Undergraduate Course Descriptions, 2018/19

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.

Instructor(s)
Day/Time
T/Th 11:35 -12:50 pm and F 9:25 - 10:15 am
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
T/Th 1:00 - 2:15 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 and sophomores. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115.

Instructor(s)
Day/Time
M/W 2:30 - 3:45 pm
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 and sophomores. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15 pm
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 and sophomores. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115.

Instructor(s)
Day/Time
T/Th 2:30 - 3:45 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 and sophomores. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115.

Instructor(s)
Day/Time
T/Th 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 and sophomores. Preregistration is required. May not be taken after Econ 116. Prerequisite: Econ 108, or 115.

Instructor(s)
Day/Time
T/Th 1:00 - 2:15 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
TTh 2:30 - 3:45 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
T/Th 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
T/Th 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
T/Th 9:00 - 10:15 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 sophomores. 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.

Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
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 2:30 - 3:45 pm
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

Introduction to data analysis from the beginning of the econometrics sequence; exposure to modern empirical economics; and development of credible economic analysis. This course emphasizes working directly and early with data, through such economic examples as studies of environmental/natural resource economics, intergenerational mobility, discrimination, and finance. Topics include: probability, statistics, and sampling; selection, causation and causal inference; regression and model specification; and machine learning and big data.

Prerequisites: ECON 108, 110, 115, or equivalent and familiarity with single variable calculus. Students who have taken 131 will not receive major credit for 117

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

Core course

Introduction to data analysis from the beginning of the econometrics sequence; exposure to modern empirical economics; and development of credible economic analysis. This course emphasizes working directly and early with data, through such economic examples as studies of environmental/natural resource economics, intergenerational mobility, discrimination, and finance. Topics include: probability, statistics, and sampling; selection, causation and causal inference; regression and model specification; and machine learning and big data.

Prerequisites: ECON 108, 110, 115, or equivalent and familiarity with single variable calculus. Students who have taken 131 will not receive major credit for 117

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

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.

Day/Time
T/Th 2:30 - 3:45 am
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 - 12:50 pm
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

Comprehensive and theoretical examination of econometrics, with further exploration of topics covered in ECON 117. A term research project addresses a research question chosen by the student, and involves the application of learned methods to a relevant data set.

Prerequisites: ECON 108, 110, 115, or equivalent; ECON 117; and familiarity with single variable calculus.

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

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.

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

Continuation of ECON 123, 131 or 136. 

Core topics include regressions, statistical inference, choice of functional form, heteroskedasticity, two-stage least squares, quasi-experimental methods like regression discontinuity design, and qualitative choice models. Additional topics may include time series models, serial correlation, forecasting, and machine learning methods. Many applications to development, education, health, labor, public finance, and political economy problems. 

Emphasis on statistical computing and the mechanics of how to conduct and present empirical research.

Prerequisit: After two terms of introductory economics, completion of the mathematics requirement for the major, and ECON 123, 131 or 135 or a course in the STAT 101–106 series.

Instructor(s)
Day/Time
T/Th 2:30 - 3:45 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
M/W 9:00 - 10:15 am
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.

Prerequisites: Introductory microeconomics and (i) Math 118, or (ii) Math 120 and Math 222, or (iii) Math 120 and Math 225.                   

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

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
T/Th 2:30 - 3:45 pm
Course Category
Methodology

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 - 3:45 pm
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
M/W 9:00 - 10:15 am
Course Category
International

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 - 2:15 pm
Course Category
History

TBD

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

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
M/W 11:35 - 12:50 pm
Course Category
Education, Labor, Public

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.
Day/Time
T/Th 1;00 - 2:15 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 9:00 - 10:15 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.

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

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 introductory econometrics.

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

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 - 11:20 am
Course Category
Environment, Public

Economics 335/546 will provide you with a rigorous framework for understanding the process of economic growth from a macroeconomic perspective. The main focus of the course is on the factors sustaining long-run growth. The wealth of nations is built over long stretches of time, and what matters over this horizon are the real factors of production, including labor, physical capital, technology, resources, human capital, institutions, and geography. To study these factors, we start from presenting some salient empirical facts about growth and income distribution across countries. Then, to understand these facts, we consider economic theories of physical and human capital accumulation, technical progress, and innovation. We emphasize the role of governments and institutional factors. We also discuss how growth is affected by trade, income inequality and by the availability of natural resources.  The second part of the course explores the demand side of the economy and short-run equilibrium phenomena. We consider labor markets (unemployment, wage dynamics, etc.), monetary policy, financial factors, stabilization policy, and financial crises.

[also Econ 546] For IDE students.

Instructor(s)
Day/Time
M/W 9:00-10:15am
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
MW 10:30am-11:20 am
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

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 - 12:50 pm
Course Category
Microtheory

Introduction to game theory and choice under uncertainty. Analysis of the role of information and uncertainty for individual choice behavior, as well as application to the decision theory under uncertainty. Analysis of strategic interaction among economic agents, leading to the theory of auctions and mechanism design. Recommended for students considering graduate study in economics.

After MATH 118, 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 10:10 - 11:30 am
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 1:00 - 2:20 pm
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.

Day/Time
T/Th 10:10 - 11:30 am
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
M 1:00 - 4:00 pm
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]

Day/Time
T/Th 1:00 - 2:20 pm
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
M 4:10 - 7:10 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.

[Also MGT 890a]

Instructor(s)
Day/Time
TTh 2:40 - 4:00 pm
Course Category
International, Macroeconomics

Introduction to modern macroeconomic models and how to use the models to examine some of the key issues that have faced monetary policymakers during and after the global financial crisis of 2008–2009.    

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

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

Comparison of selected developing countries, where international trade has brought about rapid growth and large-scale reductions in poverty, with other countries, where global trade has increased inequality and brought little growth. Both theoretical models and empirical evidence are used.

Prerequisites: intermediate microeconomics and an econometrics or statistics course.

[Also Econ 702 and GLBL 332a]

Instructor(s)
Day/Time
TTh 2:30 - 3:45 pm
Course Category
Development, International

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.
 

[Also GLBL 238]

Instructor(s)
Day/Time
T 1:30 - 3:20 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
M/W 9:00 - 10:15 am
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 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 - 2:15 pm
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
M/W 1:00 - 2:15 pm
Course Category
Industrial Organization

This class provides an introduction to the theory of political decision-making. Both classic results and more recently developed models are presented. After completing the course, students are prepared to write a senior essay on topics related to political economy. 

 

Prerequisites: ECON 115 or equivalent; ECON 121. Elements of basic calculus (derivatives, optimization problems) and prior knowledge of basic game theory is suggested.

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

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:Two semesters of econometrics.
Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
Course Category
Methodology

Neuroeconomics is a rapidly growing field, bringing together economists, 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 course aims to provide students with basic tools for doing this, by combining frontal lectures, discussions of reading material and designing research proposals.

The course 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

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

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, Methodology

The aim of this course is to analyze the ways that space affects economic behavior. The course develops the required quantitative techniques to analyze detailed spatial information on economic activity and pairs them with simple models that determine how economic activity is allocated across space.

Click here for course Website.

Prerequisites: Math 118 or 120 or instructor’s consent.

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

This course is about the economics of gender and has a focus on labor and marriage markets. Students will be given an overview of gender differences in these markets, as well as some potential reasons for those differences. The second part of the course will discuss policies that can affect the gender gaps.

Prerequisites: Intermediate micro economics.
Day/Time
TBD
Course Category
Labor, Public

Permission of instructor required

This course has an applied econometrics focus. The topics include voting behavior, betting markets, sports, and various issues in microeconomics. The requirements are three empirical papers. The first, worth 20 percent of the grade, is an extension of an existing article, where some of the results are duplicated and then extended. A voting example is provided if a student wants to use it. The second, worth 30 percent of the grade, is more of the same but with no example provided. The third, worth 50 percent of the grade, is a more original paper within the range of topics covered in the course, where data are collected and analyzed using whatever econometric techniques are relevant. For seniors this paper can possibly be the beginning of a senior essay.

Prerequisites: at least one semester of econometrics, preferably two

Instructor(s)
Day/Time
M/W 1:00 - 2:15 pm
Course Category
Political Economy, Public

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/W 11:35 - 12:50 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/W 11:35 - 12:50 pm
Course Category
Finance, Macroeconomics

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
Th 9:25 -11:15 am
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 - 3:20 pm
Course Category
Finance

Interest in monetary and financial policy has increased tremendously in the wake of the great financial and economic crisis (GFC) which started in 2008. 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 GFC 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.

PrerequisiteIntermediate level micro and macroeconomics (Econ 121 or 125; Econ 122 or 126).

[Also EP&E 254; GLBL 331/559;MGT 640]
 

Day/Time
M 3:30 - 5:20 pm
Course Category
Development, Finance, Macroeconomics

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: Econometrics or Econ 255 Intro to Corporate Finance or Instructors’ consent.

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

Permission of instructor required.

This course aims to enable students to understand and then develop solutions to the public health problems of addictions in the US and globally. The two problems to address this year are: 1) the opioid crisis and 2) harmful health behaviors and habits, e.g. use of tobacco, overeating, and alcohol abuse. The first part of the course builds the knowledge-base about these problems. The second part has active participation by the students in debates, panels, etc. and in developing and scaling solutions.

This course will focus on establishing the causes of and then solutions to these behaviors and problems. Specifically, the course will cover: 1) facts and findings from the literature on these problems; 2) analytic methods used in the literature to establish causality and evidence on effectiveness of alternative solutions; 3) rational and behavioral economic models of behaviors; 4) methods to evaluate social impact; and 5) information on how to scale through government policies, social entrepreneurship, startups, and collaborations with foundations or businesses.

Solutions will be based on analyses of the problems, evidence on the effectiveness of related or parallel solutions, and efforts to innovate and perhaps even to ‘disrupt’. Students must analyze the problem and propose solutions. The solutions could, but do not have to be pursued; that is, the proposals can be on paper only, but none-the-less there must be a plan for scaling the project or policy to have important social impacts, at least in theory. Weekly assignments and a final paper/project are required.

Prerequisite: Microeconomics.

[Also HPA 590b]

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

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. This semester particular attention will be paid to the question of whether the process of globalization has been stalling or even reversing, as some authors are ready to claim.

Prerequisites: Intermediate Microeconomics, Intermediate Macroeconomics and International Economics.

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

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

Permission of instructor required

This course is about the after-Bretton-Woods architecture of the international monetary system. We will discuss the special status of the U.S. in the global economy and its interactions with the Eurozone and emerging economies.

Prerequisite: Intermediate macro.

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

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

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
M 3:30 - 5:20 pm
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

This course studies the economics of innovation and the effects of artificial intelligence on different industries. Topics include economics of the intellectual property (IP) protection system; strategic choices in innovation & competition; patent races; measurement and big data; the sharing and digitalized economy; collective intelligence and decisions; online auctions; venture capital; legal and social infrastructure.

Prerequisite: Basic and intermediate-level microeconomics (ECON 115 or equivalent; ECON 121)

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

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
W 9:25 - 11:15 am
Course Category
Labor, Law, Public

Exploration of the theory and practical application of investing in corporate debt, particularly U.S. credit markets from the perspective of a market participant. Course work based on economic theory, with focus on original cases and primary materials.

Prerequisites: ECON 122 and 136 or permission of instructor.

 

Day/Time
W 3:30 - 5:20 pm
Course Category
Finance

The 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]

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

Study of foundational topics in behavioral economics. Focus on theories of single-agent behavior that aim to incorporate non-standard phenomena into classic economic models, with consideration of intertemporal decision-making, choice under uncertainty, and learning.

The field of behavioral economics aims at enriching our understanding of economic phenomena (in particular, behavior) by drawing evidence and insights from other disciplines, especially psychology. For this reason, some scholars prefer to call this  field “Psychology and Economics.”

Prerequisites: ECON 121; some familiarity with game theory and probability theory.

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

This course is a senior seminar that explores the optimal design of government policies, centered around taxation, redistribution and social insurance policies. It emphasizes the interplay between economic theory and empirical analysis to make informed policy recommendations.

Prerequisites: Basic and intermediate-level microeconomics (Econ 115 or equivalent, Econ 121 or Econ 125) are the prerequisites for this class. Intermediate macroeconomics (Econ 122 or 126) and introductory econometrics (Econ 117, 131 or 135) are recommended but not required.
Instructor(s)
Day/Time
T 9:25 - 11:50
Course Category
Political Economy, Public

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 2, 2017. One-term senior essays are due Monday, December 4, 2017. Two-term senior essays are due by 4:30 p.m. on Wednesday, April 4, 2018. 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 4, 2018. 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 Tuesday, August 29, at 10:00 a.m. and Wednesday, August 30, at 4:00 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

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 2, 2017. One-term senior essays are due Monday, December 4, 2017. Two-term senior essays are due by 4:30 p.m. on Wednesday, April 4, 2018. 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 4, 2018. 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 Tuesday, August 29, at 10:00 a.m. and Wednesday, August 30, at 4:00 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