ECON 401 MATHEMATICAL METHODS OF ECONOMIC THEORY Linear algebra and
multivariate calculus, emphasizing results used in graduate-level economic
theory courses.
ECON 410-1,2,3 MICROECONOMICS Modern theory of consumer behavior and of the firm; determination of prices of consumer goods, productive services, and capital goods. (Required sequence)
ECON 411-1,2,3 MACROECONOMICS Aggregate economic theory of consumption, investment, money, interest, price level, economic growth, and fluctuations. (Required sequence)
ECON 412-1,2 ECONOMIC THEORY AND METHODS Methodological aspects of modern economic theory. Problems in economic decision making and welfare economics.
ECON 414-1,2 ECONOMICS OF INFORMATION Asymmetric information in
markets and organizations. Topics include search, signaling, bidding,
rational expectations, moral hazard, principal-agent problems, and
contract-mechanism design.
ECON 415-1,2 ADVANCED MICROECONOMICS Current topics in microeconomic
theory; emphasis on mathematical formulations and techniques.
ECON 416-1,2,3 ADVANCED MACROECONOMICS Recent contributions to
macroeconomics. Determinants of aggregate demand and supply. Models of
economic growth; neoclassical, putty-clay, multi-sector, and planning
models. Also includes topics in monetary economics including interrelationships among money supply, interest rates, capital markets, and level of prices and outputs. Development of monetary institutions; controversies in the development of central banking and monetary policy. Issues of international monetary organization and policy.
ECON 420-1 ADVANCED TOPICS IN AMERICAN ECONOMIC HISTORY A survey of new research techniques and results. Economic analysis of historical problems particularly developments in the post-cliometric era.
ECON 420-2 ADVANCED TOPICS IN EUROPEAN ECONOMIC HISTORY Application of economic theory and other quantitative techniques to studies of European
economic development from the early middle ages to World War I with particular emphasis on long-term economic development, technological progress and institutional change.
ECON 425-1,2 THEORY OF ECONOMIC DEVELOPMENT Theories of economic
development; development policy related to theories of location, trade,
investment, and economic programming: Marx, Mill, Schumpeter, others.
Development policy problems; theoretical tools and data derived from
studies of countries and groups of countries.
ECON 436-1,2 THE THEORY AND PRACTICE OF PUBLIC FINANCE Problems in public spending, taxation, and debt management, primarily in the United States. Theoretical, institutional, and practical aspects of monetary and fiscal measures for implementing and coordinating national policies for stable growth.
ECON 440-1,2 ECONOMICS OF THE LABOR MARKET Theoretical and empirical study of the structure and functions of labor markets.
ECON 450-1,2,3 INDUSTRIAL ORGANIZATION AND PRICES Theoretical and
empirical analysis of basic influences on industrial markets, their economic
organization, practices and price formation, and related public policy
issues.
ECON 460-1,2 INTERNATIONAL TRADE Analytical tools for understanding
international and interregional economic relations. International trade
policy. Relationship of theory to specific problems. United States foreign
economic policy. European Union and Free Trade Area. Activities of new
international lending institutions.
ECON 480-1,2,3 INTRODUCTION TO ECONOMETRICS Theory and applications of linear regression and extensions. Introduction to simultaneous equation estimation. Illustrative economics problems. (Required sequence)
ECON 481-1,2,3 ECONOMETRICS Advanced topics in statistical inference and estimation in economics; asymptotic theory, instrumental variables, nonlinear regression, time and duration models, censored and limited dependent variable.
ECON 482 APPLIED ECONOMETRICS: TIME SERIES METHODS Topics include
univariate ARIMA modelling, vector auto-regressions, auto-regressive
conditional heteroskedasticity, generalized method of moments, and
non-stationary time series.
ECON 483 APPLIED ECONOMETRICS: CROSS-SECTION METHODS Methods
used to analyze large cross-section and panel data sets with emphasis on
applications. Analysis of covariance, fixed effects and random effects
models, simultaneous equations and qualitative variables, and duration
models.
ECON 498 ADVANCED TOPICS IN ECONOMICS Topics vary; the field of
specialization of visiting or regular faculty.
ECON 501 GRADUATE STUDENT SEMINAR Student presentations of research papers. Primarily aimed at third year students.
Related Courses in the Kellogg School
Related Courses in the Department of Finance
FINC 485 Introduction to Finance Introduction to portfolio choice and equilibrium asset pricing. Topics include choice under uncertainty, arbitrage and state prices, the capital asset pricing model, the arbitrage pricing theory, representative agent models of asset pricing, and financial markets with differential information.
FINC 486 Seminar in Corporate Finance Advanced seminar with emphasis on corporate FINC. Topics include the Modigliani-Miller invariance theorems; the objective of the firm with incomplete markets; the role of taxes, agency costs, and asymmetric information in the choice of capital structure; and optimal security design. Familiarity with material from FINC 485 required.
FINC 487 Dynamic Asset Pricing Theory Basic arbitrage and equilibrium models of asset pricing in dynamic settings. Topics include the implications of no arbitrage for derivative security pricing and term-structure models, optimal portfolio selection, equilibrium models of asset pricing, and the representative agent. Necessary mathematical tools are introduced, including the Ito calculus and stochastic control.
FINC 488 The Econometrics of Financial Markets Introduction to some of the commonly used econometric methods in the empirical financial markets area.
Related Courses in the Program in Managerial Economics and Strategy
MECS 449-1 Competitive Management Economic theories of the firm from a management MGMT perspective. Topics covered include economic models of pricing, product quality, entry, diversification, innovation, and market intermediation. Examines market microstructure and the role of firms as intermediaries using models of search, matching, and asymmetric information.
MECS 449-2 Organization Management and Structure The boundaries, organizational structure, and governance of the firm. Topics include transactions cost economics; contracts and bargaining; agency theory and incentives; vertical integration; alternative forms of governing relations between firms, such as strategic alliances or joint ventures; organizational structure; and human resources policy.
MECS 460-1 Foundations of Managerial Economics I: Static Decision Models Basic models used to analyze optimal decision-making in economics and operations research. Topics include basic assumptions and decision analysis, linear programming and duality, risk aversion and risk bearing, bidding in auctions, Bayesian inference, and Markov decision problems.
MECS 460-2 Foundations of Managerial Economics II: Dynamic Decision Models Techniques and applications of deterministic and stochastic dynamic programming. Topics include Markov decision processes and Martingales, economic growth, capital accumulation, consumption smoothing, job research and job matching, optimal stopping rules, and learning and multi-arm bandit problems.
MECS 460-3 Foundations of Managerial Economics III: Game Theory Conflict and cooperation among rational decision makers in economic, political, and social systems. Games in extensive, normal, and characteristic function forms; Nash equilibrium and refinements; Bayesian games; infinitely repeated games; stochastic games; Nash bargaining solution; and cooperative games. Taught in a self-contained manner but closely coordinated with ECON 410-3. Prerequisites: knowledge of probability theory and elementary linear algebra; simultaneous enrollment in ECON 410-3 or permission of the instructor.
MECS 462 Decision Theory Foundations of the theory of decision under uncertainty. Special focus on axiomatic derivatives of numerical representations of preferences, and on behavioral versus cognitive data as observational definitions of theoretical terms. Covers axiomatic derivations of utility in general, and the classical works of von Neumann and Morgenstern, Savage, Anscombe, and Aumann on expected utility. Additional topics may include applications and attitudes toward risk; paradoxesand violations of expected utility; generalizations and variations of expected utility-as well as alternative theories, with applications to economics.
MECS 465 Contract Theory and Mechanism Design Theory of contracts and other economic mechanisms aiming to overcome problems of asymmetric information. Topics include revelation principle and mechanism design, static and dynamic moral hazard and adverse selection, principal-agent models, nonlinear pricing, bargaining, optimal regulation, incomplete contracts, incentive contracts in general equilibrium, bidding, and the theory of organizations.
MECS 466 Social Choice and Voting Models Basic rules of social choice theory, with an introduction to formal models of politics. Topics include binary voting in committees, two-party competition, aggregation of preferences with multiple alternatives, formation of parties and multiparty competition, and competition and cooperation among elected officials.
MECS 468 Selected Topics in Economic Theory Rigorous analysis of selected topics in economic theory. Topics vary with instructor.
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