This course is an introduction to microeconomic analysis and policy. The principal objective of the course is to enable students to analyze major microeconomic issues clearly and critically. Students will be introduced to the methods and tools of economic analysis, and these analytical tools will be applied to questions of current policy interest.
This introductory course introduces students to the complex world of macroeconomics. You will learn about many macroeconomic statistics and the theoretical and empirical relationships therein. This course will discuss the Classical Theory, the Keynesian Theory and supply side economics.
This course presents material from probability and statistics that are important in the study of economics. The topics covered include probability, random variables, distributions, sampling, estimation, hypothesis testing and linear regression.
The goal of this course is to give you the fundamentals of microeconomics that will be applied widely to 400 level courses in economics. We review supply and demand in competitive markets, and then cover consumer behavior, general equilibrium and welfare analysis, producer behavior, perfectly competitive markets, monopoly, oligopoly and strategic interaction between agents.
Upon successful completion of the course, you will be able to follow most any discussion about the macroeconomy and to truly understand the foundation and assumptions that underlie the discussion. In addition, the hope is that you continue to be familiar with real world events that affect us all and perhaps share your newly acquired human capital with others.
This course teaches the implementation of the statistical techniques (namely, linear regression) needed to empirically evaluate many economic questions. Basic theoretical principles of econometrics will be introduced, implemented, and assessed.
Labor Economics deals with a truly simple market with a host of specific complicating factors. This class will concentrate on many of the specific attributes and institutions that affect the market for labor. These include, for example, investment in education, wage differentials, migration, discrimination, and the impact of labor unions.
In this course, we will examine why nations trade, barriers to trade, balance of payments adjustment and exchange rate determination, eurocurrency markets, and trade-related institutions.
In this course, we learn all about the Federal Reserve and the conduct of monetary policy: conventional and unconventional. Along the way we learn about many different of interest rates and how they are determined. We learn the importance of the Fed's dual mandate and become familiar with business cycles in the US economy since 1970 and the associated Fed policy during these episodes. We learn about the term structure of interest rates, the risk structure of interest rates, the Taylor Rule and various specifications of the Taylor Rule. We also learn about the efficient market theory and the determination of stock and bond prices. We finish up the course learning about futures, options, and futures options and hedging with futures and options.
Classical economic theory focused on the behavior of aggregates (macro) and the behavior of individuals (micro). The second half of the twentieth century saw the development of a new field of economic theory, called game theory, that studies the decision-making of multiple individuals when each must anticipate the impact of the decisions of the others. Loosely speaking, a strategy is a process for making a decision in anticipation of the decisions of others, contingent on all available information. Game theory provides a precise expression of this concept and facilitates its application to many important economic problems. This course begins by developing basic concepts of game theory and then proceeds by interweaving the development of more complex concepts with examples of their economic applications.
This course explores many of the ways by which government policy influences the micro economy. Unit 1 discusses how government programs can improve the efficiency of economic markets in the presence of market failures of varying types. Unit 2 covers taxation, with an emphasis on sources of inefficiency and redistribution inherent in many tax policies. Unit 3 investigates several specific United States government programs in greater detail (Social Security, Health Care, Education), and also introduces a model of “Public Choice.”
This course provides an economic lens to explore environmental problems and potential solutions. Students will study when the free market can be expected to produce socially suboptimal results and ways to deal with those situations. Specific topics covered include environmental pollution, optimal resource allocation, alternative control procedures, and public policy. Real-world problems in this course include overfishing, air pollution, climate change, and recycling.
This course will cover advanced topics in international trade theory and policy. It is composed of three distinct units. Unit One sets up foundational material, in particular the Ricardian Theory of Comparative Advantage as well as a “Workhorse” Model that will be the basis of our advanced theoretical analysis. Unit Two develops the Heckscher-Ohlin theory of trade, as well as some more contemporary models related to imperfect competition and factor mobility. The course concludes in Unit Three, where the more abstract theories we have developed thus far are blended into the study and evaluation of government trade policy.
In this course, we will develop theories of international economics and then use these theories to analyze recent events and current policy issues. The theory covers a broad range of topics including exchange rate determination, monetary and fiscal policy in an open economy, balance of payments crises, the choice of exchange rate systems, and international debt. The insights provided by these theoretical frameworks will enable us to discuss topics such as the U. S. current account deficit and global financial imbalances, the Chinese exchange rate regime, proposed change in the international financial architecture, the European financial crises, and the effect of international factors on a nation's employment, wages and economic performance.
At the start of the Industrial Revolution, every country in the world was about as poor as the poorest country in today's world. Since then, some countries have become rich, others stayed poor, and many are in between. The growth of many countries has dramatically changed the lives of billions and this course examines how this happened. We pay a particular emphasis on how today's poor and "middle income" countries can grow and thus raise living standards of its citizens.