Economics (ECON) courses
satisfy Area 2 of the Breadth of Study Requirements, with the exception of 57,
which satisfies Area 5, and 117, which may not be used for the requirement.
51. Principles: Macroeconomics.
Mr. Chincarini, Mr. De Pace, Mr. Hueckel, Mr. Kuehlwein, Ms. Novarro.
A first course on modern market economies. Emphasizes the determination of
national income, fluctuations and growth; the monetary system; the problems of
inflation and unemployment; and international trade. Each semester.
52. Principles: Microeconomics.
Mr. Cutter, Mr. Likens, Mr. Jurewitz, Mr. Lozano, Ms. Novarro. Second
principles course on basic tools of market and price theory and their
applications to the operations of firms, the consumption and work choices of
individuals, the effects of government taxes and policies, and market efficiency
and market failure. Prerequisite: 51. Each semester.
57. Economic Statistics. Mr.
Marks, Mr. Slavov, Mr. Smith. Introduction to the statistical tools
used by economists. Topics include probability theory, statistical estimation,
hypothesis testing and linear regression analysis. Letter grade only. Each
59. Introduction to Empirical Methods Economics.
Mr. Lozano. To be announced.
101. Macroeconomic Theory. Mr.
Hueckel, Mr. Steinberger. Study of the economy in the aggregate.
Measurement and determinates of national income and employment, money supply,
price level, trade flows, and exchange rates. Operation of government fiscal
and monetary policies and implications for output growth, interest rates,
exchange rates, and inflation rates in the short- and long-run. Prerequisites:
51 and 52 and Math 30. Each semester.
102. Microeconomic Theory. Mr.
Marks, Ms. Novarro. Theories of consumer behavior, demand, production,
costs, the firm, market organization, resource use and income distribution in a
modern market economy. Prerequisites: 51 and 52, and MATH 30. Each semester.
107. Applied Regression Analysis.
Mr. Cutter. Introduction to multiple regression analysis and its
application in economics. Design and implementation of empirical research.
Interpretation and analysis of results. Computer assignments and research
project. Prerequisites: 51 or 101, 52 or 102, and 57. Each semester.
116. Race in the U.S. Economy.
Ms. Conrad. To be announced.
117. Managerial Accounting and Financial Analysis.
Mr. Bergevin. Examines the role
of accounting information in decision making. Course focuses on developing
student ability to critically analyze financial statements and related
documents. It also addresses the policies and procedures that compose the
accounting information system. Each spring.
118. Economic History of Europe.
Mr. Hueckel. The Industrial Revolution
in western Europe: economic transformation and the effect on the standard of
living from the 18th century with emphasis on the contributions of
science and technological advance, trade, population and institutional change,
and government policy. Prerequisite: 51. Spring 2011; offered alternate
119. U.S. Economic History. Mr.
Hueckel. History through the eyes of the economist. Surveys the
historical development of U.S. economic institutions and policy from colonial
times with particular emphasis on the application of economic theory to deepen
our understanding of historical events and to draw lessons applicable to
questions of contemporary policy interest. Prerequisite: 51. Spring 2009;
offered alternate years.
120A. Economics Through its History:
Mercantilism to Marx. Mr. Hueckel. Development of economic theory
from the 17th century to 1870 with particular attention devoted to the
mercantilists, the physiocrats, Adam Smith, David Ricardo, T.R. Malthus, J.S.
Mill, and Karl Marx. Readings are drawn from the original works and evaluated
in light of modern theory. Prerequisites: 51 and 52. Fall 2009; offered
120B. History of Economic Analysis: Marx to the Moderns.
Mr. Hueckel. Traces the
development of economic analysis from Marx’s labor theory of value through the
introduction of marginal analysis to the theories of money, interest, and prices
on the eve of Keynes’s General Theory. Readings drawn from the original works
and modern commentaries. Prerequisites: Econ 51 and 52. Econ 120a is not a
prerequisite for Econ 120b. Fall 2010; offered alternate years.
121. The Economics of Gender and the Family.
Ms. Conrad. Analysis of the
factors contributing to the economic circumstances of women and men in modern
market economies, especially the United States. Trends in labor-force
participation, occupational choice and the economic determinants of earnings,
household income and poverty. Prerequisites: 52 or 102. Spring 2010, offered
122. Poverty and Income Distribution.
Mr. Steinberger. Analysis of
factors contributing to poverty and income inequality, primarily within the
United States. Impact of government transfers and taxes, labor market
discrimination and economic growth. Focus on empirical tools for evaluation of
policies to alleviate poverty, including welfare, workfare, education and job
training. Prerequisites: 51 and either 52 or 102 Spring 2010; offered alternate
123. International Economics. Mr.
Marks, Mr. Slavov. The principles and theories of international trade
and finance. Topics include trade policy, macroeconomic stabilization, regional
integration and the international monetary system. Prerequisites: 51 and 52.
125. Natural Resource Economics and Policy. Mr. Jurewitz. Positive
and normative economic analysis of natural resources and the institutions
governing their uses. Economic theory of non-renewable and renewable
resources. Topics will include: tragedy of the commons, mineral depletion,
recycling, water allocation, fisheries, agriculture, forestry, land use
policies, valuation of ecosystem services, international resource treaties,
biodiversity and species extinction, wilderness and habitat preservation,
population economics, and economic growth and sustainability. Letter grade
only. Prerequisite: 52. Spring 2010; offered alternate years.
126. Economic Development. Mr.
Andrabi. Study of economic development in low-income countries.
Development thinking on role of market vs. the state. Interaction of civil,
political and economic spheres; quantification of social and economic aspects of
development; incidence of poverty; industrialization; agricultural
transformation; land, labor and credit allocation in rural environments; the
household as an allocation mechanism; and environmental challenges of
development. Prerequisites: 51 and 52. Fall 2009;
offered alternate years.
127. Environmental Economics. Mr. Cutter. Positive and normative
issues involving the optimal regulation of pollution. Analysis of environmental
laws and policies and the institutions that implement these policies.
Examination of incentive-based pollution control policies such as cap and trade
and pollution taxes. Consideration of economic and ecological approaches
towards sustainability. Prerequisites: 52 or 102. Each fall.
128. Energy Economics and Policy. Mr.
Jurewitz. The economics of the major sectors of the energy industry:
oil, coal, natural gas, electricity, nuclear power, etc. Emphasis on industry
structure, production technologies, regulation and public-policy issues.
Prerequisites: 52 or 102. Spring 2011; offered alternate years.
129. Health Economics. Ms.O'Leary.
Policy issues such as demand for medical care services, especially as a
function of insurance; the demand for insurance and issues of selection;
reimbursement policies of Medicare and other payers toward health plans,
hospitals, and physicians; effects of health maintenance organizations and
managed care; malpractice and tort reform; the quality of medical care;
preventive health care; universal coverage. Prerequisite: 52. Fall 2009; offered
150. Industrial Organization. Mr.
Likens. Techniques for analyzing industries and competitors.
Organizing and operating the modern corporation. Pricing strategies: price
discrimination, tie-in sales and non-linear pricing. Strategic behavior:
predation and collusion; vertical integration and vertical restrictions; mergers
and acquisitions. Information, advertising and disclosure. Decision making over
time: product durability, patents and technological change. Antitrust and
regulation. Prerequisite: 102. Each fall.
151. Labor Economics. Mr.
Steinberger. Human resources and business strategies toward
employees. Occupational choice, investing in human capital. Household decision
making: balancing family, work, home production and leisure. Migration and
immigration. Pay and productivity: setting wages within the firm. Gender, race
and ethnicity in the labor market. Public policy toward the workplace. The role
of trade unions. Prerequisites: 57, 101 and 102. Next offered 2010-2011;
offered alternate years.
152. Money, Banking and Financial Markets.
Mr. Hueckel. The structure of financial
markets and their role in facilitating the efficient allocation of capital.
Valuation and role of securities, particularly bonds and related derivatives.
Consideration of the nature and purpose of bank regulations and analysis of
central bank policy and its consequences for national income, prices and
international trade and financial flows. Prerequisites: 52 or 102, and 101. Each
153. Urban and Regional Economics.
Mr. Lozano. The structure and function of cities as economic
entities. Land use, rent gradients, transportation, housing, education, crime,
provision of local government services, the Tiebout hypothesis and urban
redevelopment. Prerequisite: 102. Spring2011; offered alternate years.
154. Game Theory for Economists. Mr.
Andrabi. Introduces the main tools of noncooperative game theory as
used in current economics literature. Topics include formalities of modeling
competitive situations, various solution concepts such as Nash equilibrium and
its refinements, signaling games, repeated games under different informational
environments, bargaining models, issues of cooperation and reputation.
Applications from economics, politics, law, corporate and business strategy.
Prerequisites: 57 and 102. Fall 2009; offered each year.
155. Law and Economics. Mr.
Marks. Economic analysis of legal institutions and the common law:
property, contacts and torts. Prerequisite: 102. Fall2010, offered alternate
156. Security Valuation and Portfolio Theory.
Mr. Smith. Selection and
valuation of financial assets, particularly corporate stocks. Financial markets
and the economy, efficient-markets hypotheses, security-valuation models,
decision making under uncertainty, portfolio selection and capital-asset
pricing. Open to senior Economics majors only. Lecture and discussion.
Prerequisites: 101 and 102. Letter grade only Fall 2009; each year.
157. Corporate Finance. Mr. Chincarini.
Examines the financing decisions of firms and explores links between
finance and business. Topics include corporate governance, agency issues, net
present value analysis, risk, cost of capital, dividend policy, capital
structure, market efficiency, takeovers, and mergers and acquisitions.
Prerequisites: 57 and 102. 87 recommended. Each fall.
158. Quantitative Investment Management.
Mr. Chincarini. Study of quantitative
equity portfolio management (QEPM). Builds on seminal work in financial theory
and includes discussion of the differences between QEPM and traditional
qualitative analysis, the relationship between QEPM and market efficiency, the
use of futures and options to create leveraged market-neutral portfolios, and
the use of Bayesian methods to handle non-quantitative data. Prerequisites: 57
and 156. Letter grade only. Spring 2010; offered alternate years.
159. Economics of the Public Sector.
Ms. Brown. The microeconomic
rationale for government activity in a market economy and the economic effects
of such activity. Market failure and the tools of normative analysis; income
redistribution, design of major federal expenditure programs such as Social
Security, medical insurance, and welfare; the design, incidence and behavioral
consequences of tax policy; collective decision making and the theory of public
choice. Prerequisite: 102. Fall 2010; offered alternate years.
161. Advanced Macroeconomic Analysis.
Mr. Kuehlwein. Selected issues in macroeconomic theory, empirical
analysis and policy. Models of secular and cyclical trends. Consumer and
investment theories and monetary phenomena. Policy analysis of inflation,
unemployment and growth. Lecture, discussion, some student presentations and
several short papers. Prerequisites: 57, 101 and 102. Spring 2011; offered
162. Advanced Microeconomic Analysis.
Mr. Marks. Selected topics in
modern microeconomic theory, including constrained optimization, decision making
under uncertainty, market failures under imperfect information and their
remedies, and strategic behavior. Prerequisites: 57 and 102. Spring 2010;
offered alternate years.
163. International Macroeconomic Policy and Monetary Institutions.
Mr. Slavov. Intertemporal approach to the current account. Global
savings imbalances. International portfolio diversification. Imperfections in
global financial markets: moral hazard, financing constraints, financial
fragility. Goods prices and exchange rates. Currency unions. Recent
international financial crises. The international monetary system and
institutions. Prerequisites: 101, 102, and 107 (or 167).Fall 2009; offered
164. Technology and Growth. Mr.
Kuehlwein. A close examination of growth theory, focusing on
technological innovation in developed countries. Endogenous growth models, the
role of international factors, culture, institutions, industrial structure,
education, population growth, and policy in promoting innovation and growth.
Theory, historical evidence, and statistical analysis. Prerequisites: Econ 107
or 167; 101; and 102. Spring 2010; offered alternate years.
167. Econometrics. Mr. De Pace.
Introduction to the theory and practice of econometrics. Application of
statistical inference, probability theory, matrix algebra and calculus to
multiple-regression analysis. Lecture, computer workshop, problem sets, term
project, student presentations and critiques. Prerequisites: 57, 101 and 102;
MATH 60. Each semester.
168. Financial Decision Making.
Mr. Smith. A computer based simulation of financial intermediation
in the modern economy. Class divided into teams that analyze financial data and
make weekly financial decisions. Prerequisites: 156.
Spring 2010; offered alternate years.
190. Senior Seminar. Mr. Andrabi,
Mr. Likens, Mr. Smith, Mr. Steinberger. Analysis of selected problems
in economics. Required for graduation. Full course credit. Prerequisite: 101,
102 and either 107 or 167 must be completed in advance of participating in the
Senior Seminar. Each spring.
195. Senior Activity. Staff.
Comprised of two parts: (1) the Major Field Achievement Test in Economics; and
(2) regular participation in the departmental colloquium. Required for
graduation. No credit. Each spring. (December graduates enroll fall semester.)
99/199. Reading and Research.
Staff. Supervised advanced study in selected fields of economics.
Open to qualified seniors with permission of instructor. Prerequisite:
permission of instructor. 99, lower-level; 199, advanced work. Course or
half-course. May be repeated. Each semester. (Summer Reading and Research taken