*Economics 970. Tutorial — Sophomore Year
Catalog Number: 7923
Jeffrey A. Miron
Half course (spring term). Hours to be arranged. EXAM GROUP: 9
A series of small seminars focusing on applications of economic theory to real problems.
Note: One term required of all Economics concentrators. Enrollment limited to concentrators.
Prerequisite: Both terms of Social Analysis 10 (or equivalent); Statistics 100, 104, or 110; Economics 1010a or 1011a and current enrollment in Economics 1010b or 1011b.
*Economics 975 (formerly *Economics 980). Tutorial — Theory Review
Catalog Number: 3281
Jeffrey A. Miron
Half course (fall term). Tu., Th., 1–2:30.
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 980b. Women, Work, and the Family: Present and Past
Catalog Number: 1581
Claudia Goldin
Half course (fall term). M., W., 1–2:30. EXAM GROUP: 6, 7
The economic emergence of women has been the single most important change to the labor forces of many nations in the past century. Why and how did these changes occur and what have been their social, political, and demographic implications? Was there a revolution in gender roles and, if so, is it continuing or stalled? Readings draw on current economic theory, empirical analyses, and historical works and literature from the 19th century to the present.
*Economics 980c. The Economics of World Migration
Catalog Number: 6200
Jeffrey G. Williamson
Half course (fall term). W., 2:30–4:30. EXAM GROUP: 7, 8, 9
This seminar will explore every economic dimension of world mass migration: north to north, south to south, and south to north. The seminar will explore the labor market and fiscal impact in immigrating countries, immigrant assimilation, the trade-immigration trade-off, the global capital-immigration connection, emigration determinants, emigrant selectivity, brain drain, remittances, and the political economy of immigration.
[*Economics 980e. Corporate Governance]
Catalog Number: 0331
Efraim Benmelech
Half course (spring term). Hours to be arranged.
This seminar investigates the different approaches to optimal governance structures of firms. We will survey current research on agency problems, the market for corporate control, executive compensation, corporate boards and tunneling.
Note: Expected to be given in 2008–09.
Prerequisite: Economics 1745 is recommended but not required.
*Economics 980f. Economics of Social Problems
Catalog Number: 7655
Lawrence F. Katz
Half course (spring term). M., W., 1–2:30. EXAM GROUP: 6, 7
This course applies the tools of economics to understand key US social problems and to evaluate alternative market and government policies to address them. Issues to be studied include poverty and inequality; economics of the family; crime; neighborhood effects; low-wage labor markets; immigration; discrimination; homelessness; charitable behavior and welfare reform and other antipoverty strategies.
*Economics 980g. Topics in Economic Development
Catalog Number: 3368
Michael R. Kremer
Half course (spring term). Th., 4–6. EXAM GROUP: 18
Recent research on economic development. Social service delivery in health and education. Industrial sector. Goal is to enable students to identify research topics in economic development, learn how to define and analyze a problem. Emphasis on modeling and econometric techniques. Topics include returns to human capital, incentives on education, school choice, health service contracting, R&D. Firm related: business environment and firm responses, industry dynamics, effect of trade, FDI on productivity, wages.
*Economics 980h. The Industrial Organization of Health Care
Catalog Number: 9901
Richard G. Frank (Medical School)
Half course (spring term). W., 2–4. EXAM GROUP: 7, 8
The seminar will apply economic theory and review empirical analyses of markets in health care. Four specific areas will be examined: 1) physician behavior and markets for physician services; 2) the role of non-profit hospitals; 3) price competition in the prescription drug market; and 4) markets for health insurance.
[*Economics 980i. Applied Econometrics]
Catalog Number: 9226
Marcelo J. Moreira
Half course (spring term). Hours to be arranged.
This course discusses statistical tools and econometric models with a focus on economic applications. Topics include panel data and time series models, forecasting, identification, measurement error, sample selection, and randomized experiments. Participants will explore problems that arise in econometric modeling and will discuss how to resolve them. The goal is to develop the ability to critically examine the economic and statistical analyses in newspaper articles and academic papers.
Note: Expected to be given in 2008–09.
Prerequisite: Economics 1123 or Economics 1126.
*Economics 980j. Europe and the US: Comparative Economic Anaylsis - (New Course)
Catalog Number: 1892
Nicola C. Fuchs-Schündeln
Half course (spring term). W., 3–5. EXAM GROUP: 8, 9
This seminar explores differences in the economic systems, preferences, and outcomes between Europe and the US. Topics include the welfare system, taxation, labor markets, female labor force participation, fertility, preferences for redistribution, migration.
*Economics 980k. Religion and Political Economy - (New Course)
Catalog Number: 9110
Robert J. Barro
Half course (fall term). W., 2–4.
Theory and empirical analysis of interactions between religion and political economy. Subject matter includes research by economists and sociologists of religion, beginning with Adam Smith and Max Weber and extending to modern treatments. Demand-side models encompass the role of salvation and the secularization hypothesis. Supply-side models include the religion-market model, which stresses government regulation and state religions. Influences of religious beliefs and participation on economic growth, democracy, education, fertility, etc.
*Economics 980l. Macroeconomics & Politics - (New Course)
Catalog Number: 9442
Emmanuel Farhi
Half course (fall term). Tu., 2–4. EXAM GROUP: 16, 17
Topics include the political economy of economic growth, including the roles of democracy and legal institutions; inflation, monetary policy, fiscal policy, and analyses of economic and monetary unions.
*Economics 980m. Market Design - (New Course)
Catalog Number: 7401
Susan Athey
Half course (fall term). W., 4–6. EXAM GROUP: 9
This course studies the design of organized markets, focusing on efficient organization and the incentives created by market rules. Applications include online auction markets, government auctions of natural resources, matching markets (students to classes or schools, medical residents to hospitals, kidneys to recipients), health care markets, and electricity markets. The analysis relies on a mix of documenting the rules of real-world markets, game theoretic analysis, empirical analysis, and experimental work.
*Economics 980n. How Do We Fight Poverty? - (New Course)
Catalog Number: 8524
Alberto F. Alesina
Half course (fall term). Tu., 2–4. EXAM GROUP: 16, 17
This tutorial will examine recent debates about poverty reduction programs. It will touch upon issues such as whether economic growth is all one needs to reduce poverty, the relationship between growth and income inequality, the pros and cons of foreign aid, the role of the World Bank and IMF, whether free trade is beneficial for poor countries.
*Economics 980o. Health, Education, and Development - (New Course)
Catalog Number: 7373 Enrollment: Limited to 16.
Erica M. Field
Half course (spring term). Tu., Th., 10–11:30. EXAM GROUP: 12, 13
Advanced course addresses health and education issues in developing countries from the standpoint of economics, with a focus on modeling techniques and econometric methods. General topics include demographic transition, household models of production, and the role of health and educational inputs. Specific topics include: the return to education in developing countries, structural problems in delivery, education finance, health inequality, technology adoption and behavior, AIDS, and the impact of disease.
Note: A research paper is required. Concentrators may not take pass/fail.
Prerequisite: Economics 1010a (or 1011a) and 1123 (or 1126).
*Economics 985c. Research in Labor Economics
Catalog Number: 5409
Jeffrey A. Miron
Full course. Fall: F., 3–5. EXAM GROUP: Fall: 8, 9
Workshop for seniors writing theses 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
David Canning (Public Health)
Full course. Tu., 4:30–6:30.
Workshop for seniors writing theses in the areas of economic history and economic development, including health and population issues. Emphasis on choice of research topics, methodologies, 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 985e. Research in Macroeconomics
Catalog Number: 3740
Jeffrey A. Miron
Full course. Tu., 4–6.
Workshop for seniors writing theses in the fields of monetary and fiscal policy, business cycles, and economic growth. 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 985f. Research in International Trade and Finance
Catalog Number: 7157
Richard N. Cooper
Full course. M., 3–5:30.
Workshop for seniors writing theses in international trade and 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 honors thesis are required.
*Economics 985g. Research in Behavioral and Experimental Economics
Catalog Number: 2566
Jeffrey A. Miron
Full course. W., 6–8 p.m.
Workshop for seniors writing theses in behavioral and experimental economics. 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 985h. Research in Financial Markets
Catalog Number: 0350
Jeffrey A. Miron
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 Economics
Catalog Number: 0871
Jeffrey A. Miron
Full course. Th., 3–5.
Workshop for seniors writing theses in public economics. 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. Topics have included taxation, health economics, environmental and resource economics, and education.
*Economics 990. Tutorial — Senior Year
Catalog Number: 7342
Jeffrey A. Miron 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 term 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 9; and a one-hour weekly section to be arranged. EXAM GROUP: 2
Theories and evidence on economic growth and fluctuations. Determination of gross domestic product, investment, consumption, employment, and unemployment. Analysis of interest rates, wage rates, and inflation. Roles of fiscal and monetary policies. Extensions to the international economy.
Note: Economics 1010b fulfills the intermediate macroeconomic theory requirement for Economics concentrators. Students may take either Economics 1010b or Economics 1011b for credit. This course, when taken for a letter grade, meets the Core area requirement for Social Analysis.
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
Hsueh-Ling Huynh (Boston University)
Half course (fall term). M., W., 2–3:30; and a one-hour weekly section to be arranged. EXAM GROUP: 7, 8
Economics 1011a is similar to Economics 1010a, but is more mathematical and covers more material. The course teaches 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. This course, when taken for a letter grade, meets the Core area requirement for Social Analysis.
Prerequisite: Mathematics 21a or permission of the instructor.
Economics 1011b. Macroeconomic Theory
Catalog Number: 6993
Aleh Tsyvinski and Philippe Aghion
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. This course, when taken for a letter grade, meets the Core area requirement for Social Analysis.
Prerequisite: Economics 1011a, Mathematics 21a, or permission of the instructor.
[Economics 1017. A Libertarian Perspective on Economic and Social Policy]
Catalog Number: 1197
Jeffrey A. Miron
Half course (spring term). Hours to be arranged.
Analyses the libertarian perspective on economic and social policy. This perspective differs from both liberal and conservative views, arguing for minimal government in most arenas. Specific policies addressed include drug prohibition, gun control, public education, abortion rights, gay marriage, income redistribution, and campaign finance regulation.
Note: Expected to be given in 2008–09.
Prerequisite: Social Analysis 10a and concurrent enrollment in Social Analysis 10b.
Economics 1018. Cultural Economics
Catalog Number: 1775
Alberto F. Alesina and Paola Giuliano (International Monetary Fund)
Half course (spring term). Tu., Th., 1–2:30. EXAM GROUP: 15, 16
Explores the importance of culture on economic outcomes, focusing on how heterogeneity of preferences affects economic choices and where those differences come from. Theoretical topics include group identity, social interactions and networks, evolutionary selection, the importance of the family. Empirical applications include international investment, savings, occupational choices, ethical norms, economic development, fertility decisions.
Prerequisite: Economics 1010a or 1011a, and Economics 1123.
Economics 1025. Theory of Capital and Income
Catalog Number: 0121
Martin L. Weitzman
Half course (spring term). M., W., 1–2:30; and a 1.5 hour weekly section 1–2:30 to be held Friday. EXAM GROUP: 6, 7
Mathematically advanced. Applies the maximum principle of optimal control theory to analyze a wide variety of dynamic economic models. Emphasizes basic principles and fundamental unity of all problems involving capital, investment, and time—including harvesting of renewable resources, extraction of non-renewable resources, analysis of dynamic environmental externalities, optimal growth, equilibrium of competitive stock markets, and the economic theory of the connection between income, accounting, sustainability, and share valuation.
Prerequisite: Economics 1011a and Mathematics 20.
Economics 1030. Psychology and Economics
Catalog Number: 4709 Enrollment: Limited to 80.
David I. Laibson and Andrei Shleifer
Half course (spring term). Tu., Th., 1–2:30. EXAM GROUP: 15, 16
Psychological concepts include social preferences, impulsivity, bounded rationality, loss-aversion, over-confidence, self-serving biases, hedonics, and neuroscience. Economic concepts include arbitrage, equilibrium, rational choice, utility maximization, Bayesian beliefs, game theory. Integrates these psychological and economic concepts to understand behavioral phenomena such as portfolio choice, saving, procrastination, addiction, asset pricing, auction bidding, labor supply, cooperation, persuasion.
Prerequisite: Social Analysis 10 and knowledge of univariate calculus.
Economics 1035. Policy Applications of Psychology and Economics
Catalog Number: 1687 Enrollment: Limited to 30.
Sendhil Mullainathan
Half course (fall term). Tu., Th., 1–2:30. EXAM GROUP: 15, 16
Integrates psychological with economic approaches to traditional public policy issues. International applications include public health, epidemics such as AIDS, fertility, education and psychological impacts of poverty. Domestic applications include discrimination and affirmative action, drugs, crime and unemployment.
Prerequisite: Economics 1010a or 1011a.
Economics 1051. Game Theory in Economics
Catalog Number: 3692
Attila Ambrus
Half course (spring term). Tu., Th., 10–11:30. EXAM GROUP: 12, 13
The course will provide participants with an introduction to the modern game theory, focusing on its use in economics. Main ideas of game theory are introduced and illustrated using examples from industrial organization, labor economics, and macroeconomics.
Prerequisite: Economics 1010a or 1011a.
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 21a, or equivalent.
*Economics 2010a. Economic Theory
Catalog Number: 8656
Edward L. Glaeser and Jerry R. Green
Half course (fall term). Tu., Th., 10–11:30; and a 1.5-hour weekly section to be arranged. EXAM GROUP: 12, 13
Covers the theory of individual and group behavior. Topics include consumer theory, producer theory, behavior under uncertainty, externalities, monopolistic distortions, game theory, oligopolistic behavior, and asymmetric information.
Note: Enrollment is limited to students in the economics and business economics PhD programs.
Prerequisite: Mathematics 116 or equivalent; can be taken concurrently.
Economics 2010b. Economic Theory
Catalog Number: 8659
Oliver S. Hart and Roger B. Myerson (The University of Chicago)
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 social choice theory, signaling, mechanism design, general equilibrium, the core, externalities, and public goods.
Prerequisite: Economics 2010a.
Economics 2010c. Economic Theory
Catalog Number: 4431
David I. Laibson and Robert J. Barro
Half course (fall term). Tu., Th., 1–2:30; and a 1.5-hour weekly section to be arranged. EXAM GROUP: 15, 16
Topics include discrete-time and continuous-time dynamic programming, consumption, investment, economic growth, and business cycles.
Note: Enrollment is strictly limited to PhD students in the Economics Department, Business Economics program, and PEG program. Qualified Harvard undergraduates may also enroll. No other students may take the course for credit or as auditors.
Economics 2010d. Economic Theory
Catalog Number: 2041
Benjamin M. Friedman, N. Gregory Mankiw, and Kenneth Rogoff
Half course (spring term). M., W., 8:30–10. EXAM GROUP: 1, 2
A basic course in graduate macroeconomics, including models of business fluctuations, analyses of monetary and fiscal policy, and introduction to open economy macroeconomic issues.
Note: Enrollment is strictly limited to PhD students in the Economics Department, Business Economics program, and PEG program. Qualified Harvard undergraduates may also enroll. No other students may take the course for credit or as auditors.
Prerequisite: Mathematics 116 or the equivalent; can be taken concurrently.
*Economics 2020a. Microeconomic Theory I
Catalog Number: 0339 Enrollment: Limited to 102.
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: 1, 2
A comprehensive course in economic theory designed for doctoral students in all parts of the University. Consumption, production, uncertainty, markets, general equilibrium. Applications to policy analysis and business decisions. Emphasizes the use of economic theory in practical research.
Note: Offered jointly with the Kennedy School as API-111 and with the Business School as 4010.
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 with the Business School as 4011.
Prerequisite: Economics 2010a or 2020a.
[Economics 2040. Experimental Economics]
Catalog Number: 8485 Enrollment: Limited to 48.
Alvin E. Roth (FAS, Business School)
Half course (fall term). Hours to be arranged.
An introduction to experimental economics, and some of the major subject areas that have been addressed by laboratory experiments. We concentrate on series of experiments, to see how experiments build on one another.
Note: Expected to be given in 2008–09. Open to undergraduates with permission of the instructor. Offered jointly with the Business School as 4160.
Economics 2052. Game Theory I: Equilibrium Theory
Catalog Number: 3690
Adam Szeidl (University of California, Berkeley)
Half course (spring term). M., 4–7 pm. EXAM GROUP: 9
Equilibrium analysis and its applications. Topics vary, but typically include equilibrium refinements (sequential equilibrium), the equilibria of various classes of games (repeated games, auctions, signaling games) and the definition and application of common knowledge.
Prerequisite: Economics 2010a or permission of the instructor.
Economics 2053. Game Theory II: Topics in Game Theory
Catalog Number: 1898
Attila Ambrus
Half course (fall term). Tu., 5:30–8:30 p.m. EXAM GROUP: 18
Aimed at students planning to do research in game theory. Topics vary from year to year; examples include evolutionary game theory, models of learning and imitation, epistemological models, coalitional agreements, and the foundations of games of incomplete information.
Economics 2056. Market Design
Catalog Number: 3634
Alvin E. Roth (FAS, Business School) and Peter A. Coles (Business School)
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, labor markets, school choice, and kidney exchange.
Note: Open to undergraduates with permission of the instructors. Offered jointly with the Business School as 4150.
Prerequisite: Game theory.
[Economics 2057. Rational Choice]
Catalog Number: 3755
Amartya Sen
Half course (fall term). Hours to be arranged.
Rationality is a central idea in economics, law, politics and moral and political philosophy. This course will provide a critical examination of the different ways of characterizing rationality and its requirements.
Note: Expected to be given in 2008–09. Open to graduate students in Economics, Philosophy, Government and Law. Offered jointly with the Law School as 45510-11.
Economics 2058. Networks and Social Capital
Catalog Number: 2872
Markus M. Möbius
Half course (spring term). Hours to be arranged. EXAM GROUP: 18
Provides a rigorous theoretical introduction into network models. Discusses the emerging empirical literature on economic and social networks. Topics include the role of networks in technological progress, buyer-supplier networks, and social capital.
[Economics 2059. Decision Theory]
Catalog Number: 3825
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Half course (spring term). Hours to be arranged.
First half focuses on classical models of choice theory, formalizing the notion of rationality and exploring its behavioral implications. The second half focuses on recent research, incorporating insights from psychology and allowing for boundedly-rational agents.
Note: Expected to be given in 2008–09.
Economics 2060. Contract Theory
Catalog Number: 1404
Philippe Aghion
Half course (fall term). M., W., 4–5:30. EXAM GROUP: 9
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 2061. Dynamic Games and Contracts - (New Course)
Catalog Number: 4138
Susan Athey
Half course (fall term). F., 1–4. EXAM GROUP: 6, 7, 8
This course develops methods for analyzing repeated and dynamic games and contracts in environments with hidden information and moral hazard problems. Applications include collusion, bilateral trade, and mutual insurance. This course complements Economics 2415.
[Economics 2070. Economics of Information]
Catalog Number: 5647
Jerry R. Green
Half course (fall term). Tu., 6–9 pm. EXAM GROUP: 18
A research seminar for students considering work in economic theory. Topics include: voting theory; cooperative game theory (complete and incomplete information); models of quasi-rational behavior (reason-based choice, random choice models, complexity); general equilibrium with adverse selection.
Note: Expected to be given in 2008–09. Offered jointly with the Business School as 4165.
[Economics 2080. Economics and Politics: The Foundations of Economics in Political Theory]
Catalog Number: 6576
Benjamin M. Friedman and Richard Tuck
Half course (fall term). Hours to be arranged.
Offers graduate students in relevant disciplines the chance to study the historical origins of central ideas in modern economics and to discuss their philosophical character.
Note: Expected to be given in 2008–09.
Prerequisite: A basic knowledge of economics is assumed.
Economics 2086. The Theory Workshop
Catalog Number: 6378
Jerry R. Green (fall term) and Drew Fudenberg (spring term) and members of the Department
Half course (fall term; repeated spring term). Th., 4–6. EXAM GROUP: 18
For students with an interest in economic theory. Faculty presentations by Harvard and MIT economists and invited guests. The location alternates between Harvard and MIT.
Economics 2099. Topics in the History of Economic Thought - (New Course)
Catalog Number: 9529
Stephen A. Marglin
Half course (fall term). M., 4–6. EXAM GROUP: 9
Topics covered: (1) Efficiency vs distribution as the engine of change. (2) Can socialism allocate resources efficiently without markets? (3) Was there a Keynesian revolution? (4) The transformation of self interest from vice to virtue. (5) Economics and ecology. (6) Justifications of the focus on efficiency.
Prerequisite: Graduate-level course in microeconomic theory. Ec 2010a and b, Ec 2020a and b, or equivalent.
Economics 1126. Quantitative Methods in Economics
Catalog Number: 4076
Gary Chamberlain
Half course (spring term). Tu., Th., 11:30–1. EXAM GROUP: 13, 14
Topics include elements of statistical decision theory and related experimental evidence; some game theory and related experimental evidence; maximum likelihood; logit, normal, probit, and ordered probit regression models; panel data models with random effects; omitted variable bias and random assignment; incidental parameters and conditional likelihood; demand and supply.
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 1127. Statistical Methods for Evaluating Causal Effects - (New Course)
Catalog Number: 9967
Guido W. Imbens and Donald B. Rubin
Half course (spring term). Tu., Th., 2:30–4. EXAM GROUP: 16, 17
Statistical methods discussed for inferring causal effects from data from randomized experiments or observational studies. Students will develop expertise to assess the credibility of causal claims and the ability to apply the relevant statistical methods for causal analyses. Examples will come from many disciplines: economics, education, other social sciences, epidemiology, and biomedical science. Evaluations of job training programs, educational voucher schemes, changes in laws such as minimum wage laws, medical treatments, smoking, military service.
Prerequisite: Statistics 100 or preferably Statistics 111; Mathematics 20.
Economics 2120. Introduction to Applied Econometrics
Catalog Number: 2352
Dale W. Jorgenson (fall term) and Gary Chamberlain (spring term)
Half course (fall term; repeated spring term). Tu., Th., 2:30–4. EXAM GROUP: 16, 17
Introduction to methods employed in applied econometrics, including linear regression, instrumental variables, panel data techniques, generalized method of moments, and maximum likelihood. Includes detailed discussion of papers in applied econometrics and computer exercises using standard econometric packages.
Note: Enrollment limited to PhD candidates in economics, business economics, health policy, public policy, and political economy and government (PEG).
Prerequisite: Economics 2110 or equivalent.
Economics 2130. 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, discrete and limited dependent variables, models of selection, and stationary and non-stationary time series. Includes detailed discussion of empirical applications.
Note: Students complete a short research project in applied econometrics.
Prerequisite: Economics 2120 or equivalent.
Economics 2140. Econometric Methods
Catalog Number: 7210
Guido W. Imbens
Half course (fall term). Tu., Th., 11:30–1. EXAM GROUP: 13, 14
Econometric methods for cross-section and panel data. Topics include generalized method of moments, empirical likelihood, instrumental variables, bootstrapping, clustering, treatment effects, selection bias, difference-in-differences, qualitative choice, quantile regression, nonparametric methods, and semiparametric methods.
Prerequisite: Economics 2120 or equivalent.
Economics 2142. Time Series Analysis
Catalog Number: 4414
Rustam Ibragimov
Half course (fall term). Tu., Th., 8:30–10. EXAM GROUP: 10, 11
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. Advanced Applied Econometrics
Catalog Number: 7686
Ariel Pakes and Guido W. Imbens
Half course (spring term). Tu., Th., 11:30–1. EXAM GROUP: 13, 14
An introduction to the theory and application of recently developed econometric techniques
used in advanced applied work. Simulation techniques, estimation subject to inequality restrictions, as well as semiparametric and nonparametric tools will be studied in a variety of empirical contexts.
[Economics 2146. Topics in Financial Econometrics]
Catalog Number: 8715
Rustam Ibragimov
Half course (spring term). Hours to be arranged.
A discussion of modern topics in financial econometrics. Topics include testing for return predictability, inference in consumption-based asset pricing models, and estimation of continuous time models. Includes discussion of empirical applications.
Note: Expected to be given in 2008–09.
Prerequisite: Economics 2120 or equivalent.
Economics 2149. Computational Economics
Catalog Number: 7236
Ulrich Doraszelski
Half course (fall term). M., W., 8:30–10. EXAM GROUP: 1, 2
Graduate introduction to computational approaches for solving economic models. Formulate economic problems in computationally tractable form and use techniques from numerical analysis to solve them. Examples of computational techniques in the current economics literature will be examined.
Economics 2162. The Econometrics Workshop
Catalog Number: 2372
James H. Stock and members of the Department
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 Enrollment: Limited to 80.
Jeffrey G. Williamson
Half course (fall term). Tu., Th., 10–11:30. EXAM GROUP: 12, 13
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: Concentrators may not take pass/fail.
Prerequisite: Social Analysis 10.
[*Economics 1386. Health, Education, and Development]
Catalog Number: 6436 Enrollment: Limited to 20.
Erica M. Field
Half course (spring term). Tu., Th., 10–11:30. EXAM GROUP: 12, 13
Advanced course addresses health and education issues in developing countries from the standpoint of economics, with a focus on modeling techniques and econometric methods. General topics include demographic transition, household models of production, and the role of health and educational inputs. Specific topics include: the return to education in developing countries, structural problems in delivery, education finance, health inequality, technology adoption and behavior, AIDS, and the impact of disease.
Note: Expected to be given in 2008–09. A research paper is required. Concentrators may not take pass/fail.
Prerequisite: Economics 1010a (or 1011a) and 1123 (or 1126).
Economics 1389. The Economics of Health and Development - (New Course)
Catalog Number: 1900
Amitabh Chandra (Kennedy School) and Erica M. Field
Half course (spring term). Tu., Th., 1–2:30; F., 1–2:30. EXAM GROUP: 15, 16
Examines health issues in developing countries from the standpoint of economics, with focus on applied microeconomic research and econometric methods. Specific topics include private and social returns to health, the effect of health on growth and development, gender differences in health, structural problems in delivery, health finance, technology adoption and behavioral change, infant mortality, worms, AIDS, malaria, and the long-run impact of disease. For each topic, special attention is paid to the identifying causal effects that inform the design of public policies, and contrast the lessons learnt from this approach to those obtained from observational studies.
Note: Offered jointly with the Kennedy School as PED-318.
Prerequisite: Economics 1010a (or 1011a) and 1123 (or 1126).
[Economics 1390. Microfinance: Theory and Practice] - (New Course)
Catalog Number: 5115 Enrollment: Limited to 80.
Beatriz Armendariz
Half course (spring term). Tu., Th., 11:30–1; and a one-hour weekly section to be arranged. EXAM GROUP: 13, 14
A course which has multidimensional implications on current poverty reduction efforts. How can microfinance overcome credit rationing for the poor and be profitable? How can one measure its potential impact on poverty reduction? Covers detailed case studies of non-profit and for-profit microfinance enterprises.
Note: Expected to be given in 2008–09.
Prerequisite: Economics 1011a and 1123.
Economics 1393. Poverty and Development
Catalog Number: 6516
Nathan J. Nunn
Half course (spring term). M., W., 1–2:30; and a one-hour weekly section to be arranged. EXAM GROUP: 6, 7
Studies the relationship between economic growth, poverty, and income distribution. Discusses how globalization affects poverty and inequality. Studies the main theories of economic growth and the main potential sources of economic development, from physical capital accumulation, to education, to technology, to the role of government. Discusses various global issues such as public global health (e.g., the impact of malaria and AIDS on Africa), corruption and institutions, natural resources, the environment, international donor institutions, and population growth.
Prerequisite: Economics 1010a (or 1011a) and 1010b (or 1011b).
[Economics 2328. The Emergence of Modern Economic Growth: A Comparative and Historical Analysis]
Catalog Number: 9475
James Robinson
Half course (fall term). M., W., 2:30–4. EXAM GROUP: 7, 8
Overview and analysis of comparative economic development during the last half millennia. Examines the emergence of modern economic growth in Europe after 1500, and the forces that led to the great divergence in prosperity in the 19th century. Also considered: colonialism, communism, fascism, and revolution.
Note: Expected to be given in 2008–09.
Economics 2333. Historical Perspectives on Current Economic Issues
Catalog Number: 6800
Claudia Goldin and John J. Wallis (University of Maryland)
Half course (spring term). M., W., 2:30–4. EXAM GROUP: 7, 8
Comparative economic history emphasizing the sources of economic growth. Subjects include labor systems, population change, migration, technology, industrialization, market integration, education, government, inequality, and the Great Depression. Each topic is motivated by a current concern.
Note: Satisfies the graduate distribution requirement. Open to undergraduates on a limited basis with permission of instructor.
[Economics 2335. The Industrial Sector in Developing Countries]
Catalog Number: 3876
Matthias Schündeln
Half course (spring term). Hours to be arranged.
Microeconomics of industrial sector development, focusing on the specific institutional environment of developing countries. Topics include role of financial markets, labor markets, and new technologies in explaining individual firm behavior, productivity, market structure, industry dynamics.
Note: Expected to be given in 2008–09.
*Economics 2339. The Economic History Workshop
Catalog Number: 8183
Claudia Goldin (fall term); Claudia Goldin and John Wallis (spring term)
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 2350. Workshop in Religion, Political Economy, and Society]
Catalog Number: 0815
Robert J. Barro and members of the Department
Half course (fall term; repeated spring term). Hours to be arranged.
Topics on the interplay between religion and the social sciences.
Note: Expected to be given in 2008–09.
Economics 2390b. Development Economics I: Microeconomic Issues
Catalog Number: 2990
Sendhil Mullainathan
Half course (fall term). Tu., Th., 10–11:30. EXAM GROUP: 12, 13
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. Development Economics II: Macroeconomic Issues
Catalog Number: 0388
Michael R. Kremer
Half course (spring term). Tu., Th., 2:30–4. EXAM GROUP: 16, 17
Topics include aggregative and non-aggregative growth models, growth and development accounting, models of technology diffusion and choice, the role of finance and foreign aid in the growth process, the role of trade, immigration, and population growth.
Economics 2390d. The Economic Growth and Development Workshop
Catalog Number: 1926
Michael R. Kremer and members of the Department
Full course. Fall: Tu., 2:30–4; Spring: W., 2:30–4. EXAM GROUP: Fall: 16, 17; Spring: 7, 8
Fall speakers cover issues in growth and development. Spring speakers alternate between “growth and institutions,” focusing on the macro aspects of growth and development, and “labor and development,” focusing on the micro aspects.
[Economics 2390e. Topics in Development Economics]
Catalog Number: 8744
Sendhil Mullainathan
Half course (spring term). Tu., 6–8 pm. EXAM GROUP: 18
An introduction to aspects of performing field work in development economics. This course prepares students for field work through background readings, help in choice of field site, and teaching of empirical tools.
Note: Expected to be given in 2008–09. Students are expected to spend the summer doing field work and writing a major research paper.
Economics 1410. Public Sector Economics
Catalog Number: 6136
David M. Cutler, Mihir A. Desai (Business School), and Martin Feldstein
Half course (spring term). M., W., F., at 9, and a one-hour weekly section to be arranged. EXAM GROUP: 2
An economic analysis of taxation and government spending. Fundamental principles of taxation are developed and applied to current issues of tax policy. Discussion of government spending focuses on issues of health, education, and social security.
Note: Offered jointly with the Kennedy School as API-125.
Prerequisite: Economics 1010a or 1011a or permission of instructor.
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 1430. Macroeconomics and Politics]
Catalog Number: 5549
Robert J. Barro and Emmanuel Farhi
Half course (spring term). M., W., F., at 11. EXAM GROUP: 4
Topics include the political economy of economic growth, including the roles of democracy and legal institutions; inflation, monetary policy, and fiscal policy; interplay between religion and political economy; and analyses of economic and monetary unions.
Note: Expected to be given in 2008–09.
Prerequisite: Economics 1010b or 1011b, or permission of the instructor.
Economics 1460. Economics of Health Care Policy
Catalog Number: 4540
Joseph P. Newhouse (Kennedy School, Medical School, Public Health)
Half course (spring term). M., W., 8:40–10. EXAM GROUP: 1, 2
Policy issues related to the following: the demand for medical care services, especially as a function of insurance; the demand for insurance and issues of selection; reimbursement policies of Medicare and other payers toward health plans, hospitals, and physicians; effects of health maintenance organizations and managed care; and malpractice and tort reform. Focus on federal policy, although state and local perspectives will receive some attention.
Note: Students may not take both Economics 1460 and Quantitative Reasoning 24: Health Economics and Policy for credit. Offered jointly with the Kennedy School as HCP-272.
Prerequisite: Economics 1010a or 1011a. A statistics course is highly desirable.
[Economics 1471. Economics of Crime]
Catalog Number: 6848 Enrollment: Limited to 100.
Jeffrey A. Miron
Half course (spring term). Hours to be arranged.
Presents the economic model of crime and assesses the evidence that evaluates this model. Specific topics include the roles of guns, drugs, abortion, the death penalty, and criminal justice policies in determining crime.
Note: Expected to be given in 2008–09.
Prerequisite: Social Analysis 10 and Statistics 100 (or equivalent).
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, political, and moral perspective. Focuses on ways in which moral ideas, including religious ideas, have influenced economic thinking, and vice versa. Approaches include economic, historical, and literary analyses.
Prerequisite: Economics 1010a (or 1011a) and 1010b (or 1011b).
[Economics 2410d. Aggregate Implications of Household and Firm Behavior]
Catalog Number: 9772
Nicola C. Fuchs-Schündeln
Half course (spring term). Hours to be arranged.
Deals with microeconomic foundations of macroeconomics. Covers a variety of topics, including consumption, wealth holdings, investment, and unemployment. Studies theory as well as empirical evidence.
Note: Expected to be given in 2008–09.
Economics 2410e. Economic Growth
Catalog Number: 0681
Philippe Aghion
Half course (fall term). M., W., 2:30–4. EXAM GROUP: 7, 8
Covers a variety of advanced topics in economic growth and development, including the roles of factor accumulation, differences in productivity, technology adoption and technology diffusion, institutions and politics, culture and social capital.
[Economics 2410f. Advanced Topics in Closed and Open Economy Macroeconomics]
Catalog Number: 3832
Nicola C. Fuchs-Schündeln
Half course (fall term). Hours to be arranged.
Theory and empirics of microeconomic foundations of closed economy macroeconomics with incomplete markets. Further studies the importance of frictions in asset and good markets in explaining a variety of open economy macro puzzles.
Note: Expected to be given in 2008–09.
Economics 2410g. Political Economics
Catalog Number: 6758
Alberto F. Alesina and Andrei Shleifer
Half course (fall term). W., 4:30–6:30. EXAM GROUP: 9
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 2415. Theory of Optimal Policy
Catalog Number: 2855
Michael Golosov (MIT) and Emmanuel Farhi
Half course (spring term). Tu., Th., 1–2:30. EXAM GROUP: 15, 16
Theory of optimal taxation: static and dynamic models; taxation; Ramsey and Mirrlees approaches; theory of social insurance. Macroeconomic approach to optimal policy includes fiscal and monetary policy over time and business cycles, time-consistency problems.
Economics 2420. Monetary and Fiscal Policy Seminar
Catalog Number: 5946
Aleh Tsyvinski, Philippe Aghion, Robert J. Barro (fall term), Benjamin M. Friedman and members of the Department
Full course. M., 2–4. EXAM GROUP: 7, 8
Seminar speakers present papers on macroeconomic topics, including issues relating to monetary and fiscal policies, economic growth, the role of institutions, and other research issues in the field.
Economics 2450a. Public Economics and Fiscal Policy I
Catalog Number: 1339
Jeffrey B. Liebman (Kennedy School) and David M. Cutler
Half course (fall term). M., W., (F.), 11:30–1. EXAM GROUP: 4, 5
Surveys theoretical and empirical analyses of taxation and government expenditures. Topics include tax incidence, optimal tax theory, public goods and externalities, and empirical analysis of responses to taxation.
Economics 2450b. Public Economics and Fiscal Policy II
Catalog Number: 6478
David M. Cutler and Martin Feldstein
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, including social security and health care.
Economics 2460. Health Economics Workshop
Catalog Number: 7617
David M. Cutler and Joseph P. Newhouse (Kennedy School, Medical School, Public Health)
Half course (spring term). Tu., 6–8 pm. EXAM GROUP: 18
Focuses on theory, econometric models, and public policy of health care. Frontier work in health economics presented and discussed by instructors and outside speakers.
Note: May be taken for credit only by dissertation students writing a research paper. Offered jointly with the Kennedy School as HCP-581.
Economics 2470. Law and Economics
Catalog Number: 5995
Andrei Shleifer and Louis E. Kaplow (Law School)
Half course (spring term). W., 3–5. EXAM GROUP: 8, 9
Emphasizes themes relating different subjects in the field and analyzes topics that illustrate those themes. Besides issues such as torts, property, litigation, and law enforcement, will also focus on judicial decision-making and cross-country comparisons of the effects of laws and legal systems.
Note: Offered jointly with the Law School as 96203-31.
Economics 2480. The Public Economics and Fiscal Policy Workshop
Catalog Number: 6834
David M. Cutler and Martin Feldstein
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 Seminar
Catalog Number: 9061
Martin Feldstein
Half course (spring term). Th., 6:30–9 p.m. EXAM GROUP: 18
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.
Note: Speakers will be both experts with experience in this field and economists doing research on these issues. Seminar participants will be economics department faculty and selected graduate students.
Economics 1531. Economics of International Financial Policy
Catalog Number: 7018
Jeffrey A. Frankel (Kennedy School)
Half course (spring term). M., W., 2:40–4; and review section F., 11:40-1. EXAM GROUP: 7, 8
This course examines the macroeconomics of open economies. It covers models appropriate to major industrialized countries. Topics include the foreign exchange market, devaluation, and import and export elasticities; simultaneous determination of the trade balance, national income, balance of payments, money flows, and price levels; capital flows and our increasingly integrated financial markets; monetary and fiscal policy in open economies; international macroeconomic interdependence; supply relationships and monetary policy targets; exchange rate determination; and international portfolio diversification.
Note: Offered jointly with the Kennedy School as ITF-220. May not be taken for credit with Economics 1530.
Prerequisite: Economics 1010/1011. Knowledge of international trade theory and econometric techniques is also desirable, but not essential. Students must be very comfortable with algebra.
Economics 1535. International Trade and Investment
Catalog Number: 2557
Pol Antràs
Half course (fall term). M., W., 1–2:30; and a one-hour weekly section to be arranged. EXAM GROUP: 6, 7
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 1540. Topics in International Trade]
Catalog Number: 7470
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Half course (spring term). Hours to be arranged.
Covers advanced topics in international economics with a special emphasis on an analytical approach to the recent process of globalization. Topics include the effect of international outsourcing on wages, trade and industrial development, and the role of multinational firms in the global economy.
Note: Expected to be given in 2008–09.
Prerequisite: Economics 1535 and knowledge of calculus.
Economics 1542. International Trade Policy
Catalog Number: 2613
Stephen James Redding (London School of Economics)
Half course (fall term). M., W., 2–3:30. EXAM GROUP: 7, 8
Provides a discussion of the economic impacts of international trade policies and the political economy of trade policy formation. The course will focus on analytical methods and therefore requires knowledge of calculus.
Prerequisite: Economics 1010a or 1011a, or permission of instructor.
Economics 1545. International Financial and Macroeconomic Policy
Catalog Number: 5166 Enrollment: Limited to 30.
Kenneth Rogoff
Half course (spring term). M., W., 1–2:30; and a one-hour weekly section to be arranged. EXAM GROUP: 6, 7
Advanced theoretical and empirical analysis of contemporary international macroeconomic policy issues in both industrialized and developing economies. Topics include exchange rates, international capital flows, debt crises, growth, and policy coordination.
Prerequisite: Economics 1010b or 1011b.
Economics 2530b. International Finance
Catalog Number: 7144
Gita Gopinath
Half course (spring term). F., 9–12. EXAM GROUP: 2, 3, 4
Financial aspects of growth and income determination in open economies. Topics include international business cycle, monetary and exchange rate regimes, capital flows, and current issues in international macroeconomic policy.
Prerequisite: Economics 2530a provides extremely useful background.
Economics 2535. Advanced Topics in International Trade
Catalog Number: 6410
Pol Antràs and Nathan J. Nunn
Half course (spring term). M., W., 10–11:30. EXAM GROUP: 3, 4
Covers advanced theoretical and empirical topics concerning the determinants of world trade patterns.
Prerequisite: Economics 2530a or permission of instructor.
Economics 2537. International Trade Policy: Issues and Analysis
Catalog Number: 1699
Dani Rodrik (Kennedy School)
Half course (fall term). Hours to be arranged.
Develops expertise with economic models used for the analysis of international trade policies. Focuses on theoretical and empirical work relating to trade patterns, income distribution, growth, development, industrial policy, political economy, and the WTO.
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
Elhanan Helpman and members of the Department
Full course. W., 4–6. EXAM GROUP: 9
Research papers in all aspects of international economics, including theory, econometrics, and policy.
[Economics 1640. Industrial Organization: Theory and Applications]
Catalog Number: 7875 Enrollment: Limited to 30.
Julie H. Mortimer
Half course (fall term). M., W., 1–2:30. EXAM GROUP: 6, 7
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.
Note: Expected to be given in 2008–09. Students may not take both Economics 1640 and Economics 1641 for credit.
Prerequisite: Economics 1010a or 1011a.
Economics 1641. Industrial Organization: Theory and Practice
Catalog Number: 9099 Enrollment: Limited to 30.
Ulrich Doraszelski (fall term), Ariel Pakes (spring term), and Gregory M. Lewis (spring term)
Half course (fall term; repeated spring term). Fall: M., W., 1–2:30; Spring: M., W., 4–5:30. EXAM GROUP: Fall: 6, 7; Spring: 9
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.
Note: Students may not take both Economics 1640 and Economics 1641 for credit.
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; with optional review section F., 1–2:30. EXAM GROUP: 6, 7
Provides a survey, from the perspective of economics, of environmental and natural resource policy. Combines lectures on conceptual and methodological topics with examinations of public policy issues. Topics include principles of environmental and resource economics, nonrenewable resources (minerals and energy), renewable resources (water, forests, land, fisheries), 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 2611. Industrial Organization II
Catalog Number: 2302
Julie H. Mortimer and Gregory M. Lewis
Half course (spring term). M., W., 1–2:30. EXAM GROUP: 6, 7
Application of industrial organization to problems of public policy. Applied analysis of antitrust policy, network industries, vertical relationships, auctions, and other topics depending on interest.
Note: Students are urged to take Economics 2610 before Economics 2611.
*Economics 2640hf. The Industrial Organization Workshop
Catalog Number: 5981
Julie H. Mortimer and Ariel Pakes (fall term); Ariel Pakes (spring term)
Half course (throughout the year). M., 2:30–4. EXAM GROUP: 7, 8
Economics 2665. The Economics of Organizations Workshop
Catalog Number: 9819
Oliver S. Hart and Robert Gibbons (Massachusetts Institute of Technology)
Half course (fall term; repeated spring term). Th., 2:30–4. EXAM GROUP: 16, 17
Note: Offered jointly with the Business School as 4230.
Economics 2670. Organizational Economics
Catalog Number: 6913
Oliver S. Hart and Robert Gibbons (Massachusetts Institute of Technology)
Half course (spring term). M., W., 10–11:30. EXAM GROUP: 3, 4
Theoretical and empirical work on organizations. Topics include agency problems inside organizations, boundaries of the firm, relational contracting, authority, hierarchies, delegation, decentralization, and nonstandard organizational arrangements (including joint ventures, venture capital, and public ownership).
Note: Offered jointly with the Business School as 4180.
Prerequisite: Economics 2020.
Economics 2680. Environmental and Natural Resource Economics
Catalog Number: 6529
Martin L. Weitzman
Half course (fall term). Tu., Th., 11:30–1. EXAM GROUP: 13, 14
Basic theory and models, including externalities, common property, instruments for controlling pollution. Applications of optimal control theory to renewable and non-renewable resources. Analysis of cost-benefit, discounting, uncertainty, environmental accounting, “sustainability,” and biodiversity preservation.
Prerequisite: Graduate price theory at level of 2010 or 2020.
*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., 4–5:30. 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. Corporate Finance
Catalog Number: 5889
Efraim Benmelech
Half course (spring term). T., Th., 1–2:30, and a one-hour weekly section to be arranged. EXAM GROUP: 15, 16
Introduction to corporate finance, including capital budgeting, capital structure of firms, dividend policy, corporate governance, and takeovers.
Prerequisite: Economics 1010a or 1011a, Mathematics 20, and Statistics 100.
[Economics 1760. Topics in Financial Economics]
Catalog Number: 4594
Jeremy C. Stein
Half course (spring term). Hours to be arranged.
Theory and empirical evidence on selected questions in financial economics, with an emphasis on current research. Topics include behavioral finance, market efficiency, and corporate investment and financing decisions.
Note: Expected to be given in 2008–09.
Prerequisite: Economics 1723.
Economics 2724 (formerly Economics 2424). Finance Theory in Continuous Time
Catalog Number: 2614
Robert C. Merton (Business School)
Half course (spring term). M., 2:30–6. EXAM GROUP: 7, 8, 9
Synthesis of finance theory from the perspective of continuous-time analysis covering individual financial behavior, financial markets and intermediaries, corporate finance, governmental and macro finance in an uncertain environment.
Note: Offered jointly with the Business School as 4256.
Prerequisite: At least one finance course including capital markets; elementary probability and statistics; multi-variate calculus; matrix algebra.
Economics 2725. Corporate Finance
Catalog Number: 1427
Efraim Benmelech and David S. Scharfstein (Business School)
Half course (spring term). Tu., Th., 10–11:30. EXAM GROUP: 12, 13
Theory and empirical evidence on capital structure, dividends, investment policy, and managerial incentives. Topics include banking, corporate governance, and mergers.
Note: Offered jointly with the Business School as 4223.
Prerequisite: Economics 2060.
Economics 2726. Theoretical and Empirical Perspective on Entrepreneurship: Economics and Finance - (New Course)
Catalog Number: 4451
Joshua Lerner (Business School) and William Robert Kerr
Half course (spring term). Th., 2:30–5:30. EXAM GROUP: 16, 17, 18
Entrepreneurship is a complex phenomenon that has attracted little academicattention. This course explores the emerging work in this area. Students taking the course for credit will be expected to complete two referee reports and a paper.
Note: Jointly listed with the Business School as 4350
[Economics 2727. Empirical Methods in 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: Expected to be given in 2008–09. Structured to minimize overlap with Economics 2725. Seminar format; students write referee reports and a research paper. Jointly listed with the Business School as 4220.
[Economics 2728. Behavioral Finance]
Catalog Number: 8633
Jeremy C. Stein
Half course (spring term). Hours to be arranged.
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, and trading volume.
Note: Expected to be given in 2008–09.
*Economics 2770hf. The Financial Economics Workshop
Catalog Number: 1379
Efraim Benmelech and John Y. Campbell
Half course (throughout the year). Spring: W., 4–5:30. EXAM GROUP: Spring: 9
Economics 1813. The Indebted Society
Catalog Number: 6957
James L. Medoff
Half course (fall term). M., W., (F.), at 10. EXAM GROUP: 3
In recent years, the U.S. economy has entered an unprecedented era of dependence on debt by governments, corporations and households. A massive debt overhang permeates our economy, casting a shadow over government, corporate and household finance and shaping decision-making processes for all of these actors. This course examines both causes and effects of this penchant for debt, utilizing a multidisciplinary approach drawing from labor economics, public/corporate finance, law, public policy, and even sociology and psychology.
Prerequisite: Economics 1010a (or 1011a) and Economics 1010b (or 1011b).
Economics 1816. Race in America
Catalog Number: 2483
Roland G. Fryer
Half course (fall term). W., 6–9 p.m. EXAM GROUP: 9
Examines the causes and consequences of racial inequality in America and evaluates the efficacy of various market and non-market solutions.Topics include: the racial achievement gap in education, the impact of crack cocaine on inner cities, racial differences in health, crime and punishment, labor market discrimination, social interactions and the effects of peer groups, affirmative action, and more.
Prerequisite: Social Analysis 10.
Economics 1818. Economics of Discontinuous Change
Catalog Number: 3029
Richard B. Freeman
Half course (spring term). Tu., Th., 1–2; 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: A research paper is required. Students should have some mathematical background, but there is no prerequisite.
[Economics 1822. Economics of Education]
Catalog Number: 1004 Enrollment: Limited to 40.
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Half course (fall term). Hours to be arranged.
Explores why people attain different levels of education, what makes schools efficient, how schools should be financed, what explains rising college tuition, whether education propels macroeconomic growth. Uses labor economics (human capital investment, the market for teachers), public economics (financing K-12 education, public colleges), industrial organization (vouchers, charter schools, market for college education), macroeconomics (growth theory).
Note: Expected to be given in 2008–09. A research paper is required of most students, which makes this a good course for those considering honors theses.
Prerequisite: Economics 1010a or 1011a, or permission of the instructor.
[Economics 2801. Re-Thinking Cities]
Catalog Number: 9505
Edward L. Glaeser and Jerold Kayden (Design School)
Half course (spring term). M., 3–5. EXAM GROUP: 8, 9
Academic disciplines and professional fields employ a wide array of theories and technical approaches to study cities. With participation of scholars drawn from anthropology, economics, planning, architecture, law, sociology, political science, and other disciplines and fields, this course critically examines these ways of thinking about cities.
Note: Expected to be given in 2008–09. Jointly listed with the School of Design as GSD-3492 and the Kennedy School as HUT-202
Economics 2810a. Labor Market Analysis
Catalog Number: 4862
Lawrence F. Katz
Half course (fall term). M., W., 10–11:30. EXAM GROUP: 3, 4
Theoretical and empirical research on labor markets. Wage determination covers equalizing differences, human capital, job mobility, and incentive models. Labor supply covers life-cycle models. Labor demand includes minimum wage and union models.
[Economics 2810b. Labor Economics and Labor Market Institutions]
Catalog Number: 3206
Lawrence F. Katz
Half course (spring term). Hours to be arranged.
Examines the operation of the labor market and evaluation of labor market policies. Topics: labor econometrics, theories of wage determination, changes in the wage structure, unemployment, labor market institutions, and globalization and the labor market.
Note: Expected to be given in 2008–09.
Economics 2811. Social Economics
Catalog Number: 5188
Roland G. Fryer
Half course (spring term). M., W., 8:30–10. EXAM GROUP: 1, 2
Applies the tools of economics to explore social issues including crime, discrimination, racial and gender differences, poverty, family structure, urban problems, social interactions and peer effects, and intergenerational mobility.
Economics 2812. The Labor Economics Workshop
Catalog Number: 0230
Lawrence F. Katz, George J. Borjas (Kennedy School), Richard B. Freeman, and Roland G. Fryer
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
Paul C. Weiler (Law School)
Half course (spring term). Th., 4–6.
Research and discussion with trade union leaders and management concerning labor issues.
Note: Expected to be given in 2008–09.
Economics 2880. Economics of Science - (New Course)
Catalog Number: 7488
Richard B. Freeman
Half course (spring term). Tu., 2:30–5:30. EXAM GROUP: 16, 17, 18
Analyzes economic issues regarding the role of science and RD in the economy and in the deployment and productivity of scientists, engineers, and highly skilled technical workers. Topics include: wage levels/employment prospects; stipend policy, education/recruitment, student unionization/post-doc organization, career choices/trajectories, with reference to women; scientific competition/collaboration.
Economics 2888hf. Economics of Science and Engineering Workshop
Catalog Number: 6311
Richard B. Freeman
Half course (throughout the year). Meets bi-weekly: M., 3:30-5. EXAM GROUP: 8, 9
Focus on work force and career issues. Topics include: Effects of globalization on work force and innovation, growth of networks in work; impact of career incentives on productivity; university policies; mobility between academe and industry; link between ideas and outputs.
*Economics 3005. Reading and Research
Catalog Number: 3493
Members of the Department
Individual work or work in small groups (with a professor or lecturer in residence) in preparation for the general examination for the PhD degree, or work on special topics not included in course offerings.
*Economics 3010. Direction of Doctoral Dissertations
Catalog Number: 4579
Members of the Department
Note: In all cases, the dissertation topic must have been formally submitted to, and approved by, a dissertation adviser.
*Economics 3011. Research in Behavior in Games and Markets
Catalog Number: 0109
Attila Ambrus 4665, Drew Fudenberg 3460 (on leave fall term), Jerry R. Green 1539 (on leave spring term), David I. Laibson 1241, Markus M. Möbius 3441, and Alvin E. Roth 564 (on leave fall term)
Half course (fall term; repeated spring term). W., 11:30–1.
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 3030hf. Psychology and Economics in the Field]
Catalog Number: 3877
Sendhil Mullainathan 5139
Half course (throughout the year). Hours to be arranged.
Participants present empirical applications of economics and psychology. Most topics will be proposed designs of field experiments.
Note: Expected to be given in 2008–09. Open to doctoral students only.
*Economics 3163hf. Research in Econometrics
Catalog Number: 4392
Gary Chamberlain 1745, Rustam Ibragimov 5329, Guido W. Imbens 2671, Dale W. Jorgenson 2000, Marcelo J. Moreira 4365 (on leave spring term), and James H. Stock 1783
Half course (throughout the year). M., 12–2.
Participants discuss recent research in econometrics and present their own work in progress. Open to doctoral students in economics.
*Economics 3336hf. Research in Economic History
Catalog Number: 0639
Claudia Goldin 2667, John J. Wallis (University of Maryland) 5861 (spring term only), and Jeffrey G. Williamson 7680 (fall term only)
Half course (throughout the year). M., 4–5:30.
Participants discuss recent research in economic history and present their own work in progress.
Note: Primarily, but not exclusively, for doctoral students in economics who have passed their oral examinations.
*Economics 3390hf. Research in Economic Development
Catalog Number: 2532
Michael R. Kremer 2112, Erica M. Field 5095, Robert T. Jensen (Kennedy School) 4548, Asim I. Khwaja (Kennedy School) 3994, and Jeffrey G. Williamson 7680 (on leave spring term)
Half course (throughout the year). Fall: W., 1–2:30; Spring: W., at 1.
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
Alberto F. Alesina 2074, Robert J. Barro 1612, Nicola C. Fuchs-Schündeln 5026 (on leave fall term), David I. Laibson 1241, and Aleh Tsyvinski 4981 (on leave fall term)
Half course (throughout the year). Tu., at 12.
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, Edward L. Glaeser 3219, and Lawrence F. Katz 1480
Half course (throughout the year). Tu., 1–2:30.
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
Joseph P. Newhouse (Kennedy School, Medical School, Public Health) 2425
Half course (throughout the year). Hours to be arranged.
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
Pol Antràs 4666, Richard N. Cooper 7211, Gita Gopinath 5042 (on leave fall term), Elhanan Helpman 2334 (on leave spring term), and Joseph P. Newhouse (Kennedy School, Medical School, Public Health) 2425
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
Susan Athey 5334 (on leave spring term), Richard E. Caves 1414, Ulrich Doraszelski 5024, Julie H. Mortimer 3993 (on leave spring term), and Ariel Pakes 1774
Half course (throughout the year). W., 2:30–4.
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
Lucian A. Bebchuk (Law School) 2042, Oliver S. Hart 3462, Louis E. Kaplow (Law School) 3223, Joshua Lerner (Business School) 1601, and Andrei Shleifer 2772
Half course (throughout the year). M., 12:30–2.
The presentation of work in progress in the field of law, economics, and organizations. Presentations by members of the various Harvard faculties, outside speakers, and graduate students.
Note: Offered jointly with the Law School as 96250-11 and with the Business School as 4670.
*Economics 3680hf. Research in Environmental Economics
Catalog Number: 1227
Robert N. Stavins (Kennedy School) 2093
Half course (throughout the year). F., 12–1:30.
Participants discuss recent research in environmental and natural resource economics and present their own work in progress.
Note: Open to doctoral students only.
*Economics 3723hf. Research in Financial Economics
Catalog Number: 4107
Efraim Benmelech 5419, John Y. Campbell 1230, and Jeremy C. Stein 3752 (on leave 2007-08)
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.
Note: Offered jointly with the Business School as 4601.
*Economics 3810chf. Research in Labor Economics
Catalog Number: 4066
Lawrence F. Katz 1480, Roland G. Fryer 5523, and Claudia Goldin 2667
Half course (throughout the year). Tu., 1–2:30.
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.