01-02 LS&A Bulletin

Courses in Economics (Division 358)

ECON 401. Intermediate Microeconomic Theory.: (Economic Theory and Statistics); Econ. 101 and 102, and Math. 115. (4). Rackham credit requires additional work.; A systematic study of the role of the price system in organizing economic activity and an evaluation of its effectiveness. Analytical tools are developed and applied to the activities of the household, the firm, and to their interactions in the market under varying degrees of competition.
ECON 402. Intermediate Macroeconomic Theory.: (Economic Theory and Statistics); Econ. 101 and 102, and Math. 115. (4). Rackham credit requires additional work.; A systematic study of the theory of aggregate demand, the degree of utilization of productive capacity, and the general level of prices.
ECON 403. Advanced Economic Theory.: (Economic Theory and Statistics); Econ. 401. (3). Rackham credit requires additional work.; The course stresses mathematical techniques which are used in contemporary economic theory and treats economic theory as a subject of intrinsic interest as well as a tool to be used in various empirical areas. The range of possible topics for the course is extremely broad, and coverage during any particular term is determined by the interests of the students and the instructor.
ECON 404. Statistics for Economists.: (Economic Theory and Statistics); Econ. 101 and 102 and Math. 115. No credit granted to those who have completed or are enrolled in Econ. 405 or Stat. 350, 265, 311, 350, 400, 402, 405, or 412. (4). Rackham credit requires additional work.; This course is designed to equip students to read empirical literature in economics and other social sciences. Topics include tabular and regression analysis and emphasize multiple regression.
ECON 405 / STATS 405. Introduction to Statistics.: (Economic Theory and Statistics); Math. 116 or 118. Juniors and seniors may elect this course concurrently with Econ. 101 or 102. No credit granted to those who have completed or are enrolled in Stat. 265, 311, 400, or 412. Students with credit for Econ. 404 can only elect Econ. 405 for 2 credits and must have permission of instructor. (4).; The purpose of this course is to provide students with an understanding of the principles of statistical inference. Topics include probability, experimental and theoretical derivation of sampling distributions, hypothesis testing, estimation, and simple regression. (Students are advised to elect the sequel, Economics 406.)
ECON 406. Introduction to Econometrics.: (Economic Theory and Statistics); Econ. 405 or Statistics 426. (4). Rackham credit requires additional work.; This course, a continuation of Economics 405, is intended to prepare students to conduct empirical research in economics. The classical linear regression model is developed with special emphasis on the basic assumptions of the model, economic situations in which the assumptions are violated, and alternative estimation procedures that are appropriate in these cases. Computer exercises are used to introduce students to special problems encountered in the analysis of economic data.
ECON 407. Marxist Economics.: (Other Topics in Economics); Econ. 101 and 102. (3). Rackham credit requires additional work.; Analysis of economic theories of Karl Marx and their development by later Marxist writers, critical analysis of Marxism, and works in revival of Marxism in recent years.
ECON 409. Game Theory.: (Economic Theory and Statistics); Math. 217. (3).; Parlor games: nim, tic-tac-toe, hex, chess. Fixed points and equilibria. Zero-sum games. Chance and information. Poker. Coordination and cooperation. Bargaining. Evolution of cooperation.
ECON 411. Monetary and Financial Theory.: (Monetary and Financial Economics); Econ. 402, and 404 or 405. (3). Rackham credit requires additional work.; Modern financial markets and the role of monetary policy in influencing asset prices and the economy. Formal development of monetary and financial economics. Topics include interest rate determination, portfolio theory, regulation of financial institutions, money supply and demand, and monetary policy.
ECON 412. Topics in Macroeconomics.: (Monetary and Financial Economics); Econ. 402. (3). Rackham credit requires additional work.; Topics in macroeconomic theory including empirical studies and policy applications.
ECON 414. Growth Theory.: (Economic Theory and Statistics); Economics 401 & 402. (4). Rackham credit requires additional work.; The standard of living in a country is determined by its capacity to produce goods and services. Why are some nations richer than others? Why is there economic growth? Will it continue forever? What is the role of social infrastructure in shaping the economic success of a nation? This array of questions are addressed using the neoclassical and the new growth theory, as well as cutting-edge theories of talent allocation and economics of corruption.
ECON 418. Business Cycles.: (Monetary and Financial Economics); Econ. 402. (3). Rackham credit requires additional work.; An examination of the factors which make for economic instability and of policies to promote stability. Major emphasis is placed on the postwar business cycle in the U.S. The approach is both theoretical and empirical.
ECON 421. Labor Economics I.: (Labor Economics); Econ. 401. (3). Rackham credit requires additional work.; Analysis of the determination of the levels and distribution of skills, wages, employment, and income in a market economy. Applications of the theories of consumer choice, production, and investment in human capital to a wide range of real-world problems.
ECON 422. The Structure of Labor Markets.: (Labor Economics); Econ. 401. (3). Rackham credit requires additional work.; Emphasis on institutional complications of labor markets such as trade unionism and discrimination. Intensive investigation of impact of policies concerning collective bargaining, equal opportunity, and unemployment.
ECON 430. Business Abroad.: (Industrial Organization and Public Control); Econ. 401. (4).; Market structure, conduct, and performance when firms compete on a global basis. Emphasis is placed on the identification of those traits of national economic culture and policy which shape the behavior and performance of large-scale business enterprises. Most classes are be conducted in discussion format.
ECON 431. Industrial Organization and Performance.: (Industrial Organization and Public Control); Econ. 401. (3). Rackham credit requires additional work.; Theory and empirical evidence on the causes and effects of market power, especially in industrial markets. The focus on the relations between market structure and performance as a guide to policy formation.
ECON 432. Government Regulation of Industry.: (Industrial Organization and Public Control); Econ. 401. (3). Rackham credit requires additional work.; Analysis of government policies aimed at maintaining desirable economic performance, especially antitrust regulation and public enterprise.
ECON 435. Financial Economics.: (Monetary and Financial Economics); Econ. 401, and 404 or 405. (4). Rackham credit requires additional work.; An introduction to the economic analysis of financial markets and financial decision making. Asset pricing theory, net present value, arbitrage strategies, portfolio management, and financial market behavior. Case studies of current policy.
ECON 438 / HMP 661. Economics of Health Services.: (Industrial Organization and Public Control); Econ. 401 or HMP 660. (3).; Application of economic analysis to the field of medical care. Use of economics to explain current developments in medical care, more effective use of resources, and predictions of changes in current situation.
ECON 441. International Trade Theory.: (International Economics); Econ. 401. (3). Rackham credit requires additional work.; The theory of international specialization and exchange; trade, tariffs, and welfare; and selected policy problems in international trade.
ECON 442. International Finance.: (International Economics); Econ. 402. (4). Rackham credit requires additional work.; The foreign-exchange market, balance-of-payments accounting, balance-of-payments adjustment, international investment, and selected policy problems in international finance.
ECON 451. Comparative Analysis of Economic Systems.: (Comparative Economic Systems and National Economies); Econ. 401. No credit granted to those who have completed or are enrolled in 350. (3). Rackham credit requires additional work.; Selected models, cases, and problems of various economic systems with different arrangements for ownership, resource allocation, and income distribution. Intended for students with a background in microeconomic theory.
ECON 453. The European Economy.: (Comparative Economic Systems and National Economies); Econ. 401. (4). Rackham credit requires additional work.; A study of the European economy including economic growth, the Common Market, European relations with underdeveloped countries, East-West and trans-Atlantic trade relations, and the technological and managerial gap.
ECON 454. Economics of Japan.: (Comparative Economic Systems and National Economies); Econ. 101 and 102. (3). Rackham credit requires additional work.; An analysis of the development of the Japanese economy followed by a discussion of the post-war Japanese economic system and the prospects for the future.
ECON 455. The Economy of the People's Republic of China.: (Comparative Economic Systems and National Economies); Econ. 101 and 102. (3). Rackham credit requires additional work.; Analysis of economic organization, structure, system of planning, economic performance, and problems in China after 1949. The first third of the course is devoted to review of development before 1949.
ECON 461. The Economics of Development I.: (Economic Development); Econ. 401. No credit granted to those who have completed or are enrolled in 360. (3). Rackham credit requires additional work.; Survey of the historical and economic determinants of stagnation and growth in the underdeveloped countries. Emphasis is given to the role of economic analysis and techniques in the planning process.
ECON 462. The Economics of Development II.: (Economic Development); Econ. 401, and 360 or 461. (3). Rackham credit requires additional work.; The second of the two term sequence in economic development, following either Economics 360 or 461. Focuses on the applications of economic theory to several specific problems of policy and planning in underdeveloped countries.
ECON 466. Economics of Population.: (Economic Development); Econ. 401. (3). Rackham credit requires additional work.; An introduction to the economic approach to the study of human population growth. Its primary aim is to acquaint the student with changing trends in fertility, mortality, migration and family composition, and the implications of these trends for the economy.
ECON 471 / NRE 571. Environmental Economics.: (Environmental Economics); Econ. 401 or NR&E 570. (3). Rackham credit requires additional work.; Economic analysis of market failures due to externalities and imperfect transmission of information and of normative recommendations for efficient government intervention to correct the market failures. Positive analysis of government behavior creating and implementing policies for air pollution, water pollution, hazardous wastes and occupational health. The course includes a computer simulation of river pollution, where teams of students assume the role of the Water Basin Authority.
ECON 472. Intermediate Natural Resource Economics.: (Environmental Economics); Econ. 401 or NR&E 570. (3).; An intermediate level review of Natural Resource Economics. Topics include basic optimization techniques, resource scarcity, cost-benefit analysis, depletion of exhaustible resources, harvesting of renewable resources and common property problems.
ECON 476 / CAAS 457. Political Economy of Black America.: (Other Topics in Economics); Econ. 101. AAS 201 recommended. (3). Rackham credit requires additional work.; Focuses on the economic life of African Americans in the U.S., including the role of economics in the social construction of race, and the relationship between the evolution of the U.S. economy and the changing status of African Americans.
ECON 481. Government Expenditures.: (Public Finance); Econ. 401. No credit granted to those who have completed or are enrolled in 380. (3). Rackham credit requires additional work.; Normative theory of public expenditures, expenditure decision-making processes, historical trends and determinants of government expenditures, benefit-cost analysis and other techniques of program evaluation, and intergovernmental fiscal relations.
ECON 482. Government Revenues.: (Public Finance); Econ. 401. No credit granted to those who have completed or are enrolled in 380. (3). Rackham credit requires additional work.; Historical trends and determinants of government revenues, revenue decision-making processes, social objectives attainable with revenue instruments, and evaluation of major types of revenue (taxes, user charges, borrowing).
ECON 483 / POLSCI 482. Positive Political Economy.: (Other Topics in Economics); Econ. 401. (3).; An introduction to positive political economy, analyzing political institutions and their impact on economic policies. The tools of game theory are used to analyze different voting mechanisms, legislative games, the bureaucracy, and interest groups, and to incorporate these political institutions into the analysis of issues such as income taxation and the provision of public goods.
ECON 485. Law and Economics.: (Other Topics in Economics); Econ. 401. (3). Rackham credit requires additional work.; This course surveys the literature on economic analysis of the common law. Topics to be covered would include (1) property rights and the problem of the commons, (2) the economic efficiency of various approaches to tort (accident) law (such as negligence rules, negligence with contributory negligence bar, strict liability and comparative negligence), (3) economic analysis of contracts, (4) the properties of tax versus liability rule versus regulatory approaches to pollution control, (5) economic approaches to deterrence of crime, and (6) other topics.
ECON 491 / HISTORY 491. The History of the American Economy.: (Economic History); Econ. 101 and 102. (3). Rackham credit requires additional work.; Covers American economic history from colonial times to the present, emphasizing the causes and consequences of economic growth, business cycles, and issues of economic equity.
ECON 493 / HISTORY 493. European Economic History.: (Economic History); Econ. 101 and 102. (3). Rackham credit requires additional work.; A survey of European economic history since 1000 A.D., with most emphasis on the determinants of economic growth in the eighteenth and nineteenth centuries.
ECON 494 / HISTORY 494. Topics in Economic History.: (Economic History); Econ. 101 and 102. (3).; Study of issues in economic history with emphasis on a particular region of the world, a particular time period, or a topic of current interest. The specific topics vary with the faculty member teaching the course.
ECON 496. History of Economic Thought.: (Economic History); Econ. 101 and 102. (3). Rackham credit requires additional work.; Designed to give the student an overview of the development of economics in the era of modern industrial capitalism, from Adam Smith to the present day. Topics include: (1) classical economics: Adam Smith through Karl Marx; (2) Neo-classical economics � from Jevons, Menger and Walras through Marshall and his followers; (3) critiques of the mainstream; (4) Keynesian economics and the neoclassical synthesis.
ECON 499. Independent Research.: (Honors Program, Internships, Seminars, and Independent Research); Written permission of staff member supervising research, and permission of the economics concentration advisor. (1-4). No more than four credits may be used in an economics concentration program. Rackham credit requires additional work. (INDEPENDENT). May be repeated for a total of eight credits.; Student and instructor agree on a substantial piece of work involving reading or research. Evaluation is based on the written work, either papers or examinations.
ECON 501. Microeconomic Theory.: (Economic Theory and Statistics); Econ. 401. (3). Rackham credit requires additional work.; A course designed for students in the MAE program. Basic models in the principal areas of microeconomic theory are covered: consumer demand, production and costs, product markets, factor markets, allocative efficiency, and corrections for market failure. Most of the course is spent studying the use of these tools in the analysis of specific microeconomic policy problems. Application of theory to current policy problems is stressed, and a substantial amount of class time is devoted to exercises based on such problems.
ECON 502. Applied Macroeconomics.: (Other Topics in Economics); Econ. 402 and Graduate standing. (3).; A course designed for students in the MAE program. Approximately one-third of the course is spent reviewing and elaborating on standard macro theory of the sort covered in an advanced undergraduate course. The remainder of the time is spent on applications of this theory to problems of stabilizing aggregate demand, unemployment and inflation, economic growth, and macroeconomics of open economies. Students normally do a computer project involving hypothesis testing or model simulation.
ECON 530 / PUBPOL 530. The Economics of Regulation.: (Industrial Organization and Public Control); Microeconomics; calculus for social scientists. Graduate standing. (3).; This course gives an understanding of the economic issues and policy tools available in government regulation of business in the U.S. The economic reasons for regulation are discussed and contrasted with political explanations for existing regulations. Theoretical and empirical approaches are employed to assess the costs and benefits of regulation and deregulation.
ECON 540 / PUBPOL 540. International Economic Policy.: (International Economics); Econ. 555. Presumes prior or concurrent knowledge of intermediate macroeconomics. (3).; This course examines the policy issues of international economics. It covers the international implications of macroeconomic policies, international monetary arrangements and institutions, international trade policy, and relationships between the industrialized nations and the less-developed countries.
ECON 541 / PUBPOL 541. International Trade Policy.: (International Economics); Graduate standing. This course presumes a prior knowledge of intermediate economics. (3).; This course examines the policy issues of international trade, including trade in both goods and services and also international flows of direct investment and migration. It builds on microeconomic theory, first to examine the basic theories of international trade and factor movements, including the classic Ricardian theory of competitive advantages, the neoclassical factor proportions theory, and the New Trade Theories that incorporate increasing returns to scale, imperfect competition, and product differentiation. Emprical evidence and applications of the theories are addressed, including their applicability for less developed and emerging economies. Although the major emphasis of the course is on the microeconomics of international transactions, a portion of the course will also put this into macroeconomic context.
ECON 553. Quantitative Methods.: (Economic Theory and Statistics); Graduate standing. (3).; This is a one-term introduction to the use of mathematical methods in economics. Topics include differentiation and integration, solutions of systems of equations, difference and differential equations, and probability theory. Application of the techniques to practical problems in economics is stressed.
ECON 555 / PUBPOL 555. Microeconomics.: (Other Topics in Economics); Permission of instructor. (3).; This course begins a two-term sequence designed to provide students with an understanding of the economic implications of public policies and with analytic tools useful in system design and policy planning. Major topics include production, costs, prices, resource allocation, governmental involvement in economic activity, and the operation of market systems.
ECON 561 / PUBPOL 561. Economic Development Policy.: (Economic Development); SPP 540, 555; Graduate standing and permission of instructor. (3).; Which policies stimulate growth and development and which don�t? This course is focused on developing a critical capacity for answering these questions. The material will integrate case studies and experiences from developing and transitional economies with economic theories drawn from the fields of microeconomics, macroeconomics and political economy.
ECON 571 / PUBPOL 571. Applied Econometrics.: (Economic Theory and Statistics); Graduate standing. (3).; This course is an introduction to econometric methods and their use in policy analysis. Most of the course focuses on multiple regression analysis, beginning with ordinary least squares estimation, and then considers the implications and treatment of serial correlation, heteroskedasticity, specification error, and measurement error. The course also provides an introduction to simultaneous equations models, time series analysis, models for binary dependent variables, and methods for longitudinal analysis.
ECON 572 / PUBPOL 572. Policy Models.: (Economic Theory and Statistics); Public Policy 571. Graduate standing. (3).
ECON 573 / PUBPOL 573. Benefit-Cost Analysis.: (Other Topics in Economics); Econ. 555. (3).; This course teaches students how to evaluate government programs. It covers the mechanics of benefit-cost analysis, how scarce or unemployed resources should be priced, the choice of a proper time discount rate, treatment of income distribution issues, environmental benefits, intergovernmental grants, and regulatory problems. An essential part of the course is a term project � each student selects a program and does a benefit cost evaluation of it.
ECON 574 / PUBPOL 574. Advanced Quantitative Methods: Forecasting and Modeling.: (Economic Theory and Statistics); Public Policy 571 and Graduate standing. (3).; This course investigates various economic forecasting techniques, with a primary focus on econometric modelling. A sequence of modelling topics is addressed, including model specification, data issues, model estimation and evaluation, simulation of model systems and policy simulation experiments. Special attention is given to preparing, generating, and adjusting forecasts. Alternative forecasting techniques (e.g., leading indicators, time series models, and judgment) are also briefly considered. Other topics include comparative forecasting performance, forecast services, and the current outlook.
ECON 584 / PUBPOL 584. The Economics of Public Education.: (Other Topics in Economics); Econ. 401 and Graduate standing. (2-3).
ECON 586 / PUBPOL 741. Principles of Finance & Global Financial Markets.: (Monetary and Financial Economics); Graduate standing, Permission of instructor and IPPS 555 or Econ. 501. (3).; The first half of this course introduces the principles of finance. It explores how financial assets are valued, the measurement and management of corporate risk, and the lessons and limitations of the Modigliani-Miller theorem. The second half of the course examines institutions and current practices in (developed and emerging) financial markets. It examines the use of derivative instruments to hedge currency and interest rate risk, the relationship between the development of financial markets and economic growth, and the financing of developing country debt. The overall course objective is to learn the theory and practice of modern global finance.
ECON 588 / PUBPOL 588. The Urban Public Economy.: (Other Topics in Economics); IPPS 555. Graduate standing. (3).
ECON 591. Natural Resources Admin.: (Environmental Economics); (2-4). Rackham credit with additional work.
ECON 592. Natural Resources Admin.: (Environmental Economics); Public Policy 571. Graduate standing. (2-4). Rackham credit with additional work.
ECON 599. Special Tutorial.: (Honors Program, Internships, Seminars, and Independent Research); Graduate standing and permission of instructor. (1-3). (INDEPENDENT).
ECON 600. Math for Economists.: (Economic Theory and Statistics); Graduate standing and permission of instructor. (3).
ECON 601. Microeconomic Theory I.: (Economic Theory and Statistics); Econ 600. Graduate standing. (1.5).; The first required microeconomic theory course for doctoral students. Topics include, theory of the consumer, aggregate demand, theory of the firm, general equilibrium and uncertainty. Students are expected to be comfortable with multi-variable calculus including optimization as well as to follow and replicate simple proofs involving basic algebra and logic.
ECON 602. Microeconomic Theory II.: (Economic Theory and Statistics); Econ 600, 601. Graduate standing. (1.5).; The first required macroeconomic theory course for doctoral students. Begins with an overview of aggregate income determination. Continues with an in-depth treatment of economic growth: the Solow, neoclassical, and new growth models. Proceeds with introduction of rational expectations models and techniques with application n to output determination and price adjustment in closed and open economies.
ECON 603. Microeconomic Theory III.: (Economic Theory and Statistics); Econ 600, 601, 602. Graduate standing. (1.5).; General Equilibrium. Exchange economies; production economies; the 2X2 model. Existence and welfare theorems. Positive theory of equilibrium. General equilibrium under uncertainty, including incomplete markets. Possibly nonWalrasian notions of equilibrium.
ECON 604. Microeconomic Theory IV.: (Economic Theory and Statistics); Econ 600, 601, 602, 603. Graduate standing. (1.5).; Incentives and Welfare. Market power. Adverse selection, moral hazard, and principal-agent models. Mechanism design, optimal auctions. Social choice theory.
ECON 605. Macroeconomic Theory I.: (Economic Theory and Statistics); Econ 600. Graduate standing. (3).
ECON 607. Macroeconomic Theory II.: (Economic Theory and Statistics); Econ 600. Graduate standing. (3).
ECON 608. Advanced Theory II.: (Economic Theory and Statistics); Econ 601, 603, 605, and 653. Graduate standing. (3).
ECON 609. Advanced Methods for Economists.: (Economic Theory and Statistics); Econ 600, 601, 602, 603, 604. Graduate standing. (3).
ECON 611. Stabilization Policy.: (Other Topics in Economics); Econ. 602 and 604; 611. Graduate standing. (3).; This course deals with recent developments in macroeconomic theory. Particular attention is given to the application of the techniques of optimal control to Real and New Keynesian business cycle theory. Other likely topics include New Keynesian foundations, imperfect competition macroeconomics, q-theory, monetary and financial theory, growth theory, efficiency wages, Ricardian equivalence, precautionary saving, and Stochastic optimization.
ECON 612. Stabilization Policy.: (Other Topics in Economics); Economics 611. Graduate standing. (3).
ECON 617(618) Game Theory.: (Economic Theory and Statistics); Econ 600, 601, 602, 603, 604, 609. Graduate standing. (3).
ECON 618(617) Advanced Theory.: (Economic Theory and Statistics); Econ 600, 601, 602, 603, 604, 609. Graduate standing. (3).
ECON 621. Labor Economics I.: (Labor Economics); Econ. 601, 603, 673, 674. Graduate standing. (3).; Develops theoretical models of the labor market, presents related empirical research, and discusses policy application. Topics include labor supply, labor demand, market equilibrium and compensating wage differentials, investment in human capital, and cyclical unemployment.
ECON 622. Labor Economics II.: (Labor Economics); "Econ. 601, 603, 673, & 674." Graduate standing. (3).; This course presents recent research on a number of labor-market topics, with some emphasis on questions that are related to government policies and/or that have generated a significant empirical literature. Likely topics include labor unions, minimum wage laws, compensation policies and productivity, wage indexation, and discrimination and equal-opportunity laws.
ECON 631. Industrial Organizations and Public Policy.: (Industrial Organization and Public Control); Econ. 601 and 603 and Graduate standing. (3).; The focus of this course is on theoretical analysis of behavior in markets. The main emphasis is on how firms compete with one another, and secondary emphasis is placed on organizational behavior and how firms interact with consumers. In recent years topics have included: price discrimination, oligopoly theory with and without differentiated products, strategic trade, mergers, markets with imperfectly informed participants, entry deterrence, predation, collusive behavior, cartel behavior, research and development competition, and the sale or rental of durable goods. Non-cooperative game theory is the predominant tool of analysis and is developed as needed during the course.
ECON 632. Industrial Organizations and Public Policy.: (Industrial Organization and Public Control); Econ. 674, 674, and 631; and Graduate standing. (3).; This course emphasizes antitrust policy, regulation, and public enterprise particularly in the U.S. Antitrust is the primary focus; its three main parts include the treatment of established market dominance, of mergers, and of collusion and unilateral actions against competitors. Utility regulation includes controls of prices and investment, with various side-effects on efficiency and investment policies. Deregulation is also discussed at some length. There may be coverage of social regulation, weapons buying, patents and other special cases, in addition to public enterprise.
ECON 641. International Trade Theory.: (International Economics); Econ. 601 and 603. Graduate standing. (3).; This course deals with the microeconomic aspects of international economics. Specific topics covered include theories of international specialization and exchange, trade policy and economic welfare, international factor movement, trade and growth, under both perfect competition and imperfect competition, and selected problems of trade policy in the international trading system. For most topics, both theoretical and empirical results from the literature are examined.
ECON 642(615). International Finance.: (Monetary and Financial Economics); Econ. 602 and 604. Graduate standing. (3).; This course covers various topics in international finance and macroeconomics. Topics covered include exchange rate prediction, monetary exchange rate models and their building blocks, the international effects of monetary policy, international real business cycle models, risksharing and portfolio diversification, risk and volatility in foreign exchange markets, fixed exchange rate models for small open economies and stabilization programs.
ECON 657. History of Economic Thought, I.: (Economic History); Graduate standing. (3).
ECON 658. History of Economic Thought, II.: (Economic History); Graduate standing. (3).
ECON 659. Comparative Economics Systems I: System Models.: (Comparative Economic Systems and National Economies); Graduate standing. (3).; This course offers an overall survey of various issues and approaches to the historical process of the post-socialist transition and economic development. It consists of six parts: 1) the origin of socialism; 2) theoretical and empirical analysis of the former socialist systems; 3) major tasks of transition and reform measures; 4) transition as a process of economic development; 5) transition as a large scale institutional change; 6) recent country experience of transition.
ECON 660. Comparative Economic Systems II:Topical Analysis.: (Comparative Economic Systems and National Economies); Econ. 401-402 or equivalent. Graduate standing. (3).; This sequel to Economics 659 is to introduce students to frontier research in the economics of transition. Topics vary from year to year, following the latest research issues. The general areas include: 1) theories of property rights and ownership with lessons from transition; 2) mechanisms of institutional change, including the changing incentive and behavior of governments; 3) latest problems in transition economies; and 4) comparisons of alternative market systems, including the U.S.-Japan comparison.
ECON 661 / NRE 668. Advanced Natural Resources Economics.: (Monetary and Financial Economics); Econ. 501 or 601, 653 and 654; and permission of instructor.(3).; This course reviews the literature on the pricing of natural resources (agricultural goods, renewable and nonrenewable resources and durables) over time. The first half of the course considers resources which are privately owned; the second half considers resources that are common property. Policies analyzed include: bufferstocks used to affect prices (ceilings, floors, bands, and pegs); bans, embargoes, price controls and whatever else is timely or of interest to participants. To simplify the mathematics, discrete-time methods are used predominately.
ECON 662 / NRE 669. Environmental Economics.: (Environmental Economics); Econ. 501or 603, 653. (3).; In the presence of pollution externalities, market allocations are typically inefficient and corrective government regulation may be desirable. This course first reviews solutions favored by economists, namely Pigovian taxes, tradable pollution permits, and judicial remedies, but then points out various real-world informational, technological, and political constraints that make such solutions difficult or impossible to implement in practice. The course then focuses on optimal interventions in the presence of these real-world constraints. Topics discussed are likely to include (1) optimal regulation when firms possess more information about compliance costs than regulators; (2) optimal enforcement of regulations when monitoring is costly; (3) non-market methods of measuring environmental and resource values; and (4) the interrelationship of environmental issues and international trade.
ECON 663 / HISTORY 622. European Economic History.: (Economic History); Economics 401 and 402. Graduate standing. (3).; Covers the historical evolution of modern economic institutions. While specific topics covered vary from year to year, they typically include most of the following: the evolution and performance of the firm, the changing structure and role of financial institutions, the evolution of the terms of labor contracts and institutions, the changing role of the family in economic development, and the evolution of contract law and economic planning. Consideration also is given to cross-country comparison.
ECON 664 / HISTORY 623. Problems in American Economic History.: (Economic History); Economics 401, 402, and 405 or equivalent. Graduate standing. (3).; This course covers the history of the American economy from colonial times to the present with an emphasis on demonstrating how the past continues to influence the structure of today's economy. It covers issues like American slavery, labor history, the rise of big business, the Great Depression, the industrial revolution, monetary history, demographic history and the history of technological change. Consideration is also given to topics in political economy such as war, worker discontent and government intervention.
ECON 665. Economic Development of Underdeveloped Countries.: (Economic Development); Graduate standing. (3).; This course examines microeconomic issues in economic development, focusing on modeling approaches and empirical applications. Topics include household decision-making, including risk-coping strategies, technology adoption, migration, intra-household economics, and health and nutrition; and rural institutions such as sharecropping, interlinked contracts, land tenure arrangements, group-lending and rotating credit schemes, and public employment projects for the poor.
ECON 666. Economic Development of Underdeveloped Countries.: (Economic Development); Econ. 665. (3).
ECON 667. The Economics of Population Growth.: (Economic Development); Graduate standing. (3).; Reviews current knowledge on the relationship between economic and demographic behavior. Major sections of the course are: Economic theories of fertility, marriage, and divorce; economic applications of mathema tical demography; economic consequences of population growth; economics of population policy.
ECON 668. Economics of Western Europe.: (Comparative Economic Systems and National Economies); Econ. 501, 502, and 571. Graduate standing. (3).; The structure and performance of the Western European economics since World War II. Emphasis is placed on using international comparisons to evaluate the effects of governmental policies and national cultures on the behavior of firms and households.
ECON 669. Economy of Japan.: (Comparative Economic Systems and National Economies); "Econ. 501, 502, and 571, or equivalent." Graduate standing. (3).; Structure and performance of the Japanese economy during the past 100 years. Particular emphasis is placed on the microeconomic analysis of distinctive Japanese corporate, government, and household institutions. Post-1945 Japanese economic performance is set within the context of changing global comparative advantage.
ECON 671(673) / STATS 505. Econometric Analysis I.: (Economic Theory and Statistics); Graduate standing. (3).; Econ 673 and 674 form the basic required sequence in econometrics for all doctoral students. Their purpose is to provide Ph.D. students with the training needed to do the basic quantitative analysis generally understood to be part of the background of all modern economists. This includes: the theory and practice of testing hypotheses, statistical estimation theory, the basic statistical theory underlying the linear model, an introduction to econometric methods, and the nature of the difficulties which arise in applying statistical procedures to economic research problems.
ECON 672(674) Econometric Analysis II.: (Economic Theory and Statistics); Graduate standing. (3).; Econ 673 and 674 form the basic required sequence in econometrics for all doctoral students. Their purpose is to provide Ph.D. students with the training needed to do the basic quantitative analysis generally understood to be part of the background of all modern economists. This includes: the theory and practice of testing hypotheses, statistical estimation theory, the basic statistical theory underlying the linear model, an introduction to econometric methods, and the nature of the difficulties which arise in applying statistical procedures to economic research problems.
ECON 675. Applied Econometrics.: (Economic Theory and Statistics); Economics 674. Graduate standing. (3).; The purposes of this course are (1) to discuss types of econometric models likely to be useful in dissertation (and subsequent) research and (2) to provide some practical experience in the specification and estimation of econometric models. Topics vary from year to year, but recently have included dynamic time series models, methods for longitudinal analysis, and models for qualitative and limited dependent variables.
ECON 676. Applied Econometrics.: (Economic Theory and Statistics); Economics 674. Graduate standing. (3).; he aim of this course is to equip students with a working knowledge of important econometric techniques used in monetary economics, financial economics, international economics, and econometric theory. The centerpiece of this course is the vector auto-regressive model. The course is divided into six parts: (1) a review of the foundations of time series econometrics; (2) detrending models: restricted and unrestricted estimation of stationary vector auto-regressive and moving-average methods: asymptotic, bootstrap and Bayesian inference; model selection and specification tests, forecasting; exogeneity and Granger causality; tests of forecast encompassing and tests of equal forecast accuracy; impulse response analysis, variance decompositions and historical decompositions; (3) estimation and inference in the presence of trends, structural change and unit roots in univariate models; (4) spurious regressions, unbalance regressions and cointegration; (5) identification problems and the relationship between structural and reduced form models; and (6) estimation and inference for structural dynamic macroeconomic models and their relationship to vector auto-regressive models.
ECON 677 / STATS 531. Analysis of Time Series.: (Economic Theory and Statistics); Stat. 426. (3).; Decomposition of series; trends and regression as a special case of time series; cyclic components; smoothing techniques; the variate difference method; representations including spectrogram, periodogram, etc.; stochastic difference equations, autoregressive schemes, moving averages; large sample inference and prediction; covariance structure and spectral densities; hypothesis testing and estimation and applications and other topics.
ECON 683. Government Expenditures.: (Public Finance); Econ. 601. Graduate standing. (3).; Emphasizes theory and evidence on government expenditure policy. Topics covered include the theory of public goods, state and local public goods, welfare economics and income distribution, political economy and voting mechanisms, and the design and evaluation of social insurance programs.
ECON 684. Government Revenues.: (Public Finance); Econ. 601. Graduate standing. (3).; Provides a positive and normative analysis of alternative government revenue sources. The first part of the course explores theoretical analyses of the incidence, efficiency costs, and distributional effects, of alternative tax systems. The rest of the course examines the implications of existing tax law in the U.S., and commonly proposed revisions in the law, for the allocation of resources in the economy.
ECON 695. Introduction to Economic Research I.: (Honors Program, Internships, Seminars, and Independent Research); Graduate standing and permission of instructor. (3).; This course is designed to introduce third-year students to "how to do economic research." Students will be required to produce a polished research paper by the end of the course which can be incorporated into their thesis. Some class time will focus on topics such as bibliographic methods, data analysis, and economic modeling, but most of the effort will be involved in writing the research paper.
ECON 696. Introduction to Economic Research II.: (Honors Program, Internships, Seminars, and Independent Research); Graduate standing and permission of instructor. (3).; This course is designed to introduce third-year students to "how to do economic research." Students will be required to produce a polished research paper by the end of the course which can be incorporated into their thesis. Some class time will focus on topics such as bibliographic methods, data analysis, and economic modeling, but most of the effort will be involved in writing the research paper.
ECON 700. Research.: (Honors Program, Internships, Seminars, and Independent Research); Permission of graduate advisor. Graduate standing. (1-6). (INDEPENDENT).
ECON 721. Seminar in Labor Economics.: (Labor Economics); Graduate standing and permission of instructor. (2).
ECON 722. Seminar in Labor Economics.: (Labor Economics); Graduate standing and permission of instructor. (2).
ECON 731. Seminar in Public Policy in Business.: (Industrial Organization and Public Control); Graduate standing and permission of instructor. (2).
ECON 732. Public Policy Towards Business.: (Industrial Organization and Public Control); Graduate standing and permission of instructor. (2).
ECON 739 / PUBPOL 747. Topics in International Economic Policy.: (International Economics); Economics/SPP 540 and Graduate standing. (2-4). May be repeated for credit.; This course is taught as two separate half-term seminars. Students may take one or both miniseminars. This course begins with a detailed look at the various empirical methods for analyzing trade policies. This is followed by a technical exercise in which all students perform an analysis of an assigned policy and produce a short policy memo their results. The course then turns to an examination of a series of trade policy episodes that are of current interest. Recent topics have included crisis management in the Asian financial and foreign exchange markets and issues of economic and monetary unification in the European Union.
ECON 745. Seminar in Economics of Communist China.: (Other Topics in Economics); Graduate standing. (3).
ECON 751. Advanced Price Theory.: (Monetary and Financial Economics); "Econ. 601, 603, 653, 654 or equivalents." Graduate standing. (3). May be repeated for credit.
ECON 752. Growth and Inflation.: (Other Topics in Economics); "Econ. 602, 604, 653, 654 or equivalents." Graduate standing. (3).
ECON 754. Theory of Financial Markets.: (Monetary and Financial Economics); "Econ. 601, 603, 653, and 654 or their equivalents." Graduate standing. (3).
ECON 755. Topics in Advanced Theory.: (Other Topics in Economics); "Econ. 601, 603, 653, and 654 or their equivalents." Graduate standing. (3).; Advanced microeconomic and macroeconomic theory courses. Topics covered depend on the current interests of students and faculty. In the past, these courses have covered a wide variety of topics, including theories of imperfect markets, duopoly, game theory, bargaining behavior of the firm, political economy, learning of capital and income distribution, general equilibrium, welfare economics, the economics of uncertainty, and law and economics.
ECON 758. Advanced Topics - Radical Pol.: (Other Topics in Economics); Graduate standing and permission of instructor. (3).
ECON 759. Seminar in Comparative Economic Systems.: (Comparative Economic Systems and National Economies); Graduate standing. (3).
ECON 760. Seminar in Comparative Economic Systems.: (Comparative Economic Systems and National Economies); Graduate standing and permission of instructor. (3).
ECON 761. Readings in Economic History.: (Economic History); Graduate standing and permission of instructor. (3).
ECON 765. Research Seminar in Economic Development.: (Economic Development); Graduate standing and permission of instructor. (3).
ECON 766. Research Seminar in Economic Development.: (Economic Development); Graduate standing and permission of instructor. (3).
ECON 771 / PUBPOL 771. Tax and Federalism Issues.: (Public Finance); Graduate standing. (3).
ECON 772 / PUBPOL 772. Topics in International Economic Policy.: (International Economics); Permission of instructor and Econ. 540. Graduate standing. (3).; This course is taught as two separate half-term seminars. Students may take one or both miniseminars. Recent topics have included crisis management in the Asian financial and foreign exchange markets and issues of economic and monetary unification in the European Union.
ECON 773 / PUBPOL 773. Canadian Economic Issues.: (Other Topics in Economics); Graduate standing and permission of instructor. (3).
ECON 775 / STATS 575. Econometric Theory I.: (Economic Theory and Statistics); Econ. 673, 674 and 653, 654. Graduate standing. (3).; A course in econometric theory stressing the statistical foundation of the general linear model and the asymptotic distribution theory of nonlinear models. The course involves a development of the required theory in mathematical statistics and derivations and proofs of the main results associated with statistical inference in econometric models. Asymptotic distribution theory is studied in some detail.
ECON 776 / STATS 576. Econometric Theory II.: (Economic Theory and Statistics); Econ. 775. (3).; Takes up from 775. Includes a thorough treatment of statistical problems in econometrics, cross section data, times series data, panel data, development of simultaneous equation techniques, generalized method of moments, and formulation and estimation of special models. Selected current research topics depend on time and interest.
ECON 777 / PUBPOL 777. State and Local Public Finance.: (Public Finance); Econ. 555; Graduate standing and permission of instructor. (3).
ECON 781. Seminar in Public Finance.: (Public Finance); Graduate standing. (3).
ECON 782. Public Finance Seminar.: (Public Finance); See Bulletin. Graduate standing. (3).
ECON 795 / REES 795 / HISTORY 795 / POLSCI 795 / GEOG 795 / RUSSIAN 795. Research Seminar in Russian and East European Studies.: (Honors Program, Internships, Seminars, and Independent Research); Graduate standing and permission of instructor. (3).
ECON 798. Topics in Marxist Economic Theory.: (Other Topics in Economics); Graduate standing and permission of instructor. (3).
ECON 811(711) Seminar in Monetary Theory and Macroeconomics Policy.: (Other Topics in Economics); Graduate standing and permission of instructor. (2).
ECON 812(712). Monetary and Banking Theory Seminar.: (Monetary and Financial Economics); Graduate standing and permission of instructor. (2).
ECON 825 / HISTORY 825 / ANTHRCUL 825 / CHIN 825 / POLSCI 825 / SOC 825. Seminar in Chinese History and Society.: (Economic History); Either language knowledge (Chinese or Japanese) or Hist. 544 or Pol. Sci. 455. Graduate standing. (3; 2 in the half-term). (INDEPENDENT).; A course for students working on special research projects in Asian history.
ECON 835. Seminar in Natural Resource Economics.: (Environmental Economics); Graduate standing and permission of instructor. (3).
ECON 836. Seminar in Natural Resource Economics.: (Environmental Economics); Graduate standing and permission of instructor. (3).
ECON 841. Research Seminar in International Economics.: (Honors Program, Internships, Seminars, and Independent Research); Graduate standing. (3). (INDEPENDENT).; Faculty research currently in progress under the auspices of the Research Seminar includes such topics as: the future of the multilateral trading system; preferential trading arrangements; econometric analysis of trade and trade policies; international taxation, international finance, and international corporate behavior; economic reform and transition; international economic law and policy; and international political economy.
ECON 842. Research Seminar in International Economics.: (Honors Program, Internships, Seminars, and Independent Research); Graduate standing and permission of instructor. (3).
ECON 851. Advanced Economic Theory.: (Economic Theory and Statistics); Graduate standing. (3).; This is not really a course at all, but a research seminar. Here you enjoy the best economic theory research that Ann Arbor money can buy from around the world. Students enrolled are encouraged not to be silent during the seminars, but to ask piercing questions that display deep understanding, as well as help the seminar speaker.
ECON 852. Seminar in Advanced Economic Theory.: (Economic Theory and Statistics); Graduate standing. (3).; Exposure to some fine papers on the frontiers of economic theory.
ECON 864. Seminar in Economic History.: (Economic History); Graduate standing. (3).
ECON 867. Seminar: Economics of Population.: (Economic Development); Graduate standing. (3).; This is the training seminar for the Economic Demography Training Program housed at the Population Studies Center. The seminar covers a variety of topics in the form of (1) a detailed discussion of an impor tant recent article or series of articles; (2) presentation of research plans or findings by trainees or faculty members; (3) presentation of research by a visitor.
ECON 868. Seminar in Economics of Population.: (Economic Development); Econ. 667/Soc. 530 and Graduate standing. (3).; This is the training seminar for the Economic Demography Training Program housed at the Population Studies Center. The seminar covers a variety of topics in the form of (1) a detailed discussion of an impor tant recent article or series of articles; (2) presentation of research plans or findings by trainees or faculty members; (3) presentation of research by a visitor.
ECON 875. Research Seminar in Quantitative Economics.: (Honors Program, Internships, Seminars, and Independent Research); Econ. 673, 674. Graduate standing. (3). (INDEPENDENT).
ECON 876. Quantitative Economics Seminar.: (Economic Theory and Statistics); Graduate standing and permission of instructor. (3).
ECON 990. Dissertation/Precandidate.: (Honors Program, Internships, Seminars, and Independent Research); Election for dissertation work by doctoral student not yet admitted as a Candidate. Graduate standing. (1-8; 1-4 in the half-term). (INDEPENDENT). May be repeated for credit.; Election for dissertation work by doctoral student not yet admitted as a Candidate.
ECON 995. Dissertation/Candidate.: (Honors Program, Internships, Seminars, and Independent Research); Graduate School authorization for admission as a doctoral Candidate. Graduate standing. (8; 4 in the half-term). (INDEPENDENT). May be repeated for credit.; Graduate School authorization for admission as a doctoral Candidate. N.B. The defense of the dissertation (the final oral examination) must be held under a full term Candidacy enrollment period.

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