ECON 1A:
Introductory Economics A
The economic way of thinking and the functioning of a market economy. The behavior of consumers and firms, markets for goods and inputs, and principles of international exchange. Applications and policy issues in economics.
Terms: Aut, Win, Sum
| Units: 5
| UG Reqs: GER:DB-SocSci, WAY-SI
ECON 1B:
Introductory Economics B
Aggregate economic relationships, including output, employment, inflation, interest rates, and exchange rates. Short-run fluctuations and long-run growth. Issues in monetary and fiscal policy. Prerequisite: 1A.
Terms: Win, Spr
| Units: 5
| UG Reqs: GER:DB-SocSci, WAY-SI
ECON 10:
Silicon Valley Meets Wall Street
Seminar in applied economics with focus on the microcosm of Silicon Valley, how growth companies are originated, managed and financed from start-up to IPO. Round-table discussion format. Applicable to those students with an interest in technical innovation and business development. Enrollment limited to 10 students; selection based on short application. Priority given to juniors and seniors majoring in in Economics or Engineering.
Terms: Aut, Win, Spr
| Units: 1
ECON 11N:
Understanding the Welfare System
Preference to freshmen. Welfare reform legislation and the devolution revolution. The transfer of responsibility for antipoverty programs to the states. How recent reforms change the welfare system and who is likely to be affected. Food stamps, AFDC, TANF, SSI, and Medicaid. Income transfer programs such as earned income tax credit and income taxes, and labor market regulations such as minimum wages and overtime rules. Economic principles to understand the effectiveness of these programs and their consequences on the behavior of families. Pre- or corequisite: ECON 1. Recommended: basic understanding of labor markets, taxes, and transfers.
Terms: Aut
| Units: 2
| UG Reqs: WAY-SI
ECON 13SC:
Economic Policies of the Presidential Candidates
This course will look at the performance of the economy over the past twenty years with particular attention to the past four years. Macro-economic data such as the unemployment rate, the inflation rate, the rate of productivity growth, and the budget deficit will be reviewed. The performance of financial markets will be examined, along with issues such as job creation and the outsourcing of work overseas. The economic outlook and budget documents of the Congressional Budget Office and the Office of Management and Budget will be evaluated. There will be some emphasis on such spending categories as Social Security, Medicare, and defense. We will include a brief overview of U.S. tax policies. With this overview of the economy and its problems as a backdrop, we will invite the economic advisors of the two major presidential candidates to address the class. We will take a trip to Washington D.C. and meet with political and economic policy leaders. There will be a required paper and an oral presentation in which students evaluate particular programs or proposals. We will try to avoid strictly political debates and stick to economic and political economy analyses.
Terms: Sum
| Units: 2
ECON 17N:
Energy, the Environment, and the Economy
Preference to freshmen. The relationship between environmental quality and production and consumption of energy. Can environmentally-friendly energy production and consumption compete with conventional sources? How to estimate and compare environmental impact costs of nonrenewable sources such as fossil fuels and nuclear power versus renewable sources such as solar and wind power. Implicit subsidies in conventional energy sources and the environmental costs of these subsidies. Regulatory and legal barriers to more environmentally friendly energy sources.
Terms: Spr
| Units: 2
| UG Reqs: WAY-SI
ECON 21N:
Economic Inequality
Addresses elementary and yet fundamental issues regarding economic inequality including inequality of what?; inequality among whom?; how is inequality measured?; how has inequality changed int he U.S.?; how does inequality in the U.S. compare with inequality elsewhere?; why is inequality what it is and what accounts for changes and differences in inequality? What is the line between taxes and inequality, parents and inequality, and how does poverty relate to inequality? Classroom participation and presentation play an important part in this class. Prerequisites: Econ 1 recommended.
| Units: 2
| UG Reqs: WAY-EDP, WAY-SI
ECON 50:
Economic Analysis I
Individual consumer and firm behavior under perfect competition. The role of markets and prices in a decentralized economy. Monopoly in partial equilibrium. Economic tools developed from multivariable calculus using partial differentiation and techniques for constrained and unconstrained optimization. Prerequisites: 1A and MATH 51(must be taken for a letter grade).
Terms: Aut, Spr, Sum
| Units: 5
| UG Reqs: GER:DB-Math, WAY-FR, WAY-SI
ECON 51:
Economic Analysis II
Neoclassical analysis of general equilibrium, welfare economics, imperfect competition, externalities and public goods, intertemporal choice and asset markets, risk and uncertainty, game theory, adverse selection, and moral hazard. Multivariate calculus is used. Prerequisite: 50.
Terms: Aut, Win, Sum
| Units: 5
| UG Reqs: WAY-FR, WAY-SI
ECON 52:
Economic Analysis III
Long-run economic growth and short-run economic fluctuations. Focus on the macroeconomic tools of government: fiscal policy (spending and taxes) and monetary policy, and their effects on growth, employment, and inflation. Prerequisites: 1B, 50.
Terms: Win, Spr, Sum
| Units: 5
| UG Reqs: WAY-SI
ECON 90:
Introduction to Financial Accounting (ECON 190)
How to read, understand, and use corporate financial statements. Oriented towards the use of financial accounting information (rather than the preparer), and emphasizes the reconstruction of economic events from published accounting reports.
Terms: Aut, Win
| Units: 5
| UG Reqs: WAY-AQR
ECON 91:
Introduction to Cost Accounting (ECON 191)
The use of internal financial data for managerial decision making.
Terms: Spr
| Units: 5
| UG Reqs: WAY-AQR
ECON 101:
Economic Policy Analysis
Economic policy analysis, writing, and oral presentation. Topics vary with instructor. Limited enrollment. Prerequisites: 51 and 52, 102B, and two field courses. Some sections require additional prerequisites.
Terms: Aut, Win, Spr
| Units: 5
| UG Reqs: WAY-SI
| Repeatable
for credit
ECON 102A:
Introduction to Statistical Methods (Postcalculus) for Social Scientists
Description and examples of the use of statistical techniques relevant to economics. Basic rules of probability, conditional probability, discrete and continuous probability distributions. Point estimation, tests of hypotheses, confidence intervals, and linear regression model. Prerequisite: MATH 41 or equivalent.
Terms: Aut, Win, Spr
| Units: 5
| UG Reqs: GER:DB-Math, WAY-AQR, WAY-SI
ECON 102B:
Introduction to Econometrics
Descriptive statistics. Regression analysis. Hypothesis testing. Confidence regions. Simultaneous equation models. Instrumental variables. Panel data. Limited dependent variables. Time series. Prerequisites: 50, 102A or equivalent. Recommended: computer experience.
Terms: Win, Spr, Sum
| Units: 5
| UG Reqs: WAY-AQR, WAY-SI
ECON 102C:
Advanced Topics in Econometrics
Identification and estimation of the effect of human capital variables on earnings (such as the return to education, tenure). The evaluation problem. Identification and estimation of social interactions. Topics: instrumental variable estimation, limited dependent variable models (probit, logit, and Tobit models), panel data techniques (fixed effect and random effect models, dynamic panel data models), introduction to non-parametric methods. Prerequisite: Econ 102B
Terms: Spr
| Units: 5
| UG Reqs: WAY-AQR, WAY-SI
ECON 106:
World Food Economy (EARTHSYS 106, EESS 106)
The interrelationships among food, populations, resources, and economic development. The role of agricultural and rural development in achieving economic and social progress in low-income nations. Emphasis is on public sector decision making as it relates to food policy.
Terms: Win
| Units: 5
| UG Reqs: WAY-SI
ECON 111:
Money and Banking
Money, interest rates, banks and other financial institutions at both micro and macro levels. Micro: alternative financial instruments, the determination of interest rates, the yield curve, and the role of banks and other capital market institutions in the intermediation process. Supply of money, regulation, and supervision. Macro: the choice of monetary policy by the central bank, the impact of monetary policy making institutions on this choice and the various channels through which monetary policy affects inflation and real variables in the economy. Emphasis is on the institutional structure of Federal Reserve System and the conduct of monetary policy in the U.S. Prerequisites: 52.
Terms: Win, Sum
| Units: 5
| UG Reqs: WAY-SI
ECON 113:
Economics of Innovation (PUBLPOL 354)
The modern, knowledge-based economy characterized by: rapid innovation; a dramatic increase in the rate of production of information and decline in the cost of producing it; and pervasive network externalities or increasing returns to scale. Emphasis is on the role of patents and alternative mechanisms for creating incentives for firms to innovate. Topics include: why there may be too much innovative activity; how patent laws may slow rather than help innovation; and the interaction between public and private sector innovation. Prerequisites: 51,102B.
Terms: Spr
| Units: 5
| UG Reqs: WAY-SI
ECON 114:
Economy and Economics of Ancient Greece (CLASSHIS 114)
Cultural and political background for Athens of the 5th and 4th century BC. Athenian economy of the 4th century BC. Economic ideas of Plato, Aristotle, and Xenophon. Pros and Cons of utilitarianism in light of the ethical theories of Plato and Aristotle. Economy and economics of ancient Greece will be compared to the same of ancient China. There is an interesting parallel.
Terms: Win
| Units: 5
| UG Reqs: GER:EC-GlobalCom, WAY-SI
ECON 116:
American Economic History (AMSTUD 116)
The American economy from colonial times to the present, illustrating the role of history in economic life. Topics: U.S. economic development in global and comparative context; slavery as an economic system; origins and consequences of the American technology and business organization; economics of the Great Depression and New Deal; post-World War II economic performance and social change; recent U.S. economic record in historical perspective. Prerequisite: 1A.
Terms: Spr
| Units: 5
| UG Reqs: GER:DB-SocSci, GER:EC-AmerCul, WAY-SI
ECON 118:
Development Economics
The economic problems and policy concerns of developing countries. Theories of growth and development; inequality and poverty; credit and labor markets; health and education; politics and corruption. Emphasis is on economic models and econometric evidence rather than case studies. Prerequisites: 52, 102B.
Terms: Aut
| Units: 5
| UG Reqs: GER:EC-GlobalCom, WAY-SI
ECON 126:
Economics of Health and Medical Care (BIOMEDIN 156, BIOMEDIN 256, HRP 256)
Institutional, theoretical, and empirical analysis of the problems of health and medical care. Topics: demand for medical care and medical insurance; institutions in the health sector; economics of information applied to the market for health insurance and for health care; measurement and valuation of health; socioeconomic status and epidemiology; economics of obesity.Graduate students with research interests should take ECON 248. Prerequisites: ECON 50 and ECON 102A or Stats 116 or the equivalent. Recommended: ECON 51.
Terms: Aut
| Units: 5
| UG Reqs: WAY-SI
ECON 127:
Economics of Health Improvement in Developing Countries (MED 262)
Application of economic paradigms and empirical methods to health improvement in developing countries. Emphasis is on unifying analytic frameworks and evaluation of empirical evidence. How economic views differ from public health, medicine, and epidemiology; analytic paradigms for health and population change; the demand for health; the role of health in international development. Prerequisites: ECON 50 and 102B.
Terms: Win
| Units: 5
| UG Reqs: WAY-SI
ECON 135:
Finance for Non-MBAs (MS&E 245G)
For graduate students and advanced undergraduates. The foundations of finance; applications in corporate finance and investment management. Financial decisions made by corporate managers and investors with focus on process valuation. Topics include criteria for investment decisions, valuation of financial assets and liabilities, relationships between risk and return, market efficiency, and the valuation of derivative securities. Corporate financial instruments including debt, equity, and convertible securities. Equivalent to core MBA finance course, FINANCE 220. Prerequisites: ECON 51, or ENGR 60, or equivalent; ability to use spreadsheets, and basic probability and statistics concepts including random variables, expected value, variance, covariance, and simple estimation and regression.
Terms: Aut, Win
| Units: 3-5
ECON 136:
Market Design
Use of economic theory and analysis to design allocation mechanisms and market institutions. Course focuses on three areas: the design of matching algorithms to solve assignment problems, with applications to school choice, entry-level labor markets, and kidney exchanges; the design of auctions to solve general resource allocation problems, with applications to the sale of natural resources, financial assets, and advertising; and the design of platforms and exchanges, with applications to internet markets. Emphasis on connecting economic theory to practical applications. Students must write term paper. Prerequisites: recommended: 51.
Terms: Aut
| Units: 5
| UG Reqs: WAY-FR
ECON 137:
Decision Modeling and Information
Effective decision models consider a decision maker's alternatives, information and preferences. The construction of such models in single-party situations with emphasis on the role of information. The course then evolves to two-party decision situations where one party has more information than the other. Models examined include: bidding exercises and the winner's curse, the Akerlof Model and adverse selection, the Principal-Agent model and risk sharing, moral hazard and contract design. Prerequisite: ECON 102A or equivalent. Recommended: Econ 50, Optimization and simulation in Excel.
Terms: Spr
| Units: 5
| UG Reqs: WAY-AQR, WAY-FR
ECON 138:
Risk and Insurance
The nature of economic risk, its effect on allocation of resources and how public policy should be conducted in markets for risk. Preferences among risky prospects: expected utility theory and the theory of risk aversion. Allocation of risk using markets for contingent claims vs. insurance pools in economies with complete information. The functioning of insurance markets when information is asymmetric, under moral hazard and adverse selection. Can insurance markets function well in a competitive equilibrium and what should be public policy in markets such as medical insurance? Role of asset markets in allocating risk. Hedging strategies using futures markets, options and other derivative assets. The role of risk taking in the 2007-2008 financial crises. Prerequisite: 50.
Terms: Win
| Units: 5
| UG Reqs: WAY-AQR, WAY-FR
ECON 139D:
Directed Reading
May be repeated for credit.
Terms: Aut, Win, Spr, Sum
| Units: 1-10
| Repeatable
for credit
Instructors: ;
Abramitzky, R. (PI);
Amador, M. (PI);
Amemiya, T. (PI);
Aoki, M. (PI);
Arora, A. (PI);
Arrow, K. (PI);
Athey, S. (PI);
Attanasio, O. (PI);
Bagwell, K. (PI);
Baron, D. (PI);
Bekaert, G. (PI);
Bernheim, B. (PI);
Bhattacharya, J. (PI);
Bloom, N. (PI);
Boskin, M. (PI);
Brady, D. (PI);
Bresnahan, T. (PI);
Bulow, J. (PI);
Canellos, C. (PI);
Chaudhary, L. (PI);
Clerici-Arias, M. (PI);
Cogan, J. (PI);
Cojoc, D. (PI);
David, P. (PI);
DeGiorgi, G. (PI);
Duffie, D. (PI);
Dupas, P. (PI);
Einav, L. (PI);
Fafchamps, M. (PI);
Falcon, W. (PI);
Fitzgerald, D. (PI);
Fitzpatrick, M. (PI);
Fong, K. (PI);
Fuchs, V. (PI);
Garber, A. (PI);
Gould, A. (PI);
Goulder, L. (PI);
Greif, A. (PI);
Haak, D. (PI);
Haber, S. (PI);
Hall, R. (PI);
Hammond, P. (PI);
Hansen, P. (PI);
Hanson, W. (PI);
Hanushek, E. (PI);
Harding, M. (PI);
Harris, D. (PI);
Hartmann, W. (PI);
Henry, P. (PI);
Hickman, B. (PI);
Hong, H. (PI);
Hope, N. (PI);
Horvath, M. (PI);
Hoxby, C. (PI);
Jackson, M. (PI);
Jagolinzer, A. (PI);
Jaimovich, N. (PI);
Jayachandran, S. (PI);
Jones, C. (PI);
Jost, J. (PI);
Judd, K. (PI);
Kastl, J. (PI);
Kessler, D. (PI);
Klenow, P. (PI);
Kochar, A. (PI);
Kojima, F. (PI);
Krueger, A. (PI);
Kuran, T. (PI);
Kurlat, P. (PI);
Kurz, M. (PI);
Lau, L. (PI);
Lazear, E. (PI);
Levin, J. (PI);
MaCurdy, T. (PI);
Mahajan, A. (PI);
Malmendier, U. (PI);
Manova, K. (PI);
McClellan, M. (PI);
McKinnon, R. (PI);
Meier, G. (PI);
Milgrom, P. (PI);
Miller, G. (PI);
Moser, P. (PI);
Naylor, R. (PI);
Nechyba, T. (PI);
Niederle, M. (PI);
Noll, R. (PI);
Owen, B. (PI);
Pencavel, J. (PI);
Piazzesi, M. (PI);
Pistaferri, L. (PI);
Polinsky, A. (PI);
Qian, Y. (PI);
Rangel, A. (PI);
Reiss, P. (PI);
Richards, J. (PI);
Roberts, J. (PI);
Romano, J. (PI);
Romer, P. (PI);
Rosenberg, N. (PI);
Rossi-Hansberg, E. (PI);
Rosston, G. (PI);
Rothwell, G. (PI);
Royalty, A. (PI);
Rozelle, S. (PI);
Sargent, T. (PI);
Schaffner, J. (PI);
Scheuer, F. (PI);
Schneider, M. (PI);
Segal, I. (PI);
Sharpe, W. (PI);
Shotts, K. (PI);
Shoven, J. (PI);
Singleton, K. (PI);
Skrzypacz, A. (PI);
Sprenger, C. (PI);
Staiger, R. (PI);
Stanton, F. (PI);
Sweeney, J. (PI);
Taylor, J. (PI);
Tendall, M. (PI);
Tertilt, M. (PI);
Topper, M. (PI);
Vytlacil, E. (PI);
Wacziarg, R. (PI);
Weingast, B. (PI);
Wilson, R. (PI);
Wolak, F. (PI);
Wright, G. (PI);
Wright, M. (PI);
Yotopoulos, P. (PI);
DeMarchena, J. (GP);
Gilbert, S. (GP);
Smeton, K. (GP);
Thapar, K. (GP)
ECON 140:
Introduction to Financial Economics
Modern portfolio theory and corporate finance. Topics: present value and discounting, interest rates and yield to maturity, various financial instruments including financial futures, mutual funds, the efficient market theory, basic asset pricing theory, the capital asset pricing model, and models for pricing options and other contingent claims. Use of derivatives for hedging. Prerequisites: 51, 102A.
Terms: Spr
| Units: 5
| UG Reqs: WAY-SI
ECON 141:
Public Finance and Fiscal Policy (PUBLPOL 107)
What role should and does government play in the economy? What are the effects of government spending, borrowing, and taxation on efficiency, equity and economic growth? The course covers economic analysis, statistical evidence and historical and current fiscal policy debates in the U.S. and around the world. Policy topics: budget surpluses/deficits; tax reform; social security, public goods, and externalities; fiscal federalism; public investment; and cost-benefit analysis. Prerequisites: 51, 52 (can be taken concurrently).
Terms: Spr
| Units: 5
| UG Reqs: WAY-SI
ECON 145:
Labor Economics
Analysis and description of labor markets. Determination of employment, unemployment, hours of work, wages. Welfare programs and work effort. Wage differentials by schooling, experience, gender, and race. Economics of discrimination. Earnings inequality and changes in inequality. Employment contracts, labor unions, and bargaining. International comparisons. Prerequisites: 51, 102B.
Terms: Aut
| Units: 5
| UG Reqs: GER:EC-Gender, WAY-AQR, WAY-SI
| Repeatable
1 times
(up to 5 units total)
ECON 146:
Economics of Education
How a decision to invest in education is affected by factors including ability and family background. Markets for elementary and secondary schooling; topics such as vouchers and charter schools, accountability, expenditure equalization among schools, and the teacher labor market.The market for college education emphasizing how college tuition is determined, and whether students are matched efficiently with colleges. How education affects economic growth, focusing on developing countries. Theory and empirical results. Application of economics from fields such as public economics, labor economics, macroeconomics, and industrial organization. Prerequisites: 50, 102B.
Terms: Win
| Units: 5
| UG Reqs: WAY-SI
ECON 147:
Economics of Human Resources
Issues in the economics of human beings including the organization of work inside firms, the link between family background and adult outcomes, the operation of some cooperative organizations, the economic analysis of inequality, and the association between health and income. Prerequisite: 51.
Terms: Win
| Units: 5
| UG Reqs: WAY-SI
ECON 149:
The Modern Firm in Theory and Practice
Combines the latest theory and empirics on the modern firm. Theoretical topics will include transactions cost theory, contract theory and incentives. Applied topics include the organization of firms in US and internationally. Management practices around information systems, target setting and human resources. Focus on management practices in manufacturing, but also analyze retail, hospitals and schools, plus some recent field-experiments in developing countries. Prerequisites: Econ 51, 102B
Terms: Win
| Units: 5
| UG Reqs: WAY-SI
ECON 150:
Economic Policy Analysis (PUBLPOL 104, PUBLPOL 204)
The relationship between microeconomic analysis and public policy making. How economic policy analysis is done and why political leaders regard it as useful but not definitive in making policy decisions. Economic rationales for policy interventions, methods of policy evaluation and the role of benefit-cost analysis, economic models of politics and their application to policy making, and the relationship of income distribution to policy choice. Theoretical foundations of policy making and analysis, and applications to program adoption and implementation. Prerequisites: ECON 50 and ECON 102B.
Terms: Win, Spr
| Units: 4-5
| UG Reqs: WAY-AQR
ECON 152:
Policy & Strategy Issues in Financial Engineering (ECON 252, PUBLPOL 364)
(Same as LAW 564). This is a non-technical course that will focus on a series of case studies each designed to illuminate a serious public policy issue raised by the evolution of modern financial engineering. These will include discussions of Freddie Mac, Fannie Mae, sub-prime and Alt-A mortgages and the flaws of AAA CDOs; the spectacular losses by Orange County and the Florida Local Government Investment Pool and the challenges posed by unregulated investment pools; how credit default swaps are likely to change with central clearing using the PIIGS (Portugal/ Ireland/ Iceland/ Greece/ Spain), the monolines, AIG, Lehman and MF Global as examples; views of rogue trading using the similarities and disparities of Askin, Madoff, Barings, Soc Gen and UBS for discussion; and Risk Management 101 : the why/ how/ where/ when firms went wrong plus what to keep and what to throw out in the next phase of risk programs among other case studies. The subject matter, by necessity, is multi-disciplinary and so the course is particularly suited to those students having an interest in public policy and the evolution of modern financial markets. This includes students from the law or business schools, or the public policy, economics, EES, political science, or financial math and engineering programs among others. Several themes will tie the case studies, reading and discussions together:-Is this an example of an innovation that got too far ahead of existing operations, risk management, legal, accounting, regulatory or supervisory oversight?-How might temporary infrastructure be implemented without stifling innovation or growth?-How might losses be avoided by requiring permanent infrastructure sooner? Will Dodd-Frank, Basel III, etc., help to prevent such problems? What are the potential unintended consequences?-Is this an example of improperly viewing exposures that are subject to uncertainty or incorrectly modeling risk or both?nnGuest speakers will be invited to share their experiences. This course will aim to provide a practitioner(s) view of financial engineering over the past 3 ½ decades as well as a broad understanding of what went right and what went wrong plus cutting edge views of the future of financial engineering.
Terms: Spr
| Units: 3
ECON 153:
Economics of the Internet
Economic models and tools used to understand online market phenomena, including standards, network and platform economics, online transactions, advertising, auctions, information, communications, and networking. The contemporary economics literature on internet markets and mobile communications markets. Public policy issues in competition policy, communication policy, and support for innovation. Prerequisites: 51 and 102B.
Terms: Win
| Units: 5
| UG Reqs: WAY-SI
ECON 154:
Economics of Legal Rules and Institutions (PUBLPOL 106, PUBLPOL 206)
Design and consequences of laws, given alternative policy objectives. Welfarist approach to legal policy; deontological perspectives including Kant, Locke, Mill, and Rawls. Economic efficiency and agent rationality, law as mitigation of market and cognitive failures, effects of law on expectations and incentives, balancing costs of type I and type II legal errors. Empirical studies of law's effects. Applications: property, tort, contract, antitrust, discrimination, crime, legal procedure. Examples chiefly from U.S. law, but analytical tools of general applicability. Prerequisite: ECON 50.
Terms: Aut
| Units: 4-5
| UG Reqs: WAY-SI
ECON 155:
Environmental Economics and Policy
Economic sources of environmental problems and alternative policies for dealing with them (technology standards, emissions taxes, and marketable pollution permits). Evaluation of policies addressing regional air pollution, global climate change, water allocation in the western U.S., and the use of renewable resources. Connections between population growth, economic output, environmental quality, and human welfare. Prerequisite: ECON 50.
Terms: Win
| Units: 5
| UG Reqs: GER: DB-NatSci, WAY-SI
ECON 156:
Marine Resource Economics and Policy (EARTHSYS 156M)
Economic, political, and institutional frameworks for understanding the causes and potential solutions to marine resource problems. Marine policy formation, implementation and evaluation. Applications include: offshore energy production, managing fisheries, marine spatial planning, protecting biodiversity, and ocean recreation. Prerequisite: Econ 1A
Last offered: Spring 2011
| Units: 5
| UG Reqs: WAY-SI
ECON 157:
Imperfect Competition
The interaction between firms and consumers in markets that fall outside the benchmark competitive model. How firms acquire and exploit market power. Game theory and information economics to analyze how firms interact strategically. Topics include monopoly, price discrimination, oligopoly, collusion and cartel behavior, anti-competitive practices, the role of information in markets, anti-trust policy, and e-commerce. Sources include theoretical models, real-world examples, and empirical papers. Prerequisite: 51.
Terms: Aut
| Units: 5
| UG Reqs: WAY-SI
ECON 158:
Regulatory Economics
The history, economics, and legal background of the institutions under which U.S. industry is subject to government control. Topics: economics and practice of public utility regulation in the communications, television, transportation, energy, and postal delivery sectors and health and safety regulation. Emphasis on the application of economic concepts in evaluating the performance and policies of government agencies. Antitrust law will be introduced and discussed where necessary. Prerequisite: 51or equivalent intermediate microeconomics course.
Last offered: Winter 2011
| Units: 5
| UG Reqs: WAY-SI
ECON 160:
Game Theory and Economic Applications
Introduction to game theory and its applications to economics. Topics: strategic and extensive form games,dominant strategies, Nash equilibrium, subgame-perfect equilibrium, Bayesian equilibrium, and behavioral game theory. The theory is applied to repeated games, voting, auctions, and bargaining with examples from economics and political science. Prerequisites: 51 and course in calculus.
Terms: Spr
| Units: 5
| UG Reqs: WAY-FR, WAY-SI
ECON 162:
Monetary Economics
Dynamic analysis of the role of money and monetary policy in the macro economy, using calculus. Topics: the exchange process and the role of money; inflation, the inflation tax, and hyperinflation; costs of inflation; monetary policy: rules vs discretion; inflation targeting; international monetary unions; the indeterminancy of floating exchange rates; money and interest-bearing government dept; the government's budget constraint and the coordination of monetary and fiscal policies; the effect of the national debt on consumption, savings, investment and output; time consistency of government policies; the financial crisis and unconventional monetary policy.. Prerequisite: 52.
Terms: Aut
| Units: 5
| UG Reqs: WAY-SI
ECON 165:
International Finance
Introduction to international macroeconomics. Topics: intertemporal approach to the current account, international investment patterns, sovereign debt, crises in international financial markets, real and nominal exchange rate determination and exchange rate policy. Prerequisite: ECON 52.
Terms: Aut, Sum
| Units: 5
| UG Reqs: WAY-SI
ECON 166:
International Trade
Different sources of comparative advantage in production and trade among nations. Aggregate gains from trade, winners and losers from globalization. International migration, outsourcing and multinational companies. Trade policy and international trade agreements. Theory, empirical evidence, and real-life anecdotes.Lectures supplemented by in-class debates on current topics from the popular press. Prerequisite: 51.
Terms: Spr
| Units: 5
| UG Reqs: WAY-SI
ECON 168:
International Finance and Exchange Rates (ECON 268)
(Graduate students register for 268.) Monetary foundations of international exchange; the rules of the game since Bretton Woods. Foreign exchange risk under the world dollar standard. Hedging, forward covering, and interest parity relationships. International capital flows and the current account. Global trade imbalances; China and Japan versus the U.S. Inflation versus exchange rate targeting in developing countries. Prerequisite for undergraduates: 50; recommended: 165.
Terms: Win
| Units: 5
| UG Reqs: WAY-SI
ECON 179:
Experimental Economics
Methods and major subject areas that have been addressed by laboratory experiments. Focus is on a series of experiments that build on one another. Topics include decision making, two player games, auctions, and market institutions. How experiments are used to learn about preferences and behavior, trust, fairness, and learning. Final presentation of group projects. Prerequisites: 50, 51, 102A.
Terms: Win
| Units: 5
| UG Reqs: WAY-AQR, WAY-SI
ECON 190:
Introduction to Financial Accounting (ECON 90)
How to read, understand, and use corporate financial statements. Oriented towards the use of financial accounting information (rather than the preparer), and emphasizes the reconstruction of economic events from published accounting reports.
Terms: Aut, Win
| Units: 5
| UG Reqs: WAY-AQR
ECON 191:
Introduction to Cost Accounting (ECON 91)
The use of internal financial data for managerial decision making.
Terms: Spr
| Units: 5
| UG Reqs: WAY-AQR
ECON 198:
Junior Honors Seminar (PUBLPOL 197)
Primarily for students who expect to write an honors thesis. Weekly sessions discuss writing an honors thesis proposal (prospectus), submitting grant applications, and completing the honors thesis. Readings focus on writing skills and research design. Students select an adviser, outline a program of study for their senior year, and complete a prospectus by the end of the quarter. Enrollment limited to 25.
Terms: Win, Spr
| Units: 5
ECON 199D:
Honors Thesis Research
In-depth study of an appropriate question and completion of a thesis of very high quality. Normally written under the direction of a member of the Department of Economics (or some closely related department). See description of honors program. Register for at least 1 unit for at least one quarter. Meets first week of Autumn Quarter.
Terms: Aut, Win, Spr, Sum
| Units: 1-10
| Repeatable
for credit
Instructors: ;
Abramitzky, R. (PI);
Amador, M. (PI);
Amemiya, T. (PI);
Aoki, M. (PI);
Arora, A. (PI);
Arrow, K. (PI);
Athey, S. (PI);
Attanasio, O. (PI);
Bagwell, K. (PI);
Bekaert, G. (PI);
Bernheim, B. (PI);
Bhattacharya, J. (PI);
Bloom, N. (PI);
Boskin, M. (PI);
Brady, D. (PI);
Bresnahan, T. (PI);
Bulow, J. (PI);
Canellos, C. (PI);
Chaudhary, L. (PI);
Clerici-Arias, M. (PI);
Cogan, J. (PI);
David, P. (PI);
DeGiorgi, G. (PI);
Duffie, D. (PI);
Dupas, P. (PI);
Einav, L. (PI);
Fafchamps, M. (PI);
Falcon, W. (PI);
Fitzgerald, D. (PI);
Fitzpatrick, M. (PI);
Fong, K. (PI);
Fuchs, V. (PI);
Garber, A. (PI);
Gould, A. (PI);
Goulder, L. (PI);
Greif, A. (PI);
Haber, S. (PI);
Hall, R. (PI);
Hammond, P. (PI);
Hansen, P. (PI);
Hanson, W. (PI);
Hanushek, E. (PI);
Harding, M. (PI);
Harris, D. (PI);
Hartmann, W. (PI);
Henry, P. (PI);
Hong, H. (PI);
Hope, N. (PI);
Hoxby, C. (PI);
Jackson, M. (PI);
Jagolinzer, A. (PI);
Jaimovich, N. (PI);
Jayachandran, S. (PI);
Jones, C. (PI);
Judd, K. (PI);
Kastl, J. (PI);
Kessler, D. (PI);
Klenow, P. (PI);
Kochar, A. (PI);
Kojima, F. (PI);
Kuran, T. (PI);
Kurlat, P. (PI);
Kurz, M. (PI);
Lau, L. (PI);
Lazear, E. (PI);
Levin, J. (PI);
MaCurdy, T. (PI);
Mahajan, A. (PI);
Manova, K. (PI);
McClellan, M. (PI);
McKinnon, R. (PI);
Meier, G. (PI);
Milgrom, P. (PI);
Miller, G. (PI);
Moser, P. (PI);
Naylor, R. (PI);
Niederle, M. (PI);
Noll, R. (PI);
Owen, B. (PI);
Pencavel, J. (PI);
Piazzesi, M. (PI);
Pistaferri, L. (PI);
Polinsky, A. (PI);
Qian, Y. (PI);
Rangel, A. (PI);
Reiss, P. (PI);
Richards, J. (PI);
Roberts, J. (PI);
Romano, J. (PI);
Romer, P. (PI);
Rosenberg, N. (PI);
Rosston, G. (PI);
Rothwell, G. (PI);
Rozelle, S. (PI);
Scheuer, F. (PI);
Schneider, M. (PI);
Segal, I. (PI);
Shotts, K. (PI);
Shoven, J. (PI);
Singleton, K. (PI);
Skrzypacz, A. (PI);
Sprenger, C. (PI);
Staiger, R. (PI);
Stanton, F. (PI);
Sweeney, J. (PI);
Taylor, J. (PI);
Tendall, M. (PI);
Tertilt, M. (PI);
Wacziarg, R. (PI);
Weingast, B. (PI);
Wilson, R. (PI);
Wolak, F. (PI);
Wright, G. (PI);
Wright, M. (PI);
Yotopoulos, P. (PI);
DeMarchena, J. (GP);
Gilbert, S. (GP);
Smeton, K. (GP);
Thapar, K. (GP)
ECON 202:
Core Economics: Modules 1 and 2
(Non-Economics graduate students register for 202N.) Open to advanced undergraduates with consent of instructors. Theory of the consumer and the implications of constrained maximization; uses of indirect utility and expenditure functions; theory of the producer, profit maximization, and cost minimization; behavior under uncertainty; partial equilibrium analysis and introduction to models of general equilibrium. Limited enrollment. Prerequisite: thorough understanding of the elements of multivariate calculus and linear algebra.
Terms: Aut
| Units: 2-5
ECON 202N:
202 For Non-Economics Ph.D. Students
Core Economics modules 1 and 2 for non-Economics Ph.D. students.
Terms: Aut
| Units: 2-5
ECON 203:
Core Economics: Modules 5 and 6
(Non-Economics graduate students register for 203N.) Non-cooperative game theory including normal and extensive forms, solution concepts, games with incomplete information, and repeated games. Externalities and public goods. The theory of imperfect competition: static Bertrand and Cournot competition, dynamic oligopoly, entry decisions, entry deterrence, strategic behavior to alter market conditions. Limited enrollment. Prerequisite: 202.
Terms: Win
| Units: 2-5
ECON 203N:
203 For Non-Economics Ph.D. Students
Non-cooperative game theory including normal and extensive forms, solution concepts, games with incomplete information, and repeated games. Externalities, public goods, and asymmetric information. The theory of imperfect competition and other applications. Limited enrollment. Prerequisite: 202N or consent of instructor.
Terms: Win
| Units: 2-5
ECON 204:
Core Economics: Modules 9 and 10
The theory of contracts, emphasizing contractual incompleteness and the problem of moral hazard. Incentive regulation. Competition with imperfect information, including signaling and adverse selection. The theory of resource allocation over time, competitive equilibrium, and intertemporal efficiency. Limited enrollment. Prerequisite: 203.
Terms: Spr
| Units: 2-5
ECON 210:
Core Economics: Modules 3 and 7
Dynamic economics applied to aggregate economic fluctuations and economic growth. Solving dynamic, stochastic rational expectation models using discrete time dynamic programming. Growth theory (neoclassical models, growth accounting, technical change, endogenous growth) using optimal control theory. Limited enrollment.
Terms: Aut
| Units: 2-5
ECON 211:
Core Economics: Modules 11 and 12
Investment theory and empirics, including adjustment costs and the q theory; consumption theory and empirics, focusing on the life-cycle model; and the labor market. Macro economics of financial markets. Limited enrollment. Prerequisite: 210.
Terms: Win
| Units: 2-5
ECON 212:
Core Economics: Modules 4 and 8
General equilibrium with incomplete markets: precautionary savings; income, wealth, and consumption distribution; constrained efficiency. Endogenous market incompleteness: limited commitment, moral hazard, hidden income and hidden savings; recursive contracts. Optimal income taxation: the primal approach; taxation of capital income; optional taxation with heterogeneity; commitment and time inconsistency. Monetary theory and policy: time series techniques to characterize and evaluate policy; models with rational expectations and rigidities; the Lucas critique; time inconsistency; staggered price and wage setting; optimal policy rules; the term structure of interest rates. Limited enrollment. Prerequisites: 203, 211.
Terms: Spr
| Units: 2-5
ECON 214:
Development Economics I
Consumption smoothing and insurance. Lack of enforceability and imperfect (partial) insurance. Social networks and informal institutions. Evaluation of policy interventions in developing countries. Joint liability and micro-credit. Institutions and the process of development. Climate change. Prerequisites: 202 or 202N, 270.
Terms: Win
| Units: 2-5
ECON 215:
Economic Development
Microeconomic analysis of markets and institutions in developing countries. Topics: agriculture; insurance, credit and saving; health and nutrition; education; public service delivery. Emphasis is on empirical tests of and evidence for theoretical models. Prerequisites: 202 or 202N.
Terms: Spr
| Units: 2-5
ECON 216:
Development Economics III
Use of quantitative theory to understand various aspects of the growth and development process. Emphasis on family and demographic issues and their importance for development. Theoretical models of fertility and marriage decisions, and their empirical relevance. Unified growth theories: demographic transition and industrial revolution. Family institutions such as marriage payments and polygamy. The political economy of family-related institutions, e.g. the evolution of women's and children's rights. Female labor supply and development. Theories of disease and development. Prerequisite: 202, 203, 204, 210, 211, 212, 270, 271, 272.
| Units: 2-5
ECON 225:
Economics of Technology and Innovation
Theoretical and empirical analysis of innovation. Topics include optimal design of patents laws and alternative mechanisms to create incentives for innovation, such as technology transfer to developing countries, (compulsory) licensing, and patent pools. Emphasis on empirical analyses of both historical and contemporary data.
Terms: Spr
| Units: 2-5
ECON 227:
European Economic History
European economic history from middle ages to the twentieth century. Topics: competing hypotheses in explaining long term trends in economic growth and cross-country differences in long-term economic growth; formation, function, and persistence of institutions and organizations; the role of institutions and organizations (e.g. apprenticeship, servitude, partnerships, cooperatives, social networks, share cropping, and communes) as solutions to contractual problems; the economics of migration; the changing economic role of the family. Use of economic theory in guiding hypothesis testing, as well as construction of new datasets and the execution of empirical analysis.
Terms: Aut
| Units: 2-5
ECON 228:
Institutions and Organizations in Historical Perspective
Emphasis is on the formative period from the 11th to 18th centuries. Formation, function, and evolution of institutions; alternative conceptual frameworks such as neoclassical, transaction cost economics, institutionalism, and Marxism and neo-Marxism; game theory, mechanism design, and contract theory. Institutions related to trade organization, the organization of production, feudalism, mercantilism, and the state.
Terms: Win
| Units: 2-5
ECON 22SI:
Investing for the Future
Introduction to buying and selling stocks, bonds, mutual funds, currencies, futures, and options. Personal investment vehicles and strategies; tools for analyzing and evaluating companies; personal retirement planning. (Staff)
| Units: 1
ECON 233:
Advanced Macroeconomics I
Topics in the theory and empirics of economic growth.
Terms: Aut
| Units: 2-5
ECON 234:
Advanced Macroeconomics II
Modern macroeconomics of aggregate fluctuations in advanced economies, concentrating mainly on the U.S. Current research on sovereign debt, fiscal policy and financial flows, with emphasis on current events. The bulk of the entire course will involve the study of recent research papers.
Terms: Win
| Units: 2-5
ECON 235:
Advanced Macroeconomics III
Current topics to prepare student for research in the field. Recent research in labor-market friction, reallocation, fluctuations, wage and price determination, innovation, and productivity growth. Research methods, presentations skills, and writing in advanced economics.
Terms: Spr
| Units: 2-5
ECON 236:
Financial Economics I
Tools: solving choice problems and equilibrium models with multiple risky assets, many agents, and frictions. Applications: household finance (including housing and mortgage choice); risk sharing and financial innovation; economies; trading volume; international capital flows and financial market integration. Prerequisites: 210, 211, 212.
Terms: Win
| Units: 2-5
| Repeatable
1 times
(up to 5 units total)
ECON 237:
Financial Economics II
Topics in financial Economics. Discussion of recent academic papers on asset pricing. Student presentations and course paper requirement. Designed for second year PhD students in economics or finance.
Terms: Spr
| Units: 2-5
ECON 239D:
Directed Reading
May be repeated for credit.
Terms: Aut, Win, Spr, Sum
| Units: 1-10
| Repeatable
for credit
Instructors: ;
Abramitzky, R. (PI);
Amador, M. (PI);
Amemiya, T. (PI);
Aoki, M. (PI);
Arora, A. (PI);
Arrow, K. (PI);
Athey, S. (PI);
Attanasio, O. (PI);
Bagwell, K. (PI);
Baron, D. (PI);
Bekaert, G. (PI);
Bernheim, B. (PI);
Bhattacharya, J. (PI);
Bloom, N. (PI);
Boskin, M. (PI);
Brady, D. (PI);
Bresnahan, T. (PI);
Bulow, J. (PI);
Canellos, C. (PI);
Chaudhary, L. (PI);
Clerici-Arias, M. (PI);
Cogan, J. (PI);
Cojoc, D. (PI);
David, P. (PI);
DeGiorgi, G. (PI);
Duffie, D. (PI);
Dupas, P. (PI);
Einav, L. (PI);
Fafchamps, M. (PI);
Falcon, W. (PI);
Fitzgerald, D. (PI);
Fitzpatrick, M. (PI);
Fong, K. (PI);
Fuchs, V. (PI);
Garber, A. (PI);
Gould, A. (PI);
Goulder, L. (PI);
Greif, A. (PI);
Haak, D. (PI);
Haber, S. (PI);
Hall, R. (PI);
Hammond, P. (PI);
Hansen, P. (PI);
Hanson, W. (PI);
Hanushek, E. (PI);
Harding, M. (PI);
Harris, D. (PI);
Hartmann, W. (PI);
Henry, P. (PI);
Hickman, B. (PI);
Hong, H. (PI);
Hope, N. (PI);
Horvath, M. (PI);
Hoxby, C. (PI);
Jackson, M. (PI);
Jagolinzer, A. (PI);
Jaimovich, N. (PI);
Jayachandran, S. (PI);
Jones, C. (PI);
Jost, J. (PI);
Judd, K. (PI);
Kastl, J. (PI);
Kessler, D. (PI);
Klenow, P. (PI);
Kochar, A. (PI);
Kojima, F. (PI);
Kuran, T. (PI);
Kurlat, P. (PI);
Kurz, M. (PI);
Lau, L. (PI);
Lazear, E. (PI);
Levin, J. (PI);
MaCurdy, T. (PI);
Mahajan, A. (PI);
Malmendier, U. (PI);
Manova, K. (PI);
McClellan, M. (PI);
McKinnon, R. (PI);
Meier, G. (PI);
Milgrom, P. (PI);
Miller, G. (PI);
Moser, P. (PI);
Naylor, R. (PI);
Nechyba, T. (PI);
Niederle, M. (PI);
Noll, R. (PI);
Owen, B. (PI);
Pencavel, J. (PI);
Piazzesi, M. (PI);
Pistaferri, L. (PI);
Polinsky, A. (PI);
Qian, Y. (PI);
Rangel, A. (PI);
Reiss, P. (PI);
Richards, J. (PI);
Roberts, J. (PI);
Romano, J. (PI);
Romer, P. (PI);
Rosenberg, N. (PI);
Rossi-Hansberg, E. (PI);
Rosston, G. (PI);
Rothwell, G. (PI);
Royalty, A. (PI);
Rozelle, S. (PI);
Sargent, T. (PI);
Schaffner, J. (PI);
Scheuer, F. (PI);
Schneider, M. (PI);
Segal, I. (PI);
Sharpe, W. (PI);
Shotts, K. (PI);
Shoven, J. (PI);
Singleton, K. (PI);
Skrzypacz, A. (PI);
Sprenger, C. (PI);
Staiger, R. (PI);
Stanton, F. (PI);
Sweeney, J. (PI);
Taylor, J. (PI);
Tendall, M. (PI);
Tertilt, M. (PI);
Topper, M. (PI);
Vytlacil, E. (PI);
Wacziarg, R. (PI);
Weingast, B. (PI);
Wilson, R. (PI);
Wolak, F. (PI);
Wright, G. (PI);
Wright, M. (PI);
Yotopoulos, P. (PI);
DeMarchena, J. (GP);
Gilbert, S. (GP);
Smeton, K. (GP);
Thapar, K. (GP)
ECON 241:
Public Finance and Taxation I
Optimal taxation and design of tax/income transfer systems, including incidence and efficiency. Social welfare. Externalities and public goods. Local public economics, fiscal federalism, and education finance. Prerequisites: 202-204, 210, 270, 271, or equivalent with consent of instructor.
Terms: Win
| Units: 2-5
ECON 242:
Public Finance and Taxation II
Topics concerning dynamic taxation, including capital income taxation, taxation and saving, and corporate income taxation. Public expenditures, including government interventions in private insurance markets, adverse selection, optimal unemployment insurance design, and health economics. Prerequisites: 202, 203, 204, 210, 270, 271, or equivalent with consent of instructor. Recommended: 241.
Terms: Spr
| Units: 2-5
ECON 246:
Labor Economics I
The demand for workers and hours of work, substitution among different types of labor in production, technological change, adjustment costs, restrictions on layoffs. The supply of labor, hours of work, participation, life-cycle models of behavior, welfare programs. Wage differentials by schooling, age, cohort, gender, and race. Changes in these wage differentials and differences across countries. Economics of discrimination. Income inequality. Employment contracts and turnover. Models of labor union behavior. Bargaining. Worker-owned enterprises.
Terms: Aut
| Units: 2-5
ECON 247:
Labor Economics II
Recent topics in applied micro, focusing on top papers from the last five years. Skill-biased technical change, discrimination, media bias, management, pollution, culture, development and peer effects. Combination of student and faculty presentations. Additional sessions on general presentations, paper writing and research skills, as well as practical Stata sessions on estimation procedures and tricks. Short presentation of research idea required.
Terms: Win
| Units: 2-5
ECON 248:
Labor Economics III
Topics in current applied microeconomic research including skill-biased technical change, income distribution, program evaluation, job search, migration, consumption behavior. Student and faculty presentations
| Units: 2-5
ECON 250:
Environmental Economics
Theoretical and empirical analysis of sources of and solutions to environmental problems, with application to local pollution challenges and global environmental issues such as climate change. Topics include: analysis of market failure, choice of environmental policy instruments, integrating environmental and distortionary taxes, environmental policy making under uncertainty, valuing environmental amenities, and measuring /promoting sustainable development.
Terms: Spr
| Units: 2-5
ECON 251:
Natural Resource and Energy Economics
Management and provision non-renewable and renewable natural resources, with considerable attention to energy provision and use. Topics include: fisheries problems and policy; energy industry market structure, pricing, and performance; and policies to facilitate transitions from non-renewable to renewable energy. Prerequisites: 202, 203, 204, 271, and 272, or equivalents with consent of instructor.
Terms: Win
| Units: 2-5
ECON 252:
Policy & Strategy Issues in Financial Engineering (ECON 152, PUBLPOL 364)
(Same as LAW 564). This is a non-technical course that will focus on a series of case studies each designed to illuminate a serious public policy issue raised by the evolution of modern financial engineering. These will include discussions of Freddie Mac, Fannie Mae, sub-prime and Alt-A mortgages and the flaws of AAA CDOs; the spectacular losses by Orange County and the Florida Local Government Investment Pool and the challenges posed by unregulated investment pools; how credit default swaps are likely to change with central clearing using the PIIGS (Portugal/ Ireland/ Iceland/ Greece/ Spain), the monolines, AIG, Lehman and MF Global as examples; views of rogue trading using the similarities and disparities of Askin, Madoff, Barings, Soc Gen and UBS for discussion; and Risk Management 101 : the why/ how/ where/ when firms went wrong plus what to keep and what to throw out in the next phase of risk programs among other case studies. The subject matter, by necessity, is multi-disciplinary and so the course is particularly suited to those students having an interest in public policy and the evolution of modern financial markets. This includes students from the law or business schools, or the public policy, economics, EES, political science, or financial math and engineering programs among others. Several themes will tie the case studies, reading and discussions together:-Is this an example of an innovation that got too far ahead of existing operations, risk management, legal, accounting, regulatory or supervisory oversight?-How might temporary infrastructure be implemented without stifling innovation or growth?-How might losses be avoided by requiring permanent infrastructure sooner? Will Dodd-Frank, Basel III, etc., help to prevent such problems? What are the potential unintended consequences?-Is this an example of improperly viewing exposures that are subject to uncertainty or incorrectly modeling risk or both?nnGuest speakers will be invited to share their experiences. This course will aim to provide a practitioner(s) view of financial engineering over the past 3 ½ decades as well as a broad understanding of what went right and what went wrong plus cutting edge views of the future of financial engineering.
Terms: Spr
| Units: 3
ECON 257:
Industrial Organization 1
Theoretical and empirical analyses of the determinants of market structure; firm behavior and market efficiency in oligopolies; price discrimination; price dispersion and consumer search; differentiated products; the role of information in markets, including insurance and adverse selection; auctions; collusion and cartel behavior; advertising; entry and market structure; market dynamics; strategic behavior.
Terms: Aut
| Units: 2-5
ECON 258:
Industrial Organization 2A
Theoretical and empirical analyses of the determinants of market structure; firm behavior and market efficiency in oligopolies; collusion and cartel behavior; advertising; signaling; auctions; financial markets.
Terms: Win
| Units: 2-5
ECON 260:
Industrial Organization III
Current research and policy questions in industrial organization. Course combines lectures by the instructors with student presentations, with an emphasis on initiating dissertation research in industrial organization. Prerequisites: 257, 258.
Terms: Spr
| Units: 2-5
ECON 265:
International Economics I
International macroeconomics and finance, emphasizing current research. The course is organized around the role of different types of frictions (in asset and goods markets) in explaining features of the international macroeconomy. Prerequisites: 202, 203, 204, 210, 211, 212.
Terms: Aut
| Units: 2-5
ECON 266:
International Economics II
Commercial policies, unilateral trade policies, political economy of trade policy and the economics of trade agreements. Trade with perfectly and imperfectly competitive markets.
Terms: Win
| Units: 2-5
ECON 267:
Topics in International Trade
Topics from the frontier of current international trade research, presented through recent theoretical and empirical papers. Firm heterogeneity in trade and firms' export decisions. Different types of foreign direct investment. Multinational firms and the interaction between international trade and the theory of the firm. Institutional frictions and their effects on trade and FDI activity. Course goal is to prepare students for doing research in international trade and related fields.
| Units: 2-5
ECON 268:
International Finance and Exchange Rates (ECON 168)
(Graduate students register for 268.) Monetary foundations of international exchange; the rules of the game since Bretton Woods. Foreign exchange risk under the world dollar standard. Hedging, forward covering, and interest parity relationships. International capital flows and the current account. Global trade imbalances; China and Japan versus the U.S. Inflation versus exchange rate targeting in developing countries. Prerequisite for undergraduates: 50; recommended: 165.
Terms: Win
| Units: 5
ECON 270:
Intermediate Econometrics I
Probability, random variables, and distributions; large sample theory; theory of estimation and hypothesis testing. Limited enrollment. Prerequisites: math and probability at the level of Chapter 2, Paul G. Hoel, Introduction to Mathematical Statistics, 5th ed.
Terms: Aut
| Units: 2-5
ECON 271:
Intermediate Econometrics II
Linear regression model, relaxation of classical-regression assumptions, simultaneous equation models, linear time series analysis. Limited enrollment. Prerequisite: 270.
Terms: Win
| Units: 2-5
ECON 272:
Intermediate Econometrics III
Continuation of 271. Nonlinear estimation, qualitative response models, limited dependent variable (Tobit) models. Limited enrollment. Prerequisite: 271.
Terms: Spr
| Units: 2-5
ECON 273:
Advanced Econometrics I
Possible topics: parametric asymptotic theory. M and Z estimators. General large sample results for maximum likelihood; nonlinear least squares; and nonlinear instrumental variables estimators including the generalized method of moments estimator under general conditions. Model selection test. Consistent model selection criteria. Nonnested hypothesis testing. Markov chain Monte Carlo methods. Nonparametric and semiparametric methods. Quantile Regression methods.
Terms: Aut
| Units: 2-5
ECON 274:
Advanced Econometrics II
(Formerly 273B); Possible topics: nonparametric density estimation and regression analysis; sieve approximation; local polynomial regression; spline regression; cross validation; indirect inference; resampling methods: bootstrap and subsampling; quantile regression; nonstandard asymptotic distribution theory; empirical processes; set identification and inference, large sample efficiency and optimality.
Terms: Win
| Units: 2-5
ECON 278:
Behavioral and Experimental Economics I
This is the first half of a two course sequence (along with Econ 279) on behavioral and experimental economics. The sequence has two main objectives: 1) examines theories and evidence related to the psychology of economic decision making, 2) Introduces methods of experimental economics, and explores major subject areas (including those not falling within behavioral economics) that have been addressed through laboratory experiments. Focuses on series of experiments that build on one another in an effort to test between competing theoretical frameworks, with the objects of improving the explanatory and predictive performance of standard models, and of providing a foundation for more reliable normative analyses of policy issues. Prerequisites: 204 and 271, or consent of instructor.
Terms: Aut
| Units: 2-5
ECON 279:
Behavioral and Experimental Economics II
This is the second half of a two course sequence (along with Econ 278) on behavioral and experimental economics. The sequence has two main objectives: 1) examines theories and evidence related to the psychology of economic decision making, 2) Introduces methods of experimental economics, and explores major subject areas (including those not falling within behavioral economics) that have been addressed through laboratory experiments. Focuses on series of experiments that build on one another in an effort to test between competing theoretical frameworks, with the objects of improving the explanatory and predictive performance of standard models, and of providing a foundation for more reliable normative analyses of policy issues. Prerequisites: 204 and 271, or consent of instructor.
Terms: Win
| Units: 2-5
ECON 282:
Contracts, Information, and Incentives
Basic theories and recent developments in mechanism design and the theory of contracts. Topics include: hidden characteristics and hidden action models with one and many agents, design of mechanisms and markets with limited communication, long-term relationships under commitment and under renegotiation, property rights and theories of the firm.
Terms: Win
| Units: 2-5
ECON 283:
Theory and Practice of Auction Market Design
Basics of auction theory. Combinatorial auctions. Auction message spaces. Robust auction design. Connections to matching theory. Applied auction design with practical applications. Applied topics may include auctions for Internet advertising, radio spectrum auctions, securities markets, commodities, and complex procurements. US "incentive auctions" and procurement for the "Connect America Fund" are likely applications for 2012. Prerequisite: 282 or consent of instructors.
Terms: Win
| Units: 2-5
| Repeatable
for credit
ECON 285:
Auctions, Bargaining, and Pricing
(Same as MGTECON 602.) Theory of auctions and related literature in bargaining and pricing. Key papers include Myerson and Satterthwaite on bargaining, Myerson on optimal auctions, and Milgrom and Weber's classic work. How markets with complicated preferences and constraints, limitations on the use of cash, or variations in contract details among bidders decisively impair the performance of simple market rules. Emphasis on matching markets such as the National Resident Matching Program, asset auctions such as the spectrum auctions. Literature on dynamic bargaining.
Terms: Aut
| Units: 2-5
ECON 291:
Social and Economic Networks
Synthesis of research on social and economic networks by sociologists, economists, computer scientists, physicists, and mathematicians, with an emphasis on modeling. Includes methods for describing and measuring networks, empirical observations about network structure, models of random and strategic network formation, as well as analyses of contagion, diffusion, learning, peer influence, games played on networks, and networked markets.
Terms: Spr
| Units: 2-5
ECON 299:
Practical Training
Students obtain employment in a relevant research or industrial activity to enhance their professional experience consistent with their degree programs. At the start of the quarter, students must submit a one page statement showing the relevance of the employment to the degree program along with an offer letter. At the end of the quarter, a three page final report must be supplied documenting work done and relevance to degree program. May be repeated for credit.
Terms: Aut, Win, Spr, Sum
| Units: 1-10
| Repeatable
for credit
Instructors: ;
Abramitzky, R. (PI);
Amador, M. (PI);
Amemiya, T. (PI);
Aoki, M. (PI);
Arora, A. (PI);
Arrow, K. (PI);
Athey, S. (PI);
Attanasio, O. (PI);
Bagwell, K. (PI);
Baron, D. (PI);
Bekaert, G. (PI);
Bernheim, B. (PI);
Bhattacharya, J. (PI);
Blimpo, M. (PI);
Bloom, N. (PI);
Boskin, M. (PI);
Brady, D. (PI);
Bresnahan, T. (PI);
Bulow, J. (PI);
Canellos, C. (PI);
Chaudhary, L. (PI);
Clerici-Arias, M. (PI);
Cogan, J. (PI);
Cojoc, D. (PI);
David, P. (PI);
DeGiorgi, G. (PI);
Duffie, D. (PI);
Dupas, P. (PI);
Einav, L. (PI);
Fafchamps, M. (PI);
Falcon, W. (PI);
Fitzgerald, D. (PI);
Fitzpatrick, M. (PI);
Fong, K. (PI);
Fuchs, V. (PI);
Garber, A. (PI);
Gould, A. (PI);
Goulder, L. (PI);
Greif, A. (PI);
Haak, D. (PI);
Haber, S. (PI);
Hall, R. (PI);
Hammond, P. (PI);
Hansen, P. (PI);
Hanson, W. (PI);
Hanushek, E. (PI);
Harding, M. (PI);
Harris, D. (PI);
Hartmann, W. (PI);
Henry, P. (PI);
Hickman, B. (PI);
Hong, H. (PI);
Hope, N. (PI);
Horvath, M. (PI);
Hoxby, C. (PI);
Jackson, M. (PI);
Jagolinzer, A. (PI);
Jaimovich, N. (PI);
Jayachandran, S. (PI);
Jones, C. (PI);
Jost, J. (PI);
Judd, K. (PI);
Kastl, J. (PI);
Kessler, D. (PI);
Klenow, P. (PI);
Kochar, A. (PI);
Kojima, F. (PI);
Krueger, A. (PI);
Kuran, T. (PI);
Kurlat, P. (PI);
Kurz, M. (PI);
Lau, L. (PI);
Lazear, E. (PI);
Levin, J. (PI);
MaCurdy, T. (PI);
Mahajan, A. (PI);
Malmendier, U. (PI);
Manova, K. (PI);
McClellan, M. (PI);
McKinnon, R. (PI);
Meier, G. (PI);
Milgrom, P. (PI);
Miller, G. (PI);
Moser, P. (PI);
Naylor, R. (PI);
Nechyba, T. (PI);
Niederle, M. (PI);
Noll, R. (PI);
Owen, B. (PI);
Pencavel, J. (PI);
Piazzesi, M. (PI);
Pistaferri, L. (PI);
Polinsky, A. (PI);
Qian, Y. (PI);
Rangel, A. (PI);
Reiss, P. (PI);
Richards, J. (PI);
Roberts, J. (PI);
Romano, J. (PI);
Romer, P. (PI);
Rosenberg, N. (PI);
Rossi-Hansberg, E. (PI);
Rosston, G. (PI);
Rothwell, G. (PI);
Royalty, A. (PI);
Rozelle, S. (PI);
Sargent, T. (PI);
Schaffner, J. (PI);
Scheuer, F. (PI);
Schneider, M. (PI);
Segal, I. (PI);
Sharpe, W. (PI);
Shotts, K. (PI);
Shoven, J. (PI);
Singleton, K. (PI);
Skrzypacz, A. (PI);
Sprenger, C. (PI);
Staiger, R. (PI);
Stanton, F. (PI);
Sweeney, J. (PI);
Taylor, J. (PI);
Tendall, M. (PI);
Tertilt, M. (PI);
Topper, M. (PI);
Vytlacil, E. (PI);
Wacziarg, R. (PI);
Weingast, B. (PI);
Wilson, R. (PI);
Wolak, F. (PI);
Wright, G. (PI);
Wright, M. (PI);
Yotopoulos, P. (PI);
DeMarchena, J. (GP);
Gilbert, S. (GP);
Smeton, K. (GP);
Thapar, K. (GP)
ECON 300:
Third-Year Seminar
Restricted to Economics Ph.D. students. Students present current research. May be repeated for credit.
Terms: Aut, Spr
| Units: 1-10
| Repeatable
for credit
ECON 310:
Macroeconomic Workshop
Terms: Aut, Win, Spr
| Units: 1-10
| Repeatable
for credit
ECON 315:
Development Workshop
Terms: Aut, Win, Spr
| Units: 1-10
| Repeatable
for credit
ECON 325:
Economic History Workshop
May be repeated for credit.
Terms: Aut, Win, Spr
| Units: 1-10
| Repeatable
for credit
ECON 335:
Experimental/Behavioral Seminar
Field seminar in experimental and behavioral economics.
Terms: Aut, Win, Spr
| Units: 1-10
| Repeatable
for credit
ECON 341:
Public Economics and Environmental Economics Seminar
Issues in measuring and evaluating the economic performance of government tax, expenditure, debt, and regulatory policies; their effects on levels and distribution of income, wealth, and environmental quality; alternative policies and methods of evaluation. Workshop format combines student research, faculty presentations, and guest speakers. Prerequisite: 241 or consent of instructor.
Terms: Aut, Win, Spr
| Units: 1-10
| Repeatable
for credit
ECON 345:
Applications Workshop
Terms: Aut, Win, Spr
| Units: 1-10
| Repeatable
for credit
Instructors: ;
Bloom, N. (PI);
Dupas, P. (PI);
Hong, H. (PI);
MaCurdy, T. (PI);
Mahajan, A. (PI);
Pencavel, J. (PI);
Pistaferri, L. (PI);
Wolak, F. (PI);
DeMarchena, J. (GP);
Gilbert, S. (GP)
ECON 354:
Workshop in Law and Economics
Terms: Aut, Win
| Units: 2-6
ECON 355:
Industrial Organization Workshop
Current research in the field by visitors, presentations by students, and discussion of recent papers. Students write an original research paper, make a formal presentation, and lead a structured discussion.
Terms: Aut, Win, Spr
| Units: 1-10
| Repeatable
for credit
ECON 365:
International Trade Workshop
Terms: Aut, Win, Spr
| Units: 1-10
| Repeatable
for credit
ECON 370:
Econometrics Workshop
Terms: Aut, Win, Spr
| Units: 1-10
| Repeatable
for credit
ECON 391:
Microeconomic Theory Seminar
Terms: Aut, Win, Spr
| Units: 1-10
| Repeatable
for credit
Terms: Aut, Win, Spr
| Units: 0
| Repeatable
for credit
Instructors: ;
Abramitzky, R. (PI);
Amador, M. (PI);
Amemiya, T. (PI);
Aoki, M. (PI);
Arora, A. (PI);
Arrow, K. (PI);
Athey, S. (PI);
Attanasio, O. (PI);
Bagwell, K. (PI);
Baron, D. (PI);
Bekaert, G. (PI);
Bernheim, B. (PI);
Bhattacharya, J. (PI);
Bloom, N. (PI);
Boskin, M. (PI);
Brady, D. (PI);
Bresnahan, T. (PI);
Bulow, J. (PI);
Canellos, C. (PI);
Clerici-Arias, M. (PI);
Cojoc, D. (PI);
David, P. (PI);
DeGiorgi, G. (PI);
Duffie, D. (PI);
Dupas, P. (PI);
Einav, L. (PI);
Fafchamps, M. (PI);
Falcon, W. (PI);
Fitzgerald, D. (PI);
Fitzpatrick, M. (PI);
Fong, K. (PI);
Fuchs, V. (PI);
Garber, A. (PI);
Gould, A. (PI);
Goulder, L. (PI);
Greif, A. (PI);
Haak, D. (PI);
Haber, S. (PI);
Hall, R. (PI);
Hammond, P. (PI);
Hansen, P. (PI);
Hanson, W. (PI);
Hanushek, E. (PI);
Harding, M. (PI);
Harris, D. (PI);
Hartmann, W. (PI);
Henry, P. (PI);
Hickman, B. (PI);
Hong, H. (PI);
Hope, N. (PI);
Horvath, M. (PI);
Hoxby, C. (PI);
Jackson, M. (PI);
Jagolinzer, A. (PI);
Jaimovich, N. (PI);
Jayachandran, S. (PI);
Jones, C. (PI);
Jost, J. (PI);
Judd, K. (PI);
Kastl, J. (PI);
Kessler, D. (PI);
Klenow, P. (PI);
Kochar, A. (PI);
Kojima, F. (PI);
Krueger, A. (PI);
Kuran, T. (PI);
Kurlat, P. (PI);
Kurz, M. (PI);
Lau, L. (PI);
Lazear, E. (PI);
Levin, J. (PI);
MaCurdy, T. (PI);
Mahajan, A. (PI);
Malmendier, U. (PI);
Manova, K. (PI);
McClellan, M. (PI);
McKinnon, R. (PI);
Meier, G. (PI);
Milgrom, P. (PI);
Miller, G. (PI);
Moser, P. (PI);
Naylor, R. (PI);
Nechyba, T. (PI);
Niederle, M. (PI);
Noll, R. (PI);
Owen, B. (PI);
Pencavel, J. (PI);
Piazzesi, M. (PI);
Pistaferri, L. (PI);
Polinsky, A. (PI);
Qian, Y. (PI);
Rangel, A. (PI);
Reiss, P. (PI);
Richards, J. (PI);
Roberts, J. (PI);
Romano, J. (PI);
Romer, P. (PI);
Rosenberg, N. (PI);
Rossi-Hansberg, E. (PI);
Rosston, G. (PI);
Rothwell, G. (PI);
Royalty, A. (PI);
Rozelle, S. (PI);
Sargent, T. (PI);
Schaffner, J. (PI);
Scheuer, F. (PI);
Schneider, M. (PI);
Segal, I. (PI);
Sharpe, W. (PI);
Shotts, K. (PI);
Shoven, J. (PI);
Singleton, K. (PI);
Skrzypacz, A. (PI);
Sprenger, C. (PI);
Staiger, R. (PI);
Stanton, F. (PI);
Sweeney, J. (PI);
Taylor, J. (PI);
Tendall, M. (PI);
Tertilt, M. (PI);
Topper, M. (PI);
Vytlacil, E. (PI);
Wacziarg, R. (PI);
Weingast, B. (PI);
Wilson, R. (PI);
Wolak, F. (PI);
Wright, G. (PI);
Wright, M. (PI);
Yotopoulos, P. (PI);
Thapar, K. (GP)
ECON 802:
TGR Dissertation
Terms: Aut, Win, Spr, Sum
| Units: 0
| Repeatable
for credit
Instructors: ;
Abramitzky, R. (PI);
Amador, M. (PI);
Amemiya, T. (PI);
Aoki, M. (PI);
Arora, A. (PI);
Arrow, K. (PI);
Athey, S. (PI);
Attanasio, O. (PI);
Bagwell, K. (PI);
Baron, D. (PI);
Bekaert, G. (PI);
Bernheim, B. (PI);
Bhattacharya, J. (PI);
Bloom, N. (PI);
Boskin, M. (PI);
Brady, D. (PI);
Bresnahan, T. (PI);
Bulow, J. (PI);
Canellos, C. (PI);
Chaudhary, L. (PI);
Clerici-Arias, M. (PI);
Cogan, J. (PI);
Cojoc, D. (PI);
David, P. (PI);
DeGiorgi, G. (PI);
Duffie, D. (PI);
Dupas, P. (PI);
Einav, L. (PI);
Fafchamps, M. (PI);
Falcon, W. (PI);
Fitzgerald, D. (PI);
Fitzpatrick, M. (PI);
Fong, K. (PI);
Fuchs, V. (PI);
Garber, A. (PI);
Gould, A. (PI);
Goulder, L. (PI);
Greif, A. (PI);
Haak, D. (PI);
Haber, S. (PI);
Hall, R. (PI);
Hammond, P. (PI);
Hansen, P. (PI);
Hanson, W. (PI);
Hanushek, E. (PI);
Harding, M. (PI);
Harris, D. (PI);
Hartmann, W. (PI);
Henry, P. (PI);
Hickman, B. (PI);
Hong, H. (PI);
Hope, N. (PI);
Horvath, M. (PI);
Hoxby, C. (PI);
Jackson, M. (PI);
Jagolinzer, A. (PI);
Jaimovich, N. (PI);
Jayachandran, S. (PI);
Jones, C. (PI);
Jost, J. (PI);
Judd, K. (PI);
Kastl, J. (PI);
Kessler, D. (PI);
Klenow, P. (PI);
Kochar, A. (PI);
Kojima, F. (PI);
Krueger, A. (PI);
Kuran, T. (PI);
Kurlat, P. (PI);
Kurz, M. (PI);
Lau, L. (PI);
Lazear, E. (PI);
Levin, J. (PI);
MaCurdy, T. (PI);
Mahajan, A. (PI);
Malmendier, U. (PI);
Manova, K. (PI);
McClellan, M. (PI);
McKinnon, R. (PI);
Meier, G. (PI);
Milgrom, P. (PI);
Miller, G. (PI);
Moser, P. (PI);
Naylor, R. (PI);
Nechyba, T. (PI);
Niederle, M. (PI);
Noll, R. (PI);
Owen, B. (PI);
Pencavel, J. (PI);
Piazzesi, M. (PI);
Pistaferri, L. (PI);
Polinsky, A. (PI);
Qian, Y. (PI);
Rangel, A. (PI);
Reiss, P. (PI);
Richards, J. (PI);
Roberts, J. (PI);
Romano, J. (PI);
Romer, P. (PI);
Rosenberg, N. (PI);
Rossi-Hansberg, E. (PI);
Rosston, G. (PI);
Rothwell, G. (PI);
Royalty, A. (PI);
Rozelle, S. (PI);
Sargent, T. (PI);
Schaffner, J. (PI);
Scheuer, F. (PI);
Schneider, M. (PI);
Segal, I. (PI);
Sharpe, W. (PI);
Shotts, K. (PI);
Shoven, J. (PI);
Singleton, K. (PI);
Skrzypacz, A. (PI);
Sprenger, C. (PI);
Staiger, R. (PI);
Stanton, F. (PI);
Sweeney, J. (PI);
Taylor, J. (PI);
Tendall, M. (PI);
Tertilt, M. (PI);
Topper, M. (PI);
Vytlacil, E. (PI);
Wacziarg, R. (PI);
Weingast, B. (PI);
Wilson, R. (PI);
Wolak, F. (PI);
Wright, G. (PI);
Wright, M. (PI);
Yotopoulos, P. (PI);
DeMarchena, J. (GP);
Gilbert, S. (GP);
Smeton, K. (GP);
Thapar, K. (GP)
ECON 119:
The Russian Economy (REES 219)
Brief introduction to the economic history of Russia, general overview of the modern Russian economy with analysis of its macroeconomic features and dynamics, industrial structure, and the major institutional features that are important for understanding Russian economic development. The period of transition from Soviet-type planned economy to a market economy and market reforms (1991-1998), the period of economic growth (1999-2007), and the economic development of Russia during the current global crisis of 2008-2010. Analysis of Russia¹s social structure and social policy, labor markets, the regional structure of the economy, the role of the state, and major Russian industries (oil, metals, machinery). Emphasis on the specific institutional aspects that have shaped Russia's economic development.
| Units: 4-5
ECON 217:
Topics in Latin American Macroeconomics and Development
Banking systems, interest rates, regulatory policies, and the productivity of capital in developing countries. Controlling inflation: fiscal and monetary policies for macroeconomic stability. Currency crises, exchange rates, and the liberalization of foreign trade. Further applications to transitional socialist economies in Asia and E. Europe.
| Units: 2-5
ECON 259:
Industrial Organization II B
Theoretical and empirical analyses of the determinants of market structure; firm behavior and market efficiency in oligopolies; economics of antitrust and regulation, with focus on energy and environmental economics; the role of information asymmetries in markets: adverse selection and moral hazard, with focus on insurance and credit markets.
| Units: 2-5
ECON 275:
Time Series Econometrics
Stochastic processes and concepts such as stationarity, ergodicity, and mixing. Inference with heteroskedastic and autocorrelated time series; autoregressive and moving average models; unit root processes and asymptotic analysis of such; tests for structural change; vector autoregressive models; cointegration; impulse response analysis; forecasting; ARCH and GARCH volatility models. Prerequisites: 270, 271.
| Units: 2-5
ECON 276:
Limited Dependent Variables
(Formerly 274.) Parametric and semi-parametric approaches to the estimation of econometric models with discrete or limited dependent variables. Maximum likelihood, nonlinear panel data, duration models, rank estimation and index models, Bayesian approaches and MCMC. Estimation of discrete choice models with endogeneity, simulation methods and computationally intensive approaches. Estimation of social network models. Random matrix theory. Prerequisite: 273 or consent of instructor.
| Units: 2-5
ECON 289:
Advanced Topics in Game Theory and Information Economics
Topics course covering a variety of game theory topics with emphasis on market design, such as matching theory and auction theory. Prerequisites: Econ 285 or equivalent.
| Units: 2-5
ECON 290:
Multiperson Decision Theory
dents and faculty review and present recent research papers on basic theories and economic applications of decision theory, game theory and mechanism design. Applications include market design and analyses of incentives and strategic behavior in markets, and selected topics such as auctions, bargaining, contracting, and computation.
| Units: 4
