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Course Criteria
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3.00 Credits
Globalization and Development Fall 2008. Three credits. Deepak Nayyar We are in the midst of the second great global expansion of modern capitalism, very different from the first. Today's globalization concerns culture and politics as well as economics; but economics provides the driving force, and the new technologies the means. The world is being transformed, and productivity is expanding. But inequality is increasing at a rapid pace worldwide, and so is instability. We have to ask if this is sustainable. Crosslisted with GPIA.
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3.00 Credits
Seminar in Labor and Political Economy Not offered 2008-09. Three credits. This course addresses contemporary issues related to labor and political economy. Topics include labor market segmentation, globalization, technological change, and work, as well as issues of social science methodology related to the study of contemporary labor markets and industrial relations.
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3.00 Credits
Industrial Organization Not offered 2008-09. Three credits. Willi Semmler This course covers current theoretical and empirical debates in industrial organization. Topics include competition theories, the evolutionary approach to firm size and industry dynamics, path dependence of industrial development, innovation and diffusion of technology, industry pricing, profit rate differentials, market share dynamics, firm valuation, and firm and industry stock price volatility. Empirical applications cover industries in the "new economy" and the "old economy." Students are encouraged to gipresentations of their work in class.
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3.00 - 9.00 Credits
Inequality and Social Policy Not offered 2008-09. Three credits. David Howell This course is concerned with worldwide trends in earnings inequality. The course addresses three central questions. The first concerns the evidence: What are the long-run and more recent trends in labor market inequalities in the United States and how do these compare to other developed and developing countries The second concerns theory and empirical analysis: How does economic theory explain these outcomes, what are the key theoretical controversies (e.g., Friedman, Becker, Rawls, Bowles, Sen), and what does the evidence suggest (e.g., technology- or trade-related skill shifts, migration of less skilled workers, labor market institutions) And the third addresses policy responses: In light of theory, recent empirical work, and our own values, how much inequality is the right amount and what can/should social policy do about it Cross-listed with Milano.
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3.00 Credits
The Economics of Inequality and Unemployment Spring 2009. Three credits David Howell There are large differences in the incidence of low wages, earnings inequality, and unemployment across rich countries with relatively similar levels of GDP per capita. This course will describe and explore alternative explanations for these differences, focusing on the role played by the supply and demand for skills on the one hand, and by public policies and labor market institutions on the other. It will consist of three parts: 1) low wages and earnings inequality, 2) unemployment and labor force participation, and 3) the interaction between the two: is the conventional wisdom correct that there is a tradeoff Parts 1 and 2 will begin with a careful treatment of measurement and description of the differences, followed by an assessment of alternative theoretical explanations, and finally by an assessment of these explanations based on the empirical evidence. The overall objective is to learn about the nature of these labor market outcomes in rich countries and to compare the U.S. model to alternative labor market regimes, or "capitalisms". There is no prerequisite, but the readings will come fromthe professional literature, so some exposure to economics and quantitative methods is strongly recommended. Cross-listed with Milano as MEFI 6068.
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3.00 Credits
International Trade Not offered 2008-09. Three credits. William Milberg This course covers the major theories of international trade, including mercantilist, Ricardian, neoclassical, neo-Ricardian, technology gap, unequal exchange, and Marxian models. It focuses on determinants of the direction of trade and potential gains from trade and on the links between international trade, income distribution, employment, and economic growth. Emphasis is placed on empirical tests of the theories. Other topics include intra-industry and intra-firm trade, strategic trade policy, outsourcing, trade-investment linkages, and contemporary commercial policy issues, including labor and environmental standards. Prerequisite: GECO 6190 or permission of the instructor.
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3.00 Credits
International Finance Spring 2009. Three credits. Willi Semmler This course is devoted to studying international monetary economics and finance theoretically and empirically. We begin with a historical overview of the gold standard, the Bretton Woods system, and current international monetary regimes and currency systems. We then examine theoretically and empirically the balance of trade and balance of payment accounts and their adjustments. Exchange rate systems and exchange rate determination and adjustments are also studied, with particular attention to empirical studies on exchange rate dynamics and their impact on macroeconomics. Special emphasis is given to the study of international monetary and financial arrangements, the financial sector, and financial instability and monetary and fiscal policy issues. Topics include issues of exchange rate volatility and its impact on the real and financial sector, foreign debt, capital flows, currency runs, and international portfolio choice; World Bank and IMF policies and issues concerning financial market liberalization; international financial regulations; and international financial architecture.
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3.00 Credits
Money and Banking Not offered 2008-09. Three credits. Edward Nell This course follows the parallel development of the history of monetary theory and monetary institutions. The course begins with the early quantity theory and examines the development of mercantilist monetary systems and early banking, concentrating on the English system. Controlling the issue of notes and the role of "reflux" are examined in light of monetarismand its claims. The spread of banking and the role of central banking are examined, first with regard to the English system, then the U.S. system. The role of the Fed in the 1930s is examined, especially considering Friedman and Schwartz, then the shift to war finance and the development of "modern money," giving rise to theories of endogenous money. Theevolution of Hicks' thinking, from the IS-LM to endogenous money, is traced and contrasted with the transformation of "old Keynesians" into"new Keynesians."
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3.00 Credits
Financial Modeling and Financial Econometrics Spring 2009. Three credits. Salih Neftci Applications of financial theory and new financial instruments require new econometric tools. This course first reviews the basic theories of derivatives pricing and estimation and then deals with volatility dynamics, nonparametric estimation, and Kalman filters.
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3.00 Credits
Financial Economics Fall 2008. Three credits. Willi Semmler This course studies the interaction of the financial markets and economic activity. The financial markets to be considered encompass the money and bond market, credit market, stock market, and foreign exchange market. Economic activity is described by the activity of households, firms, banks, governments, and countries. The course shows how economic activity affects the financial markets and how the financial markets, financial market volatility, and instability feed back into economic activity. Emphasis is given to theory and empirical work on credit and derivative markets, bond prices and yield curves, stock prices and returns, CAPM and static and dynamic portfolio theory, and consumption- and production-based asset pricing theory. Further topics include the impact of the volatility of asset prices on economic activity, the economics of risk, and financial fragility and crises. Reading for the course includes Semmler's Asset Prices, Booms, and Recessions (2003, rev. 2006). Prerequisite: GECO 6191 or permission of the instructor.
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