Department of Economics
The Graduate ProgramMA in Economics
MA in Economic Policy
Dual Degree MA/MBA Program
MA in Political Economy and PhD in Economics
Courses
Dissertation Workshops
Directed Study
The following list reflects the 2007/2008 faculty.
Chair Kevin Lang
Associate Chair Michael Manove
Faculty
Marianne Baxter Professor of Economics, College of Arts & Sciences. BA, University of Rochester; PhD, University of Chicago
Maristella Botticini Associate Professor of Economics, College of Arts & Sciences. Laurea (Hons.), Universitá Bocconi (Italy); PhD, Northwestern University
Christophe Chamley Professor of Economics, College of Arts & Sciences. MSc, Université Louis Pasteur (Strasbourg I) (France); PhD, Harvard University
Peter B. Doeringer Professor of Economics, College of Arts & Sciences and School of Management; Associate Dean for Faculty, College of Arts & Sciences; Senior Research Associate, Institute for Economic Development, Graduate School of Arts & Sciences. AB, Harvard College; MA, PhD, Harvard University
Randall P. Ellis Professor of Economics, College of Arts & Sciences. BA, Yale University; MS, London School of Economics (England); PhD, Massachusetts Institute of Technology
Larry Epstein Professor of Economics, College of Arts & Sciences. PhD, University of British Columbia
Iván Fernández-Val Assistant Professor of Economics, College of Arts & Sciences. BA, Universidad de Zaragoza (Spain); BA, Universidad del Pais Vasco (Spain); MA, Centro de Estudios Monetarios y Financieros (Spain); PhD, Massachusetts Institute of Technology
Simon Gilchrist Associate Professor of Economics, College of Arts & Sciences. BS, Iowa State University; MS, PhD, London School of Economics (England)
François Gourio Assistant Professor of Economics, College of Arts & Sciences. BA, Ecole nationale de la statistique et de l’administration économique; MSc, London School of Economics (England); PhD, University of Chicago
John R. Harris Professor of Economics, College of Arts & Sciences; Senior Research Associate, Institute for Economic Development, Graduate School of Arts & Sciences. BA, Wheaton College; MA, PhD, Northwestern University
Hsueh-Ling Huynh Director, Master’s Programs; Assistant Professor of Economics, College of Arts & Sciences. BA (hon.), University of Cambridge (England); PhD, University of California, Berkeley
Todd Idson Director of Undergraduate Studies; Associate Professor of Economics, College of Arts & Sciences. PhD, Columbia University
Leroy Jones Professor of Economics, College of Arts & Sciences; Research Associate, Institute for Economic Development, Graduate School of Arts & Sciences. BA, University of Washington; MA, American University; PhD, Harvard University
Robert G. King Professor of Economics, College of Arts & Sciences. BA, PhD, Brown University
Laurence J. Kotlikoff Professor of Economics, College of Arts & Sciences. BA, University of Pennsylvania; MA, PhD, Harvard University
Kevin Lang Chair, Department of Economics; Professor of Economics, College of Arts & Sciences. BA, St. Catherine’s College; MSc, University of Montreal (Canada); PhD, Massachusetts Institute of Technology
Barton Lipman Professor of Economics, College of Arts & Sciences. PhD, University of Michigan
Robert E. B. Lucas Professor of Economics, College of Arts & Sciences; Senior Research Associate, Institute for Economic Development, Graduate School of Arts & Sciences. BSc, MSc, London School of Economics (England); PhD, Massachusetts Institute of Technology
Ching-To (Albert) Ma Director, Industry Studies Program; Professor of Economics, College of Arts & Sciences. BSocSc, University of Hong Kong (China); PhD, London School of Economics (England)
Michael Manove Associate Chair, Department of Economics; Professor of Economics, College of Arts & Sciences. BA, Swarthmore College; MA, Harvard University; PhD, Massachusetts Institute of Technology
Robert Margo Professor of Economics; Professor of African American Studies, College of Arts & Sciences. AB, University of Michigan; AM, PhD, Harvard University
Jianjun Miao Assistant Professor of Economics, College of Arts & Sciences. BS, University of Science and Technology of China (China); MA, Lingnan College, Zhongshan University (China); MA, Queen’s University (Canada); MA, PhD, University of Rochester
Dilip Mookherjee Director, Institute for Economic Development; Professor of Economics, College of Arts & Sciences. BA, Presidency College, Calcutta (India); MSc, PhD, London School of Economics (England)
Zvika Neeman Associate Professor, College of Arts & Sciences. BSc, MA, Tel Aviv University (Israel); PhD, Northwestern University
Andrew F. Newman Professor of Economics, College of Arts & Sciences. AB, Harvard College; AM, PhD, Harvard University
Jawwad Noor Assistant Professor of Economics, College of Arts & Sciences. BSc, University of London (England); MA, PhD, University of Rochester
Claudia Olivetti Assistant Professor of Economics, College of Arts & Sciences. Laurea, University of Rome “La Sapienza” (Italy); MA, PhD, University of Pennsylvania
Daniele Paserman Associate Professor of Economics, College of Arts & Sciences. PhD, Harvard University
Gregory Pavlov Assistant Professor of Economics, College of Arts & Sciences. BS, Novosibirsk State University (Russia); MA, Central European University (Hungary); PhD, Northwestern University
Pierre Perron Director of Graduate Studies; Professor of Economics, College of Arts & Sciences. BA, McGill University (Canada); MA, Queen’s University (Canada); PhD, Yale University
Zhongjun Qu Assistant Professor of Economics, College of Arts & Sciences. PhD, Boston University
Leena Rudanko Assistant Professor of Economics, College of Arts & Sciences. PhD, University of Chicago
Marc Rysman Associate Professor of Economics, College of Arts & Sciences. BA, Columbia University; MSc, PhD, University of Wisconsin-Madison
Pankaj Tandon Associate Professor of Economics, College of Arts & Sciences. BA, MA, University of Delhi (India); PhD, Harvard University
Adrien Verdelhan Assistant Professor of Economics, College of Arts & Sciences. Engineering deg., Ecole Supérieure d’Electricité (France); BA, Université Paris I, Sorbonne (France); PhD, University of Chicago
Sujata Visaria Assistant Professor of Economics, College of Arts & Sciences. BA, University of Delhi (India); MA, Delhi School of Economics (India); MA, MPhil, PhD, Columbia University
Ingo Vogelsang Professor of Economics, College of Arts & Sciences. MA, Dr. rer. pol., Ruprecht-Karl-Universität Heidelberg (Germany)
Andrew M. Weiss Professor of Economics, College of Arts & Sciences. BA, Williams College; PhD, Stanford University
Affiliated Faculty
Joseph F. Brodley Professor of Economics, College of Arts & Sciences. BA, University of California, Los Angeles; LLB, Yale School of Law; LLM, Harvard Law School
Jacob Glazer Visiting Associate Professor of Economics, College of Arts & Sciences. BA, Haifa University (Israel); PhD, Northwestern University
Glenn C. Loury Adjunct Professor of Economics, College of Arts & Sciences. BA, Northwestern University; PhD, Massachusetts Institute of Technology
Jorgen Weibull Visiting Research Professor of Economics, College of Arts & Sciences. PhD, Royal Institute of Technology (Sweden)
Emeriti
M. Blanche Fitzpatrick Professor Emerita of Economics, College of Arts & Sciences. AB, Tufts University; AM, Stanford University; PhD, Harvard University
Shane Hunt Professor Emeritus of Economics, College of Arts & Sciences. BS, University of Miami; MA, PhD, Yale University
Oldrich Kyn Professor of Economics, College of Arts & Sciences. Ing. ekon., Vysoká skola ekonomická v Praze (Czech Republic); CSc, Czechoslovak Academy of Sciences; Docent in Economics, Universita Karlova (Czech Republic)
Kathleen M. Langley Professor Emerita of Economics, College of Arts & Sciences. BComm, MComm, University of Birmingham (England)
Gustav F. Papanek Professor Emeritus, College of Arts & Sciences. BA, Cornell University; MA, PhD, Harvard University
Paul Streeten Professor Emeritus of Economics, College of Arts & Sciences. DLitt, University of Oxford (England); Honorary LLD, Aberdeen University (Scotland)
The Graduate Program
Graduate study in the Department of Economics stresses both applied and theoretical economics. The department’s several degree programs emphasize economic theory, econometrics, and specialized fields in applied and development economics. The department prepares students for careers in academics, government at all levels, and in international organizations. Graduate courses in the department help students master basic tools of economic theory and quantitative analysis and, further, demonstrate the means by which theoretical tools may be applied to practical problems. Faculty in the department maintain close and informal contact with graduate students, and guide research students through what are often their first major pieces of independent research.
Affiliated with the Department of Economics is the Institute for Economic Development (IED), which focuses on the economic problems of developing countries. It serves as a focal point for economic research by students, faculty, and visiting scholars. For more information on IED, contact the administrative assistant at IED, 264 Bay State Road, Boston, MA 02215; 617-353-4030.
For more information about the departmen and program, call/write 617-353-4454/phdecon@bu.edu, PhD Program Administrator for PhD information, and 617-353-4453/econma@bu.edu, Master’s Program Coordinator for MA information. Department of Economics, Boston University, 270 Bay State Road, Boston, MA 02215.
Admission Prospective applicants are urged to visit the Department’s website. Departmental requirements are explained and more complete information on courses, programs of study, and expenses than can be included on this website are available.
In order to be admitted in the academic year starting in September, complete applications should be submitted by January 15. Late applications will be considered until March 1, but applications received after January 15 will not be considered for financial aid.
Applications are also accepted for admission in January to the MA and MAEP programs (but not to the MAPE/PhD and PhD programs). Complete applications for January admission must be received by October 1. Deadlines may be adjusted without notice.
All applicants for admission whose native language is not English are required to submit results of the TOEFL examination. Applicants are urged to take the test at the earliest possible date in order to establish their level of English competence. Retaking the test after further language training is perfectly acceptable, and later results will be substituted for earlier ones in the admission dossier.
Applicants must submit results of the Graduate Record Examination (GRE) General Test. The GRE is a major factor in admission decisions and is crucial for those applying for financial aid from Boston University.
MA in Economics
Our MA program is different from those of most other departments. First, it is an MA program with a separate core curriculum. Second, we offer substantial flexibility in the choice of courses, rather than a set course menu. The MA program, therefore, provides a self-contained terminal professional degree. The structure of the program is similar to the PhD, but generally requires eight courses. In addition to a required core curriculum, a comprehensive exam is required.
Course Requirements Candidates must complete a minimum of eight semester courses (32 credits). The following courses in micro- and macroeconomic theory and quantitative methods are required: CAS EC 501, 502, 507, and 508. A determination is made whether it is appropriate to opt out of EC 505 by taking the mathematics placement exam. EC 505 will count as one of the MA electives.
Comprehensive Examination Candidates must pass a written comprehensive examination that tests general knowledge of economic theory and quantitative methods.
Grade Requirements To be eligible for the MA degree, students are expected to attain an overall grade point average of 2.85 or higher.
(For exact program requirements, see the department rules and regulations, available on request; BA/MA students refer to the Undergraduate Programs Bulletin.)
Applicants to the BA/MA program are recommended to apply in the second semester of their sophomore year, and no later than October 1 of the first semester of their junior year.
MA in Economic Policy
This degree program is an intensive three-semester program combining a strong foundation in economics with the management skills appropriate for students interested in careers as policy analysts and decision-makers in government, nonprofit institutions, international organizations, and the private sector. The core of the program provides a foundation in economic theory and its application, quantitative methods, and the basic tools of management analysis. The MAEP permits in-depth specialization in two policy and management fields drawn from courses offered in both the Economics Department and Boston University’s School of Management. Up to four course credits can be earned through internship providing on-site working experience relevant to economics research and policy making.
Admission Requirements are the same as those for the MA in economics.
Course Requirements Candidates must complete a minimum of twelve semester courses (48 credits). Requirements in quantitative methods and micro- and macroeconomic theory are the same as those for the MA in economics.
Comprehensive Examination Candidates must pass a written comprehensive examination that tests general knowledge of economic theory and quantitative methods.
Grade Requirements To be eligible for the MAEP degree, students are expected to attain an overall grade point average of 2.85 or higher. (For exact program requirements, see the department rules and regulations, available on request.)
Dual Degree MA/MBA Program
Training in the related fields of management and economics is professionally desirable in an increasing number of areas. Boston University meets this need by providing a coordinated program leading to both degrees. Obtaining the two degrees separately would normally require six semesters in residence, but through careful course selection and by eliminating overlapping courses, the dual degree may be obtained in five semesters (80 credits). The entire program may thus be completed in two calendar years (two academic years and one summer for well-prepared students, two academic years and two summers for less well-prepared students).
Application Applicants must apply to the Graduate School of Management stating their intention to apply to the dual degree program. Applications may be obtained from the School of Management Admissions Office, Room 129, 595 Commonwealth Avenue, Boston, MA 02215. The Graduate Management Admission Test (GMAT) is required, and the Graduate Record Examination (GRE) general test is recommended. Applicants currently enrolled in either the Graduate School of Arts and Sciences or the Graduate School of Management may not apply beyond the end of the first semester of enrollment.
Course Requirements Candidates normally register for three semesters in the Graduate School of Management (GSM) and two semesters in the Graduate School of Arts and Sciences (GRS), but may cross-register and take courses in both schools in any semester. Students must successfully complete a minimum of 40 credits in GSM and 24 credits in the Department of Economics; the other 16 credits may be taken in GSM, the Department of Economics, or, with prior approval, elsewhere in the University. Requirements in quantitative methods and micro- and macroeconomic theory are the same as those for the MA in economics. The minimum requirements for the respective degrees must be fulfilled in this dual degree program, with the exception of preapproved substitutions caused by overlapping courses.
Comprehensive Examination See “Comprehensive Examination” in the “MA in Economics” section above.
MA in Political Economy and PhD in Economics
See General Requirements for the PhD on this site.
Course Requirements Postbachelor doctoral students (MAPE/PhD) must complete 16 semester courses (64 credits) beyond the BA degree. Post-master’s doctoral students (PhD) must complete 14 semester courses (56 credits). If a post-master’s doctoral student passes the waiver exam for GRS EC 705, then 13 courses (52 credits) must be completed. All doctoral students are required to successfully complete the core courses by the end of the second semester: GRS EC 701 and 702, 703 and 704, 707, 708 as well as 705 if a waiver is not obtained.
Residency Requirement Students must satisfy the PhD residency requirement outlined in General Requirements for the PhD.
Qualifying Examination All students must pass qualifying examinations in microeconomics and macroeconomics by the end of their fourth semester.
Grade Requirements Students must maintain an average of 3.14159 or better in the core courses in order to be in good standing in either the MA in political economy or the PhD program. (For the exact grade requirements and other program rules, see the department rules and regulations, available from the department on request.)
Dissertation With the help of faculty advisors, a PhD candidate starts work on his or her dissertation by choosing a dissertation topic, usually by the sixth semester, and preparing for the proposal seminar. For the proposal to be accepted, the dissertation candidate must have two advisors and an independent reader, appointed by the director of graduate instruction, who have unanimously approved a thesis proposal.
Dissertation Defense After the dissertation is written and has received preliminary approval by the candidate’s committee, the final oral examination is scheduled. The examining committee consists of two advisors, an independent reader, and two additional faculty members designated by the director of graduate instruction.
For more detailed information about the MA in political economy and PhD requirements, please visit the department’s website.
Courses
CAS EC 501 Microeconomic Theory
Prereq: CAS EC 201, EC 505 or consent of instructor. Covers the basic concepts and techniques of microeconomic theory. Topics include: consumer demand and its foundation on preferences and budget constraints, production theory, applied competitive equilibrium analysis, imperfect competition, elementary game theory, economics or uncertainty and imperfect information, and other market failures such as externalities and public goods. Course assumes some mathematical inclination and interest in policy applications of microeconomics. TBA. 4 cr, 1st & 2nd sem.CAS EC 502 Macroeconomic Theory
Prereq: consent of instructor. After a brief introduction to the basics of macroeconomics, the course concentrates on economic growth and inflation in the long-run. It then turns to models of short-run economic fluctuations with an emphasis on the role of fiscal and monetary policy. Much of the reading is from original articles in research journals. In addition to studying theoretical models, the course also introduces basic analysis of macroeconomic data in order to evaluate and test competing models. Staff. 4 cr, 1st & 2nd sem.CAS EC 505 Elementary Mathematical Economics
Prereq: CAS MA 121, or consent of instructor. Stresses the formulation of economic problems in mathematical terms. Topics covered include partial derivation, total differentials, constrained maximization, matrix algebra, dynamic analysis, and discounting. Staff. 4 cr, 1st & 2nd sem.CAS EC 507 Statistics for Economists
Prereq: CAS EC 305 or consent of instructor. The first half of the course covers descriptive statistics, measures of association, dispersion, frequency distribution, probability, sampling distributions, estimation, and hypothesis testing. The second half of the course introduces multivariate regression analysis, with an emphasis on specification, testing, and interpretation of econometric models. Students will be introduced to statistical software packages and required to use these to generate results. Elementary calculus required. Staff. 4 cr, 1st & 2nd sem.CAS EC 508 Econometrics
Prereq: CAS EC 507 or consent of instructor. Provides standard econometric tools necessary to perform and evaluate empirical research in economics, either in a research or business setting. Three basic concepts in econometrics are introduced: quantifying uncertainty using confidence intervals; inferring casual relationships in regressions; and prediction based on regression estimates. Topics include heteroskedasticity, limited dependent variables, errors in variables, stationary and autocorrelated time series. Exercises will be assigned using statistical software packages. Matrix algebra not required. Staff. 4 cr, 1st & 2nd sem.CAS EC 513 Game Theory
Prereq: one approved calculus course (CAS MA 121, 122, 123, 124, 127, or 129) or consent of instructor. Models of decision-making in which the choices of different individuals interact: basic equilibrium notions in normal form games, including signaling games and repeated games. Applications include auctions, foreign policy, takeover bids, entry deterrence, cooperation and conflict, financial markets, and public goods. Lipman. 4 cr, 2nd sem.CAS EC 515 Economics of Information
Prereq: CAS EC 201 or 211 and one of CAS MA 121, 122, 123, 124, 127, or 129, or consent of instructor. Recommended: CAS EC 513. Introduction to the field of information economics and its applications. Covers a wide range of situations in which players have access to different private information and this private information differently affects their incentives and strategic behavior. Neeman. 4 cr, 1st sem.CAS EC 517 Economic Models of Social Learning and Coordination
Prereq: one calculus course numbered CAS MA 121 or higher, CAS EC 201 or 501, and EC 202 or 502 (EC 515 recommended); or consent of instructor. Economic models analyzing the relationship between rational economic decisions and flows of information, with diverse micro- and macro-economic applications. Chamley. 4 cr, 2nd sem.CAS EC 521 Development Policy
Prereq: CAS EC 201 and EC 202 or consent of instructor. Analytical treatment of the problems of economic growth and development with emphasis on economic growth, macroeconomic stability, income distribution, and structural change. Students will prepare an in-depth study of a particular problem that has arisen in a chosen developing country. These studies will analyze the potential use of policy measures that can deal with the problem using appropriate historical data from the chosen country. Class presentations of these case studies will be an integral part of the course. Harris. 4 cr, 1st sem.CAS EC 522 Development Strategy
Not offered 2008/2009CAS EC 531 Market Structure and Industrial Organization
Prereq: consent of instructor. The course focuses on the main interactions between firms and consumers under different market conditions and market structures. Among the issues discussed: profit maximization, monopoly power, price discrimination, bundling, oligopoly and imperfect competition, entry deterrence, quality choice, and advertising. Glazer. 4 cr, 1st sem.CAS EC 538 Advanced Topics in Law and Economics
Not offered 2008/2009CAS EC 541 Topics in Monetary Theory and Macroeconomics
Prereq: consent of instructor. This course combines monetary economics, macroeconomics, and finance. It focuses on the interactions among money, interest rate and consumption, and their consequences for monetary policy and asset prices (bonds, stocks, and currencies). Verdelhan. 4 cr, 1st sem.CAS EC 542 Money and Financial Intermediation
Prereq: CAS EC 202 and CAS EC 341 or 342, or consent of instructor. The role of money and financial institutions in the economy. The money supply process, and the relationship between money growth and real activity in various models of money demand. The differences between various types of financial markets, their evolution, and the effect they have on long-term growth. Determinants of interest rates and asset prices. The role financial intermediaries play in alleviating information problems, and the impact of this role on the transmission of monetary policy. Financial intermediary management and regulation. Derivatives and risk management. Basic calculus required. Staff. 4 cr, 2nd sem.CAS EC 545 Financial Economics
Prereq: CAS EC 201, EC 202, and EC 305, and one approved calculus course (CAS MA 121, 122, 123, 127, or 129) or consent of instructor. Provides a sound understanding of the economic principles of finance, including the financial decisions and capital structure of a corporation, and its relation to capital markets. Models of capital asset pricing and investors’ behavior are also discussed. Staff. 4 cr, 2nd sem.CAS EC 551 Economics of Labor Markets
Prereq: CAS EC 201 and EC 202 or consent of instructor. Economic behavior of labor market institutions in the United States wages determination, labor allocation, discrimination, economics of trade unions, and industrial relations. Implications of labor market behaviors for public policy. Staff. 4 cr, either sem.CAS EC 552 Economic Organizations and Labor Markets
Not offered 2008/2009CAS EC 561 Public Economics I
Prereq: CAS EC 201 or consent of instructor. Applies microeconomic theory to public-policy decisions around the world. The unifying underlying methodology is applied welfare economics or cost-benefit analysis. The applications are to project evaluation, taxation, regulation, shadow pricing, privatization, policy impact analysis, and valuing external effects such as pollution and congestion. Jones. 4 cr, 1st sem.CAS EC 562 Public Economics II
Prereq: CAS EC 201 and a knowledge of calculus or consent of instructor. Selected topics from recent experience of the United States and other countries, including efforts at tax reform, welfare programs, analysis of other government expenditure programs. Kotlikoff. 4 cr, 2nd sem.CAS EC 563 Race and the Development of the American Economy: A Global Perspective
Prereq: CAS EC 101 or CAS EC 111. Surveys the economic history of African Americans within the context of the development of the American and global economies. Topics include the economics of slavery; race and industrialization; the Great Migration; anti-discrimination legislation; and the historical origins of contemporary racial inequalities. Margo. 4 cr, 2nd sem.CAS EC 565 Economic Institutions in Historical Perspective
Prereq: EC 101 or consent of instructor. Historical development and role of institutions underlying market economies. Topics include contract enforcement and trading institutions, financial institutions, property rights in land, environmental resources such as water management and fisheries, economic infrastructure, regulation of labor and capital markets. Staff. 4 cr, 1st sem.CAS EC 566 History of Public Finance and the Rise of the State in Europe
Prereq: CAS EC 101 and EC 102 or consent of instructor. Introduction to the history of public finance and expansion of the economic role of the state in Europe between the twelfth and nineteenth centuries. Applies economic tools to the analysis of political issues including distribution of wealth, revolution, and democratization. Staff. 4 cr, 2nd sem.CAS EC 569 Public Finance Policy Issues
Prereq: CAS EC 101 or CAS EC 111. Selected topics from recent experience of the United States and other countries, including efforts at tax reform, welfare programs, analysis of other government expenditure programs. Margo. 4 cr, 1st sem.CAS EC 571 Energy and Environmental Economics
Prereq: CAS EC 201 or EC 501 or consent of instructor. Environmental resources and markets characterized from physical, economic, and legal standpoints. Welfare arguments for public sector intervention. Methodologies for policy assessment and simulation analyzed, including project analysis, new technology, evaluation models, deterministic and econometric models. Vogelsang. 4 cr, 1st sem.CAS EC 572 Public Control of Business
Prereq: CAS EC 201 or consent of instructor. Examines economic theory and case studies of antitrust policy, government regulation of private industry and operation of state-owned enterprises. Case studies are drawn from both the industrialized and developing countries. Vogelsang. 4 cr, 1st sem.CAS EC 581 Health Economics I
Prereq: CAS EC 501 or consent of instructor. Demand for insurance and health care, moral hazard, and adverse selection. Supply of health care, quality and price competition. Physician agency, payment systems, capitation, risk adjustment, and managed care. Emphasis is on US institutions although concepts are relevant to other countries. Staff. 4 cr, either sem.CAS EC 582 Health Economics II
Not offered 2008/2009CAS EC 591 International Trade
Prereq: CAS EC 201 or consent of instructor. Covers both theory and empirical evidence on international trade with reference to both industrialized and developing economies. The first part of the course covers the factor content of trade, the role of technology and technology diffusion in determining trade patterns, scale economics and imperfect competition in trade, and elements of economic geography in trade. The remainder of the course addresses policy interventions in trade: tariffs and various forms of non-tariff barriers, the role of the exchange rate in trade, strategic trade interventions and dynamic industrial policies, trading blocs and the political economy of reform. Basic calculus required. Lucas. 4 cr, 1st sem.CAS EC 595 International Finance
Prereq: CAS EC 502 or consent of instructor. Applies economic tools to open-economy-macroeconomics. Topics addressed include the determinants of the current account, exchange rate management, international capital markets, the financial problems facing developing countries, and growth in the world economy. Specific issues the course deals with are the formation of the Euro and debt financial crises in developing countries. Baxter. 4 cr, 2nd sem.GRS EC 699 Teaching College Economics I
The goals, contents, and methods of instruction in economics. General teaching-learning issues. Required of all teaching fellows. Staff. 2 cr, 1st and 2nd sem.GRS EC 701 Microeconomic Theory
Prereq: GRS EC 705 or consent of instructor. Neoclassical general equilibrium theory. Topics covered include consumption, production, existence of competitive equilibrium, fundamental welfare theorems, externalities, and uncertainty. Lipman. 4 cr, 1st sem.GRS EC 702 Macroeconomic Theory
Prereq: GRS EC 701 or consent of instructor. Basic Keynesian model: consumption, investment, and money demand functions. Extension to the open economy. Determinants of money supply. Effectiveness of monetary and fiscal policy. Inflation and income policy. Elementary growth models. Gilchrist. 4 cr, 1st sem.GRS EC 703 Advanced Microeconomic Theory I
Prereq: GRS EC 701 or consent of instructor. Walrasian equilibrium: existence, uniqueness, and core equivalence. Uncertainty: Arrow Debreu contingent commodities, Radner equilibrium, incomplete markets. Economics of information: rational expectations, adverse selection, signaling and screening. The principal-agent problem. Mookherjee. 4 cr, 2nd sem.GRS EC 704 Advanced Macroeconomic Theory I
Prereq: GRS EC 702 or consent of instructor. Consumption theory and evidence; investment theory and evidence; monetary theory; micro foundations of macro systems; theory of rational expectations; models of fiscal and monetary macroeconomic policy; and employment theory and policy. Staff. 4 cr, 2nd sem.GRS EC 705 Introduction to Mathematical Economics
Prereq: consent of instructor. Matrix algebra, differential calculus up to and including partial differentials of functions of several variables, and maximization under constraint. Introduction to linear programming, difference, and differential equations. Ma. 4 cr, 1st sem.GRS EC 707 Advanced Statistics for Economists
Prereq: GRS EC 705 or consent of instructor. Application of statistical tools, covering properties of estimators, covariance matrix and correlation, analysis of variance, hypothesis testing, likelihood functions, and likelihood ratio tests. Intended as preparation for GRS EC 708. Fernandez-Val. 4 cr, 1st sem.GRS EC 708 Advanced Econometrics I
Prereq: GRS EC 705 and EC 707 or consent of instructor. Basic course of econometric theory for MAPE/PhD students. Covers the theory and applications of the LS and ML estimators of the linear single equations models. OLS, GLS, and Gauss-Markov theorem, autocorrelation, heteroskedasticity, nonlinear estimators, errors in variables, instrumental variable estimators, choice models. Introduction to simultaneous equation models. Staff. 4 cr, 2nd sem.GRS EC 709 Advanced Econometrics
Prereq: GRS EC 708 or consent of instructor. Advanced course for second-year PhD candidates who have a solid knowledge of basic econometric methods. Covers estimation and simulation of simultaneous equation models and some selected topics in multivariate analysis. Rysman. 4 cr, 1st sem.GRS EC 711 Advanced Topics in Econometrics
Prereq: GRS EC 708 or consent of instructor. Discusses, in an abstract fashion, approaches to estimation and inference that are most often used in econometrics, including maximum likelihood and method of moments; recent developments in econometrics that allow one to overcome some of the shortcomings in using the standard approaches to estimation. Main emphasis on cross-sectional applications with some mention of time series applications and further discussion of specification analysis and testing. Staff. 4 cr, 2nd sem.GRS EC 712 Time Series Econometric
Prereq: GRS EC 708, or consent of instructor. Presents standard theory of stationary processes: models, estimation in the time and frequency domain, spectral analysis, asymptotic distribution, Kalman filter; VAR models. Also deals with non-stationary processes and discusses topics such as: functional central limit theorem, asymptotic results with unit roots, tests for unit roots, estimation and tests in cointegrated systems and models with structural changes. Perron. 1st sem.GRS EC 716 Game Theory
Prereq: GRS EC 705, a course in real analysis, or consent of instructor. Introduction to noncooperative and cooperative games with applications in the social sciences. Pavlov. 4 cr, 2nd sem.GRS EC 717 Inequality Advanced Topics in Microeconomic
Theory I
Topics in advanced microeconomic thoery to be selected by course instructors. Critical analysis of key papers in the literature. Epstein. 4 cr, 1st sem.GRS EC 718 Advanced Topics in Microeconomic Theory II
Topics in advanced microeconomic thoery to be selected by course instructors. Critical analysis of key papers in the literature. Huynh. 4 cr, 2nd sem.GRS EC 719 Advanced Topics in the Economics of Information
The course will be devoted to the theory of mechanism design, broadly defined. Topics to be covered include: social choice and in particular Arrow’s and Gibbard-Satterthwaite’s impossibility theorems, implementation, Vickrey-Clark-Groves mechanisms and their extensions, optimal mechanisms under budget balance and voluntary participation constraints, and auction theory. The course is part of the field sequence in microeconomic theory. Neeman. 4 cr, 2nd sem.GRS EC 721 Topics in Development Economics
Prereq: GRS EC 701 and EC 702 or consent of instructor. Examines the economic development of nations from the perspectives of their relationship with the global economy, to identify issues that are central to economic development in the world economy, and to provide analytical methods for analyzing these issues and formulating policy. Evidence on these issues from Africa, Asia, and Latin America are examined. Some topics to be covered: the role of international trade in economic growth; trade between developed and developing countries; public and private foreign capital; research and development and technology transfer; exchange rate regimes and capital flight. Newman. 4 cr, 1st sem.GRS EC 722 Topics in Economic Development II
Prereq: consent of instructor. This course covers a range of topics on failures of markets and governance in developing countries. Recent research papers including both theoretical and empirical analysis are discussed, including class presentations by students. Topics include credit and insurance market imperfections; implications for investment, inequality, and growth; and social networks and social learning. Models of political economy and government accountability, with applications to land reform, decentralization, education, tax policy, and role of the media. Mookherjee. 4 cr, 2nd sem.GRS EC 731 Market Organization and Public Policy
Prereq: GRS EC 703 or consent of instructor. Analytical foundations of public policy toward market organization. Theoretical emphasis on imperfect competition, theory of the firm, and markets with incomplete information. Implications for policy in developed and less-developed countries. Glazer. 4 cr, 1st sem.GRS EC 732 Topics in Industrial Organization
Prereq: Consent of instructor. Topics vary from year to year and may include the economics of contracting and the firm, the economics of regulation, and dynamic models of oligopoly. Rysman. 4 cr, 2nd sem.GRS EC 741 Topics in Macroeconomics and Monetary Theory
Prereq: GRS EC 701, EC 702, or consent of instructor. Alternative views of demand and supply of money and financial assets. Analytical theories of monetary policy. Problems in the exercise of monetary policy. King. 4 cr, 1st sem.GRS EC 742 Applied Macroeconomics
Prereq: GRS EC 704, EC 708, or consent of instructor. Empirical specification of macroeconomic functions including measuring variables, lag structures, and functional forms; estimation and simulation of multiple equation macro models; and use of models for optimal policy design and positive policy prognosis. Staff. 4 cr, 2nd sem.GRS EC 744 Economic Dynamics
Introduces the theory and application of dynamic optimization and equilibrium analysis, with emphasis on computational methods and techniques. Covers discrete and continuous time models in both deterministic and stochastic environments. Miao. 4 cr, 1st sem.GRS EC 751 Topics in Labor Economics I
Prereq: consent of instructor. A survey course that combines an examination of all the major fields in labor market analysis with a comprehensive treatment of methodological topics. Designed to provide the tools necessary to begin a thesis in the field. Topics covered in depth include unemployment, wage setting models, human capital models, and labor mobility. Lang. 4 cr, 1st sem.GRS EC 752 Topics in Labor Economics II
Prereq: GRS EC 701 or consent of instructor.Considers models that explain the origins and persistence of differences in incomes between individuals, groups, and regions. Draws on literatures in applied microeconomic theory, labor economics, development economics, public finance, and social choice theory. Discusses topics at the juncture of economics and sociology that bear on the theme of inequality. Staff. 4 cr, 2nd sem.GRS EC 761 Public Finance
Prereq: GRS EC 701 or consent of instructor. The theory of excess burden; optimal taxation; static, dynamic, and interegional tax incidence; public goods; externalities; corporate taxation; dynamic fiscal policy; and cost-benefit analysis. Extensive use of calculus. Kotlikoff. 4 cr, 1st sem.GRS EC 762 Topics in Applied Public Finance
Prereq: GRS EC 701, 702, or consent of instructor. Theory and practice of benefit-cost analysis and other similar techniques for evaluating investment projects. Emphasis on sources of divergence between public and private investment decisions through the estimation of shadow prices in a context of market distortions and disequilibrium. Case studies applying theoretical approach. Neeman. 2nd sem.GRS EC 781 Health Economics
Prereq: GRS EC 701 or consent of instructor. Concepts of health economics to both developed and developing countries. Topics include: effect of health on the economy, effect of applicable health care on health, hospital behavior, health manpower supply, demand for health care. Ma. 4 cr, 1st sem.GRS EC 782 Health Economics in Developing Countries
Prereq: GRS EC 701 and EC 708 or consent of instructor. Issues in allocation of resources to and within the health sector in a developing country. Economics anlaysis of rural primary health care, hospital care, drug supply, public health, and nutrition programs. Student projects on specific developing country topic of their choice. Staff. 4 cr, 2nd sem.GRS EC 791 International Trade
Prereq: GRS EC 701 or consent of instructor. Pure theory of international trade. Analysis of various models that determine comparative advantage. Welfare effects of trade. Emphasis is placed on the use of formal models to analyze tariffs, quotas, and subsidies. Analysis of trade under various competitive frameworks. Baxter. 4 cr, 1st sem.GRS EC 792 International Finance
Prereq: GRS EC 791 or consent of instructor. Extension of important topics introduced in GRS EC 791; gains from trade and balance-of-payment adjustment approach to the balance of payment; theorems in the pure theory of trade. Staff. 4 cr, 2nd sem.Dissertation Workshops
GRS EC 901–996 Dissertation Workshops
Prereq: completion of PhD qualifying examinations. Presentation and discussion of dissertation topics and work in progress. Staff. 2 cr, 1st and 2nd sem.GRS EC 901, 902 Dissertation Workshop in Macro and Monetary Economics
Prereq: completion of PhD qualifying examinations. Presentation and discussion of dissertation topics and work in progress. Staff. 2 cr, alternating sem.GRS EC 903, 904 Dissertation Workshop in Applied Microeconomics
Prereq: completion of PhD qualifying examinations. Presentation and discussion of dissertation topics and work in progress. Botticini, Staff. 2 cr, alternating sem.GRS EC 905, 906 Dissertation Workshop in Economic Theory
Prereq: completion of PhD qualifying examinations. Presentation and discussion of dissertation topics and work in progress. Weiss, Staff. 2 cr, alternating sem.Directed Study
Directed study must be approved in advance of registration by the staff member concerned and the Committee on Graduate Instruction. Instructor and hours arranged. Variable cr.
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