91987

ECON 100 A

Principles of Economics

Michael Martell

M W 10:10 am-11:30 am

OLIN 205

SSCI

Cross-listed: Economics & Finance; Environmental & Urban Studies; 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

91990

ECON 100 B

Principles of Economics

Pavlina Tcherneva

T Th 10:10 am-11:30 am

ALBEE 106

SSCI

See above. Class size: 22

91985

ECON 100 C

Principles of Economics

Olivier Giovannoni

T Th 1:30 pm-2:50 pm

HEG 102

SSCI

See above. Class size: 22

91980

ECON 100 D

Principles of Economics

Kris Feder

M W 3:10 pm-4:30 pm

HEG 106

SSCI

See above. Class size: 22

91991

ECON 200

Money and Banking

Pavlina Tcherneva

T Th 1:30 pm-2:50 pm

OLIN 205

SSCI

Cross-listed: Economics & Finance; Global & International Studies An examination of the role of money and financial intermediaries in determining aggregate economic activity. Interactions of savers, investors, and regulatory authorities in domestic and international capital markets are analyzed, and the linkage between the financial system and the real economy traced. The functions of central banks, commercial banks, securities dealers, investment banks, and other intermediaries are covered in detail. The debate over the goals, tools, indicators, and effectiveness of monetary policy is considered in the light of current national and international economic problems. Prerequisite: ECON 100 or ECON 102. Class size: 20

91988

ECON 201 A

Intermediate Microeconomics

Aniruddha Mitra

M W 8:30 am-9:50 am

OLIN 205

SSCI

Cross-listed: Economics and 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

92403

ECON 201 B

Intermediate Microeconomics

Aniruddha Mitra

T Th 8:30 am-9:50 am

OLIN 205

SSCI

See above.

91982

ECON 211

History of Economic Thought in the 20^th century

Olivier Giovannoni

W F 10:10 am-11:30 am

OLIN 204

SSCI

The course explores the ideas of the greatest economic thinkers of the 20th century. We introduce the important ideas, present the context during which they were developed, and we compare those ideas. We cover economists such as Marshall, Keynes, Hayek, Sraffa, Veblen, Schumpeter, Galbraith and Nobel Prize recipients Samuelson, Friedman, Sen, Stiglitz and Krugman; schools of thought such as the New Keynesians, Post-Keynesians and New Classicals; and issues such as the business cycle, unemployment, inflation, free markets, and the role of governments. We emphasize the diversity of economic thought, and will allow you to better understand the origins of contemporary economic debates. History of Economic Thought I is a natural complement but not a prerequisite. Prerequisite: Econ 101 and 102 or permission of the instructor. Class size: 22

91986

ECON 214

Labor Economics

Michael Martell

T Th 10:10 am-11:30 am

OLIN 205

D+J

HIST

Cross-listed: American Studies; Gender and Sexuality Studies This course focuses on the economic forces and public policies that affect employment and wages. We examine theoretical models of labor markets and how well they hold up to real-world empirical data. Topics emphasized include labor demand and supply, minimum wage laws, theories of unemployment, job search and matching models, family and life-cycle decision-making, human capital, efficiency wage theory, compensating wage differentials, worker mobility and migration, unions, and discrimination. Prerequisite: Economics 100.

Class size: 22

91977

ECON 218

Asian Economic History

Sanjaya DeSilva

T Th 3:10 pm-4:30 pm

OLIN 204

HIST

Cross-listed: Asian Studies; Global & International Studies This course surveys the historical events and circumstances that have shaped the economic landscape of modern Asia. We begin in the nineteenth century when European contact had initiated a process of dramatic change throughout the continent; Japan began a process of unprecedented modernization, China confronted a series of internal conflicts and external threats, and much of the rest of the continent was absorbed directly into the colonial economy. We then compare the trajectories of economic change during the twentieth century. Particular attention is paid to the various economic models pursued in the region, including the colonial export economy of Southeast Asia, export-oriented industrialization in Japan, South Korea and Southeast Asia, import-substituting industrialization in India, and the communist economy of Mao’s China and mainland Southeast Asia. The regions covered are East Asia, Southeast Asia and South Asia. Prerequisite: Econ 100 or prior coursework in Asian Studies. Class size: 22

91981

ECON 226

Urban and Regional Economics

Kris Feder

M W 11:50 am-1:10 pm

HEG 106

SSCI

Cross-listed: American Studies; Environmental & Urban Studies; Science, Technology & Society An introduction to the economic analysis of the spatial distribution of human behavior, addressing such questions as: Where and why do cities arise--why do people cluster their homes and workplaces together in certain places? What factors determine the market allocation of land among users, and the variations in land value from place to place? What determines the size, density, and number of urban areas? What are the causes and consequences of suburbanization and sprawl, so evident in the US and Canada in recent decades? The spatial structure of cities and of regional systems of cities is analyzed from the perspective of economic theory. Also, contemporary urban problems are examined from an economic point of view: housing and homelessness; crime; transportation; social services; segregation; inner-city blight. Particular attention is paid to historical patterns of urbanization and to the causes and consequences of urban sprawl in the US. Prerequisite: ECON 100 or the equivalent. Class size: 22

91978

ECON 229

Introduction to Econometrics

Sanjaya DeSilva

T Th 11:50 am-1:10pm

ALBEE 106

MATC

Cross-listed: Economics & Finance; Environmental & Urban Studies; Global & International Studies This is the first of a two-course sequence designed to explore the tools economists use to summarize and interpret data. The first half of the course introduces the concepts of random variables, probability distributions, sampling, descriptive statistics and statistical inference. The second half of the course 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

91983

ECON 232

International Macroeconomics & Finance

Olivier Giovannoni

W F 1:30 pm-2:50 pm

HEG 102

SSCI

Cross-listed: Economics & Finance; Global & Int’l Studies The course combines international macroeconomics (exchange rates) and international finance (financial flows, markets and institutions). We present the important identities, definitions and theories, and stress real world examples and policy options. The typical questions addressed are: What’s special about the case of an open economy? What’s an exchange rate, and how does it affect our economies and policies? What are the pros and cons of a flexible/fixed exchange rate system? What are FDIs? What is a balance-of-payments crisis? Why do countries default or go bankrupt? What are the roles and actions of institutions such as the Central Bank and the IMF? What is an optimum currency area? Is the Euro a viable enterprise?Numerous real-world examples are presented and the current policy debates are explored. Highlights include trade with China, global imbalances, the policy options and challenges for developing countries--and a special emphasis on the Greek/Eurozone crisis. The objective of the class is to apply the tools and models presented to think analytically and critically about international events. Class size: 22

91993

ECON 238

CAN YOU AFFORD TO GROW OLD? Social Security, Pensions and medical Care in an aging society

L. Randall Wray

M W 3:10 pm-4:30 pm

OLIN 203

SSCI

This course explores the financial challenges facing individuals and society as a whole as the nation ages. Some experts estimate the “unfunded entitlements” due largely to Social Security and Medicare to total many tens of trillions of dollars. Many young people today fear that Social Security will go bankrupt long before they will reach retirement age. Costs of medical care continue to grow faster than GDP. Many private pensions are underfunded, and employers are switching from defined benefit plans to risky defined contribution plans. Will we be able to take care of growing numbers of seniors? If Social Security fails, will you have to support your own parents? Will you be able to accumulate enough retirement savings to see you through your “golden years”? How has “Obamacare” ameliorated gaps in our healthcare system? Does the proposal pushed by Bernie Sanders to extend Medicare-like coverage to all Americans make sense? This course examines the demographics, the finances, and the public policy aspects of these issues.

Class size: 22

91994

ECON 291

Foundations of Finance & InvestmEnts

TBA

M W 11:50 am-1:10 pm

HEG 201

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

91992

ECON 304

Macroeconomic Stability

Pavlina Tcherneva

W 1:30 pm-3:50 pm

OLIN 307

SSCI

This course will examine the nature of economic instability and financial crises in modern history and the Keynesian contributions to macroeconomic stabilization policy. Students will be introduced to John Maynard Keynes’s investment theory of the business cycle and Hyman P. Minsky’s financial theory of investment. We will grapple with the controversial question of government intervention by examining the theoretical justifications for and against intervention, the optimal level of intervention, and the effects of complete absence of intervention. We will also discuss specific economic policies that deal with important problems such as inflation, unemployment, poverty, financial crises, and other. The relative effectiveness of monetary and fiscal policies will also be discussed. Prerequisite: ECON 202 . Class size: 15

91989

ECON 317

Industrial Organization

Aniruddha Mitra

M W 1:30 pm-2:50 pm

ALBEE 106

SSCI

Cross-listed: Economics & Finance Industrial organization is the study of how industries function and how firms interact within an industry. While this is part of the general agenda of microeconomics, industrial organization distinguishes itself by its emphasis on the study of firm behavior in imperfectly competitive markets. The primary objective of this course is to investigate how firms acquire market power or the ability to influence the price of their product; the strategic behavior of firms that possess market power; and the effect of policy intervention in such industries. Prerequisite: Economics 201

Class size: 15

91979

ECON 321

Seminar in EconomicDevelopment

Sanjaya DeSilva

M 3:10 pm-5:30 pm

OLIN 309

SSCI

Cross-listed: Environmental & Urban Studies; Global & International Studies; Human Rights The goal of this seminar is to introduce upper college students to the current academic literature on economic development. We will focus on two very different research directions that development economists have pursued in recent years. The first literature asks “big” questions on why some economies are less developed than others, focusing on long-term historical, ecological and political determinants. Relying on innovative policy experiments, the second literature attempts to answer “small” questions on whether a specific policy intervention (e.g. micro loans) can help improve a specific development outcome (e.g. small business growth). Students are expected to write an original research paper that draws on both traditions to address a specific development problem or policy. Prerequisites: Econ 229 and Econ 201, 202 or 221. Class size: 15