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Economics Course Descriptions
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EC133fs Principles of Microeconomics Introduces the fundamental problem in economics: limited resources to satisfy unlimited needs and wants. Concentration on how markets allocate these scarce resources and when they fail to operate efficiently. After analyzing costs, students look at how firms in market structures ranging from perfectly competitive to monopolistic make decisions. Key principles are illustrated by applying them to current economic issues. Students will use standard economic models to describe market structures and the effects of policy interventions, solve problems using graphical or algebraic models of these markets, and choose an appropriate model to analyze economic events described in news articles. Four credit hours. S. BARBEZAT, DISSANAYAKE, EDWARDS, FRANKO
EC134fs Principles of Macroeconomics Introduces the measurement of macroeconomic variables and basic theoretical models of aggregate economic behavior. Focuses on the study of fluctuations in economic activity, long-run economic growth, and the role of monetary and fiscal policy in achieving macroeconomic goals. Students will develop their analytical problem-solving skills, hone their ability to think critically, gain experience in building and understanding theoretical models, and sharpen their capacity to understand and critique macroeconomic policy. Prerequisite: Economics 133. Four credit hours. S. CHAUDHURI, EDWARDS, FINDLAY, SIODLA
EC197j Global Financial Markets An investigation of global financial markets and their effect on the world's domestic economies. We will define and explore the primary components of global financial markets, analyze the roles of the public and private sectors in the markets, and develop recognition of the linkages between financial market events in disparate markets to underlying non-financial economies. We will also provide an introduction to esoteric financial instruments and techniques such as credit default swaps, securities lending, and others. Does not count toward the economics major or minor. Three credit hours. ATKINSON
[EC211] Corporate Finance I Listed as Administrative Science 311. Four credit hours.
EC214s Economic Policy and Performance in Contemporary Latin America Analysis of macroeconomic stabilization policies and microeconomic issues such as regional trade, agriculture, health, education, the environment, and labor markets in contemporary Latin America. Prerequisite: Economics 133 and 134. Four credit hours. I. FRANKO
EC223fs Microeconomic Theory The theory of the pricing, distribution, and allocation of resources in a market economy. Emphasis placed on the various meanings of economic efficiency. Prerequisite: Economics 133 and 134, and Mathematics 121, 161, or equivalent. Four credit hours. GUNTER, HUBBARD
EC224fs Macroeconomic Theory Devoted to the development and examination of various theoretical frameworks to explain fluctuations in output, interest rates, exchange rates, unemployment, inflation, and economic growth in a globally interdependent economy. Continued study of the theoretical development of macroeconomic models and further refinement of understanding the effectiveness and optimality of macroeconomic policy. Students gain an understanding of the importance of expectations, the determination of asset prices (e.g., bond and stock prices), the relationship between financial markets and the macroeconomy, and the implications and limitations of models and policies. Prerequisite: Economics 223. Four credit hours. DONIHUE, FINDLAY
EC231s Environmental and Natural Resource Economics The objective is to develop and apply economic tools to current environmental and resource-management issues. Causes of and remedies to environmental and resource-management problems are analyzed through economic modeling. These models in turn serve as the theoretical foundation for designing and evaluating policy instruments and practices. Students will learn to analyze current environmental problems and assess the effectiveness of environmental and resource-management policies using economic tools. Prerequisite: Economics 133. Four credit hours. DISSANAYAKE
EC252f Presidential Economics An analysis of key fiscal and monetary policies from the Hoover to the Clinton administrations. Topics include macroeconomic policies of the Great Depression, the gold standard, wage and price controls, the Kennedy tax cuts, and supply-side economics. The effects of economic events on political outcomes (e.g., presidential elections) and the effects of political factors on economic policies (e.g., the political business cycle) will also be examined. Prerequisite: Economics 133, 134. Four credit hours. H. FINDLAY
EC254f The Economics of Women, Men, and Work An examination of the past, present, and future economic status of women. Topics include the implications of changing economic and social roles of women for the division of labor in the family; the allocation of time of husband and wife between the household and the labor market; the impact of rising female labor force participation on marriage, childbearing, and divorce; and economic explanations of gender differences in earnings and occupation, including the role of labor market discrimination in observed gender differences in market outcomes. Prerequisite: Economics 133. Four credit hours. U. BARBEZAT
[EC256] Economics of Crime Proceeds from the assumption that criminals are rational to the extent that higher costs of crime will lower criminal activity. Use of economic models to examine topics such as the criminal justice system, law enforcement, markets for drugs and other illegal goods and services, and organized vs. disorganized crime. Major projects include creation of a data portfolio examining one of several sources of national crime data using tables, graphs, and statistical relationships and policy analysis papers drawing on the economic literature to evaluate the effectiveness of anticrime policies and the efficiency of criminal justice resource allocation. Prerequisite: Economics 133 and 134 and sophomore or higher standing. Four credit hours.
EC258s Economic History of the United States Traces the structure and performance of the American economy through time. The focus is on applying the tools and methods of economics to the study of historical events from colonial times to World War II, including the American Revolution, slavery, the westward movement, the Civil War, and the Great Depression. General topics include the roles of agriculture, trade, migration, technology, banking, institutions, transportation, and labor in the development of the American economy. Prerequisite: Economics 133 and 134. Four credit hours. SIODLA
[EC271] International Economic Integration An examination of the history, current state, and future of international economic integration. We will analyze the theory of regional and multilateral integration as well as European integration over the last half century, evaluate North American and other free trade agreements, and discuss the General Agreement on Tariffs and Trade and the World Trade Organization. Heavy emphasis on European integration, since the European Union is the most advanced of the preferential agreements and thus provides an ideal laboratory for studying the likely effects of further integration elsewhere. Students will learn how to apply economic tools to the analysis of important policy issues, both orally and in writing. Prerequisite: Economics 133 and 134. Four credit hours.
EC273f Economics of Globalization Development and application of economic tools of international trade and finance to understand the puzzle of a globally integrated economy. Lectures and student presented debates on key international economic issues, and weekly case studies, focus on policy dilemmas in the global economy. Through readings and debate students learn to assess the validity of contemporary writing on international economics. Specific topics include the Doha development round, the emergence of sovereign wealth funds, the global food crisis, the changing role of multinationals (including emerging market giants), and the role of corporate social responsibility in addressing poverty. Prerequisite: Economics 133 and 134. Four credit hours. FRANKO
EC279f The Economic Rise and Future of China Explores the historical path, current position, and future prospects of the Chinese economy. Examines the dynamics of China's recent economic success, drawing on economic analysis and recent research to understand current policy questions related to China and its role in the global economy. Students will engage with pressing issues through readings, debates, written assignments, and in-class discussions. Specific topics include Chinese monetary and trade policy, population change and the environment, science and technology policy, migration and the rural-urban divide, and the sustainability of China's growth. Previously offered as Economics 298 (Spring 2013). Prerequisite: Economics 133. Four credit hours. I. LAFAVE
EC297Af International Trade An introduction to international trade theory and policy. Topics include the determinants of international trade patterns, gains from trade, distributional effects, the political economy of trade policy, factor movements, labor migration, foreign direct investment, and the history of the evolution from the General Agreement on Tariffs and Trade (GATT) to the World Trade Organization (WTO). Prerequisite: Economics 133 and 134. Four credit hours. CHAUDHURI
EC297Bf European Economic History The economic development of Europe is traced from the medieval period to modern times. Particular emphasis is given to the growth of economic institutions that preceded those of modern Europe, both pre- and post-Industrial Revolution. The growth of these institutions is further developed to demonstrate their influence on the United States. Prerequisite: Economics 133 and 134. Four credit hours. CHAUDHURI
EC298s Comparative Economic Systems Focuses on the nature of different economic systems and organizational structures and the impact of these differences on resource allocation, income distribution, and economic growth in the institutions, systems, and economic outcomes of various countries. Examines the nature of economic systems in general, specific economic systems (capitalism, planned socialism, and market socialism), systemic change, the worldwide performance of various systems and the collapse of the command economies, and transition and performance since the 1990s. Prerequisite: Economics 133 and 134. Four credit hours. CHAUDHURI
EC331f Industrial Organization and Antitrust Economics An examination of the structure, conduct, and performance of American industries to determine if the market process efficiently allocates resources to meet consumer demand. An economic analysis of antitrust laws, and an evaluation of their performances with reference to specific industries and cases. Prerequisite: Economics 223. Four credit hours. HUBBARD
EC335f Topics in Economic Development An introduction to economic models used to understand problems faced by developing countries. Topics covered, using both theoretical and empirical frameworks, include economic growth, poverty and inequality, demographic transition, household behavior, and the economic and policy implications of incomplete markets. Prerequisite: Economics 223 and 224. Four credit hours. LAFAVE
[EC336] Mathematical Economics Advanced economic theory designed to give students the fundamental mathematical tools necessary to prepare for graduate work in economics. Topics include the development of portions of consumer, producer, and macro (fiscal and monetary) theory. Material includes comparative static analysis, single- and multiple-agent unconstraint and constraint optimization problems (both under certainty and uncertainty), and dynamic analysis. Students are expected to have learned how to read and understand most current journal articles in economics without stumbling over the mathematics and to have developed an initial understanding of how to frame economic modeling ideas in mathematical format. Prerequisite: Economics 224, Mathematics 253, and either Mathematics 122 or 162. Four credit hours.
EC338f Money, Banking, and Monetary Policy Students are introduced to the interpretation, role, and determination of interest rates, as well as the theory of consumption/saving, the theory of risk aversion, portfolio theory, the risk structure of interest rates, and the term structure of interest rates (i.e., the yield curve). We will then examine the behavior, structure, and regulation of the banking industry. Finally, students will examine monetary theory and policy with particular emphasis on the implementation of policy by the Federal Reserve. Emphasis on the theoretical, empirical, and policy-related aspects of these issues. Prerequisite: Economics 224 and Mathematics 231 or 382. Four credit hours. FINDLAY
EC341f Natural Resource Economics An examination of the supply, demand, and allocation of the Earth's natural resources. Topics include renewable resources, nonrenewable resources, water, pollution, and other contemporary problems. The first half is devoted to learning the principles, reasoning, and techniques required to analyze and solve a wide range of natural resource allocation problems. The second half consists of case studies of contemporary renewable and nonrenewable natural resource problems. Prerequisite: Economics 223. Four credit hours. DISSANAYAKE
EC345fs Research in Economics An analytical, not descriptive, research paper in economics, to be coordinated with an elective economics course in which the student is concurrently, or previously has been, enrolled. Prerequisite: Economics 223, 224, and permission of the instructor. Three credit hours. FACULTY
[EC351] Public Finance Public finance is the branch of economics concerned with government expenditure and taxation. On the expenditure side, we will model externality and social insurance justifications for government intervention and examine several government policies including Social Security and health-care reform. On the tax side, we will model tax incidence of consumption, income, and wealth taxes and behavioral responses to them. Students will apply their understanding of the models in exams, policy presentations, and writing assignments and will be expected to read and interpret empirical research papers that evaluate the impacts of government policy. Prerequisite: Economics 223, 224. Four credit hours.
EC353s Urban and Regional Economics Provides an in-depth perspective on the economic activity of cities and regions. The focus is on the use of economic theory to explain various urban phenomena with an emphasis on the role cities play in greater economic development. Specific topics include economic reasons for the existence of cities and specialized regions, urban spatial structure, urban sprawl, housing, local public goods and services, pollution, and urban quality of life. Prerequisite: Economics 223. Four credit hours. SIODLA
EC355s Labor Market Economics Wage determination and allocation of human resources in union and nonunion labor markets. Theories of labor supply, labor demand, and human capital investment; related public-policy issues such as minimum wage laws, income maintenance, and discrimination. The operation of labor markets in the macroeconomy, with particular emphasis on the role of implicit and explicit labor contracts in explaining aggregate wage stickiness, inflation, and unemployment. Prerequisite: Economics 223. Four credit hours. BARBEZAT
[EC373] Open-Economy Macroeconomics Develops basic concepts, analytical framework, and relevant policy issues in an open-economy setting: price level and income determination, the choice of exchange rate regime and its impacts on macroeconomic stability, constraints on the formulation and implementation of monetary and fiscal policy. Emphasizes some key topics on monetary and international capital markets including cyclicality of fiscal and monetary policies, central bank independence, exchange rate regimes, capital flows, and dollarization. Students will further develop their analytical problem-solving skills and will sharpen their capacity to become critical consumers and critical producers of knowledge. Prerequisite: Economics 224 and Mathematics 231 or 382. Four credit hours.
[EC378] International Trade An introduction to international trade theory and policy. Topics include the determinants of international trade patterns, the gains from trade, distributional effects, increasing returns and scale economies, outsourcing, commercial policy, factor movements, trade agreements, and labor and environmental standards. Students will understand and be able to manipulate the major international trade models and analyze current trade policy issues in the context of these models both orally and in writing. Prerequisite: Economics 223. Four credit hours.
EC379s Game Theory Introduction to the concepts and applications of game theory, the behavior of rational, strategic agents: “players” who must take into account how their opponents will respond to their own actions. It is a powerful tool for understanding individual actions and social institutions in economics, business, and politics. Students will enhance their analytical thinking and reasoning skills, develop their ability to engage in quantitative analysis and formal problem solving, and hone their ability to think and write with precision and rigor. Specific topics include strategic dominance, Nash equilibrium, subgame perfection, and incomplete information. Prerequisite: Economics 223 and a course in calculus. Four credit hours. HUBBARD
EC393fs Econometrics An introduction to quantitative methods used for the analysis of economic phenomenon, covering the theoretical development of the ordinary least squares regression framework, tools for model specification and estimation, hypothesis testing, methods for correcting errors in parameter estimation, and the analysis of econometric results in the context of a wide range of empirical applications. Through lab exercises and a final empirical project, develops model-building skills, builds confidence in applying econometric methods to real-world data, deepens the understanding of statistical inference, and improves the capacity for communicating econometric results. Prerequisite: Economics 223, Mathematics 231 or 382. Four credit hours. DONIHUE, LAFAVE
[EC471] Seminar: Multinational Corporations Provides students with a perspective on how economists think about and evaluate multinational corporations (MNCs). Why do firms become MNCs? What kind of data exist on the activities of MNCs and where can we find them? What are the determinants of multinational activity? How does the presence of MNCs affect employment, wages, productivity, and technology? Readings, drawn largely from recent empirical research papers, and an original research project will provide a thorough understanding and appreciation of the current evidence on MNC activity and how economic research is conducted and evolves. Oral communication skills are developed through presentations, debates, and class discussion. Prerequisite: Economics 223, 224 and senior standing as an economics or global studies major. Four credit hours.
EC473s Seminar: Economic Forecasting An introduction to time series analysis and the construction and presentation of economic forecasts. Topics include exploratory data analysis, exponential smoothing, ARIMA modeling, econometric modeling, and the analysis of forecast errors. Prerequisite: Economics 393 and senior standing as an economics major. Four credit hours. DONIHUE
EC475s Seminar: Economics of Global Health Exposes students to emerging issues in the economics of global health. By integrating economic theory and recent empirical work using detailed survey data and experiments, we analyze problems facing developing populations and policies aimed at their solutions. We consider extreme poverty and hunger, child mortality, health care delivery and provider quality, and the relationship between income, poverty, and health. Attention will also be given to global health policy and empirical evidence of the success or failure of policies that target maternal and infant health, anemia, HIV, and malaria. Relies heavily on applying concepts covered in statistics, econometrics, and intermediate microeconomics to reading, discussing, and conducting empirical research. Prerequisite: Economics 224 and senior standing as an economics major. Four credit hours. LAFAVE
EC476s Seminar: Economics of Ecosystem Services and Biodiversity Ecosystem services and biodiversity face growing threats, and their loss affects human welfare. We will study the economics of providing, valuing, protecting, and restoring ecosystem services and biodiversity. Students will become familiar with the frontier of research at the intersection of ecosystem services and economics. Each student will undertake an individual research project that will enable them to demonstrate skills in identifying research questions and in using current economic methods to answer the research question. Prerequisite: Economics 224 and senior standing as an economics major. Four credit hours. DISSANAYAKE
[EC477] Seminar: Currency, Banking, and Debt Crises The plethora of currency, banking, and debt crises around the world (especially in emerging markets) has fueled many theories and empirical analyses. An examination of first-generation (fundamentals-based), second-generation (self-fulfilling), and third-generation (contagion) crises, as well as sovereign debt crises and debt sustainability. Prerequisite: Economics 224 and senior standing as an economics or economics-mathematics major. Four credit hours.
EC478f Seminar: U.S. Social Safety Net Many domestic spending programs have a goal of improving the well-being of low-income citizens. What challenges does the government face when designing these programs and how do they alter behavior? Students will read and discuss scholarly research on topics including welfare, Medicaid, education, Social Security, the earned income tax credit, and personal income taxation. Students will also write an original empirical research paper. Emphasis on analyzing existing research and developing new research ideas using differences-in-differences methodology. Prerequisite: Economics 223 and senior standing as an economics major. Four credit hours. GUNTER
EC479f Seminar: Auctions A successfully designed auction depends on the idiosyncrasies of the market being studied. While this makes it difficult to achieve general results, it opens the door to endless applications in need of customized policy advice. Students will learn the core auction formats and some classic theoretical results that provide a benchmark for even the most recent auctions research. They will learn simple empirical strategies that allow these models (and the behavior they predict) to be married with real-world data. Students will develop the tools needed for conducting, and will be required to produce, original auctions research. Prerequisite: Economics 223 and senior standing in Economics. Four credit hours. HUBBARD
EC482ss Senior Thesis A continuation of a year-long research project, beginning with Economics 345 in the fall semester. The completed research is to be presented in written form and as part of a seminar. Prerequisite: Economics 345, senior standing as an economics major, and permission of the sponsor. Four credit hours. DONIHUE
EC484s Senior Honors Thesis A continuation of a year-long research project, beginning with Economics 345. The completed research is to be presented in written form and as part of a seminar. Prerequisite: Economics 345 and successful proposal defense. Four credit hours. FACULTY
EC491f, 492s Independent Study Independent study devoted to a topic chosen by the student with the approval of the department. Prerequisite: Permission of the sponsor. One to four credit hours. FACULTY