M.S. in Economics

Fall Semester

Optional Courses (Student is expected to take one course)

Eco 562: Advanced Topics in Econ Theory II 3

Eco 563: Monetary Theory 3

Spring Semester

Summer Classes

Eco 575: Econometrics II 3

COURSE DESCRITPTION

ECO 700 — Math Economic 1: —

Studies quantitative techniques useful in economic analysis and decision making; mathematical programming; input-output analysis; point-set theory and game theory; existence, optimality, and stability conditions for static general equilibrium; and activity analysis, including welfare economics.

ECO 701 — Genera; Microeconomic Theory: —

Emphasizes microeconomic theory; principal topics include a review of value and distribution theory, the theory of choice by households and firms, general microeconomic theory, and theoretical developments of current interest.

ECO 711 — Quantitative Analysis for Econ: —

Studies topics in optimization: implicit function theorem, multipliers and Kuhn-Tucker conditions; topics in matrix algebra including characteristic roots and vectors, partitioned matrices, quadratic forms, special matrices; topics on difference and differential equations common in economic theory.

ECO 713 — Microeconomic Theory I: —

Introduction to the models and methods of modern microeconomic theory, concentrating on individual and firm decision making and on industry equilibrium; brief treatment of general equilibrium theory and welfare analysis. Topics include: consumer utility and demand theory; production and cost functions; firm supply, input demand, and price behavior; competitive, monopolistic, and oligopolistic industry analysis; and distribution theory. General market equilibrium theory and welfare economics; discusses the problems of existence, stability, efficiency, and equity of economic equilibrium; and introduces social choice and the special problems created by public goods, externalities, and uncertainty.

ECO 714: Macroeconomic Theory:

Introduces students to a variety of dynamic general equilibrium models that currently dominate the study of growth and economic fluctuations. These models include: neoclassical growth models, overlapping generations models, CAPM models, search models, and endogenous growth models. In covering these models, the course also seeks to develop a set of techniques for students to use. These techniques include discrete time optimization, continuous time optimization, dynamic programming and model calibration. Development of modern macroeconomic theory, including disequilibrium theory, optimal short-term stabilization measures, and monetary, fiscal, incomes, and exchange rate policies; large-scale econometric models; linear and neoclassical growth models; aggregate distribution theory; money, capital movements, trade, and growth; optimal growth models; and exhaustible resources and growth.

ECO 715 — Economic Statistics: —

Classical statistics and regression analysis; descriptive statistics, probability and point and interval estimation; decision theory; variance analysis; and linear regression and least-squares estimates.

ECO 716 — Econometric Analysis: —

The construction of econometric models; characteristics of models and choice of estimating methods; and estimates of parameters by various methods. Part 2: Bayesian statistics and decision theory.

ECO 717 — Applied Econometrics: —

Develops a general methodological basis for searching for quantitative economic knowledge; integrates and gives operational content to the topics of economic, statistical, and econometric theory.

ECO 718: Advanced Topics in Econ Theory II:

Study at an advanced level of one or more of the following possible topics: economics of externalities, advanced aggregate economic theory, theory of central planning, investment theory, consumer behavior theory, capital theory, welfare economics, inflation theory, income distribution theory, or other topics.

Economics 563: Monetary Theory:

Micro- and macroeconomic theories of the supply of and demand for money; money substitutes and their significance; review of current empirical research; money in closed economy, macroeconomic, and static general equilibrium models; and analysis of inflation and unemployment.

ECO 720: Math Economic II:

Studies quantitative techniques useful in economic analysis and decision making; single and systems of difference and differential equations; dynamic programming; Pontryagin maximum principle; interaction of multiplier and accelerator; von Neumann model; Turnpike theorem; growth models; and control systems.

ECO 758: Econometrics I:

Estimation of parameters for single-equation models; tests of hypotheses and confidence regions for regression models; large-sample theory in single-equation models; and Bayesian statistics in regression models.

ECO 721 — General Macroeconomic Theory: —

Emphasis on macroeconomic theory; principal topics include a review of Keynesian macroeconomic theory, formal growth theory, and selected business cycle theory.

ECO 721 — Public Goods Theory: —

In-depth analysis of the theory of public goods; includes public goods and externality theory, public choice, theory of cost-benefit analysis, optimal income redistribution, and fiscal federalism.

ECO 723 — Economics of Taxation: —

Theoretical and empirical analysis of the impact of taxation on the economic system; topics include tax equity and excess burden, incentive effects of taxation, tax incidence, structure of major types of taxes (income, consumption, and wealth), normative tax analysis, and taxation in developing economies.

ECO 724 — Urban Economics: —

Examines the microeconomic theory of urban land-use and spatial structure (static and dynamic models); analyzes externalities caused by traffic congestion; normative and positive analysis of the provision of local public goods; and public policy issues (i.e., slums and urban decline, pollution).

ECO 725 — Environmental Economics: —

Examines both theory and policy applications in the environmental area; selectively reviews the literature to provide a framework for understanding the relevant economic relationships and the criteria appropriate for policy assessment; emphasizes the characteristics of major environmental problems and policy choices; and considers the valuation of environmental amenities and the conflict between environmental quality and growth.

ECO 728 — The Theory of Monetary Policy: —

Theories of money; money in dynamic models; money in open economy macroeconomic models; stabilization policy; and international aspects of monetary theory.

ECO 727 — Political Economy: —

Microeconomic analysis of political decision making processes. Includes social choice, models of political competition, game-theoretic analysis of political institutions and lobbying.

ECO 739 — Microeconomics for Business: —

Microeconomics for professional business students. Shows relevance of value and distribution theories for business managers. Includes demand and supply theory, consumer choice, production and cost theory, industrial structure, and wage and capital theory.

ECO 745 — Macroeconomics for Business: —

Development of short run macroeconomic models. Analysis of private sector behavior functions, and government policy alternatives. Extensions for open economy models and growth models. Intended for students in the Master of Business Administration program.

ECO 729 — International Trade Theory —

The pure theory of international trade, general equilibrium income and welfare, tariffs, the theory of policy ranking, strategic trade policy, customs unions, international trade law and the WTO.

Economics 575: Econometrics II:

Considers the specification of models with systems of simultaneous equations; identification problem, distributed lag models, K-class estimators, maximum likelihood estimators, three-stage least-squares, and effects of specification errors.

ECO 730 — International Financial Econ: —

Examines the balance of payments, exchange rate, capital flows and international monetary system; fiscal and monetary policy in open economies.

ECO 732 — Business International Econ: —

Provides the business student with a working knowledge of the principles of international economics, issues in the current international business environment, U. S. and international trade law, and current policy issues and debates. Considers the basic causes and consequences of international trade, the foreign exchange market and theory of exchange rate determination, the U. S. trade deficit, the international monetary system, and antidumping and countervailing duty law, copyright and patent infringement law, the General Agreement on Tariffs and Trade, the rudiments of strategic trade theory, and selected policy issues varying by year.

ECO 733 — General Economic History: —

Treatment of selected topics in the economic history of industrialized economics by applying economic theory and quantitative methods of analysis to historical problems; exploration of the implications for contemporary work in economics.

ECS 735 — Labor Economics: —

Survey of recent trends in the labor force, of real and money earnings, and of the distribution of national income used as the basis for a critical economic analysis of contemporary English and American wage theory. Economic issues and implications involved in hours of work, employment and unemployment, and trade union institutionalism (the impact of the trade union upon the basic institution of a free enterprise economy); emphasis in all cases on the development of appropriate public policy.

ECO 736 — Economics of Transition: —

Examines the processes of changes taking place in transition economies, with a focus on organizational and institutional issues. Focus on developing an understanding of mechanisms and constraints of economic transition and demonstrating how economic tools can be used for developing such an understanding.

ECO 737 — Econ of Development and Growth: —

Review and analysis of the theories and patterns of growth in developed and underdeveloped economies; the process and impact of import substitution industrialization; trade and economic development; the role of the state and privatization in the development process; agricultural stagnation and modernization.

ECO 721: Computable General equilibrium Modeling:

Discusses problems and methods of building social accounting matrices and computable general equilibrium (CGE) models; provides hands-on experience with CGE models with a series of PC-based exercises. The exercises demonstrate a number of techniques for constructing CGE models and show applications of these models to a variety of economic policy problems in developing countries such as food subsidies, international trade restrictions, foreign debt, and sectoral investment priorities.

ECO 704 — Topics in Development Econ: —

Analyzes the newly developing economies, with emphasis on institutional factors affecting development and economic policy relating to development.

ECO 745 — Advanced Topics in Econ Theory: —

ECO 799 Research Dissertation