Core Courses
CAS EC 201 Intermediate Microeconomics Analysis
Prereq: CAS EC 101; and CAS MA 121 or MA 123 (or equivalent). Determination of commodity prices and factor prices under differing market conditions of competition and monopoly. Note that students may not get credit for both EC 201 and EC 221. Either EC 201 or EC 221 may be counted as one of the three required electives in the economics minor.
CAS EC 202 Intermediate Macroeconomic Analysis
Prereq: CAS EC 102. Determination of aggregate income and employment, analysis of fiscal and monetary policy, inflation and income policy, problems of the open economy. Note that students may not get credit for both EC 202 and EC 222. Either EC 202 or EC 222 may be counted as one of the three required electives in the economics minor.
CAS EC 203 Empirical Economics 1
Prereq: CAS EC 101 and EC 102. First semester of a two-semester sequence of empirical techniques used in economic analysis. Statistical techniques are presented and applied to a variety of economics problems. Extensive use of the statistical software package STATA will be made. Note that students may not get credit for both EC 203 and EC 223. Either EC 203 or EC 223 may be counted as one of the three required electives in the economics minor.
CAS EC 204 Empirical Economics 2
Prereq: CAS EC 101, EC 102, and EC 203 (or equivalent). Builds on the material in EC 203, developing more complex statistical techniques and applications. This course covers similar material to that in EC 224 but in a more applied fashion. (Students who desire a more mathematically intense introduction to econometrics should consider taking EC 224, noting the additional MA 225 and MA 242 prerequisites.) Note that students may not get credit for both EC 204 and EC 224. Either EC 204 or EC 224 may be counted as one of the three required electives in the economics minor.
CAS EC 221 Intermediate Microeconomic Theory*
Prereq: CAS EC 101 and MA 225. Builds on prior knowledge advanced in EC 101, developing theory at a more complex and sophisticated level, in addition to covering new concepts in microeconomics such as general equilibrium, decision making under uncertainty, and information economics. The presentation of microeconomic theory will be highly mathematical, extensively employing techniques of multivariate calculus and constrained optimization to model human behavior. This encourages students to develop the capacity to translate economic ideas and intuition into the formal language of mathematics, useful both as training in formal modelling of theories and as an essential foundation for graduate studies. Note that students may not get credit for both EC 201 and EC 221. Either EC 201 or EC 221 may be counted as one of the three required electives in the economics minor.
CAS EC 222 Intermediate Macroeconomic Theory*
Prereq: CAS EC 101, EC 102, EC 221, and MA 225. Builds on the material in EC 102 (and also EC 221, which serves as an essential prerequisite) and explores theoretical and empirical issues of central importance to macroeconomic research and policy. The major topics covered in this course include economic growth, consumption and savings, investment, business cycle fluctuations, the relationship between monetary policy and output, and optimal monetary policy. As with EC 221, multivariate calculus will be used extensively in this course. Note that students may not get credit for both EC 202 and EC 222. Either EC 202 or EC 222 may be counted as one of the three required electives in the economics minor.
CAS EC 223 Statistical Analysis*
Prereq: CAS EC 101, EC 102, and MA 225. As the first half of the year-long empirical sequence in the EC/MA joint major, it is an introductory level mathematical statistics course with the aim at providing students with the necessary background to follow higher level econometrics and applied economics courses. The first part covers descriptive statistics, probability theory, and the univariate models of random variables. The second part deals with multivariate distributions, expectations and sampling distributions. The third part covers statistical inference (estimation, confidence intervals, tests of statistical hypotheses) and an introduction to linear regression. Familiarity with material from EC 101 and EC 102, in addition to multivariate calculus (MA 225) is assumed. Throughout the class, students will be taught how to use an econometrics software package (Stata) in the context of each statistical concept on the syllabus, and to the extent possible, in the context of economics-related empirical research questions. Note that students may not get credit for both EC 203 and EC 223. Either EC 203 or EC 223 may be counted as one of the three required electives in the economics minor.
CAS EC 224 Econometric Analysis*
Prereq: CAS EC 101, EC 102, EC 223, MA 225, and MA 242. As the second half of the year-long empirical sequence in the EC/MA joint major, standard econometric methods for empirical economic research in academic or business settings will be rigorously developed using both multivariate calculus and matrix algebra. Basic concepts include quantification of uncertainty using confidence intervals, inference of causal relationships in regressions, and prediction based on regression estimates. Throughout the class, students will build on the Stata instruction from EC 223 in the context of the econometric concepts covered. Our goal throughout the EC 223/224 sequence is to provide students with the tools needed both to perform statistical analysis of their own, and to be critical consumers of reported statistical evidence. Note that students may not get credit for both EC 204 and EC 224. Either EC 204 or EC 224 may be counted as one of the three required electives in the economics minor.
*Please Note: CAS EC 221, EC 222, EC 223, and EC 224 can be considered equivalent to CAS EC 201, EC 202, EC 203, and EC 204, respectively. However, CAS EC 201, EC 202, EC 203, and EC 204 are not considered sufficient to fulfill CAS EC 221, EC 222, EC 223, and EC 224, respectively.
Elective Courses
CAS EC 320 Economics of Less-Developed Regions
Prereq: CAS EC 101 and EC 102. Theoretical and empirical examination of the structural changes associated with the process of economic development; special reference to poor regions and countries, and rigorous analysis of criteria for policy judgments in development planning and programming.
CAS EC 323 Behavioral Economics
Prereq: CAS EC 201/221 and EC 203/223. Introduction to a new field in economics that challenges the traditional model of rational decision-making and uses research in psychology to construct alternative models. Covers the theory of choice under certainty, uncertainty, and temptation; biases in judgment; social preferences.
CAS EC 325 Economics of Poverty and Discrimination in the United States
Prereq: CAS EC 201/221 and EC 203/223. Examines who is poor in the United States and how the evidence of poverty has changed over time. Various economic theories for the causes of poverty and discrimination are presented for examination and discussion.
CAS EC 328 Urban and Regional Economics
Prereq: CAS EC 201/221 and EC 203/223. Provides a broad introduction to modern regional and urban economics. In the first part of the course, we attempt to understand how and why cities grow and develop. In the second part of the course, we try to analyze why cities adopt different policies. In the third part of the course, we overview the issues of neighborhood inequality and segregation. If time remains, we will overview several other recent topics about urban and regional economics.
CAS EC 332 Market Structure and Economic Performance
Prereq: CAS EC 201/221. Structure of the American economy. The theory of imperfect competition. Topics include firm concentration and conglomeration; consumer ignorance and market failure; advertising and technological change as part of market performance.
CAS EC 333 Market Organization and Public Policy
Prereq: CAS EC 201/221 or EC 332. Introduction to antitrust and regulatory policy. Studies sources of market inefficiency and historical and current policy towards topics such as collusion, merger, monopolization, and regulatory treatment of competition issues.
CAS EC 337 Economic Analysis of Legal Issues
Prereq: CAS EC 201/221 and First Year Writing Seminar (e.g. WR 100 or WR 120). Economic analysis of current important legal issues. Contributions of economics to analysis of contracts, torts, property, and crime. Effects of property rights on allocation of resources and distribution of income. Market and nonmarket schemes guiding various activities.
CAS EC 341 Monetary and Banking Institutions
Prereq: CAS EC 202/222. Survey of commercial and central banking institutions. Examination of macro relations between financial organizations and principal objectives of stabilization policy.
CAS EC 342 Monetary and Banking Theory
Prereq: CAS EC 341 or consent of instructor. After a brief survey of the development of modern monetary theory, this course examines the selected theoretical aspects of monetary economics and financial organization covered in EC 341. Additional emphasis on capital theory and macroeconomic models. Research paper required.
CAS EC 356 Economics of the Labor Market
Prereq: CAS EC 201/221. Application of current theories of labor supply and demand, wages, education and experience, immigration, labor efficiency, discrimination, and unemployment. Appraisal of the effects of unions and government policies on the economic position of labor.
CAS EC 358 Economics of Education
Prereq: CAS EC 201/221 and EC 203/223; or equivalent; or consent of instructor. Uses economics models to understand individuals’ decision to invest in education, analyzes the effects of education, and examines policies impacting K-12 and higher education in the US. A variety of econometric methods are utilized throughout the course.
CAS EC 365 Economic Institutions in Historical Perspective
Prereq: CAS EC 101 and EC 102. 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.
CAS EC 367 Economics of the Public Sector
Prereq: CAS EC 201/221. Basic principles of public finance; consideration of classical and modern attitudes toward government revenues and expenditures. Survey of problems related to public debt and budget making. Evaluation of fiscal policy as an instrument of control.
CAS EC 368 Contemporary East Asian Economics
Prereq: CAS EC 101 and EC 102. Meets with CAS IR 368. An introduction to the economic history and institutions of Japan, Korea, Taiwan, and China. Topics include structural change, trade, labor markets, corporate organization, financial systems, and macroeconomic and industrial policy.
CAS EC 369 Economic Development of Latin America
Prereq: CAS EC 101 and EC 102. Contemporary issues of economic and social policy. Macroeconomic issues: inflation, stabilization, and the debt crisis. Foreign trade and economic restructuring. Poverty and income distribution. Role of the state.
CAS EC 370 The Chinese Economy
Prereq: CAS EC 201/221; EC 202/222; and EC 203/223. Introduces the working of the Chinese economy. Combines historical-institutional and theoretical-quantitative approaches to study the transformation of China’s economy into a market economy with special characteristics.
CAS EC 371 Environmental Economics
Prereq: CAS EC 201/221. Role of economics in environmental planning. Economic analysis of the causes of pollution and its control through taxes, the use of property rights, and standards. Application of cost-benefit models as an aid in policy decisions affecting the environment. Domestic and international issues addressed.
CAS EC 377 Government, Business, and Labor
Prereq: CAS EC 201/221. Examines economic growth from the perspective of the structure, conduct, and performance of business. Combines economic theories of conduct and strategy with industry case studies and evaluates the effect of government policy toward business and labor on the performance of the economy.
CAS EC 379 Firms, Markets, and Economic Development
Prereq: CAS EC 201/221 and EC 203/223; or consent of the instructor. Examines the interlinked roles of business and politics in the process of economic development, with the objective of providing a framework for understanding how the private and public sectors work together to help (or impede) economic growth.
CAS EC 385 Economics of Sports
Prereq: CAS EC 201/221 and EC 203/223. Applies the tools of microeconomic theory and empirical methods to study such questions as the optimal design of sports leagues, the impact of new stadiums on a local economy, fan (customer) discrimination, and salary differentials between players.
CAS EC 387 Introduction to Health Economics
Prereq: CAS EC 201/221. Concepts of health economics for US and international settings. Topics include models and empirical analyses of moral hazard, adverse selection, health care systems, health insurance, hospital and physician behavior, pharmaceutical markets, consumer demand, alternative payment systems, risk, fairness, imperfect information, and experimental and behavioral economics.
CAS EC 390AA Gender and Economics
Prereq: CAS EC 201/221 and EC 203/223. The role of gender in the labor market, household decisions, and public policy issues. Explores the determinants and trends in women’s relative economic status with topics such as gender pay gap, labor market discrimination, and family related policies.
CAS EC 390BB Political Economy
Prereq: CAS EC 201/221 and EC 202/222. Discusses several research areas in political economy. Explores the role of institutions and culture in the long run development of countries and societies. Covers various topics such as inequality, ethnic diversity, determinants of preferences for redistribution and corruption.
CAS EC 391 International Trade
Prereq: CAS EC 201/221. Why do countries trade with each other? Who gains and who loses from international trade? What effect does trade have on consumer prices, wages, profits, income inequality, economic growth, and the environment? What are the costs and benefits of tariffs and other trade barriers? How have NAFTA and the European Union affected trade patterns, income distribution, and economic development? What effects do capital flows and migration have on sending and receiving countries? This course will use economic analysis to discuss these and other current international economic policies.
CAS EC 392 International Macroeconomics
Prereq: CAS EC 202/222 and EC 203/223; or equivalent. This course analyzes what determines exchange rates, including interest rates, fiscal and monetary policies, GDP growth, inflation, and other factors. We will examine the causes of exchange rate crises, the functioning of fixed and flexible exchange rate systems, the effect of the worldwide saving imbalance, the crisis in the euro zone, as well as other current topics. We will also study hedging and speculating in foreign exchange markets by using futures and forward contracts and options.
CAS EC 403 Game Theory
Prereq: CAS EC 201/221 and CAS MA 121, 123, or 127; or consent of instructor. Models of decision making in which the choices of different individuals interact: basic equilibrium notions in normal-form and extensive-form games. Applications may include oligopolies, auctions, foreign policy, takeover bids, entry deterrence, cooperation and conflict, financial markets, and public goods.
CAS EC 404 Economics of Information
Prereq: CAS EC 201/221 and one of CAS MA 121, 122, 123, 124, 127 or 129; or consent of instructor. Recommended: CAS EC 403. 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.
CAS EC 436 Economics of Corporate Organization
Prereq: CAS EC 201/221; EC 203/223; and CAS MA 121, MA 123, or MA 127. Economic analysis of the architecture of firms and other organizations. Topics include firm boundaries, the allocation of ownership and control, integration and outsourcing, corporate governance, performance evaluation, and compensation.
CAS EC 445 Economics of Risk and Uncertainty
Prereq: CAS EC 201/221; EC 202/222; EC 203/223; EC 204/224; and CAS MA 121 or MA 123 (or equivalent). For advanced undergraduates. Economics of risk, with a focus on financial markets. Topics include expected utility, portfolio choice and the capital asset pricing model, interest rates and monetary policy, the relation between the real economy and the stock market.
Senior Honors Thesis and Directed Studies
CAS EC 401, 402 Senior Honors Thesis
Prereq: minimum GPA of 3.5, CAS EC 204 or the equivalent, and approval of the Director Of Undergraduate Studies in the Economics Department. This is a requirement to graduate with departmental honors. It is a two-semester independent investigation under the direction of an economics department faculty member, culminating in a thesis and an oral examination based on the thesis.
CAS EC 491, 492 Directed Study in Economics
Prereq: Approval of the Director of Undergraduate Studies in the Economics Department. One-semester independent investigation under faculty supervision. Variable credit.