16:220:500 Mathematical 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.

16:220:501 Microeconomic 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, and applications to competitive equilibrium with uncertainty. Corequisite: 16:220:500 or permission of instructor.

16:220:502 Microeconomic 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.

16:220:503 Mathematical 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.

16:220:504 Macroeconomic Theory I (3) Introduction to economic dynamics, economic growth, business cycles, and the role of macroeconomic policy.

16:220:505 Macroeconomic 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.

16:220:506 Advanced 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.

16:220:507 Econometrics 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.

16:220:508 Econometrics 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, bootstrap methods, and financial econometric methods. Prerequisite: 16:220:507.

16:220:509 Applied Econometrics for Microeconomics (3) Econometric tools for empirical microeconomics. Panel data methods; instrumental variables; discrete choice survival analysis. Applications from the recent literature.
Prerequisite: 16:220:507 or permission of instructor.

16:220:510 Applied 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.

16:220:513 Monetary Theory (3) Theories of the role of money in relation to the volume of economic activity and the price level.

16:220:514 Structure of Financial Systems (3) Asset pricing implications of standard macro models, cross-section and time series tests, derivative securities pricing, hedging and risk-neutral density estimation, and market microstructure of bond and equity markets.

16:220:515 Public Economics I (3) Theory and practice of taxation; externalities; public goods; environmental policy.

16:220:516 Public Economics II (3) Tax-policy analysis. Optimal taxation; tax-incidence analysis; the efficiency costs of taxation; the measurement of the effects of taxation on economic behavior.

16:220:517 The 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.

16:220:518 International 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.

16:220:519 International 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.

16:220:520 Economics of the Labor Market (3) Theory and evidence on labor supply and labor demand, both�static and dynamic. Wage differentials and unemployment. Applications to policy problems: economics of the welfare system and low-income labor markets. Economics of trade unions.

16:220:521 Economics 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.

16:220:522 Industrial 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.

16:220:523 Industrial Organization II (3) Contract theory; regulation; optimal financial contracts; strategic interaction; hierarchies; collusion and mergers.�

16:220:525 Economic Systems (3) Analysis of differing economic systems with emphasis on plan/market comparisons, performance, economic reform, and contemporary issues of transition.

16:220:526 Economic Development I (3) Problems of resource allocation for promoting economic growth and structural change in the context of poverty and inequality.

16:220:527 Economic Development II (3) Selected topics in contemporary development economics.

16:220:540 European Economic History (3) Origins and spread of industrialization; world war and depression; economic integration; and European union.

16:220:541 American Economic History (3) The foundations of American economic institutions; 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.

16:220:545 Uncertainty and Imperfect Information (3) Theory of choice under risk and uncertainty, risk aversion, and 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.

16:220:546 Topics in Game Theory (3) Introduction to topics in noncooperative and cooperative game theory that are of relevance to economic problems.

16:220:547 Theory 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.

16:220:548 Advanced Topics in Microeconomics (3) Topics chosen by instructor may include theory of optimal control, general equilibrium, natural resources, incomplete markets, and public economics.

16:220:549 Experimental Economics (3) Analysis and application of experimental methods to hypotheses provided by economic theory, including individual choice under uncertainty, game theory, bargaining, social choice, mechanism design, and financial markets.� Consideration of connections to other fields, including political science, cognitive science, and evolutionary theory.

16:220:602 Seminar 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.

16:220:603 Seminar in Monetary Theory (3)

16:220:604 Seminar in Public Economics (3) Advanced topics with emphasis on the main current controversies in the field.

16:220:605 Seminar in Labor and Human Resources (3) Special topics. Topics have included economics of transfer programs, economics of health, and economics of fertility.

16:220:606 Seminar in International Economics (3)

16:220:607 Seminar in Economics of Latin America (3)

16:220:608 Seminar in Economic Systems (3) Analysis of selected topics relating to the comparison of planned and market economic systems and related issues of transition.

16:220:609 Seminar in Economic Development (3) Advanced topics in development economics emphasizing skills of modeling and estimation.

16:220:610 Seminar in Microeconomics (3) Papers by students, faculty, and visiting scholars on topics selected by the seminar participants.

16:220:612 Seminar in Macroeconomics (3) Topics and controversies at the frontier of macroeconomics. Emphasis on development of analytical skills and use of empirical and theoretical tools.

16:220:613 Seminar in Applied Econometrics (3) Applied work in macroeconometrics and microeconometrics; use of data and standard statistical packages.

16:220:614 Seminar in Economic History (3) Selected topics in recent research in economic history.

16:220:620 Individual Studies in Economics (3)

16:220:701,702 Research in Economics (BA,BA)