Masters Program

ECON 700 Survey of Microeconomics (3). A comprehensive survey
of microeconomics, including the theories of consumption, production,
distribution, pricing, and resource allocation. Prerequisite: ECON 520
and MATH 116 or MATH 121; and completion of ECON 142 and
ECON 144, ECON 520, and ECON 522 with a grade-point average of at
least 3.0 or graduate standing. LEC   

ECON 701 Survey of Macroeconomics (3). A comprehensive survey of
the modern theory of national income determination with particular emphasis
on the foundation of macroeconomic models and their empirical implementation.
Prerequisite: ECON 522 and MATH 116 or MATH 121. LEC   

ECON 705 Development of Economic Thought (3). The development
of economic thought from the time of the physiocrats through the
modern period. Consideration is given to the works of the English
Classical school, the school of Vienna, the historical school, the Lausanne
school, and Cambridge school. In addition, the development of
economic thought in the United States during the period is treated.
Prerequisite: ECON 520 and ECON 522. LEC  

ECON 715 Elementary Econometrics (3). An elementary analysis of
the problems of estimation, prediction, and hypothesis testing in the
context of general linear, stochastic difference equation and simultaneous
equations models. Applications of econometric theory to practical
economic problems will be emphasized. Prerequisite: DSCI 301 or its
equivalent; MATH 116 or MATH 121; and completion of ECON 142
and ECON 144, ECON 520, and ECON 522 with a grade-point average
of at least 3.00 (B) or graduate standing. LEC   



ECON 716 Econometric Forecasting (3). An analysis of econometric
forecasting techniques, including time-series models, single-equation regression
models, and multiple-equation regression models. The course
will examine forecasts of (a) macroeconomic variables, such as interest
rates, investment, GNP, and the rate of inflation; and (b) market variables,
such as price and quantity. Prerequisite: ECON 715 or ECON 817. LEC   

ECON 730 Topics in Industrial Organization (3). Advanced study of
recent research in applied microeconomics and business behavior.
Topics include vertical integration, collusion, multi-plant and multiproduct
operations, regulated industries, tying arrangements, and the
empirical links between monopoly power and profitability. Prerequisite:
ECON 630 or equivalent. LEC   

ECON 735 Science and Technology in Economic Growth (3). An analytical
and historical exploration of the roles that science and technology
have played in the economic growth of industrial societies. Topics
covered include factors influencing the pace and character of technological
innovation, national systems of innovation, the diffusion of new
technologies, measurement of the benefits of new technologies, and
the role of technology in various growth theories. Prerequisite: ECON
520, or ECON 524, or consent of instructor. LEC   

ECON 740 Theory of Economic Growth and Development (3). Advanced
study of the theory of economic growth and development. Recent growth
models, theory of underdevelopment, programming, policies and plans
for development. Prerequisite: ECON 520 and ECON 522. LEC   

ECON 741 Economic Planning (3). A study of the techniques employed
in the preparation of a national economic plan and of the policies
required for its implementation. Special attention is given to the
purposes of a plan, development strategies, investment requirements,
and project appraisal. The development plans of several countries are
examined to illustrate problems of planning economic development.
Prerequisite: ECON 520 and ECON 522. LEC   

ECON 750 The Theory of International Finance (2-3). This course examines
the modern, financial-asset market approach to exchange rate determination
as well as dynamic exchange rate models. Possible topics may
include exchange rate overshooting, exchange rate crises, and international
policy coordination. Prerequisite: ECON 605 and MATH 116. LEC  

ECON 760 The Theory of Public Finance (3). An analysis of governmental
fiscal activity and its economic effects with emphasis on the determination
and incidence of budget policy. Prerequisite: ECON 520
and ECON 522; ECON 622 recommended. LEC  

ECON 761 Public Sector: Urban and Regional Finance (3). An analysis
of the American state and local finance scene with special emphasis
on urban and regional tax and expenditure problems and issues. Prerequisite:
ECON 520 and ECON 522; ECON 622 recommended. LEC  

ECON 765 Advanced American Economic Development (3). A study
of the process of economic growth as it has occurred in the American
economy, with emphasis on 19th century developments. The structural
changes that accompanied growth and the impact of technological
change are among the major topics considered. Prerequisite: ECON
520, ECON 522 and ECON 530, or consent of instructor. LEC   

ECON 766 Economic History (3). The development of market
economies and economic institutions. The course will focus on Europe,
but will include comparisons with other developed nations. Topics include:
long-run economic growth, the rise of capitalistic agriculture and
industry, the causes and consequences of technological change;
changes in income distribution and economic organization; and the social
and cultural effects of economic change. Prerequisite: ECON 520,
ECON 522, and ECON 535 or ECON 530, or consent of instructor. LEC   

ECON 768 The Industrial Revolution (3). An examination of the development
of the industrialization of England and its impact on the North
Atlantic economy. Consideration will be given to the effects of demographic
and technical changes upon economic structure and the
changing economic relationships between nations. Prerequisite:
ECON 520 and ECON 522 or consent of instructor. LEC  

ECON 769 Financial Economics (3). An introduction to the economic
analysis of choice under uncertainty and asset pricing theory. Topics
include the general equilibrium Arrow-Debreu model of complete markets;
capital asset pricing model; stochastic dominance; portfolio frontiers;
mutual fund separation theorems; arbitrage pricing theory; valuation
of derivative securities. Both single-period models and multi-period
models will be discussed. Students should have some background
in elementary linear algebra, calculus, and probability theory. Prerequisite:
DSCI 301 and ECON 700 or equivalent. LEC   

ECON 770 Economics of the Labor Market (3). A theoretical and empirical
analysis of labor supply and demand, human capital, information and labor
mobility, unemployment, discrimination, and union behavior and influence.
Prerequisite: ECON 520, and MATH 121 or MATH 115 and MATH 116. LEC   

ECON 790 Game Theory and Applications (3). This course covers basic game 
theory and applications. Topics covered include strategic games with complete 
information, Bayesian games (with incompmlete information), extensive games with 
perfect information, and extensive games with imperfect information. Equilibrium 
concepts covered include Nash equilibrium, mixed-strategy Nash equilibrium, 
rationalizability, Bayesian Nash equilibrium, sub-game perfect Nash equilibrium, and 
sequential equilibrium. Depending on availability of time, additional topics may include 
strictly competitive games and repeated games. The course may include diverse 
applications such as in business strategy, auctions, voting, international trade, military 
conflicts, contracts, regluation and industrial organization. Prerequisites: MATH 122 
and MATH 526 LEC. 

ECON 800 Optimization Techniques I (3). Economic models involving
the maximation of a scalar (vector) function subject to equality and inequality
constraint where the variables are in a finite dimensional Euclidean
space. Characterization of optimal points by way of first and second
order derivatives and by way of saddle points. Duality theorems of
mathematical programming. Prerequisite: Consent of instructor. LEC  

ECON 801 Microeconomics I (3). An advanced course in price and distribution
theory. Prerequisite: ECON 800 or consent of instructor. LEC  

ECON 802 Microeconomics II (3). The study of the operation of the
economic system taking into account the diversity of goods and services.
Primary attention is centered upon the competitive economy. A
study is made of the existence, uniqueness, stability, and comparative
statics of equilibrium positions. In addition, a study is made of ways of
evaluating alternative states of the economy in terms of systems of
value judgments. This includes a discussion of the Arrow Impossibility
Theorem; the notion of a Pareto-satisfactory process is introduced and
the relationship between Pareto-optimal states and competitive equilibrium
positions is studied. Prerequisite: ECON 801. LEC 

ECON 803 Growth Theory (3). The study of Harrod-Domar growth models;
the Solow model; Uzawa’s two sector model; n-sector growth models;
the Ranis-Fei development models; and other application of growth theory
to public policy. Prerequisite: ECON 700 and ECON 701. LEC   

ECON 805 Teaching Methods in Economics (3). The goal of the course is to 
enhance undergraduate student learning by refining and expanding the teaching 
techniques in the teaching assistant's arsenal. The course starts by discussing and 
illustrating the importance of setting the tone on the first day of class. Then the 
course turns to ways of creating intellectually exciting lectures and discussion sections. 
Active learning comes next as the course presents techniques to involve actively the 
students in their learning experience. Then the course examines ways for recognizing 
and broadening our teaching styles to include different learning styles. On a more 
mundane, but vital topic, the course discusses the evaluation of students by emphasizing 
the importance of matching the assessment of students with course objectives. This 
course will not assume any prior experience teaching. Consent of Instructor. LEC 

ECON 809 Optimization Techniques II (3). Economic models involving the
maximization of an integral (a vector of integrals) subject to differential equality
(inequality), integral equality (inequality), and finite equality (inequality) constraints.
Characterization of optimal paths by way of first and second derivatives.
Existence of optimal paths. Prerequisite: Consent of instructor. LEC   

ECON 810 Macroeconomics I (3). A survey of basic macroeconomic
models, including Classical and Keynesian as well as more recent
ones. Topics also cover monetary and fiscal stabilization policies, the
role of rational expectations, and basic behavioral equations. Tradeoffs
of inflation and unemployment are examined both theoretically and
empirically. Prerequisite: ECON 809 or consent of instructor. LEC   

ECON 811 Macroeconomics II (3). Structure of dynamic models and
intertemporal optimization. Monetary and real business cycle theories
and long-run economic growth. Microeconomic foundations of macroeconomics,
theories of explicit and implicit contracts, and implications of
overlapping generations models. Prerequisite: ECON 810. LEC   

ECON 817 Econometrics I (3). An intensive study of the general linear
model and distribution theory associated with the multivariate normal;
stochastic difference equation; autocorrelation, errors in variables.
Prerequisite: MATH 628. LEC 

ECON 818 Econometrics II (3). The study of estimation and hypothesis
testing within the context of the stochastic simultaneous equations
model. Prerequisite: ECON 817. LEC  

ECON 820 Applied General Equilibrium (3). A study of numerical applications
of Walrasian general equilibrium theory to problems in public finance,
international trade, and macroeconomics. The Arrow-Debreu model
will be reviewed with emphasis on the use of Kakutani’s fixed point theorem
to prove existence of equilibrium. Fixed point algorithms used to solve the
general equilibrium model will be studied. The Shoven-Whalley method for
introducing taxes into the general equilibrium model will be discussed and
extended to open economy models with tariffs and quotas. Finally, dynamic
macroeconomic models will be studied and financial assets will be introduced
in perfect foresight models. Prerequisite: ECON 801. LEC   

ECON 825 Tutorial (0). This course is designed to provide extra assistance
for graduate students in economics. RSH

ECON 830 Game Theory and Industrial Organization (3). A comprehensive
introduction to game theory and the theory of industrial organization.
Basic game theoretic equilibrium concepts will be discussed in the
context of static games, games of incomplete information, and dynamic
games. These concepts will be applied to the theory of industrial organization.
Topics may include mechanism design, market failure, monopoly,
imperfect competition and oligopoly, limit pricing, predatory pricing, innovation
and technical change, advertising and signaling theory, collusion
and coordination, regulation under incomplete information, agency
and auditing problems, incentives in hierarchies, job market signaling,
insurance markets, nonlinear pricing and monopoly, and bargaining and
long term relations. Prerequisite: ECON 801 and 802. RSH

ECON 831 Economics of Regulation (3). This course provides an analytical
introduction to the study of the economic rationale for and effects
of government regulation of industry. Special emphasis will be
placed on public utility regulation. Prerequisite: ECON 700. LEC  

ECON 835 Comparative Economic Systems (3). Comparative studies
of the organization, operation, and performance of economic systems.
Theoretical issues involving the comparison of different economic systems
will be covered. Theoretical characterizations of different economic
systems such as capitalistic economies, socialistic economies,
and centrally planned economies, will be developed. Case studies of
economic institutions and economic performance in various countries
will be examined. Prerequisite: ECON 700 and ECON 701. LEC   

ECON 840 Microeconomic Issues in Development Economics (3).
This course will examine the process and policies of economic development
from a microeconomic perspective. Selected topics may include:
the use of input-output matrices in development planning; price controls
and corrections for their allocative distortions; international trade policies;
transformations from planned to market economies; labor markets
and labor mobility; and capital markets and capital mobility. LEC   

ECON 842 Theory of Economic Planning (3). Formal construction of
the foundations of economic planning with emphasis on concise discussion
of the logic behind the techniques utilized in economic planning.
Topics that will be studied include: social welfare, short-term
planning, price guided planning procedures, non-price guided planning
procedures, long-term planning objectives, and characteristics of optimal
plans. Prerequisite: ECON 802 or consent of instructor. LEC   

ECON 844 Macroeconomic Issues in Development Economics (3).
This course will examine the process and policies of economic development
from a macroeconomic perspective. Topics will include the
theory of growth in the dual economy, the role of foreign trade in economic
development, inflation and stabilization in developing
economies, the problem of foreign debt, the relationship between financial
and real development, and various development policies. Prerequisite:
ECON 810 or consent of instructor. LEC  

ECON 850 The Advanced Theory of International Finance (3). This is
an advanced course in international finance. Possible topics include optimizing,
equilibrium models of exchange rate determination, empirical
tests of international asset-pricing models, international policy coordination,
and properties of different international monetary arrangements.
Prerequisite: ECON 811. LEC   

ECON 851 The Theory of International Trade (3). The study of the pure
theory of international trade; factor-price equalization, trade and welfare,
general equilibrium in the international economy, comparative statics,
and stability conditions. Prerequisite: ECON 700 and ECON 701. LEC  

ECON 855 Natural Resources (3). Advanced analysis of the economic relationships
between natural resources, population, and environment. Emphasis
is on the analytical techniques useful for solving the economic problems
of natural resource allocation over time. Prerequisite: ECON 700. LEC   

ECON 860 Advanced Public Finance (3). A rigorous treatment of the
economics of the public sector. Emphasis will be placed on government
expenditure and taxation. Possible topics include tax incidence, optimal
taxation, dynamic analysis of fiscal policy, public goods, and cost benefit
analysis. Prerequisite: ECON 801 or permission of instructor. LEC 

ECON 866 Selected Problems in American Economic History (3). A
critical study of selected aspects of American economic history with
particular emphasis upon the testing of hypotheses that have been advanced
to explain the growth and development of the American economy.
Prerequisite: ECON 766. LEC   

ECON 869 Advanced Financial Economics (3). This course presents an analysis of financial markets and instruments, together with the quantitativetools essential for research in the field. The materials will be presented in adiscrete time setting and will stress the link between financial economics and equilibrium theory. Topics will include securities pricing in the absence of arbitrage, the theory of risk and utility in the basic portfolio problem, mean variance analysis and the CAPM, the Martingale properties of security prices, restricted participation, asymmetric information, and recent research results.
Prerequisite: ECON 802 or consent of instructor. LEC 

ECON 870 Applied Microeconomics (3). This course introduces students to 
the data and empirical methods used in the fields of applied economics such
as labor economics, public finance, and industrial organization. The course
will focus on how to adjust for self-selection and identify causal relationships
in applied microeconomic fields. Topics covered include economic data and
statistical programming, instrumental variables, difference-in-differences,
regression discontinuity, count data, sample selection, treatment effects and 
duration models. Attention will be given to the suitability of the methods to 
the research question under consideration. Each topic will emphasize the 
proper application of the methods using the standard textbook treatment as
well as assigned papers that examine the basic economic issues, the econometric 
techniques, and the applications to data. Prerequisite: ECON 817 and 
ECON 818 or consent of instructor. ECON 915 is recommended. LEC

ECON 880 Selected Topics in Economic Theory: _____ (1-3). An advanced
course in economic theory that will study selected topics in
economic theory such as consumer theory, linear economics, decision
theory, stability of economic equilibrium, comparative statics, etc. Prerequisite:
Consent of instructor. LEC   

ECON 899 Master’s Thesis (1-10). THE

ECON 901 Advanced Economic Theory I (3). Advanced study of current
general equilibrium analysis, the mathematical tools involved in
such analysis, and some applications to other branches of economic
theory. Prerequisite: ECON 802 and ECON 810. LEC  

ECON 902 Advanced Economic Theory II (3). A continuation of the advanced
study of general equilibrium analysis. Prerequisite: ECON 901. LEC   

ECON 910 Economic Theory Seminar-workshop (1-3). This seminarworkshop
is designed to study advanced research topics in the areas of
microeconomic and macroeconomic theory, and also provide assistance
in the preparation and development of the dissertations of Ph.D.
candidates in these areas of specialization. LEC   

ECON 911 Applied Macroeconomics (3). An advanced exploration of
the microeconomic foundations of macroeconomics, neoclassical
macroeconomics with and without money, Keynesian and neo-Keynesian
macroeconomics, and economic stabilization, inflation, and unemployment.
Prerequisite: ECON 802 and ECON 810. LEC   

ECON 912 Advanced Macroeconomics (3). An analysis of economic
policy in dynamic economic models. The effects of various policies on
the equilibrium, stability, and adjustment paths of the models will be
considered. Both open and closed economies will be analyzed. Prerequisite:
ECON 810. MATH 320 is recommended. LEC   

ECON 913 Monetary Economics (3). This course examines how money,
monetary policy, and monetary institutions influence the macroeconomy.
Modern theories of money demand are presented and critiqued. The
function of commercial banks, non-bank financial intermediaries, and
central banks in the money supply process is addressed. Interrelationships
between the tools, the instruments, the operating procedures, the
intermediate targets, and the goals of policy are examined. Additional
topics may include the monetary transmission mechanism, the effect of
uncertainty on optimal policy decisions, the rules versus discretion debate,
the monetary implications of fiscal policy, the term structure of interest
rates, the causes and consequences of bank runs and financial panics,
and the optimal method of constructing weighted monetary aggregates.
Prerequisite: ECON 811 or consent of instructor. LEC   

ECON 915 Advanced Econometrics I (3). The study of selected topics in
applied cross-section econometrics for uses mainly in applied microeconomics,
public finance, and labor economics. Topics include traditional
econometrics of production and demand, latent variable models, panel data
studies, probabilistic choice models, censored and truncated models, sample
selection, disequilibrium models, duration studies, and semi- and nonparametric
models. Prerequisite: ECON 818, or consent of instructor. LEC   

ECON 916 Advanced Econometrics II (3). A study of selected topics
in applied time-series econometrics for use mainly in applied macroeconomics,
international finance, and development economics. Topics
include empirical applications of ARCH models, VAR models (study of
impulse response function and variance decomposition), unit-root cointegration
and long memory models. Bayesian unit root analysis, estimation
and inference of dynamic general equilibrium models, model
calibration and simulation are also possible topics of this course. Prerequisite:
ECON 818, or consent of instructor. LEC  

ECON 917 Advanced Econometrics III (3). A study of structural and
nonlinear time series approaches to econometric modeling and inference.
The course emphasizes techniques needed to use economic theory in
system-wide econometrics. Emphasis is placed on selection of functional
form for approximation to theoretical functions and the use of duality theorems
for derivation of the resulting econometric systems of equation. Inference
with those models will be by nonlinear parametric, semi-parametric,
and nonparametric methods. Prerequisite: ECON 818. LEC   

ECON 918 Financial Economcis (3). This course is designed to provide a 

variety of new econometric tools useful to investigate financial data. It
discusses how to measure and forecast financial volatility using models such
as Stochastic Volatility, multivariate GARCH, and Dynamic Conditional 
Correlation models. It also covers Dynamic Factor Models and State Space 
models, which can be used in many financial data analysis. The course will be 
particularly helpful for the students preparing dissertations in the field of 
finance, macro-finance, monetary economics, international finance, and 
development economics. It will also benefit the students interested in more 
practical use of tools in the field such as financial risk management, insurance,
and commercial banking. Prerequisite: ECON 818. ECON 916 is recommended.

ECON 920 Econometrics Seminar-workshop (1-3). This seminarworkshop
is designed to study advanced research topics in the area of
econometric theory and application, and also provide assistance in the
preparation and development of the dissertations of Ph.D. candidates
in this area of specialization. LEC   

ECON 925 Economic Dynamics (3). A study of the concepts of equilibrium
and stability in various economic frameworks; static economies,
changing economies, and disaggregated and aggregated economies.
Prerequisite: ECON 802. LEC   

ECON 930 Economic History Seminar-workshop (1-3). This seminarworkshop
is designed to study advanced research topics in the area of
economic history, and also provide assistance in the preparation and
development of the dissertations of Ph.D. candidates in this area of
specialization. LEC   

ECON 940 Economic Seminar-workshop in: _____ (1-3). This seminar-
workshop is designed to study advanced research topics in the
specified area of applied economics (public finance, monetary analysis,
environment-energy, economic growth and development, urban economics,
health care economics, natural resources, labor-manpower, international
trade and finance, comparative economic systems, Soviet
economics), and also provide assistance in the preparation and development
of the dissertations of Ph.D. candidates with dissertations in a
specific area of applied economics. LEC   

ECON 950 Special Problems in Economics (1-3). LEC   

ECON 955 Advanced Topics in Natural Resources (3). Rigorous analysis
of an Arrow-Debreu economy with natural resources and extensions
(including optimal growth, planning procedures, and uncertainty).
Investigation of current research topics in theoretical and applied
resource economics. Required course for Ph.D. candidates writing
dissertations in natural resources. Prerequisite: Consent of instructor.
ECON 927 recommended. RSH

ECON 970 Advanced Labor Economics (3). A survey of recent labor
economics research. Topics include labor supply and demand, human
capital investment, and unemployment. Prerequisite: ECON 770. LEC   

ECON 999 Doctoral Dissertation (1-10). THE