Economics studies the allocation of scarce resources. Since this is a microeconomics course, it will focus on the decisions made by individual consumers and producers. We will consider a variety of different market structures ranging from perfect competition to monopoly. We also will discuss the rationale for government involvement when there are market failures.

Analysis of the operation of the national economy, with emphasis on the causes and consequences of recessions and booms, inflation and unemployment - and possible policy responses to each. Special attention will be paid to the effects and implications of the pandemic and its aftermath for the economy and for policy.

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 builds on your knowledge of microeconomics from ECO 100. As with ECO 100, this course will focus on the decisions made by individual consumers and producers. It will consider a variety of different market structures ranging from perfect competition to monopoly. It will also discuss the rationale for government involvement when there are market failures. While the topics will be very similar to those covered in ECO 100, the analysis will be more in depth.

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.

Develop facility with basic econometric methods and the ability to apply them to actual problems and understand their application in other substantive course work in economics.

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 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 is an advanced microeconomic theory course. Students are introduced to a variety of frontier research areas in microeconomic theory. While the course focuses on mathematical and statistical analysis, empirical and experimental applications of the material are discussed throughout. The course covers the following topics: [1] Theories of choice under uncertainty. [2] Risk aversion and applications to insurance and portfolio choice. [3] Asymmetric information: moral hazard and adverse selection. [4] Market design: auctions, matching markets, and voting systems.

This course introduces basic concepts and methods in time series analysis with applications in macroeconomics. Emphasis is placed on developing an understanding of how the techniques work, and when they are most suitable for applications. Applications will focus on fiscal and monetary policies, exchange rate regimes, international capital flows, and economic growth. The lectures are designed so that students will understand the basic ideas, while a set of homework assignments has been prepared to allow the students to dig deeper into the material, as well as providing hands-on experience in estimating time series models.

An introduction to the economics of law. Application of price theory and welfare analysis to problems and actual cases in the common law - property, contracts, torts - and to criminal and constitutional law. Topics include the Coase Theorem, intellectual property, inalienable goods, product liability, crime and punishment, and social choice theory.

This class studies how to solve problems of economic resource allocation via markets in three parts. 1: Matching markets (how to assign students to schools, kidneys to patients, workers to jobs, etc). 2: Auctions (how they can be used to discover price in various environments and their use to allocate goods such as advertising, financial assets or radio spectrum). 3: Analyze trading with asymmetric information, the role of platforms and digital currencies. Throughout the course we will discuss the issues underlying the design of successful marketplaces. The course will emphasize applications and connections between the different problems.

Using microeconomic theory and case studies, this course examines the impact of digital communication technology (DCT) on markets. DCT has made information access instant, continuous and ubiquitous. Economic drivers of networked markets are faster data transfer, elimination of intermediaries, a content tsunami and a scarcity of time. Models examined include graph theory, game theory, imperfect information, behavioral economics, network effects. The new business model is one of engaging and empowering communities, while being asset-light and scalable, as seen in startups in Asia and Africa. Implications for technology policy will be discussed.

To provide a general overview of labor markets. Covering labor force participation, the allocation of time to market work, migration, labor demand, investment in human capital (education, on-the-job training), discrimination, unions and unemployment. The course will also examine the impact of government programs (such as unemployment insurance, minimum wages, or a negative income tax) on the labor market.

This course explores the interaction between money, financial markets and institutions. We examine (1) the three roles of money, using cryptocurrencies as leading example, (2) the core principles of asset pricing, (3) how financial institutions help to overcome financial frictions, but may lead to financial crisis and bank runs, (4) how monetary and macroprudential policy manage inflation and can help to mitigate financial crises, (5) the international financial architecture, especially the role of the International Monetary Fund, and the impact of FinTech on the financial sector.

This course is an introduction to financial investments for students with no prior knowledge of finance. It provides an overview of financial markets and instruments including stocks, bonds, futures, options, and other derivatives. A theory of optimal asset allocation teaches the tradeoff between risk and return and the importance of diversification. A theory of asset pricing, developed under the assumption of no arbitrage, is used to evaluate trading strategies and the performance of mutual funds and other asset managers. Key concepts are illustrated through examples and homework exercises that use financial market data.

The European Union (EU) is unique: 27 countries have come together in an (almost) economic union, giving up sovereignty over trade, migration, and money (euro area members) and adopting common policies related to agriculture, regions, competition, energy, and climate change. This course uses economic tools and empirical studies to understand the economics benefits and costs of creating a common market and a monetary union. It assesses whether common policies meet their stated goals such as reducing inequalities or anticompetitive behaviors. It also evaluates the EU's economic response to the euro crisis, immigration, and the war in Ukraine.

In this course on game theory and information economics, tools of decision making under uncertainty such as expected utility theory and Bayesian revision are studied and applied to the analysis of strategic interactions. Applications include auctions, bargaining, repeated games and mechanism design.

This course covers a number of advanced topics related to asset management and asset pricing. Topics covered include mean-variance analysis, dynamic optimization, CAPM, APT, market efficiency, active money management, indexing, stock return predictability, bubbles and crashes, mutual fund and professional managers' performance, hedge funds, security analysts, social interaction and investor behavior and fixed income portfolio management.

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.

Risk management systems are fundamental tools for investment banks, asset management firms and hedge funds. The objective of this course is to offer a comprehensive modern view of a risk management system. This is a hands-on computational course that mixes theory with practical solutions to issues appearing in financial firms. We cover detailed topics related to market and credit risks. On a more modern basis, time allowing, we will talk about systemic risk and machine learning applications to risk management.

With its rapid economic growth in the past three decades, China already has the world's second largest economy. Meanwhile its financial markets are also being quickly liberalized and integrated with the rest of the world. As the current trend continues, there are growing interests to learn and understand the workings of China's financial and monetary systems. This course aims to serve this objective with a particular emphasis on understanding the role provided by the financial system in facilitating China's economic development, in addition to the investment opportunities and risk presented by the system to the outside world.

First term of a two-term sequence in microeconomic theory. Topics include consumer and producer theory, choice under uncertainty and an introduction to game theory.

First term of a two-term sequence in macroeconomics. Topics include consumption, saving, and investment; real interest rates and asset prices; long-term economic growth; money and inflation; and econometric methods for macroeconomics.

Under the supervision of a faculty member, students carry out research on a directed topic and present results. For an independent project, students must identify a supervising faculty member and submit a written plan for research and evaluation which must be approved by the supervising faculty member and director of graduate studies by October 15. Otherwise, all second-year students will register for one of several groups that meet weekly and receive a grade of P/F from the two faculty assigned to that section.

Topics vary from year to year reflecting, among other things, current developments and the instructor's interests. General areas covered include experimental design and methodology, analysis of experimental data, as well as specific topics of experimental investigation, such as social learning, public goods, auctions, and collective action.

Topics vary from year to year reflecting, among other things, current developments and the instructor's interests. Topics covered in past years have included expected and nonexpected utility theory, intertemporal general equilibrium theory, evolutionary game theory, dynamic games, contract theory, theory of organizations, and bounded rationality.

A first-year course in the first-year econometrics sequence: it is divided into two parts. The first gives students the necessary background in probability theory and statistics. Topics include definitions and axioms of probability, moments, some univariate distributions, the multivariate normal distribution, sampling distributions, introduction to asymptotic theory, estimation and testing. The second part introduces the linear regression model and develops associated tools. Properties of the ordinary least squares estimator will be studied in detail and a number of tests developed.

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.

Focused on analytical models of political institutions, this course is organized around canonical models and their applications. These include: voting models, menu auctions, models of reputation and cheap talk games. These models are used to explain patterns of participation in elections, institutions of congress, lobbying, payments to special interest groups and other observed phenomena.

Topics vary from year to year, reflecting current developments and the instructor's interests. Topics covered in past years have included methods of numerical analysis and econometric testing of equilibrium business cycle models, the role of monetary and fiscal policy in inflation determination, the nature of optimal monetary policy, dynamic games and time consistency in macroeconomic policy formation, central banking, and the theories of price stickiness.

This course provides a microeconomic examination of the role of government in the economy. The topics covered include sufficient statistics approaches, labor supply responses, taxable income responses, savings/wealth responses, tax compliance, optimal taxation and redistribution. In terms of methodologies, empirical and theoretical analyses will feature in roughly equal proportions.

Introduction to asset pricing covering theory in both continuous and discrete time to study dynamic portfolio choice; derivative pricing; the term structure of interest rates; and intertemporal asset-pricing and consumption-based models.

The Great Recession led to a transformational rethinking of Monetary Economics. This course covers the interaction between monetary policy and macro-prudential policy as well as spillover analysis and the implications for the international financial architecture. Goals are to learn about new research trends and contrast them with the established New Keynesian framework. The course introduces new advanced tools, including formal modeling, economic dynamical systems in continuous time, strategic interactions, asymmetric information, and modern welfare analysis.

An examination of the economics of the labor market, especially the forces determining the supply of and demand for labor, the level of unemployment, labor mobility, the structure of relative wages, and the general level of wages.

Methods for empirical and theoretical analysis of markets composed of productive enterprises and their customers are studied. Analyses are applied to modern market structures and practices, and public policy towards them. Topics include the roles of technology and information, the structure of firms, modes of interfirm competition, determination of price, quality, and R & D investment, and criteria for government intervention.

The determinants of foreign trade: (1) inter-country differences of factor endowments and technologies and (2) scale economics and imperfect competition are studied. Dynamic comparative advantage; innovation and growth; factor movements and multinational corporations; gains from trade; tariffs and quantitative restrictions on trade and their role in dealing with market failures and oligopolies; the political economy of trade policy; international negotiations on trade policy; and economic integration are studied as well.

An examination of those areas in the economic analysis of development where there have been recent analytical or empirical advances. Emphasis is given to the formulation of theoretical models and econometric analysis and testing. Topics covered include models of household/farm behavior, savings behavior, equity and efficiency in pricing policy, project evaluation, measurement of poverty and inequality, and the analysis of commodity prices.

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.

The dynamics of the emergence and spread of disease arise from a complex interplay between disease ecology, economics, and human behavior. Lectures will provide an introduction to complementarities between economic and epidemiological approaches to understanding the emergence, spread, and control of infectious diseases. The course will cover topics such as drug-resistance in bacterial and parasitic infections, individual incentives to vaccinate, the role of information in the transmission of infectious diseases, and the evolution of social norms in healthcare practices.

This course focuses on less developed countries. Covered topics include economic growth; economic inequality, poverty and personal well-being; the role of foreign aid; credit markets access and microfinance institutions; population change, determinants of fertility, and gender inequality; health and education provision, and labor markets. The course tackles these issues both theoretically and empirically.

Course introduces use of economics in understanding both the sources of and the remedies to environmental and resource allocation problems. It emphasizes the reoccurrence of economic phenomena like public goods, externalities, market failure and imperfect information. Students learn about the design and evaluation of environmental policy instruments, the political economy of environmental policy, and the valuation of environmental and natural resource services. These concepts are illustrated in a variety of applications from domestic pollution of air, water and land to international issues such as global warming and sustainable development.