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.

This course will focus on the behavior of the overall economy, including long run growth and business cycles, and the role of economic policy. Special attention this semester will be paid to the effects of the pandemic for the economy and 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 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 credit boom, financial crisis and public policy. The topics include historical overview of financial crises, credit and asset price booms, banking crisis, balance of payment crisis, sovereign debt crisis, and monetary, fiscal and macro prudential policies. We also plan to discuss the recent COVID-19 crisis.

This class will cover the economics of gender, especially focusing on women's role in the economy. We will cover workplace discrimination, policies to promote gender equality, the historical evolution of economic gender roles in the US, and initiatives to promote women's empowerment in developing countries.

This course discusses several ways in which market outcomes fail to be efficient. It introduces alternative notions of efficiency that are adapted to different environments. A first part of the course discusses externalities and public goods, also discussed in introductory classes. However, policy remedies are addressed in more depth. A second part of the course discusses missing markets and property rights. A third part of the course discusses informational asymmetric, going from search frictions to adverse selection and moral hazard.

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.

In the US and many other developed countries, economic inequality has risen to historic levels in recent decades. What are the causes of this trend -- "natural" market forces (e.g., globalization?) or changes in public policy (e.g., erosion of the minimum wage)? Are measures currently proposed to counteract inequality and poverty -- e.g, progressive taxation, transfer programs to low-income families, public insurance programs such as Medicare -- effective? An emphasis is placed on understanding what basic microeconomic theory as well as empirical evidence can (and cannot) tell us about these questions.

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.

This course uses microeconomic analysis (specifically, tools drawn from demand/supply analysis, development, trade, and public economics) to study issues related to agriculture and food. These include the role of agriculture in the global economy and in economic development; biofuels; the Green Revolution and GMOs; agriculture and the environment/climate change; agricultural trade and trade disputes; hunger, famines and food aid; and food insecurity and obesity in the U.S. The course assesses whether farm, food and nutrition policies in poor and rich countries, including the U.S., address current challenges.

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 will focus on two aspects of entrepreneurial finance: (1) private equity finance as a way to finance the growth of private companies and the acquisition of larger, established businesses as well as techniques used to create value in and monetize private investments. The part will entail working with 6 cases. (2) Venture Capital finance as a way to finance and to build new innovative firms.

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.

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 will focus on the two recent periods of intense financial market turbulence: The Great Financial Crisis of 2007-09; and the ongoing coronavirus pandemic. The course will evaluate how the financial system fared during these two periods and the policymakers' response. Important questions include: What were the structural weaknesses of the US financial system that led to the severe recession of 2008-09? In the aftermath of the Great Financial Crisis, were these shortcomings adequately addressed? The course will explore the state of the US financial system and monetary policy today in light of the experience of the past decade.

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 classical and Keynesian theories of cyclical fluctuations; the determination of employment and real wages; credit markets and financial stability; and stabilization policy.

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 course is geared towards (i) understanding how finance and the macro economy interact with each other, and (ii) introducing micro-empirical techniques and data sets for answering traditional macro questions. The focus of the class is empirical but we begin each topic with a discussion of its theoretical foundation.

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.

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. See 511.

Concepts and methods of time series analysis and their applications to economics. Time series models to be studied include simultaneous stochastic equations, VAR, ARIMA, and state-space models. Methods to analyze trends, second-moment properties via the auto covariance function and the spectral density function, methods of estimation and hypothesis testing and of model selection will be presented. Kalman filter and applications as well as unit roots, cointegration, ARCH, and structural breaks models are also studied.

This course will provide a broad treatment of game theory and its applications, particularly in economics. Coverage will include such topics as: common knowledge and rationality, refinements of Nash equilibrium, auctions, bargaining, mechanism design, dynamic games, and reputation. This follows up on the introduction to game theory provided in the microeconomic sequence.

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 movements estimators. Applications include simultaneous equation models, VARS and panel data. Estimation and inference in non-linear models are discussed. Applications include nonlinear least squares, discrete dependent variables (probit, logit, etc.), problems of censoring, truncation and sample selection, and models for duration data.

Macro implications of micro imperfections. The "cleansing" effect of recessions and the impact of allocative versus aggregate shocks. Recent models of consumption and empirical tests of risk-sharing. How the distribution of income or wealth affects aggregate growth and fluctuations. Role of imperfect credit markets, distributional conflict and political economy. Endogenous, skill-biased, technological change and human capital accumulation; implications for growth and social mobility.

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 corporate finance covering theories and empirical evidence about principal-agent models of firm managerial structure, takeover bids, capital structure, corporate governance; regulation of financial markets; financial markets and institutions with a focus on asymmetric information, transaction costs, or both; dynamic models of market making; and portfolio manager performance evaluation. Pre-requisite: ECO 525.

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.

This half-course covers some commonly used designs and techniques used in empirical research in applied microeconomics and related fields. The course has three overlapping goals: to discuss econometric issues that may arise in practice when applying designs reviewed in ECO539A, and discuss the possible solutions; to cover some recent developments in econometrics that have direct implications for applied research; to cover methods commonly used in modern empirical work, but which are not fully covered in first-year courses or the first half of this module (ECO539A).

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.

The course is on two developing topics in empirical IO: network models and empirical contracts. It covers relevant theoretical and econometric methods for strategic network formation models and principal-agent models, and applications of these methods in a variety of markets. Applications include: production networks, innovation networks (e.g., R&D), financial networks; and contracting problems in compensation and purchasing.

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.

Selected topics in the economic analysis of development beyond those covered in 562. Topics are selected from the theory and measurement of poverty and inequality; the relationship between growth and poverty; health and education in economic development; saving, growth, population, and development; commodity prices in economic development.

Examines issues in global health. Specific topics include effects of health on growth and development; health, nutrition and productivity; the relationship between health and height; the relationship between education and health; structural problems in health service delivery in developing countries; and the impact of the AIDS crisis on economic wellbeing; measurement of health and well-being around the world. Prerequisites: PhD-level microeconomics and econometrics.

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 effective 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.