92210

ECON 100 A

 Principles of Economics

Pavlina Tcherneva

  W  F  11:50 am-1:10 pm

ALBEE 106

SA

SSCI

Cross-listed: Economics & Finance; Global & International Studies   This course is a one-semester introduction to the essential ideas of economic analysis. The microeconomics component of the course develops the basic model of consumer and firm behavior, including demand and supply, in the context of an idealized competitive market and examines several ways in which the real world deviates from this model—including monopoly and other forms of imperfect competition; information problems; minimum wages and other price controls; taxes; and government regulation. The macroeconomics component studies the aggregate behavior of modern economies - the factors leading to economic growth, explanations of booms and recessions, unemployment, interest rates, inflation, and budget deficits or surpluses – and the government’s ability (or inability) to use monetary and fiscal policies to achieve economic goals such as full employment and price stability. This course replaces the two-semester introductory microeconomics and macroeconomics sequence and is the foundational course in the economics curriculum. Prerequisite: passing score on Part I of the Mathematics Diagnostic.  Class size: 22

 

92211

ECON 100 B

 Principles of Economics

Aniruddha Mitra

M  W  10:10 am-11:30 am

OLIN 205

SA

SSCI

See above.  Class size: 22

 

92212

ECON 100 C

 Principles of Economics

Aniruddha Mitra

M  W  1:30 pm-2:50 pm

OLIN 205

SA

SSCI

See above.  Class size: 22

 

92213

ECON 100 D

 Principles of Economics

Liudmila Malyshava

T  Th  10:10 am-11:30 am

FISHER ANNEX

SA

SSCI

See above.  Class size: 22

 

92209

ECON 114

 Economics for Planet Earth

Kris Feder

 T  Th 3:10 pm-4:30 pm

ALBEE 106

SA

SSCI

Cross-listed: American Studies; Environmental & Urban Studies  Congress' Green New Deal Resolution of February 2019 observes that "the United States is currently experiencing several related crises," including "climate change, pollution, and environmental destruction"; "a four-decade trend of economic stagnation, deindustrialization, and anti-labor policies"; "the greatest income inequality since the 1920s"; national security threats; and declining life expectancy, health, education, and quality of life for many Americans. The GND calls for a massive national mobilization of resources over ten years, with participation at every scale—the federal government, state and local governments, community organizations, labor unions, businesses, and families. This course explores the multiple feedback loops among these several crises and examines how policies might be designed to mobilize the private sector to address them. What systematic reforms might align private incentives, enterprise, and profit-seeking with public goals of environmental sustainability, social justice, and economic prosperity? What institutions might protect the rights of future generations? We develop and apply principles of economic analysis to address these questions. Class size: 22

 

92214

ECON 201

 Intermediate Microeconomics

Aniruddha Mitra

 T  Th 10:10 am-11:30 am

OLIN 205

SA

SSCI

Cross-listed: Economics & Finance  Microeconomics is the study of how individual economic units (households and firms) interact to determine outcomes (allocation of goods and services) in a market setting. In this course, we attempt to achieve the following three objectives: (1) Understand all the concepts covered in Introduction to Microeconomics in terms of mathematics; (2) Study advanced topics such as choice under uncertainty and information asymmetry that have traditionally relied on mathematics for illustration of ideas; and (3) Learn how to use mathematics to conduct in-depth economic analysis. In order to meet the last objective, we will devote most of the weekly “lab” sessions toward problem solving. During the lab sessions, students are expected to take turns explaining how to solve a particular problem to the rest of the class. A firm grasp of the materials covered in this course is essential to reading economics journal articles and pursuing advanced studies in economics.   Prerequisites: Calculus I and ECON 100. Class size: 22

 

92215

ECON 202

 Intermediate Macroeconomics

Pavlina Tcherneva

  W  F  10:10 am-11:30 am

ALBEE 106

SA

SSCI

Cross-listed: Global & International Studies  This course is the continuation of the introductory macroeconomics course. In it, students will get acquainted with main models that macroeconomists use to analyze the way economies behave. The course starts by looking at the models that explain long run economic growth. We then focus our attention on investigating economic theories that explain short run business cycles, the periods of recessions and booms that occur on a regular basis. An important part of the course is to investigate the role of governments in affecting the long run and short run economic prospects of their countries. We apply the acquired theoretical knowledge to a range of current economic issues, including budget deficits and national debt, international trade, and the role of institutions.  Prerequisite: either ECON 100, or the combination ECON 101 / ECON 102, MATH 110.   Class size: 20

 

92216

ECON 204

 National Economic Policy

Larry Randall Wray

M  W  10:10 am-11:30 am

HEG 106

SA

SSCI

This course will examine selected macroeconomic policies employed in the US and around the world to address issues of unemployment, poverty, inflation and economic instability. Often policy decisions are guided by much more than pure economic theory; political considerations, national interests, social concerns, global trends also drive policy. We will study the confluence of these forces along with the institutions and structures, which enable them. The objective is to investigate the macroeconomic impact of these policies and identify the ones that are viable and sustainable.  Class size: 25

 

92217

ECON 205

 Mathematical Economics

Kris Feder

 T  Th 11:50 am-1:10 pm

ALBEE 106

MC

MATC

This introduction to the use of elementary calculus and linear algebra in economic theory provides the basic mathematical skills necessary to approach the professional econom¬ics literature. Emphasis is on formulating economic problems and building economic models in mathematical language. Applications are based upon familiar micro- and macroeconomic models. Topics include equilibrium analysis, comparative-static analysis, and optimization problems.   Prerequisites: ECON 100 and MATH 141.  Class size: 22

 

92218

ECON 213

 Economic Transition from Socialism to a market-based system

Liudmila Malyshava

T  Th  1:30 pm-2:50 pm

HEG 106

HA

HIST

Cross-listed: Global & International Studies; Russian Studies  This course explores one of the major events in the economic history of the 20th century: the collapse of the socialist system in the countries of the former Soviet Union, and Central and Eastern Europe, and their transition to market – based economies. We will start the course by investigating the causes of the collapse of the socialist system. We will then identify similarities and differences in the economic environments of the countries in this seemingly homogeneous group. Important objectives of this course are to analyze economic challenges associated with the transition process and to investigate policy tools that these countries have used to address these challenges. To achieve these objectives, we will study a range of topics, which include privatization, price liberalization, inflation, unemployment, changes in the composition of output, national debt and budget deficits, informal economy, and the fight against corruption, among other topics. An important emphasis will be placed on the impact of the economic transformation on social indicators such as income distribution, poverty, education, and health.  This course satisfies the economic history requirement for the economics major.  Prerequisite: One Economics course, or permission of the instructor.  Class size: 20

 

92219

ECON 221

 Economic Development

Sanjaya DeSilva

 T  Th 11:50 am-1:10 pm

HEG 204

SA

SSCI

Cross-listed: Africana Studies; Asian Studies; Environmental & Urban Studies; Global & International Studies; Human Rights; Latin American Studies; Science, Technology, Society  This course explores the economic conditions and problems faced by what economists call the "developing world". We begin by critically examining various definitions of economic development. The rest of the course is divided into three parts: the first part explores several key manifestations of development such as economic growth, industrialization, urbanization, globalization, inequality and poverty; the second part examines institutional determinants of development, including markets, political systems and culture; the third part deals with policies designed to address specific development goals, such as providing education, promoting gender equity or expanding access to financial markets. Classroom discussions will be supplemented by several book reports and discussions on popular contemporary books on development, and a semester-long case study each student will carry out on development experiences of a country of their choice. Prerequisites: ECON 100.  Class size: 22

92220

ECON 226

 Urban  Economics

Kris Feder

M  W  3:10 pm-4:30 pm

HEG 106

SA

SSCI

Cross-listed: American Studies; Environmental & Urban Studies; Science, Technology, Society  Where, why, and how do cities arise, develop, mature, stagnate, and decline? What determines the market allocation of land among uses? What accounts for the enormous variation in land value from place to place? What are the causes and consequences of suburbanization and urban sprawl? This course applies economic principles to the analysis of the spatial distribution of human activities. Topics include the ubiquity of urbanization and localization externalities; synergies between public infrastructure and private capital; impacts of urban fiscal policies; and economic approaches to problems such as housing affordability, racial segregation, public transportation, and urban food deserts.  Prerequisite: ECON 100.

Class size: 22

 

92221

ECON 229

 Introduction to Econometrics

Sanjaya DeSilva

M  W  3:10 pm-4:30 pm

ALBEE 106

MC

MATC

Cross-listed: Economics & Finance; Environmental & Urban Studies; Global & International Studies  This course explores the tools economists use to summarize and interpret data. The first half of the semester introduces the concepts of random variables, probability distributions, sampling, descriptive statistics and statistical inference. The second half focuses on simple and multiple regression analysis. The emphasis is on acquiring a practical knowledge of econometric methods (theoretical foundations and advanced techniques are covered in Econ 329); students will learn how to organize and analyze data using Excel and STATA, how to read and interpret published empirical research, and how to carry out an empirical research project. This course fulfills the statistical methods requirement for the economics major. Prerequisite: Economics 100 and Pre-calculus.  Class size: 18

 

92222

ECON 291

Foundations:Finance/Investmnts

Leanne Ussher

M  W  11:50 am-1:10 pm

HEG 106

SA

SSCI

Cross-listed: Economics & Finance  This course explores the foundations of the pricing of financial instruments and the structure and organization of financial markets. Methods will be developed to analyze and measure financial performance, price stocks and bonds, evaluate portfolios and understand financial derivatives as these relate to financial data. Additional topics include the investment decision-making process; trading practices; risk assessment and diversification. This course involves a substantial amount of statistical analysis and calculation, but no prior knowledge of statistics is required.  Class size: 22

 

92223

ECON 329

 Advanced Econometrics

Gautam Sethi

 T  Th 3:10 pm-4:30 pm

ALBEE 102

MC

SSCI

Cross-listed: Economics & Finance  In his 2014 State of the Union address, President Obama bemoaned that in the United States women get paid only 77% of the wages earned by men for comparable work, a claim that involves comparing two population means and tested using sample data. While such a comparison might seem straightforward, it is actually hard because other factors -- how sample data are collected, which individuals choose to participate in the labor market, variations in their education and family background etc. -- are likely to affect the sample means. Using sophisticated methods, econometrics allows analysts to cleverly isolate the effect of the wage gap due to gender alone. It is this last aspect that makes econometrics both challenging and exciting, and this course promises to take you on an exciting sleuthing journey at the end of which you could expect to develop the skills of a thoughtful data detective.  Class size: 15

 

92224

ECON 354

 Women and the Economy

Pavlina Tcherneva

   Th    10:10 am-12:30 pm

HEG 106

SA

D+J

SSCI

DIFF

Cross-listed: Gender and Sexuality Studies  This interdisciplinary seminar examines the multiple forms of marginalization women experience in the economy, along dimensions of race, class, age, and sexual orientation. Although the focus is on women, the course necessarily addresses the role of men in the labor market, and the economic challenges faced by families and children. The course has two main objectives. The first is to introduce students to different theoretical approaches and methodologies for analyzing labor markets, household production, pay practices and other economic outcomes that affect various socioeconomic groups. The second is to use the different theoretical lenses for analyzing key policy concerns such as pay differentials, discrimination, comparable worth policies, unpaid care burden, labor force participation, poverty and other. The seminar will introduce students to  advanced academic literature and policy-relevant papers to help them improve their research and writing skills.  Class size: 16

 

92225

ECON 390

 Contemporary Developments in Finance

Leanne Ussher

M        3:10 pm-5:30 pm

OLIN 301

SA

SSCI

Cross-listed: Economics & Finance   The seminar will contrast the academic analysis of financial economics with the coverage it receives in the newspapers and on the nightly newscast. The stories on the news are almost always connected with people, whether we observe them shouting bids in a trading floor or talking on two phones simultaneously. Financial markets are dominated by people behaving in many different ways. Yet traditional finance theories concentrate on efficient markets, predictable prices that are determined by the concepts of present value, rates of return and analysis and pricing of computable risks. Human behavior has neither a place in the theory nor a need to be studied. This prevailing view has recently been challenged by the new paradigm of behavioral finance that considers the many anomalies of "rational" behavior and "efficiency" of markets. The new paradigm concerns itself with economic decision-making and investor psychology, and specifically with questions relating to how and why people exhibit a mixture of rational and irrational behavior. The seminar will examine the influence of economic psychology in the decision-making process of various agents as well as in the market's dynamics. Several guest lecturers will also offer their informed views in the development of contemporary finance.  Class size: 16

 

 

The following graduate level courses are open to eligible students pursuing the 3+2 or 4+1 MS/MA degree in Economic Theory and Policy at the Levy Institute

 

92226

ECON 501

 ADVANCED MICROECONOMICS: VALUE, DISTRIBUTION, AND ECONOMIC WELL-BEING

Ajit Zacharias

TBD

 

This course provides an exposition of the analytical foundations of the classical (surplus) and neoclassical (marginalist) traditions in the theory of value and distribution. Given its dominance in contemporary economics, the latter tradition is emphasized in this course. The historical development of the marginalist theory of value is considered, as are critiques that focus on issues regarding its internal coherence and methodological difficulties. The remainder of the course examines the measurement of economic well-being and deprivation, including the substantive issues related to the determinants of the standard of living. Topics include Lorenz curves, social welfare functions, inequality indices, and poverty indices.

 

92227

ECON 502

 ADVANCED MACROECONOMICS

L. Randall Wray

TBD

 

The primary objective of macroeconomic analysis is to explain the phenomena of aggregate movements in output, employment, and the price level. This course examines the intellectual influences that have shaped the development of macroeconomic theory and policy since the beginning of the 20th century. Students acquire the skills needed to: 1) identify the main theoretical and methodological differences among competing approaches; 2) discuss the empirical evidence supporting each approach; and 3) explain why particular policy instruments are considered appropriate (or inappropriate) for achieving macroeconomic stability. Prerequisite: Intermediate Macro.

 

92230

ECON 511

 HISTORY OF ECONOMIC THOUGHT

Dimitri Papadimitriou

TBD

 

The focus of this course is an examination of the “contest” between classical political economy and neoclassical theory  in the context of their respective historical developments. Following an investigation into the origins and  development of classical theory  through Ricardo, we shall turn to the neoclassical challenge with emphasis on Jeremy Bentham and  Jean Baptiste Say. The post-Ricardian reaction of the 1820–1850 period will be given significant attention, followed by an examination of the marginalist revolution of the 1870s. Twentieth century advances will be surveyed, and  the work of Keynes and  the post-WWII period will be given close scrutiny. In all this, relationships between earlier theory  and  current debates/controversies will be highlighted.

 

92231

ECON 517

 POVERTY, INEQUALITY, AND WEALTH

Thomas Masterson

TBD

 

This course covers the various theoretical and empirical approaches to the measurement of economic well-being, poverty, and inequality, both in the United States, as well as more globally, touching on the most recent debates about poverty measurement and comparisons across countries, as well as measures developed at the Levy Institute. It considers characteristics of the distribution of income, consumption,and wealth, and their relative usefulness in terms of assessing the inequality of economic well-being and studies the disparate experiences of poverty and inequality by race and gender both within and across global regions. In addition, the course examines the impact of economic structures, policy, and development on poverty and inequality. Both mainstream and heterodox theoretical approaches to explaining poverty and inequality will be covered.