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Course Criteria
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3.00 Credits
Housing is one of the most basic of human needs and the housing market is one of the largest, most important and most heavily regulated markets in national economies around the world. At various times economists, policy makers and the general public have regarded the housing market as irrational and malfunctioning in a variety of ways. Why? In this tutorial we will explore and analyze the workings of the housing market. In what ways do housing markets differ from other markets? Why (and how often) do house price "bubbles" occur? How do mortgage markets function and influence housing markets in countries around the world? In what ways can housing and housing conditions serve as an indicator of quality of life? How do housing markets affect the sustainability of cities? These and other questions will be the focus of reading and discussion for the course.
Prerequisite:
Economics 251 and 255 or permission of the instructor
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3.00 Credits
This course examines the workings and interactions among national economies in the global arena and the implications for macroeconomic policy analysis. Topics include analysis of international financial asset markets, international capital flows and the transmission of business cycles internationally. A series of both factual and counterfactual case studies are developed in class and used to study the implications for central bank exchange rate policies, monetary policies, trade policies, currency and trade unions such as the EEC and NAFTA, and international policy coordination issues among the G7 and members of the International Monetary Fund more broadly.
Prerequisite:
Economics 252 (Intermediate Macro)
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3.00 Credits
Students are invited to apply to undertake independent study on subjects of their own choosing. Interested students should consult with a faculty member about designing an appropriate project well in advance of spring registration.
Prerequisite:
Consent of an instructor and of the department chair
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3.00 Credits
Students are invited to apply to undertake independent study on subjects of their own choosing. Interested students should consult with a faculty member about designing an appropriate project well in advance of spring registration.
Prerequisite:
Consent of an instructor and of the department chair
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3.00 Credits
The labor market plays a crucial role in people's lives worldwide. In industrialized countries, most households contain at least one wage earner, and income from working represents the largest component of total income. Thus analyses of the labor market are fundamentally relevant to both public policy and private decision-making. This seminar will explore the structure and functioning of the labor market using theoretical and empirical tools. Topics to be covered include labor supply and demand, minimum wages, labor market effects of social insurance and welfare programs, the collective bargaining relationship, discrimination, human capital, immigration, wage distribution, and unemployment. As labor economics is an intensely empirical subfield, students will be expected to analyze data as well as study the empirical work of others.
Prerequisite:
ECON 251 and 255 or ECON/POEC 253
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3.00 Credits
Historical approaches to understanding current economic issues are increasingly in vogue. History not only offers laboratories for investigating economic phenomena, but it often provides excellent empirical material for testing economic theories and analyzing policy decisions. This seminar will explore recent works in economic history, all of which speak to a current debate in the broader economics profession. Topics to be covered include the role of political change in economic development, education and human capital accumulation, technology and innovation policies, and the evolution and workings of global factor markets. The focus of the seminar will be on how economic historians marshal evidence and utilize empirical tools of economics to investigate questions of a historical nature that have modern implications. Students will be expected to not only analyze recent scholarship in economic history, but they will produce and present their own original research over the semester.
Prerequisite:
ECON 251 and ECON 255 or ECON/POEC 253
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3.00 Credits
This course examines the distribution of income in the U.S., with particular emphasis on how it is affected by taxes, transfers, and other government programs. Most of the course will focus on the bottom of the income distribution, where the role for policy is greatest. Questions to be addressed may include the following: What are the causes and consequences of poverty? How do welfare, the minimum wage, and the EITC affect those in poverty? How does discrimination affect the incomes of various demographic groups? What are the effects of affirmative action? How much mobility is there across the income distribution? What explains the recent growth in income at the top of the distribution, and the resulting increase in inequality?
Prerequisite:
Economics 251 and 253 or 255 or equivalent
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3.00 Credits
The Computable General Equilibrium (CGE) model is an important tool for applied policy work. CGE models are the primary tool for many government organizations when evaluating policy alternatives and are also used extensively by various NGO's when deciding aid and policy recommendations. The great advantage of these models is that they capture the general equilibrium feedback effects of policy proposals on various sectors of the economy. This is of great importance to applied work, as this allows the identification of the winners and losers from potential policies. The class will begin with a general overview of CGE models. This overview will be rigorous and mathematical. This course will use the free programming packages GAMS and MPSGE to implement various CGE models using real world data. While no previous computer experience is required, some familiarity with Excel is recommended. During the latter part of the course, students will create a CGE model for a country of their choice and conduct policy experiments using their model. Interested students could continue this project as a potential thesis topic.
Prerequisite:
Mathematics 105, Economics 251
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3.00 Credits
This course will provide students with an understanding of how economists think about and analyze various urban policy issues around the world. Those interested in doing policy work on urban issues and/or economic development in the future will find this course useful. We will explore the structure of cities and the urban policy issues in both the US and developing countries. We will cover topics including city size and growth, land use regulation, property rights, housing, public goods and education, environment and energy, transportation and infrastructure, entrepreneurship, and migration and segregation. Students will learn the underlying economic theory and how to empirically examine urban policy questions using data. The course includes textbook like treatment of urban topics and examination of empirical evidence using journal articles. Examples will equally be drawn from the US and developing country cases.
Prerequisite:
ECON 251 and ECON 255
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3.00 Credits
The Indian economy today is described in two competing narratives. India is, on the one hand, a fast-growing "emerging economy:" it is producing a range of information technology services, threatening white-collar jobs in the United States; its growing consumption of fossil fuels is stressing world energy supplies and contributing to global warming; along with China, it is changing the balance of international economic and political relations. In another narrative Indian economic growth is lop-sided and unsustainable: poverty and malnutrition remain widespread; Maoist insurgencies threaten a swath of eastern districts; and conflicts rage over threatened ecological resources. In one prominent academic work India has been described as an "Emerging Giant;" in another, it is a "Republic of Hunger." This course will introduce the student to these narratives in the words of participants, ranging from books by CEO's of major corporations to pamphlets produced by left-wing critics of present economic policies. We will then use the traditional theoretical and quantitative methods of an economist to evaluate these perspectives, and, consistent with the goals of the Exploring Diversity Initiative, consider how they are shaped by power, privilege, and the social location of the narrator.
Prerequisite:
Economics 253, Economics 255, or equivalent, or permission of instructor
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