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Course Criteria
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3.00 Credits
PQ: ECON 20100. Economic analysis is applied to important issues in American economic history. Typical topics include the economics of colonization, transatlantic slave trade, role of indentured servitude and slavery in the colonial labor market, sources of nineteenth-century economic growth, economic causes and effects of nineteenth-century immigration, expansion of education, and economics of westward migration. D. Galenson. Autumn, Winter.
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3.00 Credits
College students must use the undergraduate number to register. This course examines the way that religious and political movements affect the ethics of business. We focus on contemporary issues and relate them to long cycles in religiosity in the United States, long-term factors influencing political images of business, and factors influencing domestic conceptions of the proper economic relationships between the United States and the rest of the world. R. Fogel. Winter.
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3.00 Credits
PQ: ECON 20100 or consent of instructor. College students must use the undergraduate number to register. This course deals with the effects of swings in population on the stability of the economy and opportunities for business. Topics include the effects of demographic changes on markets for labor and capital, on savings rates and the structure of investment, on taxes and government expenditures, and on household behavior. Problems of planning for the consequences of population changes, including methods of forecasting, are also considered. R. Fogel. Autumn.
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3.00 Credits
PQ: ECON 20000 and 20100, or equivalent. This course examines the factors that influence long-term, intermediate-term, and short-term variations in the demand for both consumer and producer commodities and services: the evolution of markets and methods of distribution in America since 1800, variations in the life cycles of products, the role of demographic factors in analysis of product demand, and the influence of business cycles on product demand. Much attention is given to the use of existing online databases for the estimation of a variety of forecasting models. R. Fogel. Spring.
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3.00 Credits
PQ: ECON 20100. This course introduces major themes in the economic history of Europe from ancient times through World War II. We aim to provide economists with some knowledge of the origins of the economic institutions of Western capitalism. We also use economic theory to explain the existence of certain institutional arrangements-including some that, on the surface, appear perplexing to us today. We then examine the reasons why certain European countries, despite a slow start and a seemingly poor resource base, managed to jump ahead of the rest of Europe in the seventeenth and eighteenth centuries. Finally, we explore why Europe (and her former colonies) jumped ahead of the rest of the world, including China and the Middle East. M. Guglielmo. Spring.
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3.00 Credits
PQ: ECON 20300. The course, which presents applications of modern economic theory to various historical episodes, is designed to test the theory as well as to explain the history. Our main focus is on monetary phenomena from antiquity to the present, charting the transformation from metal-based monetary systems to modern fiat money as a process of trial and error. F. Velde. Autumn.
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3.00 Credits
PQ: ECON 20300 and MATH 20300. This course focuses on the use of dynamic general equilibrium models to study questions in macroeconomics. Particular topics include long-run growth and dynamic fiscal policy (Ricardian equivalence, tax smoothing, capital taxation), labor market search, industry investment, and asset pricing. On the technical side, the course covers basic optimal control (Hamiltonians) and dynamic programming (Bellman equations). N. Stokey. Winter.
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3.00 Credits
PQ: ECON 20300 required; STAT 23400, 24400, or 25100 recommended. This course introduces quantitative macroeconomics and dynamic stochastic general equilibrium (DSGE) models. Starting from a basic real business cycle model, students learn how to solve for the recursive law of motion, using Matlab programs. A variety of further applications, including models for monetary and fiscal policy analysis, are discussed. H. Uhlig. Spring.
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3.00 Credits
PQ: ECON 20100 and 21000. Topics include the theory of time allocation, the payoffs to education as an investment, detecting wage discrimination, unions, and wage patterns. Most of the examples are taken from U.S. labor data, although we discuss immigration patterns and their effects on U.S. labor markets. Some attention is also given to the changing characteristics of the workplace. Not offered 2009 C10; will be offered 201 0 -11.
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3.00 Credits
PQ: ECON 20100. This course examines the relationships between education, types of pay, and careers. After a basic introduction to the roles of education, training, and ability in human capital formation, we develop a theory of how workers and firms determine types of pay (e.g., salary, piece rates, bonuses, options) and career paths within and between firms. Other topics include incentives and insurance in pay determination, hiring, turnover, benefit levels and their relationship to wages, and compensation levels over the career. K. Ierulli. Winter.
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