possible to explain, predict, and guide political decision through the application of economic analysis. The course is organized around two competing visions of public choice: (1) a traditional "organic" approach that sees the core problem for public choice as requiring the maximization of social welfare and (2) a newer "contractual" approach that sees that problem as requiring attention to the institutional framework within which political decisions are made. Topics to be considered include the Arrow paradox and other problems in aggregating individual choices, rent-seeking, the "Leviathan" hypothesis, and non-market demand-revealing methods.

Term Offered

Prerequisites

EC 710

Course Credits

3.00

Description

Analysis of equilibrium in international financial markets; open economy macroeconomic models, exchange rate movements, foreign currency market behavior and the international monetary system. Topics include theoretical aspects and empirical evidence of basic equilibrium conditions in international financial transactions, balance of payment adjustments, various approaches to the determination of foreign exchange rates, an analysis of the behavior of the foreign currency market under uncertainty, and international monetary integration focused on the evaluation of the European Monetary Union. Prerequisite: EC 710. Normally offered every year.

Term Offered

Prerequisites

Course Credits

3.00

Description

Asks why some countries are poor and others are rich. Examines growth over the very long term. Macroeconomic issues include the role of stability, structural adjustment, savings, exchange rate policy, technology and its diffusion, and institutions. Microeconomic topics include demography, education, health, the analysis of poverty and inequality, microfinance, social capital and property rights. The special problems of post-war economic reconstruction. The course includes significant work with large household datasets. Normally offered every other year.

Term Offered

Prerequisites

Course Credits

3.00

Description

Introduction to foreign exchange markets and risks and the determination of exchange rates. A survey of international capital markets, debt and equity financing. Examination of the relationship between interest rates and exchange rates. The measurement and management of exchange risks. Coverage of international corporate finance and foreign currency derivatives.

Term Offered

Prerequisites

Course Credits

3.00

Description

A brief review of statistical methods including probability theory, estimation, and hypothesis testing. This background is used in the construction, estimation, and testing of econometric models. The consequences of a misspecified model, where the assumptions of a classical regression model are violated, are studied and the appropriate remedial measures are suggested. Other topics include dummy variables, binary choice models, and autoregressive models. Emphasis is on applied aspects of econometric modeling. There is extensive use of statistical software for data analyses. Normally offered every year.

Term Offered

Prerequisites

Pre-requisites: (EC 710 or EC 810) and (EC 750 or EC 850)

Course Credits

3.00

Description

The emphasis in this course is on the use and interpretation of real world economic and financial data. Emphasis is on hands-on experience of retrieving data from various databases and then using quantitative tools for analytical purposes. Major economic indicators, the behavior of developed and emerging equity markets, currency movements, sovereign risk, the determinants of international capital flows and international trade patterns will be studied. The course trains students in using economic and financial databases, applying quantitative statistical techniques and using econometric software packages that are employed in economic and financial analysis and marketing research. Prerequisites: EC 710 and EC 750. Normally offered every year.

Term Offered

Prerequisites

EC 750 or EC 850

Course Credits

3.00

Description

Modeling and forecasting with time series data. Various forecasting techniques, including the autoregressive moving average (ARMA) models are presented. These techniques are applied to a wide range of economic and financial data. The latter part of the course deals with other time series econometric issues such as testing for a unit root, ARIMA models, cointegration, and the ARCH/GARCH family of models.

Term Offered

Prerequisites

EC 710 or EC 810, and EC 720 or EC 820, and EC 750 or EC 850

Course Credits

3.00

Description

This seminar course considers issues of current and academic importance in economics. It is centered on the writing of a substantial research paper. The course includes a discussion of how to design an outline, conduct a literature review, build and estimate an economic model, collect data, and report the results clearly and correctly. Normally offered every year.

Term Offered

Prerequisites

EC 710 or EC 810, EC 720 or EC 820, and EC 750 or EC 850

Course Credits

3.00

Description

This seminar course considers issues of current and academic importance in international economics and finance. It is centered on the writing of a substantial research paper. The course includes a discussion of selecting a topic of the research paper, a literature review of the topic, building an analytical framework, determining estimation techniques, collection of data, presentation and analysis of estimation results, and a proper reporting of the completed paper. Prerequisites: EC 710, EC 720 and EC 750. Normally Offered every year.

Term Offered

Prerequisites

Permission of Graduate Director

Course Credits

3.00

Description

Field-related work in a government agency, research organization, financial institution or consulting company. Students will work under the supervision of the office where they are placed and of a faculty member. The internship will result in a written report on the outcome of the work performed. Permission of Master's Program Director required. Normally offered every semester.

Term Offered

Prerequisites

Course Credits

3.00

Description

This course is designed for first-year Ph.D. students and reviews mathematical and statistical tools frequently used in advanced economic analyses. Included topics in the mathematics portion are real analysis, linear algebra, differential and integral calculus, and differential and difference equation. The statistics portion includes univariate and multivariate distributions, asymptotic distribution theory, and estimation and hypothesis testing. Normally offered every year.

Term Offered

Prerequisites

Course Credits

3.00

Description

An investigation of the major themes in Economic thought running from the ancient Greeks to modern times. There will be an emphasis on thinkers in the classical liberal mode, such as Simon, Hume, Mill and the Austrians. There will be further emphasis on the contribution of these and other thinkers to the emergence of capitalism and democracy. The course will include an examination of recent developments in economics, such as neuroeconomics and Behavioral and experimental economics, for their origins in the writings of Smith and the Institutionalists. Students will write a paper tracing a major theme in current economic thought to its historical origin.

Term Offered

Prerequisites

Course Credits

1.00

Description

Required of all students in the second semester of their second year of pursuing their Ph.D. The purpose of this course is to offer training in the teaching of economics. The focus will be on classroom preparation, testing and grading, web support, student retention and other elements of a successful classroom experience. At the completion of the course, students will be graded on a Pass/Fail criteria, based on the instructor's determination of the student's readiness to teach in the classroom.

Term Offered

Prerequisites

Take EC-811 EC-821 and EC-851;

Course Credits

3.00

Description

The course will be conducted as a seminar, with weekly discussions and paper presentations on assigned readings. Topics to be covered include the question of whether the neoclassical model stands up to critiques from Austrians, Behaviorists and those cognitive scientists who question the existence and/or autonomy of the individual decision maker. Another topic is whether methodological individualism continues to serve as a viable approach to economics, given evidence that people do not choose rationally. Other topics: general equilibrium theory and its critics, methodological disputes between a priorists and empiricists, and how neuroeconomics informs our understanding of choice theory.

Term Offered

Prerequisites

Course Credits

3.00

Description

This course divides itself into three principal topics: (1) economic growth, (2) the effects of shocks and rigidities on the performance of the economic system and (3) the effects of government policy on economic growth and performance. The course begins with a consideration of the Solow model and then generalizes the discussion to allow for endogenous savings, constraints on natural resources and adjustment costs associated with capital spending. Discussion of economic shocks focuses on the Lucas model and its critics. Government policy is considered for its effectiveness or ineffectiveness under alternative assumptions concerning price rigidities. The course makes ample use of elementary differential and integral calculus. Normally offered every year

Term Offered

Prerequisites

EC 810

Course Credits

3.00

Description

This course covers dynamic macroeconomic models involving business cycles, external balances, wage-price dynamics, and financial markets. Other advanced topics including monetary and fiscal policies, nominal and real rigidities, and global financial crisis are also covered.

Term Offered

Prerequisites

Course Credits

3.00

Description

This course introduces the foundations of advanced microeconomic analysis. We develop prefernce- and choice- based frameworks for choice theory, classical demand theory, and producer choice. We then examine partial equilibrium analysis of competitive markets, externalities and public good followed by choice under uncertainty. This course is offered concurrently with Quantitative Foundations of Advanced Economic Analysis (EC 800) and is the first of two courses covering advanced microeconomic theory. Advanced Microeconomic Theory II (EC 821) is the continuation course and is offered during the spring semester Normally offered every year

Term Offered

Prerequisites

EC 820

Course Credits

3.00

Description

This course in microeconomic theory is a continuation of Advanced Microeconomic Theory (EC 820). It is designed to provide students with a firm grounding in microeconomics and to help them apply economic models in their research. The course covers decision-making under uncertainty; information economics and related topics of game theory (including incentive theory, moral hazard, mechanism design, signaling, bargaining, and auctions) welfare economics and social choice; and public economics, including externalities and public goods.

Term Offered

Prerequisites

EC 820

Course Credits

3.00

Description

This course examines regulation and analyzes the structure, conduct and performance of American industry. Monopoly and strategic behavior in oligopoly and monopolistic competition are considered. U.S. antitrust law and the effect of regulatory laws on industrial performance are explored. Regulatory practices, rate setting, deregulation, public-enterprise pricing, and issues in privatization are examined, with an emphasis on case studies and policy analysis. Ph.D. students are required to write and present a major research paper related to regulation. Normally offered every year.

Term Offered

Prerequisites

EC 821

Course Credits

3.00

Description

This graduate-level course uses game theoretical models to study how (economic) policies are determined in democracies. Covers the basic models (Hotelling-Downs spatial competition, probabilistic voting, partisan voting) as well as some recent extensions (models of lobbies and political agency). Applications to political economy of reform and persistence of inefficient economic policies are presented. The course is mostly theoretical. The goal is to give the students the necessary tools to study the economics of politics.

Term Offered

Prerequisites

EC 821

Course Credits

3.00

Description

A doctoral-level treatment of topics in public choice and public finance. Public Choice focuses on understanding why government operates the way it does and how it impacts efficiency. Public Finance focuses on how governments raise tax revenue and how that impacts efficiency. Topics include an examination of theories of the origin of the state, interest groups, rent seeking, regulation, bureaucracy, federalism, democratic efficiency, and taxation.

Term Offered

Prerequisites

Take EC-821 and EC-851

Course Credits

3.00

Description

This course provides a solid foundation in financial economics, for both researchers and practitioners. The course begins by setting out the nature of decision-making under uncertainty in the context of financial markets. It then examines portfolio management, including mean-variance, utility-maximizing, and behavioral approaches. Attention next turns to asset valuation - of equities and fixed income securities, as well as financial derivatives (including a derivation of the Black-Scholes model, the application of Levy-stable distributions, and simulation exercises). Other topics may include corporate capital structure, and the use of real options. Prerequisites: EC 820, EC 821, EC 850 and EC 851 or instructor's permission.

Term Offered

Prerequisites

Take EC-826 and EC-851;

Course Credits

3.00

Description

This course explains and applies the techniques of time-series analysis that are required to understand and estimate relationships in financial economics, including models of asset prices and returns. Topics include ARIMA models, univariate and multivariate GARCH models, TAR and other nonlinear models, extreme value theory and VaR, vector autoregressions (VAR), and neural networks. These methods are used by professionals in portfolio management, economic and financial consulting, and securities regulation.

Term Offered

Prerequisites

EC-821;

Course Credits

3.00

Description

A doctoral-level treatment of topics in public choice and public finance. Public Choice focuses on understanding why government operates the way it does and how it impacts efficiency. Public Finance focuses on how governments raise tax revenue and how that impacts efficiency. Topics include an examination of theories of the origin of the state, interest groups, rent seeking, regulation, bureaucracy, federalism, democratic efficiency, and taxation.

Term Offered

Prerequisites

EC 820

Course Credits

3.00

Description

The course covers the causes and consequences of international trade. Coverage of the classical, neo-classical and modern theories and empirical studies on the determinants of trade, such as technology, factor endowments, and increasing returns to scale. The determinants of offshoring and its economic effects. The effects of trade on the distribution of income. Coverage of the economic and welfare effects of trade policy instruments. The political economy of trade policy. The effects of economic growth on trade. The effects of trade on economic development.

Term Offered

Prerequisites

EC 821 and EC 850

Course Credits

3.00

Description

Analysis of the monetary side of the international economy. Topics include balance of payments, determination of foreign exchange rates, central bank intervention in the foreign exchange market, foreign exchange market efficiency, monetary and fiscal policy in open economies, international macroeconomic interdependence and policy coordination, currency crisis and international monetary integration.

Term Offered

Prerequisites

Take EC-810;

Course Credits

3.00

Description

A PhD-level treatment of development economics. Topics include the measurement of economic development, poverty, and inequality; the theory and empirics of economic growth, with special attention to the role of initial conditions; and the impact of recessions on developing countries. Microeconomic topics include demography, land rights, human capital (including education and health), capital markets (including microfinance), the environment, and the role of government (including issues related to war, corruption, the development of institutions, and social capital). The course includes significant work with large household datasets. Normally offered every other year.

Term Offered

Prerequisites

Course Credits

3.00

Description

Introduction to econometrics with a focus on application. Includes a review of statistical methods for estimation, inference, and hypothesis testing. After the presentation of the classical linear regression models under ideal conditions, consequences of misspecification and violations of the ideal conditions are studied with suggestions on appropriate remedial measures. The course requires advanced knowldege of matrix algebra and calculus. Normally offered every year.

Term Offered

Prerequisites

EC 850

Course Credits

3.00

Description

Advanced topics in applied econometrics. The lectures cover systems of regression equations, simultaneous equation models, panel data models, and selected further topics. In addition to studying the relevant techniques, the course includes detailed discussions of papers in applied econometrics. The emphasis is on the application of the various methods using standard econometric software.

Term Offered

Prerequisites

Take EC-850 and EC-851;

Course Credits

3.00

Description

A survey of modern time series econometrics. Topics include univariate and multivariate models for stationary time series, vector autoregressions, linear and nonlinear filtering, frequency domain methods, unit roots, cointegration, structural breaks, forecasting, and application of technical tools to various aspects of international economics and economic policy. Normally offered every year.

Term Offered

Prerequisites

EC 851

Course Credits

3.00

Description

This course covers some selected topics in advanced econometrics, including an introduction to nonparametric and semiparametric statistical methods and their application in econometrics. The emphasis is on nonparametric density estimation, nonparametric regression, and semiparametric estimation of single-index models including discrete-choice models. The course also covers computer intensive methods including bootstrap and numerical optimization. Besides a theoretical introduction of these methods, the course heavily relies on students writing computer codes using popular software to complete homework assignments.

Term Offered

Prerequisites

Take EC-750 or EC-850;

Course Credits

3.00

Description

This doctoral-level course provides an introduction to some of the important methods of time-series econometrics that are frequently employed in empirical economic or financial studies with time-series data. The focus is initially on the identification and estimation of ARMA models, including time trend and seasonality,and then on forecasting and forecast evaluations which will be based on the estimated model. Other topics to be discussed include vector autoregressions (VAR), unit root tests, ARIMA models, and univariate ARCH/GARCH models.

Term Offered

Prerequisites

EC 821 and EC 850

Course Credits

3.00

Description

Industrial structure, firm behavior, and performance are analyzed using models of strategic interaction among competing firms. Monopoly pricing product differentiation, price discrimination, price and non-price competition, entry, exit, and investment in research and development are explored using contemporary models of industrial organization.

Term Offered

Prerequisites

Completion of Ph.D. qualifying examinations and field courses

Course Credits

3.00

Description

This course is designed to help students make progress on their dissertations. The workshop is a forum for presenting current work, discussing research, and enhancing scientific writing skills. Each student is expected to identify a research topic of interest during the summer prior to enrolling in this course. Students will present a research proposal in the beginning of the course and must write and present a field paper by the end of the course. Normally offered every year

Term Offered

Prerequisites

Pre-requisites: EC 880

Course Credits

3.00

Description

This course is a continuation of EC 880, and is designed to help students make progress on their dissertation research. The workshop provides a forum for presenting and discussing ongoing research and enhancing scientific writing skills. Students are required to submit a paper in the area of their dissertation research by the end of the course.

Term Offered

Prerequisites

Permission of Graduate Program Director required

Course Credits

0.00

Description

Research towards completion of doctoral dissertation. Permission of Graduate Program Director required.

Term Offered

Prerequisites

Course Credits

3.00

Description

Term Offered

Prerequisites

Permission of Graduate Program Director required

Course Credits

0.00

Description

Research towards completion of doctoral dissertation. Permission of Graduate Program Director required.

Term Offered