ECONOMICS

Professors J.L. Gastwirth, R.S. Goldfarb, A.M. Yezer, J.J. Cordes, J. Pelzman, R.P. Trost, B.L. Boulier, M.D. Bradley, S.C. Smith, P. Labadie, G.L. Kaminsky, D.O. Parsons, R.F. Phillips, M.O. Moore, N. Vonortas, F.L. Joutz, S. Joshi, A.S. Malik, J.E. Foster, V. Fon, A. Lusardi, B.R. Chiswick (Chair)

Associate Professors S.M. Suranovic, W.P. Mullin, R.M. Samaniego, C. Wei, M.X. Chen, T. Sinclair

Assistant Professors A. Fostel, P. Carrillo, I.R. Foster, E.W.K. Hovander

Professorial Lecturers S.N. Kirby, R.S. Belous, D. Fixler, H. Hertzfeld, H. Stekler, F.D. Weiss, L. Clauser, N. Pham

Bachelor of Arts with a major in economics-The following requirements must be fulfilled:

1. The general requirements stated under Columbian College of Arts and Sciences.

2. Prerequisite courses-Econ 1011-12.

3. Required courses in related areas-Math 1221, 1231, or 1252; Stat 1111 and 2112, or equivalent; 6 credit hours of a social science other than economics.

4. Required courses in the major-Econ 2101 or 2103, 2102 or 2104, 4198, and six additional upper-division economics courses to be approved by the departmental advisor. A maximum of three regional courses (Econ 2133, 2169, 2170, 2185) can be counted toward the six additional courses. Of the three international courses (Econ 2180, 2181, and 2182), only two may be counted toward the major. Credit for either Econ 2101 or 2103 and for either Econ 2102 or 2104 can be applied toward a degree. Grades of C- or better are required in Econ 2101 (or 2103) and Econ 2102 (or 2104).

Bachelor of Science with a major in economics-The following requirements must be fulfilled:

1. The general requirements stated under Columbian College of Arts and Sciences.

2. Prerequisite courses-Econ 1011-12.

3. Required courses in related areas-Math 1231 and 1232, or equivalent; Stat 1111 and 2112, or equivalent; 6 hours of additional course work in mathematics, statistics, systems engineering, or computer science, to be approved by the departmental advisor (e.g., Math 2184, 2233, 3125, 3342; Stat 4157, 4158, 4181, 2183; EMSE 3850, 3701, 4710, 3760; CSci 1311, 4341, 4511, 4314).

4. Required courses in the major-Econ 2101 or 2103, 2102 or 2104, 2123, 4198, and five additional upper-division economics courses to be approved by the departmental advisor. A maximum of three regional courses (Econ 2133, 2169, 2170, 2185) can be counted toward the five additional courses. Of the three international courses (Econ 2180, 2181, and 2182), only two may be counted toward the major. Credit for either Econ 2101 or 2103 and for either Econ 2102 or 2104 can be applied toward a degree. Grades of C- or better are required in Econ 2101 (or 2103) and Econ 2102 (or 2104). Students considering the Bachelor of Science major are encouraged to take Econ 2103 and 2104 rather than Econ 2101 and 2102.

Combined Bachelor of Science/Master of Arts in the field of economics-Students interested in this dual degree program should consult the undergraduate program advisor in the Economics Department by the second semester of the sophomore year.

Combined Bachelor of Arts or Bachelor of Science with a major in economics and Master of Public Policy-Students interested in this dual degree program should consult the director of the Public Policy Program by the second semester of their sophomore year.

Special Honors-Students may apply for graduation with Special Honors. To be eligible, a student must meet the requirements for Special Honors stated under University Regulations, must have a grade-point average of at least 3.5 in economics courses, and must submit an honors paper to the department. Upon review of the honors paper, the student may be recommended for graduation with Special Honors.

Minor in economics-(a) 18 credit hours in economics, including Econ 1011-12, 2101 or 2103, 2102 or 2104, and two other approved upper-division courses in economics; (b) one of the following: 6 credit hours of an approved statistics sequence, such as Stat 1111, 2112; or 6 hours of an approved mathematics sequence, such as Math 1231, 1232; or one approved statistics course, such as Stat 1111, and one approved mathematics course, such as Math 1231 or 1252; or one approved mathematics course or one approved statistics course and one additional upper-division course in economics (other than Econ 2133, 2169, 2170, or 2185). Stat 1129 cannot be used to satisfy the requirements of the minor. Credit for either Econ 2101 or 2103 and for either Econ 2102 or 2104 can be applied toward a degree. Grades of C- or better are required in Econ 2101 (or 2103) and Econ 2102 (or 2104).

With permission, a limited number of graduate courses in the department may be taken for credit toward an undergraduate degree. See the Graduate Programs Bulletin for course listings.

Departmental prerequisite: Econ 1011-12 is prerequisite to all other courses offered by the Department of Economics.

The green leaf indicates that the course addresses environmental, social or economic sustainability.

1011-12	Principles of Economics (3-3)	Bradley, Samaniego, Suranovic, Yezer, I. Foster
	Major economic principles, institutions, and problems in contemporary life. Econ 1011: Microeconomics-supply and demand, the price system and how it works, competitive and monopolistic markets. Econ 1012: Macroeconomics-national income concepts, unemployment and inflation, institutions of monetary control. Econ 1011 is prerequisite to Econ 1012. (Econ 1011 and 1012-fall and spring)
2101	Intermediate Microeconomic Theory (3)	Fon, Joshi, Malik, Boulier, Parsons, Watson, Carrillo
	Analysis of household economic behavior, including derivation of demand functions. Analysis of firm behavior, including derivation of supply frameworks. Demand and supply interaction under various market structures and in factor markets. Prerequisite: Math 1221, 1231, 1252, or equivalent. (Fall and spring)
2102	Intermediate Macroeconomic Theory (3)	Bradley, Joutz, Labadie, Sinclair, Wei
	Investigation of the determinants of national income, inflation, unemployment, and interest rates. Alternative business cycle theories, with emphasis on the role of imperfect information, uncertainty, and expectations. Prerequisite: Math 1221, 1231, 1252, or equivalent. (Fall and spring)
2103	Intermediate Microeconomic Theory: A Mathematical Approach (3)	Boulier, Carrillo, Fon, Joshi, Malik, Parsons
	Analysis of household economic behavior, including derivation of demand functions, and of firm behavior, including derivation of supply frameworks. Demand and supply interaction under various market structures and in factor markets. Reliance on constrained and unconstrained optimization techniques when analyzing household and firm behavior. Recommended for students pursuing the B.S. degree. Corequisite: Math 1232 or equivalent. (Fall and spring)
2104	Intermediate Macroeconomic Theory: A Mathematical Approach (3)	Bradley, Joutz, Labadie, Sinclair, Wei
	Development and application of mathematical models of aggregate economic behavior with a focus on the intertemporal choices made by households, firms, and governments. The use of rigorous economic analysis provides a deeper understanding of the determinants of the economy's performance. Recommended for students pursuing the B.S. degree. Corequisite: Math 1232 or equivalent. (Fall and spring)
2121	Financial Economics (3)	Joutz, Labadie, Samaniego, Wei
	Economic analysis of key financial institutions, markets, and variables. Investigation of the performance of asset markets and the roles of money, credit, interest rates, and exchange rates. Examination of private sector institutions like equity markets and the banking system and the roles of regulators like the Federal Reserve.
2122	Monetary Theory and Policy (3)	Staff
	Analysis of classic and modern monetary theories and their application to current economic conditions. The links between theory and policy. The altered role of money over time; the new money technology. (Spring)
2123	Introduction to Econometrics (3)	Boulier, Carrillo, Phillips, Sinclair
	Joint offering of the Economics and Statistics Departments. Construction and testing of economic models: regression theory, parameter estimation, and statistical techniques applicable to economic models. Prerequisite: Math 1231 or equivalent; Stat 2112 or equivalent. (Fall and spring)
2135	Microeconomic Public Policy Analysis (3)	Staff
	How microeconomic analysis can be used to analyze a variety of public policy issues. Background on economic public policy analysis precedes analysis of various public policy issues that may include taxation of harmful products like cigarettes, government price discrimination policy, vaccination policy, and occupational shortages. (Spring)
2136	Environmental and Natural Resource Economics (3)	Malik
	Analysis of a variety of environmental and natural resource problems. The economic causes of these problems, their consequences, and the relative merits of alternative policies for dealing with them. (Spring)
2148	Health Economics (3)	Staff
	Economic analysis of the determinants of demand, supply, output, and distribution in the health care sector, with special emphasis on current policy issues of access, quality, and cost. (Spring)
2151	Economic Development (3)	Smith
	Theories and empirical studies of the economic problems of developing countries. (Fall and spring)
2157	Urban and Regional Economics (3)	Yezer, Carrillo
	Analysis of the determinants of urban growth and development; firm location; the functioning of urban land and housing markets.
2158	Industrial Organization (3)	Mullin
	Analysis of market structure, conduct, and performance of firms in a market economy, with emphasis on case studies of U.S. industries. (Fall)
2159	Government Regulation of the Economy (3)	Mullin
	Economic analysis of antitrust and regulation in the American economy. Prerequisite: Econ 2101 or 2158. (Spring)
2167	Economics of Crime (3)	Yezer
	Analysis of crime, both empirical and theoretical, that examines the links between law and economics, the economics of criminal participation, and the economics of law enforcement. (Spring)
2169	Introduction to the Economy of China (3)	Staff
	Background, organization, and operation of the economy. Appraisal of performance and analysis of problems of development. (Fall)
2170	Introduction to the Economy of Japan (3)	Staff
	Analysis of the structure and growth of the Japanese economy. (Spring)
2180	Survey of International Economics (3)	Fostel, Moore, Suranovic
	Basic concepts of international trade and international finance, with emphasis on policy issues.
2181-82	International Economics (3-3)	Moore, Suranovic, Pelzman, Chen, Fostel
	Econ 2181: International trade theory and policy. Econ 2182: International macroeconomic theory and policy. (Academic year)
2185	Economic History and Problems of Latin America (3)	Staff
	Analysis of present structures and problems of Latin American economies.
2195	Special Topics (3)	Staff
	Topics vary, depending on current issues of interest and faculty availability.
3105	Economic Forecasting (3)	Staff
	Theory and empirical analyses of economic trends and fluctuations; use of economic indicators and simple econometric models. Prerequisite: Econ 2102 or 2104; corequisite: Econ 2123. (Fall)
3142	Labor Economics (3)	Chiswick, Parsons
	Analysis of labor supply and demand; measurement and theory of unemployment; occupational choice; wage differentials; labor market issues and policies. Prerequisite: Econ 2101 or 2103. (Fall)
3161	Public Finance: Expenditure Programs (3)	Cordes
	Economic analysis of government spending and social regulation programs. Topics include public goods, externalities, income transfer and social insurance programs, and benefit-cost analysis of government programs. Prerequisite: Econ 2101 or 2103. (Fall)
3162	Public Finance: Taxation (3)	Cordes
	Economic analysis of taxes. Topics include individual and corporate income taxes, payroll taxes, sales and excise taxes, property and wealth taxes, design of tax systems, and effects of taxation on labor and capital markets. Prerequisite: Econ 2101 or 2103. (Spring)
3165	Economics of Human Resources (3)	Boulier
	Economic analysis of education and training, labor market discrimination, marriage and the family, and social security. Prerequisite: Econ 2101 or 2103.
3190	Law and Economics (3)	Pelzman, Fon
	An introduction to the economic analysis of legal systems. How laws alter behavior and how laws might be designed to satisfy efficiency and fairness criteria. Prerequisite: Econ 2101 or 2103.
3191	Game Theory (3)	Joshi, Fon
	An introduction to game theory, covering concepts such as Nash equilibrium, evolutionary games, backward induction and subgame perfection, Bayesian-Nash games of imperfect information, adverse selection, and moral hazard. Prerequisites: Econ 2101; Math 1221, 1231, or 1252 or equivalent.(Fall and spring)
4198	Proseminar (3)	Boulier, Bradley, Fon, Joutz, Parsons, Pelzman, Sinclair, Suranovic, Wei
	Preparation and presentation of a research paper in any field of economics agreed upon by student and instructor. Review of selected topics in contemporary economics. Open only to economics majors in their senior year.
4199	Independent Research (3)	Staff
	Prerequisite: Completion of 12 hours of upper-division economics courses, including Econ 2101 and 2102, with a minimum grade-point average of 3.4; and approval of an independent research project by a faculty member of the Economics Department.