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ECON 1001 : Principles of Micro-Economics Supplement
Semester offered: Spring 2018 Instructor:
Reviews lecture material presented in ECON 1110 lectures; provides problem-solving techniques, study tips, and additional problems to prepare for exams and problem sets; provides additional time for questions and discussion of concepts. Provides additional instruction for students who need reinforcement.
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ECON 1002 : Principles of Macro-Economics Supplement
Semester offered: Spring 2018 Instructor:
Reviews lecture material presented in ECON 1120 lectures; provides problem-solving techniques, study tips, and additional problems to prepare for exams and problem sets; provides additional time for questions and discussion of concepts. Provides additional instruction for students who need reinforcement.
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ECON 1110 : Introductory Microeconomics
Semester offered: Spring 2018 Instructor:
Explanation and evaluation of how the price system operates in determining what goods are produced, how goods are produced, who receives income, and how the price system is modified and influenced by private organizations and government policy.
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ECON 1120 : Introductory Macroeconomics
Semester offered: Spring 2018 Instructor:
Analysis of aggregate economic activity in relation to the level, stability, and growth of national income. Topics may include the determination and effects of unemployment, inflation, balance of payments, deficits, and economic development, and how these may be influenced by monetary, fiscal, and other policies.
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ECON 2300 : International Trade and Finance
Crosslisted as: AEM 2300 Semester offered: Spring 2018 Instructor:
One-semester introduction to international economic principles and issues. Begins by surveying key topics such as the elements of comparative advantage, tariff and nontariff barriers, and multilateral institutions. The second part of the course treats selected topics in international finance, including exchange rates, balance of payments, and capital markets. Discusses current issues such as the effects of trade liberalization, trade and economic growth, and instability in international capital markets. Designed as a less technical introduction to concepts developed at a more advanced level in AEM 4300 and ECON 4510-ECON 4520.
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ECON 3030 : Intermediate Microeconomic Theory
Semester offered: Spring 2018 Instructor:
The pricing processes in a private enterprise economy are analyzed under varying competitive conditions, and their role in the allocation of resources and the functional distribution of national income is considered.
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ECON 3040 : Intermediate Macroeconomic Theory
Semester offered: Spring 2018 Instructor:
Introduces the theory of national income and determination and economic growth in alternative models of the national economy. Examines the interaction and relation of these models to empirical aggregate economic data. Reviews national accounts, output and employment determination, price stability and economic growth, in the context of alternative government policy programs and the impact of globalization.
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ECON 3110 : Probability Models and Inference for the Social Sciences
Crosslisted as: ILRST 3110, STSCI 3110 Semester offered: Spring 2018 Instructor:
This course provides an introduction to probability and parametric inference. Topics include: random variables, standard distributions, the law of large numbers, the central limit theorem, likelihood-based estimation, sampling distributions and hypothesis testing.
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ECON 3120 : Applied Econometrics
Semester offered: Spring 2018 Instructor:
Introduction to the theory and application of econometric techniques. Emphasis is on both development of techniques and applications of econometrics to economic questions. Topics include estimation and inference in bivariate and multiple regression models, instrumental variables, regression with qualitative information, heteroskedasticity, and serial correlation. Students are expected to apply techniques through regular empirical exercises with economic data.
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ECON 3140 : Econometrics
Semester offered: Spring 2018 Instructor:
Introduction to the theory and application of econometric techniques. Emphasis is on foundations and development of econometric models, focusing on how a theoretical economic model can be placed into a statistical framework where data is used for the purposes of prediction/forecasting, measurement, and/or testing of economic theory. Topics include estimation and inference in bivariate and multiple regression models, instrumental variables, regression with qualitative information, heteroskedasticity, serial correlation.
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ECON 3250 : Economics of the U.S. Social Safety Net
Crosslisted as: PAM 3080, PAM 5080 Semester offered: Spring 2018 Instructor:
This course provides an overview of the major programs that make up the social safety net in the United States. We will review the economic rationale behind social programs, identify the economic consequences of these programs, and assess the empirical research on these topics. A major emphasis of the course will be on understanding the strengths and limitations of the core methodologies used in the existing economics literature.
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ECON 3300 : Development of Economic Thought and Institutions
Crosslisted as: ILRLE 3440 Semester offered: Spring 2018 Instructor:
Examines the causes and consequences of sustained economic growth, and the development of economics as a discipline, from pre-industrial mercantilist thought through the economics of John Maynard Keynes. Stresses the relationship between the consequences of 19th-century economic growth and the evolution of economic thought.
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ECON 3320 : American Economic History II
Semester offered: Spring 2018 Instructor:
Surveys problems in American economic history from the Civil War to World War I. 
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ECON 3430 : Compensation, Incentives, and Productivity
Crosslisted as: ILRLE 4430 Semester offered: Spring 2018 Instructor:
Examines topics in labor economics of particular relevance to individual managers and firms. Representative topics include recruitment, screening, and hiring strategies; compensation (including retirement pensions and other benefits); training, turnover, and the theory of human capital; incentive schemes and promotions; layoffs, downsizing, and buyouts; teamwork; and internal labor markets. Focuses on labor-related business problems using the analytic tools of economic theory and should appeal to students with strong quantitative skills who are contemplating careers in general business, consulting, and human resource management as well as in economics.
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ECON 3610 : The Economics of Consumer Policy
Crosslisted as: PAM 3400, PAM 5400 Semester offered: Spring 2018 Instructor:
Familiarizes students with the economic analysis of consumer policy issues. Uses the tools of microeconomic analysis to investigate the interaction between government and the marketplace, with an emphasis on how that interaction affects consumers. Examines the rationale for and effects of regulation of industry. Considers alternative theories of regulation, including the capture, economic, and public interest theories. Applies those theories to specific types of regulation, including economic regulation of specific industries (e.g., telecommunications, electricity, trucking, railroads, postal services) as well as to broader social regulation (e.g., health, safety, environmental). The effects of regulatory reform in numerous industries are also examined. An attempt is made to examine current topics relating to consumer policy.
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ECON 3670 : Behavioral Economics and Public Policy
Crosslisted as: PAM 3130, PAM 5130 Semester offered: Spring 2018 Instructor:
Standard economic theory assumes that individuals are rational decision-makers; however, that is often not the case in the real world. Behavioral economics uses findings from psychology to determine ways in which individuals are systematically irrational to improve upon existing models. The first part of this course reviews these theories, while the second part of the course focuses on how these findings have been used to design better education, health, and tax policies as well as many others.
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ECON 3710 : The Economics of Risky Health Behaviors
Crosslisted as: PAM 4280 Semester offered: Spring 2018 Instructor:
Risky health behaviors such as cigarette smoking, drinking alcohol, risky sex, poor diet and physical inactivity (leading to obesity) are responsible for hundreds of thousands of preventable deaths and impose billions of dollars in medical care costs each year in the United States. This course teaches the economic approach to studying risky health behaviors. The economic research literature on the causes and consequences of risky health behaviors will be studied in detail. Students will analyze data and present their findings.
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ECON 3760 : Economics of Education
Crosslisted as: PAM 3550 Semester offered: Spring 2018 Instructor:
The economics of education is about understanding how and why people make decisions to invest in education, the effect of education on long-term social and economic outcomes, the behavior of those institutions that "produce" education, and how best to design and implement public policies affecting the level and distribution of education resources.  The basic tools of economics provide a framework to evaluate education policies including K-12 school finance, student financial aid, and college admissions. Throughout the course, there will be an emphasis on examining empirical tests of the economic theory and measuring the effects of policy initiatives on educational outcomes. 
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ECON 3770 : Inequality in U.S. Higher Education
Crosslisted as: ILRLE 3445 Semester offered: Spring 2018 Instructor:
Is the U.S. college system a great equalizer or a cause of growing inequality? Improved access to higher education has brought millions of Americans into the middle class, and yet rising selectivity has meant that a disproportionate share of the economic elite come from a few top colleges. This course will explore the three big parts of the college experience --- (1) admissions and the college-going decision; (2) education while in college; and (3) college completion and labor market entry --- and ask how each part contributes to inequality in economic outcomes. Lectures and readings will focus on simple economic theories of higher education as well as the empirical methods used to test these theories.
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ECON 3800 : Economics and the Law
Semester offered: Spring 2018 Instructor:
Examines, through the lens of economic analysis, legal principles drawn from various branches of law, including contracts, torts, and property. Cases are assigned for class discussion; in addition, there are exams and writing assignments. 
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ECON 3825 : Networks II: Market Design
Crosslisted as: CS 4852, INFO 4220, INFO 6220 Semester offered: Spring 2018 Instructor:
Networks II builds on its prerequisite course and continues to examine how each of the computing, economic, sociological and natural worlds are connected and how the structure of these connections affects these worlds. In this course, we will construct mathematical models for and analyze networked settings, allowing us to both make predictions about behavior in such systems, as well as reason about how to design such systems to exhibit some desirable behavior. Throughout, we will draw on real-world examples such as social networks, peer-to-peer filesharing, Internet markets, and crowdsourcing, that illustrate these phenomena.
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ECON 4020 : Game Theory
Semester offered: Spring 2018 Instructor:
Studies mathematical models of conflict and cooperation in situations of uncertainty (about nature and about decision makers).
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ECON 4290 : Economic Analysis of Politics
Semester offered: Spring 2018 Instructor:
This course is designed for research-oriented students who want to acquire knowledge of advanced-level academic research. The focus will be on research methods used in empirical microeconomics, however the scope of the papers discussed in this course is not restricted to the economic analysis of politics. Rather, it is intended to address the needs of students who want to conduct research in applied microeconomics in general, including industrial organization and labor economics. Unlike courses in econometrics, this course focuses on the application of methods rather than their theoretical properties. The emphasis of the course will be on understanding how the nature of the research question, the structure of the data, and the context together influence the design of empirical strategies.The context of applications will often be politics, but, you are not required to have background knowledge of politics. Many political economy questions that we discuss in this course will be intuitive and familiar to students without taking any courses related to politics. The contexts also include various other fields such as labor economics, development economics, and industrial organization
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ECON 4300 : History of Economic Analysis
Semester offered: Spring 2018 Instructor:
Covers early writings in economics and their relationship to current economic analysis and policy issues. Examples include ancient and medieval philosophers on justice in exchange; mercantilist arguments for trade protection; early theories about the effect of monetary expansion (D. Hume); the role of the entrepreneur (Cantillon); and general competitive equilibrium (the Physiocrats). The most recent reading assignment in this course is Adam Smith's Wealth of Nations but the emphasis is on the relationship between the precursors of Adam Smith and his Wealth of Nations to modern economics analysis and current efforts to answer some of the questions raised in the early writing on economics.
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ECON 4510 : International Trade Theory and Policy
Semester offered: Spring 2018 Instructor:
Surveys the sources of comparative advantage. Studies commercial policy and analyzes the welfare economics of trade between countries. Some attention is paid to the institutional aspects of the world trading system.
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ECON 4610 : Industrial Organization I
Semester offered: Spring 2018 Instructor:
This course takes a game theoretic approach to the study of markets and market power. Topics include pricing, collusion, entry, product differentiation, advertising, and bargaining.
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ECON 4810 : Resource Economics
Crosslisted as: AEM 4500 Semester offered: Spring 2018 Instructor:
Constructs dynamic models of renewable, nonrenewable, and environmental resources to examine market allocation and optimal resource management.
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ECON 4820 : Environmental Economics
Crosslisted as: AEM 4510 Semester offered: Spring 2018 Instructor:
This class will focus on the role of the environment in the theory and practice of economics. It will make use of microeconomic analysis at the intermediate level and will incorporate real-world examples. It examines market failure, externalities, benefit-cost analysis, nonmarket valuation techniques, and cost-effective policy instruments.
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ECON 4840 : Policy Analysis: Welfare Theory, Agriculture, and Trade
Crosslisted as: AEM 6300 Semester offered: Spring 2018 Instructor:
The first half of the course surveys the theory of welfare economics as a foundation for public policy analysis. Major issues addressed include the problem of social welfare measurement, the choice of welfare criteria, and the choice of market or nonmarket allocation. Basic concepts covered include measurement of welfare change, including the compensation principle, consumer and producer surplus, willingness-to-pay measures, externalities, and the general theory of second-best optima. The second half focuses on public policy analysis as applied to domestic agricultural policy and international trade. The domestic policy component examines major U.S. farm commodity programs and related food and macroeconomic policies and analyzes their effects on producers, consumers, and other groups. The international trade component examines the structure of world agricultural trade, analytical concepts of trade policy analysis, and the principal trade policies employed by countries in international markets.
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ECON 4902 : Banks
Semester offered: Spring 2018 Instructor:
Covers bank management and supervision, with special reference to international supervisory agreements (Basel II) and U.S. Federal guidance. Sources of risk are considered-market, credit, operational, and others. Quantitative methods for modeling and measuring risk are covered.
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ECON 4905 : Financial Fragility and the Macroeconomy
Semester offered: Spring 2018 Instructor:
Financial Fragility and the Macro-economy. Topics will include the history and theory of bank runs and other panics, the recent financial meltdown, bubbles, moral hazard, irrational exuberance, rational exuberance, excess volatility, and sunspot equilibrium. Comfort with calculus is necessary.
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ECON 4991 : Honors Program
Semester offered: Spring 2018 Instructor:
Students should consult the director of undergraduate studies for details. Admission is competitive. Interested students should apply to the program in the spring of their junior year.
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ECON 4999 : Independent Study in Economics
Semester offered: Spring 2018 Instructor:
Independent study.
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ECON 6100 : Microeconomic Theory II
Semester offered: Spring 2018 Instructor:
Topics in consumer and producer theory, equilibrium models and their application, externalities and public goods, intertemporal choice, simple dynamic models and resource depletion, choice under uncertainty.
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ECON 6140 : Macroeconomics II
Semester offered: Spring 2018 Instructor:
Covers the following topics: dynamic programming; stochastic growth; search models; cash-in-advance models; real business-cycle models; labor indivisibilities and lotteries; heterogeneous agents models; optimal fiscal and monetary policy; sustainable plans; and endogenous growth.
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ECON 6200 : Econometrics II
Semester offered: Spring 2018 Instructor:
A continuation of ECON 6190 covering statistics: estimation theory, least squares methods, method of maximum likelihood, generalized method of moments, theory of hypothesis testing, asymptotic test theory, and nonnested hypothesis testing; and econometrics: the general linear model, generalized least squares, specification tests, instrumental variables, dynamic regression models, linear simultaneous equation models, nonlinear models, and applications.
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ECON 6410 : Health Economics I
Crosslisted as: PAM 6410 Semester offered: Spring 2018 Instructor:
Comprehensive course covering microeconomic theory and its application to health and health care markets. Topics include consumer decision making, the theory of the firm, welfare economics, monopolies and oligopolies, and market imperfections. Applications in health economics include the demand for health, rational addiction, the industrial organization of health care, cost-effectiveness analysis, price discrimination by health care providers, how consumers respond to information about health care, adverse selection in health insurance, and the moral hazard created by physician compensation strategies. Each student writes a research paper, testing predictions from microeconomic theory by acquiring suitable data and estimating the appropriate econometric model, and presents his or her findings in a research seminar.
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ECON 6591 : Empirical Strategies for Policy Research II
Crosslisted as: PAM 6091 Semester offered: Spring 2018 Instructor:
Focuses on empirical strategies to identify the causal effects of public policies and programs. The course uses problem sets based on real-world examples and data to examine techniques for analyzing nonexperimental data including regression discontinuity methods and control function approaches. The course aids students in both learning to implement a variety of statistical tools using large data sets, and in learning to select which tools are best suited to a given research project.
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ECON 6970 : Empirical Public Finance and Taxation
Crosslisted as: PAM 6970 Semester offered: Spring 2018 Instructor:
The principal objective of this course is to explore empirical evidence on the role of government intervention in the economy. The focus of the course will be on reading important papers and learning techniques that will allow you to produce original research in public economics and to analyze critically existing research in the field.
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ECON 7190 : Advanced Topics in Econometrics I
Semester offered: Spring 2018 Instructor:
Covers advanced topics in econometrics, such as asymptotic estimation and test theory, robust estimation, Bayesian inference, advanced topics in time-series analysis, errors in variable and latent variable models, qualitative and limited dependent variables, aggregation, panel data, and duration models.
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ECON 7200 : Advanced Topics in Econometrics II
Semester offered: Spring 2018 Instructor:
Covers advanced topics in econometrics, such as asymptotic estimation and test theory, robust estimation, Bayesian inference, advanced topics in time-series analysis, errors in variable and latent variable models, qualitative and limited dependent variables, aggregation, panel data, and duration models.
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ECON 7230 : Semi/Non Parametric Econometrics
Semester offered: Spring 2018 Instructor:
Analyzes the ways identification problems limit the conclusions that may be drawn in empirical economic research and studies how identified and partially identified parameters can be estimated. In the first part of the course, the focus is on nonparametric models. Ways data can be combined with weak assumptions to yield partial identification of population parameters are discussed.
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ECON 7335 : Information, Learning and Expectations in Macro
Semester offered: Spring 2018 Instructor:
Many economic decisions have to be made in settings in which many interacting agents have imperfect and diverse information about pay-off relevant variables. This course gives an overview of existing research in macroeconomics and finance that deviates from settings with perfectly informed rational agents. The course will cover both methodological and substantial aspects of the existing literature.
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ECON 7340 : Empirical Methods in Public Economics
Semester offered: Spring 2018 Instructor:
This is a second year PhD course in public economics, with primary focus on political economy. The course aims to serve two purposes: (1) to cover in detail various methods used in empirical microeconomics research; and (2) to give an overview of topics in empirical political economy. Empirical methodologies will include non-experimental approaches, experiments, natural experiments, and structural methods. Applications will be primarily in political economy, but occasionally papers from other fields of economics such as industrial organization, labor economics, and development economics. Grades will be based on a research proposal, mock referee reports, and presentation.
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ECON 7350 : Public Finance: Resource Allocation and Fiscal Policy
Crosslisted as: AEM 7350 Semester offered: Spring 2018 Instructor:
Develops a mathematical and highly analytical understanding of the role of government in market economies and the fundamentals of public economics and related issues. Topics include generalizations and extensions of the fundamental theorems of welfare economics, in-depth analysis of social choice theory and the theory on implementation in economic environments, public goods and externalities and other forms of market failure associated with asymmetric information. The theoretical foundation for optimal direct and indirect taxation is also introduced along with the development of various consumer surplus measures and an application to benefit cost analysis. Topics of an applied nature vary from semester to semester depending on faculty research interests.
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ECON 7390 : Public Finance: Advanced Topics
Semester offered: Spring 2018 Instructor:
Exposes graduate students to current research questions and methods. Focuses on going over the details of a smaller number of papers, understanding them at several different levels. Topics vary, including optimal taxation, macroeconomic aspects of social insurance design, applications of contract theory and mechanism design to efficient risk sharing.
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ECON 7430 : Seminar in Labor Economics II
Crosslisted as: ILRLE 7460 Semester offered: Spring 2018 Instructor:
Includes reading and discussion of selected topics in labor economics. Stresses applications of economic theory and econometrics to the labor market and human resource areas.
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ECON 7492 : Applied Econometrics II
Crosslisted as: ILRLE 7420 Semester offered: Spring 2018 Instructor:
Continues from ILRLE 7410 and covers statistical methods for models in which the dependent variable is not continuous. Covers models for dichotomous response (including probit and logit); polychotomous response (including ordered response and multinomial logit); various types of censoring and truncation (e.g., the response variable is only observed when it is greater than a threshold); and sample selection issues. Includes an introduction to duration analysis. Covers not only the statistical issues but also the links between behavioral theories in the social sciences and the specification of the statistical model. The two courses ILRLE 7410/ILRLE 7420 are designed to be a one-year sequence. The expectation is that students will continue from the first course into the second course. Students should not expect to be able to take the second course without having done the first course.
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ECON 7520 : Industrial Organization and Regulation II
Semester offered: Spring 2018 Instructor:
Rounds out some topics in the theory of industrial organization with the specific intent of addressing the empirical implications of the theory. Reviews empirical literature in the SCP paradigm and in the NEIO paradigm.
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ECON 7530 : Industry Dynamics
Semester offered: Spring 2018 Instructor:
This is an advanced study course in Industry Dynamics. Much improvement has been made in the study of aggregate productivity, investment, and aggregate output dynamics by understanding the micro structure of the economy. This course introduces the main tools exploited in the literature to study these macroeconomic problems and discusses the research frontier. The course opens up with a theory of entrepreneurship and occupational choice. Then it describes firms growth and its impact on industry equilibrium. It introduces techniques for computation of productivity and marginal products at the firm level and its implications for cross-country disparities in income per capital and the life cycle of firms. Next, we analyze economies consistent with industry equilibrium and endogenous long-run growth. For that, we build basic notions on stochastic calculus which are used at the frontier of research. Finally, we study industry equilibrium in open economies and in economies with incomplete markets. The course closes with a normative analysis of industry equilibrium allocations. Due to the brevity of the course, there is only a limited number of papers that can be covered in detail. The course, however, should endow students with the tools necessary to approach the literature and highlight the questions that remain to be answered. The course is designed to encourage avenues for novel research.
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ECON 7650 : Development Microeconomics Graduate Research Seminar
Crosslisted as: AEM 7650 Semester offered: Spring 2018 Instructor:
Graduate students and the instructor present draft research proposals, papers, and preliminary thesis results for group review and discussion. Students who actively participate by offering written and oral comments on others' work receive 1 credit. Students who also present their own proposal or paper receive 2 credits. Presentations last 75 minutes and thus represent a substantial investment of time. Students who present a second proposal or paper receive 3 credits.
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ECON 7700 : Topics in Economic Development
Crosslisted as: AEM 6670 Semester offered: Spring 2018 Instructor:
Topics vary from year to year but may include poverty, inequality, intra-household allocation, structural adjustment, and debt. Examination is by term paper.
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ECON 7841 : Econometrics Workshop
Semester offered: Spring 2018 Instructor:
Research workshop featuring guest lecturers.
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ECON 7842 : Microeconomic Theory Workshop
Semester offered: Spring 2018 Instructor:
Research workshop featuring guest lecturers.
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ECON 7843 : Industrial Organization Workshop
Semester offered: Spring 2018 Instructor:
Research workshop featuring guest lecturers.
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ECON 7845 : Workshop in Labor Economics
Crosslisted as: ILRLE 9400 Semester offered: Spring 2018 Instructor:
Presentations of completed papers and work in progress by faculty members, advanced graduate students, and speakers from other universities. Focuses on the formulation, design, and execution of dissertations.
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ECON 7846 : Macroeconomics Workshop
Semester offered: Spring 2018 Instructor:
Research workshop featuring guest lecturers.
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ECON 7847 : Development Workshop
Semester offered: Spring 2018 Instructor:
Research workshop featuring guest lecturers.
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ECON 7848 : Public Economics Workshop
Semester offered: Spring 2018 Instructor:
Research workshop featuring guest lecturers.
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ECON 7849 : Behavioral Economics Workshop
Semester offered: Spring 2018 Instructor:
Research workshop featuring guest lecturers.
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ECON 7851 : Third Year Research Seminar II
Semester offered: Spring 2018 Instructor:
Ph.D. students in the Field of Economics are required to take this year-long research seminar, and receive a grade of Satisfactory, in order to remain in good standing in the Ph.D. program. Students present and discuss each second-year paper, which must be completed before the semester opens and Economics 7850 meets for the first time. Students also present at least two additional papers or paper plans. These are intended to be part of the core of the student's thesis proposal, which must be given as part of the student's A Exam prior to the start of the fourth year of graduate study in the economics Ph.D. program. Economics 7851 ends with a mini-conference, attended by faculty and other Ph.D. students, in which each student makes a formal presentation in standard economics conference format, and each student discusses one of these presentations. Professional writing and presentation coaching is also provided.
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ECON 7852 : Environmental, Real Estate and Urban Economics Workshop
Semester offered: Spring 2018 Instructor:
Research workshop featuring guest lecturers.
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