Courses

Economics

ECO 101 Principles of Microeconomics
This course provides analysis of the structure and functioning of modern economic institutions, with particular emphasis on the market. This course analyzes economic decision making by individuals, the firm, and governments; it also describes and evaluates 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; and market structures and government regulation. Gen. Ed.: Social and Cultural Analysis. Cr. 3 (6 ECTS Cr.). Offered every semester.

ECO 102 Principles of Macroeconomics
This course provides an analysis of the determinants of national income and employment. Subjects include gross domestic product, unemployment, inflation, savings, capital formation, and the financial system. 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 of the current economic reform and transition processes in Eastern Europe. This 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, drawing on the experiences of individual countries. Prerequisite: ECO 102. Cr. 3 (6 ECTS Cr.). Offered irregularly.

ECO 211 Environmental and Energy Economics
This course applies microeconomic theory to problems in environmental economics and discusses market failure and public goods as laying the foundation for 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. This course also presents conventional and market-based solutions to environmental externalities and presents applications to air quality and water quality. This 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 irregularly.

ECO 212 Money and Banking
This course describes the role of financial institutions and financial markets in modern market economies. Topics 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 every fall.

ECO 214 International Trade
This course discusses the fundamental problems related to international trade, starting with the principle of absolute and comparative advantage, and examines the exchange of both consumer goods and factors of production such as labor and capital. 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. Prerequisite: ECO 101. Cr. 3 (6 ECTS Cr.). Offered every fall.

ECO 215 International Finance
This course explores issues regarding the international financial system. Topics include balance of payments, exchange rate determination, alternative exchange rate regimes, monetary policy in open economies, and optimum currency area. Prerequisite: ECO 102. Cr. 3 (6 ECTS Cr.). Offered irregularly.

ECO 221 Public Finance
This course covers fundamental concepts of government expenditure and taxation, with emphasis on the impact of the government sector on economic efficiency, equity, productive effort, and growth. This course also discusses standards of income distribution, the question of public debt, and cost-benefit analysis. Prerequisite: ECO 101. Cr. 3 (6 ECTS Cr.). Offered every year.

ECO 222 Economic History
This course uses the interrelationship between history and economics to explore the ever-present role of economics as both cause and effect in history on a regional and global scale. While the course mostly focusses on Europe as a historical region, the materials are presented in such a way as to highlight the general applicability of economic history methods to the world at large. Gen. Ed.: Historical Research. Prerequisite: one HTY course or permission of instructor. Cr. 3 (6 ECTS Cr.). Offered every year.

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. This course also focuses on measurement issues and tools for improving and evaluating analyses of proposed projects and programs. Prerequisite: ECO 101. Cr. 3 (6 ECTS Cr.). Offered irregularly.

ECO 231 Labor Economics
This course 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 macro-economy. Prerequisites: ECO 101 and ECO 102. Cr. 3 (6 ECTS Cr.). Offered irregularly.

ECO 235 Game Theory and Strategic Behavior
This 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 every spring.

ECO 300 Quantitative Methods in Economics
This course develops a working knowledge of mathematical optimization techniques and their applications. It surveys the application of 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. This course also covers the evaluation of the conditions and the degree of applicability of these theories. Prerequisites: ECO 101, ECO 300, MAT 103, and MAT 105. Cr. 3 (6 ECTS Cr.). Offered every fall.

ECO 302 Intermediate Macroeconomics
This course focuses on the overall performance of the open economy. Topics include the theories of consumption, saving, investment, business cycle phenomena, economic growth theory and balance of payments 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 every spring.

ECO 310 Econometrics I
This 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 and MAT 103, both with a grade of C or better. Cr. 4 (8 ECTS Cr.). Offered every fall.

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

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

ECO 401 Topics in Advanced Microeconomics
This course provides an advanced study of issues in theoretical and applied microeconomics. Topics will vary according to instructor and student interests. Examples include game theory, dynamic programming, economics of the law, economics of advertising, and economics of the firm. Prerequisite: ECO 301. Cr. 3 (6 ECTS Cr.). See note below for offering.

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 interests. Examples include microeconomics, foundations of macroeconomics, growth, and business cycles. Prerequisite: ECO 302. Cr. 3 (6 ECTS Cr.). See note below for offering.

ECO 404 Advanced Topics
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. Prerequisites may include ECO 301, ECO 302, or ECO 310. Cr. 3 (6 ECTS Cr.). See note below for offering.

ECO 405 Time Series Econometrics
This course teaches estimation, testing, and forecasting time series models. It covers univariate and multivariate time series with topics including ARIMA models, unit roots, cointegration, VAR models, Granger causality, and ARCH models (e.g., GARCH, EGARCH). There will be an emphasis on practical financial and economic applications. In particular, this course will emphasize the methods used in finance to measure risk and model volatility and the dynamic relationships between global financial markets. Prerequisite: ECO 310. Cr. 3 (6 ECTS Cr.). Offered every year.

ECO 406 Macroeconomics and Crises
The 2008 world financial crisis was a devastating shock to many nations’ economies. One of the interesting things about crises is that each one is different from the last; we can never be sure about the form the next crisis will take. So the reason that economists disagree about how to explain crises may be because there is no single cause. This course investigates many aspects of crises in general. Moreover, this course investigates in detail each of the recognized types of crises: currency crises, debt crises, banking crises, asset price bubbles, and sudden stops. We will analyze whether predicting such crises is possible or the best that can be done is to indicate when economies are more prone to crises. Prerequisites: ECO 212 and ECO 302. Cr. 3 (6 ECTS Cr.). Offered irregularly.

ECO 407 Law and Economics
This course studies how the law helps us deal with externalities, public goods, and market failure. It surveys the role of legal institutions and rules in the functioning of markets and the interplay between laws and economic efficiency. Topics will include economic theory of property, Coase Theorem, the economics of property law, economic theory of contracts, the economics of contract law, economic theory of tort law, the economics of tort liability, economic theory of the legal process, economic theory of crime and punishment. Game theory applications to law and economics will also be studied. Certain behavioral approaches in the field will receive attention. We can analyze topics such as intellectual property rights, the challenges of common property resources and global public goods in international law, securities litigation, and impact on shareholder value, time permitting and depending on student interest. Prerequisites: ECO 211 or ECO 301. Cr. 3 (6 ECTS Cr.). Offered irregularly.

ECO 408 Economic Dynamics
This course illustrates the role of the time factor in economic analysis. It starts with the application of exponential and logarithmic functions to exponential growth, the rate of growth, optimal timing, etc. Integration techniques are covered in their relevance to the time behavior of economic variables such as capital stock, investment, and national income. Differential equations are applied to the study of the Domar growth model, the Solow growth model and the dynamics of market price. Difference equations are used in studying the Cobweb model, the multiplier-accelerator model, the augmented Phillips curve, etc. The last topic on dynamic optimization, involving the calculus of variations and optimal control theory, discusses capital stock, investment, aggregate consumption and taxation as dependent on the optimal time path of national income. Other illustrations include natural resource wealth maximization, utility theory, production theory, and the firm making optimal decisions in time. This course builds on previous knowledge acquired in Quantitative Methods in Economics and dwells on the substantive command of microeconomic and macroeconomic concepts and models as well as rigorous mathematical tools for solving applied economic problems. Regular preparation is needed including homework or other assignments and preparing for the test after each module covered. Prerequisite: ECO 300. Cr. 3 (6 ECTS Cr.). Offered irregularly.

ECO 411 Energy Economics
This course is both the study of energy markets and the study of the relationship between these markets and issues of the natural environment, such as emissions/discharges, global climate change, and renewable resources. Energy economics focuses on the behavior of energy producers and consumers in imperfectly competitive markets, the prospect of “peak oil,” and the development of energy technologies based on renewable resources. Of particular interest are market responses to changing incentives and the role of government policy. WIC. Prerequisites: ECO 211 or ECO 301 and junior standing. Cr. 4 (8 ECTS Cr.). Offered irregularly.

ECO 430 Industrial Organization
This course studies firms and markets. This course focuses on the behavior of firms in imperfectly competitive markets, which are far more common than perfectly competitive markets. This course also examines how firms respond to differing incentives, the structure and implementation of auctions, and the role of government competition policy. WIC. Prerequisites: ECO 211 or ECO 301 and junior standing. Cr. 4 (8 ECTS Cr.). Offered irregularly.

[NOTE: At least two sections of ECO 400-430 are offered every semester.]

ECO 491/492 Senior Thesis I and II
Taken over two semesters and counting as one 400-level elective, the senior thesis option is available to students who have completed at least 90 credit hours and all 300-level requirements for the ECO major. Students must also demonstrate adequate writing proficiency by having completed ECO 310 with a grade of B or higher. ECO 311 is also a prerequisite for the senior thesis unless waived by the supervisor on the ground that the thesis topic does not involve the use of advanced econometric tools. 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.

We are Social