2017-2018 University Catalog archived
Economics (ECON)
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Knowledge of mathematics is vital for students planning to pursue graduate study in economics. Students headed for graduate school are urged to seek the advice of members of the economics faculty in shaping their courses of study. Majors in economics who intend to pursue a Master of Business Administration degree or seek employment in the financial sector are advised to take courses in accounting. Economics majors interested in the consulting field should acquire strong computer skills and excellent writing skills, the latter through additional courses in English or journalism. Advanced study of a foreign language is essential for students interested in international career opportunities. Economics majors are encouraged to study abroad.
Honors: An Honors Program in economics is offered for qualified students; see department head for more information.
Department Head: Linda M. Hooks
Faculty
First date is the year in which the faculty member began service as regular faculty at the University. Second date is the year of appointment to the present rank.
Michael A. Anderson, Ph.D.—(1990)-2000
Robert E. Sadler Jr. Professor of Economics
Ph.D., University of Wisconsin
Niels-Hugo Blunch, Ph.D.—(2006)-2012
Associate Professor of Economics
Ph.D., George Washington University
James F. Casey, Ph.D.—(1998)-2007
Associate Professor of Economics
Ph.D., North Carolina State University
Martin H. Davies, Ph.D.—(2009)-2016
Associate Professor of Economics
Ph.D., Oxford University
Timothy M. Diette, Ph.D.—(2004)-2013
Harry E. and Mary Jayne W. Redenbaugh Term Associate Professor of Economics
Ph.D., University of North Carolina
Arthur H. Goldsmith, Ph.D.—(1990)-1996
Jackson T. Stephens Professor of Economics
Ph.D., University of Illinois
James Goodenberger, Ph.D. — (2016)-2016
Visiting Assistant Professor of Economics
Ph.D., The Ohio State University
Peter Grajzl, Ph.D.—(2009)-2013
Ehrick Kilner Haight Sr. Term Associate Professor of Economics, 2017-2020
Ph.D., University of Maryland
Aaron Joseph Guse, Ph.D.—(2005)-2012
John C. Winfrey Term Associate Professor of Economics, 2017-2020
Ph.D., University of Wisconsin
Christopher M. Handy, Ph.D.—(2013)-2015
Assistant Professor of Economics
Ph.D., Cornell University
Linda M. Hooks, Ph.D.—(1993)-2005
Professor of Economics
Ph.D., University of California, Los Angeles
James R. Kahn, Ph.D.—(2000)-2000
John F. Hendon Professor of Economics
Ph.D., University of Maryland
Carl Paul Kaiser, Ph.D.—(1979)-1991
Professor of Economics
Ph.D., Washington University
Katharine L. Shester, Ph.D.—(2011)-2011
Associate Professor of Economics
Ph.D., Vanderbilt University
Shikha Basnet Silwal, Ph.D.—(2012)-2012
Assistant Professor of Economics
Ph.D., University of Pittsburgh
Michael J. Smitka, Ph.D.—(1986)-2000
Professor of Economics
Ph.D., Yale University
Major
ECON 100 - Introduction to Economics
FDR: SS1
Credits: 3
Open only to students who have not taken ECON 101 and/or ECON 102. Economics is the study of how a society (individuals, firms, and governments) allocates scarce resources to the production and consumption of goods and services. The course includes a survey of the fundamental principles used to approach microeconomic and macroeconomic questions. Staff.
ECON 101 - Principles of Microeconomics
FDR: SS1
Credits: 3
Open only to members of the Class of 2020 and earlier. Survey of economic principles and problems with emphasis on analysis of consumer behavior, firm behavior, market outcomes, market structure, and microeconomic policy. The first half of a two-term survey of economics. Should be followed by ECON 102. Staff.
ECON 102 - Principles of Macroeconomics
FDR: SS1
Credits: 3
Prerequisite: ECON 101. Open only to members of the Class of 2020 and earlier. Emphasis on performance of the aggregate economy. Analysis of unemployment, inflation, growth, and monetary and fiscal policies. Staff.
ECON 203 - Econometrics
Credits: 3
Prerequisite: INTR 202 or consent of instructor or department head. Explorations of regression models that relate a response variable to one or more predictor variables. The course begins with a review of the simple bivariate model used in INTR 202, and moves on to multivariate models. Underlying model assumptions and consequences are discussed. Advanced topics include non-linear regression and forecasting. Examples in each class are drawn from a number of disciplines. The course emphasizes the use of data and student-directed research. Anderson, Blunch.
ECON 210 - Microeconomic Theory
Credits: 3
Prerequisites: ECON 100 or 101, and MATH 101. Contemporary theory relating to consumer behavior, the firm’s optimizing behavior, the nature of competition in various types of markets and market equilibrium over time. Recommended for economics majors not later than their junior year. Guse.
ECON 211 - Macroeconomic Theory
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102, or instructor consent. This course develops the classical macroeconomic framework and uses this to explore the causes and consequences of economic growth, inflation, output, and employment. This same exercise is conducted using alternative theoretical frameworks, including those associated with Keynes, Monetarists, and New Classical thinkers. Emphasis is placed on investigating the impact and effectiveness of monetary and fiscal policy under each of the theoretical paradigms or schools of thought developed. Davies, Goldsmith, Hooks.
ECON 215 - Money and Banking
Credits: 3
Prerequisites: ECON 100 or both 101 and 102; and junior or senior standing, or instructor consent. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A study of the fundamental principles of money, credit, and banking in the United States. Emphasis is on modern conditions and problems, with particular attention to the validity of monetary and banking theory in the present domestic and international situation. Hooks.
ECON 222 - Current Public Policy Debates
Credits: 4
Prerequisite: ECON 100 or 101, or instructor consent. The course is an applied public finance and policy course that focuses on current policy debates. While the topics are updated with each offering, students in this course examine options for replacing the Affordable Care Act, analyze whether the country should adopt a universal voucher program for K-12, discuss containing the cost of college, and explore options for securing the long-term financial stability of Medicare, Medicaid, and Social Security. We use economic theory to frame the each of the policy questions. Students conduct additional research on each of the topics, debate topics, and author policy opinion papers. Diette.
ECON 224 - American Economic History
Credits: 3
Prerequisites: ECON 100 or both 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. This course applies economic analysis to topics in American history and aspects of the development of the American economy. Typically, two or three aspects are chosen for intensive study; coverage varies from year to year. Possible topics include the economics of slavery; the coming of the railroads; the rise of the industrial corporation, boom and bust in the 19th century; innovation and technology; and the triumph of central banking. Shester.
ECON 229 - Urban Economics
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A study of the economics of cities. Students discuss why cities exist, what determines city growth, and how firms make city location decisions. We then shift our focus to within-city location decisions, and we discuss land-use patterns, housing, and neighborhoods. Our discussion of housing and neighborhoods focus on a number of issues related to urban poverty, including the effects of segregation and housing policies on the poor. Shester.
ECON 230 - Labor Economics
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. This course addresses how labor markets and institutions allocate labor and determine earnings and the distribution of income in the United States. Economic models are used to explain labor market outcomes generated by our economy. Where such outcomes are deemed less than socially optimal, these models are used to evaluate prospective and current labor market policies intended to address these shortcomings. Some attention is given to comparing American labor market outcomes with those in other developed countries. Handy, Kaiser.
ECON 234 - Urban Education: Poverty, Ethnicity and Policy
Credits: 4
Prerequisite: ECON 100 or 101 and instructor consent. Not open to students with credit for EDUC 369. Students explore the determinants of education achievement and attainment in urban education through three weeks of fieldwork in schools in the Richmond area (Monday through Thursday each week) and seminar meetings in Lexington. Students observe and work to understand critical components of teaching and learning in the urban classroom. The readings and experience challenge students to consider factors including early childhood development, the role of the family, school finance, teachers, and curriculum. The students then evaluate the current policy proposals for school reform in the United States such as teacher merit pay, charter schools, and student accountability. In addition, students develop and present their own policy proposal for improving public schools. Housing is provided through alumni in Richmond. Diette.
ECON 235 - The Economics of Social Issues
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. This seminar is based on readings that set out hypotheses developed by economists and other social scientists regarding the causes and consequences of a wide range of social problems. Evidence examining the validity of these hypotheses is scrutinized and evaluated. The course is writing intensive and interdisciplinary since readings are drawn from a wide variety of fields. Topics discussed include, but are not limited to, poverty, education, health, crime, race, ethnicity, immigration, and fiscal matters. Goldsmith.
ECON 236 - Economics of Education
Credits: 3
Prerequisite: ECON 100 or 101; Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Investigation of the role of education on outcomes for both nations and individuals. Understanding of the factors in the education production function. Emphasis on the challenges of pre-K-12 education in the United States; secondary coverage of postsecondary education. Analysis of the effect of existing policies and potential reforms on the achievement and opportunities available to poor and minority students. Diette.
ECON 237 - Health Economics
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. An overview of the determinants of health using standard microeconomic models to analyze individual behavior, markets, institutions, and policies that influence health and health care. The primary focus of the course is the United States but also includes comparisons to health systems in other developed countries and very limited coverage of developing countries. Particular emphasis is given to challenges faced by disadvantaged groups. The course includes an optional service-learning component with placements involving health issues and/or health care services in Rockbridge County. Diette.
ECON 238 - Poverty and Inequality in the United States
Credits: 3
Prerequisites: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. This course takes an economic approach toward investigating recent trends in poverty and inequality in the U.S., focusing on evaluating alternative explanations for who becomes (or remains) poor in this country. Factors considered in this investigation include labor-market trends, educational opportunities, family background, racial discrimination, and neighborhood effects. Aspects of public policy designed to alleviate poverty are discussed, as well as its failures and successes. Handy.
ECON 239 - Exploring Childhood in Denmark: Comparing Policies and Practices to the U.S.
(EDUC 239)
Credits: 4
Prerequisite: ECON 100 or 101. Study Abroad Course. An exploration of childhood in Denmark and the United States. Students spend one week in the U.S. and three weeks in Denmark. Students have experiences inside schools, daycare facilities, and preschools in both economically advantaged and disadvantaged areas and speak with administrators and policymakers. With additional readings focusing on education policy and broader family policy in each country, students engage in discussions and reflections on the relative strengths and weaknesses of policies in each country. Diette, Sigler.
ECON 241 - Economics of War and Peace
Credits: 3
Prerequisite: ECON 100 or ECON 101. In this course. we will look at the economic conditions and behaviors during periods of conflict. As such. the focus of the course is to develop a theoretical understanding of how human interaction can be modeled to study both peace and violent outcomes. To do so, we will view individuals’ decision to be engaged in conflict as a rational choice. This viewpoint allows us to use economic principles to study individual behavior, design policies to alter those behaviors, and assess economic losses due to conflict. The topics covered in this class range from civil wars and genocide to international terrorism. Silwal.
ECON 243 - Economics of Business Strategy
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A survey of the structure and performance of industry, from entry and exit of new technologies and products, to economies of scale and scope in mature industries, to how firms are organized and what they “make” versus “buy.” As metrics, we focus on what such behavior implies consumers and for corporate strategy. Students develop an industry case study as a term project. Smitka.
ECON 244 - The Auto Industry: Economics, Society, Culture
Credits: 4
Prerequisite: ECON 100 or 101 and instructor consent. Additional course fee required, for which the student is responsible after Friday of the 7th week of winter term. This course investigates the automobile industry from an interdisciplinary perspective, including a visit to factories and R&D facilities in Detroit. Why did GM file bankruptcy? Why do we have 600-plus new passenger vehicles available in the US – isn’t such diversity wasteful? How and why has the automobile shifted the rhythm of daily life, including the growth of suburbs and decline of cities? What of safety and the environment – electric vehicles? The course also considers cars themselves, the subject of two Tom Wolfe stories in The Kandy-Kolored Tangerine-Flake Streamline Baby. Smitka.
ECON 246 - Caste at the Intersection of Economy, Religion, and Law
(REL 246) FDR: SS4
Experiential Learning (EXP): Yes
Credits: 4
Prerequisite: Instructor consent. ECON 100 or 101 required only for credit as an elective in the Economics major. Social stratification touches every aspect of life, and South Asia’s traditional caste structure is a special case: this highly complex, strictly-adhered-to system has been religiously legitimized and criticized over a 3,000-year history, and is nowadays seen as being at odds with the modern world. Yet it remains a crucial factor in social identity, economic roles, legal status, and religious practice. This course offers a 360-degree survey of caste both historically and in practice today in Nepal. The course addresses four themes, respectively providing for each a combination of historical background, social scientific analysis of the modern situation, and direct field experience for the students. Silwal, Lubin.
ECON 250 - Public Finance and Public Policy
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Public choices and the public economy. An inquiry into how the references of individuals and groups are translated into public sector economic activity. The nature of public activity and public choice institutions. The question of social balance. The effects of government expenditures and taxes on the economic behavior of individuals and firms. Guse.
ECON 251 - Women in the Economy
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. Students explore how economic theory and analysis can be applied to examine the multiple roles that women play in our society. In particular, we examine linkages and changes in women’s human capital, marriage, fertility, family structure, and occupation and labor supply decisions in the post-World War II era. We also investigate the magnitude and causes of the gender wage gap. We assess how much of the gender wage gap can be explained by education and occupational choice, and how much appears to be due to discrimination. We also learn about {and try to explain} the differences in labor-market outcomes for women with and without children. Finally, we access the causes and consequences of teenage pregnancy and single motherhood. Shester.
ECON 255 - Environmental and Natural Resource Economics
Credits: 3
Prerequisite: ECON 100 or 101. Economics and environmental studies majors/minors will have priority during the initial registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. The course serves as an introduction to environmental and natural resource economics. Economic principles are used to evaluate public and private decision making involving the management and use of environmental and natural resources. Aspects pertaining to fisheries, forests, species diversity, agriculture, and various policies to reduce air, water and toxic pollution will be discussed. Lectures, reading assignments, discussions and exams will emphasize the use of microeconomic analysis for managing and dealing with environmental and natural resource problems and issues. Casey, Kahn.
ECON 259 - Supervised Study Abroad: The Environment and Economic Development in Amazonas
Credits: 4
Prerequisite: ECON 100, ECON 101 or ENV 110, and instructor consent. Spring Term Abroad course. Amazonas is a huge Brazilian state of 1.5 million sq. kilometers which retains 94 percent of its original forest cover. This course examines the importance of the forest for economic development in both the formal and informal sectors of the economy, and how policies can be develop to promote both environmental protection and an increase in the quality life in both the urban and rural areas of Amazonas. The learning objectives of this course integrate those of the economics and environmental studies majors. Students are asked to use economic tools in an interdisciplinary context to understand the relationships among economic behavior, ecosystems and policy choices. Writing assignments focus on these relationships and look towards the development of executive summary writing skills. Kahn.
ECON 270 - International Trade
Credits: 3
Prerequisites: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Specialization of production, the gains from trade, and their distribution, nationally and internationally. Theory of tariffs. Commercial policy from the mercantilist era to the present. The General Agreement on Tariffs and Trade (GATT). Transnational economic integration: the European Community and other regional blocs. Anderson, Davies.
ECON 271 - International Finance
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. International monetary arrangements, balance-of-payments adjustment processes, and the mutual dependence of macroeconomic variables and policies in trading nations. The International Monetary Fund (IMF), international investment, and the World Bank. International cooperation for economic stability. Anderson, Davies.
ECON 272 - Japan’s Modern Economy
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Analysis of the contemporary Japanese economy, including the comparative structure of its economy; the macroeconomics of the late 1980s “bubble economy” and subsequent growth; the changing role of women and its impact on fertility; and the future of an economy facing population decline and the fiscal burden of a rapidly aging population. Texts include works by sociologists and political scientists to emphasize the need to integrate the impact of policy and social structures on economic behavior. Smitka.
ECON 274 - China’s Modern Economy
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years.. Economic analysis of the Chinese economy in the 20th century. Comparisons of pre- and post-revolutionary periods. Performance and policies of Taiwan and mainland China. Issues include the population problem, industrialization, provision of public health and education, alleviation of poverty and inequality. Microeconomic emphasis. Smitka.
ECON 275 - Comparative Labor Markets
Credits: 3
Prerequisites: ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A comparative examination of labor markets and institutions in a set of advanced capitalist countries. Study and analysis address the roles played by institutions in explaining cross-national differences in labor-market outcomes, including employment, unemployment, labor force participation, mobility, and income distribution. The course also considers the likelihood of convergence of institutional arrangements across countries. Kaiser.
ECON 276 - Health Economics in Developing Countries
Credits: 3
Prerequisites: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A survey of the major issues of health economics. with a focus on developing countries. Economic modeling of health-related issues, supply and demand of health, cost-benefit and cost-effectiveness analysis, health goals, and policy alternatives. The relationship between health and education, including for example the links between maternal education and child health and child health and child schooling. Health and the labor market, including for example the relationship between adult health and labor-market outcomes and child labor and child health. Epidemiology: HIV/AIDS and worms in Sub-Saharan Africa. Selected case studies. Blunch.
ECON 280 - Development Economics
Credits: 3
Prerequisites: ECON 100 or both ECON 101 and 102. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. A survey of the major issues of development economics. Economic structure of low-income countries and primary causes for their limited economic growth. Economic goals and policy alternatives. Role of developed countries in the development of poor countries. Selected case studies. Casey, Blunch.
ECON 281 - Comparative Institutional Economics
Credits: 3
Prerequisite: ECON 100 or 101. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Institutions such as laws, the political system, and cultural norms embed all social activity. They structure economic, political, and social interaction and as such play a central role in facilitating (or hindering) economic development. This course’s objective is to explore from a broad perspective how institutions affect economic performance, what the determinants of institutions are, and how institutions evolve. We study examples from the existing capitalist economies, the developing and transition countries, as well as the more distant history. Because the study of institutions is necessarily an interdisciplinary endeavor, the course combines the approach of economics with the insights from law, political science, history, and sociology. Grajzl.
ECON 282 - Economic Governance & Institutional Design
Credits: 4
Prerequisite: Instructor consent. Spurred by developmental disasters in the third world, turbulent post-socialist transition, and challenges of globalization, the structure and functioning of economic, political, legal, and social institutions supporting a market economy has become a central topic for economists and policy-makers across the globe. What are appropriate market-oriented institutions and how can societies acquire them? Can good economic governance be engineered top down, through foreign aid? What institutional solutions ensure sound economic governance in a globally interdependent world? This course adopts an economic approach and embraces interdisciplinary analysis to provide an in-depth inquiry into fundamental issues of institutional design, and its impact on economic governance and behavior. Grajzl.
ECON 286 - Lakota Land Culture, Economics and History
(SOAN 286) FDR: SS4
Credits: 4
Prerequisite: ECON 100 or 101 or instructor consent. This class focuses on the cultural, economic, and historical dimensions of the Lakotas’ (Titonwan tawapi) ties to their lands as expressed in their pre- and post-reservation lifeways. It includes a 10 day field trip to western South Dakota to visit and meet with people in the Pine Ridge and Rosebud Reservations and the Black Hills. Guse, Markowitz.
ECON 288 - Supervised Study Abroad
Credits: 4
Prerequisites: ECON 100 or both ECON 101 and 102, instructor consent, and other prerequisites as specified by the instructor(s). For advanced students, the course covers a topic of current interest for which foreign travel provides a unique opportunity for significantly greater understanding. Emphasis and location changes from year to year and is announced each year, well in advance of registration. Likely destinations are Europe, Latin America, Africa, or Asia. This course may not be repeated.
ECON 295 - Special Topics in Economics
Credits: 3
Prerequisites: Normally ECON 100 or both ECON 101 and 102 but may vary with topic. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. Course emphasis and prerequisites change from term to term and are announced prior to preregistration. May be repeated for degree credit if the topics are different. A maximum of nine credits chosen from all special topics in economics courses may be used, with permission of the department head, toward requirements for the economics major.
Spring 2018, ECON 295-01: Introduction to Sustainable Development (3). Prerequisites: ECON 100 or 101. Open to first-years and sophomores only. In September 2015, many countries adopted a set of Sustainable Development Goals (SDGs) for 2015-2030 to replace the Millennium Development Goals when they expired in 2015. These SDGs set targets for the three pillars of sustainable development – reducing poverty, protecting the environment, and increasing equality of opportunity for those who may have had less-than-equal opportunity in the past. This course provides an introduction to the concept, theories, and potential outcomes of sustainable development. Additionally, we take a case-study approach and look at policies and programs that have aimed to address each of the SDGs. Students are introduced to sustainability through policies addressing oceans, biodiversity, climate, energy, education, social investment, and health. Casey.
Winter 2018, ECON 295-01: Food Economics (3). Prerequisite: ECON 100 or ECON 101. Household food choice has many determinants, such as culture, socio-economic status, and the food environment. This course explores the economic determinants of food choice and how economists have adapted household models over time to account for the increased complexity of the food market. Early in the term, microeconomic theory and empirical literature are used to explain current issues in household food choice centered around poverty (money or time) and low access/availability. After a brief quantitative-methods boot camp, we use publicly available data to address research questions around household food economics. Scharadin.
ECON 302 - Game Theory
Credits: 3
Prerequisites: MATH 101 or equivalent and ECON 210. This course abandons the assumptions of perfect competition. Buyers and sellers may be few; information may be privately held; property rights may poorly enforced; externalities abound and uncertainty is the rule. Game theory is a general framework for analyzing the messy world of strategic interactions. Standard solution concepts such as Nash Equilibrium, subgame perfection, and Bayesian equilibrium are introduced in the context of a broad array of microeconomic topics. These include auctions, bargaining, oligopoly, labor market signaling, public finance and insurance. Class time combines lectures, problem-solving workshops, and classroom experiments. Guse.
ECON 319 - The Great Recession: An Oxford Tutorial
Credits: 4
This course provides fundamental insight into the causes and consequences of the Great Recession through the lens of the theory and application of international finance. Students gain an understanding of international interactions through trade in goods and assets, government policy, and the transmission of shocks: specifically of the fundamental determinants of the balance of payments and exchange rates; the theory and evidence relating to exchange rate behavior and to alternative exchange rate arrangements; the international context within which domestic macroeconomic policy is designed and conducted; international macroeconomic linkages; and the importance of international macroeconomic policy coordination. Davies.
ECON 320 - Mathematical Economics
Credits: 3
Prerequisites: ECON 100 or both 101 and 102; and MATH 221. Preference to ECON majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. An introduction to fundamental mathematical methods of economic analysis with a variety of applications from both microeconomics and macroeconomics. Topics covered include theory and applications of linear algebra, multivariable calculus, static optimization, and comparative statics. The course is highly recommended for anyone planning to undertake graduate studies in economics or a closely related field. Should not be taken if completed ECON 220: Mathematical Economics. Grajzl.
ECON 330 - Advanced Labor Economics
Credits: 3
Prerequisites: ECON 100 or 101, and ECON 203 This course is an empirically advanced introduction to fundamental topics in the economic study of labor markets. We focus on labor supply, labor market equilibrium, investments in education, the distribution of labor income, and the effects of discrimination. Each part of the course provides a theoretical treatment of the respective topic followed by coverage of one or more academic research papers on that topic. Compared to most undergraduate labor economics courses, this course adopts a narrower topical focus in order to study, in depth, some primary research from the discipline. Students further develop their own quantitative research skills by writing two empirical papers. Handy.
ECON 335 - Topics in Econometrics
Credits: 3
Prerequisites: ECON 101, 102, and 203. Further explorations of regression models, building on the material from ECON 203. The course begins with a review of the OLS model and continues to alternative models, answering questions such as: How do we proceed if the dependent variable is categorical, rather than continuous (as in the OLS model)? How might we proceed if one or more of the Classical Assumptions are violated? Underlying model assumptions and consequences are discussed. Possible topics include models for categorical outcomes, 2SLS/IV, matching methods, quantile regression, time-series analysis, and panel data models. The course emphasizes the use of data and student-directed research. Anderson, Blunch.
ECON 356 - Economics of the Environment in Developing Countries
Credits: 3
Prerequisites: ECON 203 and either ECON 255 or 280, or obtain instructor consent. Preference to ECON or ENV majors during the first round of registration. Other majors are encouraged to add to the waiting list after registration re-opens for all class years. This course focuses on the unique characteristics of the relationship between the environment and the economy in developing nations. Differences in economic structure, political structure, culture, social organization and ecosystem dynamics are emphasized as alternative policies for environmental and resource management are analyzed. Kahn, Casey.
ECON 376 - Health: A Social Science Exploration
Credits: 4
Prerequisite: ECON 203. Much of the work done by consulting companies, banks, insurance companies, think tanks, non-governmental organizations, government agencies, etc., is based on applied statistical and econometric analysis. This course helps prepare students for careers in these environments using a hands-on approach and emphasizing the use of data and student-directed research in the specific context of health-related issues. Example of these issues include obesity, vaccinations, pre- and post-natal care, contraceptive use, or child mortality; possible determinants include poverty, education, or distance to the nearest health clinic or hospital. An interdisciplinary perspective is highlighted, as is the use and importance of quantitative analysis for public policy. Blunch.
ECON 395 - Special Topics in Economics
Credits: 3
Prerequisite: ECON 203 or varies with topic. Course emphasis and prerequisites change from term to term and will be announced prior to preregistration. May be repeated for degree credit if the topics are different. A maximum of nine credits chosen from all special topics in economics courses may be used, with permission of the department head, toward requirements for the economics major.
Winter 2018, ECON 395A-01: Macro Forecasting (3). Prerequisite: ECON 100 or ECON 102, and ECON 203. This course is focused on time series analysis and forecasting methodologies that are applied to issues in business, finance, and economics. It covers various analytical techniques used by economists to model and forecast the macro and micro levels of economic activity. Topics include smoothing techniques, time series decomposition methods, regression-based forecasting, ARMA models, and unit-root and structural-change tests. Students learn to perform time series regressions, undertake forecasting exercises, and test a variety of hypotheses involving time series data. Stata and Excel software are used throughout. Collins.
Winter 2018, ECON 395B-01: Environmental Valuation (3). Prerequisite: ECON 203 and 210. Recommended: ECON 255. A broad overview of environmental valuation, with an emphasis on choice modeling. Environmental valuation is an important subfield of environmental economics, and very important to informing the decision-making process in the formulation of environmental policy. Both the USEPA and its counterpart in Australia require choice modeling to examine environmental impacts of proposed policies or projects. Students acquire advanced quantitative skills, including multinomial regression analysis (including complex versions such as random parameter models) and experimental design.Kahn.
Fall 2017, ECON 395A-01: Topic: Economic Culture and Development (3). Prerequisite: ECON 203. Economic development is deeply rooted in cultural factors, such as identity, belief, trust, and religion. These cultural factors in turn are rooted in history and economic development. The course explores historic origins of cultural factors and how those cultural factors have direct implication for economic development. Development, as such, is understood within the backdrop of slow-changing, structural, and systematic elements. We also make use of data availability, methodological improvements, and empirical literature to advance our understanding of the economics of being poor. Silwal.
Fall 2017, ECON 395B-01: Topic: U.S. Economic History (3). Prerequisite: ECON 203. This course examines selected topics in the economic development of the U.S. economy. The goals are to review major themes in U.S. economic history, to study professional research papers to learn how economists develop and interpret historical evidence, and to give students hands-on experience analyzing historical data. Major themes include: migration flows to and within the U.S.; slavery and African-American economic progress since emancipation; transportation and industrialization; the Great Depression; and long-run changes in education, income, and urbanization. Shester.
Fall 2017, ECON 395C-01: International Trade (3). Prerequisite: ECON 203. This course examines a set of topics in International Economics, with an emphasis on policy. We examine the current debates on who wins and who loses from trade and immigration, as well as the role of trade agreements like NAFTA in the U.S. economy. We focus on a narrower range of topics in order to investigate issues in greater depth including examining primary research. Anderson.
ECON 398 - Topical Research Seminar in Economics
Credits: 3
Prerequisites: ECON 203, 210, and 211 and major standing. Students work through the original literature in a given field within the discipline of economics. Emphasis is on critical understanding of that literature. Required written work and class discussion focus on summarizing and reviewing articles, gaining insight into the current economic knowledge documented in that literature, and identifying research questions implied by that literature. Based upon this review, students write a detailed proposal of an independent research project after which they carry out the project and write a paper documenting their research. Those students who choose to continue in ECON 399 have the opportunity to develop their proposals into complete research papers.
ECON 399 - Advanced Research Seminar in Economics
Credits: 3
Required for Honors in Economics. Prerequisite: Instructor consent and major standing. This capstone course builds upon the foundations developed in ECON 398. The central element is a major independent research project. This project is carried out with continual mentoring by a faculty member. Students document their research in a formal paper and offer an oral presentation summarizing their research results. Staff.
ECON 401 - Directed Individual Study
Credits: 1
Prerequisites: Six credits in economics courses numbered 200 or above, either a cumulative grade-point average of 3.000 or 3.000 in all economics courses, and instructor consent. The objective is to permit students to follow a course of directed study in some field of economics not presented in other courses, or to emphasize a particular field of interest. May be repeated for degree credit with permission for different topics. Staff.
ECON 402 - Directed Individual Study
Credits: 2
Prerequisites: Six credits in economics courses numbered 200 or above, either a cumulative grade-point average of 3.000 or 3.000 in all economics courses, and instructor consent. The objective is to permit students to follow a course of directed study in some field of economics not presented in other courses, or to emphasize a particular field of interest. May be repeated for degree credit with permission for different topics. Staff.
ECON 403 - Directed Individual Study
Credits: 3
Prerequisites: Six credits in economics courses numbered 200 or above, either a cumulative grade-point average of 3.000 or 3.000 in all economics courses, and instructor consent. The objective is to permit students to follow a course of directed study in some field of economics not presented in other courses, or to emphasize a particular field of interest. May be repeated for degree credit with permission for different topics. Staff.
ECON 493 - Honors Thesis
Credits: 3-3
This course is required of Honors candidates in addition to the 21 credits in economics (courses numbered 200 and above) required of all economics majors.
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