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Course Criteria
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3.00 Credits
Global financial stability is an essential requirement to ensure sustainable world economic growth and the successful development of emerging markets. This course provides an in-depth understanding of the mechanisms and institutions that rule our international financial system. First, students take a historic look at the evolution of the international monetary system during the last century. Then they study recent failures of the system leading to global financial crises. Special attention is paid to currency, debt, and balance of payments crises. Finally, they review current policy challenges faced by developed and developing nations. Prerequisite(s): Economics 255 and 270. Recommended background: Economics 221. Normally offered every year. D. Riera-Crichton.
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3.00 Credits
The course examines the causes of the poverty of nations, various potential paths to economic growth, and the effects of policies of the rich countries on less-developed countries. Included are such topics as industrialization, the "green revolution," population growth, environmental degradation, trade policies, debt, multinational corporations, and foreign aid. The development of individual countries is examined in light of the great diversity of experiences among developing economies. Prerequisite(s): Economics 255, 260, and 270. M. Maurer-Fazio, M. Murray.
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3.00 Credits
This course studies the not-for-profit (NFP) firm as an institutional form that society has used in response to market failures, such as those caused by the presence of jointly consumed goods, asymmetric information, or principal-agent problems. Examples are taken from industries where the NFP form is prevalent: health care, education, museums, performing arts, and public radio and television. Issues related to the financing of NFPs, including their capital structure and their reliance on donations as opposed to commercial revenues, are also explored. Prerequisite(s): Economics 255 and 260. Enrollment limited to 20. G. Perkins.
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3.00 Credits
An analysis of basic issues in the field of public finance. The course covers a wide range of topics, including the welfare implications of expenditure and taxation policies of governments, the economic rationale of governmental provision of goods and services, fiscal institutions in the United States, efficiency and distributive aspects of taxation, effects of taxation on household and firm behavior, intergovernmental fiscal relations, and the public debt. Prerequisite(s): Economics 255, 260, and 270. M. Murray.
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3.00 Credits
Theories and empirical studies of business cycles: fixed-investment behavior, inventory activity, and monetary fluctuations. The course examines recent work on inflation, expectations, economic growth theory, and techniques in current use for forecasting general economic activity. Prerequisite(s): Economics 255, 260, and 270. D. Aschauer, Staff.
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3.00 Credits
Econometric estimation techniques beyond least squares, including instrumental variables, maximum likelihood, the generalized method of moments, and both nonparametric and simulation methods are introduced. Models for panel data, stochastically trending variables, and limited dependent variables are also discussed. Students' choice of projects determines which topics are considered in detail. Prerequisite(s): Economics 255. Enrollment limited to 22. M. Murray.
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3.00 Credits
An analysis of money supply, money demand, alternative theories of the monetary mechanism, central banking, and the conduct of monetary policy. Prerequisite(s): Economics 255 and 270. D. Aschauer, Staff.
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3.00 Credits
The cost of capital, dividend policy, security valuation, portfolio theory, capital budgeting, and the efficient-markets hypothesis are among the topics investigated. Emphasis is on the testing of hypotheses derived from economic theory. Prerequisite(s): Economics 255 and 260. Normally offered every year. C. Schwinn.
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3.00 Credits
An analysis of water resources and fisheries economics. Topics include water allocation, scarcity and pricing, water rights, cost-benefit analysis, valuation, water markets, and problems related to common-property resources such as underground aquifers and fisheries. Economic incentives for pollution control including tradable pollution permit programs for water quality maintenance are also covered. Prerequisite(s): Economics 250, 255, and 260. Enrollment limited to 25. Normally offered every year. L. Lewis.
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3.00 Credits
Strategic interaction is a part of everyday life, and so are the situations that can be explained using game theory. Game theory considers decision problems in a competitive environment where conflict, risk, and uncertainty are often involved; it is a powerful tool for understanding individual actions and social institutions in economics, business, and politics. The course focuses on the underlying theory as well as applications to social, economic, and political problems. Topics include Nash equilibrium, subgame perfection, auctions, and incomplete information. In-class games are used to illustrate the concepts. Prior knowledge and understanding of basic calculus and probability theory are essential to success. Prerequisite(s): Economics 250, 255, and 260. Enrollment limited to 25. Staff.
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