*Economics 970. Tutorial — Sophomore Year
Catalog Number: 7923 Enrollment: Limited to concentrators.
Jeffrey G. Williamson, Christopher L. Foote, and members of the Department
Half course (spring term). Hours to be arranged.
A series of small seminars focusing on applications of economic theory to real problems.
Note: One term required of all Economics concentrators.
Prerequisite: Both terms of Social Analysis 10; Statistics 100; Economics 1010a or 1011a; and current enrollment in Economics 1010b or 1011b.
*Economics 980r. Tutorial — Junior Year
Catalog Number: 3281
Jeffrey G. Williamson and members of the Department
Half course (fall term). W., 7–9:30 p.m. EXAM GROUP: 9
A thorough review of intermediate microeconomics and macroeconomics.
Note: Required of and limited to concentrators who received below a B-/C+ average in the Economics 1010/1011 sequence.
[*Economics 985b. Research in Industrial Organization and Regulation]
Catalog Number: 8180
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Full course. Hours to be arranged.
Research seminar examining the major issues and approaches in the economics of industrial organization and regulation. Written and oral presentations of work in progress leading toward completion of a major research paper or senior honors thesis are required.
Note: Expected to be given in 2002–03.
*Economics 985c. Research in Labor Economics
Catalog Number: 5409
Christopher L. Foote
Full course. Tu., 2–4.
Senior thesis research seminar in labor economics and related topics. Emphasis on choice of research topics, methodology, and data sources. Written and oral presentations of work in progress leading toward completion of a major research paper or senior honors thesis are required.
*Economics 985d. Research in Economic Development
Catalog Number: 4989
Michael P. Murray (Bates College)
Full course. Fall: Th., 2:30–4:30; Spring: M., 1–2:30. EXAM GROUP: Fall: 16, 17, 18; Spring: 6, 7
Workshop for seniors writing theses in the areas of economic history and economic development. Emphasis on choice of research topics, primary sources, data sources, and research methods. Written and oral presentations of work in progress leading toward completion of a major research paper or senior honors thesis are required.
*Economics 985e. Research in Macroeconomics
Catalog Number: 3740
Francesco Caselli
Full course. W., 2–4.
Provides intellectual support and constructive criticism for students involved in research in the fields of monetary and fiscal policy, business cycles, and economic growth. Initial meetings focus on finalizing research topics, data sources, and research methods. Written and oral presentations of work in progress leading toward completion of a major research paper or senior honors thesis are required.
*Economics 985f. Research in International Trade and Finance
Catalog Number: 7157
Richard N. Cooper
Full course. M., 3:30–5:30. EXAM GROUP: 8, 9
Workshop for seniors writing theses in international trade and finance. Emphasis on choice of research topics, methodology, and international economic theory. Written and oral presentations of work in progress leading toward completion of a major research paper or senior honors thesis are required.
*Economics 985h. Research in Financial Markets
Catalog Number: 0350
Tuomo O. Vuolteenaho
Full course. Th., 4–6.
Workshop for seniors writing theses in finance. Emphasis on choice of research topics, methodology, and data sources. Written and oral presentations of work in progress leading toward completion of a major research paper or senior honor thesis are required. Topics include asset pricing and corporate finance.
*Economics 985k. Research in Public Finance
Catalog Number: 0871
Judith Li
Full course. M., 2–4.
Research seminar for seniors writing theses in public finance. Written and oral presentations of work in progress leading toward completion of a major research paper or senior honors thesis are required. Topics have included taxation, health economics, environmental and resource economics, and education.
*Economics 990. Tutorial — Senior Year
Catalog Number: 7342
Jeffrey G. Williamson and members of the Department
Full course. Hours to be arranged.
Note: Students who are writing a senior thesis out of sequence (i.e., beginning in the spring) must enroll in Economics 990 in the spring and complete the course in the fall. Students must write a 25-page paper at the end of the first semester of Economics 990. Students currently enrolled in Economics 985 may not enroll in Economics 990.
Economics 1010b. Macroeconomic Theory
Catalog Number: 2924
Christopher L. Foote
Half course (spring term). M., W., F., at 10, and a one-hour weekly section to be arranged. EXAM GROUP: 3
Theory of determination of national income, employment, prices, and interest rates; related issues of economic growth, fluctuations, and inflation; monetary and fiscal policy.
Note: Economics 1010b fulfills the intermediate macroeconomic theory requirement for economics concentrators. Students may take either Economics 1010b or Economics 1011b for credit.
Prerequisite: Social Analysis 10. While no specific mathematics course is required, knowledge of calculus at the level of Mathematics 1a is assumed.
Economics 1011a. Microeconomic Theory
Catalog Number: 7230
Edward L. Glaeser
Half course (fall term). Tu., Th., 8:30–10, and a one-hour weekly section to be arranged. EXAM GROUP: 10, 11
Economics 1011a is similar to Economics 1010a, but uses more mathematics and covers more material. The course aims to teach the basic tools of economics and to apply them to a wide range of human behavior. Tools include consumer theory, optimization under uncertainty, game theory, welfare economics, incentive theory, and the economics of information. Topics include industrial organization, public finance, law and economics, the economics of the family, religion and riots.
Note: Economics 1011a fulfills the intermediate microeconomic theory requirement for economics concentrators. Students may take either Economics 1010a or Economics 1011a for credit.
Prerequisite: Social Analysis 10 and Mathematics 20 or 21a, or permission of the instructor.
Economics 1011b. Macroeconomic Theory
Catalog Number: 6993
Francesco Caselli
Half course (spring term). Tu., Th., 10–11:30, and a one-hour weekly section to be arranged. EXAM GROUP: 12, 13
The same topics as in 1010b, but with a more mathematical approach.
Note: Economics 1011b fulfills the intermediate macroeconomic theory requirement for economics concentrators. Students may take either Economics 1010b or Economics 1011b for credit.
Prerequisite: Social Analysis 10. While no specific mathematics course is required, Mathematics 20 or 21 is recommended.
Economics 1030. Psychology and Economics
Catalog Number: 4709
David I. Laibson and Andrei Shleifer
Half course (spring term). Tu., Th., 10–11:30, and a one-hour weekly section to be arranged. EXAM GROUP: 12, 13
Integrates psychological and economic analysis of behavior. Psychological topics include trust, vengeance, fairness, impatience, impulsivity, bounded rationality, learning, reinforcement, classical conditioning, loss-aversion, over-confidence, self-serving biases, cognitive dissonance, altruism, subjective well-being, hedonic adaptation, and marketing. Discusses how psychological experiments have been used to learn about preferences, cognition, and behavior. Economic topics include arbitrage, equilibrium, rational choice, utility maximization, Bayesian beliefs, and game theory. Integrates these psychological and economic concepts to understand numerous behavioral phenomena, such as credit card borrowing, portfolio choice, retirement saving, procrastination, addiction, asset pricing, auction bidding, labor supply, and cooperation.
Prerequisite: Economics 1010a or 1011a, and knowledge of multivariate calculus.
Economics 1050. Strategy, Conflict, and Cooperation
Catalog Number: 8506
Robert H. Neugeboren
Half course (spring term). M., W., at 1, and a one-hour weekly section to be arranged. EXAM GROUP: 6
An introduction to “the strategic way of thinking” and a primer on game theory with applications to economics and other social sciences. Topics include the prisoner’s dilemma and the arms race; dominance reasoning and the minimax theorem; mixed strategies and Nash equilibrium; bargaining and collective action; threats, promises, and negotiated games; and the evolution of cooperation. No special mathematical preparation required.
Prerequisite: Social Analysis 10.
Economics 1052. Introduction to Game Theory
Catalog Number: 2634
Markus M. Möbius
Half course (spring term). Tu., Th., 10–11:30, and a one-hour weekly section to be arranged. EXAM GROUP: 12, 13
An introduction to game theory and its applications to economics at a high level of rigor. Topics include extensive form and strategic form games, Nash equilibrium and Nash’s existence theorem, subgame-perfect equilibrium, Bayesian equilibrium, and applications to repeated games, auctions, and bargaining.
Prerequisite: Economics 1011a and Mathematics 21b, or equivalent.
Economics 1055. Decisions and Negotiations
Catalog Number: 1191
Michael A. Schwarz
Half course (spring term). Tu., Th., 2–3:30, and a one-hour weekly section to be arranged. EXAM GROUP: 16, 17
Considers a variety of applications ranging from evaluating capital expenditures to personal medical decisions. Topics range from mathematical models for representing uncertainty and behavioral aspects of decision making to negotiations and models of search.
Prerequisite: Economics 1010a or 1011a.
Economics 2010b. Economic Theory
Catalog Number: 8659
Laurent E. Calvet and Michael A. Schwarz
Half course (spring term). Tu., Th., 10–11:30, and a 1.5-hour weekly section to be arranged. EXAM GROUP: 12, 13
Topics include general equilibrium, the core, externalities and public goods, moral hazard, social choice theory, signaling, and mechanism design.
Prerequisite: Economics 2010a.
Economics 2010c. Economic Theory
Catalog Number: 2041
Benjamin M. Friedman, David I. Laibson, and N. Gregory Mankiw
Half course (fall term). Hours to be arranged. EXAM GROUP: 4, 5
A basic course in graduate macroeconomics, including models of business fluctuations, theories of consumption, investment, money demand, and analysis of monetary and fiscal policy.
Note: Enrollment is normally limited to students in the economics Ph.D. program, doctoral candidates in a few other designated programs, and well-qualified undergraduates.
Prerequisite: Economics 2030 or the equivalent; can be taken concurrently.
Economics 2010d. Economic Theory
Catalog Number: 4431
Alberto F. Alesina and Robert J. Barro
Half course (spring term). M., W., 12–1:30. EXAM GROUP: 5, 6
Topics include economic growth, theory of economic policy, fiscal policy, and macroeconomic theory for the open economy.
Prerequisite: Economics 2010c.
*Economics 2020a. Microeconomic Theory I
Catalog Number: 0339 Enrollment: Limited to 102.
Jerry R. Green, Christopher N. Avery (Kennedy School) and Nolan H. Miller (Kennedy School)
Half course (fall term). M., W., 8:30–10, and a one-hour weekly section to be arranged. EXAM GROUP: 2
The theory of microeconomic behavior. Consumption, production, uncertainty, markets, general equilibrium. Applications to policy analysis, business decisions, industrial organization, finance, the legal system. Emphasizes the use of economic theory in analyzing and understanding practical problems. This is a comprehensive course in economic theory designed for doctoral students in all parts of the university.
Note: Offered jointly with the Kennedy School as API-111 and the Business School as 4401.
Prerequisite: Two years of calculus and one course in probability theory. Thorough background in microeconomic theory at the intermediate level. Undergraduates with the appropriate background are welcome.
*Economics 2020b. Microeconomic Theory II
Catalog Number: 4058
Christopher N. Avery (Kennedy School) and Nolan H. Miller (Kennedy School)
Half course (spring term). M., W., 8:30–10, and a one-hour weekly section to be arranged. EXAM GROUP: 1, 2
A continuation of Economics 2020a. Topics include game theory, economics of information, incentive theory, and welfare economics.
Note: Offered jointly with the Kennedy School as API-112 and the Business School as 4402.
Prerequisite: Economics 2010a or 2020a.
Economics 2025. Advanced Price Theory
Catalog Number: 2921
Martin L. Weitzman
Half course (fall term). Tu., Th., 11:30–1. EXAM GROUP: 13, 14
First part: classical microeconomic theory at an advanced mathematical and conceptual level centered on the unifying concept of convexity. Second part: optimal control theory applied to growth, capital, national income accounting, sustainability, and depletion.
Prerequisite: Price theory at the level of what is covered in Economics 2010 or 2020.
Economics 2030. Mathematics and Optimization Theory for Economists
Catalog Number: 4976
Laurent E. Calvet
Half course (fall term). Tu., Th., 1–2:30, and a one-hour weekly section to be arranged. EXAM GROUP: 15, 16
Covers all basic aspects of mathematics and optimization theory useful to Ph.D.-level economics. Topics include real analysis, functions of several variables, convex programming, duality theory, linear and non-linear programming, calculus of variations, and the maximum principle of optimal control theory. While each topic is treated rigorously, the emphasis is on economic applications.
Economics 2040. Experimental Economics
Catalog Number: 8485 Enrollment: Limited to 48.
Alvin E. Roth
Half course (fall term). F., 9–12. EXAM GROUP: 2, 3, 4
An introduction to experimental economics, its methods, and some of the major subject areas that have been addressed by laboratory experiments. Effort is made to concentrate on a series of experiments, in order to see how experiments build on one another and allow researchers with
different theoretical dispositions to narrow the range of potential disagreement.
Note: Offered jointly with the Business School as 4257.
[Economics 2050. General Equilibrium Theory]
Catalog Number: 2279
Laurent E. Calvet
Half course (fall term). Hours to be arranged.
Develops the foundations of general equilibrium with an emphasis on financial markets. Topics include regularity and generic structure of equilibria, incomplete markets, default, informational efficiency and dynamic asset pricing.
Note: Expected to be given in 2002–03.
Economics 2052. Game Theory
Catalog Number: 3690
Drew Fudenberg
Half course (spring term). M., 4–6:30. EXAM GROUP: 9
Topics include noncooperative game theory, equilibrium analysis of incomplete information, dynamic and repeated games, economic applications, and introduction to non-equilibrium dynamics.
Prerequisite: Economics 2010a or permission of the instructor.
[Economics 2055. Negotiation and Dispute Resolution: Interdisciplinary Research Seminar]
Catalog Number: 3700
Jerry R. Green, Iris Bohnet (Kennedy School), Robert H. Mnookin (Law School), and James K. Sebenius (Business School)
Full course. Hours to be arranged.
Concerned with topics relating to bargaining, negotiation, and dispute resolution. Special emphasis on the effect of laws and the legal system. Uses the perspective of psychology and economics to study the barriers to negotiated resolution of conflict.
Note: Offered jointly with the Kennedy School as STM-277Y. Expected to be given in 2002–03.
Prerequisite: Permission of the instructors.
Economics 2056. Market Design
Catalog Number: 3634
Alvin E. Roth
Half course (spring term). F., 9–12. EXAM GROUP: 2, 3, 4
Deals with the theory and practice of market design, with prominent examples drawn from auctions and labor markets.
Note: Offered jointly with the Business School as 2150.
Economics 2060. Contract Theory
Catalog Number: 1404
Philippe Aghion and Oliver S. Hart
Half course (fall term). Tu., Th., 1–2:30. EXAM GROUP: 15, 16
Recent developments in contract theory. Includes hidden action and hidden information models, dynamic agency issues, incomplete contracts, and applications of contract theory to theories of the firm and corporate financial structure.
*Economics 2075hf. Political Economy Research Seminar
Catalog Number: 7645
Stephen A. Marglin
Half course (throughout the year). W., 10–12. EXAM GROUP: 3, 4
Economics 2076. Keynes and the 20th Century
Catalog Number: 4351
Stephen A. Marglin
Half course (fall term). Tu., 10–12. EXAM GROUP: 12, 13
Examines the impact of Keynes on economics and the economy, with special emphasis on alternative readings of the General Theory. Considers both the standard interpretation of Keynes as a theorist of the short run, which allowed the assimilation of Keynesian economics into the mainstream of American economics, and an alternative reading of Keynes as offering a vision of capitalism fundamentally at odds with the vision of neoclassical economics. Attention is paid both to theory and to the historical context in which the theory developed.
Economics 2086r (formerly Economics 3086r). The Theory Workshop
Catalog Number: 6378
Drew Fudenberg, Laurent E. Calvet, Jerry R. Green, Markus M. Möbius, Alvin E. Roth, and Michael A. Schwarz
Half course (fall term; repeated spring term). Th., 4–6.
Economics 1126. Quantitative Methods in Economics
Catalog Number: 4076
Gary Chamberlain
Half course (spring term). Tu., Th., 2:30–4, and a one-hour weekly section to be arranged. EXAM GROUP: 16, 17
Reviews the elements of probability that are central to the statistical methods developed. This leads to the conditional expectation function. The role of multiple regression in drawing inferences from a sample about this population concept is developed. Empirical articles are discussed to illustrate this methodology. A key question is the extent to which the conditional expectation function can be given a causal interpretation. Empirical attempts by economists to isolate exogenous variation are discussed. Related methodology includes the use of longitudinal data and instrumental variables to control for selection bias.
Note: Economics 1123 may not be taken for credit if taken after Economics 1126, but credit will be given for both courses if Economics 1123 is taken first.
Prerequisite: Statistics 100 or preferably 110; Mathematics 20.
Economics 2120. Introduction to Applied Econometrics
Catalog Number: 2352
Dale W. Jorgenson and Jinyong Hahn (Brown University) (spring term)
Half course (fall term; repeated spring term). Fall: Tu., Th., 2:30–4; Spring: Tu., Th., 1–2:30, and a 1.5-hour weekly section to be arranged each term. EXAM GROUP: Fall: 16, 17; Spring: 15, 16
Introduction to methods employed in applied econometrics, including linear regression, instrumental variables, generalized method of moments, and maximum likelihood. Includes detailed discussion of papers in applied econometrics and computer exercises using standard econometric packages.
Prerequisite: Economics 2110 or equivalent.
Economics 2131. Applied Econometrics
Catalog Number: 2211
Dale W. Jorgenson
Half course (spring term). Tu., Th., 2:30–4. EXAM GROUP: 16, 17
Advanced methods in applied econometrics, including nonlinear regression, panel data, and stationary and non-stationary time series. Includes detailed discussion of empirical applications. Students will complete a short research project in applied econometrics.
Prerequisite: Economics 2120 or equivalent.
Economics 2140 (formerly Economics 2140b). Econometric Methods
Catalog Number: 7210
Gary Chamberlain
Half course (fall term). Tu., Th., 2:30–4, and a one-hour weekly section to be arranged. EXAM GROUP: 16, 17
Statistical decision theory with applications to portfolio choice, panel data topics, selection bias, demand and supply, qualitative choice, and quantile regression.
Prerequisite: Economics 2120 or equivalent.
Economics 2142 (formerly Economics 2140d). Time Series Analysis
Catalog Number: 4414
James H. Stock
Half course (spring term). Tu., Th., 2:30–4. EXAM GROUP: 16, 17
A survey of modern time series econometrics. Topics include univariate models, vector autoregressions, linear and nonlinear filtering, frequency domain methods, unit roots, structural breaks, empirical process theory asymptotics, forecasting, and applications to macroeconomics and finance.
[Economics 2144 (formerly Economics 2140e). Advanced Applied Econometrics]
Catalog Number: 7686
Ariel Pakes and Jack R. Porter
Half course (spring term). Hours to be arranged.
An introduction to the theory and application of recently developed econometric techniques
used in advanced applied work. Simulation techniques as well as semiparametric and
nonparametric tools will be studied in a variety of empirical contexts.
Note: Expected to be given in 2002–03.
Economics 2162. The Econometrics Workshop
Catalog Number: 2372
Dale W. Jorgenson, Gary Chamberlain, Jinyong Hahn (Brown University), James H. Stock (Kennedy School), and Samuel B. Thompson
Full course. Th., 4:30–6. EXAM GROUP: 18
Current research topics in theory and applications of econometrics.
Economics 1340. Globalization and History
Catalog Number: 4025
Jeffrey G. Williamson
Half course (fall term). Tu., Th., 11:30–1, and a one-hour weekly section to be arranged. EXAM GROUP: 13, 14
Globalization after 1492: first globalization boom 1800-1914, autarkic retreat 1914-1950, second globalization boom since 1950. Uses history to explore sources and impact of world market integration, emerging global capital markets, and mass migrations. Does going global foster growth? Who gains and who loses? Why doesn’t more capital flow to poor countries? Why don’t more poor people migrate? Who votes for protection? Who votes for migration restriction?
Note: Economics concentrators may not take this course pass/fail.
Prerequisite: Social Analysis 10 or permission of the instructor.
[*Economics 1357. Historical Perspectives on American Economic Ascendancy]
Catalog Number: 7554 Enrollment: Limited to no more than 70.
Claudia Goldin
Half course (fall term). Hours to be arranged.
Explores the sources and origins of America’s economic ascendancy beginning with the founding of the nation. Addresses whether the U.S. is currently losing economic leadership or whether other nations are converging on it. Explores how the U.S. achieved economic supremacy, emphasizing natural resources, legal institutions, migration of labor and capital from the Old World, education, and invention. Addresses domestic problems encountered along the way, such as inequality, regional divisions, slavery, and economic vicissitudes such as the Great Depression. Evaluates the solutions tried, such as larger and more powerful government, including the growth of social insurance programs, and labor unions.
Note: Expected to be given in 2002–03. Economics concentrators may not take this course pass/fail.
Prerequisite: Social Analysis 10 or permission of the instructor.
Economics 1360. Politics, Society, and Economic Development
Catalog Number: 6066 Enrollment: Limited to 30.
Dwight H. Perkins
Half course (spring term). Tu., 2–4. EXAM GROUP: 16, 17
Explores selected topics in the relationship between economic development in developing countries
and the kinds of political and social institutions that influence development. Focuses on the
appropriate role for the state in the management of the economy under varying political and social systems. Topics include the effectiveness of industrial policy in different institutional settings, the economics and politics of bilateral and multilateral foreign aid, how ethnic diversity affects ownership patterns in the economy, the causes and cures for corruption, and other similar issues.
Note: Requires a major research paper as well as a final exam.
Prerequisite: Social Analysis 10 or permission of the instructor.
Economics 1395. Institutions, Incentives, and Development
Catalog Number: 3562
Ashok S. Rai
Half course (spring term). M., W., 2:30–4, and a section to be arranged. EXAM GROUP: 7, 8
Provides an analytic framework for understanding how institutions influence development. Special attention is paid to the problems of moral hazard, adverse selection, and limited enforcement. Topics include corruption, microcredit, environmental degradation, agricultural tenancy, medieval trade, village insurance, and poverty
reduction schemes.
Note: Expected to be omitted in 2002–03.
Prerequisite: Economics 1010a or 1011a. Mathematics 20 or equivalent is recommended.
Economics 1399. Economic Development
Catalog Number: 4051
Beatriz Armendariz de Aghion
Half course (fall term). Tu., Th., 11:30–1, and a one-hour weekly section to be arranged. EXAM GROUP: 14
Survey course designed to guide students in applying economic analysis to questions related to developing countries. Covers broad issues such as the meaning of development, economic growth, income distribution, poverty and hunger, health, population growth, migration flows, capital flows, stabilization and adjustment, trade flows, agriculture, land reform, rural credit, and the problem of corruption. Considers topics such as the problem of health and hunger in Africa, stabilization and adjustment in Latin America, industrialization in East Asia, agriculture in China, and land reform in India.
Prerequisite: Economics 1010a (or 1011a) and 1010b (or 1011b.)
Economics 2325. World Development
Catalog Number: 8510
Jeffrey G. Williamson
Half course (spring term). M., W., 10–11:30. EXAM GROUP: 3, 4
Uses economic history to explore development the world round over the past two centuries, from the British industrial revolution to the contemporary Third World. Takes examples from Europe, Latin America, Asia, and North America.
Note: Satisfies the graduate distribution requirement.
Economics 2327. History and Theory of Development
Catalog Number: 8092
Jeffrey D. Sachs
Half course (fall term). M., W., 11:30–1, and a section on F., at 11. EXAM GROUP: 4, 5
Provides an overview of the subject of economic development from theoretical, historical, and policy perspectives. Main aim is to allow students to analyze policy debates surrounding economic growth and development from a broad theoretical and historical base. Considers alternate theories of modern economic growth within a dynamic context. Treats the problem of economic growth in historical perspective, addressing several critical junctures of modern economic history. Emphasizes current policy debates in economic development.
Note: Satisfies the graduate distribution requirement. Offered jointly with the Kennedy School as PED-101I.
[Economics 2330. The Development of the American Economy]
Catalog Number: 0123
Claudia Goldin
Half course (spring term). Hours to be arranged.
Covers selected topics in American economic history with an emphasis on the causes and consequences of economic growth in the 19th and 20th centuries. Also explores the historical roots of current economic issues, such as the productivity slowdown, technological change, inequality, social insurance programs, regulation, race, immigration, unions, education, and macroeconomic fluctuations.
Note: Expected to be given in 2002–03. Satisfies the graduate distribution requirement.
[Economics 2334. The Industrial Revolution]
Catalog Number: 0124
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Half course (fall term). Hours to be arranged.
Selected topics in European economic history with an emphasis on the causes and consequences of modern economic growth in Britain, France, Germany, and Russia in the 18th, 19th, and early 20th centuries. Topics include agrarian change and impact, industrial technical change and impact, physical capital accumulation and finance, divisions of labor, human capital accumulation, international trade and finance, British late 19th-century retardation, World War I, and the Great Depression.
Note: Expected to be given in 2002–03. Advanced undergraduates welcome with permission of instructor. Satisfies the graduate distribution requirement.
*Economics 2339. The Economic History Workshop
Catalog Number: 8183
Jeffrey G. Williamson
Full course. F., 2–4. EXAM GROUP: 7, 8
Intended for students writing dissertations related to economic history themes and/or methodology and for others with interests in economic history. Discusses research papers presented by scholars at Harvard and elsewhere.
Economics 2385. Microfinance: Theory and Practice
Catalog Number: 8527
Beatriz Armendariz de Aghion
Half course (fall term). M., W., 11:30–1. EXAM GROUP: 4, 5
Covers theories behind poverty alleviation via loan provision to credit constrained individuals; focuses on the analytics behind the success of microfinance institutions at circumventing adverse selection and moral hazard; overviews empirical literature on impact; integrates case studies and policy debates. Intended to help potential entrepreneurs understand how microfinance enterprises operate in practice.
Note: Offered jointly with the Kennedy School as PED-326.
Prerequisite: Good background in advanced microeconomics and econometrics. Qualified undergraduates welcome.
[Economics 2390a. The Structural Transformation in Historical Perspective]
Catalog Number: 4216
Dwight H. Perkins and Jeffrey G. Williamson
Half course (fall term). Hours to be arranged.
Reviews historical patterns of the structural transformation in Europe, Latin America, East Asia, and Africa. Focus is on the role of policy in development, the balance between agriculture and industry, the role of international trade and finance, and
the need for changing institutions as economies mature or as they make the transition from one economic system to another.
Note: Expected to be given in 2002–03. Serves as the introduction at the graduate level to the field of Economic Development; also satisfies the graduate distribution requirement.
Economics 2390b. Development Economics I: Microeconomic Issues
Catalog Number: 2990
Michael Robert Kremer
Half course (fall term). M., W., 10:30–12. EXAM GROUP: 3, 4
Topics include agricultural issues such as peasant behavior, land tenancy, interlinked markets; credit and insurance market problems and institutions; health, nutrition, and productivity; gender bias; education; and technology adoption.
Economics 2390c. Developmental Economics II: Macroeconomic Issues
Catalog Number: 0388
Philippe Aghion
Half course (spring term). Tu., Th., 2:30–4. EXAM GROUP: 16, 17
Topics include innovation-based growth, innovations and capital accumulation, scale effects and convergence, exhaustible resources, learning-by-doing, growth and market structure, general purpose technologies, dynamics of wage inequality, and technical change and institutional change.
Economics 2390d. The Economic Growth and Development Workshop
Catalog Number: 1926
Philippe Aghion, Robert J. Barro, Francesco Caselli, Michael Robert Kremer, Asim Khwaja (Kennedy School), Dwight H. Perkins, and Jeffrey G. Williamson.
Full course. Fall: Tu., 2:30–4; Spring: W., 2:30–4. EXAM GROUP: Fall: 16, 17; Spring: 7, 8
Economics 1420. American Economic Policy
Catalog Number: 8110
Martin Feldstein and Jeffrey B. Liebman (Kennedy School)
Half course (spring term). M., W., F., at 10, and a one-hour weekly section to be arranged. EXAM GROUP: 3
Analyzes major issues in American economic policy including taxation, Social Security, welfare reform, budget policy, monetary and fiscal policy, and exchange rate management. Current economic issues and policy options discussed in detail and in the context of current academic thinking.
Note: Offered jointly with the Kennedy School as API-126.
Prerequisite: Economics 1010a or 1011a, or permission of instructor.
Economics 1422. Issues in Canadian Economic Policy
Catalog Number: 3284
Angelo Melino (University of Toronto)
Half course (spring term). M., W., (F.), at 12. EXAM GROUP: 5
Topics include Canada’s recent macroeconomic performance, labor market outcomes, income inequality, productivity, fiscal trends, the brain drain, the Canadian dollar, inflation targeting, and North American Monetary Union.
Prerequisite: Economics 1010b or 1011b.
[Economics 1430. Macroeconomics and Politics]
Catalog Number: 5549
Alberto F. Alesina
Half course (fall term). Hours to be arranged.
Topics on the interplay between political processes and macroeconomics, including monetary policy and central-bank independence, political business cycle theory, macroeconomic determinants of voter behavior, the economic consequences of divided government, determinants of fiscal policy, hyperinflation and monetary stabilization, political economy of long-term growth, and theory of economic and monetary union.
Note: Expected to be given in 2002–03.
Prerequisite: Social Analysis 10.
Economics 1480. Moral Perspectives on Economic Growth
Catalog Number: 3441 Enrollment: Limited to 20.
Benjamin M. Friedman
Half course (fall term). M., W., F., at 10. EXAM GROUP: 3
Considers economic growth and policies that either promote or impede economic growth, from a social and moral perspective. The central question is whether rising living standards promote openness of opportunity, social mobility, tolerance of diversity, commitment to democracy, and other related characteristics of free societies. Approaches include economic, historical, and literary analyses.
Prerequisite: Economics 1010a (or 1011a) and 1010b (or 1011b).
Economics 1485. Growth and Institutions
Catalog Number: 8019
Philippe Aghion
Half course (fall term). Tu., Th., 10–11:30, and a one-hour weekly section to be arranged. EXAM GROUP: 12, 13
This course analyzes the interplay between economic institutions and macroeconomic volatility and growth; it builds to a large extent on the recent history of high-tech sectors in industrialized countries, on the transition experience in post-socialist economies, and on the recent currency crisis episodes in Asia and Latin America.
Note: Offered jointly with the Kennedy School as APl-124.
Prerequisite: Economics 1010a (or 1011a) and 1010b (or 1011b), and Mathematics 20.
Economics 2410e. Economic Growth
Catalog Number: 0681
Robert J. Barro and Francesco Caselli
Half course (spring term). Th., 6–8:30 p.m. EXAM GROUP: 18
The course is organized around the question: “why are some countries so poor and some so rich?” Examines, among other things, the roles of factor accumulation, differences in productivity, technology adoption and technology diffusion, institutions and politics, culture and social capital. Emphasizes both empirical and theoretical methods.
Economics 2410g. Political Economics
Catalog Number: 6758
Alberto F. Alesina and Andrei Shleifer
Half course (fall term). W., 2–4. EXAM GROUP: 7, 8
Discusses several research areas in political economy, including the origins of the state, comparative political systems, theories of economic reform, fiscal problems in democracies, rule of law, privatization, regulation, and elections and the economy.
Economics 2410h. Dynamic Programming and Consumption
Catalog Number: 1851
David I. Laibson
Half course (spring term). F., 1:30–4:30. EXAM GROUP: 6, 7, 8, 9
First half of course introduces dynamic programming, including both discrete and continuous-time methods. Considers applications to search, investment, option valuation, and consumption. Discusses computational methods for generating numerical solutions. Second half surveys recent empirical and theoretical research in consumption. Topics may include consumption of durables, incomplete markets, habit formation, precautionary saving, asset allocation, credit markets, savings adequacy, savings policy and savings incentives, psychological models of saving, calibration of lifecycle consumption models, and empirical methods.
Economics 2420. Monetary and Fiscal Policy Seminar
Catalog Number: 5946
Benjamin M. Friedman, Alberto F. Alesina, Robert J. Barro, John Y. Campbell, Francesco Caselli, Christopher L. Foote, David I. Laibson, N. Gregory Mankiw, Jeremy C. Stein, and James H. Stock
Full course. M., 2–4. EXAM GROUP: 7, 8
Economics 2450a. Public Economics and Fiscal Policy I
Catalog Number: 1339
David M. Cutler
Half course (fall term). Tu., Th., 11:30–1. EXAM GROUP: 13, 14
Surveys theoretical and empirical analyses of taxation and government expenditures. Topics include tax incidence, optimal tax theory, public goods and externalities, empirical analysis of responses to taxation, and health economics.
Economics 2450b. Public Economics and Fiscal Policy II
Catalog Number: 6478
Martin Feldstein, David M. Cutler, and Caroline M. Hoxby
Half course (spring term). M., W., (F.), 11:30–1. EXAM GROUP: 4, 5
Surveys theoretical and empirical analyses of taxation and government expenditures. Special topics include taxes and corporate finance, social insurance and fiscal policy.
Economics 2460 (formerly Economics 2910). The Health Economics Workshop
Catalog Number: 7617
David M. Cutler, Joseph P. Newhouse (Kennedy School, Medical School, Public Health), and William C. Hsiao (Public Health)
Half course (spring term). W., 4:30–6. EXAM GROUP: 9
Focuses on theory, econometric models, and public policy of health care. Frontier work in health economics presented and discussed by instructors and outside speakers. Topics include public and private investments in health, hospital and physician behavioral models, markets and competition in health care, and regulation and financing health services.
Note: May be taken for credit only by dissertation students presenting research.
Economics 2480. The Public Economics and Fiscal Policy Workshop
Catalog Number: 6834
David M. Cutler, Martin Feldstein, Caroline M. Hoxby, and Judith Li
Full course. M., 4–6. EXAM GROUP: 9
Focuses on current issues in the theory and practice of public finance, including both tax and expenditure policies.
*Economics 2490. The Economics of National Security
Catalog Number: 9061
Martin Feldstein
Half course (spring term). Tu., 6:30–8:30 p.m. EXAM GROUP: 18
This seminar considers a range of issues relating to national security, including bioterrorism, the market for nuclear weapons, the defense industry, the dependence on imported oil, intelligence, sanctions, etc. Speakers will be experts with experience in this field rather than economists. Seminar participants will be economics department faculty and selected graduate students.
Economics 1535. International Trade and Investment
Catalog Number: 2557 Enrollment: Limited to 50.
Marc J. Melitz
Half course (fall term). M., W., 2:30–4, and a one-hour weekly section to be arranged. EXAM GROUP: 7, 8
Analyzes the causes and consequences of international trade and investment. Focuses on the interplay of economic theory and empirical descriptions of foreign trade and direct investment patterns.
Prerequisite: Economics 1010a or 1011a.
[Economics 1542. International Trade Policy]
Catalog Number: 2613
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Half course (spring term). Hours to be arranged.
Provides an introduction to the theory, history and empirical evaluation of international trade policy. Begins by reviewing the theory of trade and trade policy in both competitive and non-competitive environments. Discusses the determinants and impact of 19th- and 20th-century trade policies. Concludes with an evaluation of major current trade policy debates.
Note: Expected to be given in 2002–03.
Prerequisite: Economics 1010a or 1011a, or permission of instructor.
[Economics 1545. International Financial and Macroeconomic Policy]
Catalog Number: 5166 Enrollment: Limited to 25.
Kenneth Rogoff
Half course (fall term). Hours to be arranged.
Advanced theoretical and empirical analysis of contemporary international macroeconomic policy issues, including speculative attacks on exchange rates and sovereign debt. First part of course develops theoretical and empirical foundations, whereas last part looks at a number of policy issues related to redesigning the international financial architecture.
Note: Expected to be given in 2002–03.
Prerequisite: Economics 1010b or 1011b.
Economics 1550. Economics of International Financial Policy
Catalog Number: 5112
Jeffrey A. Frankel (Kennedy School)
Half course (fall term). Tu., Th., 1–2:30, and a section on F., 1-2:30. EXAM GROUP: 15, 16
Deals with international monetary economics, or the macroeconomics of open economies. Topics include the foreign exchange market, devaluation, and trade elasticities; simultaneous determination of the trade balance, GDP, the balance of payments, money flows, and price levels; increasingly integrated financial markets; monetary and fiscal policy; international macroeconomic interdependence and policy coordination; supply relationships and nominal anchors for monetary policy; and the determination of exchange rates.
Note: Offered jointly by the Kennedy School as ITF-220.
Prerequisite: Economics 1010a (or 1011a) and 1010b (or 1011b).
Economics 2530b. International Finance
Catalog Number: 7144
Oved Yosha (Tel-Aviv University)
Half course (spring term). M., W., 10–11:30. EXAM GROUP: 3, 4
Financial aspects of growth and income determination in open economies. Specific topics include financial risk in the international setting, money and exchange rate regimes, income determination and macroeconomic policy, history of international monetary arrangements, and current issues in international monetary reform.
Prerequisite: Economics 2530a provides extremely useful background for topics in this course.
Economics 2535. Advanced Topics in International Trade
Catalog Number: 6410
Marc J. Melitz
Half course (spring term). M., W., 2:30–4. EXAM GROUP: 7, 8
Covers advanced theoretical and empirical topics concerning the determinants of world trade patterns.
Prerequisite: Economics 2530a or permission of instructor.
[Economics 2536. Advanced Topics in International Finance]
Catalog Number: 1718
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Half course (fall term). Hours to be arranged.
Covers advanced theoretical and empirical topics in open economy macroeconomics and international finance.
Note: Expected to be given in 2002–03.
Economics 2537. International Trade Policy: Issues and Analysis
Catalog Number: 1699
Dani Rodrik (Kennedy School)
Half course (fall term). M., W., 10–11:30. EXAM GROUP: 3, 4
Aims to develop expertise with economic models used for the analysis of international trade policy issues. Readings and discussions focus on theoretical and empirical work relating to trade and income distribution, trade and growth, industrial policy and development, political economy of trade, and the WTO and the international trade regime.
Note: Students are expected to make presentations and write a research paper. Offered jointly with the Kennedy School as ITF-345.
Prerequisite: Graduate level microeconomics and econometrics.
Economics 2540. The International Economics Workshop
Catalog Number: 4008
Richard N. Cooper, Jeffrey A. Frankel (Kennedy School), Elhanan Helpman, Marc J. Melitz, Dani Rodrik (Kennedy School), and Andres Velasco (Kennedy School)
Full course. W., 4–6. EXAM GROUP: 9
Research papers in all aspects of international economics, including theory, econometrics, and policy.
[Economics 1601. Regulation and Antitrust]
Catalog Number: 2851
Richard E. Caves
Half course (spring term). Hours to be arranged.
Examines the economic rationales for government intervention into business decisions. Considers both traditional regulation and recent progress towards deregulation of public utilities, such as telecommunications firms or electric utilities. Also considers the enforcement of antitrust policies. The course will provide an overview of the institutions through which government policies are implemented and will consider evidence on the impact of regulatory and antitrust policy.
Note: Expected to be given in 2002–03.
Prerequisite: Social Analysis 10.
Economics 1630. Economics and the Arts
Catalog Number: 4884
Richard E. Caves
Half course (spring term). Tu., Th., 11:30–1, and a one-hour weekly section to be arranged. EXAM GROUP: 13, 14
Explores the economic issues that arise in the organization of economic activity in the visual and performing arts and industries with substantial “creative” components. Addresses issues of domestic and international public policy.
Note: Expected to be omitted in 2002–03.
Prerequisite: Social Analysis 10.
Economics 1640. Topics in Industrial Organization: Theory and Applications
Catalog Number: 7875
Julie Holland Mortimer
Half course (spring term). Tu., Th., 10-11:30, and a one-hour weekly section to be arranged. EXAM GROUP: 12, 13
Advanced theoretical and empirical analysis of contemporary topics in industrial organization. Uses economic theory to analyze important issues facing firms, and examines the practical challenges of empirical applications of theory. Topics include horizontal relationships and mergers, vertical integration and control through contractual arrangements, price discrimination, information and search costs, innovation and intellectual property rights, and network externalities. Each topic combines theoretical analysis with a study of actual firm behavior.
Prerequisite: Economics 1010a or 1011a.
Economics 1661. Environmental and Resource Economics and Policy
Catalog Number: 2115
Robert N. Stavins (Kennedy School)
Half course (spring term). M., W., 1–2:30, and a 1.5-hour weekly section to be arranged. EXAM GROUP: 6, 7
Provides a survey, from the perspective of economics, of policy issues associated with natural resource use and environmental protection. Combines lectures on conceptual and methodological topics with case discussions of actual resource and environmental controversies. Topics include principles of environmental and resource economics, nonrenewable resources (minerals and energy), renewable resources (water, forests, land, fisheries, and wildlife), air pollution (stationary and mobile sources, acid rain, and global climate change), water pollution (point and nonpoint sources), waste management, and sustainable development and political aspects of environmental policy.
Note: Offered jointly with the Kennedy School as ENR-201.
Prerequisite: Social Analysis 10 or permission of instructor.
Economics 1690. Environmental and Natural Resource Economics
Catalog Number: 2939
Martin L. Weitzman
Half course (fall term). M., W., 1–2:30, and a weekly section on F., 1–2:30. EXAM GROUP: 6, 7
A survey of the conceptual, analytical, and theoretical foundations of environmental and natural resource economics. Public goods and externalities, common property, alternative policies for controlling pollution. Dynamic analysis of the extraction and exploitation of renewable (e.g., fisheries) and nonrenewable (e.g., minerals) natural resources. Theoretical aspects of cost-benefit analysis, environmental accounting, sustainable development, and biodiversity preservation.
Note: This is a mathematically rigorous course that provides the basic analytic framework for students seriously interested in environmental economics. Offered jointly with the Kennedy School as ENR-321.
Prerequisite: Economics 1010a or 1011a, and Mathematics 20, or equivalent.
Economics 2611. Industrial Organization II
Catalog Number: 2302
Markus M. Möbius, Julie H. Mortimer, and Ariel Pakes
Half course (spring term). Tu., Th., 1–2:30. EXAM GROUP: 15, 16
Application of industrial organization to problems of public policy. Analysis of antitrust policy; public utility regulation; regulation and deregulation of electricity, telecommunications and other sectors; health, safety and environmental regulation.
Note: Students are urged to take Economics 2610 before Economics 2611.
*Economics 2640hf. The Industrial Organization Workshop
Catalog Number: 5981
Ariel Pakes, Richard E. Caves, Markus M. Möbius, and Julie H. Mortimer
Half course (throughout the year). M., 2:30–4. EXAM GROUP: 7, 8
*Economics 2690hf. Environmental Economics and Policy Seminar
Catalog Number: 4324
Robert N. Stavins (Kennedy School) and Martin L. Weitzman
Half course (throughout the year). W., 4–6. EXAM GROUP: 9
Selected topics in environmental and resource economics. Emphasizes theoretical models, quantitative empirical analysis, and public policy applications. Includes invited outside speakers.
Note: Primarily for graduate students in economics or related fields with environmental interests. Offered jointly with the Kennedy School as ENR-551y.
Prerequisite: Graduate-level course in microeconomic theory.
Economics 1745 (formerly Economics 1445). Corporate Finance
Catalog Number: 5889
Rafael LaPorta
Half course (spring term). M., W., 2:30–4, and a one-hour weekly section to be arranged. EXAM GROUP: 7, 8
Introduction to corporate finance, including capital budgeting, capital structure of firms, dividend policy, incentives of insiders, and takeovers.
Prerequisite: Economics 1010a or 1011a.
Economics 1755. International Corporate Finance
Catalog Number: 1921
Rafael La Porta
Half course (fall term). M., W., 2:30–4. EXAM GROUP: 7, 8
Introduction to financial decisions in an international context. Topics include the market for foreign exchange, international valuation methods, options, futures, swaps, risk management, global financing, corporate governance, privatization, country risk, banking and currency crisis.
Prerequisite: Economics 1723 or 1745.
Economics 1760. Topics in Financial Economics
Catalog Number: 4594
Jeremy C. Stein
Half course (spring term). M., W., 1–2:30, and a one-hour weekly section to be arranged. EXAM GROUP: 6, 7
Theory and empirical evidence on selected questions in financial economics, with an emphasis on current research. Topics include behavioral finance and market efficiency, capital allocation by financial markets and inside firms, and banking and monetary policy.
Prerequisite: Economics 1723 or 1745.
Economics 2723 (formerly Economics 2423). Asset Pricing I
Catalog Number: 2847
John Y. Campbell and Tuomo O. Vuolteenaho
Half course (fall term). Tu., Th., 10–11:30. EXAM GROUP: 12, 13
An introduction to financial economics emphasizing discrete-time models and empirical applications. First half of course reviews basic asset pricing theory. Second half discusses empirical topics including predictability of stock and bond returns, the equity premium puzzle, and intertemporal equilibrium models.
Prerequisite: Economics 2010a or 2020a, or permission of instructor.
Economics 2725 (formerly Economics 2425). Corporate Finance
Catalog Number: 1427
Jeremy C. Stein
Half course (spring term). M., W., 8:30–10. EXAM GROUP: 1, 2
Theory and empirical evidence of capital structure, dividends, investment policy, managerial incentives, and takeovers. Topics include market efficiency, agency problems, and ownership.
Prerequisite: Economics 2060.
Economics 2727 (formerly Economics 2427). Topics in Empirical Corporate Finance
Catalog Number: 9055
Joshua Lerner (Business School) and Paul Gompers (Business School)
Half course (spring term). Th., 2:30–5:30. EXAM GROUP: 16, 17, 18
Examines empirical research in corporate finance. Covers empirical research methodology, financial institutions, and financial policy. Major emphasis is on how to do well-executed and persuasive research in corporate finance.
Note: Offered jointly with the Business School as 4814. Structured to minimize overlap with Economics 2725. Seminar format; students write referee reports and a research paper.
Economics 2728 (formerly Economics 2428). Behavioral Finance
Catalog Number: 8633
Andrei Shleifer
Half course (spring term). W., 2–4. EXAM GROUP: 7, 8
Deals with theoretical and empirical approaches to the study of financial markets using psychological or behavioral ideas. Topics include limited arbitrage, predictability of security returns, closed end funds, the equity premium, and trading volume.
Note: Expected to be omitted in 2002–03.
Prerequisite: Economics 2723.
Economics 2730 (formerly Economics 2430). Asset Pricing II
Catalog Number: 2235
Luis Manuel Viceira (Business School), George Carl Chacko (Business School), and Randolph B. Cohen (Business School)
Half course (spring term). F., 3–6. EXAM GROUP: 8, 9
Emphasis of course is both theoretical and empirical. First part of course uses continuous-time methods to develop models of the term structure of interest rates, return volatility, contingent claims valuation, and optimal consumption and portfolio choice. Covers estimation methods for continuous-time models in finance. Second part develops intertemporal general equilibrium models of asset returns and discusses recent research on cross-sectional patterns in stock returns.
Note: Offered jointly with the Business School as 4244.
Prerequisite: Graduate-level microeconomics, macroeconomics, and econometrics; Economics 2723 or equivalent.
Economics 2740. Risksharing in Macroeconomics
Catalog Number: 8717
John Y. Campbell
Half course (fall term). Tu., Th., 2:30–4. EXAM GROUP: 16, 17
Considers how financial markets and government policy can be used to share risks efficiently across economic agents. Topics include portfolio choice theory for long-term investors, international risksharing and the home bias puzzle, intergenerational risksharing and social security, nominal versus inflation-indexed assets, and proposals to create new financial markets.
Prerequisite: Economics 2010c and 2010d.
*Economics 2770hf. The Financial Economics Workshop
Catalog Number: 1379
Jeremy C. Stein, Laurent E. Calvet, John Y. Campbell, Rafael La Porta, Andrei Shleifer, and Tuomo O. Vuolteenaho
Half course (throughout the year). M., 4–6. EXAM GROUP: 9
Economics 1812. The U.S. Labor Market
Catalog Number: 0421
James L. Medoff
Half course (spring term). M., W., (F.), at 10. EXAM GROUP: 3
Presents the tools employed in research on the operation of the labor market and then uses them to discuss issues such as the determinants of earnings differentials, the impact of various firm characteristics on labor-market outcomes, discrimination, and unemployment.
Prerequisite: Economics 1010a (or 1011a) and Economics 1010b (or 1011b).
Economics 1813. The Indebted Society
Catalog Number: 6957
James L. Medoff
Half course (fall term). M., W., (F.), at 10. EXAM GROUP: 3
First charts trends in personal, corporate, and government indebtedness in the U.S., then discusses the impact of each change on societal well-being. Finally, asks about public policy concerning the various forms of U.S. debt.
Prerequisite: Economics 1010a (or 1011a) and Economics 1010b (or 1011b).
[Economics 1815. Social Problems of the American Economy]
Catalog Number: 3130
Lawrence F. Katz
Half course (fall term). Hours to be arranged.
Examines selected social and economic problems of the U.S. and evaluates market and governmental solutions. Topics include discrimination, income and wage inequality, welfare reform, antipoverty strategy (including education and training programs), homelessness, crime, and charitable behavior.
Note: Expected to be given in 2002–03. A research paper is required.
Economics 1818. Economics of Discontinuous Change
Catalog Number: 3029
Richard B. Freeman
Half course (spring term). Tu., Th., at 1, and a one-hour weekly section to be arranged. EXAM GROUP: 15
Explores discontinuous changes in the economic position of groups and countries and presents mathematical and computer simulation models designed to illuminate these changes. Examples include growth/decline of trade unions, segregation of groups, development of linkages on the internet, changes in corporate work culture, growth of social pathologies in neighborhoods, and Malthusian concerns about the environment. Models include nonlinear simulations, neural networks, finite automata, evolutionary stable strategies, causal conjunctures, agent-based simulations, and genetic algorithms.
Note: The course requires a research paper. Students should have some mathematical background, but there is no prerequisite.
Economics 1822. Economics of Education
Catalog Number: 1004
Caroline M. Hoxby
Half course (fall term). M., W., 1–2:30, and a one-hour weekly section to be arranged. EXAM GROUP: 6, 7
Explores why people attain different levels of education, why schools are or are not efficient, how education should be financed to achieve both equity and efficiency goals, what explains rising tuition in higher education, and whether education is an engine of macroeconomic growth. Examines education using labor economics (human capital investment, the market for teachers), public economics (financing K-12 education, public colleges), industrial organization (the structure of the education industry, agency problems in public education), and macroeconomics (growth theory).
Note: Expected to be omitted in 2002–03. The application of theory, discussion of research, and option of a research paper make this a good course for students considering honors theses in economics.
Prerequisite: Economics 1010a or 1011a, or permission of the instructor.
Economics 2810a. Labor Market Analysis
Catalog Number: 4862
Caroline M. Hoxby
Half course (fall term). M., W., 10–11:30. EXAM GROUP: 3, 4
Introduces theoretical and empirical research related to labor markets, wages, education, and employment. Wage determination includes equalizing differences, self-selection, human capital, education, training, job mobility, matching, agency, insurance, and tournament models. Labor supply includes allocation of time, taxes, unemployment insurance, and life-cycle models. Labor demand includes the minimum wage, dynamic adjustment models, and the impact of technological change on wages. Teaches current empirical methods in applied microeconomics.
Economics 2810b. Labor Economics and Labor Market Institutions
Catalog Number: 3206
Richard B. Freeman
Half course (spring term). Tu., Th., 10–11:30. EXAM GROUP: 12, 13
Focuses on the operation of the labor market and impact of labor market institutions on labor market outcomes. Topics include labor econometrics, theories of wage determination, empirical analysis of wage differentials and changes in the wage structure, models of trade union behavior and research on the impact of unions, institutional change in the labor market, unemployment, labor market segmentation and discrimination, and the labor market in an open economy.
Economics 2812. The Labor Economics Workshop
Catalog Number: 0230
Caroline M. Hoxby, Richard B. Freeman, and Lawrence F. Katz
Full course. W., 4–5:30. EXAM GROUP: 9
Focuses on research concerning the operation of labor markets.
*Economics 2813. Labor and Work Life Forum
Catalog Number: 1415
Richard B. Freeman and Paul C. Weiler (Law School)
Half course (spring term). W., 4–6. EXAM GROUP: 9
Research and discussion with trade union leaders and management concerning labor issues.
*Economics 3005. Reading and Research
Catalog Number: 3493
Members of the Department
Any professor, associate professor, assistant professor, or lecturer in residence is available for this course. Individual work or work in small groups in preparation for the general examination for the PhD degree, or by arrangement in special topics not included in the announced course offering.
*Economics 3010. Direction of Doctoral Dissertations
Catalog Number: 4579
Members of the Department
Note: In all cases the thesis topic must have been formally submitted to and approved by a thesis advisor.
*Economics 3011. Research in Behavior in Games and Markets
Catalog Number: 0109
Drew Fudenberg 3460, Laurent E. Calvet 1495, Jerry R. Green 1539, David I. Laibson 1241, Markus M. Möbius 3441, Alvin E. Roth 564, and Michael A. Schwarz 2729
Half course (fall term; repeated spring term). W., 11:30–1. EXAM GROUP: 4, 5
Serves mainly as a forum for presentations by graduate students of their current research. Work presented can be very preliminary and conjectural.
Prerequisite: Economics 2010a (or 2020a) and 2010b (or 2020b).
*Economics 3163hf. Research in Econometrics
Catalog Number: 4392
Dale W. Jorgenson 2000, Gary Chamberlain 1745, Jinyong Hahn (Brown University) 3992, James H. Stock (Kennedy School) 1783, and Samuel B. Thompson 3406
Half course (throughout the year). Fall: M., 12–1:30; Spring: M., at 12.
Participants discuss recent research in econometrics and present their own work in progress. Open to doctoral students in economics who have passed their oral examinations.
*Economics 3390hf. Research in Economic Development
Catalog Number: 2532
Michael Robert Kremer 2112 (on leave spring term), Philippe Aghion 1263 (on leave 2002-03), Robert J. Barro 1612, Robert H. Bates 1251, Francesco Caselli 1489, Asim Ijaz Khwaja (Kennedy School) 3994, Dwight H. Perkins 2300, Ashok S. Rai 3127, and Jeffrey G. Williamson 7680
Half course (throughout the year). Fall: W., at 1; Spring: M., W., at 1. EXAM GROUP: Fall: 6
Participants discuss recent research in development economics and present their own work in progress. Open to doctoral students in economics who have passed their oral examinations.
*Economics 3410dhf. Research in Macroeconomics
Catalog Number: 2126
N. Gregory Mankiw 1118 (on leave spring term), Alberto F. Alesina 2074 (on leave 2002-03), Robert J. Barro 1612, Francesco Caselli 1489, Christopher L. Foote 2333, and David I. Laibson 1241
Half course (throughout the year). Tu., 12–1:30.
Participants discuss recent research in macroeconomics and present their own work in progress. Open to doctoral students in economics who have passed their oral examinations.
*Economics 3450chf. Research in Public Economics and Fiscal Policy
Catalog Number: 3436
David M. Cutler 2954, Caroline M. Hoxby 1235 (on leave 2002-03), Lawrence F. Katz 1480 (on leave 2001-02), and Judith Li 2144
Half course (throughout the year). Th., 1:30–3.
Participants discuss recent research in public economics and fiscal policy and present their own work in progress. Open to doctoral students in economics who have passed their oral examinations.
*Economics 3460chf. Research in Health Economics
Catalog Number: 5309
David M. Cutler 2954 and Joseph P. Newhouse (Kennedy School, Medical School, Public Health) 2425
Half course (throughout the year). Tu., 8–9:30.
Participants discuss recent research in health economics. Course may also include presentation of original research by participants. Open to doctoral students only.
*Economics 3530hf. Research in International Economics
Catalog Number: 5777
Richard N. Cooper 7211, Elhanan Helpman 2334, and Marc J. Melitz 3499
Half course (throughout the year). W., at 12.
Participants discuss recent research in international economics and present their own work in progress. Open to doctoral students in economics who have passed their oral examinations.
*Economics 3650hf. Research in Industrial Organization
Catalog Number: 3318
Ariel Pakes 1774 (on leave fall term), Richard E. Caves 1414, Markus M. Möbius 3441, and Julie Holland Mortimer 3993
Half course (throughout the year). W., 2:30–4. EXAM GROUP: 7, 8
Participants present their own research in progress in an informal setting. Open to doctoral students in economics who have passed their general examinations and are in the early stages of their dissertations.
*Economics 3660hf. The Law, Economics, and Organizations Workshop
Catalog Number: 4325
Oliver S. Hart 3462, Lucian Arye Bebchuk (Law School) 2042, and Louis E. Kaplow (Law School) 3223
Half course (throughout the year). Hours to be arranged.
The presentation of work in progress in the field of law, economics, and organizations. Presentations to be made by members of the various Harvard faculties, outside speakers, and graduate students. Open to all faculty and students with an interest in law, economics, and organizations.
*Economics 3723hf (formerly *Economics 3423hf). Research in Financial Economics
Catalog Number: 4107
Jeremy C. Stein 3752, Laurent E. Calvet 1495, John Y. Campbell 1230, Rafael La Porta 1466, Andrei Shleifer 2772, Tuomo O. Vuolteenaho 3494, and Luis Manuel Viceira (Business School) 3183
Half course (throughout the year). F., 12–1:30.
Participants discuss recent research in financial economics and present their own work in progress. Open to doctoral students in economics who have passed their oral examinations.
*Economics 3810chf. Research in Labor Economics
Catalog Number: 4066
Caroline M. Hoxby 1235 (on leave 2002-03), Richard B. Freeman 4127, and Lawrence F. Katz 1480 (on leave 2001-02)
Half course (throughout the year). Th., 1:30–3.
Participants discuss recent research in labor economics and present their own work in progress. Open to doctoral students in economics who have passed their oral examinations.