Advanced analysis of consumer choice, including duality theory, borrowing and lending, and insurance; producer choice; game theory; externalities. Offered each fall. Prerequisite: ECO 300 with a grade of B or better; MATH 150 and MATH 160 with an average grade of B or better. Corequisite: MATH 155 and ECO 721.
Determinants of national income, output, and employment and price levels, including microeconomic foundations of aggregate consumption, savings, and investment; theories of the business cycle and long-term growth; effects of public policy on employment, inflation, and economic growth. Offered each spring. Prerequisite: ECO 300 and ECO 301 with grades of B or better; MATH 150 and MATH 160 with an average grade of B or better. Corequisite: MATH 155 and ECO 721.
Factors determining demand for and supply of money; theories of rate of interest; issues of monetary policy. Prerequisite: ECO 210. Corequisite: ECO 703 and ECO 721.
Factors determining banking and financial structure in the U.S. Issues involving financial crises and bank failure, allocation of financial resources, regulation and competition. Prerequisite: ECO 210. Corequisite: ECO 703 and ECO 721.
Principles of taxation and government spending; efficiency and equity tradeoffs; decentralized public finance and fiscal federalism. Corequisite: ECO 701 and ECO 721.
Rigorous statistical foundation for the study of econometrics. Topics include probability theory; asymptotic theory; parameter estimation; hypothesis testing; least squares regression; matrix algebra. Offered each fall. Prerequisite: ECO 321 with a grade of B or better; MATH 150 and MATH 160 with an average grade of B or better. Corequisite: MATH 155.
Econometric methods for single equation models; ordinary least squares, generalized least squares, and variance estimation; maximum likelihood and limited dependent variables. Offered each spring. Prerequisite: ECO 721 and MATH 155.
Econometrics of time-series data; application of autoregressive and moving average models (ARIMA) to economic data. Prerequisite: ECO 722 or ECO 421.
Introduction to advanced econometric techniques commonly used in applied microeconomic research. The topics covered will be panel data, instrumental variables estimation, liminited dependent variables, truncated, censored, and selected samples, and duration models. Corequisite: ECO 722
Introduction to advanced econometric techniques commonly used in evaluating the effectiveness of public policy programs. The topics covered will include randomized experiments, propensity score matching, instrumental variables, difference-in-difference estimates, regression discontinuity models and the ethics of research using human subjects. Corequisite: ECO 722 or STAT 707.
Theories of economic development and economic issues of developing countries. Possible topics include the analysis of poverty, inequality, rural financial markets, labor and land markets, trade and environmental policies. Corequisite: ECO 701 or ECO 703, and ECO 721.
Investigation of the issue of why some countries become rich while others do not. Study of the factors that contribute to or retard economic growth. Corequisite: ECO 701 and ECO 703.
Economic analysis of form and functioning of big cities. Analyses of location of economic activity within metropolitan areas and market for land; analysis of major urban policy issues, including housing, transportation, urban poverty, urban public finance. Corequisite: ECO 701 and ECO 721
International trade theory and analysis of current economic problems; terms of trade; balance of payments; trade regulations and policies, international financial institutions, foreign aid, regioanl integration. Corequisite: ECO 701 and ECO 721. Recommended Corequisite: ECO 703.
Examination of the international financial system, models of exchange rate determination, open economy macroeconomics, and international financial markets. Corequisite: ECO 701 and ECO 721.
Economic theory and research on differences in employment and compensation; effects of demographic characteristics, human capital, labor unions, and income maintenance policies. Corequisite: ECO 701 and ECO 721.
Economic analysis of social insurance and income maintenance programs; objectives of the programs; effects on individuals, firms, and the economy. Corequisite: ECO 701 and ECO 721.
Economic analysis of the health care industry to explain the demand for and supply of medical care. Includes analysis of behavior of consumers, producers, and insurers; and public policies to regulate the industry and to provide services for the poor and elderly. Corequisite: ECO 701 and ECO 721.
Product market decisions by firms in monopoly and oligopoly; the boundaries of the firm and vertical integration; applications to antitrust and regulatory policy. Corequisite: ECO 701 and ECO 721.
A study of economic foundations of law. Topics include the role of property rights and liability rules in the control of externalities, controlling the cost of accidents, the control of criminal behavior, product failure and damage, medical malpractice. Consideration of the economic logic underlying the law. Corequisite: ECO 701 and ECO 721.
Examination of the models of finance: optimization over time, asset valuation, and risk management. Applications to models of asset pricing, including stocks, bonds, and options; portfolio selection; and problems in corporate finance including investment analysis and capital structure. Corequisite: ECO 701 and ECO 721.
Study of the essential techniques of pricing financial derivatives, including the Black-Scholes formula, binomial trees, and risk-neutral valuation methods. Discussion of trading strategies associated with the use of financial derivatives for different purposes, and potential problems that can arise in the application of financial derivatives. Corequisite: ECO 760
Economic analysis of how institutional arrangements distribute power, authority, and control across different stakeholders of the firm; contractual agreements as a means to render such institutional arrangements unnecessary. Corequisite: ECO 701 and ECO 721.
Game theory offers a framework for analyzing social interactions and emergent behavior in a very wide variety of human contexts. This course offers a critical introduction to game theory and its applications, which include analyses of conflict and the emergence of trust and cooperation out of anarchy, of firms’ strategic behavior in concentrated markets, and of herd behavior and panics in financial markets. Asymmetric information economics and mechanism-design extend game theory by exploring how the design of the rules of a game, or the initial distribution of information might affect behavior. Corequisite: ECO 701.
Intensive study of special field of economics under supervisior of member of graduate faculty. Prerequisite: Permission of instructor and graduate advisor.
Special topic and research in economics.
Preparation of scceptable MA thesis under faculty supervision. Credit is not granted until the thesis is accepted.