Economics studies the allocation of scarce resources. This course focuses on the decisions made by individual consumers and producers. We will consider a variety of different market structures ranging from monopoly to perfect competition, and discuss the rationale for government involvement in market activity.

This course focuses on the forces that shape changes in overall economic outcomes in both the short and long run, and the potential for macroeconomic policy to affect these outcomes in a positive way. The course will introduce students to the basic frameworks that are used by researchers and policy makers. Specific topics covered include growth, development, inequality, the stock market, the environment, unemployment, inflation, business cycles, the financial system and trade. Problem sets will help students build skills in basic data analysis and quantitative methods.

An introduction to probability and statistical methods for empirical work in economics. Probability, random variables, sampling, descriptive statistics, probability distributions, estimation and hypotheses testing, introduction to the regression model.

This course will cover the key tools of microeconomics. In particular we will learn how to model the behavior of individual decision makers, and how to aggregate their behavior to better understand the way larger institutions operate. A lot of the class will be geared towards a fundamental economic institution *the market* to develop a better understanding of when it thrives, and when it fails.

This course covers the theory of modern macroeconomics in detail. We will focus on the determination of macroeconomic variables -- such as output, employment, price, and the interest rate -- in the short, medium, and long run, and we will address a number of policy issues. We will discuss several examples of macroeconomic phenomena in the real world. A central theme will be to understand the powers and limitations of macroeconomic policy in stabilizing the business cycle and promoting growth.

This course presents the economic theory of individual and firm behavior using mathematical tools including calculus. The course will emphasize applications of microeconomic theory to consumer choices, output and production of firms, market interaction and equilibrium.

This course examines the determinants of long-run economic growth, short-run business cycle fluctuations, asset prices, unemployment, and the conduct of fiscal and monetary policy. The first part of the course develops a framework for the analysis of households' consumption and savings behavior and firms' production decisions, and uses that to analyze growth, inequality, asset prices, and fiscal policy. The second part of the course extends that analysis to examine business cycle fluctuations, including unemployment and inflation. Current issues in macroeconomic and economic policy are discussed throughout.

This course is an introduction to econometrics. Econometrics is a sub-discipline of statistics that provides methods for inferring economic structure from data. This course has two goals. The first goal is to give you means to evaluate an econometric analysis critically and logically. Second, you should be able to analyze a data set methodically and comprehensively using the tools of econometrics.

This course provides hands-on experience in the art and science of econometric analysis designed to help students to acquire and master the skills necessary to carry out their own empirical research in economics. Various aspects of empirical research in economics will be covered including 1) development of testable economic models, 2) appropriate use of data, 3) specification and estimation of econometric models. A range of applications will be presented and discussed in class and on problem sets.

This course uses economic theory to study the interaction between finance and aggregate production, financial crisis and public policy. The topics include historical overview, credit and asset price booms, banking crises, sovereign debt crises, covid-19 crisis, and monetary, fiscal and financial policies.

This course covers the evolution of racial inequality in the US, with a focus on Black-white economic disparities. We will study racial gaps in income and wealth over the 20th century and examine the role of public policy in mitigating or exacerbating this inequality. Students will come away with an understanding of key episodes of racial progress and will hone their data science skills by analyzing historical data to make evidence-based proposals for reducing group-based inequality. Finally, the course will build students' research literacy by supplementing readings of technical papers with policy briefs, podcasts, and op-eds.

This course discusses several ways in which market outcomes fail to be efficient. A first part of the course considers externalities and public goods and discusses a variety of policy remedies: market-like institutional responses and government responses may be more suitable depending on the environment. A second part of the course discusses missing markets and property rights. A third part of the course discusses informational imperfections, going from search frictions to adverse selection moral hazard, and coordination failures. The course concludes with a discussion of government failures.

This course considers firms, markets and competition. We will study the theory of industrial organization, focusing on models of the way firms make decisions and compete and the impact of those decisions on market outcomes such as prices, quantities, the type of products offered and social welfare. This is a more math-focused version of ECO 321. For most topics considered, we will write down and solve a model of firm behavior, before considering real-world examples of the phenomenon the model seeks to analyze. We will use the examples to assess the model's ability to capture real-world outcomes.

Health economics is a growing field of applied microeconomics and is an important aspect of public policy. This course explores the health care sector and health policy issues from an economic perspective. Microeconomics tools will be used to analyze the functioning of different pieces of the health care system. Topics will range from fundamental subjects, such as the demand for health, to more recent developments, such as mental health, child health and risky health behaviors. This course teaches an economic approach to studying the various policies that affect health and health behaviors.

This course studies topics in open-economy macroeconomics and international finance. Topics include Exchange Rates, Current Account Imbalances, Inflation, Sovereign Debt, and Open Economy Macroeconomics. The course will include economic theory as well as several applications.

Financial accounting is the accumulation of relevant financial data for a firm, and summarizing and reporting this information in a firm's financial statements. This course examines the important accounting rules and conventions used to produce a firm's financial statements (i.e., the balance sheet, income statement, and statement of cash flows) and related disclosures. While the course provides a broad overview of the processes and procedures followed in producing an enterprise's financial statements, the course emphasizes the analysis of financial statements and related disclosures by external users such as investors and creditors.

This course examines the determinants of corporate financing decisions and the role of financial institutions in the wider context of the working of financial markets. Topics include capital budgeting, capital structure, risk management, and corporate governance. Additionally, the course introduces various methodologies for valuing individual projects, as well as entire companies.

Introduction to ethical issues in market exchange, and in laws that regulate it. How ethical commitments evolve, and influence cooperation. The moral dimension of low wages, outsourcing, "fair" trade, price discrimination, and banning sales of sex, blood, organs and other "repugnant" goods. The nature, causes and consequences of economic inequality.

The course focuses on two aspects of entrepreneurial finance: (1) Private Equity as a way to fund the growth of private companies and the acquisition of larger, established businesses in addition to techniques used to create value in and monetize private investments. (2) Venture Capital as a source of funding and business expertise in the development of new and innovative companies.

This course applies topics from microeconomics (ECO 310) and corporate finance (ECO 363) to study corporate restructuring. Topics include mergers, acquisitions, joint ventures, divestiture and share repurchases. Each of these is discussed in the context of the relevant economic theory, institutional and regulatory environment, and with a focus on shareholder value.

A derivative is a financial instrument whose value depends on the value of other financial assets. Derivatives are actively traded on financial markets and are used by many firms to hedge financial and non-financial risks. Examples of derivatives include options, futures, interest rate and commodity derivatives. The course combines mathematical models for pricing and hedging derivatives with practical applications. This course is technical by nature, and makes extensive use of calculus, statistics, and spreadsheets.

Financial institutions play an increasingly dominant role in modern finance. This course studies the financial system and its protagonists, with a focus on efficiency and stability. It covers important theoretical concepts and recent developments in asset pricing under asymmetric information, market microstructure, and financial intermediation. Topics include market efficiency, liquidity crises, asset price bubbles, herding, risk management, market design and financial regulation.

Traditional finance typically considers that financial markets are efficient because investors are rational and maximize their expected utility from consumption. This course departs from this view and discusses how inefficiencies arise due to psychology and limits to arbitrage. The psychology of investors shapes their preferences and may impair their judgment. Whether these psychological factors have an impact on financial markets ultimately depends on arbitrageurs' ability to fight against mispricings. These issues will be covered through lectures and class games and will allow discussions about cognitive illusions and speculative bubbles.

Course explores the increasing weight of Asia in global financial markets and its implications. It frames the discussion in the context of the globalization of financial markets, with emphasis on concepts of economic development, institutional reform of markets, and public and private market investments. Discussions and investment case studies will combine analysis of historical trends and recent data with insights from practical experience in Asian markets. Course considers China's gradual shift toward a capital market-based financial system, the potential revival of Japanese capital markets, and the development of Indian capital markets.

This course covers innovation in financial services, including recent advances that have yielded novel business models and uses of technology, such as BigTech and decentralized finance (DeFi). It explores financial service industry's purpose to society and gains from major financial innovations. Concrete examples such as the Great Financial Crisis of 2007-09 and the "crypto winter" of 2022 are used to show how financial risks build up and motivate policymaker responses. The goal is for students to hone their critical capacity to assess the net benefits that financial innovations can pose to the financial system and regulatory responses.

This course is the second term of a 2 term sequence in Microeconomics.

This course is the second term of a two-term sequence in macroeconomics. Topics include theories of aggregate dynamics with or without heterogeneity as well as with or without price stickiness; the interaction between financial market, labor market and aggregate fluctuations; and the roles of fiscal and monetary policies.

This seminar is designed to help graduate students in economics cultivate ethical research practices they may apply in future work at or beyond the University. Students are encouraged to discuss concerns that may arise during the conduct of their research with experienced faculty and devise solutions for dealing with these concerns. The course provides necessary training for newly mandated RCR training for graduate students supported by government grants, and is required for successful completion of the program.

This is a full-semester PhD course that provides an introduction to Macro-Finance. The course is also designed for students interested in finance as one of their primary fields. Topics include the bank lending channel; the household balance sheet channel; credit and business cycles; heterogeneous beliefs; low interest rates; inequality and credit, and capital flows and the real economy.

Students carry out research on a topic and present results in class, supervised by two faculty members. Classmates will provide feedback and suggestions for improvement. Course culminates in a written draft. ECO 506 (Directed Research I) in the fall is a prerequisite.

Part 1 of the course teaches students the fundamentals of applied theory: technical issues as well as classical insights that can be ported to a variety of environments. The course provides some perspective on why we do applied theory and how to make applied theory actually applicable. Students are graded on rapid modeling exercises. Part 2 of the course covers dynamic decision making and dynamic contracts with a focus on continuous time models. The second half introduces a large toolset from stochastic calculus and shows how these techniques can be used in a variety of economic problems. Grades are based on two homework assignments.

This course provides a broad treatment of game theory and its applications, particularly in economics. Topics may include a selection from the following: dynamic games, matching, network interactions, mechanism design, behavioral game theory, bounded rationality in games, and model misspecification in strategic environments.

Advanced topics in econometrics, with an emphasis on applications. An introduction to inference with Bayesian econometric analysis: basic concepts, asymptotic behavior, posterior simulation techniques. The theory is illustrated with examples from "low frequency" time series problems.

The course covers topics that incorporate findings and concepts from psychology into economic analysis, with applications to individual decisions, public goods, social norms, organizations and markets, and politics. The lectures focus primarily on formal models, but the readings tie them closely to experimental evidence. Themes include social preferences (fairness, reciprocity, intrinsic vs. extrinsic motivation); self-control; motivated beliefs (overoptimism, wishful thinking); reference-dependence (loss aversion, prospect theory); imperfect memory and attention; bounded rationality (cognitive limitations, choice overload, satisficing).

This course begins with extensions of the linear model in several directions: (1) pre-determined but not exogenous regressors; (2) heteroskedasticity and serial correlation; (3) classical GLS; (4) instrumental variables and generalized method of moments estimators. Applications include simultaneous equation models, VARS and panel data. The second part of the course covers the bootstrap, nonparametric estimators, extremum estimators (including discrete choice models), and estimation of treatment effects.

This is half of the second-year sequence in econometric methodology (ECO 513 is the other). The course covers nonlinear and high-dimensional statistical models for the analysis of cross-sectional and panel data. It is intended both for students specializing in econometric theory and for students interested in applying statistical methods to economic data. Topics covered include large-sample theory for nonlinear estimators, partial identification, statistical decision theory, shrinkage estimation, semiparametric estimation and machine learning, and weak identification.

The first half of the course focuses on issues in macro development. Specific topics include an overview of broad development patterns, development accounting, misallocation, structural change, premature deindustrialization, the role of agriculture in development, market imperfections, and risk-sharing. The second half of the course focuses on macro implications of micro imperfections. We explore the implication of labor market frictions and financial frictions for income distribution, economic growth and fluctuations. We examine the roles and the limitations of public policies for improving resource allocation and welfare.

The course presents recent developments in the theory of social choice, fairness, equality of opportunity, inequality measurement, well-being measurement, and their applications in public economics. Recent developments in the analysis of collective risks, future generations, fairness in taxation, behavioral economics, and interdependent preferences are covered.

Introduction to research in empirical corporate finance/applied microeconomics. The course covers theorical and empirical papers on various topics in corporate finance and related fields, with a focus on assessing the empirical execution and empirical methods. The objective of the course is to prepare graduate students to be able to implement sophisticated empirical methods and write state-of-the-art research papers on topics using methods from applied microeconomics. The course is most useful for PhD students in their second year of course work.

Advanced asset pricing and corporate finance including a selection from: models of financial crises and bubbles; interaction between finance and macroeconomics, derivative pricing in incomplete markets; tests of asset pricing models and associated anomalies; models of investor behavior; financial econometrics, including tests of asset pricing models and methods for high frequency data. Pre-requisites: ECO 525 and 526 (526 may be taken concurrently).

The course surveys both the theoretical literature and the relevant empirical methods and results in selected current research topics in labor economics.

Theoretical and empirical study of the public regulation and deregulation of rate of return, prices, and entry in public utilities and franchise oligopolies. Theory and practice of antitrust policy is examined, including some elements of antitrust law. In addition, regulation of product quality, advertising, and safety is examined. This course draws heavily on material developed in 541.

This half-course discusses empirical work on imperfect competition among firms: how to implement empirical methods as well as how to read empirical papers. The course applies tools covered in previous courses from the Industrial Organization sequence to consider issues such as antitrust (particularly merger policy) and price discrimination. We then cover the issues and tools involved with estimating partially identified models, and look at several different topics from an empirical point of view, particularly those centered around vertical markets.

A continuation of ECO 551, with emphasis on current research issues. Topics vary from year to year.

Advanced topics in monetary economics, with an emphasis on open economies. Money demand and currency substitution; price-level and exchange-rate determination under alternative monetary policy rules; real effects of monetary disturbances; exchange-rate policy and macroeconomic stability; welfare consequences of inflation and exchange-rate stabilization; advantages and disadvantages of monetary union.

This course studies topics in Development beyond those covered in ECO 562. Topics vary from year to year. The first half of the course focuses on issues in macro development. Specific topics include an overview of broad development patterns, development accounting, misallocation, structural change, premature deindustrialization, the role of agriculture in development, market imperfections, and risk-sharing. The second half of the course covers micro development. Specific topics include environment, education, gender inequality, intrahousehold allocation, and firms.

Drafts of papers, articles, and chapters of dissertations or books, prepared by graduate students, faculty members, or visiting scholars, are exposed to critical analysis by a series of seminars organized by field. The chief objectives are for the writers to receive the benefit of critical suggestions, for all participants to gain experience in criticism and uninhibited oral discussion, and for students and faculty members to become acquainted with the research work going on in the department. Third- and fourth-year graduate students are expected to attend; first-and second-year students and faculty members are invited to attend.

Drafts of papers, articles, and chapters of dissertations or books, prepared by graduate students, faculty members, or visiting scholars, are exposed to critical analysis by a series of seminars organized by field. The chief objectives are for the writers to receive the benefit of critical suggestions, for all participants to gain experience in criticism and uninhibited oral discussion, and for students and faculty members to become acquainted with the research work going on in the department. Third- and fourth-year graduate students are expected to attend; first-and second-year students and faculty members are invited to attend.

Drafts of papers, articles, and chapters of dissertations or books, prepared by graduate students, faculty members, or visiting scholars, are exposed to critical analysis by a series of seminars organized by field. The chief objectives are for the writers to receive the benefit of critical suggestions, for all participants to gain experience in criticism and uninhibited oral discussion, and for students and faculty members to become acquainted with the research work going on in the department. Third- and fourth-year graduate students are expected to attend; first-and second-year students and faculty members are invited to attend.

Drafts of papers, articles, and chapters of dissertations or books, prepared by graduate students, faculty members, or visiting scholars, are exposed to critical analysis by a series of seminars organized by field. The chief objectives are for the writers to receive the benefit of critical suggestions, for all participants to gain experience in criticism and uninhibited oral discussion, and for students and faculty members to become acquainted with the research work going on in the department. Third- and fourth-year graduate students are expected to attend; first-and second-year students and faculty members are invited to attend.

Drafts of papers, articles, and chapters of dissertations or books, prepared by graduate students, faculty members, or visiting scholars, are exposed to critical analysis by a series of seminars organized by field. The chief objectives are for the writers to receive the benefit of critical suggestions, for all participants to gain experience in criticism and uninhibited oral discussion, and for students and faculty members to become acquainted with the research work going on in the department. Third- and fourth-year graduate students are expected to attend; first-and second-year students and faculty members are invited to attend.

Drafts of papers, articles, and chapters of dissertations or books, prepared by graduate students, faculty members, or visiting scholars, are exposed to critical analysis by a series of seminars organized by field. The chief objectives are for the writers to receive the benefit of critical suggestions, for all participants to gain experience in criticism and uninhibited oral discussion, and for students and faculty members to become acquainted with the research work going on in the department. Third- and fourth-year graduate students are expected to attend; first-and second-year students and faculty members are invited to attend.

Drafts of papers, articles, and chapters of dissertations or books, prepared by graduate students, faculty members, or visiting scholars, are exposed to critical analysis by a series of seminars organized by field. The chief objectives are for the writers to receive the benefit of critical suggestions, for all participants to gain experience in criticism and uninhibited oral discussion, and for students and faculty members to become acquainted with the research work going on in the department. Third- and fourth-year graduate students are expected to attend; first-and second-year students and faculty members are invited to attend.

Drafts of papers, articles, and chapters of dissertations or books, prepared by graduate students, faculty members, or visiting scholars, are exposed to critical analysis by a series of seminars organized by field. The chief objectives are for the writers to receive the benefit of critical suggestions, for all participants to gain experience in criticism and uninhibited oral discussion, and for students and faculty members to become acquainted with the research work going on in the department. Third- and fourth-year graduate students are expected to attend; first-and second-year students and faculty members are invited to attend.

Seminar led by different guest professors each week to discuss their current research in the field of Behavioral Economics.

Seminar led by different guest professors each week to discuss their current research in the field of Political Economy. Third and fourth year graduate students are expected to attend; first and second year graduate students and faculty members are invited to attend.

Financial Mathematics is concerned with designing and analyzing products that improve the efficiency of markets, and create mechanisms for reducing risk. This course develops quantitative methods for these goals: the notions of arbitrage and risk-neutral pricing in discrete time, specific models such as Black-Scholes and Heston in continuous time, and calibration to market data. Credit derivatives, the term structure of interest rates, and robust techniques in the context of volatility options will be discussed, as well as lessons from the financial crisis.

An introduction to the use of formal game-theoretic models in the study of politics. Applications include: voting, bargaining, lobbying, legislative institutions, and strategic information transmission. Familiarity with mathematical reasoning is helpful.

The purpose of this course is to prepare students to do empirical research in political economy grounded on a theoretical analysis of strategic interactions. The course focuses on the estimation of dynamic and incomplete information games in politics, including models of bargaining, strategic voting, strategic information transmission, political agency, electoral competition, and media.

This course examines the causes and consequences of international trade. We investigate why nations trade, what goods they export and import, and who gains and loses from trade. We then focus on economic and political motives for countries to regulate international trade and examine the economic effects of trade policies. Topics will include the connection between globalization and wage inequality, the effects of the "China Shock" on the U.S. economy and politics, the implications of global value chains, the motivation for trade agreements, and the consequences of recent events such as the US-China Trade War, BREXIT, and COVID-19.

The standard model used in economics is that of perfectly rational agents endowed with unlimited cognitive resources. However, there are many cases in which human behavior systematically differ from this benchmark. The goal of this class is to discuss these cases: when do they tend to occur, what form do they take, how to model them. We will discuss how people relate to the presence of risk, intertemporal choice, fairness, complexity, etc. For each topic, we will discuss the empirical evidence and leading models. Overall, this class will offer an introduction to one of the most exciting areas of research in economics.