Courses

Economics

ECO 101  Principles of Microeconomics    
Analysis of the structure and functioning of modern economic institutions, with special emphasis on the market. Analysis of economic decision-making by individuals, firms, and governments. Description and evaluation of alternative market structures. Subjects include gains from exchange; economic efficiency; the theory of consumer choice; supply, demand and the determination of prices and output levels; production decisions and profit maximization; market structures and government regulation. Gen. Ed: Social and Cultural Analysis. Cr.3. (6 ECTS Cr.) Offered every semester.   

ECO 102  Principles of Macroeconomics    
Analysis of the determinants of national income and employment. Subjects include comparative advantage and international gains from trade; national income accounting; full employment; macroeconomics; and unemployment economics. Gen. Ed: Social and Cultural Analysis. Cr. 3. (6 ECTS Cr.) Offered every semester.

ECO 203  Economics of Reform and Transition 
This course provides an integrative comparative overview on the current economic reform and transition processes in Eastern Europe. Drawing on the individual country experiences, the course examines approaches to structural adjustment, privatization and financial reform and evaluates the means for participation in the European Union and other regional integrative structures.  Prerequisite: ECO 102. Cr. 3 (6 ECTS Cr.) Offered in the Spring, even years.

ECO 211 Environmental & Energy Economics
The course applies microeconomic theory to problems in environmental economics. Market failure and public goods are discussed as laying the foundation to modeling environmental issues. Analytical tools, such as market models, valuation techniques and cost-benefit analysis, are used to understand the interaction between the economy and the environment. Conventional and market-based solutions to environmental externalities are presented. Applications to air quality and water quality are considered. The course also explores topics of energy economics, such as oil and natural gas markets, and their implications for the environment. Prerequisite: ECO 101. Cr. 3 (6 ECTS Cr.). Offered in the Fall, odd years.  

ECO 212 Money and Banking    
This course describes the role of financial institutions and financial markets in modern market economies. Topics of study include descriptions and uses of financial instruments, including money, asset pricing and interest rate determination, exchange rate mechanisms in theory and practice, financial market regulation and innovation, and monetary policy.  Prerequisite: ECO 102. Cr. 3 (6 ECTS Cr.) Offered in the Fall.

ECO 214 International Trade
The fundamental problems related to international trade are discussed starting with the principle of absolute and comparative advantage. The exchange of both consumer goods and factors of production such as labor and capital will be examined. Further topics include factor-endowment theory, the Heckscher-Ohlin model of international trade, tariff and nontariff barriers to trade, protectionism, the role of foreign direct investment and the multinational enterprise, trade policy, and globalization. Students who have taken ECO 213 are ineligible to receive credit for ECO 214.  Prerequisite: ECO 101. Cr. 3 (6 ECTS Cr.) Offered in the Fall.  

ECO 215   International Finance
Issues regarding the international financial system are explored. Topics include balance of payments, exchange rate determination, alternative exchange rate regimes, monetary policy in open economies, optimum currency area.  Prerequisite: ECO 102. Cr. 3 (6 ECTS Cr.) Offered in the Spring.

ECO 221 Public Finance   
Fundamental concepts of government expenditure and taxation. The emphasis is on the impact of the government sector on economic efficiency, equity, productive effort, and growth. Standards of income distribution, the question of public debt, and cost-benefit analysis are discussed as well. Prerequisite: ECO 101. Cr. 3 (6 ECTS Cr.)  Offered in the Spring, even years.  

ECO 222  Economic History    
The interrelationship between history and economics is used to explore the ever-present role of economics as both cause and effect in the history of a specific geographic region. While the region studied and the historical events considered may vary from semester to semester, the materials are presented in such a way as to highlight the general applicability of economic history techniques to the world at large. Prerequisites: ECO 101, ECO 102. Gen. Ed: Historical Research. Cr. 3 (6 ECTS Cr.) Offered iregularly.

ECO 223  Economic Development  
Theories and practices of interregional and international economic development are covered in this course. There is an emphasis on development problems of emerging nations. Prerequisite: ECO 102. Cr. 3 (6 ECTS Cr.) Offered irregularly.   

ECO 224 Economics of Public Policy
How do governments decide whether to build an arena or to expand public transport services? Examination and application of economic methods for government decision-making - such as cost-benefit analysis - are used for evaluating public sector programs and projects applied to examples including bridges, reservoirs, stadiums, crime prevention, and other public goods. Focus on measurement issues and tools for improving and evaluating analyses of proposed projects and programs. Pre-requisite: ECO 101. Cr. 3 (6 ECTS Cr.). Offered in the Fall, even years.

ECO 231  Labor Economics   
Focuses on wage determination and the allocation of human resources. Theories of labor supply and demand are examined with emphasis on human capital acquisition, public policy initiatives, and labor market institutions. Labor market dynamics in a transitional economy are explored. Additional topics include labor migration, income distribution, and the interrelationship between labor markets and the macroeconomy. Prerequisites: ECO 101, ECO 102. Cr. 3 (6 ECTS Cr.) Offered in the Spring, odd years.

ECO 235 Game Theory and Strategic Behavior
The course examines fundamental game theory concepts such as static games, games of incomplete information, and dynamic games in the context of strategic behaviors in situations of multi-person decision-making. We will also discuss issues related to these behaviors, including the availability of information and market failure. Interesting applications of game theory include research and development in pharmaceuticals, siting of new business locations, and Enron. Prerequisite: ECO 101. Cr. 3 (6 ECTS Cr.). Offered in the Spring.

ECO 300  Quantitative Methods in Economics   
Develops a working knowledge of mathematical optimization techniques and their applications. Surveys the application mathematical tools to economic problems. Prerequisites: ECO 101, MAT 103, and MAT 105. Cr. 3 (6 ECTS Cr.). Offered every semester.

ECO 301  Intermediate Microeconomics   
This course provides in-depth analysis and application of calculus to theories of consumer behavior, markets, the firm, and distribution. Evaluation of the conditions and degree of applicability of these theories. Prerequisites: ECO 101, MAT 103, MAT 105, ECO 300. Cr. 3 (6 ECTS Cr.). Offered in the Fall.  

ECO 302  Intermediate Macroeconomics    
The study of the overall performance of the open economy is covered in this course. Topics include the theories of consumption, saving, investment, business cycle phenomena, economic growth theory and accounting, the IS-LM model, and the impact on economic performance of fiscal and monetary policies. Prerequisite: ECO 102. Cr. 3 (6 ECTS Cr.). Offered in the Spring.

ECO 310  Econometrics I 
The course studies the mathematical tools and statistical techniques of econometrics analysis and applies its methodology to economics in particular and social sciences in general. Some topics covered are multiple regression, correlation analysis, serial correlation, multicollinearity, heteroscedasticity, dummy variables, simultaneous equation models and time-series econometrics. Students will complete a full-fledged empirical project to assess theories. (WIC) Prerequisites: STA 105, MAT 103. Cr.4. (8 ECTS Cr.) Offered in the Fall. 

ECO 311 Econometrics II
This course builds on Econometrics I (ECO 310) to cover more complex and advanced issues of general econometrics. This is an elective course for the Economics major and targets those students who pursue a research/academic career, and/or postgraduate/advanced studies in economics, or plan to work as a Statistician. ECO 311 is also a prerequisite for Senior Thesis, unless waived by the Supervisor on the ground that the thesis topic does not involve use of advanced econometric tools. Prerequisite: ECO 310 Cr. 3 (6 ECTS Cr.). Offered in the Spring.

At least three sections of ECO 400-404 are offered every semester.

ECO 400  Topics in Econometrics 
This course provides an advanced study of econometric techniques and application. Courses are meant to build on quantitative and econometric skills acquired in lower level courses. Topics vary according to instructor and student interest. Examples include time-series econometrics, panel data analysis, and econometric methods in finance. Prerequisites: ECO 300 and/or 310. Cr. 3 (6 ECTS Cr.).

ECO 401  Topics in Advanced Microeconomics   
Advanced study of issues in theoretical and applied microeconomics. Topics will vary according to instructor and student interest. Examples include game theory, dynamic programming, economics of the law, economics of advertising, and economics of firm. Prerequisite: ECO 301. Cr. 3 (6 ECTS Cr.).

ECO 402  Topics in Advanced Macroeconomics
This course provides an advanced study of issues of applied macroeconomics. Topics will vary according to instructor and student interest. Examples include microeconomics foundations of macroeconomics, growth, and business cycles. Prerequisite: ECO 302. Cr. 3 (6 ECTS Cr.).  

ECO 404  Advanced Topics 
This course provides an advanced study of issues in economics, not covered in other courses. Topics will vary according to instructor and student interest. Examples include history of economic thought, economic history, and economic development. Pre-requisite may include ECO 301, ECO 302, or ECO 310. Cr. 3 (6 ECTS Cr.).  

ECO 491/492    Senior Thesis I and II 
A senior thesis option is available to students who have completed at least 90 hours credit and all 300 level economic requirements. The students must also demonstrate adequate writing proficiency by having completed ECO 310 with grade of B or higher. ECO 311 is also prerequisite for Senior Thesis, unless waived by the Supervisor on the ground that the thesis does not involve use of advanced econometric tools. The thesis must be taken for two semesters. ECO 491 and ECO 492 count as only one 400-level elective. A Senior Thesis project must be defended at the end of the second semester in front of a Thesis Committee. A completed Senior Thesis may count as a state exam. ECO 491: Cr. 3 (6 ECTS Cr.); ECO 492 (WIC) Cr. 4 (8 ECTS Cr.). Offered every semester as contracted.

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