Economics

Maloney Family Distinguished Professor of Economics Setterfield, Chair; George M. Ferris Professor of Corporation Finance and Investments Butos, Professor Grossberg∙, Shelby Cullom Davis Professor of American Business and Economic Enterprise Gunderson∙∙, Ward S. Curran Distinguished Professor of Economics Ramirez, Professor Wen, G. Fox & Company Professor of Economics Zannoni∙∙; Associate Professors Clark, Egan, and Stater∙; Assistant Professors Ahmed∙, Hoag, and Schulkind; Visiting Assistant Professors Jacobs, Kim, Levine, McMillen, Schneider, and Spasojevic; Visiting Lecturers Burnside, O’Connor, and Skouloudis

Introductory economics—The introductory course, ECON 101, completed with a grade of C- or better, is a prerequisite for all other courses beyond the 100 level in the department. Note that in order to enroll in ECON 101 during the first semester of their first year, students must:

The economics major—The department provides two routes to a degree in economics: the B.A. (bachelor of arts) and the B.S. (bachelor of science), which is more quantitative. Both are shown schematically in the side-by-side comparison below. Students who think they may be interested in graduate work in economics are advised to seek the B.S. degree and supplement it with additional mathematics courses as explained below under the heading “Students considering pursuing graduate studies in economics.”

This major is designed for those students who wish to combine an interest in computers with study in economics. In addition to the course requirements in mathematics and computer science, the requirements are:

	Bachelor of arts in economics	Bachelor of science in economics	Interdisciplinary computing major


Required core economics courses (A grade of C+ or better is required in each of these courses)^a	ECON 101 ECON 301 ECON 302	ECON 101 ECON 301 ECON 302	ECON 101 ECON 301 ECON 302
Required quantitative courses	MATH 107 (207 beginning with class of 2015)	MATH 107 (207 beginning with class of 2015)	MATH 107 (207 beginning with class of 2015)
		MATH 125 and 126 or Math 131^b
Electives	One 200-level economics course	One 200-level economics course	One 200-level economics course
	One any-level economics course	ECON 312 and 328^c or ECON 318 and 328^c	ECON 318
	Four 300-level economics courses and ECON 331 or Three 300-level economics courses and ECON 498 - 499^d	Four 300-level economics courses and ECON 331 or Three 300-level economics courses and ECON 498 - 499^d	One 300-level economics course and ECON 331
Total Number of Courses	11	13-14	8^e

The economics curriculum—ECON 101, ECON 301, and ECON 302 together constitute the theoretical core of the economics curriculum. As such, ECON 301 and ECON 302 are different from 300-level elective courses. Students who major in economics should complete ECON 301 and ECON 302 as soon as possible after they have completed ECON 101 to ensure that they develop a sufficiently strong appreciation of the economic theory that they will be expected to apply in 300-level elective courses. Students are required to complete ECON 301, ECON 302, and ECON 331 at Trinity College. The Writing Intensive Part II requirement is fulfilled by the senior seminar (ECON 331) or the senior thesis (ECON 498-499).

It is recommended that students majoring in economics select cognate courses, in consultation with their adviser, in anthropology, history, philosophy, political science, public policy, and sociology. ECON 312, 318, and 328 are of particular value in integrating economic theory and economic applications. Internships and teaching assistantships do not normally count as credit toward the major; exceptions must be approved in advance by the Economics Department chair.

Many 300-level courses have prerequisites other than ECON 101 and students are advised to consult the course descriptions below or the course listings in the Schedule of Classes for course prerequisites. Beyond ECON 101, ECON 301, and ECON 302, courses are offered in the following areas in the department:

Admission requirements and the economics major— Students who intend to declare a major in economics must do so no later than the Friday after spring break of their sophomore year. This deadline applies to students declaring economics as their first or second major. At or before this time, students who:

will be admitted to the major upon submission of the declaration of major form to Professor Miguel Ramirez during fall 2012 or Professor James Wen during spring 2013. At that time, an adviser in the department will be assigned.

Study away—A maximum of three credits taken away from Trinity may be earned for major credit. Students are required to complete ECON 301, ECON 302, and ECON 331 at Trinity College. All students who wish to receive credit toward the major for courses taken away from Trinity must complete an application for transfer credit form with the Office of International Programs and have the course(s) approved for credit by their faculty adviser and by Professor Stater (Professor Zannoni for fall 2012), before going abroad. Permission to receive credit toward the major for courses in other departments or work in special programs at Trinity must be approved in advance by the Economics Department chair.

Students considering pursuing graduate studies in economics—Students who are considering pursuing graduate study in economics should be aware of the emphasis that graduate programs in economics place on proficiency in mathematics. Graduate programs in economics place considerable weight on the applicant’s score on the quantitative section of the Graduate Record Exam (GRE), as well as on the student’s performance in undergraduate mathematics courses and quantitatively oriented courses in economics. Students considering pursuing graduate study in economics are especially urged to discuss their interests with their advisers at the earliest possible date.

Accordingly, economics majors thinking about pursuing graduate study in economics are strongly advised to complement their economics course work with additional course work in the Mathematics Department. At a minimum, course work in mathematics should include: MATH 131. Calculus I and MATH 132. Calculus II and MATH 228. Linear Algebra. Beyond these, additional recommended course work in mathematics would include: MATH 231. Calculus III, MATH 234. Differential Equations, MATH 305. Probability and Math 306. Mathematical Statistics, and MATH 331. Analysis I. Students are strongly urged to take ECON 312. Mathematical Economics and ECON 318. Basic Econometrics.

Honors—To graduate with honors in economics a student must have (1) completed ECON 301 and 302 with an average grade of B+ or better, with neither grade lower than a B; (2) an average grade of B+ or better in all economics courses taken at Trinity, with a grade of A- or better in at least half of those courses; (3) completed ECON 498-499, a senior thesis, with a grade of A- or better and ECON 402-403. In exceptional cases, a student who has completed ECON 498-499 but who has not met all other criteria for honors in economics may be awarded honors by a vote of the Economics Department.

Course prerequisites (ECON 101, 301, 302, 312, 318, MATH 107 (207 beginning with the Class of 2015), 126, and 131) must earn a grade of C- or better to count as a prerequisite for another course

101. Basic Economic Principles— An introduction to modern economic analysis. A study of the principles of production and exchange, the distribution of income, money and banking, and national income analysis. Required of all majors in economics and recommended for all students planning business, legal, or public service careers. Note: Students are reminded that a grade of C+ or better is required in Economics 101 (or B- if the course is retaken) in order to major in economics. Concurrent enrollment in Economics 101 and either Economics 301 or Economics 302 is not allowed. (Enrollment limited)-Butos, Hoag, Ramirez, Schulkind, Skouloudis

103. Fundamentals of Accounting— A review of accounting concepts and procedures, with particular emphasis on the reasoning behind methods of measuring and recording such items as depreciation and revenues. The implications of accounting theory and practice for the measurement of income and financial positions are investigated. Senior economics and coordinate majors have first choice for enrollment, then junior economics and coordinate majors, then sophomores. Senior and junior non-majors need permission of instructor. (Enrollment limited)-O’Connor

202. Contemporary Macroeconomic Issues— Is all well with modern macroeconomics? Recent events have raised many questions for macroeconomists about the the way the economy works and the design of macroeconomic policy. This course examines a variety of contemporary macroeconomic issues from competing theoretical perspectives. Topics include: spending versus thrift and macroeconomic performance; the role of fiscal policy in a recession; the short and long term consequences of bailouts; and the role of money and finance in the economy. Prerequisite: C- or better in Economics 101. (Enrollment limited)-Kim

[207-01. Alternative Economic Systems]— The revolutionary events of 1989 in Eastern Europe and the collapse of the Soviet Union in 1991 led many observers to argue that socialism had failed as an economic system. These observers noted, however, that the failure of “real” socialism did not mean the end of economic debate. Rather, it re-focused the debate from socialism versus capitalism to alternative forms of capitalism. The central question thus became: do competing, viable models of capitalism exist, and, if so, what are the vision and corresponding institutions associated with each? This question is especially important today given the current challenges facing most capitalist economies. This course introduces students to alternative models of the macro-economy that exist, to varying degrees, in North America and Western Europe. Prerequisite: C- or better in Economics 101. (Enrollment limited)

208. Asian Economics— Endowed with a huge population, few resources, and a recent history marked by recurrent wars and great social disorder, Pacific Asia scarcely seemed a promising setting for prosperity and modernization at the end of the last century or at the beginning of this century. However, led by Japan since the Meiji Restoration, economies in Pacific Asia have become the most dynamic in the world. As the economy of the United States has become increasingly linked to the markets and production zones of Pacific Asia, it is vitally important to have an understanding of why Pacific Asian economies have been growing so fast and what their impact is on the rest of the world. Main topics in this course include the evaluation of East Asia’s economic performance in terms of total factor productivity and the debate on whether the East Asian miracle is true or not, the role of a market in allocating resources in these economies, their experience in using government intervention to correct market failures, China’s effort to reform its central planning system, and its impact on the region and the world. Japan’s competitiveness and its potential in the future, the emerging pattern of division of labor within this region as a whole, and its interaction with the rest of the world will be addressed as well. Prerequisite: C- or better in Economics 101. (Enrollment limited)-Wen

210. Contemporary Micro Issues— This course will study the contemporary micro issues using the tools of micro economic analysis. The course will examine important economic and social policy issues in the U.S., the role of government in designing economic policy and its impact on individuals. Topics include: investment in human capital; education, earnings and the job market discrimination; income inequality, poverty and social security; health and risky behaviors, heath care provision and the impact of insurance; environment and the problem of pollution. Prerequisite: C- or better in Economics 101. (Enrollment limited)-Spasojevic

[217. Economics of Health and Health Care]— This course is designed to provide an overview of key issues in the economics of health and health care using principles of economics, with an emphasis throughout on real-world problems. Topics to be studied will include: health care market structures; determinants of the demand for and supply of health care; the interrelationships between insurance, supply, demand, and technological innovation; proposed health policy reforms in insurance markets, medical malpractice, and other areas; and the analysis of public policies on unhealthy consumer behaviors (smoking, drinking, drugs). Prerequisite: C- or better in Economics 101. (Enrollment limited)

219. European Sovereign Debt Crisis— The current European sovereign debt crisis is an ongoing financial crisis. This course will examine the causes of the European debt crisis, its evolution, and possible consequences and will evaluate the effectiveness of current economic policies and proposed long term solutions. Finally, it will address whether the current crisis will lead to the breakup of the Eurozone and the demise of the single currency. As a backdrop to this discussion, the major treaties establishing the European Union and the European Monetary Union, as well as their major institutions will be evaluated. Prerequisite: C- or better in Economics 101. (Enrollment limited)-Skouloudis

231. Latin American and Caribbean Economic Development— This course examines and evaluates the major theories and leading issues in the study of economic growth and development in Latin America and the Caribbean during the 20th century. It focuses on the region’s economic and historical links to industrialized nations as a key element in understanding the nature and direction of its economic growth and development. Topics include: theories of development; rural development and migration; state-led industrialization and structural transformation under import-substitution industrialization (ISI); debt, stabilization, and adjustment policies; neoliberal policies such as privatization and the deregulation of financial and labor markets; and trade liberalization, particularly the proliferation of preferential trading arrangements such as the North American Free Trade Agreement (NAFTA), the Southern Cone Common Market (MERCOSUR), the Caribbean Common Market (CARICOM), the Lome Convention, and the Central American Common Market (CACM). Prerequisite: C- or better in Economics 101. (Enrollment limited)-Ramirez

[247. Introduction to Policy Analysis]— This course will introduce students to the basic ingredients of policy analysis rooted in the microeconomics of externalities (social, economic, and political), public goods, common property, information failure, absence of competition, and distributional concern. This course is not open to students who have previously earned credit for Economics 306 or Economics 311. Prerequisite: C- or better in Economics 101. (Enrollment limited)

299. Independent Study— Submission of the special registration form, available in the Registrar’s Office, and the approval of the instructor and chairperson are required for enrollment. Prerequisite: C- or better in Economics 101. (1-2 course credits) -Staff

301. Microeconomic Theory— A study of the determination of the prices of goods and productive factors in a market economy and the role of prices in the allocation of resources. Required of all majors in economics. Note: Students are reminded that a grade of C+ or better is required in Economics 301 (or B- if the course is retaken) in order to major in economics. Prerequisite: A grade of C- or better in Economics 101. In addition C- or better in one 200 level economics course or sophomore or higher class standing. Concurrent enrollment in Economics 301 and either Economics 101 or Economics 302 is not allowed. (Enrollment limited)-Schneider

302. Macroeconomic Theory— An analysis of aggregate income, output, and employment, which includes the following topics: national economic accounts; theories of consumption; investment and money; Keynesian and Classical models; the monetary-fiscal debate; inflation, unemployment and growth. Required of all majors in economics. Note: Students are reminded that a grade of C+ or better is required in Economics 302 (or B- if the course is retaken) in order to major in economics. Prerequisite: A grade of C- or better in Economics 101. In addition C- or better in one 200 level economics course or sophomore or higher class standing. Concurrent enrollment in Economics 302 and either Economics 101 or Economics 301 is not allowed. (Enrollment limited)-Butos, Setterfield

[303. Labor Economics]— An examination of a number of important issues in modern labor economics. Topics include (but are not limited to): the determinants of labor supply, with special emphasis on the growth of women’s labor supply during the last century; the demand for labor and the determination of wages; discrimination in labor markets. Prerequisite: C- or better in Economics 101 and 301. (Enrollment limited)

[306. Public Finance: Economics of the Public Sector]— An examination of the role of tax and public expenditure policies as they influence the allocation and distribution of resources, and on the role of market imperfections as rationales for government policies. Emphasis is on the effects of taxation and public spending on consumer and producer choices. Prerequisite: C- or better in Economics 101 and 301. (Enrollment limited)

307. Health Economics— This course will study the characteristics of the U.S. health care system and the functioning of the health care market using the tools of microeconomic theory. The aim of the course will be to discuss specific topics in the economics of health, including: the analysis of the causes of health-related behaviors such as obesity and substance abuse; the characteristics of the health care industry and how it is affected by insurance and medical technology; and the impact of government policies on health related behaviors and the provision of medical care. The role of preventive measures and the efficient use of limited healthcare resources will be examined in light of the recent health care reform and in light of their broader implications for public policy. Prerequisite: C- or better in Economics 301. (Enrollment limited)-Spasojevic

[308. Industrial Organization and Public Policy]— The course is divided into two parts. The first part consists of an examination of the structure of American industry including a critical analysis of the empirical evidence underlying the extent of competition, oligopoly, and monopoly within the United States. Comparisons are made with other industrialized nations and a number of specific industries are examined in detail. The second part of the course consists of an examination of public policy toward monopoly with specific emphasis on regulation and antitrust policies. Prerequisite: C- or better in Economics 101 and 301. (Calculus recommended, but not required) (Enrollment limited)

309. Corporate Finance— Valuation, the development of the modern theory of finance; efficient market hypothesis; portfolio theory; capital budgeting; cost of capital; corporate securities; the securities markets; and other selected topics in finance. Prerequisite: C- or better in Economics 101 and either Economics 301 or Economics 302. Math 107 (207 beginning with the class of 2015) is strongly recommended and Economics 103 is recommended. (Enrollment limited)-Hoag

312. Mathematical Economics— This course is designed to introduce students to the application of mathematical concepts and techniques to economic problems and economic theory. Prerequisite: C- or better in Econmics 301, Economics 302, and Mathematics 126 or Mathematics 131. (Enrollment limited)-McMillen

[315. Theories of International Trade]— An examination of the major theories of international trade, beginning with the classical and neoclassical models of international trade and concluding with a survey of the various alternative models of international trade developed over the past three decades. An analysis of commercial policy, preferential trading agreements and other contemporary policy issues in the international economy will be included. Prerequisite: C- or better in Economics 101 and 301. (Enrollment limited)

317. Development Economics— Various hypotheses on the persistence of underdevelopment observed in most developing economies will be examined. Then the successes of some developing economies in their modernization will be discussed. Attention will also be given to such important issues as industrialization, demographic change and urbanization, growth in income and its distribution, international trade and finance, development strategies, the government role in promoting development, and the impact of foreign aid. Prerequisite: C- or better in Economics 101 and an Economics 200-level course or another social science course dealing with developing nations. Economics 301 and 302 are strongly recommended. (Enrollment limited)-Wen

318. Basic Econometrics— The formulation and estimation of models; topics include a review of basic concepts and results of statistical inference, single equation regression model, functional forms, problems of estimation, and simultaneous equation models. The computer will be used but no experience is necessary.This course has a community learning component. Prerequisite: C- or better in Economics 101 and Mathematics 107 (207 beginning with the class of 2015). (1.25 course credits) (Enrollment limited)-Zannoni

321. American Economic History— A survey of the growth of the American economy from pre-Columbian times to the present. Special attention will be given to the issues of economic growth, industrial development, the economy of the antebellum South, transportation and commerce, the rise of cities, and the impact of major wars on the economy. Prerequisite: C- or better in Economics 101. (Enrollment limited)-Gunderson

323. Theories of Economic Growth— Rates of economic growth vary considerably over time, and between countries over time. This course examines models of economic growth in the light of these “stylized facts.” Topics include the Harrod model, traditional neoclassical growth theory, Post-Keynesian growth theory, and “endogenous” growth theory. Prerequisite: C- or better in Economics 301 and 302. (Enrollment limited)-Kim

325. Advanced Topics in Comparative Economics— This course explores the institutional arrangements and philosophical principles that accompany alternative and diverse forms of capitalism. One of the central questions we will consider is: do competing, viable models of capitalism exist, and, if so, what are the vision and corresponding institutions associated with each? This question is especially important today given the current challenges facing most capitalist economies. Prerequisite: C- or better in Economics 101 and Economics 302. Economics 301 recommended. (Enrollment limited)-Clark

[331-11. Regulation of Financial Markets and Intermediaries]— This course develops a critical examination of public policy toward capital (financial) markets and intermediaries. The economic rationale for regulation (primarily externalities) is contrasted with the rationale for deregulation (unfettered competitive markets). The theoretical exposition is applied in detail to the money and capital markets, both primary and secondary, as well as to the major financial intermediaries that are the primary participants in these markets, that is, to deposit type institutions, brokerage and investment banking concerns, insurance companies, and pension funds. Part of this course will be devoted to comparative regulation in the context of global financial markets. This course fulfills part two of the writing intensive (WI) requirement for Economics. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)

[331-27. Internal Labor Markets: Policy and Behavior Within the Firm]— This seminar will explore several aspects of workplace relationships, with particular emphasis on the relationship between the firm and its employees. Among the questions we will explore are: How do compensation and promotion policies affect the firm-employee relationship? How do such policies affect relationships between employees, and how do they affect effort on the job and the overall performance of employees? Is it necessary for a firm to monitor its employees’ performance or are there other ways to measure productivity? What is the role of fringe benefits in the employment relationship? How do firms decide who to hire, who to train, and who to retain? What is the role of turnover within the firm? What are the effects of competition vs. coordination of workers within the firm? Is there a role for teams within firms? This course fulfills part two of the writing intensive (WI) requirement for Economics. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)

[331-46. Issues in International Trade and Finance]— This seminar examines important and recent developments in international economics. Topics include trade policy and market structure; the economics of trading blocs such as the EEC and NAFTA; the economic consequences of continued U.S. external deficits; globalization and inequity; exchange rates, interest rates, and volatility; speculative capital flows and exchange rate policies; and financial crises and the prospects for the EMU. This course fulfills part two of the writing intensive (WI) requirement for Economics. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)

331-51. Experimental Economics— This seminar will introduce students to applications of experiments in economic research, focusing on many well-developed areas of laboratory-tested experiments as well as experimental methodology. We will review, discuss, and analyze some of the most influential papers written in the field of Experimental Economics and conduct classroom experiments. We will examine the motivation behind experiments, their usefulness and their limitations. This course will include topics such as experiments involving individual decision making, game theory, bargaining, trust and public choice. Finally, students will be required to develop and conduct their own experiment-based research projects. This course fulfills part two of the writing intensive (WI) requirements for Economics. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)-Schneider

331-52. The Economies of Cities: how they grow, why they die and what happens in between— What is the role of cities in bringing about economic, social and cultural development? Why and in what ways do cities represent arenas for innovation and diverse economic activity? And, lastly, how does one understand and explain the path of particular cities’ economies over time, with the existence of both golden periods and periods of significant economic decline? To answer these questions we will focus on various case studies through time and space. We begin with Renaissance Florence and then travel on to Amsterdam, London and eventually Hartford. This chronological sequencing allows us to trace the development of capitalist epochs as we follow the center of gravity of the modern western economy from Italy and the Mediterranean to Northwest Europe and finally the United States. Along the way we will place the individual city’s growth and development into a broader context, namely that of a world of increasing trade and commerce and global interconnectedness. In the end, we will gain an understanding of the specific mechanisms for growth within an urban setting and an appreciation for the city as an important agent of economic and cultural development. This course fulfills part two of the writing intensive (WI) requirement for Economics. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)-Clark

331-55. Deficits, Debt, and Defaults— This seminar will analyze the causes and economic significance of public sector budgetary deficits, the financing of debt, and the circumstances leading to defaults and their implications. Historical episodes will be overviewed but principal attention will be given to recent experiences and future prospects in the U.S. and Europe. The format of the course will center on student presentations and papers. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)-Butos

399. Independent Study— Submission of the special registration form, available in the Registrar’s Office, and the approval of the instructor and chairperson are required for enrollment. Prerequisite: C- or better in Economics 301 or Economics 302, as appropriate. (1-2 course credits) -Staff

[399. Internship Seminar]— Offered to students who are engaged in business related internships. Cannot be used for major credit. (0 course credit) (Enrollment limited)

401. Independent Study in Quantitative Applications— Submission of the special registration form, available in the Registrar’s Office, and the approval of the instructor are required for enrollment. Prerequisite: C- or better in Economics 312 or Economics 318 (0.5-1 course credit) -Staff

402. Senior Thesis Seminar Part I— This seminar will address the research and thesis writing process and will include workshops on writing, data and library resources. In addition, students will be asked to present preliminary work for discussion to seminar participants, and to participate in three sets of presentations to the Department during the academic year. Prerequisite: Concurrent enrollment in Economics 498. (0.5 course credit)-TBA

466. Teaching Assistantship— Submission of the special registration form, available in the Registrar’s Office, and the approval of the instructor and chairperson are required for enrollment. Cannot be used for major credit. (0.5-1 course credit) -Staff

498. Senior Thesis Part 1— Written report and formal presentation of a research project. Open to all senior majors and required of all students who wish to earn honors in economics. A student who intends to write a thesis must locate a thesis adviser, and must submit a preliminary proposal to the thesis adviser by the last day of classes in the spring semester of the junior year. A final proposal must be submitted to the thesis adviser by final registration in the fall semester of the senior year. Submission date of the thesis is the third Thursday following spring recess. Seniors who undertake Economics 498-99 will be excused from Economics 331. Studies in Social Policies and Economic Research. In addition to the final proposal, submission of the special registration form available in the Registrar’s Office and the approval of the instructor and chairperson are required for each semester of this year-long thesis. (2 course credits are considered pending in the first semester; 2 course credits will be awarded for completion in the second semester.) Prerequisites: Economics 301 and 302. (2 course credits) -Staff

Some of the following graduate courses are open to seniors with appropriate prerequisites, whose records have been outstanding, and where space is available. Prerequisites: permission of the student?s major adviser, of the instructor, and of the Office of Graduate Studies.

801. Basic Economic Principles— The study of basic economic principles pertains to the operation of the pricing system, income distribution, national income analysis, and monetary and fiscal policy.-Burnside

803. Microeconomic Theory— A study of resource allocation and product distribution in a market system. Market behavior is analyzed in terms of the determinants of demand, supply, the logic of the productive process, and the institutional structure of markets.-McMillen

807. Public Finance— An examination of the Federal budget, of the tax system of the United States, and of Fiscal Federalism, with special reference to the allocation, distribution, and stabilization objectives of specific taxes and expenditures. Analyses of the theory of public goods and of externalities, of private market failure, and of government corrective action. Actual policies will be evaluated in the context of the analytical framework developed in the course. Prerequisite: Economics 803. -Jacobs

[821. Methods of Research]— This course develops techniques useful in economic research. Topics include: time series analysis, probability, hypothesis testing, non-parametric statistics, an introduction to regression analysis, decision and game theory. Economics 803 recommended or permission of instructor required.

[825. American Economic History]— This course attempts to provide the student with a basic, yet thorough understanding of the growth and development of the American economy. The course will first discuss the methodological approaches of economic historians and introduce basic concepts used to understand and measure economic growth and change. It will then analyze the colonial economy, early national and ante-bellum years, the reunification era, and the emergence of a modern U.S. economy. The analysis will focus on key economic sectors - money and banking, agriculture, commerce, labor, and government - with special attention given to problems and issues in the financial and monetary sector. Prerequisite: Economics 801 or permission of the instructor.

940. Independent Study— Independent studies on selected topics are available by arrangement with the instructor and written approval of the graduate director and department chair. Contact the Office of Graduate Studies for the special approval form. (1-2 course credits) -Staff

953. Research Project— The graduate director, the supervisor of the project, and the department chair must approve special research project topics. Conference hours are available by appointment. Contact the Office of Graduate Studies for the special approval form. One course credit. -Staff

Mathematics 107. Elements of Statistics— View course description in department listing on p. 665. -Kelsey, Miller

Mathematics 125. Functions and Limits— View course description in department listing on p. 666. -Miller

Mathematics 131. Calculus I— View course description in department listing on p. 666. (1.5 course credits)-Cruz-Uribe, Kelsey, Robbins, Wang

Mathematics 207. Statistical Data Analysis— View course description in department listing on p. 667. Prerequisite: C- or better in Mathematics 107. -Russo, Wang

All course prerequisites (ECON 101, 301, 302, 312, 318, MATH 107 (207 beginning with the Class of 2015), 126 and 131) must earn a grade of C- or better to count as a prerequisite for another course. New prerequisite commencing Spring 2013: For students taking ECON 101, ECON 301 and/or ECON 302 beginning in fall 2011, a C+ or better in ECON 101, ECON 301, ECON 302 is a prerequisite for those courses in the department that require ECON 101 and ECON 301 and/or ECON 302.

[202. Contemporary Macroeconomic Issues]— Is all well with modern macroeconomics? Recent events have raised many questions for macroeconomists about the the way the economy works and the design of macroeconomic policy. This course examines a variety of contemporary macroeconomic issues from competing theoretical perspectives. Topics include: spending versus thrift and macroeconomic performance; the role of fiscal policy in a recession; the short and long term consequences of bailouts; and the role of money and finance in the economy. Prerequisite: C- or better in Economics 101. (Enrollment limited)

[207. Alternative Economic Systems]— An examination of the alternative forms of capitalist economic systems in North America and Europe. A study of the various models for arranging economic activity will be followed by a detailed survey of selected economies in the two regions. Prerequisite: C- or better in Economics 101. (Enrollment limited)

[209. Topics in Urban Economics]— Economic analysis of urban areas in the regional setting; the study of location theory, land use and housing markets, and of current public policy issues pertaining to urban problems including urban poverty, the economics of race and metropolitan areas, urban transportation, and local public finance. The resource allocation process will be emphasized. Prerequisite: C- or better in Economics 101. (Enrollment limited)

[214. Business and Entrepreneurial History]— The evolution of business structures and practices, primarily in the American experience. Changes in such aspects of management, finance, marketing, and information are considered. Special attention is given to the role of entrepreneurs and conditions which may have influenced their creative efforts. Both an analytical approach and case studies are employed. Prerequisite: C- or better in Economics 101. (Enrollment limited)

216. Globalization, Rivalry, and Coordination— This course emphasizes the study of forces driving the observed trends in regional and global integration. Students will examine whether the world-wide division of labor can be explained by comparative advantage or by increasing returns to scale and externalities. Students will then examine the impact of integration on three growing world markets: commodities, capital, and labor. They will also delve into the role these markets play in generating frictions among nations. The course concludes with an examination of the role of a world trade organization, world financial system, and world foreign exchange system in facilitating the globalization process. Lessons will be drawn from history, particularly the collapse of the Bretton Woods System. Prerequisite: C- or better in Economics 101. (Enrollment limited)-Wen

217. Economics of Health and Health Care— This course is designed to provide an overview of key issues in the economics of health and health care using principles of economics, with an emphasis throughout on real-world problems. Topics to be studied will include: health care market structures; determinants of the demand for and supply of health care; the interrelationships between insurance, supply, demand, and technological innovation; proposed health policy reforms in insurance markets, medical malpractice, and other areas; and the analysis of public policies on unhealthy consumer behaviors (smoking, drinking, drugs). Prerequisite: C- or better in Economics 101. (Enrollment limited)-Schulkind

243. Financial Markets Institutions— The purpose of the course is to provide a basic understanding of the role of financial institutions (intermediaries) and financial markets in facilitating the flow of funds between those who supply funds and those who demand funds. Topics include the role of banks, other financial institutions, and financial markets in this process. Special attention is also given to the European Monetary Union and other aspects of the international financial system. Prerequisite: C- or better in Economics 101. (Enrollment limited)-Hoag

247. Introduction to Policy Analysis— This course will introduce students to the basic ingredients of policy analysis rooted in the microeconomics of externalities (social, economic, and political), public goods, common property, information failure, absence of competition, and distributional concern. This course is not open to students who have previously earned credit for Economics 306 or Economics 311. Prerequisite: C- or better in Economics 101. (Enrollment limited)-Ahmed

[299. Independent Study]— Submission of the special registration form, available in the Registrar’s Office, and the approval of the instructor and chairperson are required for enrollment. Prerequisite: C- or better in Economics 101. (1-2 course credits) -Staff

[305. Urban Economics]— The world’s population is becoming increasingly urbanized, a trend which creates economic opportunities and challenges for individuals, businesses, and governments. This course will introduce students to economic models that explain why cities form, why commercial and residential land use patterns look the way they do, and how economic reasoning can inform policies addressed at urban problems, such as traffic congestion, housing affordability, crime, and homelessness. In addition, we will study how public policies such as zoning and the provision of mass transit can help remedy market failures in the urban setting. The supply and demand model and the economic theories of the consumer and the firm will be the main tools of analysis, as will ideas from public economics such as externalities and public goods. Prerequisite: C- or better in Economics 301. (Enrollment limited)

306. Public Finance: Economics of the Public Sector— An examination of the role of tax and public expenditure policies as they influence the allocation and distribution of resources, and on the role of market imperfections as rationales for government policies. Emphasis is on the effects of taxation and public spending on consumer and producer choices. Prerequisite: C- or better in Economics 101 and 301. (Enrollment limited)-Stater

308. Industrial Organization and Public Policy— The course is divided into two parts. The first part consists of an examination of the structure of American industry including a critical analysis of the empirical evidence underlying the extent of competition, oligopoly, and monopoly within the United States. Comparisons are made with other industrialized nations and a number of specific industries are examined in detail. The second part of the course consists of an examination of public policy toward monopoly with specific emphasis on regulation and antitrust policies. Prerequisite: C- or better in Economics 101 and 301. (Calculus recommended, but not required) (Enrollment limited)-Schneider

310. Money and Banking— An analysis of monetary theory, institutions and policy including the nature, role and significance of money, financial markets and institutions, commercial banking and the money supply process, the Federal Reserve System, and the formulation and implementation of monetary policy, monetary theory, and related policy issues. Prerequisite: C- or better in Economics 301 and 302. (Enrollment limited)-Butos

[311. Environmental Economics]— An examination of the relationship between economic growth and the quality of the environment; the economic theory necessary for understanding environmental problems; analysis of proposed means, such as effluent charges, for correcting these problems; the application of cost-benefit analysis to selected environmental issues. Prerequisite: C- or better in Economics 101 and 301. (Enrollment limited)

[312. Mathematical Economics]— This course is designed to introduce students to the application of mathematical concepts and techniques to economic problems and economic theory. Prerequisite: C- or better in Econmics 301, Economics 302, and Mathematics 126 or Mathematics 131. (Enrollment limited)

315. Theories of International Trade— An examination of the major theories of international trade, beginning with the classical and neoclassical models of international trade and concluding with a survey of the various alternative models of international trade developed over the past three decades. An analysis of commercial policy, preferential trading agreements and other contemporary policy issues in the international economy will be included. Prerequisite: C- or better in Economics 101 and 301. (Enrollment limited)-Kim

316. International Finance— This course examines the major theoretical and policy issues faced by business firms, the government, and individual investors in their international financial transactions. Topics include the following: basic theories of the balance of payments, exchange rates, and the balance of trade; interest rates and interest parity; alternative exchange rate systems; and recent developments in the international money markets. Prerequisite: C- or better in Economics 101 and Economics 302. (Enrollment limited)-Ramirez

318. Basic Econometrics— The formulation and estimation of models; topics include a review of basic concepts and results of statistical inference, single equation regression model, functional forms, problems of estimation, and simultaneous equation models. The computer will be used but no experience is necessary. Prerequisite: C- or better in Economics 101 and Mathematics 107 (207 beginning with the class of 2015). (Enrollment limited)-Stater

[328. Applied Econometrics: Micro-econometrics]— Application and extensions of basic econometric tools. Topics include analysis of panel data, maximum likelihood estimation, analysis of discrete and limited response data, analysis of count data, sample selection, and duration of models. Prerequisite: C- or better in Economics 318. (Enrollment limited)

328. Applied Econometrics: Time-Series Analysis— This course deals with econometric methods and problems that arise when data consists of observations on one or several variables over time. Topics include: autocorrelation, distributed lag and autoregressive models, ARIMA models, co-integration, and vector autoregressive correction models. Prerequisite: C- or better in Economics 302 and Economics 318 . (Enrollment limited)-Ramirez

[329. Applied Macroeconomics]— This course is designed to extend and develop students’ understanding of macroeconomics beyond the intermediate (Economics 302) level. Discussion will focus on current macroeconomic events and issues in macroeconomic policy, and will proceed through the development of macroeconomic models, discussion of their results and policy implications and scrutiny of the empirical evidence presented in their defense. Questions addressed will include: Why is unemployment so much higher in Europe than in the United States? Was a decline in the Non-Accelerating Inflation Rate of Unemployment (NAIRU) responsible for the reductions in unemployment and inflation witnessed during the late 1990s? Does household indebtedness pose problems for future economic recovery? Why did productivity growth accelerate during the 1990s? How is monetary policy conducted and how does it affect macroeconomic outcomes? Prerequisite: C- or better in Economics 301, 302, and 318. (Enrollment limited)

331-15. Post-Keynesian Economics— The Post-Keynesian approach represents a tradition in current economic debate distinct from neoclassical economics and even “mainstream” Keynesianism. Taking its lead from Keynes’ General Theory, the methodological foundations of Post Keynesianism are concerned with the ability of economies to adjust towards equilibria over time, and the concept of uncertainty. As well as surveying these issues, this course will examine selected topics from the Post-Keynesian research agenda such as the formation of prices, the endogeneity of the money supply, the nature of capital in industrial production, the distribution of income and the dynamics of inflation. This course fulfills part two of the writing intensive (WI) requirement for economics. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)-Setterfield

331-18. Issues in Environmental and Energy Economics— The economic analysis of selected environmental and energy issues such as current air pollution control policies and water pollution control policies, recycling strategies, conservation, the development of new energy sources, such as solar energy and wind power, and the environmental consequences of different energy types. Each student will be required to write a major research paper on an approved topic and to present the major findings of that paper in a seminar. Students will also be required to read and generally acquaint themselves with all the topics being studied in the seminar. This course fulfills part two of the writing intensive (WI) requirement for Economics Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)-Egan

331-20. Institutional Innovation and Economic Development: The Case of Modern China— Students will have opportunities in this course to strengthen their skill and sensitivity in applying economic analysis and research methods to contemporary economic policy issues through this case study. We choose China as the subject, both because of its importance in the world economy and the theoretical challenge it poses through its unorthodox path to reform its economic system. Focus will be on the evaluation of the gradualist approach versus the “big bang” approach, externality of the state sector and the emerging private sector, the partial privatization of its farming sector, the puzzle of the township and village enterprises and its hidden problems such as economic development and democracy and urbanization in the presence of population pressure. This course fulfills part two of the writing intensive (WI) requirement for Economics. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)-Wen

331-33. Central Banking and Monetary Regimes— This seminar provides a critical analysis of the rationale, behavior, and effectiveness of central banking and alternative monetary institutions. It will emphasize the Federal Reserve System and alternative monetary arrangements from historical and analytical standpoints, treating in detail the formulation and execution of monetary policy in the context of both domestic and international constraints. Attention also is given to the European Monetary Union and current issues in international monetary relations. Prerequisites: Economics 301 and 302. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)-Butos

[331-37. Topics in Urban Economics]— Students will explore selected topics in Urban Economics such as crime, education, social contagion, housing, etc. This course fulfills part two of the writing intensive (WI) requirement for Economics. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)

[331-52. The Economies of Cities: how they grow, why they die and what happens in between]— What is the role of cities in bringing about economic, social and cultural development? Why and in what ways do cities represent arenas for innovation and diverse economic activity? And, lastly, how does one understand and explain the path of particular cities’ economies over time, with the existence of both golden periods and periods of significant economic decline? To answer these questions we will focus on various case studies through time and space. We begin with Renaissance Florence and then travel on to Amsterdam, London and eventually Hartford. This chronological sequencing allows us to trace the development of capitalist epochs as we follow the center of gravity of the modern western economy from Italy and the Mediterranean to Northwest Europe and finally the United States. Along the way we will place the individual city’s growth and development into a broader context, namely that of a world of increasing trade and commerce and global interconnectedness. In the end, we will gain an understanding of the specific mechanisms for growth within an urban setting and an appreciation for the city as an important agent of economic and cultural development. This course fulfills part two of the writing intensive (WI) requirement for Economics. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)

[331-54. Venetian Urban Life through the Eyes of an Economist]— Everyone seems to be writing about cities, including economists - about what makes cities economically successful or why innovative processes and products often find their origins in cities. Cities have been around for over 7000 years. What did successful cities with vibrant economies look like in the past? We will focus on this question by examining one of the best examples of a dynamic, forward-looking city on the verge of the capitalist epoch: Venice. Venice was in the center of the European economy in the late Medieval/early Renaissance period. By examining Venice’s economy and institutions we can draw lessons for today and develop a better understanding of the history of cities - their contributions to economic development and transformation on the eve of the modern period. Prerequisite: Students must pass Economics 301 and 302 with a grade of C- or better. Open to senior economics majors only. (Enrollment limited)

[399. Internship Seminar]— Offered to students who are engaged in business related internships. Cannot be used for major credit. (0 course credit) (Enrollment limited)

403. Senior Thesis Seminar Part II— This seminar will address the research and thesis writing process and will include workshops on writing, data and library resources. In addition, students will be asked to present preliminary work for discussion to seminar participants, and to participate in three sets of presentations to the Department during the academic year. Prerequisite: Concurrent enrollment in Economics 499. (0.5 course credit)-TBA

499. Senior Thesis Part 2— Written report and formal presentation of a research project. Open to all senior majors and required of all students who wish to earn honors in Economics. A student who intends to write a thesis must locate a thesis adviser, and must submit a preliminary proposal to the thesis adviser by the last day of classes in the spring semester of the junior year. A final proposal must be submitted to the thesis adviser by final registration in the fall semester of the senior year. Submission date of the thesis is the third Thursday following Spring Recess. Seniors who undertake Economics 498-99 will be excused from Economics 331, Studies in Social Policies and Economic Research. In addition to the final proposal, submission of the special registration form available in the Registrar’s Office and the approval of the instructor and chairperson are required for each semester of this year-long thesis. (2 course credits are considered pending in the first semester; 2 course credits will be awarded for completion in the second semester.) This fulfills part two of the writing intensive (WI) requirement for Economics. Prerequisite: Economics 301 and Economics 302 (2 course credits) -Staff

[805. Macroeconomic Theory]— An analysis of aggregate income, output, and employment, which includes the following topics: national economic accounts, theories of consumption, investment and money, Keynesian and Classical models, the monetary-fiscal debate, inflation, unemployment and growth.

[806. Financial Accounting Valuation and Measurement]— Review of concepts and methodology in financial accounting. Particular attention is devoted to the exploration of different accounting measurement theories and the impact these theories have on corporate financial reporting. Ability to interpret, analyze, and evaluate financial accounting information is developed through problems and cases stressing the preparation, utility, and limitations of such information.

[811. Money and Banking]— The nature, significance, and functions of money; monetary standards; the role and operations of commercial banks; central banking and the Federal Reserve System; the Treasury and the money market; foreign exchange and international finance; monetary theory. Graduate Prerequisite: Economics 805. Permission of Instructor required.

[814. Analysis of Financial Markets]— This course will emphasize the role of financial institutions in affecting the flow of funds through the money and capital markets. Topics include: the portfolio behavior of financial intermediaries, the yield curve and term structure of interest rates, an analysis of short-term Federal Reserve behavior and its impact on the financial markets, seasonal liquidity patterns and their impact on the financial system, techniques of financial market forecasting, the efficient market hypothesis, and the role of rational expectations. Prerequisite: Economics 803.

[851. Monetary Economics & Institutions]— This course is a “special topics” course on theoretical and applied issues in money-macro economics and institutions. The Seminar will center around class discussion and student weekly reports on (1) selected topics in business cycle theory and analysis, capital-based macroeconomics, the theory and practice of central bank monetary policy, with emphasis on the financial crisis and the resurgence of Keynes-inspired monetary and fiscal policy, and alternative monetary regimes (including free banking), and (2) presentations by class members of research papers. It is hoped the Seminar will serve students as a vehicle for identifying and exploring interests in a wide range of topics, including research that may develop into graduate Research Projects of publishable work. Prerequisite: Economics 803 and Economics 805.

Mathematics 107. Elements of Statistics— View course description in department listing on p. 669. -Russo, Staff

Mathematics 126. Calculus with Algebra and Trigonometry— View course description in department listing on p. 670. Prerequisite: Mathematics 125 with a grade of C- or better. -Staff

[Mathematics 131. Calculus I]— View course description in department listing on p. 670. (1.5 course credits)

Mathematics 207. Statistical Data Analysis— View course description in department listing on p. 670. Prerequisite: C- or better in Mathematics 107. -Russo, Staff