Optimization models of the consumer and firm are used to study competitive and noncompetitive markets. Topics in welfare economics, the theory of market failure, tax incidence, and income distribution are discussed. Empirical research based on microeconomic models is reviewed. Prerequisites: Eco 300 and one semester of calculus.
Theories of national output, employment, and prices. Analysis of policies for stabilization and growth. Empirical research and applications are reviewed. Prerequisite: Eco 301.
Study of the strategic interaction among rational agents. Development of the basic analytical tools of game theory, including simultaneous and sequential move games, games with incomplete information, and alternative equilibrium concepts. Applications in fields such as industrial organization, public economics, international trade, and voting. A course project is required.
Eco 506 Economic Analysis and Policy (3)
Application of selected topics in micro and macroeconomic theory to monetary, fiscal, pricing, and regulatory policies. Designed for graduate students in allied social sciences and business who have completed at least one year of basic economics. (Not available for credit to economics majors.)
Eco 509 (Hpm 501) Introduction to Health Policy and Management (3)
This course introduces students to policy analysis and management by examining issues in the health sector. It fosters an appreciation of the complexity of policy problems and provides the basic tools used in policy design, implementation and evaluation.
Eco 510 Mathematics for Economists (3)
Techniques of differentiation, integration, differential equations, difference equations, and linear algebra as used in economic analysis. A research project is required.
Eco 511 (Hpm 511) Economic Analysis for Health Policy and Management (3)
This course introduces students to the basic concepts of economic theory as they are applied to issues in the health sector. Topics include: the supply and demand of health services; resource allocation; the demand for health, health care and health insurance; and the role of government intervention and regulation in the health care market.
Eco 512 (Hpm 612) Applications in Health Policy Analysis and Evaluation (3)
Current issues and research in health policy are analyzed using a political economy framework that builds on tools developed in Hpm 501/Eco 509 and Hpm 511/Eco 511. Policy topics include: Controlling risk and uncertainty in insurance and health care markets, Incentives for profit and non-profit status, Health care quality and cost-containment in fee-for-service and managed care regimes, Rules vs. Incentives for health care delivery, Graduate medical education and malpractice reforms, Industry incentives in technology acquisition, and Equity and ethical dilemmas in efficiency evaluations. Prerequisite: Hpm 501/Eco 509 and Hpm 511/Eco 511.
Eco 519 Economic Surveys and Forecasting (3)
This course introduces the survey methodology in economics and business for forecasting purposes. Surveys include those of households, experts, and establishments. Topics include: Survey data and methodologies, evaluation of survey data and forecasts, use of survey data in time series modeling techniques for forecasting purposes. Discussion of such important macroeconomic indicators as the leading economic indicators, NAPM index, Diffusion Indices, Consumers sentiment, Price and Industrial Production indices, etc. will be included.
Eco 520 Quantitative Methods I (3)
Introduction to quantitative methods in economics. Techniques of data analysis, statistical theory, and linear regression are applied to economic problems.
Eco 521 Quantitative Methods II (3)
Continuation of Eco 520. Econometric extensions of linear regression, forecasting, and methods of analyzing time-series and cross-section data.
Eco 525 Time Series and Forecasting (3)
This course introduces univariate and multivariate time series models for forecasting in economics. Topics include ARIMA, VAR and GARCH models, unit roots and co-integration, out-of-sample forecasting techniques, model selection, response function analysis and variance decompositions, state space models, various non-linear models, Bayesian approaches and forecast evaluation. Use will be made of case studies and real-life applications in business and finance.
Eco 527 Computer Applications in Economics (3)
Introduction to computer use and applications in economics, econometrics, and data analysis. Applications may include spreadsheet software such as Excel and statistical software such as SAS. A course project is required.
Eco 529 Forecasting in the Public Sector (3)
The course offers a comprehensive analysis of the role, importance, and mechanics of economic forecasting in the public sector including the Federal, State governments, and in international organizations like IMF, World bank, and OECD. The quality of these forecasts in relation to private market forecasts will be explored. The importance of long-term and short-term forecasts for revenues, taxes, economic growth, Medicaid and Medicare expenditures, welfare caseloads, transportation, etc. will be studied from the standpoint of planning and budgetary purposes. The role of bias in these forecasts due to economic and political uncertainities, and other institutional factors are analyzed.
Eco 530 Economics of the Public Sector (3)
Theory of the public interest, market failure, equity, and other justification for government expenditure and tax policy. Comparison of political and economic rationale for decision making.
Emergence of fiscal policy, scope of government intervention in the national economy, theories of fiscal policy. Economic goals of stabilization, full employment, growth, and income redistribution. Administration of fiscal policy.
Eco 532 Metropolitan Finances (3)
Metropolitan economics: taxes, fees, bonds, cash management, and state and federal revenue sharing. Delivery of education, housing, and welfare services. Industrial development.
Eco 533 Public Policy Analysis (3)
Benefit-cost analysis, externalities, and the social discount rate; equity, efficiency, and political feasibility of selected tax and expenditure programs.
Eco 540 Comparative Economic Systems (3)
Analysis of capitalism, the mixed economy, socialism, and communism: the ways in which economic activities are organized; the role of monetary and financial institutions; the organization of industry, of agriculture, and of trade; the allocation of resources among competing goals, consumer sovereignty with economic planning. A research project is required. Prerequisites: Eco 100A,B.
Eco 541 Theory and Problems of Economic Development (3)
Historical, descriptive, and analytical approaches to the analysis of underdeveloped countries; the process of economic development; alternative theories and policies of economic growth and development.
Eco 545 International Trade (3)
Theoretical, institutional, and empirical characteristics of trade and capital movements between nations. Review of the pure theories of comparative advantage, gains from trade, commercial policy, and resource transfers. Brief review of modern balance of payments theory and policy questions.
Eco 546 International Finance (3)
The foreign exchange market and international payments are described and analyzed. Emphasis is placed on analyzing the implications of flexible and fixed exchange rate regimes for the stabilization of price levels and employment in small and large countries. Proposals for exchange management and reform of the international monetary system are evaluated. A research project is required.
Eco 560 Monetary and Financial Institutions (3)
Analysis of the monetary and financial institutions of the United States and the transactions that give rise to the money supply and other financial aggregates; the impact of changes in monetary aggregates on the level of economic activity and implications for a monetary policy.
Eco 565 Land and Labor in Latin American Development (3)
This course constitutes an effort to discuss economic issues in Latin America with a multidisciplinary orientation and particularly from the perspectives of anthropology and economics. The selection of topics is not exhaustive but attempts to explore some key areas in the analysis of economic structures and institutions. While the focus is on Latin America and most examples are drawn from that area, most of the theoretical generalizations can be applied to other underdeveloped areas of the world.
Eco 566 Financial Economics (3)
Financial markets, efficient-markets theory, financial panics, choice under uncertainty, risk aversion, portfolio choice, capital-asset pricing model, futures, options, flow of funds, saving and investment. Financial economic development, government debt, international debt, term structure of interest rates, interest rate forecasting. Prerequisite: Eco 301 or Eco 350.
Eco 580 Special Topics in Economics (1-3)
Special topics in economics will be selected for detailed examination. Topics may vary from semester to semester. May be repeated for credit.
Eco 581 Environmental Economics (3)
Environmental pollution, social costs, population control, zoning, economics of public health, conservation of endangered species, natural wonders and artifacts, natural resource exhaustion, and end of progress hypotheses are examined and analyzed. A research project is required.
Eco 590 Internship in Forecasting (3)
Experience in the application of forecasting techniques in government, business, or the nonprofit sector.
Eco 592 Seminar in Economic Forecasting (3)
Theory and application of forecasting techniques in the public and private sectors. A research paper is required. Prerequisite: Consent of department.
Rigorous analysis of models of consumers and firms and their interaction in markets. Topics: optimization, uncertainty, perfect and inperfect competition, game theory. Prerequisite: Multivariable calculus, linear algebra, intermediate microeconomics or equivalent.
This course surveys the major schools of thought in macroeconomics, including Classical, Keynesian, New Classical, and modern Keynesian models. Mathematical model building receives considerable attention. A unifying theme is a comparison of the effects of monetary and fiscal policy in alternative models.
Eco 610 Mathematical Economics I (3)
Real analysis and linear algebra are developed and applied in optimization theory, comparative statics, and stability analysis in economics. Prerequisites: Two terms of calculus or equivalent.
Introduction to econometrics, including the discussion of probability and distribution theory and their use in developing methods of hypothesis testing, parameter estimators, and the regression model. Prerequisite: A year calculus course.
The single equation linear regression model in a matrix algebra context and its application to economic problems. Ordinary least squares, generalized least squares, and other extensions of the standard model. Single equation regression under special conditions and development of the multiple equation linear regression model. Prerequisite: Eco 620 or equivalent.
Eco 660 Monetary Economics (3)
Theories and empirics of money supply and demand, objectives, tools, targets, and indicators of monetary policy and its effectiveness. Prerequisite: Eco 601.
Eco 670 Economics of Regulation and Antitrust (3)
Analysis of various methods by which the government attempts to control the economic performance of the private sector. Prerequisite: Eco 300.
Eco 697 Independent Study (1-3)
Guided study in selected topics for master's students. Prerequisite: Consent of departmental advisor.
Analysis of interaction among firms, consumers and governments. Topics: perfect and imperfect competition, imperfect information, externalities, general equilibrium, welfare theory. Prerequisites: Eco 600.
This course surveys major topics in macroeconomics, including theories of consumption, investment, inflation, asset pricing.
Eco 710 Mathematical Economics (3)
General equilibrium theory, game theory, economics of uncertainty, and other topics.
Advanced simultaneous equations estimation and testing procedures; models that use both cross-section and time-series data, varying parameter models; diagnostic tests, model selection and pre-test estimators; non- linear regression models; time-series and distributed lag models; introductory Bayesian methods. Prerequisite: Eco 621.
Eco 721 Applied Econometrics (4)
Application of the single and multiple equation regression models to the estimation and testing of specific economic theories using both micro and macro data; advanced econometric forecasting and business cycle analysis; selected topics of current interest are discussed. Prerequisite: Eco 720.
Market failures and the collective decisions that must be made in their wake, public goods, Tiebout hypothesis, externalities, and income distribution.
Theory and practice of taxation, tax incidence, optimal taxation, theory of regulated firms and decision rules for government investment.
Eco 741 Economics of Development I (3)
A rigorous introduction emphasizing (1) major themes and debates in the literature, (2) micro and macroeconomic modeling of development processes, and (3) review of empirical evidence. Topics include the economic theory of accumulation, growth and distribution; transformation of traditional agriculture; the microeconomics of rural development; and the role of international trade in development.
Eco 742 Economics of Development II (3)
Continuation of Eco 741 focusing on recent advances in some of the following areas: models of structural change, development strategies analyzed in general terms or in the context of specific countries, agrarian organization and systems of land tenure, labor markets and human resource development, financing of development and trade policies.
Eco 745 Theory of International Economics (3)
Advanced analysis of the pure theories of trade, commercial policy and resource transfers, and the theories of balance of payments adjustment and policy. Students are expected to be able to employ the tools of calculus and linear algebra in economic analysis.
Eco 746 International Monetary Economics (3)
This course surveys modern open economy macroeconomic models, including the Mundell-Fleming model, the monetary and asset market approaches, and modern models grounded in microfoundations. It also covers special topics of current interest, such as purchasing power parity, interest rate parity, international policy coordination, and collapsing exchange rate systems.
Theoretical and empirical analysis of the supply and demand for labor, human capital and the education-income nexus, wage differentials, discrimination, job search, unemployment, and other problems.
This course investigates the role of money in a macroeconomy. Topics include microfoundations of money demand, real effects of money in alternative models, asset pricing, and nominal rigidities.
Eco 797 Independent Study and Research (2-6)
Guided study in selected topics for doctoral students. Prerequisite: Consent of departmental advisor.
Eco 798 Advanced Research Topics (2-5)
This course focuses on a small number of research topics selected by the student and his/her advisor. The objective is to provide the advanced training needed for research on a particular subject. Research paper required.
Eco 800 Workshop in Microeconomics (4)
Forum for the presentation and discussion of students' research proposals, work in progress and research results in applied and theoretical microeconomics. A total of 8 workshop credits may be applied to the doctoral degree.
Eco 801 Workshop in Macroeconomics (4)
Forum for the presentation and discussion of students' research proposals, work in progress and research results in applied and theoretical macroeconomics. A total of 8 workshop credits may be applied to the doctoral degree.
Eco 802 Advanced Topics in Theory and Econometrics (3)
Selected advanced topics in economic theory and econometrics are investigated.
Eco 803 Advanced Topics in Applied Economics (3)
Selected advanced topics in applied economics are investigated.
Eco 820 Workshop in Econometrics (4)
Forum for the presentation and discussion of students' research proposals, work in progress and research results in applied and theoretical econometrics. A total of 8 workshop credits may be applied to the doctoral degree.
Eco 899 Doctoral Dissertation (3-12 L.E.U.)
Prerequisite: Completion of all courses.