Course Descriptions, 2016/17

Permission of instructor required.

Introductory microeconomics with a special emphasis on quantitative methods and examples. Intended for students with limited or no experience with calculus.

Enrollment limited. Preregistration is required. May not be taken after ECON 110, 115, or <117>.

Instructor(s)
Day/Time
M/W 1:00 -2:15pm and F 9:25 - 10:15am
Course Category
Introductory, Microtheory

Permission of instructor required.

Introductory microeconomics with a special emphasis on quantitative methods and examples. Intended for students with limited or no experience with calculus.

Enrollment limited. Preregistration is required. May not be taken after Econ 110, 115, or <117>.

Instructor(s)
Day/Time
M/W 2:30 - 3:45 and F 9:25 - 10:15 am
Course Category
Introductory, Microtheory

Permission of instructor required.

Similar to Econ 115, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115 or <117>.

Instructor(s)
Day/Time
T/Th 11:35 - 12:50pm
Course Category
Introductory, Microtheory

Permission of instructor required.

Similar to Econ 115, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115 or <117>.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15pm
Course Category
Core, Introductory, Microtheory

Permission of instructor required.

Similar to Econ 115, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115 or <117>.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15pm
Course Category
Introductory, Microtheory

Permission of instructor required.

Similar to Econ 115, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115 or <117>.

Instructor(s)
Day/Time
M/W 11:35 - 12:50pm
Course Category
Introductory, Microtheory

Permission of instructor required.

Similar to Econ 115, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115 or <117>.

Instructor(s)
Day/Time
M/W 2:30 - 3:45pm
Course Category
Introductory, Microtheory

Permission of instructor required.

Similar to Econ 115, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115 or <117>.

Instructor(s)
Day/Time
M/W 11:35 - 12:50 pm
Course Category
Introductory, Microtheory

Permission of instructor required.

Similar to Econ 115, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115 or <117>.

Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
Course Category
Introductory, Microtheory

Permission of instructor required.

Similar to Econ 116, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen and sophomores. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, 110, or 115.

Instructor(s)
Day/Time
M/W 11:35 - 12:50 pm
Course Category
Introductory, Macroeconomics

Permission of instructor required.

Similar to Econ 116, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen sophomores. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, 110, or 115.

Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
Course Category
Introductory, Macroeconomics

Permission of instructor required.

Similar to Econ 116, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, 110, or 115.

Instructor(s)
Day/Time
T/Th 11:35 - 12:50 pm
Course Category
Introductory, Macroeconomics

Permission of instructor required.

Similar to Econ 116, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, 110, or 115.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15 pm
Course Category
Introductory, Macroeconomics

Permission of instructor required.

Similar to Econ 116, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, 110, or 115.

Instructor(s)
Day/Time
T/Th 11:35 - 12:50 pm
Course Category
Introductory, Macroeconomics

Permission of instructor required.

Similar to Econ 116, but taught as a lecture discussion with limited enrollment.

Enrollment limited to freshmen. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, 110, or 115.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15 pm
Course Category
Introductory, Macroeconomics

An introduction to the basic tools of microeconomics to provide a rigorous framework for understanding how individuals, firms, markets, and governments allocate scarce resources. The design and evaluation of public policy.

May not be taken after Econ 108, 110, or <117>.

Instructor(s)
Day/Time
M/W 1:00 - 2:15pm
Course Category
Introductory, Microtheory

An introduction to the basic tools of microeconomics to provide a rigorous framework for understanding how individuals, firms, markets, and governments allocate scarce resources. The design and evaluation of public policy.

May not be taken after Econ 108, 110, or <117>.

Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
Course Category
Introductory, Microtheory

An introduction that stresses how the macroeconomy works, including the determination of output, unemployment, inflation, interest rates, and exchange rates. Economic theory is applied to current events.

May not be taken after Econ 111. Prerequisite: Econ 108, 110, or 115.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15pm
Course Category
Introductory, Macroeconomics

An introduction that stresses how the macroeconomy works, including the determination of output, unemployment, inflation, interest rates, and exchange rates. Economic theory is applied to current events.

May not be taken after ECON 111. Prerequisite: ECON 108, 110, or 115.

Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
Course Category
Introductory, Macroeconomics

Core Course

The theory of resource allocation and its applications. Topics include the theory of choice, consumer and firm behavior, production, price determination in different market structures, welfare, and market failure.

After introductory microeconomics and completion of the mathematics requirement for the major or its equivalent. Elementary techniques from multivariate calculus are introduced and applied, but prior knowledge is not assumed. May not be taken after Econ 125.

Instructor(s)
Day/Time
M/W 9:00 - 10:15am
Course Category
Core, Microtheory

Core Course

The theory of resource allocation and its applications. Topics include the theory of choice, consumer and firm behavior, production, price determination in different market structures, welfare, and market failure.

After introductory microeconomics and completion of the mathematics requirement for the major or its equivalent. Elementary techniques from multivariate calculus are introduced and applied, but prior knowledge is not assumed. May not be taken after Econ 125.

Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
Course Category
Core, Microtheory

Core course

Contemporary theories of employment, finance, money, business fluctuations, and economic growth. Their implications for monetary and fiscal policy. Emphasis on empirical studies, financial and monetary crises, and recent policies and problems.

After two terms of introductory economics and completion of the mathematics requirement for the major or its equivalent. May not be taken after Econ 126.

Instructor(s)
Day/Time
M/W 11:35 - 12:50pm
Course Category
Core, Macroeconomics

Core Course

Contemporary theories of employment, finance, money, business fluctuations, and economic growth. Their implications for monetary and fiscal policy. Emphasis on empirical studies, financial and monetary crises, and recent policies and problems.

Enrollment limited in ECON 122a. After two terms of introductory economics and completion of the mathematics requirement for the major or its equivalent. May not be taken after ECON 126.

Instructor(s)
Day/Time
M/W 11:35 - 12:50 pm
Course Category
Core, Macroeconomics

Core course

Similar to Econ 121 but with a more intensive treatment of consumer and producer theory, and covering additional topics including choice under uncertainty, game theory, contracting under hidden actions or hidden information, externalities and public goods, and general equilibrium theory. Recommended for students considering graduate study in economics.

After introductory economics, and MATH 118 or 120 or equivalent. May not be taken after Econ 121.

Instructor(s)
Day/Time
M/W 1:00 - 2:15pm
Course Category
Core, Microtheory

Core Course

Similar to ECON 122 but with a more intensive treatment of the mathematical foundations of macroeconomic modeling, and with rigorous study of additional topics. Recommended for students considering graduate study in economics.

After two terms of introductory economics, and MATH 118 or 120 or equivalent. May not be taken after ECON 122.

Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
Course Category
Core, Macroeconomics

Core course

Basic probability theory and statistics, distribution theory, estimation and inference, bivariate regression, introduction to multivariate regression, introduction to statistical computing.

After introductory microeconomics and MATH 112 or equivalent.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15 pm
Course Category
Core, Methodology

Core Course

Basic probability theory and statistics, distribution theory, estimation and inference, bivariate regression, introduction to multivariate regression, introduction to statistical computing.

After introductory microeconomics and Math 112 or equivalent.

Instructor(s)
Day/Time
T/Th 11:35 - 12:50 pm
Course Category
Core, Methodology

Core Course

Continuation of Econ 131, with a focus on multivariate regression. Topics include statistical inference, choice of functional form, heteroskedasticity, serial correlation, two-stage least squares, qualitative choice models, time series models, and forecasting. Emphasis on statistical computing and the mechanics of how to conduct and present empirical research.

After two terms of introductory economics, completion of the mathematics requirement for the major, and Econ 131 or 135 or a course in the Stat 101-106 series.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15pm
Course Category
Core, Methodology

Core Course

Continuation of Econ 131, with a focus on multivariate regression. Topics include statistical inference, choice of functional form, heteroskedasticity, serial correlation, two-stage least squares, qualitative choice models, time series models, and forecasting. Emphasis on statistical computing and the mechanics of how to conduct and present empirical research.

After two terms of introductory economics, completion of the mathematics requirement for the major, and Econ 131 or 135 or a course in the Stat 101-106 series.

Day/Time
M/W 11:35 - 12:50 pm
Course Category
Core, Methodology

Foundations of mathematical statistics: probability theory, distribution theory, parameter estimation, hypothesis testing, regression, and computer programming. Recommended for students considering graduate study in economics.

After introductory microeconomics and either MATH 118 or MATH 120 and 222 or 225.

Instructor(s)
Day/Time
M/W 9:00 - 10:15 am
Course Category
Core, Methodology

Core Course

Continuation of ECON 135 with a focus on econometric theory and practice: problems that arise from the specification, estimation, and interpretation of models of economic behavior. Topics include classical regression and simultaneous equations models; panel data; and limited dependent variables. Recommended for students considering graduate study in economics.

After Econ 135 or Stat 241 and 242.

Instructor(s)
Day/Time
T/Th 2:30 - 3:45 pm
Course Category
Core, Methodology

An introduction to game theory and strategic thinking. Ideas such as dominance, backward induction, Nash equilibrium, evolutionary stability, commitment, credibility, asymmetric information, adverse selection, and signaling are applied to games played in class and to examples drawn from economics, politics, the movies, and elsewhere.

After introductory microeconomics. No prior knowledge of game theory assumed.

Instructor(s)
Day/Time
M/W 11:35 - 12:50 pm
Course Category
Microtheory

Application of economic principles to the study of the U.S. health care system. Emphasis on basic principles about the structure of the U.S. system, current problems, proposed solutions, and the context of health policy making and politics.

After introductory microeconomics. May not be taken after Econ <467>.

Instructor(s)
Day/Time
T/Th 2:30 - 3:45pm
Course Category
Health, Public

Analysis of contemporary policy problems related to academic under performance in lower income urban schools and the concomitant achievement gaps among various racial and ethnic groups in United States K-12 education. Historical review of opportunity inequalities and policy solutions proposed to ameliorate differences in achievement and job readiness. Students benefit from practical experience and interdisciplinary methods, including a lab component with time spent in a New Haven high school.

Any course offered by Education Studies, or one course in history or any social science, either: Anthropology, Economics, Political Science, Psychology, Sociology.  EDST 110 is preferred, although not required.

Also [EDST271/AFAM469]

Instructor(s)
Day/Time
T/Th 10:30 - 11:20 am
Course Category
Education, Public

The growth of the American economy since 1790, both as a unique historical record and as an illustration of factors in the process of economic development. The American experience viewed in the context of its European background and patterns of industrialization overseas.

After introductory microeconomics.

[Also Hist 135b]

Day/Time
T/Th 1:00 - 2:15 pm
Course Category
History

Introduction to conceptual tools useful for understanding the strategic choices made by countries, firms, and unions in a globalized world.

After two terms of introductory economics.

[Also GLBL 234b]

Instructor(s)
Day/Time
T/Th 9:00 - 10:15 am
Course Category
International

Introduction to current theoretical and practical debates in macroeconomics. In-class debates between the instructors on topics such as economic crises, fiscal and monetary policy, inflation, debt, and financial regulations.

Prerequisites: Introductory microeconomics and macroeconomics.

Instructor(s)
Day/Time
MW 4:00 - 5:15pm
Course Category
Macroeconomics

European economic growth and development from the late seventeenth century through the first stages of the British industrial revolution. The role of institutional development, trade and imperialism, agricultural improvements, and industrialization. Particular attention to comparisons between Britain and other parts of Europe.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15 pm
Course Category
History

European economic growth and development from the industrialization of Germany and other Continental countries in the early nineteenth century through World War II. The role of institutional development, the role of trade and imperialism, agricultural improvements, and industrialization.

After two terms of introductory economics.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15pm
Course Category
History

This course applies basic economic concepts and empirical methods to the analysis of education. Topics include the economic return to secondary and postsecondary education, the quality of elementary and secondary education, the market for teachers, inequality in education attainment, and school choice.

Prerequisites: Introduction to Microeconomics (Econ 108, 110, or 115). A prior course in statistics or econometrics will be helpful but is not required.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15 pm
Course Category
Education, Labor, Public

India’s transition from being one of the poorest countries in the world to having one of the fastest-growing economies. Economic reform processes, trade and policy implications, and changes within the agriculture, industry, and service sectors.

Prerequisites: introductory microeconomics and macroeconomics.

Day/Time
T/Th 10:30 - 11:20 am
Course Category
Development

Study of the financial system as part of the global economy, rather than only the financial world. Topics include cover bond Capital asset pricing model, arbitrage pricing theory, option pricing, the capital asset pricing model, option pricing, the social security, operation of security system, the exchanges, investment banks, securitization, mortgage market, derivatives, interest rate derivatives, hedge funds, collateral, default, financial crises, agency theory, and financial crises. incentives.

Prerequisites: After introductory microeconomics.
Instructor(s)
Day/Time
T/Th 11:35 - 12:50 pm
Course Category
Finance

An overview of the ideas, methods, and institutions that permit human society to manage risks and foster enterprise. Description of practices today and analysis of prospects for the future. Introduction to risk management and behavioral finance principles to understand the functioning of securities, insurance, and banking industries.

Prerequisites: After two terms of introductory economics.

Instructor(s)
Day/Time
M/W 8:45 - 10:00 am
Course Category
Finance

The course is designed to introduce students to the concepts and techniques necessary to analyze and implement optimal investment decisions.

The main goal of the course is to understand why firms exist and how firms are used to channel capital towards productive means. Depending on the characteristics of the investment (expected return, risk, maturity); different financial instruments (equity, debt) are used. The course covers the effect of time and uncertainty on decision making, and we will work with concepts such as discounting, stock valuation, asset pricing models, diversification and portfolio choice, and capital structure decisions.

In addition, we will also investigate agency problems (politics) within the firm (managers vs shareholders) and between the firm and other stakeholders (equity vs debt), and how different firm structure and arrangements are used to mitigate them (corporate governance, entrenchment and payout policy).

Lecture notes are closely related to the textbook. The textbook for the course is Corporate Finance, 10th ed., by Ross, Westerfield, and Jaffe (RWJ).

Prerequisite: Introductory Microeconomics and Introductory Macroeconomics.

Day/Time
T/Th 1:00 - 2:15 pm
Course Category
Finance

This course aims to serve two purposes. First, you will learn how to think systematically about competition and strategy by using microeconomics. Second, you will learn how to conduct sensible data analysis at the individual firm level, using statistical tools in Excel and Stata.
 

Goals: You will analyze real data with economic theory and statistical methods. Data become meaningful with the help of logical thinking; mathematical fantasies become reality when fleshed out with careful empirical analysis. Combining these pieces of knowledge is challenging and rewarding, because the act and process of modeling and estimation embody the intellectual discipline of economics as well as a set of useful skills for personal and professional lives.

Structure: Wednesday sessions are lectures; Friday sessions are in-class exercises. In Wednesday lectures, I will teach key economic concepts and provide background knowledge for the understanding of the research papers. In Friday exercises, you will engage in data analysis using Excel and Stata under my guidance. No separate discussion sections are planned.

Materials: You will “get your hands dirty” with the datasets, the models, and the methods that I have been using in my own recent projects, and hence the course materials represent the cutting edge of academic research rather than old textbook examples. Before Coming to the First Class: You should skim through the following research papers, which constitute the core of this class and are available on my personal website at https://sites.google.com/site/mitsuruigami.
 

Prerequisite: Introductory Microeconomics, but some familiarity with Statistics and Econometrics will be helpful

Instructor(s)
Day/Time
W/F 4:00 - 5:15 pm
Course Category
Industrial Organization

The role of government in the economy and in our economic lives. Reasons for government intervention in the market economy and the impact of government expenditure programs and taxation systems on welfare and behavior. Tools of microeconomics applied to issues such as government response to global warming, the impact of redistribution and social insurance on individual behavior, school choice, social security vs. private retirement savings accounts, and government vs. private health insurance.

After introductory microeconomics.

[Also PLSC 281b]

Instructor(s)
Day/Time
T/Th 1:00 - 2:15 pm
Course Category
Public

Description forthcoming

[Also LAW 2063a]

Course Category
Law

Political economy of contemporary social welfare policy as it has been affected by economic restructuring, the development of the underclass, and the effects of immigration on the economy and its social structure.

Prerequisite: introductory microeconomics.

[Also AFAM 282a]

Instructor(s)
Day/Time
T/Th 2:30 - 3:45pm
Course Category
Labor, Poverty, Public

Analysis of current problems of developing countries. Emphasis on the role of economic theory in informing public policies to achieve improvements in poverty and inequality, and on empirical analysis to understand markets and responses to poverty. Topics include microfinance, education, health, agriculture, intrahousehold allocations, gender, and corruption.

Prerequisite: After introductory microeconomics and econometrics.

Day/Time
T/Th 9:00 - 10:15pm
Course Category
Development

Analysis of current problems of developing countries. Emphasis on the role of economic theory in informing public policies to achieve improvements in poverty and inequality, and on empirical analysis to understand markets and responses to poverty. Topics include microfinance, education, health, agriculture, intrahousehold allocations, gender, and corruption.

Prerequisite: Introductory Microeconomics and Econometrics.

Instructor(s)
Day/Time
T/Th 9:00 - 10:15 am
Course Category
Development

This course covers the most influential theories of development micro-economics at an advanced level and presents evidence from contemporary empirical research on the validity of these theories.

The goal of this class is to provide a comprehensive overview of contemporary theory and evidence on economic development. The main theme of the class is the interaction between market failures and poverty, and how these failures may manifest themselves in markets for labour, land, human capital, and elsewhere. The class focuses on microeconomic theories of households and institutions in developing countries, alternating between presenting formal economic models, and presenting evidence to support or contradict the hypotheses advanced in the models.

Main topics to be covered: Institutions and corruption; household decision making; human capital accumulation; market failures in land, labor, and credit.

Prerequisites: ECON 121 or ECON 125; ECON 325, ECON 327, or GLBL 225; ECON 131 or 136 or equivalent; MATH 118, 120, or equivalent

Day/Time
T/Th 9:00 - 10:15 am
Course Category
Development

Measures that succeed and fail — and why — in the fight against poverty in developing countries. Fundamentals of behavioral economics and their application to policy and program design. When and how to use experimental methods to evaluate ideas and programs. Interventions and policies that apply to households, small firms, and communities, with particular attention to microfinance, health, and education.

After introductory microeconomics.

Instructor(s)
Day/Time
M/W 9:00 - 10:15 am
Course Category
Poverty, Public

Microeconomic theory brought to bear on current issues in natural resource policy. Topics include regulation of pollution, hazardous waste management, depletion of the world’s forests and fisheries, wilderness and wildlife preservation, and energy planning.

After introductory microeconomics.

[Also EVST 340b, F&ES 804b]

Instructor(s)
Day/Time
M/W 10:30 - 11:50 am
Course Category
Environment, Public

The essentials of energy and environmental economics, with applications. Analysis of core topics in public goods, intertemporal choice, uncertainty, decision theory, and exhaustible resources. Applications include energy security, nuclear power, the relationship between nuclear power and nuclear proliferation, and climate change.
Enrollment limited. Prerequisite: two terms of introductory economics.

Instructor(s)
Day/Time
MWF 10.30-11.20am
Course Category
Environment

This course explores core concepts in growth theory and macroeconomics, aimed at providing a good grounding in the theoretical concepts, as well as their applications to practical realities in economies. The course will cover central topics in macroeconomics, including productivity, capital markets, labor markets, trade, financial crises, and aggregate supply and demand.

[also Econ 546b] For IDE students.

Day/Time
F 2:30-5:30pm
Course Category
Macroeconomics

Economic development in China since the late 1970s. Emphasis on factors pushing China toward a transition from its modern export- and investment-led development model to a pro-consumption model. The possibility of a resulting identity crisis, underscored by China’s need to embrace political reform and by the West’s long-standing misperceptions of China.

Prerequisite: introductory macroeconomics.

[Also MGT 991a, EAST 338a, and GLBL 318a]

Instructor(s)
Day/Time
M/W/F 10:30 - 11:20am
Course Category
Development

The course will follow on from the Competitive Strategy elective into more advanced economics, legal, and policy topics. We will analyze and discuss how the antitrust laws, as applied and interpreted by agencies and courts, place limits on firm behavior. We will study economic theories underlying antitrust enforcement and consider whether legal rules restricting competitive behavior make economic sense and how they affect managerial choices. We will discuss the evidence and reasoning advanced in key antitrust cases and consider how case outcomes may affect social welfare and firm strategies. The course will cover the goals and procedures of the US and EU antitrust agencies.

[Also MGT 589a]

Instructor(s)
Day/Time
M/W 8:30 - 9:50 am
Course Category
Industrial Organization

Efficiency in simple general equilibrium models of competitive markets and market failures in which the first and second welfare theorems do not hold. Externalities, public goods, and monopoly pricing. The relative merits of the Kaldor-Hicks compensation principle in partial equilibrium analysis and the Pareto principle in general equilibrium analysis.

Prerequisites: ECON 121 or 125, and MATH 112 or equivalent.

[Also EP&E 237a]

Instructor(s)
Day/Time
M/W 4:00 - 5:15pm
Course Category
Microtheory

An introduction to general equilibrium theory and its extension to equilibria involving uncertainty and time. Discussion of the economic role of insurance and of intertemporal models, namely, the overlapping generations model and the optimal growth theory model. Recommended for students considering graduate study in economics.

After MATH 118 or 120, and intermediate microeconomics.

Instructor(s)
Day/Time
T/Th 11:35 - 12:50pm
Course Category
Microtheory

An introduction to general equilibrium theory and its extension to equilibria involving uncertainty and time. Discussion of the economic role of insurance and of intertemporal models, namely, the overlapping generations model and the optimal growth theory model. Recommended for students considering graduate study in economics.

After MATH 118 or 120, and intermediate microeconomics.

Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
Course Category
Microtheory

Topics related to capital markets, with emphasis on the financial crisis of 2007–2008. The design, pricing, and trading of corporate bonds, credit derivatives, and money market instruments; bond restructuring, bond ratings, and financial crises; basic tools used to address such issues, including fixed income mathematics, binomial option pricing, and swaps.

Prerequisites: intermediate microeconomics and econometrics.
 

Note: Econ 360a “Capital Markets” is cross-listed with SOM MGT 947a and have spots for only five undergraduates.

[Also MGT 947a]

Instructor(s)
Day/Time
T/Th 8:30 - 9:50am
Course Category
Finance

Topics related to capital markets, with emphasis on the financial crisis of 2007–2008. The design, pricing, and trading of corporate bonds, credit derivatives, and money market instruments; bond restructuring, bond ratings, and financial crises; basic tools used to address such issues, including fixed income mathematics, binomial option pricing, and swaps.

Prerequisites: intermediate microeconomics and econometrics.

Note: Econ 360a “Capital Markets” is cross-listed with SOM MGT 947a and have spots for only five undergraduates.

[Also MGT 947a]

Instructor(s)
Day/Time
T/Th 10:10 - 11:30am
Course Category
Finance

Financial management from inside the corporation or operating entity. Topics include capital budgeting and valuation, optimal capital structure, initial public offerings, mergers, and corporate restructuring. Cases and problem sets provide applications.

Prerequisites: Intermediate microeconomics and econometrics.
 

Note: Econ 361a “Corporate Finance” is cross-listed with SOM MGT 541a and have spots for only five undergraduates.

[Also MGT 541a]

Instructor(s)
Course Category
Finance

Financial management from inside the corporation or operating entity. Topics include capital budgeting and valuation, optimal capital structure, initial public offerings, mergers, and corporate restructuring. Cases and problem sets provide applications.

Prerequisites: Intermediate microeconomics and econometrics.
 

Note: Econ 361a “Corporate Finance” is cross-listed with SOM MGT 541a and have spots for only five undergraduates.

[Also MGT 541a]

Instructor(s)
Day/Time
T/Th 10:10 - 11:30am
Course Category
Finance

TBD

Instructor(s)
Day/Time
T/Th 1:00 - 2:15pm
Course Category
Finance

Financial management from inside the corporation or operating entity. Topics include capital budgeting and valuation, optimal capital structure, initial public offerings, mergers, and corporate restructuring. Cases and problem sets provide applications.

Prerequisites: Intermediate microeconomics and econometrics.
 

[Also MGT 541b]

Instructor(s)
Day/Time
T/Th 4:10 - 5:30 pm
Course Category
Finance

This course surveys the causes, events, policy responses, and aftermath of the recent global financial crisis.  The main goal is to provide a comprehensive view of this major economic event within a framework that explains the dynamics of financial crises in a modern economy. The course will be blended between lectures (many online), panel discussions with major actors from the crisis, and small group meetings. Course requirements are the preparation of four memos and a final paper with either an extended analysis of a case or a literature review for a specific topic from the syllabus.   The course is cross-listed at SOM, Yale Law School, and Jackson, but is open to all Yale students. Students enrolled outside of SOM should consult their registrar for details on receiving credit. 

Prerequisite: Successful completion of a course in introductory economics.

Note: Econ 363a “Global Financial Crisis” is all cross-listed with SOM MGT 890a and have spots for only five undergraduates.

[Also MGT 890a]

Instructor(s)
Day/Time
W 2:40 - 5:40pm
Course Category
International, Macroeconomics

Survey of methods used to analyze financial time series data. Classic linear models; autocorrelation in error variances; methods that allow for nonlinearities; methods tailored to analysis of high-frequency data and modeling of value at risk; vector autoregressive models; factor models; the Kalman filter.

Prerequisites: ECON 131 and 132, or ECON 135 and 136.

Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
Course Category
Methodology

The course is an advanced, applied econometrics course designed to build upon a foundation in econometrics from either Econ 132 or Econ 136. The primary goal of the course is improve the students ability to conduct high-level empirical research, combining economics, econometrics, and data. The course is intended to be particularly useful for students planning to write or currently writing an empirical senior essay.

Prerequisites:  Econ121 (Intermediate Micro), and either Econ 132 (Econometrics and Data Analysis II) or Econ 136 (Econometrics).

Instructor(s)
Day/Time
M/W 9:00 - 10:15am
Course Category
Methodology

This class will provide an introduction to modern macroeconomic models and then use the models to examine some of the key issues that have faced monetary policymakers during and after the global financial crisis of 2008-09. 

Prerequisites: Intermediate level macroeconomics (Econ 122 or 126) and introductory econometrics (Econ 131 or 135).

Day/Time
M/W 1:00 - 2:15 pm
Course Category
Macroeconomics

For some developing countries, international trade has brought about rapid growth and large-scale reductions in poverty. Meanwhile for other developing countries, international trade has simply increased inequality and brought little growth. This course will draw on both theoretical models and empirical evidence to better understand the reasons for these very different experiences.

Topics covered will include: standard models of trade, trade and poverty in developing countries, the impact of trade on inequality and growth, the role of firms and multinationals in developing countries, trade policy, foreign direct investment, trade and technology transfer, the Chinese and Indian experience etc.

Prerequisites: Intermediate microeconomics as well as one econometrics/statistics course.

[Also GLBL 332a]

Course Category
Development, International

Permission of instructor required

This course will focus on the application of economic principles and empirical methods to examine issues in health economics. The first half the course will focus on theoretical models of demand for health, demand for health care, and supply of health care.  The second half of the course will apply these theoretical models to a selection of policy-relevant topics.  Students will engage with current research through problem sets that require comprehension and replication of published papers, class discussions that require critical thinking, and a guest lecture on current issues in health policy.  Although this course will focus substantively on topics in health economics, it is designed to provide a broad toolkit that will be useful to students interested in delving deeply into any field within economics, especially students interested in pursuing undergraduate theses. 

Prerequisites: Statistics and intermediate microeconomics (required), econometrics (preferred)

Instructor(s)
Day/Time
T/Th 1:00 - 2:15pm
Course Category
Health, Public

Permission of instructor required

The aim of the course is that the students develop an understanding of the main implications of increasing integration of the world economy. By describing the various ways that countries are affected by each other — through trade linkages, multinational production, or financial markets — the course will try to explain how these forces affect the decisions of individuals and firms.

The course will be divided in two parts. The first part will be more like a traditional lecture class and will focus on theoretical models and empirical facts. The second part will be more like a seminar course with presentations by students and wide discussion on topics in international finance and international macroeconomics.

There will be three problem sets, a presentation, and a final term paper. The first part of the course will provide important tools for the students in order to prepare their presentation and their term paper. In the presentations, students will put forth the main arguments and ideas that will be part of their term paper.

Prerequisite: After intermediate macroeconomics or equivalent

[Also GLBL 310b]

Instructor(s)
Day/Time
M/W 9:00 - 10:15 am
Course Category
Finance, International

Permission of instructor required

This is an advanced course focusing on the theory and empirics of trade policy. There are two strict prerequisites: (i) Econ 184 (international economics); (ii) intermediate microeconomics. The course focuses mainly on three topics: (1) Welfare and distributional implications of trade policy: Who gains and who loses from international trade? Is it possible for gainers to compensate losers, so that everyone gains from trade? (2) The political economy of trade policy: Why are seemingly inefficient trade barriers so widespread? Do governments have incentives to pursue beggar-thy-neighbor policies at the expense of trading partners, generating international Prisoners’ Dilemma situations? How are trade policies influenced by special interest groups and individual voters’ preferences? (3) The role of international trade cooperation: Why do countries sign trade agreements? How are they negotiated? How should trade agreements be designed? What are the tensions between national sovereignty and international trade courts? What can we learn from the experience of the WTO, NAFTA and other trade agreements?

Prerequisites: (1) Econ 184 (International Economics); (2) Intermediate microeconomics. NOTE: both prerequisites are strict and will be enforced.
 

[Also GLBL 238]

Instructor(s)
Day/Time
T/Th 2:30 - 3:45 pm
Course Category
International

Permission of instructor required

This course explores the theory of imperfectly competitive markets, focusing on the interactions among firm behavior, market structure, and market outcomes.

Topics typically covered include price discrimination, pricing of durable goods, strategic choice of product quality, oligopoly competition, collusion, auctions and procurement, predatory behavior, strategic investment, firm entry and exit, product positioning and pricing, and advertising.   

Through class lectures and regular problem sets, students will develop skills in formulating and solving analytical models, often using game theoretic solution concepts. 

Prerequisite: After intermediate microeconomics or equivalent.

Instructor(s)
Day/Time
T/Th 2:30 - 3:45
Course Category
Industrial Organization

Permission of instructor required

This course introduces the major topics of economics of innovation. It intends to provide students with a solid understanding of theoretical models of the effects of market power on the intensity of innovative activity as well as the alternative incentive mechanisms such as prizes, patents, copyrights and trade secrecy. Topics include economics of the intellectual property (IP) protection system; IP licensing and research joint ventures; enforcement and litigation; strategic choices in innovation & competition; the value of innovation & patent races; process and product innovation; the diffusion of knowledge; venture capital; interaction between public and private sector innovation; network effects; current policy issues regarding the conflicts between IP rights and antitrust regulation.

This course will often motivate the analysis of economic concepts using case studies, empirical facts and consider simple economic models to explain individuals behavior. The primary tool for understanding firm, consumer or government choices is the maximization paradigm which assumes individuals behave as if they maximize an objective function; such function may represent the level of profits, happiness or social welfare. Thus, much of the course will be devoted to applying that paradigm to various settings. The academic objective of this course is to elaborate students' skills to use theoretical tools to formulate and solve economic problems. The goal is for the students to interpret the economic aspects of innovative activity and IP protection system.

The course grade will be a weighted average of the followings: Four problem sets (20%), Case study/attendance/participation (20%), Midterm exam (30%), Final exam (30%).

Prerequisites: intermediate microeconomics or equivalent

Instructor(s)
Day/Time
T/Th 1:00 - 2:15 pm
Course Category
Industrial Organization

Permission of instructor required

This course explores topics in the economics of uncertainty and information. In particular, this course will develop theoretical tools to analyze economic environments in which agents interact facing uncertainty that is decision-relevant. We will then use these tools to study more specific problems. Topics include the study of how information diffuses throughout a population of individuals while observing each others’ actions or messages; how reputations are built when consumers face uncertainty about a the intentions of a particular seller; and how private information is disclosed to an agent when a principal has a potential advantage to keeping information hidden.

Prerequisites: Intermediate Microeconomics (Econ 121 or Econ 125), or Econometrics & Data Analysis I (Econ 131 or equivalent).

Instructor(s)
Day/Time
T/Th 2:30 - 3:45pm
Course Category
Microtheory

Permission of Instructor Required

This course investigates the following question: How should we design and analyze environmental policy in a globalized world where much economic activity and pollution crosses political borders?

Part one of the course (2.5 weeks) provides a short background in international economics. It includes lectures on models that can explain why countries produce and trade particular goods; it analyzes how market openness affects wages, prices, and other economic aggregates; and it describes the causes and consequences of trade policies. Part two of the course (2.5 weeks) provides a short background in environmental economics. It includes lectures on how environmental goods like clean air and climate affect consumers and firms; it analyzes how economic agents respond to environmental policies; and it describes tools that can help design and evaluate environmental policies. 

Part three of the course (about 6 weeks) analyzes recent research on international environmental topics. Students will present and discuss academic research papers. This third section is divided into three topics: How does market openness affect the environment? How does openness interact with environmental regulation? Finally, how can international economics shed light on climate change? One class meeting will be held at the Yale farm and will discuss food miles and greenhouse gas emissions from agriculture and transportation.

Prerequisites: intermediate microeconomics and econometrics

Instructor(s)
Day/Time
T/Th 1:00 - 2:15pm
Course Category
Environment, International, Public

Fundamental theory and algorithms of optimization, emphasizing convex optimization. The geometry of convex sets, basic convex analysis, the principle of optimality, duality. Numerical algorithms: steepest descent, Newton’s method, interior point methods, dynamic programming, unimodal search. Applications from engineering and the sciences.

Prerequisites: MATH 120 and 222, or equivalents. May not be taken after AMTH 237.

[Also ECON 536 / AMTH 437 / EENG437/S&DS 430]

Instructor(s)
Day/Time
T/Th 1:00 - 2:15 pm
Course Category
Microtheory

Analysis of firms’ incentives to innovate, focusing on the effects of market power on the intensity of innovative activity. Topics include strategic investment in innovation, patent races, the diffusion of knowledge, intellectual property (IP) protection system, IP licensing, research joint ventures, litigation, venture capital as well as policy issues regarding the conflicts between IP rights and antitrust regulation.

Prerequisites: intermediate microeconomics and econometrics

Instructor(s)
Day/Time
T/Th 1:00 - 2:15pm
Course Category
Industrial Organization

What is an appropriate way to model the political decision making process, particularly with regard to economic policy? This class considers formal mathematical models of political decision making, of the type used in political economy. Classical results covered include Arrow’s impossibility theorem, the median voter theorem, and the potential for Condorcet cycles in more complicated policy spaces. More recent topics covered include lobbying, and the credibility of monetary policy.

Prerequisites: Intermediate microeconomics and econometrics. Some exposure to game theory would be helpful, but is not required. A small amount of multivariable calculus will be used (as in ECON 121).
Instructor(s)
Day/Time
T/Th 2:30 - 3:45pm
Course Category
Political Economy

In this course we will study many of the most up-to date topics in labor economics and beyond, both from a theoretical and empirical point of view.

Prerequisites: Intermediate Micro (Econ 121) and Econometrics (Econ 131 or 135).

Instructor(s)
Day/Time
T/Th 9:00 - 10:15 pm
Course Category
Labor

Many of the models used in modern quantitative research in economics do not have analytical (or closed-form) solutions.  For this reason, the computer has become an indispensable tool for conducting research in economics.  The purpose of this course is twofold: first, to introduce students to numerical methods for analyzing economic models; second, to illustrate how economists use these methods to study models in a variety of subdisciplines, with special emphasis on macroeconomics, labor economics, industrial organization, public finance, financial economics, and environmental economics.  The course will also teach the basics of scientific programming so students need not have any prior experience with programming languages.

This is also a Graduate course in Economics: Econ 561b

Prerequisites:
Undergraduate:
   Intermediate microeconomics, intermediate macroeconomics, and econometrics.
Graduate students:   First-year graduate courses in microeconomics, macroeconomics, and econometrics.
 

Instructor(s)
Day/Time
M/W 4:00 - 5:15 pm
Course Category
Methodology

Risk management has become progressively more important for corporations in the last few decades. Companies must take risks if they are to survive and prosper. Today’s economic environment is characterized by rising volatility, regulatory concerns and oversight and prudent risk management increasingly requires understanding and measuring risk.

The purpose of this course is to provide students with an understanding of the different types of risks that companies are taking and how to measure them properly using state of the art methods with a focus on the new regulatory frameworks introduced after the financial crisis in 2008. The main topics covered are the nature of financial institutions and their regulation, market risk, credit risk and the lesson from the 2008 financial crisis. A substantial fraction of the course will also be dedicated to academic papers covering limits to arbitrage and behavioural finance. The main textbook for the course is: John Hull, Risk Management and Financial Institutions, Wiley, 2015, 4th edition.

Prerequisites: Econometrics (Econ 131 or equivalent) and Intermediate Microeconomics (Econ 121 or equivalent).

Day/Time
M/W 9:00 - 10:15 am
Course Category
Finance

Survey of methods used to analyze financial time series data. Classic linear models; autocorrelation in error variances; methods that allow for nonlinearities; methods tailored to analysis of high-frequency data and modeling of value at risk; vector autoregressive models; factor models; the Kalman filter.

Prerequisites: Prerequisites: ECON 131 and 132, or ECON 135 and 136.
Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
Course Category
Methodology

Advanced study of econometric theory and applied econometrics, providing students opportunity and ability to conduct high-level empirical research, combining economics, econometrics, and data. Recommended for students planning to write or currently writing an empirical senior essay.

Prerequisites: Econ 121 (Intermediate Micro), and either Econ 132 (Econometrics and Data Analysis II) or Econ 136 (Econometrics).
Day/Time
M/W 1:00 - 2:15pm
Course Category
Methodology

Digitization is transforming a variety of markets from personal transportation services to advertising. This course explores the economic tools (market design, price theory, causal inference, etc.) and technical tools from computer science (machine learning, the analysis of algorithms, user interface design, etc.) students need to contribute meaningfully to this transformation.

Prerequisites: elementary training in both economics and computer science and some intermediate/advanced training in at least one relevant field.
 

[also ECON562/CPSC512/CPSC412]

Day/Time
M 2:30 - 5:30 pm
Course Category
Industrial Organization, Methodology

Neuroeconomics is a rapidly growing field, bringing together economics, neuroscientists and psychologists. A basic understanding of neurobiology is critical for economists to understand the research in the field and to become involved in such research. The seminar aims to provide students with basic tools for doing this by combining frontal lectures, discussions of reading material and designing research proposals.

The seminar will first provide an introduction to neuroscience and neuroscientific methods, and then will survey prominent studies in the field of neuroeconomics. Neuroscience topics will include neurons, synapses and neurotransmitters, large-scale brain anatomy and function, and cognitive neuroscience techniques, particularly functional MRI. Neuroeconomics topics will include value encoding and computation, risk and uncertainty, value learning, the choice process, social decision-making, and pharmacological and patient studies.

Prerequisites: Intermediate micro and Econometrics
Instructor(s)
Day/Time
T/Th 1:00 - 2:15pm
Course Category
Neuro

How to match people to other people or goods is an important problem in society. Just think of some examples such as (1) student placement in schools, (2) labor markets where workers and firms are matched, and (3) organ donation, in which patients are matched to potential donors. In this class students will learn the economics of matching and market design by reading and discussing classic and contemporary articles in the research literature. We will also discuss realworld

case studies where economists have used these methods to help (1) NYC and Boston design their school choice programs, (2) medical communities reorganize their hiring procedure, and (3) organize systematic kidney exchange mechanisms to give kidneys to as many patients as possible.

Prerequisites: Intermediate microeconomics is required as is a comfort level with mathematical proofs. Prior exposure to game theory is useful but not required.
Day/Time
M/W 9:00 - 10:15 am
Course Category
Methodology

“Introduction to the different roles and responsibilities of modern central banks, including the operation of payments systems, monetary policy, supervision and regulation, and financial stability. Discussion of different ways to structure central banks to best manage their responsibilities.

Prerequisites: Intermediate Microeconomics, Intermediate Macroeconomics, and Introductory Econometrics.

[Also MGT 628]

Day/Time
T/Th 1:00 - 2:15 pm
Course Category
Macroeconomics

This course is intended as an introduction to the field of economic and financial networks. Starting with some of the basic concepts and tools from graph theory, the focus of the course then shifts to frontier research topics, with applications to microeconomics, macroeconomics, and finance.

Prerequisites: Econ 121 (Intermediate Micro) and Econ 122 (Intermediate Macro)
[Also Econ 529]
 

Day/Time
M 2:30 -4:20 pm
Course Category
Finance, Industrial Organization, Macroeconomics, Microtheory

An introduction to economic models of social learning and strategic information transmission. These topics are explored from a theoretical perspective, drawing on tools from game theory and probability theory.

Prerequisites: Intermediate Microeconomics (Econ 121 or 125), a course covering basic probability theory such as Econ 131 or 135, as well as the completion of the mathematics requirement of the economics major. Additional advanced coursework in economic theory and mathematics will be very helpful.

Instructor(s)
Day/Time
F 3:30-5:20pm
Course Category
Microtheory

The course seeks to present a comprehensive overview of the transition challenges China faces as it continues to move from a centrally planned economy to adopting a greater reliance on market-based mechanisms. By reviewing microeconomic literature on China’s recent economic and institutional transformation, the class hopes to provide a general analytical framework for understanding the economic implications of the process.

Prerequisites: Intermediate micro and econometrics
Day/Time
W 1:30 - 3:20 pm
Course Category
Development

The purpose of the seminar is for the students to understand what hedge funds do, why they exist and how they are different from other investment vehicles. We will investigate whether hedge funds actually generate excess returns to investors or simply charge high fees and benefit from market risk premiums.

Though the hedge fund industry is cloaked in secrecy, the industry’s primary goal is to add value for investors and make money for managers. Hedge funds are quite diverse in their attempt to achieve these goals. Over the past few decades hedge funds have grown significantly relative to the overall economy. This growth in capital has benefited hedge fund managers but also compressed the opportunity set available for the industry to deliver meaningful performance. Hedge fund revenues (compensation) increase linearly with asset size so managers profit handsomely from asset growth even when investors are hurt by the growth of the industry. Wealth accumulation by hedge fund managers has elevated their market influence but also increased the public and political outrage.
 

Prerequisites: Intermediate microeconomics and econometrics
Instructor(s)
Day/Time
M 1:30 - 3:20 pm
Course Category
Finance

The purpose of the seminar is for the students to gain an understanding of the complex U.S. banking system. The banking industry can be the engine of growth for the economy but can also be a source of instability and taxpayer subsidies. Society must weigh the economic benefits of a strong financial sector with the incentives given to bank shareholders and managers with material upside and social downside. The special economic role of banks needs to be studied to understand their benefits, limitations and shortcomings. Society needs to take an active role to encourage the economic benefits provided by banks yet avoid panics. Government involvement and regulation should foster social and economic goals but not stifle growth. Given the leverage that banks use combined with illiquid and opaque assets this challenge is meaningful. These goals involve politicians, academics and market participants with very different incentives. Technology has greatly changed institutions but not the functions of the financial sector. We will evaluate the importance of banks, discuss their history and potential structural improvements.

Prerequisites: Intermediate microeconomics and econometrics.

Instructor(s)
Day/Time
M 1:30 - 3:20pm
Course Category
Finance, Macroeconomics

The Economics of the Family is an active research area in economics, both amongst theorists and applied researchers. This course will introduce students to the core theoretical underpinnings of the literature, will help students to engage critically with the quantitative analysis in research papers, and will assist them in building the skills necessary to implement quantitative techniques.

After providing an overview of the literature and the main `stylised facts’ in the first week, we will cover the theory of static and dynamic models of the family, and of matching models that are used to analyze marriage and divorce patterns. We will then move on to a series of more applied topics, including fertility and contraceptive choices, gender discrimination in the labor market, and higher education choices.

Each week, one or more students will prepare short presentations in response to a set of discussion questions, with their arguments based on the readings for that week. A mid-term problem set will require students to analyze the data from a recent applied paper to answer some simple questions about the variation in key economic variables and the authors’ identification strategy.

Instructor(s)
Day/Time
W 3:30 - 5:20 pm
Course Category
Labor

TBD

Day/Time
TBD
Course Category
Industrial Organization, Methodology

This course analyzes the factors underlying demand for and supply of labor and the role of labor supply and labor demand in determining employment and wages.  We consider applications to topics including compensation structures, wage differentials by race and gender, unemployment, and inequality.

This is a one semester course in labor economics for undergraduate students.  We will start with an overview of the labor market demonstrating how demand for labor and supply of labor together determine employment and wages.  Following this, we will delve deeper into what determines labor demand by analyzing profit maximizing behavior of individual firms under various market conditions.  Next we will further explore what determines supply of labor by analyzing how preferences for consumption, leisure, and occupation characteristics determine individuals’ willingness to work.  Finally, we will briefly analyze special topics in labor economics including compensation structures, wage differentials by race and gender, unemployment, and inequality.  The primary text will be Modern Labor Economics 12th Edition by Ronald G. Ehrenberg and Robert S. Smith.

Prerequisites: Intermediate Micro (Econ 121 or 125) and Econometrics (Econ 131 or 135).

Instructor(s)
Day/Time
TBD
Course Category
Education, Public

The purpose of this class is to introduce students to the microeconomic analysis of internal conflict. In particular, we will study how conflict imposes economic costs on the population and how people react to conflict. Students will work on an empirical paper throughout the semester.

Prerequisites: Intermediate micro and econometrics.

Day/Time
M 2:30 -4:20 pm
Course Category
History, Political Economy

Permission of instructor required

Examination of investment management in theory and practice. Discussion of asset allocation, investment strategy, and manager selection from the perspective of an institutional investor. Focus on the degree of market efficiency and opportunity for generating attractive returns.

Instructor(s)
Day/Time
M 1:00 - 3:20pm
Course Category
Finance

Permission of Instructor Required

The course analyzes the history of banking and financial markets in the United States, using the theoretical and empirical tools of modern economics. The recent economic crisis has rekindled interest in financial history, in recognition of the insights it offers for the analysis of modern financial markets and their fluctuations. This course presents an analytical overview of the historical forces responsible for the current structure of American financial markets and financial regulations. The course will proceed chronologically, beginning in the 1780s and ending in 2010. The main topics to be considered include the Constitution and the early institutional foundations of the American financial system; the political economy of early banking regulations; the causes and consequences of financial panics; the Progressive backlash against the power of financiers in the economy; institutional innovations such as the creation of the Federal Reserve System; and New Deal-era financial regulations such as the Glass-Steagall Act. The readings emphasize the work of modern economic historians, as published in economics and economic history journals. However, the course will also include substantial historical content, and work by historians, as well as primary historical sources (such as the writings of Thomas Jefferson on banks) will also be assigned. As no prior knowledge of American financial history is required, the format of the course meetings will be somewhat different than most seminars. Some of the course meetings will be divided into two parts: a seminar-style discussion of the readings, and then a brief lecture, which will present the historical and theoretical background for the following week’s readings.

Prerequisites: Econometrics, and Intermediate Microeconomics.

[Also EP&E 292b]

Day/Time
T 9:25-11:15am
Course Category
History, Macroeconomics

Permission of instructor required

This course provides an overview of the challenges in the global energy framework generated by the increasing concerns about energy security and climate change. A number of energy sources and technological options will be examined with particular emphasis on their environmental, social, and economic tradeoffs. Specific areas of focus will include: the availability of secure, economically feasible, yet environmentally unattractive fossil fuel options; the technical and economic challenges facing the new energy sources and the type of policies that will be needed to facilitate the transition to a low-carbon and more efficient energy economy; the promises and limitations of renewable energy systems; the new energy revolution fueled by significant shale oil and gas reserves around the globe; and the promises and perils of nuclear power.

[Also EP&E300b and GLBL302]

Instructor(s)
Day/Time
M 9:25 - 11:15 am
Course Category
Environment, Public

The character, logic, and economic effects of U.S. antitrust laws, drawing on legal and economic analyses. Major areas of antitrust law: price fixing and other horizontal restraints of trade, vertical restraints of trade, monopolization, and mergers. After intermediate microeconomics or equivalent.

Instructor(s)
Day/Time
Cancelled
Course Category
Industrial Organization, Law

Interest in monetary and financial policy has increased tremendously in the wake of the current global financial and economic crisis. The conduct of monetary policy and of financial regulation is very important for the economy as a whole. The past hundred years of monetary and financial policy making have been characterized by continuous changes in the contours of policy making by central banks. What developments in prevailing economic conditions and in the changes in economic thought and understanding led to the changes observed in central banking practice? Why do financial crises keep recurring in market economies? The period prior to the current crisis had been characterized by many as “The Great Moderation”.  What monetary policies led to such economic stability followed by the collapse in 2007-08? These are the kind of issues that this course is designed to investigate.

           It explores some of the theoretical and policy perspectives and empirical debates in central banking. Each week we will discuss illustrative works and/or works that engage the main arguments, often with an institutional focus. At the end of the course students should be able to appreciate better the practice of central banking as it has evolved. There should also be better understanding of the ongoing global economic and financial crisis.

Prerequisite:  Intermediate Macroeconomics

[Also GLBL 331; EP&E 254]
 

Day/Time
Thursdays 1:30 to 3:20
Course Category
Development, Finance, Macroeconomics

Permission of instructor required.

The economics of information, communication, and electronic commerce. The communications infrastructure?telephone, broadband, and wireless communications?and the regulation and adoption of these technologies; the basic economics of selected uses of the Internet; the organization of businesses as they are affected by new communications technologies; intellectual property and antitrust issues in the information economy.

Prerequisite: introductory microeconomics.

Course Category
Industrial Organization

Permission of instructor required

This case driven course focuses on principal issues and a range of investment types found in substantial private equity portfolios. The course involves the mastery of increasingly complex questions of enterprise valuation, value creation, business economics, investment related negotiation, and legal structures. Classes are based largely on primary source materials and original cases.

The first weeks of the course will focus on topics and tools of common concern to private equity investors and the next, on their application in situations including leveraged buyouts, roll-ups, mezzanine and early-stage investments, emerging markets and distressed debt.

Weekly cases will require background reading; review and analysis of case material; and, in most instances, modeling and negotiation or collaborative efforts among the students. The time required can be substantial. Students will be expected to prepare all of the cases; to be ready to submit their written analyses; and to participate actively in class discussions that challenge them to build on their written work.

Students will benefit from foundations in corporate finance, accounting and strategic business analysis.

Prerequisites: Intermediate Microeconomics or equivalent, and Econometrics.

Instructor(s)
Day/Time
Th 1:30 - 3:20 pm
Course Category
Finance

Permission of Instructor Required

This course is divided into two parts. The goal of the first part is to understand the efficiency and distributive consequences of institutions governing human relationships. Efficiency concerns with the size of the “pie”; different institutions will generate a bigger “pie” than others. Distribution concerns with who gets a bigger piece of the “pie”. The goal of the second part is to understand why “bad” institutions persist over time and what can we do to change from bad/old institutions into good/new institutions.

Economics concerns itself primarily with the size of the “pie”. However, whether an institution (law) is put into place is decided by a small group of people. Usually they will select the institution that gives them a big piece of the “pie” regardless of the total size of the “pie”, thus the importance of understanding the politics that go into institutional design. Moreover, once an institution is put into place it is hard to change it. Hence, history and the choices made by others in the past affect our choices of institutions today, which in turn affect the size of the “pie”.

Prerequisite: Intermediate Micro (Econ 121 or 125) or Intermediate Macro (Econ 122 or 126). It also requires a course in probability in statistics (Econ 131 or 135).

[Also EP&E 221b]

Day/Time
W 1:30 - 3:20 pm
Course Category
History, Political Economy

Recognizing infrastructure’s importance, many countries over the past three decades have implemented far-reaching reforms — competitive restructuring, privatization, and establishing new approaches to regulation. This course provides an overview of the challenges involved in this massive global policy redirection within the historical, economic, and institutional context of advanced industrial and developing and transition economies. Drawing on a range of international experiences and empirical studies the course will assess the outcomes of these policy changes as well as their distributional outcomes.

Pre-requisite: Intermediate Microeconomics

[Also GLBL 304a]

Instructor(s)
Day/Time
M 1:30 - 3:20pm
Course Category
Industrial Organization

Introduction to mechanism design with non-rational agents. Consideration of how optimal institutions are structured when agents are non-rational and how they differ from their counterparts with rational agents.

Prerequisites: ECON 115 or equivalent; ECON 121.

Instructor(s)
Day/Time
TBD
Course Category
Labor, Public

Financial economics with special focus on the role of information and the use of markets as forecasting devices. Topics include choice under uncertainty, asset valuation in multi-period models, arbitrage theory, market microstructure, information aggregation, probability elicitation, prediction markets.
 

Prerequisites: ECON 121, a course covering basic probability theory such as ECON 131 or ECON 135, and completion of all MATH requirements of the economics major.

Instructor(s)
Day/Time
TBD
Course Category
Finance

Permission of instructor required

Introduction to the study of social networks. Methods draw heavily on game theory, but also incorporate approaches from other disciplines, including sociology, mathematics, and computer science. Applications include risk sharing and microfinance; job searching; the spread of information, fads, and diseases; supply chains; collusion; and local public goods.

Prerequisite: ECON 159.

Senior Economics majors may preregister for departmental seminars. Other interested students may enroll with permission of the instructor during the course selection period.

Course Category
Industrial Organization, Microtheory

Permission of instructor required.

Smoking, alcoholism, and use of illicit drugs are addictions that are increasingly studied by economists. The health habit of overeating resulting in obesity will also be viewed as similar to an addiction in this class. This class will study economic and policy issues relating to these four addictions or health habits. We will focus on establishing the causes of and solutions to problems. Specifically, the class will cover: 1) models of substance use including supply and demand, rational addiction and behavioral economics models, 2) perspectives on whether, why and how the government should intervene in these health decisions, 3) facts and findings from the literature on each addiction, and 4) evaluation of public policies related to each substance. We will draw from and examine a number of different methods of determining causes of problems e.g., econometrics as applied to population-based data as well as quasi-experimental and experimental methods. Public policy issues to discuss include: how to address alcohol misuse at colleges; optimal taxes on alcohol, cigarettes and soda; legalization or decriminalization of currently illicit drugs; smoking bans as a precommitment device; the cause of and solution to rising international obesity rates; paying people for good habits; and globalization and the international drug problem. This course will be a seminar restricted to about 20 students.  Students in the Public Health Masters program and seniors majoring in Economics will comprise most of the class.

The course is aimed at being challenging and thought-provoking and applied to policy. A focus will be on discussion and debates. Often there is not a single right answer but different sides of the issue need to be understood.

There will be short bi-weekly assignments and a longer paper accompanied by a short in-class presentation. Class discussion is integral to the learning process and will be part of student evaluations. You must come to class prepared!

The required paper offers an opportunity to think analytically and creatively and to pursue a research topic of your choice. Each student will select a topic to investigate in more depth and will write a paper and make a brief presentation on the paper. A list of potential paper topics will be provided. One assignment requires you to propose different potential topics and to get feedback prior to writing the full paper. This helps you to make a good topic choice.

Prerequisite: Microeconomics.

[Also HPA 590b]

Instructor(s)
Day/Time
M 1:00 - 2:50 pm
Course Category
Health, Public

Permission of instructor required.

This course provides an overview of issues related to human capital in Latin America.  Specific topics include determinants of health and education, evaluation of human capital development policies, and the role of human capital in a variety of economic contexts including the labor market, immigration, child investment, intra-household bargaining, inequality, and poverty.

Economists have long understood the importance of physical capital in explaining the development process, but more recently we have also studied the role of a society’s human capital, as embodied by its people’s education, skills, and health. We now know that increasing human capital is one of the most effective ways to stimulate economic growth and reduce poverty in the long term. In this class we will examine the determinants of human capital, the costs and benefits of policies designed to increase human capital, and the function of human capital in a variety of economic contexts including the labor market, immigration, child investment, intra-household bargaining, inequality, and even the drug trade. We will focus our analysis on Latin America, a diverse and growing region that has been on the forefront of implementing policies to improve human capital. These range from programs that pay parents to keep their children in school to universal health care and school vouchers. The course will emphasize reading articles from the empirical economics literature and in depth discussion of their theories, methods, and results.

Prerequisite: Intermediate Microeconomics and Econometrics

[Also LAST410b, EP&E228b and GLBL316b]

Instructor(s)
Day/Time
W 1:30 - 3:20 pm
Course Category
Development, Labor

Permission of Instructor Required

This course covers the recent debate and development on the interface of genetics and economics. While introducing the ramifications of the molecular foundation for the economic behaviors and outcomes, students will be challenged to re-think many of the conventional takes on economic behavior, from economic growth to financial decision-making.

The purpose is to provide a new set of tools to understand the genetic architecture of economic behaviors and choices. This course will also expose the students to the challenges and pitfalls of the existing econometric studies and the potential contributions of an interdisciplinary route that brings together genetics and economics in unpacking some fundamental concepts in economics like preference, time discounting, and risk aversion.

The course will include an introduction to behavioral and molecular genetics, econometric and statistical issues involved in using analytical frameworks involving genetic data, and applications of genetics in the areas of economic growth, health insurance, financial markets, and labor markets.

Prerequisite: Intermediate microeconomics and introductory econometrics.

Instructor(s)
Day/Time
T 1:30 - 3:20pm
Course Category
Health

Permission of instructor required

Drawing on the recent microeconomics literature, this seminar will provide students with both an understanding of the key microeconomic issues facing African economies and the economic tools that are being used to analyze them. The course will address both the research questions and findings as well as how economist answer these questions. In particular, we will consider the myriad of factors that affect how African households, farmers, consumers, and families, make decisions about agricultural production, household consumption, health and education, investment in farms and businesses, and how to manage risk and new challenges.

Each week, students will read two to four current empirical papers. For each class, one or two students will prepare to lead the discussion. We will consider the questions that are being asked, the methods being used, and the key findings and their implications.

Prerequisites: Intermediate Microeconomics, Econometrics.

Instructor(s)
Day/Time
T 1:30 - 3:20pm
Course Category
Development

Permission of instructor required

This seminar is intended for students interested in studying the main drivers, consequences and challenges of the increasing interaction and interdependence among economies and societies across the world. It will emphasize the economic dimensions of globalization, but it will address some important questions of international governance and geopolitics that could influence the future evolution of the global economy.

The seminar readings and discussions will be based on arguments submitted by both serious proponents and skeptics of globalization. Although significant attention will be devoted to the historical evolution of contemporary globalization, most discussions will center on issues of current debate and relevant policy implications. In addition to reviewing the trends, potential benefits and questions of concern about the three main forces of economic globalization - trade, investment and migration - the seminar will explore some of the key challenges and risks faced by the process of global interdependence. In this respect, issues of globalization’s inclusiveness and effects on income inequality, which are central to the skeptics’ arguments, will be examined. The challenge of providing the global public goods that are needed to manage or dispel risks that could prove highly disruptive to the process of global integration will also be considered. Particular attention will be given this semester to climate change mitigation -as a most pertinent case study on the complexities involved in the provision of global public goods- as well as to the topic of global inequality and to recent trends of  deglobalization.

Prerequisites: Intermediate Microeconomics, Intermediate Macroeconomics and International Economics.

[Also EP&E 224a and GLBL 330a]

Instructor(s)
Day/Time
M 9:25 - 11:15am
Course Category
International

This course provides an overview of the economics literature in aging, primarily in the United States, but with some discussion of other countries. The course is organized around major topics in the empirical literature including saving for old age, retirement, the design and viability of social security systems, elder care, and inheritance. We will place special emphasis on the retirement decision and the role of institutions, health, and marriage. The course will emphasize reading the empirical literature in these areas and in depth discussion of the primary theories and methods used.

Prerequisite: Intermediate micro and econometrics.

[Also EP&E 448a]

Instructor(s)
Day/Time
W 1:30 - 3:20pm
Course Category
Labor

Permission of the instructor required

The study and discussion of the economic evolution and challenges of the Latin American and Caribbean (LAC) countries will be organized around the following topics: from independence to the 1930’s; import substitution and industrialization up to the early 1980’s; the debt crisis and the lost decade; reform and disappointment in the late 1980’s and the 1990’s; explorations of some episodes of particular countries; and speculations about the future.

In light of the significant deterioration that some of the previously dynamic economies of the region have suffered recently in their growth performance, special attention will be paid to the question of whether and why the so-called middle income trap continues to look very much like a Latin American malaise. 

Prerequisite: Intermediate Microeconomics and Macroeconomics.

[Also GLBL307b]

Instructor(s)
Day/Time
M 9:25 -11:15 am
Course Category
Development, History, Macroeconomics

Permission of the instructor required

This seminar will assess alternative policies and programs designed to promote economic development by examining the fundamental problems of underdeveloped areas and how and whether such programs resolve them.

The roles of indigenous institutions in low-income countries in alleviating problems of underdevelopment will also be assessed as well as their dynamic relationship with economic development. Among the questions that will be addressed are: Which markets are most problematic in low-income settings? How does underdevelopment affect production arrangements, contractual relationships, cultural traditions and institutions, such as marriage and household relations, and how are these affected by economic growth? Does improving the quality of and access to schools always enhance development? Why are schooling levels low in many low-income countries? How much do interventions that improve health affect productivity and growth? Do land reform programs aid development? What is the relationship between international migration and development? What are the effects of increasing agricultural productivity? Readings will include case studies, studies using econometric models, and reports of results from randomized experiments. In addition to the lectures, students will make individual evaluative presentations of existing studies and present original results in groups.

The research presentation will be a report jointly produced in groups of three students that will entail original empirical work based on a comprehensive data set that will be provided. All projects will use the same data set. The data describe over 4,000 households in rural India, providing information on the demographic characteristics of the household, activities, landholdings, income, consumption, use and adoption of new technologies as well as information on the villages they reside in (infrastructure, schools, banks, clinics). Some of the information is available for each household in each of three consecutive years (panel). Each individual project will have an assigned general topic and will entail some pre-specified tasks (e.g. replicating work done on other data sets on that topic described in the lectures) plus the exploitation of ideas developed by the team within the topic. Among the general topics are : determinants of schooling, adoption of new technologies, determinants of investment, informal insurance, savings, and productivity determinants. The results from all projects will be presented in the last two classes with all in attendance.

There will be a final exam based on the lectures and presentations.

The final grade will be based on the exam (50%) and the quality of the project and article presentation.

Prerequisite: Intermediate Microeconomics and Econometrics.

Instructor(s)
Day/Time
W 1:30 - 3:20pm
Course Category
Development

This course explores the relationship between health, inequality and development focusing in particular on national and international institutions and policy responses. It starts by looking at the empirical literature on the relationship between health and growth, and inequality and health. We then turn to the issue of development, focusing on the millennium development goals (MDGs) as the defining feature of the global approach to economic development, and MDG6 (to combat AIDS, malaria, TB and other infectious diseases) in particular. We will look at recent work on the impact of the MDGs and implications for the post-2015 development agenda.

The global economic crisis of 2008 and ongoing recession is placing great strains on donor funding for development and health. We consider recent trends in this regard, as well as the apparent shift in the global health agenda away from infectious diseases and towards non-communicable diseases.

The course also explores the relationship between recent austerity measures and health outcomes and considers different institutional approaches at country level. We conclude with a focus on bird flu, as a lens for considering whether the current global health agenda is up to the task of dealing with new infectious diseases.

Prerequisites: Prerequisite: introductory microeconomics and macroeconomics.

[Also GLBL 325a]

Instructor(s)
Day/Time
W 2:30 - 4:20pm
Course Category
Development, Health

How strategies for economic development have changed over time and how dominant strands in development theory and practice have evolved. Students trace the influence of the evolution in thinking on actual changes that have taken place in successful development strategies, as practiced in fast growing developing countries, and as illustrated in case studies of fast growth periods in Japan, South Korea, Brazil, China, and India.

Prerequisites: introductory microeconomics and macroeconomics.
 

[also GLBL 233/633 & EPE 232]
 

Day/Time
Th 3:30 - 5:20
Course Category
Development

Permission of Instructor Required

The course will explore various topics in Cooperative Game Theory with applications to fair division, cost allocation and matching. Topics include: one-sided matching (e.g., the market for kidney exchange), and two-sided matching (e.g, the National Resident Intern Matching Program), with emphasis on incentive compatibility of the underlying mechanisms; core and Shapley value of side-payment games (special focus on market games, cost allocation, and measuring power in voting systems); convex games and the centrality of the Shapley value in the core (canonical example being games on networks); the convergence of core and value to competitive equilibria in large markets. It will also cover the extension of core and value to games without side-payments, starting with the Nash Bargaining solution with fixed, and variable, threats; and time permitting, the convergence phenomenon in perfectly competitive markets.

There is no text book. Lecture notes will be posted and articles handed out. There will be homework approximately every 2 weeks. Each student will be required to give one lecture of about an hour on a topic (from the above list) assigned by — and discussed with — the professor; and to write it up by way of lecture notes.

Prerequisite: Intermediate Microeconomics

Instructor(s)
Day/Time
F 9:25 - 11:15 am
Course Category
Microtheory

Permission of Instructor Required

This course will take a hands-on approach to being an effective philanthropist. We will study both the analytical and academic issues behind what constitutes evidence on aid effectiveness and how to decide what causes to support, as well as practical question about how to evaluate specific charities. The class will blend both the abstract, reading and analyzing evidence on specific interventions or programs, to the applied, in thinking through what each means for policy, to the practical, in research and assessing actual charities. During the course of the semester, the students, collaboratively with each other and the professor, will produce four outputs: (1) a jointly constructed criteria and process for evaluating charities, (2) evaluations of specific charities with an eye towards recommending to outside philanthropists and donors the findings from the course, (3) a plan for how to build an ongoing organization or center that puts forwards such evaluation in the future, and (4) decisions regarding allocations of grant money from one or two sources to charities.

Prerequisites: Intermediate Microeconomics and Econometrics

[Also EP&E474b]

Instructor(s)
Day/Time
T 9:25 - 11:15am
Course Category
Poverty

Permission of Instructor Required

The course evaluates philosophical arguments for (and against) equality, using tools of economic theory. We begin with the theory of John Rawls, the central contemporary philosophical attempt to argue for the desirability of equality. We examine critiques of Rawls from the political right, left, and center (Nozick, G.A. Cohen, Sen). We proceed to a second major philosophical proposal for equality, of Ronald Dworkin, who introduced the concept of personal responsibility into egalitarian theory. We develop a formal model of the original position/veil of ignorance, and evaluate the proposals of Rawls and Dworkin. We argue that the veil of ignorance thought experiment implies considerably less equality than these authors thought it would. A theory of equality of opportunity is then proposed, which can be viewed as a reaction to the criticisms made of Rawls and Dworkin.

We discuss the classical Marxist critique of capitalism, based upon the view that exploitation is central to it, and the ideas of market socialism and property-owning democracy. We conclude the course with a discussion of the degree and nature of inequality in the US in the 20th century and today, and the relationship between inequality and the financial crisis of 2008.

The essential prerequisite is intermediate microeconomic theory. Assignments consist of problem sets and short essays.

[Also EP&E227b and PLSC343b]

Instructor(s)
Day/Time
T 1:30 - 3:20 pm
Course Category
Political Economy

Permission of instructor required.

An evaluation of Japan’s protracted economic problems and of their potential implications for other economies, including the United States, Europe, and China. Policy blunders, structural growth impediments, bubbles, the global economic crisis of 2008, and Abenomics; risks of secular stagnation and related dangers to the global economy from protracted post crisis recoveries. Focus on policy remedies to avert similar problems in other countries.

Prerequisite: A basic undergraduate course in macroeconomics.

[Also GLBL 312b, and EAST 454b]

Instructor(s)
Day/Time
T 3:30 - 5:20 pm
Course Category
International, Macroeconomics

Permission of instructor required.

This seminar seeks to sharpen students’ research, writing, and oral presentation skills through examination of several related questions:

  • How do law and economic theory define and conceptualize economic discrimination.
  • How adequately does the behavior of discriminators implied by economic models describe behaviors documented in court cases and government hearings?
  •  To what extent do economic theory and econometric techniques aid our understanding of marketplace discrimination in actual practice?

Topics include: Racial, ethnic, and gender discrimination in labor markets, housing markets, education, and financial services such as mortgage lending and insurance redlining. Demographic groups covered in the case material include Asian-, African-, Hispanic-, and Native Americans. Reading materials are drawn from written court opinions, congressional hearings, and academic literatures including economics, law, history, African American Studies, Ethnic Studies, and Gender Studies.

Assignments & Grades: Students’ grades will be based on three criteria:

  1. Aterm paper of 10 to 15 pages due at the end of the semester reading period
  2. Each student (once during the semester and likely teaming with another student), will (following instructor’s remarks) open a general discussion of that week’s assignments; student’s opening remarks will be based on a written two page critique of week’s assignment with a set of written questions student will use to lead the general discussion during that class session, written critique and questions to be turned in to the professor at beginning of class;
  3. Attendance and participation in seminar discussions throughout the semester. The final paper will account for 50% of the course grade, each of the other factors 25%.

Prerequisites: 1. Economics 115 or equivalent; 2. any 200 level course or higher in any of following: Economics, African American studies, Ethnicity, Race, & Migration, Women’s, Gender & Sexuality Studies

[Also EP&E286b]

Instructor(s)
Day/Time
T 2:30 -4:30 pm
Course Category
Labor, Law, Public

The course will focus on the theory and practical application of investing in corporate debt, with a focus on the US credit markets from the perspective of a market participant. Classes will be based in economic theory, but will focus on original cases and primary materials.
 

Prerequisites: Intermediate micro and econometrics
Day/Time
TBD
Course Category
Finance

Permission of Instructor Required

This Seminar will focus on how governments create and enforce rules. The nature of governments and the nature of rules will be the primary subject, as well as the dynamics of how governments are able to create rules that powerful individuals have incentives to obey.

One of the key elements in the historical development of modern societies is the ability of those societies to create and enforce impersonal rules. Impersonal rules “treat everyone the same” in the sense that they apply equally to a large class of people and are enforced in an unbiased manner. The ability to enforce impersonal rules is an integral part of the rule of law, of secure property rights, and of limited government (governments that obey their own rules). Because impersonal rules must be widely known and their enforcement visibly unbiased, any organization that creates and enforces impersonal rules is a government. This class concentrates on how economics and the social sciences more generally think about the problem of governments and rules. The traditional approach, at least since Hobbes, has been to think of the government as the organization with a comparative advantage in violence. Because the government is capable of coercing everyone, particularly the powerful members of society, it is able to enforce rules through coercion — the threat of violence. This approach has inherent limits. Governments that are powerful enough to protect property rights are powerful enough to expropriate property rights, and historically they usually do. The class explores the conditions under which powerful members of society will voluntarily agree to abide by impersonal rules, and thus grant to the government a monopoly on the “legitimate use of violence” (a la Weber).

The first quarter of the class will examine main lines of thinking about the state in economics, political science and sociology. The second quarter will look closely at the nature of rules, the incentives people have to follow rules, and the effect of enforcement, including the idea that some rules may be “self-enforcing.” The third quarter the ways by which governments can create and enforce rules. The final quarter focuses on the transition to impersonal rules in some societies over the last 200 years.

Prerequisite: Intermediate Macroeconomics.

[Also EP&E 288b

Instructor(s)
Day/Time
T 3:30 - 5:20pm
Course Category
Political Economy

Permission of instructor required

How can South Africa most effectively overcome poverty and inequality? To understand how the economy has been shaped to date, we will dig deep into the roots of South Africa’s history. Will discuss how strategies informed by South Africa’s history can be applied to other currently industrializing economies.

Instructor(s)
Day/Time
TBA
Course Category
Development, Poverty

Introduction to decision theory, which emphasizes the limitations individuals face when making economic decisions. The imperfect ability of decision makers to reason and remember, to calculate with precision, and to ignore the context or framing of a problem. Defining economic rationality; deviations from rationality and their influence on markets; approaches to modeling bounded rationality.
 

Prerequisite: intermediate microeconomics.

Instructor(s)
Day/Time
TBD
Course Category
Public

Permission of instructor required

Introduction to decision theory, which emphasizes the limitations individuals face when making economic decisions. The imperfect ability of decision makers to reason and remember, to calculate with precision, and to ignore the context or framing of a problem. Defining economic rationality; deviations from rationality and their influence on markets; approaches to modeling bounded rationality.

Prerequisite: ECON 121, 125, or equivalent.

Day/Time
W 9:25 - 11:15am
Course Category
Microtheory

Permission of instructor required

Social networks are important for finding jobs, deciding which technologies to adopt, determining how to vote, and protecting against unemployment and crop failure. Such networks may be even more crucial in developing countries where individuals lack access to social security, health insurance, the internet, and other sources of information and social safety nets. Much quantitative work in economics uses data on characteristics of individual or households. While interactions between these individuals have important ramifications for economic outcomes, the study of these interactions necessitates different strategies of data collection and analysis.

We will discuss social networks as conduits for the enforcement of monetary flows including: informal insurance, mobile money, and vote-buying. Next we will discuss social networks as conduits for information including: agricultural technology adoption, adoption of microfinance, and adoption of health-related technologies. We will end by looking at interactions which may mix both information and enforcement, including default behavior in microfinance and job referrals

Instructor(s)
Day/Time
W 2:30 - 4:20pm
Course Category
Development

This course focuses on systemic risk, banking crises, financial stability and macroprudential policies. An emphasis will be on systemic risk and prudential policies in peripheral economies.  Peripheral economies is defined here as peripheral European economies and emerging economies.

The course will start with an overview of the concepts of systemic risks and financial stability.  Underlying reasons for banking crises which are (1) liquidity (fractional banking), (2) structural weakness and (3) leverage cycles.  First is liquidity and bank runs and the role of the Central Bank as a liquidity provider and a lender of last resort. Before the last Global Financial Crises the underlying causes of financial crises in emerging economies was frequently structural weakness.  Second we will look at the history of financial crises in emerging economies to gain an understanding of banking crises arising from structural weakness. Last we will look at the theory of credit and leverage cycles and some case studies of banking crises that seem to be caused by excessive growth in credit and leverage.

The next stage of the course will focus on most pressing threat to financial stability for peripheral economies. Capital surges and sudden stops. Excessive pro-cyclical capital flows may increase financial instability and this is a potential risk that emerging economies and peripheral economies face as they open up capital markets to the world.  We will look at the risks associated with excessive capital flows, empirical evidence and innovating efforts to manage excessive pro-cyclical capital flows.

In the third face of the course we will look at the Global Financial Crises of 2007-2008.  Underlying causes and how they unfolded. The Sovereign debt crises that followed, including the crises in Greece. How regulation and supervision may have failed and how it is being overhauled now, including both new microprudential policy and the new macroprudential policies.

We will end the class with capital flow management which is one of the more pressing issues for peripheral and emerging economies that are opening up their capital account.  Many countries have used prudential policies in an attempt to manage excessive pro-cyclical capital flows, such as Korea, Brazil and Chile. We will study the motivation for these policies, empirical evidence and the most recent research in this area.

Prerequisite: Introductory microeconomics and macroeconomics.

[Also GLBL311b and GLBL781b]

Day/Time
Th 1:30 - 3:20 pm
Course Category
Finance

Permission of instructor required

Empirical microeconomists take economic theories and methodologies out into the world, applying them to interesting questions of individual behavior and societal outcomes.  This upper-level seminar will start with an overview of the field and its methodologies, followed by foundational material in economic theory and econometric identification.  We will then spend the bulk of the semester addressing substantive areas of inquiry such as environmental effects on health, the fetal origins hypothesis, and the economics of crime, gender, and race.

Most of our time will be devoted to close reading of research papers, including discussion of the relative merits of particular methodologies.  Students will participate actively in class discussion, engage with cutting-edge research, evaluate empirical data, and write an analytical paper.  The goal of the course is to enable students to develop and enhance their own skills and interests as applied microeconomists.
 

Prerequisites: Intermediate Microeconomics or equivalent, and Econometrics.

Instructor(s)
Day/Time
F 9:25 - 11:15am
Course Category
Labor, Methodology, Public

Permission of Instructor Required

Despite the old adage that in policy debates you are entitled to your own opinion but not your own facts, liberals and conservatives frequently differ over the “truth”. Conservatives state that increasing the minimum wage will increase unemployment and argue against such a policy. Liberals believe there is no causal link between the minimum wage and unemployment and argue in favor of increases. On the matter of the death penalty, there is disagreement over whether it deters crime. On school choice, the issue is whether choice improves outcomes for the most disadvantaged students. In this class we will learn to critically read academic economic literature in order to discern social science’s best “truths” on various policy questions. We will move beyond summarizing findings. The goal is for students to learn to evaluate the suitability of the data and the econometric techniques for providing an answer to the question at hand.

Prerequisites: Intermediate micro and econometrics

Instructor(s)
Day/Time
Th 1:30 - 3:20pm
Course Category
Public

Permission of instructor required

After decades of weak economic performance, India has at last emerged as one of the world’s fastest growing economies. Yet its economy remains very much in transition, and full of apparent contradictions. While Indian business conglomerates have acquired firms like Jaguar and Arcelor, the majority of Indian workers are still employed in the agricultural and informal sectors. Indian software firms are among the best in the world, yet the vast majority of school children hugely underperform in reading and math. And India’s economic reforms, which launched the growth revival, have been stalled for the past decade.

What policies should India adopt to increase growth while maintaining financial stability? Will this growth naturally aid the poor, or is government intervention necessary to reduce poverty and inequality? This seminar will examine these questions and more, in the context of the history of India’s economy, and its current status, outlook, and major policy debates. The first four weeks focus on the history of the Indian economy: the colonial era, the period of Nehruvian socialism, and the subsequent crisis and reforms. We will then examine the modern Indian economy, reviewing the major sectors of industry, services, agriculture and finance. Finally we will study the development of human capital in India—health and education—and their implication for future growth.

The major reading for the course will be two books by Panagariya and Sen and Dréze which provide complementary but very different perspectives on the current economic situation of India and the appropriate policy recommendations. These will be complemented by shorter readings taken mostly from the latest academic economics literature accessible to undergraduates and case studies of specific firms and policies from the popular press.

Instructor(s)
Day/Time
W 2:30 - 4:20pm
Course Category
Development

Permission of the instructor required

This seminar focuses on changes in national and subnational boundaries, voluntary and otherwise. It is intended for students with an interest in political economy. The emphasis will be on the explanatory power of relatively simple models, and understanding the material does not require any previous exposure to political economy or political science. Topics will include colonialism, decolonization, and more recent independence movements. Comparisons will be made between national and subnational jurisdictions. In particular, to what extent are the incentives facing municipalities or provinces the same as those facing nations, and can the same sorts of models be used to analyze changes in boundaries at both levels?

The first half of the course introduces the basic economic incentives leading to larger or smaller political jurisdictions. In addition to discussing theoretically optimal structures we will examine the reasons why the actual organization of jurisdictions may be inefficient, and what sorts of limits there are to this inefficiency. The second half of the course applies the models covered in the first half to a series of issues, such as problematic colonial boundaries in Africa, the apparent success of very small countries, and the role of democracy in recent municipal amalgamations in Canada, Japan, and elsewhere. Readings are mainly from economics journals, but also include some historical accounts and related documents.

 Prerequisite: Intermediate Microeconomics

Instructor(s)
Day/Time
T 1:30 - 3:20 pm
Course Category
Political Economy

Examination of well-being in conditions of poverty, inequality, and social mobility. Readings in conceptual literature combined with research using data to measure well-being. In-class analysis of South African datasets; independent research using survey data from another country.

Prerequisite: Introductory microeconomics. Recommended preparation: GLBL 121.

[Also GLBL 187a]

Instructor(s)
Day/Time
MW 11:35 - 12:50pm
Course Category
Development, Labor, Public

This course will introduce advanced undergraduate students to the field of political economy and will familiarize them with a wide range of empirical methods used in this literature. The course will be organized around a series of topics including voting, political agency and accountability, special interests politics, conflict and violence, the origins and impact of political institutions. The course will be primarily based on the reading of research papers and the in-depth discussion of their theories, methods, and results.

Prerequisite: intermediate microeconomics (ECON 121 or 125), econometrics (ECON 131 or 135).

Instructor(s)
Day/Time
T 9:25 - 11:15am
Course Category
Political Economy

The drivers of HIV prevalence and national policy responses to the epidemic vary across the world, including in Africa (the epicenter of the epidemic). The origin of AIDS in Africa and discovery in America has strongly influenced how the epidemic is perceived and the international response to it.

This course explores the behavioral, political and structural aspects of the epidemic, focusing on the hyper-epidemic countries of Southern Africa, but in a global context. Topics include the origins of HIV and people’s responses to it (including conspiracy theory); cultural, behavioral and economic drivers of HIV prevalence; demographic modelling of the HIV epidemic and related interventions, AIDS denialism in South Africa and its global linkages; and the political-economy of national policy responses.

Students will be expected to write several short essays on the readings and to produce a research paper. The following books are required reading (additional readings will also be provided): Jacques Pepin, 2012, The Origins of AIDS (Cambridge University Press); Nicoli Nattrass, 2012, The AIDS Conspiracy. Science Fights Back (Columbia University Press); Victoria Harden. 2012, AIDS at 30: A History (Potomac Books) and Jonny Steinberg. 2008, Sizwe’s Test (Jonathan Ball).

[Also EP&E 365a, INTS 347a, GLBL 313a, and PLSC 417a]

Instructor(s)
Day/Time
T 3:30-5:20pm
Course Category
Development, Health

Analysis, modeling and data gathered from the field have been the traditional sources of economic knowledge. Experiments were confined to thought, and rarely included action.  In the recent decades, economists have utilized laboratory experiments to investigate the properties of markets and other socio-economic-political institutions.  Experiments with human as well as artificial agents can be designed to examine the validity of alternative theories as well as performance and effectiveness of various solutions to socio-economic problems.

This seminar introduces you to experimental methods, enriches your economic intuition through participation in, and design and conduct of experiments.

The introductory part of the course consists of a series of classroom experiments that address some classic questions, such as:

  1. How well does the competitive supply and demand model predict the prices and allocations that emerge in various market environments?
  1. What are the properties of alternative designs of auctions and markets? When does “winners’ curse” arise?
  1. Under what conditions, and to what extent, can stock markets be informationally efficient? When do they become susceptible to formation of price bubbles?
  1. How does the problem of free riding arise in provision of public goods, and what, if anything, can one do about it?
  1. What are the conditions that lead to information cascades or herding behavior?

Participation in and analysis of the results of these experiments, and the relevant readings, will help you refine your understanding of economic phenomena as well as illustrate how to design experiments to answer interesting questions, and how to analyze their results.

Prerequisites: Two out of three courses (Intermediate microeconomics, Intermediate macroeconomics, and Econometrics).

 
[also MGT 703 and EP&E 404]
Instructor(s)
Day/Time
Th 1:30 - 3:20 pm
Course Category
Methodology

Permission of Instructor Required

The Seminar will provide a one semester introduction to the theory of auctions and competitive bidding. It will be devoted to answering questions such as: what is the reason that auctions and competitive bidding are so prevalent ? What are good bidding strategies, and how do they depend on the particular auction format used ? What auction format should the seller prefer?

The course will cover the main results of the theory of auctions and competitive bidding, including discussion of the Revenue Equivalence Theorem, optimal auctions, the winner’s curse, double auctions, auctions of multiple objects, and collusion.

The textbook, Auction Theory by Vijay Krishna, as well as recent published papers.

Reading: 20+ pages of dense mathematical texts.

Prerequisites: Intermediate microeconomics. Participants should be comfortable with mathematical arguments.

Instructor(s)
Day/Time
M 2:30 - 4:20pm
Course Category
Microtheory

Students deciding to write one-term senior essays by enrolling in ECON 491, or two-term senior essays by enrolling in ECON 491 and 492, must choose their topics and advisers by Monday, October 3, 2016. One-term senior essays are due Monday, December 5, 2016. Two-term senior essays are due by 4:30 p.m. on Monday, April 3, 2017. Students writing one-term senior essays who would like to be considered for Distinction in the Major must submit three copies of their essay to the Economics department office by 4:30 p.m. on Wednesday, April 3, 2017. Advisers are chosen with the assistance of the director of undergraduate studies. The format and character of the departmental senior essay may vary to suit the interest of the student and the demands of the topic, but it is expected that the tools and concepts of economic analysis will be employed and that the essay will contain original research. Paper lengths may vary; the normal expectation is thirty pages. Students may receive up to two credits for the senior essay, though it counts as only one departmental seminar whether one or two terms are taken. Meetings for seniors to discuss the senior essay will be held on Wednesday, August 31, at 4:00 p.m. and Thursday, September 1, at 1:30 p.m. in Room 106, 28 Hillhouse Avenue. Seniors planning to write either a one-term or a two-term senior essay should attend one of these meetings. Details regarding calculation of Distinction will be discussed and senior essay guidelines will be distributed.

Instructor(s)
Day/Time
TBA
Course Category
Development, Education, Environment, Finance, Health, History, Industrial Organization, International, Labor, Law, Macroeconomics, Methodology, Neuro, Political Economy, Poverty, Public

Permission of instructor required.

Students deciding to write one-term senior essays by enrolling in ECON 491, or two-term senior essays by enrolling in ECON 491 and 492, must choose their topics and advisers by Monday, October 3, 2016. One-term senior essays are due Monday, December 5, 2016. Two-term senior essays are due by 4:30 p.m. on Monday, April 3, 2017. Students writing one-term senior essays who would like to be considered for Distinction in the Major must submit three copies of their essay to the Economics department office by 4:30 p.m. on Wednesday, April 3, 2017. Advisers are chosen with the assistance of the director of undergraduate studies. The format and character of the departmental senior essay may vary to suit the interest of the student and the demands of the topic, but it is expected that the tools and concepts of economic analysis will be employed and that the essay will contain original research. Paper lengths may vary; the normal expectation is thirty pages. Students may receive up to two credits for the senior essay, though it counts as only one departmental seminar whether one or two terms are taken. Meetings for seniors to discuss the senior essay will be held on Wednesday, August 31, at 4:00 p.m. and Thursday, September 1, at 1:30 p.m. in Room 106, 28 Hillhouse Avenue. Seniors planning to write either a one-term or a two-term senior essay should attend one of these meetings. Details regarding calculation of Distinction will be discussed and senior essay guidelines will be distributed.

Instructor(s)
Day/Time
HTBA
Course Category
Development, Education, Environment, Finance, Health, History, Industrial Organization, International, Labor, Law, Macroeconomics, Methodology, Neuro, Political Economy, Poverty, Public

Permission of instructor required.

Students desiring a directed reading course in special topics in economics not covered in other graduate or undergraduate courses may elect this course, usually not more than once, with written permission of the director of undergraduate studies and of the instructor. The instructor meets with the student regularly, typically for an hour a week, and the student writes a paper or a series of short essays.

Does not meet the requirement for a departmental seminar.

Instructor(s)
Day/Time
TBA
Course Category
Development, Education, Environment, Finance, Health, History, Industrial Organization, International, Labor, Law, Macroeconomics, Methodology, Neuro, Political Economy, Poverty, Public

Permission of instructor required

Students desiring a directed reading course in special topics in economics not covered in other graduate or undergraduate courses may elect this course, usually not more than once, with written permission of the director of undergraduate studies and of the instructor. The instructor meets with the student regularly, typically for an hour a week, and the student writes a paper or a series of short essays.

Does not meet the requirement for a departmental seminar.

Instructor(s)
Day/Time
HTBA
Course Category
Development, Education, Environment, Finance, Health, History, Industrial Organization, International, Labor, Law, Macroeconomics, Methodology, Neuro, Political Economy, Poverty, Public

Over the past half-century, economic analytical perspectives of law have thrived in the legal academy. This course provides a survey and critical review of the intellectual legacy and methodological approaches common to the study of law & economics.

Students are introduced to the subject of thought in law & economics analysis by reading key original manuscripts. The course, however, aims at more than a history of thought in law & economics. Through models and problem sets, students will also develop familiarity with the principal conceptual approaches and tools of the field, from marginal analysis to cooperative and non-cooperative game theory. 

Each session will be structured around a primary foundational publication in law & economics. In the first hour of each class we will carefully work through the publication’s model in a rigorous but broadly accessible manner (if there is no model in the publication, we will develop one so as to focus our analysis). A discussion will follow in the second hour, when the class turns its attention to related articles, extensions and critiques of the foundational piece. The seminar is divided into three parts. The first part covers basic analytical preliminaries and formulations, including the unit of analysis, legal and economic analysis of entitlement, and the Coase Theorem. The second part of the seminar delves into specific subject matter contributions in law & economics, including contracts, criminal law, torts, procedure, property and constitutional/public law. The final part will turn to work based on norms and game theoretic approaches in law and economics.

Instructor(s)
Day/Time
M 10:00 - 12:00
Course Category
Law