16:220:500Mathematical Methods for Microeconomics (3) Basic mathematical tools for consumer and producer theory. Compact sets; differentiability; convex sets; separation theorems; constrained optimization and the Kuhn-Tucker theorem; applications in consumer and producer theory. Prerequisites: Background in calculus and linear algebra. |
16:220:501Microeconomic Theory I (3) General equilibrium theory; the Arrow-Debreu model, decision making under uncertainty; the von Neumann-Morgenstern theory, risk aversion, applications to insurance problems and portfolio choice, applications to competitive equilibrium with uncertainty. Corequisite: 16:220:500 or permission of instructor. |
16:220:502Microeconomic Theory II (3) Introduction to the theory of games and related economic models with informational asymmetries. Topics include noncooperative games and models of moral hazard and adverse selection. Prerequisite: 16:220:501. |
16:220:503Mathematical Methods for Macroeconomics (3) Basic mathematical tools for dynamic economic models. Linear algebra from echelon form to projection operators; quadratic forms; linear difference and differential equations; dynamic programming and control theory; applications to dynamic models of macroeconomics; growth and human capital. Prerequisites: Background in calculus and linear algebra. |
16:220:504Macroeconomic Theory I (3) Introduction to economic dynamics, economic growth, business cycles, and the role of macroeconomic policy. |
16:220:505Macroeconomic Theory II (3) General equilibrium modeling of the macroeconomy. Topics include the stochastic growth model and multiple equilibrium. Empirical validation is stressed. Prerequisite: 16:220:504. |
16:220:506Advanced Economic Statistics (3) Background in statistical inferential procedures used in economic-data analyses. Probability, random variables and distributions, estimation, testing hypotheses, and sampling distribution of estimators. Prerequisites: Background in calculus and linear algebra. |
16:220:507Econometrics I (3) Focus on measurement of economic parameters. Statistical estimation and inference of regression equation models. Properties of OLS, GLS, JGLS, 2SLS, 3SLS, and Maximum Likelihood Estimators. Introduction to time-series analysis and quantitative-response models. Use of linear algebra and statistical packages. Emphasis is on theory. Prerequisite: 16:220:506 or equivalent. |
16:220:508Econometrics II (3) Time series analysis. Specification, estimation and inference. Continuous and discrete data. Multivariate and univariate methods including: (V)ARMA models, cointegration, unit roots, predictive inference, boostrap methods, and financial econometric methods. Prerequisite: 16:220:507. |
16:220:509Applied Econometrics for Microeconomics (3) Econometric tools for empirical microeconomic models. Parametric and nonparametric qualitative choice models; survival analysis. Recent papers discussed. Prerequisite: 16:220:507 or permission of instructor. |
16:220:510Applied Econometrics for Macroeconomics (3) Econometric tools for empirical macroeconometric time-series models. Exogeneity tests; spectral analysis; nonstationarity; state-space models; structural shifts and prediction. Recent papers discussed. Prerequisite: 16:220:507 or permission of instructor. |
16:220:513Monetary Theory (3) Theories of the role of money in relation to the volume of economic activity and the price level. |
16:220:514Structure of the Financial System (3) The financial system and its relationship to the real sector, including portfolio theory, the term structure of interest rates, and other theoretical and empirical issues in finance. |
16:220:515Public Economics I (3) Welfare theory, collective action, externalities, public goods, benefit-cost analysis, social-welfare programs, social insurance. |
16:220:516Public Economics II (3) Tax-policy analysis. Optimal taxation; tax-incidence analysis; the efficiency costs of taxation; and the measurement of the effects of taxation on economic behavior. |
16:220:517The Economics of the State and Local Public Sector (3) Economics of state and local governments. Evolution of federalism; expenditure and revenue decisions and intergovernmental grants; stabilization and distributional aspects of state/local finances. Several specific state/local problems. |
16:220:518International Economics I (3) Major determinants of international trade flows, including technological differences, factor endowments, and monopolistic competition. Recent theoretical and empirical innovations, including theories of tariff formation and the political economy of trade policy, and evaluations of competing explanations of trade flows. |
16:220:519International Economics II (3) Open economy macroeconomics. Theory of the balance of payments and balance-of-payments adjustment. International business cycles; current account and fiscal policy; exchange-rate-based inflation stabilization. |
16:220:520Economics of the Labor Market (3) Theory and evidence on labor supply, static and dynamic. Theory and evidence on labor demand. Wage differentials and unemployment. Applications to policy problems: economics of the welfare system; low-income labor markets. Economics of trade unions. |
16:220:521Economics of Human Resources (3) Analysis of advanced topics in labor economics, with emphasis on prospects for original research. Topics may include investment in human capital; job search, matching, and turnover; labor contracts; race and sex discrimination; bargaining and strikes; economics of the family; population economics; unemployment; distribution of earnings. |
16:220:522Industrial Organization I (3) Models of imperfect competition. Applications to price discrimination, vertical integration, product quality, advertising, and research and development. Strategic models of entry deterrence and contracting. Implications for antitrust policy. Empirical research on industry structure, conduct, and performance. |
16:220:523Industrial Organization II (3) Natural monopoly and rate-of-return regulation. Optimal pricing including Ramsey, nonlinear, and peak-load pricing. Regulation models with uncertainty or asymmetric information. Regulation of price, entry, product quality, health, safety, and the environment. Empirical research on performance in regulated industries. |
16:220:525Economic Systems (3) Analysis of differing economic systems with emphasis on plan/market comparisons, performance, economic reform, and contemporary issues of transition. |
16:220:526Economic Development I (3) Problems of resource allocation for promoting economic growth and structural change in the context of poverty and inequality. |
16:220:527Economic Development II (3) Selected topics in contemporary development economics. |
16:220:540European Economic History (3) Origins and spread of industrialization; world war and depression; economic integration; and European union. |
16:220:541American Economic History (3) The colonial economy; economics of slavery and race; industrialization; development of agriculture; banking and financial markets; the Great Depression; the role of government; and long-term economic growth. |
16:220:545Uncertainty and Imperfect Information (3) Theory of choice under risk and uncertainty, risk aversion, stochastic dominance. Selected applications include contingent claims, rational expectations, screening, search, adverse selection, moral hazard, agency, common knowledge, and games of incomplete information. Blair, McLean. Prerequisite: 16:220:501. |
16:220:546Topics in Game Theory (3) Introduction to topics in noncooperative and cooperative game theory that are of relevance to economic problems. |
16:220:547Theory of Social Choice and Voting (3) Selected problems in the design and economic analysis of voting systems. Emphasis on the role of voting institutions in various applied contexts in micro- and macroeconomics. |
16:220:548Advanced Topics in Microeconomics (3) Topics chosen by instructor may include theory of optimal control, general equilibrium, natural resources, incomplete markets, public economics. |
16:220:549Experimental Economics (3) Introduction to analysis by experimental methods of selected problems in economic theory, focusing on theory of individual choice under uncertainty and game theory, as well as bargaining theory, industrial organization, social choice theory, and financial markets. |
16:220:602Seminar in Econometrics (3) Statistical inference in econometrics from Bayesian and non-Bayesian points of view. Special topics may include inference on structural shifts, model selection, Kalman-filter models, and qualitative choice models. Semiparametric and nonparametric models: estimation and inference. |
16:220:603Seminar in Monetary Theory (3) |
16:220:604Seminar in Public Economics (3) Advanced topics with emphasis on the main current controversies in the field. |
16:220:605Seminar in Labor and Human Resources (3) Special topics. Topics have included economics of transfer programs, economics of health, economics of fertility. |
16:220:606Seminar in International Economics (3) |
16:220:607Seminar in Economics of Latin America (3) |
16:220:608Seminar in Economic Systems (3) Analysis of selected topics relating to the comparison of planned and market economic systems and related issues of transition. |
16:220:609Seminar in Economic Development (3) Advanced topics in development economics emphasizing skills of modeling and estimation. |
16:220:610Seminar in Microeconomics (3) Papers by students, faculty, and visiting scholars on topics selected by the seminar participants. |
16:220:612Seminar in Macroeconomics (3) Topics and controversies at the frontier of macroeconomics. Emphasis on development of analytical skills and use of empirical and theoretical tools. |
16:220:613Seminar in Applied Econometrics (3) Applied work in macroeconometrics and microeconometrics; use of data and standard statistical packages. |
16:220:614Seminar in Economic History (3) Selected topics in recent research in economic history. |
16:220:620Individual Studies in Economics (3) |
16:220:701,702Research in Economics (BA,BA) |
