Economics (ECON)
* ECON 0002b, Social Issues in America Rebecca Toseland
This seminar investigates how data and economics can be used to understand and solve some of the most pressing contemporary social issues in the United States. Topics include equality of opportunity, education, health, climate change, criminal justice, and discrimination. In the context of these topics, the course provides an introduction to some basic economic concepts and data analysis techniques. No prior knowledge of economics or statistics is assumed. Enrollment limited to first-year students. SO
TTh 1:05pm-2:20pm
* ECON 1108a or b, Quantitative Foundations of Microeconomics Tolga Koker
Introductory microeconomics with a special emphasis on quantitative methods and examples. Intended for students with limited or no experience with calculus. Enrollment limited. May not be taken after ECON 1110 or 1115. QR, SO
HTBA
* ECON 1110a or b, An Introduction to Microeconomic Analysis Staff
Similar to ECON 1115, but taught as a lecture discussion with limited enrollment. Enrollment limited to first-years and sophomores. May not be taken after ECON 1108 or 1115. QR, SO
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* ECON 1111a, An Introduction to Macroeconomic Analysis Marnix Amand
Similar to ECON 1116, but taught as a lecture discussion with limited enrollment. Enrollment limited to first-years and sophomores. May not be taken after ECON 1116. Prerequisite: ECON 1108, 1110, or 1115. SO
TTh 1:05pm-2:20pm
ECON 1115a or b, Introductory Microeconomics Staff
An introduction to the basic tools of microeconomics to provide a rigorous framework for understanding how individuals, firms, markets, and governments allocate scarce resources. The design and evaluation of public policy. May not be taken after ECON 1108 or 1110. QR, SO 0 Course cr
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ECON 1116a or b, Introductory Macroeconomics Staff
This course is an introduction to macroeconomics. We begin by asking why some countries produce so much more output than others. We investigate the role of savings and investment, research and development, and the economic institutions that determine them. We then ask what determines output, unemployment, inflation, and interest rates over time, why they fluctuate over time, and how policymakers affect them. May not be taken after ECON 1111. Prerequisite: ECON 1108, 1110, or 1115. SO 0 Course cr
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ECON 1117a or b, Introduction to Data Analysis and Econometrics Staff
Introduction to data analysis from the beginning of the econometrics sequence; exposure to modern empirical economics; and development of credible economic analysis. This course emphasizes working directly and early with data, through such economic examples as studies of environmental/natural resource economics, intergenerational mobility, discrimination, and finance. Topics include: probability, statistics, and sampling; selection, causation and causal inference; regression and model specification; and machine learning and big data. Prerequisites: ECON 1108, 1110, 1115, or equivalent and familiarity with single variable calculus. Students who have taken ECON 131 may not receive major credit for this course. QR, SO 0 Course cr
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ECON 2121a, Intermediate Microeconomics Staff
The theory of resource allocation and its applications. Topics include the theory of choice, consumer and firm behavior, production, price determination in different market structures, welfare, and market failure. After introductory microeconomics and completion of Math 1120 or higher. Elementary techniques from multivariate calculus are introduced and applied, but prior knowledge is not assumed. May not be taken after ECON 2125. QR, SO 0 Course cr
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ECON 2122a or b, Intermediate Macroeconomics Staff
Contemporary theories of employment, finance, money, business fluctuations, and economic growth. Their implications for monetary and fiscal policy. Emphasis on empirical studies, financial and monetary crises, and recent policies and problems. After two terms of introductory economics and completion of the Math 1120 or higher. QR, SO 0 Course cr
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ECON 2123a or b, Intermediate Data Analysis and Econometrics Staff
Comprehensive and theoretical examination of econometrics, with further exploration of topics covered in ECON 1117. A term research project addresses a research question chosen by the student, and involves the application of learned methods to a relevant data set. Prerequisites: ECON 1108, 1110, 1115, or equivalent; ECON 1117; and familiarity with single variable calculus. QR, SO 0 Course cr
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ECON 2125a, Microeconomic Theory Staff
Similar to ECON 2121 but with a more intensive treatment of consumer and producer theory, and covering additional topics including choice under uncertainty, game theory, contracting under hidden actions or hidden information, externalities and public goods, and general equilibrium theory. Recommended for students considering graduate study in economics. After introductory economics, and MATH 1180 or 1200 or equivalent. May not be taken after ECON 2121. QR, SO 0 Course cr
TTh 9am-10:15am
* ECON 2126b, Macroeconomic Theory Staff
Similar to ECON 2122 but with a more intensive treatment of the mathematical foundations of macroeconomic modeling, and with rigorous study of additional topics. Recommended for students considering graduate study in economics. After two terms of introductory economics, and MATH 1180 or 1200 or equivalent. QR, SO 0 Course cr
MW 1:05pm-2:20pm
ECON 2135a, Introduction to Probability and Statistics Charles Hodgson
Foundations of mathematical statistics: probability theory, distribution theory, parameter estimation, hypothesis testing, regression, and computer programming. Recommended for students considering graduate study in economics. Prerequisites: Introductory microeconomics and MATH 1180 or MATH 1200 and MATH 2220 or MATH 1200 and MATH 2250. QR, SO 0 Course cr
MW 4pm-5:15pm
ECON 2136b, Econometrics Ed Vytlacil
Continuation of ECON 2135 with a focus on econometric theory and practice: problems that arise from the specification, estimation, and interpretation of models of economic behavior. Topics include classical regression and simultaneous equations models; panel data; and limited dependent variables. Recommended for students considering graduate study in economics. Prerequisites: After ECON 2135 or STAT 241 and 242. May not be taken concurrently with STAT 242. QR, SO 0 Course cr
TTh 1:05pm-2:20pm
ECON 2210b / EDST 1201b, Economics of Education Daniela Morar
Application of basic economic concepts and empirical methods to the analysis of education. Topics include the economic return to secondary and postsecondary education, the quality of elementary and secondary education, the market for teachers, inequality in education attainment, and school choice. Prerequisites: ECON 108, 110, or 115 and ECON 117. A prior course in statistics or econometrics is helpful but not required. SO
TTh 11:35am-12:50pm
ECON 2224a, Labor Economics William Hawkins
What determines wages? Why is there unemployment? How will artificial intelligence affect workers? This course is an introduction to the economics of the labor market. We cover theoretical models and study real-world data. We aim to understand policies (for example, minimum wages) and institutions (for example, labor unions), their effects, and their advantages and disadvantages. Prerequisite: Introductory Microeconomics (ECON 108,110, or 115) For some topics, students will benefit from familiarity with ideas covered in a first course in statistics or econometrics (for example, Econ 117), and in introductory macroeconomics (Econ 111 or 116), but neither of these is required. All necessary material from both will be taught without assuming students are familiar with it in any way. SO
MW 2:35pm-3:50pm
* ECON 2244a, Economics of Artificial Intelligence and Innovation Evangelia Chalioti
This course studies the economics of innovation and the effects of artificial intelligence on different industries. Topics include economics of the intellectual property (IP) protection system and prizes; strategic choices in innovation & competition; price discrimination; personalizing pricing and bundling; searching costs; online advertising; economics of data; the sharing and digitized economy; legal and social infrastructure. Prerequisites: Introductory Microeconomics or equivalent: Econ 115 or Econ 110 QR, SO
MW 1:05pm-2:20pm
ECON 2251a, Financial Economics Staff
Introduction to the economic analysis of investment decisions and financial markets. Topics include time discounting, portfolio choice, equilibrium pricing, arbitrage, market efficiency, equity valuation, fixed-income securities, derivative pricing, and financial intermediation. Prerequisite: Introductory microeconomics. QR, SO 0 Course cr
HTBA
ECON 2259a / GLBL 2159a, Game Theory Benjamin Polak
An introduction to game theory and strategic thinking. Ideas such as dominance, backward induction, Nash equilibrium, evolutionary stability, commitment, credibility, asymmetric information, adverse selection, and signaling are applied to games played in class and to examples drawn from economics, politics, the movies, and elsewhere. After introductory microeconomics. No prior knowledge of game theory assumed. QR, SO 0 Course cr
TTh 11:35am-12:50pm
ECON 2265a / HIST 1766a, History of Economic Thought Staff
The objective of this course is to give an overview of how economic analysis has developed, and an introduction to the varied ways in which some of the great economists of the past have gone about studying how the economy functions. We discuss the relevance of their theories to public policy and the role of the state, and consider the roles of pre-analytic vision, improvements in analytical technique, and external events (such as the Great Depression or Global Financial Crisis) in the development of economic analysis. Prerequisites: ECON 115 and ECON 116. SO 0 Course cr
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ECON 2270a, Health Economics and Public Policy Howard Forman
Application of economic principles to the study of the U.S. health care system. Emphasis on basic principles about the structure of the U.S. system, current problems, proposed solutions, and the context of health policy making and politics. After introductory microeconomics. SO
TTh 2:35pm-3:50pm
* ECON 2285a / GLBL 3237a, Global Economy Aleh Tsyvinski
A global view of the world economy and the salient issues in the short and the long run. Economics of crises, fiscal policy, debt, inequality, global imbalances, climate change. The course is based on reading, debating, and applying cutting edge macroeconomic research. SO
T 9:25am-11:20am
ECON 2286a, European Economic History, 1700–1815 Staff
European economic growth and development from the late seventeenth century through the first stages of the British industrial revolution. The role of institutional development, trade and imperialism, agricultural improvements, and industrialization. Particular attention to comparisons between Britain and other parts of Europe. After ECON 115 or 121, and ECON 116 or 122. SO 0 Course cr
TTh 4pm-5:15pm
* ECON 3226a, Discrimination in Law, Theory, and Practice Gerald Jaynes
How law and economic theory define and conceptualize economic discrimination; whether economic models adequately describe behaviors of discriminators as documented in court cases and government hearings; the extent to which economic theory and econometric techniques aid our understanding of actual marketplace discrimination. This course was formerly listed as ECON 475. Prerequisites: introductory microeconomics and at least one additional course in Economics, African American Studies, Ethnicity, Race, and Migration, or Women's, Gender, and Sexuality Studies.
TTh 2:35pm-3:50pm
ECON 3303b, Technology and Society Pascual Restrepo
This course explores the vast influence of technology on our society and the economy. We discuss how technology originates and evolves and how this process affects our standards of living, trade, the nature of work, the functioning of labor markets, inequality, and social order. Students must be familiar with econometric analysis (ECON 115 or ECON 117) and consumer and producer theory (ECON 110). SO
MW 11:35am-12:50pm
ECON 3304a, Law and Economics in the Age of Computers William Macleod
This course is an introduction to law and economics. It uses economic tools to explain the fundamental characteristics of contracts, torts, criminal law, and property law. These areas are fundamental to the effective functioning of all complex societies. The rapid advancement of new technologies in the 21st century requires new laws and regulations. Therefore, in addition to traditional law and economics topics, the course explores recent developments in technology regulation and estimates of the causal effects of legal changes on economic performance. In addition to the standard topics, the course discusses how new technologies— such as smart contracts, blockchain, and artificial intelligence—affect the design of legal institutions. In response to student feedback, the course consciously integrates AI tools into the weekly problem sets. The goal is to help students develop skills to use these tools effectively in their work. As Stefania Stancheva noted when accepting the 2026 John Bates Clark Medal, the goal of economics is to find policies (and hence laws) that improve people’s lives, rather than policies that benefit one group at the expense of another (see https://www.aeaweb.org/webcasts/2026/aea-awards). Prerequisites: ECON 121 or ECON 125 and ECON 123 or ECON 135. These are required courses for economics majors. SO
MW 9am-10:15am
ECON 3326b, Fundamentals of Economic Development Kaivan Munshi
The objective of this course is to examine some of the fundamental forces that shape the process of economic development. This course is divided into three sections: (i) Market Failure: with an analysis of credit, labor, and insurance markets in developing countries. (ii) Social Response: how community networks emerge in response to market failure. We study the positive and negative consequences of this community involvement for growth and development; in the short-run and the long-run. We also provide economic foundations for the emergence of social norms and identity, as well as the dynamic inefficiencies that they can generate with economic development. (iii) Biological Response: how biological adaptation to economic conditions in the pre-modern economy can have negative consequences for nutritional status and health in developing economies. Apart from providing a particular perspective on development, an additional objective of this course demonstrates the use of economic theory in informing empirical research. Prerequisites: Intermediate Microeconomics, Introductory Econometrics and Data Analysis. Students are expected to be familiar with calculus, basic microeconomics, and basic econometrics. SO
MW 9am-10:15am
ECON 3333b, Climate, Energy & Environmental Economics Nicholas Ryan
Environmental and energy economics with an emphasis on climate change, energy markets, and the transition to renewable power. The course explores key ideas in environmental regulation and energy markets using both theoretical models and data analysis in R. Prerequisites: ECON 115 and ECON 117. QR, SO
TTh 1:05pm-2:20pm
ECON 3350a, Mathematical Economics: General Equilibrium Theory John Geanakoplos
An introduction to general equilibrium theory and its application to finance and the theory of money. Recommended for students considering graduate study in economics, or a career in quantitative finance. Prerequisites: After MATH 1180 or 1200, and intermediate microeconomics. QR, SO 0 Course cr
MW 11:35am-12:50pm
ECON 3351b, Mathematical Economics: Game Theory Elliot Lipnowski
Introduction to game theory and choice under uncertainty. Analysis of the role of information and uncertainty for individual choice behavior, as well as application to the decision theory under uncertainty. Analysis of strategic interaction among economic agents, leading to the theory of auctions and mechanism design. Recommended for students considering graduate study in economics. After MATH 1180, 1200, and intermediate microeconomics. QR, SO 0 Course cr
TTh 9am-10:15am
ECON 3359b / GLBL 2383b, Games and Information Benjamin Polak
This is designed to be a "second" game theory course. We build on the learnings from introductory game theory courses like ECON 159/GLBL 159, MGT 822 or the SOM core. The course aims to introduce important ideas and tools from game theory, and use them to answer questions in social sciences, law, and business. For instance, how does information get sold and used to persuade? How do we think about the efficiency and equity of allocations? How do sellers decide the best format for an auction to sell a good? Does requiring unanimous verdicts guarantee that the innocent will not be convicted? What causes bank runs? When do we see price wars? The underlying ideas include games of incomplete information, mechanism design, common knowledge, and high-order reasoning, and repeated games. Prerequisite: Any introductory game theory course, e.g., ECON/GLBL 159, MGT 822 or Game Theory in the SOM Core. SO RP 0 Course cr
TTh 1:05pm-2:20pm
ECON 3361b, Corporate Finance Christopher Clayton
Financial management from inside the corporation or operating entity. Topics include capital budgeting and valuation, optimal capital structure, initial public offerings, mergers, and corporate restructuring. Cases and problem sets provide applications. Prerequisites: intermediate microeconomics and econometrics. 0 Course cr
MW 2:35pm-3:50pm
ECON 3363a, The Global Financial Crisis Andrew Metrick
Comprehensive survey of the causes, events, policy responses, and aftermath of the global financial crisis of 2007-09. Study of the dynamics of financial crises in a modern economy. Prerequisite: Successful completion of a course in introductory economics. SO
TTh 1:05pm-2:20pm
ECON 3365a or b / CPSC 3650a or b, Algorithms Staff
Paradigms for algorithmic problem solving: greedy algorithms, divide and conquer, dynamic programming, and network flow. NP completeness and approximation algorithms for NP-complete problems. Algorithms for problems from economics, scheduling, network design and navigation, geometry, biology, and optimization. Provides algorithmic background essential to further study of computer science. Only one of CPSC 365 or CPSC 366 may be taken for credit. Prerequisites: CPSC 202 or MATH 244, CPSC 223. QR
HTBA
ECON 3375b / GLBL 3219b, Monetary Policy William English
Introduction to modern macroeconomic models and how to use the models to examine some of the key issues that have faced monetary policymakers during and after the global financial crisis of 2008–2009. Prerequisites: Intermediate level macroeconomics (ECON 122 or 126) and introductory econometrics. WR, SO 0 Course cr
TTh 1:05pm-2:20pm
* ECON 3380b / EP&E 4314b / GLBL 4102b, Emerging Markets Mayara Felix
Emerging markets are economies transitioning from low- to middle-income status, experiencing rapid urbanization, increasing integration into global trade, and strengthening financial institutions. These countries, which include China, India, Brazil, Indonesia, South Africa, and Mexico, are characterized by stronger state capacity compared to other developing economies. This course exposes students to the challenges and opportunities faced by people and firms in emerging markets, with a special focus on policy reforms aimed at addressing such challenges. We cover contemporary issues in trade policy, taxation, labor markets, and welfare programs. Each theme is explored through empirical research published in leading economics journals, allowing students to derive evidence-based insights into policy effectiveness. Prerequisites: ECON 117 and ECON 121, or permission from the instructor. SO
Th 4pm-5:55pm
ECON 3385b, Measuring Market Power Charles Hodgson
Theory and methods of Empirical Industrial Organization (IO), with applications to industry data. Students learn the econometric tools used by IO economists to estimate models of demand, pricing, and competition, and apply them to real data in several hands-on assignments. Topics include demand systems, monopoly and oligopoly pricing, merger analysis, productivity, and entry games. Required: ECON 1115 or ECON 1110 and ECON 1117. Students would also benefit from having taken ECON 4409, or taking it simultaneously with this course. SO
HTBA
* ECON 4402a, Elections: Preference and Information Aggregation Navin Kartik
What is the purpose of voting and elections? This seminar-style course develops the perspective that voting, both in small (e.g., corporate boards) and large (e.g. national elections) scale, is usefully viewed as a mechanism through which individuals’ preferences and information are socially aggregated. We study different voting procedures from this point of view. We begin with the preference-aggregation approach known as social choice theory, tackling both practical issues and foundational results such as the Arrow and Gibbard-Satterthwaite impossibility theorems. We then move on to the information-aggregation approach, discussing results such as the Condorcet jury theorems and addressing issues such as “roll off” voting in presidential elections. The course is geared around substantive questions but with an emphasis on logical and formal analysis. Prerequisites: ECON 2259 (or higher level), ECON 2121, MATH 1100, and MATH 1110, or equivalents. SO
T 9:25am-11:20am
* ECON 4407a or b / GLBL 4310a or b, International Finance Staff
A study of the implications of increasing integration of the world economy, through international trade, multinational production, and financial markets. Topics include foreign exchange markets, capital flows, trade and current account imbalances, coordination of monetary and fiscal policy in a global economy, financial crises and their links to sovereign debt crises and currency devaluations. Prerequisite: intermediate macroeconomics or equivalent. SO 0 Course cr
HTBA
ECON 4409b, Firms, Markets, and Competition Philip Haile
Analysis of imperfectly competitive markets, focusing on the interactions among firm behavior, market structure, and market outcomes. Topics include oligopoly, collusion, predation, firm entry, advertising, and price discrimination as well as public policy implications of market behavior. After intermediate microeconomics or equivalent. QR, SO
MW 9am-10:15am
* ECON 4411b, Economics of Uncertainty and Information Soenje Reiche
Individual and collective choice in the presence of uncertainty and asymmetric information. Implications of such decision making for economic phenomena. Basic analytical tools for studying decisions under uncertainty. Asset markets, adverse selection, screening, signaling, moral hazard, incomplete contracts, bilateral trade with asymmetric information, and mechanism design. Prerequisites: intermediate microeconomics and econometrics. SO 0 Course cr
TTh 4pm-5:15pm
* ECON 4412a / EP&E 2412, International Environmental Economics Samuel Kortum
Introduction to international and environmental economics and to research that combines the two fields. Methods for designing and analyzing environmental policy when economic activity and pollution cross political borders. Effects of market openness on the environment and on environmental regulation; international economics and climate change. Prerequisites: intermediate microeconomics and econometrics. SO
MW 1:05pm-2:20pm
* ECON 4415a, Empirical Public and Household Finance Marius Ring
This undergraduate seminar course explores recent empirical research in public and household finance on how households respond to tax policy and how households make financial decisions. The emphasis is on critically assessing research articles in terms of their internal validity (causality), external validity (applicability to other settings), how they may inform economic modelling (i.e., parameters used in macroeconomic models), and how and whether they may directly inform policy decisions. Intermediate microeconomics and econometrics, working knowledge of calculus, coding, and data analysis. SO
M 1:30pm-3:25pm
* ECON 4422a / EP&E 4301a, Modern Capitalism Robert Yee
This course offers an introduction to the history of modern capitalism. It examines the structures, forces, and ideologies that have shaped capitalist systems in different countries over the past three centuries. Our goal is to understand how economic and political institutions have evolved in response to crises, wars, and globalization. We also plan to engage with the works of contemporary thinkers, including Rosa Luxemburg, Milton Friedman, and John Maynard Keynes. By the end of the course, students can expect to gain a broader understanding of the ideas and institutions that drive economic growth and continue to define global capitalism today. Prerequisite: Introductory Macroeconomics (ECON 1111 or ECON 1116) or equivalent; otherwise, written approval of the instructor
M 1:30pm-3:25pm
ECON 4424a / GLBL 4308a, Central Banking William English
Introduction to the different roles and responsibilities of modern central banks, including the operation of payments systems, monetary policy, supervision and regulation, and financial stability. Discussion of different ways to structure central banks to best manage their responsibilities. Prerequisites: Intermediate Microeconomics, Intermediate Macroeconomics, and Introductory Econometrics. SO 0 Course cr
MW 1:05pm-2:20pm
ECON 4425a / CPSC 4550a, Algorithmic Game Theory Yang Cai
A mathematically rigorous investigation of the interplay of economic theory and computer science, with an emphasis on the relationship of incentive-compatibility and algorithmic efficiency. Our main focus is on algorithmic tools in mechanism design, algorithms and complexity theory for learning and computing Nash and market equilibria, and the price of anarchy. Case studies in Web search auctions, wireless spectrum auctions, matching markets, and network routing, and social networks. Prerequisite: CPSC 3650 (formerly CPSC 365) or permission of the instructor. Familiarity with basic microeconomic theory is helpful but not required. QR
MW 2:35pm-3:50pm
* ECON 4427b, Economic Models for AI and People Staff
Long before ChatGPT, new technology has been upending our assumptions about what is valuable and costly, cool and cringe. In this course we explore the changes to society from technology, using some key economic models – from game theory, behavioral economics, price theory, and more. Students learn to build and manipulate models mathematically, but just as important, to apply them to understand and explain real-world phenomena. Readings are old and recent economic papers, textbook chapters, and writing for the general public (books / online essays). Students can either treat this class academically—to prepare for applied theory at the level of rigor needed for graduate school and research—or treat it practically, to prepare for posting interesting essays and building (or investing in) clever tech products. The final class project is the student’s choice of a paper or an interactive app demo with an accompanying write-up. To thrive in this course, you need a certain level of mathematical maturity and familiarity with economic theory concepts. We will work through mathematical proofs and use analytical reasoning. You should be conversant with Nash Equilibrium and constrained optimization with Lagrange multipliers (at least after a brief refresher). You must have taken MATH 1200 (Multi-variate calculus), ECON 2121 (Intermediate Microeconomics), and Game Theory (ECON 2159), or equivalent courses. If you believe you have the background for this course but it’s not reflected on your transcript, please contact me. If you are unsure whether the material will be suitable for you, please talk to me in advance, or early in the course. SO
F 9:25am-11:20am
* ECON 4428b, Machine Learning for Economic Analysis Max Cytrynbaum
Machine learning algorithms and their applications to economic analysis, specifically causal inference, learning, and game theory. Curse of dimensionality, model selection, and choice of tuning parameters from a computational and econometric perspective. Prerequisites: CPSC 100 or CPSC 112; and ECON 117 or ECON 136. SO
HTBA
ECON 4433a, The Economics of Space Costas Arkolakis
The aim of this course is to analyze the ways that geography determines economic outcomes. We discuss and analyze data on regional economic activity and how economic shocks propagate in space. We pair those data with simple models where geography plays a crucial role in the determination of economic activity and discuss how changes in this geography lead some regions to grow and economic outcomes to diverge. Various policies that affect the spatial allocation of economic activity, such as infrastructure investment, local taxes, and transfers, are analyzed Prerequisites: MATH 1180, 1200, or permission of instructor. SO 0 Course cr
MW 11:35am-12:50pm
* ECON 4434a, Labor Economics: Inequality and Social Mobility Orazio Attanasio
The objective of this advanced course is to study various aspects of inequality and social mobility and to understand their trends over time and their drivers. Although we briefly study some international comparisons, the focus of the course is inequality in the US and, to a less extent, the UK. We consider inequalities among different countries only tangentially. Prerequisites: ECON 121 and Econometrics. SO
MW 11:35am-12:50pm
ECON 4436b, Personal Finance James Choi
How much should I be saving at age 35? How much of my portfolio should be invested in stocks at age 50? Which mortgage should I choose, and when should I refinance it? How much can I afford to spend per year in retirement? This course covers prescriptive models of personal saving, asset allocation, borrowing, and spending. The course is designed to answer questions facing anybody who manages their own money or is a manager in an organization that is trying to help clients manage their money. Prerequisites: Intermediate microeconomics and one semester of econometrics. Students should be comfortable with informal mathematical and statistical reasoning and problem-solving. SO
HTBA
* ECON 4437b, Financial Risk Management Staff
This course explores financial risks faced by companies and how they identify, analyze, manage and mitigate those risks. The course touches upon risks associated with four broad topics: (1) merger or acquisition, (2) financing and capital structure, (3) company’s operations, (4) benefits and costs of complicated financial instruments. Each class discusses one specific type of risk and uses a real-life situation, transaction or example to help with discussion Prerequisites: ECON 2121, ECON 2122, ECON 2251 SO
T 9:25am-11:20am
ECON 4438a, Applied Econometrics: Politics, Sports, Microeconomics Ray Fair
This course has an applied econometrics focus. Topics include voting behavior, betting markets, and various issues in sports. The aim of the course is to help students prepare original empirical research using econometric tools and to read empirical papers in economics and other social sciences. Students write three empirical papers. The first can be an extension of an existing article, where some of the results are duplicated and then extended. The second is similar to the first with no example provided. The third is an original paper within the range of topics covered in the course, where data are collected and analyzed using relevant econometric techniques. Prerequisites: Two econometrics or statistics courses, one of which has to be ECON 117. Ideally, ECON 123 should also have been taken, but it is not an absolute requirement. ECON 135 and ECON 136 are substitutes for ECON 117 and ECON 123. Special permission from the instructor is needed if ECON 117 or ECON 136 has not been taken. Also required is introductory microeconomics. SO
MW 1:05pm-2:20pm
ECON 4439b, Applied Econometrics: Macroeconomic and Finance Forecasting Ray Fair
This course has an applied econometrics focus. The focus is on forecasting macroeconomic and financial variables. Macroeconomic forecasting concerns forecasting variables like GDP, components of GDP like consumption, investment, and imports, inflation, the unemployment rate, interest rates, the government deficit, and exchange rates. There are various forecasting methods, some purely statistical time series techniques and some using economic theory. We consider both. Financial forecasting is more problematic, since changes in asset prices may be roughly unpredictable. We also examine topics like momentum forecasting to see if some asset prices are predictable. Prerequisites: Two courses in econometrics or statistics, or one course with special permission from the instructor. SO
MW 1:05pm-2:20pm
* ECON 4442b, Health Economics Victoria Marone
This course provides a broad overview of the field of Health Economics. Concepts are applied in the context of the U.S. healthcare system. Topics include the demand for health and healthcare, insurance market failures, healthcare provider behavior, and public policy. Students use micro-economic models to demonstrate theoretical ambiguities, evaluate empirical evidence, and understand real-world institutions. Intermediate Microeconomics SO
MW 11:35am-12:50pm
* ECON 4444a, Market Inefficiencies and the Limits of Arbitrage Michael J Pascutti
The role of hedge funds in the United States financial markets and hedge fund behavior; understanding what hedge funds do, why they exist, and how they are different from other investment vehicles. Study of investment strategies that provide opportunity and risk for investors and study of academic papers analyzing (risky) arbitrage strategies. Prerequisite: intermediate microeconomics and econometrics. SO 0 Course cr
MW 11:35am-12:50pm
* ECON 4445b, The U.S. Banking System Michael J Pascutti
The special functions of banks in the U.S. economy. The benefits but fragile nature of the banking system. Prerequisites: intermediate macroeconomics, microeconomics, and econometrics. SO
MW 11:35am-12:50pm
* ECON 4446a / APHY 4700a, Statistical Methods with Applications in Science and Finance Sohrab Ismail-Beigi
Introduction to key methods in statistical physics with examples drawn principally from the sciences (physics, chemistry, astronomy, statistics, biology) as well as added examples from finance. Students learn the fundamentals of Monte Carlo, stochastic random walks, and analysis of covariance analytically as well as via numerical exercises. Prerequisites: ENAS 194, MATH 222, and ENAS 130, or equivalents. QR, SC
TTh 2:35pm-3:50pm
* ECON 4450b, Investment Analysis Alex Hetherington and Chivetta Amelia
This seminar seeks to introduce the world of investment management to students, across a range of investment strategies from public stocks to private equity and real estate. The instructors, both senior members of the Yale Investment Office, the department that manages the University's $41 billion endowment, guide class discussion in response to assigned reading and guest speaker visits. The distinguished guest speakers, including world-renowned hedge fund managers, venture capital luminaries and Yale's chief investment manager Matthew Mendelsohn '07 are at the heart of the course. These speakers join the seminar for a discussion of how their firms approach the investment landscape and how they seek to achieve market-beating returns. Students are asked to engage with and analyze the speaker's investment strategy and to think about the strategy from the perspective of an institutional investor like Yale. Registration requires instructor permission. SO
T 4pm-5:55pm
* ECON 4455a, Economic Models of New Technology Evangelia Chalioti
Analysis of firms’ incentives to innovate, focusing on the effects of market power on the intensity of innovative activity. Topics include strategic investment in innovation, patent races, the diffusion of knowledge, intellectual property (IP) protection systems, IP licensing, research joint ventures, litigation, venture capital, and conflicts between IP rights and antitrust regulation. Only students who have NOT previously taken ECON 2144 will be eligible to register for ECON 4455. Prerequisite: Intermediate Microeconomics or equivalent: Econ 121 or Econ 125 SO
M 4pm-5:55pm
* ECON 4456a, Private Equity Investing Michael Schmertzler
A case-oriented study of principal issues and investment types found in substantial private equity portfolios. Discussion of enterprise valuation, value creation, business economics, negotiation, and legal structure, based on primary source materials and original cases. Prerequisite: ECON 251 or ECON 252 or ECON 255. SO
TTh 2:35pm-3:50pm
* ECON 4459b, Experimental Economics Maria Kogelnik
The goal of this course is to introduce students to the methods of conducting controlled experiments to study economic phenomena. Students learn how to design experimental studies to gain insights into human behavior in economic contexts, and to critically evaluate existing research. The course covers a wide range of economic questions that can be studied using experiments. Experimental methods and their advantages as well as shortcomings are discussed using examples from the recent literature. Furthermore, students are expected to actively participate in incentivized experiments that are administered for learning purposes. SO
T 9:25am-11:20am
* ECON 4460a / EP&E 4259a, From Say's Law to the Global Financial Crisis: Thinking about Economic Fluctuations and Instability Robert Dimand
This course investigates the changing ways in which economic fluctuations and financial and economic instability have been analyzed in the two centuries from the debates at the end of the Napoleonic Wars over Say’s Law of Markets and the possibility of a general glut of commodities through to the Global Financial Crisis and the present state of macroeconomics. Prerequisite: Intermediate Macroeconomics (ECON 2122 or ECON 2126) or permission of the instructor. SO
T 4pm-5:55pm
* ECON 4463b / BENG 4063b, The Economics and Science of Medicine Gregory Raskin
This multidisciplinary class is an exploration of the background of today’s bestselling medicines, their huge commercial impact, and the companies that created them. It focuses on the most compelling aspects of drug development and company formation in the context of topical issues like cancer treatment, gene editing, stem cell therapy, the opioid epidemic, and drug pricing controversies. Prerequisite: Introductory or intermediate microeconomics, introductory or intermediate Biology, Molecular Biology, Chemistry or Biomedical Engineering. SO
Th 1:30pm-3:25pm
* ECON 4465a / EP&E 4224a / GLBL 4830a, Debating Globalization Ernesto Zedillo
Facets of contemporary economic globalization, including trade, investment, and migration. Challenges and threats of globalization: inclusion and inequality, emerging global players, global governance, climate change, and nuclear weapons proliferation. Prerequisite: background in international economics and data analysis. Preference to seniors majoring in Economics or EP&E. SO RP
M 9:25am-11:20am
* ECON 4467b / ECON 467 / GLBL 4307b, Economic Evolution of the Latin American and Caribbean Countries Ernesto Zedillo
Economic evolution and prospects of the Latin American and Caribbean (LAC) countries. Topics include the period from independence to the 1930s; import substitution and industrialization to the early 1980s; the debt crisis and the "lost decade"; reform and disappointment in the late 1980s and the 1990s; exploration of selected episodes in particular countries; and speculations about the future. Prerequisities: intermediate microeconomics and macroeconomics. SO
M 9:25am-11:20am
* ECON 4468b, Institutions and Incentives in Economic Development Mark Rosenzweig
Assessment of alternative policies and programs designed to promote economic development; examination of fundamental problems of underdeveloped areas and consideration of how and whether such programs resolve them. The roles of indigenous institutions in low-income countries in alleviating problems of underdevelopment. Prerequisites: intermediate microeconomics and econometrics. SO
W 1:30pm-3:25pm
* ECON 4470a, Long-term Fiscal Sustainability Teresa Delgado
The course considers the study of fiscal policy and government finances and its determinants in the long term. We focus on the US and other advanced economies' sustainability position and how that is driven by and related to changes in the demographic structure of these countries, and other age-related expenditures, like health and pensions. The effect of other expenditures, like student loans, and revenues are looked at. We also carry out sovereign debt analysis of some middle-income countries. Prerequisites: Introductory Macroeconomics (ECON 1116 or equivalent), Introductory Microeconomics (ECON 1115 or equivalent), and either Intermediate Macroeconomics (ECON 2122 or ECON 2126) or Intermediate Microeconomics (ECON 2121 or ECON 2125) SO
Th 1:30pm-3:25pm
* ECON 4482a / EP&E 4324a, Economics of Cities Cody Cook
This seminar explores the economic forces shaping cities, their structure, and the lives of their residents. Topics include why cities exist, urban amenities & disamenities, housing markets, segregation, transportation infrastructure, and the political economy of local governments. The course emphasizes both the core theoretical models of urban economics and policy-relevant empirical applications, such as zoning reform, affordable housing programs, congestion pricing, and climate adaptation. Prerequisites: Intermediate micro and econometrics and a working knowledge of calculus and some basic statistics. Problem sets involve some coding and data analysis. SO
W 1:30pm-3:25pm
* ECON 4485b / PSYC 3585b, Behavioral Economics Maria Saez Marti
Study of foundational topics in behavioral economics. Focus on theories of single-agent behavior that aim to incorporate non-standard phenomena into classic economic models, with consideration of intertemporal decision-making, choice under uncertainty, and learning. Prerequisites: ECON 121; some familiarity with game theory and probability theory. SO
W 1:30pm-3:25pm
* ECON 4491a and ECON 4492b, The Senior Essay Staff
The senior essay is an opportunity for a student to engage in independent economic research. The essay should not be merely a review of the literature, but must contain original research and/or analysis aimed at examining a hypothesis using the tools of economics. The essay can be theoretical, empirical or computational. The senior essays that receive A’s and are awarded prizes are typically those that use economics tools (and, where appropriate, data) to offer fresh insights on questions. The senior essay is optional, but it is required for consideration for Distinction in the Major (for both Economics and Econ&Math). Students enrolling in this one-term course need to find an advisor. There are no page requirements or formatting requirements. 1 credit for Yale College students Two econometrics courses (or ECON 135 plus one econometrics course). The second econometrics course can be taken Cr/D/F, and can be taken in the fall of senior year. The econometrics courses that qualify are only ECON 117, ECON 123 and ECON 136, in addition to 400-level applied econometrics courses (ECON 419, ECON 438 and ECON 439).
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* ECON 4498a and ECON 4499b, Directed Reading Giovanni Maggi
Junior and senior economics majors desiring a directed reading course in special topics in economics not covered in other graduate or undergraduate courses may elect this course, not more than once, with written permission of the director of undergraduate studies and of the instructor. The instructor meets with the student regularly, typically for an hour a week, and the student writes a paper or a series of short essays. Junior and senior majors may take this course for a letter grade, but it does not meet the requirement for a department seminar. The application form may be found here: https://economics.yale.edu/undergraduate/forms-documents
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