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.

The theory of the determination of the level of national income and economic activity, including an examination of the financial system. Emphasis on economic growth and such economic problems as inflation, unemployment and recession, and on appropriate policy responses. Some attention is also paid to international issues.

This course covers the main tools used in a mathematical approach to economic analysis, for example in ECO 310/311/312. Topics include multivariable calculus and optimization, linear algebra, basic probability theory and stochastic processes, and an introduction to real analysis and dynamic programming. The course provides a more economics-relevant alternative to MAT 175.

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 develops mathematical models to analyze the macroeconomy. 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 course discusses several ways in which market outcomes fail to be efficient. A first part of the course discusses externalities and public goods, also discussed in introductory classes. Policy remedies are addressed in more depth: 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 asymmetric, going from search frictions to adverse selection and moral hazard. 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.

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.

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 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.

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 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 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.

Topics vary from year to year. See 511.

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 covers a variety of topics and models that incorporate findings and concepts from psychology into economic analysis. The course addresses both experimental evidence and formal modeling. Themes studied may include social preferences (fairness, reciprocity), intrinsic vs. extrinsic motivation, self-control, motivated beliefs (overoptimism, wishful thinking), reference-dependent preferences (loss aversion, prospect theory), imperfect memory and attention, and 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 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.

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 the most commonly-used program evaluation and research designs in labor economics, public economics, development economics and related applied microeconomic fields. There are three non-mutually exclusive goals: to enhance understanding of empirical research as used in a number of empirical microeconomic areas, to provide an applied perspective for those who intend to pursue further study in more advanced topics in microeconometrics, and to provide an exposure to a diversity of empirical methods for those who intend to focus and use more structural approaches.

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.

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.

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.

Academics and policymakers increasingly recognize that political factors can affect economic performance in developing countries. This seminar covers recent scholarship pertaining to the politics of economic underdevelopment from an international relations perspective. We will focus on how political processes affect economic performance from both a "macro" and "micro" perspective, including such factors as: institutions, historical legacies, colonialism, political regimes, sources of poor governance (e.g., corruption, ethnicity, civil conflict, religion), and the role of geopolitics, foreign aid, and international trade.

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.