M.S. and Ph.D. in Economics Course
Descriptions
ECON 5321 Microeconomic Theory for Applications (3 semester hours) For Master of
Science students only.
Modern approaches to the theory of the firm, the theory of the consumer, and
formal relationships among the various economic functions developed using dual
approaches to the optimization of objectives such as profit maximization,
utility maximization, and cost minimization. Introduction to
game theory; and market analysis through classical/neoclassical and game
theoretic approaches. MSAE students who intend to enter PhD
program in ECON should take ECON 6301. (3-0) Y
ECON 5322 Macroeconomic
Theory for Applications
(3 semester hours) For Master of Science students only. Development of
modern macroeconomic theory, including national income accounts and their
relation to input-output tables; classical, Keynesian, and monetarist aggregate
models; behavior hypotheses of consumption, investment, and government;
properties and the role of money and interest; foreign trade and investment;
price rigidity, price flexibility, and employment; wage-price interaction and
inflation; unemployment; and ad hoc stabilization models. MSAE students who
intend to enter PhD program in ECON should take ECON 6302. (3-0) Y
ECON 6109 Econometrics I Lab (1
semester hour) This course uses STATA both as a data
analysis tool and a programming language in econometric analysis. The
course parallels ECON 6309, Econometrics I, in the topics covered in econometric
data analysis. Corequisite or prerequisite:
ECON 6309. (0-1) Y
ECON 6301 Microeconomics
Theory I (3
semester hours) Modern approaches to the theory of the firm, the theory of the
consumer, and formal relationships among the various economic functions
developed using dual approaches to the optimization of objectives such as
profit maximization, utility maximization, and cost minimization. Introduction to game theory; and market analysis through
classical/neoclassical and game theoretic approaches. (3-0) Y
ECON 6302 Macroeconomics
Theory I (3
semester hours) This course is the first in a sequence
of core graduate macroeconomic theory courses. The main aim is to
introduce students to the methods of deterministic dynamic analyses in
economics. The second aim is to employ those methods in understanding
aggregate empirical regularities as they pertain to economic growth with
standard modern macroeconomic theory. Therefore, primary course aims
include a thorough discussion of non-stochastic dynamics and
optimization. Next, using these methods, exogenous and endogenous growth
applications that illustrate the applied general equilibrium analyses that
comprise modern macroeconomic growth theory are
discussed. The course concludes with an introduction to non-stochastic
overlapping generations models and discusses the role of dynamic efficiency in
macroeconomic theory. (3-0) Y
ECON 6305 Mathematical
Economics (3
semester hours) Mathematical tools used in advanced topics model building and
in the social and economic analysis of public policy. (3 0) Y
ECON 6306 Applied
Econometrics (3
semester hours) This course investigates the
consequences of relaxing the classical linear regression model assumptions and
explores solutions when the assumptions do not hold. Topics include a
review of the OLS basics (including the assumptions, hypothesis testing, multicolinearity, dummy variables and heteroskedasticity),
model specification and selection, GLS, maximum likelihood estimation, binary
choice models, simultaneous equation models, instrumental variables, and fixed
and random effects models. (3-0) Y
ECON 6309
Econometrics I (3
semester hours) An introduction to econometrics, with
a development of background concepts in linear algebra and statistics. The
course focuses on estimation, hypothesis testing, and prediction in the
classical linear regression model. Corresponding large sample issues are
considered. General testing principles, such as likelihood ratio,
ECON 6311(GISC
6311)Statistics for Economists (3 semester hours) The course introduces calculus-based
statistical analysis and probability theory, providing background for
econometrics and economic modeling of simple stochastic processes.
Standard probability distributions are covered, including
ECON 6316
Spatial Econometrics
(3 semester hours) The application of econometric
techniques to the explicit treatment of space (geography) in social science
models. Covers the specification of spatial regression
models, estimation and specification testing. The emphasis is on the
application of spatial econometric methods to an empirical data analysis
project. Prerequisite: ECON 6306 or ECON 6309. (3-0) R
ECON 6320 Game Theory for the Social Sciences. (3
semester hours) Non-technical survey of game theory
and its applications in the social sciences. Introduction
to concepts such as dominant strategies,
ECON 6321
Financial Economics I
(3 semester hours) A course in quantitative methods
for investment analysis, supplemented with detailed descriptions of the
prominent players and the rules of the game which prevail in major
ECON 6322
Financial Economics II
(3 semester hours) Continuation of Financial Economics I. It covers core
concepts in portfolio theory within the mean-variance framework, focusing on
the problem of choosing a point on the efficient set. Additional topics to be
covered include the CAPM model, arbitrage pricing theory, bond analysis, and
the basics of the term structure. (3-0) T
ECON 6331 Labor
Economics I (3
semester hours) Labor economics is the branch of economics that deals with how
labor markets function. Topics covered will include labor supply, retirement, wage structure, inequality in earnings, discrimination, and
labor market frictions. This course is one of two courses in the nonsequential course offerings in graduate labor economics.
(3-0) T
ECON 6332 Labor
Economics II (3
semester hours) This course continues the study of theoretical and applied
research of labor markets from Labor Economics I. Topics studied include demand
for labor, wage setting institutions, wage structure, investment in human
capital, and labor mobility. Labor Economics I is not a prerequisite for Labor Economics
II. (3-0) T
ECON 6335 Health Economics (3 semester hours) Economic analysis
of the health care industry to explain the demand for and supply of medical
care. Includes analysis of behavior of consumers,
producers, and insurers; and public policies to regulate the industry and to
provide services for the various segments of the population. (3-0) R
ECON 6336
Economics of Education
(3 semester hours) This seminar examines theoretical
and empirical writings relating to educational policy. The issues considered
will include the link between educational achievement and earnings, the role of
early childhood, assessments of head start and pre-school programs, the
effectiveness of compensatory education and tutoring programs, the large and persistent
achievement gap between children from minority and low-income families and
those from middle-income Asian and white families, a critical examination of
educational production functions, the extent and consequences of school
segregation, bilingual education programs, special education programs,
international comparisons of student achievement and schools, school finance
and an examination of various school reform proposals. (3-0)
R
ECON 6340 Industrial Organization (3 semester hours) Market
structure, firm conduct, and economic performance of business with emphasis on
firms’ strategic behavior in price and nonprice
competition. Topics include oligopoly pricing and production decisions,
strategic entry deterrence, location strategies, product differentiation,
advertising, research and development, and the effects of firms’ conduct on
economic welfare and market structure. (3-0) T
ECON 6343
Economic Regulation of Business (3 semester hours) Studies the rationale for, and the
history and political-economic results of, government intervention in markets
in the form of (1) direct regulation of prices, quantity, entry and exit, and
product quality in industries (utility, communication, and transportation), and
(2) indirect intervention through antitrust laws and the regulation of
advertising. Government deregulation and changes in antitrust institutions also
are explored. Prerequisite: ECON 5321 or ECON 5301 or POEC 5307 (3-0) T
ECON 6344
Transfer Pricing
(3 semester hours) The economics of transfer pricing of goods, services, and
intellectual property traded among units (divisions or affiliated firms) of a
common parent company. Multidivisional firms and multina–tional enterprises use
transfer pricing for coordination of divisional objectives, allocating internal
resources, and maximizing after-tax profits, among other goals. Governments
base firms’ tax liability on transfer prices; so their taxing authorities
operate to ensure transfer prices adequately reflect the value of goods and
services, challenging firms’ established transfer pricing if it is deemed
necessary. Legal issues and methods used by private firms and government
agencies for establishing transfer prices are explored. (3-0) T
ECON 6351
Development Economics
(3 semester hours) An overview of theories of national
economic growth and development in the context of developing countries. This
includes macroeconomic models; the role of financial development, trade, and
agriculture; domestic sectoral policy; human resource
development; the environment; poverty. (3-0) R
ECON 6352 (POEC
6360)World Political Economy (3 semester hours) An overview of the major economic,
social, political and cultural forces that influence the nature of the
international economic and political environment, as well as global economic
and political relations. Topics include: theories of global political economy;
economic and political transformation in
ECON 6355
International Trade
(3 semester hours) Provides a broad overview of theory
and evidence concerning international trade, direct foreign investment and
trade policy. Topics include scale economies, imperfect competition, and
product differentiation, trade dynamics, economic growth, trade policies, and
the political process. (3-0) R
ECON 6356
International Finance
(3 semester hours) Financial aspects of growth and
income determination in open economies. Specific topics include financial risk
in the international setting; money and exchange rate regimes; income
determination and macroeconomic policy; history of international monetary
arrangements, and current issues in international monetary reform. (3-0) R
ECON 6361
Public Sector Economics
(3 semester hours) Examines the economic role of
government in a mixed economy. Surveys why markets may fail
and explores governmental strategies of intervention in light of these
failures. Expenditure and tax policies are studied with attention to
effects on both efficiency and distribution. (3-0) T
ECON 6362 (POEC
6353) Industry, Technology, and Science Policy (3 semester hours) An examination of the bi-directional relationship of science
and technology to the economy and society. Topics include: the nature of
technology; technology as magic ; the technological fix; technological
progress, productivity and global industrial competitiveness; the economic and
social shaping of science and technology; the role of government policy; human
fallibility and dangerous technology; appropriate technology and economic
development; and science, technology and the environment. (3-0) T
ECON 6363
Public Economics I
(3 semester hours) A study of externalities, public goods, club goods and related topicsPrerequisite:
ECON 6301 or ECON 5321. Pass/Fail graded only. (3-0) R
ECON 6371 Urban
Economics (3
semester hours) Presents methods and models for understanding urban growth and
development processes. Topics include analysis of urban growth, land use
patterns, transportation and local public good delivery systems. Welfare
consequences of various urban policy options are explored. (3-0) R
ECON 6372 (PA
6342) Local Economic Development (3 semester hours) Examines the role of local governments
in promoting economic development in the
ECON 6380
Experimental Economics I (3
semester hours) Introduction to the methodology of laboratory experimental
economics, including principles of experimental design, development of
effective protocols, research with human subjects, and statistical analysis of
experimental data, designing experiments to test theory, experimental
measurement of preferences and attitudes, and market and institutional
"wind-tunnel" design. Prequisites: ECON 6301 and
ECON 6309, or instructor’s permission. (3-0) T
ECON 6V01 Independent
Study (1-9
semester hours) Provides faculty supervision for student’s individual study of
a topic agreed upon by the student and the faculty supervisor.
Prerequisite: Consent- of Instructor. May be repeated for
credit. [1-9]-0 R
ECON 7301
Microeconomics Theory II
(3 semester hours) General equilibrium theory of markets and welfare economics;
discusses the problems of existence, stability, efficiency, and equity of
economic equilibrium; and introduces social choice and the special problems
created by public goods, externalities, and uncertainty. ECON 6301
recommended. (3-0) Y
ECON 7302
Macroeconomics Theory II
(3 semester hours) This course is the second in a
sequence of core graduate (doctoral level) macroeconomic theory courses.
The main aim is to introduce students to the methods of stochastic dynamic
analyses in economics. The second aim is to employ those methods in
understanding aggregate empirical regularities, for instance as they pertain to
business cycles, with standard modern macroeconomic theory. Therefore,
primary course aims include a thorough discussion of stochastic dynamics and
optimization. Next, using these methods, applications
that illustrate the applied general equilibrium analyses that comprise: modern
macroeconomic business cycle theory, consumption, asset pricing and topics in
‘behavioral’ macroeconomics are discussed. ECON 6302 recommended (3-0) Y
ECON 7309
Econometrics II
(3 semester hours) This is the second core course in
the econometrics sequence of the economics Ph.D. program. The course
extends the topics covered in the first course and covers topics such as serial
correlation, unit roots, cointegration, and dynamic
models; panel data; simultaneous equations models; and maximum likelihood and
GMM estimation methods. (3-0) Y
ECON 7311
Special Topics in Econometric and Spatial Analysis(3 semester
hours) Topics vary from semester to semester. May be repeated
for credit to a maximum of 9 hours. However, students may not take more
than 3 hours of the field requirement from ECON 7311. (3-0) R
ECON 7316 Game
Theory (3
semester hours) Advanced treatment of topics in noncooperative game theory. May also
include a brief survey of cooperative game theory. Major topics
covered include correlated equilibrium, equilibrium refinements, evolutionary
stability and dynamics, multi-level selection, revelation principle, strategic
substitutes and complements, uniqueness and comparative statics. Prerequisites:
GISC 7310 or EPPS 7316 or ECON 6306 or permission of instructor. (3-0) R
ECON 7321
Special Topics in Labor Economics (3 semester hours) Topics vary from semester to semester. May be repeated for credit to a maximum of 9 hours. However,
students may not take more than 3 hours of the field requirement from ECON
7321. (3-0) R
ECON 7331
Special Topics in Industrial Organization (3 semester hours) Topics vary from semester to semester. May be repeated for credit to a maximum of 9 hours. However,
students may not take more than 3 hours of the field requirement from ECON
7331. (3-0) R
ECON 7341
Special Topics in International Development (3 semester hours) Topics vary from semester to semester. May be repeated for credit to a maximum of 9 hours. However,
students may not take more than 3 hours of the field requirement from ECON
7341. (3-0) R
ECON 7351
Special Topics in Public Economics (3 semester hours) Topics vary from semester to semester. May be repeated for credit to a maximum of 9 hours. However,
students may not take more than 3 hours of the field requirement from ECON
7351. (3-0) R
ECON 7363
Public Economics II
(3 semester hours) A study of positive and normative theories of taxation,
the effect of taxation on behavior, behavioral public finance and related
topics. Pass/Fail graded only. Prerequisite: ECON 6361 or ECON 6363 (3-0) R
ECON 7381
Special Topics in Experimental and Behavioral Economics (3 semester hours) Topics vary from
semester to semester. May be repeated for credit to a maximum
of 9 hours. However, students may not take more than 3 hours of the
field requirement from ECON 7381. (3-0) R
ECON 7391
Special Topics in Economics
(3 semester hours) Topics vary from semester to semester. (May
be repeated for credit to a maximum of 9 hours.) R
ECON 7V01
Literature Survey/Paper Seminar (3 or 6 semester hours) Students registering for this
seminar work towards the completion of their literature survey requirement.
Course includes oral presentations and progress reports. [3-6]-0 R
ECON 7V02
Research in Economics
(3-6 semester hours) Topics vary from semester to semester. May be repeated for credit. Prerequisite: Consent- of
Instructor. [1-9]-0 R
ECON 7V03
Research Paper Seminar
(3 or 6 semester hours) Students registering for this seminar work towards the
completion of their research paper requirement. Oral
presentations and progress reports. [3-6]-0 T
ECON 7303 Microeconomics Theory III. Primarily
a course on the role of strategic interdependence in economics using game
theory. Topics include noncooperative
games, simultaneous-move games and dynamic games with applications from a wide
variety of fields in economics. (3-0) Y
ECON 7315
Econometrics III
(3 semester hours) This is the third core course in
the econometrics sequence of the economics Ph.D. program. The course extends
the topics covered in the first two courses and covers topics such as Bayesian,
semiparametric and nonparametric estimation
approaches; discrete choice models, limited dependent variable models and duration
models; and bootstrap and jackknife methods. Prerequisite:
ECON 6310 (3-0) Y
ECON 8V01 Dissertation Seminar (3-9) semester hours) A seminar
for students preparing proposals or writing dissertations. Prerequisite:
Successful completion of qualifying examination or consent of instructor. May be repeated for credit. ([3-9]-0)
ECON 8V02
Dissertation
(1-9 semester hours) Provides faculty supervision of a student’s dissertation
research. May be repeated for credit. Prerequisite:
Consent of instructor. ([1-9]-0) Y
ECON 8V97 Internship (3-6 semester hours) Provides faculty
supervision for a student’s internship. Internships must be
related to the student’s course work. Internships are mainly intended for
terminal MSAE students. Prerequisite: Consent of Instructor ([1-9]-0) R