Catalogue 2016-2017 [ARCHIVED CATALOG]
Economics Department
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Chair: 2016/17 Paul Johnson;
Professors: Catharine Hill (and President), Geoffrey A. Jehle, Paul Johnson, David A. Kennettab, Paul Ruud;
Associate Professors: Benjamin Ho, Sarah Pearlmanb, Robert Rebeleinb;
Assistant Professors: Sukanya Basua, Dustin Frye, Gisella Kagy, Nelson Sá, Evsen Turkay Pillaia;
Visiting Assistant Professors: Vera Brusentsev, Kathryn Marshall;
Adjunct Professor: Shirley Johnson-Lans;
Adjunct Instructor: Frederick Van Tassell.
a On leave 2016/17, first semester
b On leave 2016/17, second semester
ab On leave 2016/17
Advisers: The department.
Correlate Sequence in Economics
The economics department offers correlate sequences which designate coherent groups of courses intended to complement the curricula of students majoring in other departmental, interdepartmental, and multidisciplinary programs. Three areas of concentration are currently available for students pursuing a correlate sequence in economics:
International Economics coordinated by Paul Johnson.
Public Policy coordinated by Robert Rebeleina; Paul Johnsonb.
Quantitative Economics coordinated by Paul Ruud.
Courses within each area should be chosen in consultation with the coordinator of that sequence.
Other Programs
Economics: I. Introductory
Economics: II. Intermediate
Freshmen may not take 200, 201, or 209 but they may take other courses numbered 200 and above in their second semester provided they have satisfied the prerequisite requirements.
Economics: III. Advanced
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ECON 300 - Senior Reseach Semester Offered: Fall
0.5 unit(s)
Structured independent work with a faculty advisor designed to result in a paper that can be used as a detailed proposal for the senior thesis. The paper is typically a literature review and a full description of a theoretical model and/or econometric project (including data) or experimental work required to complete the thesis. Students should seek permission to undertake this course of study from the faculty advisor no later than the beginning of the Fall semester of their Senior year but ideally they will do so during the Spring semester of their Junior year or the summer preceding their Senior year. Required of all students who wish to write a thesis in economics but open to senior economics majors who wish to gain research experience. Students may continue with ECON 301 upon completion of ECON 300 with the approval of the advisor and the department. The department.
Prerequisite(s): ECON 210 .
Open to senior majors by special permission of the advisor.
Two 75-minute periods. -
ECON 301 - Senior Thesis Semester Offered: Spring
1 unit(s)
The sequel to ECON 300 leading to the completion of the senior thesis. Students will submit the finished thesis by noon on the fourth Friday after spring vacation and give a half-hour oral presentation of their thesis to the department at the end of the semester. The department.
Open to senior majors who have successfully completed ECON 300 and received departmental approval to complete the thesis.
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ECON 303 - Advanced Topics in Microeconomics Semester Offered: Fall
1 unit(s)
This course introduces students to modern theoretical methods in microeconomics and their application to advanced topics not typically addressed in ECON 201 . Topics vary from year to year, but typically include: modern approaches to consumer theory, welfare analysis, general equilibrium, and the theory of auctions. Geoffrey Jehle.
Prerequisite(s): ECON 201 and MATH 220 or equivalent, or permission of the instructor.
Recommended:
Two 75-minute periods. -
ECON 304 - Advanced Topics in Macroeconomics
1 unit(s)
This course examines recent theoretical and applied work in macroeconomics, with a special focus on the analytical foundations of modern growth theory. The requisite dynamic optimization methods are developed during the course (this involves the regular use of partial differentiation techniques). Topics include the relationship of education, demographics, institutions and industrial organization with economic growth. Nelson Sá.
Prerequisite(s): ECON 200 , ECON 201 , and MATH 220 or equivalent, or permission of the instructor.
Not offered in 2016/17.
One 3-hour period. -
ECON 310 - Advanced Topics in Econometrics
1 unit(s)
Analysis of the classical linear regression model and the consequences of violating its basic assumptions. Topics include maximum likelihood estimation, asymptotic properties of estimators, simultaneous equations, instrumental variables, limited dependent variables and an introduction to time series models. Applications to economic problems are emphasized throughout the course. Paul Ruud.
Prerequisite(s): ECON 210 and MATH 220 and MATH 221 or equivalent, or permission of the instructor.
Recommended:
Not offered in 2016/17.
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ECON 318 - Urban and Regional Economics Semester Offered: Spring
1 unit(s)
(Same as URBS 318 ) An exploration of the nature and development of urban areas that begins with an examination of the theory of why cities grow and how individuals and firms choose their locations before covering patterns of land use, suburbanization, transportation, education, crime, and housing and their influence the growth of cities. Dustin Frye.
Prerequisite(s): ECON 201 and ECON 209 .
Two 75-minute periods. -
ECON 320 - Economics of Inequality and Discrimination Semester Offered: Fall
1 unit(s)
An investigation of the extent, causes, and consequences of inequality and discrimination in labor markets. Leading economic theories of inequality and discrimination are covered and related to theories of labor supply and labor demand. Topics include the determinants of wages, labor supply decisions, returns to education, and decisions about family size. An applied approach using econometric techniques to understand the current literature is emphasized. Gisella Kagy.
Prerequisite(s): ECON 201 and ECON 210 .
Two 75-minute periods. -
ECON 333 - Behavioral Economics Semester Offered: Spring
1 unit(s)
A survey of the empirical and experimental evidence that human behavior often deviates from the predictions made by models that assume full rationality. This course combines economics, psychology, and experimental methods to explore impulsivity, impatience, overconfidence, reciprocity, fairness, the enforcement of social norms, the effects of status, addiction, the myopia that people exhibit when having to plan for the future, and other behaviors which deviate from economic rationality. Benjamin Ho.
Prerequisite(s): ECON 201 and ECON 209 .
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ECON 342 - Public Finance Semester Offered: Fall
1 unit(s)
Public Finance considers the effects that government expenditure, taxation, and regulation have on people and the economy. Attention is given to how government policy can correct failures of the free market system. Topics include the effect taxes have on consumption and employment decisions, the U.S. income tax system, income redistribution, budget deficits, environmental policy, health care, voting, and social security. Robert Rebelein.
Prerequisite(s): ECON 201 .
Two 75-minute periods. -
ECON 345 - International Trade Theory and Policy Semester Offered: Spring
1 unit(s)
This course examines classical, neoclassical and modern theories of international trade, as well as related empirical evidence. Topics included are: the relationship between economic growth and international trade; the impact of trade on the distribution of income; the theory of tariffs and commercial policy; economic integration, trade and trade policy under imperfect competition. Geoffrey Jehle.
Prerequisite(s): ECON 201 .
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ECON 346 - International Macroeconomics Semester Offered: Spring
1 unit(s)
The course is devoted to the problems of balance of payments and adjustment mechanisms. Topics include: the balance of payments and the foreign ex-change market; causes of disturbances and processes of adjustment in the balance of payments and the foreign exchange market under fixed and flexible exchange rate regimes; issues in maintaining internal and external balance; optimum currency areas; the history of the international monetary system and recent attempts at reform; capital movements and the international capital market. The department.
Prerequisite(s): ECON 200 and college-level calculus, or permission of the instructor.
Not offered in 2016/17.
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ECON 355 - Industrial Organization Semester Offered: Fall
1 unit(s)
This course examines the behavior of firms under conditions of imperfect competition. The role of market power is studied, including the strategies it permits, e.g., monopoly pricing, price discrimination, quality choice, and product proliferation. Strategic behavior among firms is central to many of the topics of the course. As such, game theory is introduced to study strategic behavior, and is applied to topics such as oligopoly pricing, entry and deterrence, product differentiation, advertising, and innovation. Time permitting, the course may also include durable goods pricing, network effects, antitrust economics, and vertical integration. Paul Ruud.
Prerequisite(s): ECON 201 and ECON 209 .
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ECON 367 - Comparative Economics
1 unit(s)
A study of different economic systems and institutions, beginning with a comparison of industrialized market economies in the U.S., Asia, and Europe. Pre-perestroika USSR is studied as an example of a centrally planned economy and the transition to a market economy is examined, with additional focus on the Czech Republic and Poland. Alternatives to both market and planned systems - such as worker self-management, market socialism, and social democracy - are also explored with emphasis on the experience of Yugoslavia and Sweden. David Kennett.
Prerequisite(s): at least two units of Economics at or above the 200-level.
Not offered in 2016/17.
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ECON 383 - History of Economic Thought Semester Offered: Fall
1 unit(s)
A survey of the world-wide history of economic thought, from the ancient world to the present. Major contributions to the theories of value, production, and distribution are considered. Influential schools of thought and the technological, ideological and social forces that shaped them are examined concluding with an analysis of the development of modern economic thinking. Philosophical and methodological issues are discussed throughout. Paul Ruud.
Prerequisite(s): ECON 200 , ECON 201 and permission of the instructor.
Two 75-minute periods. -
ECON 384 - The Economics of Higher Education
1 unit(s)
This seminar explores the economics of colleges and universities, with a particular focus on contemporary policy issues. Course materials apply economic theory and empirical analysis to selected policy issues, including tuition and financial aid, the individual and societal returns of higher education, and academic labor markets. The course also introduces students to the financial structure and management of colleges, including funding sources, budget processes, and policies and issues regarding the finance of higher education. Catharine Hill.
Prerequisite(s): ECON 201 and ECON 209 .
Not offered in 2016/17.
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ECON 386 - The Economics of Immigration Semester Offered: Spring
1 unit(s)
This course examines the theoretical and empirical models that economists have developed to study the economic impact of immigration. The course describes the history of immigration policy in the United States and analyzes the various economic issues that dominate the current debate over immigration policy. These issues include the changing contribution of immigrants to the country’s skill endowment; the rate of economic assimilation experienced by immigrants; the impact of immigrants on the employment opportunities of other workers in the US; the impact of immigrant networks on immigrants and the source and magnitude of the economic benefits generated by immigration. The course also studies the social and civic dimensions of immigration - how it relates to education, marriage, segregation etc. We compare various cohorts of immigrants who entered the US at different time periods. We also compare generations residing in the US, more specifically immigrants and their children. Sukanya Basu.
Prerequisite(s): ECON 201 and ECON 209 .
Recommended:
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ECON 388 - Latin American Economic Development
1 unit(s)
(Same as LALS 388 ) This course examines why many Latin American countries started with levels of development similar to those of the U.S. and Canada but were not able to keep up. The course begins with discussions of various ways of thinking about and measuring economic development and examines the record of Latin American countries on various measures, including volatile growth rates, high income and wealth inequality, and high crime rates. We then turn to an analysis of the colonial and post-Independence period to examine the roots of the weak institutional development than could explain a low growth trajectory. Next, we examine the post WWII period, exploring the import substitution of 1970s, the debt crises of the 1980s, and the structural adjustment of the 1990s. Finally, we look at events in the past decade, comparing and contrasting the experience of different countries with respect to growth, poverty and inequality. Sarah Pearlman.
Prerequisite(s): ECON 102 .
Not offered in 2016/17.
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ECON 389 - Applied Financial Modeling Semester Offered: Spring
1 unit(s)
Applications of economic theory and econometrics to the analysis of financial data. Topics include the efficient markets hypothesis, capital asset pricing model, consumption based models, term structure of interest rates, arbitrage pricing theory, exchange rates, volatility, generalized method of moments, time-series econometrics. Paul Johnson.
Prerequisite(s): ECON 201 , ECON 210 and ECON 225 , MATH 126 and MATH 127 or equivalent; or permission of the instructor.
Recommended: MATH 220 , MATH 221 recommended.
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ECON 399 - Senior Independent Work Semester Offered: Fall or Spring
0.5 to 1 unit(s)
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