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Fall Academic Term 2001 Course Guide

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Courses in Economics


This page was created at 6:53 PM on Wed, Oct 10, 2001.

Fall Academic Term, 2001 (September 5 December 21)

Open courses in Economics
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Fall Term '01 Time Schedule for Economics.

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ECON 101. Principles of Economics I.

Introductory Courses

Section 100 HOURLY EXAMS FOR SECTION 200 WILL BE THUR OCT 11 & WED NOV 7, 8-10 PM.

Instructor(s): Janet Gerson (jgerson@umich.edu)

Prerequisites & Distribution: High school algebra and geometry. No credit granted to those who have completed or are enrolled in Econ. 400. (4). (SS). (QR/2).

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: http://www.econ.lsa.umich.edu/classes/Econ101_100_200_F01/

Economics 101 examines the microeconomics of capitalism the behavior of households and businesses, the generation of prices and outputs in markets, and applications to public policy. Specific topics in Economics 101 include: supply and demand; the differences between competition and monopoly; environmental problems and policies; labor markets; and international trade. Economics 101 is the first part of the two-term introduction to economics the second part (Economics 102, for which Economics 101 is a prerequisite) examines macroeconomics. Prerequisites for 101: high school algebra and geometry and a willingness to use them.

The course format consists of large lectures taught by the professor and one small one-and-a-half-hour section meeting per week taught by a graduate student instructor.

Textbooks:
Prin of Micro 3rd EdTaylor
Econ of Public Issues 12th EdMiller

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ECON 101. Principles of Economics I.

Introductory Courses

Section 200 HOURLY EXAMS FOR SECTION 100 WILL BE THUR OCT 11 & WED NOV 7, 8-10 PM.

Instructor(s): Paula A Malone (pmalone@umich.edu)

Prerequisites & Distribution: High school algebra and geometry. No credit granted to those who have completed or are enrolled in Econ. 400. (4). (SS). (QR/2).

Half QR

Credits: (4; 3 in the half-term).

Course Homepage: http://www.econ.lsa.umich.edu/classes/Econ101_100_200_F01/

Economics 101 examines the microeconomics of capitalism the behavior of households and businesses, the generation of prices and outputs in markets, and applications to public policy. Specific topics in Economics 101 include: supply and demand; the differences between competition and monopoly; environmental problems and policies; labor markets; and international trade. Economics 101 is the first part of the two-term introduction to economics the second part (Economics 102, for which Economics 101 is a prerequisite) examines macroeconomics. Prerequisites for 101: high school algebra and geometry and a willingness to use them.

The course format consists of large lectures taught by the professor and one small one-and-a-half-hour section meeting per week taught by a graduate student instructor.

Texts:

  • Taylor, Principles of Microeconomics
  • Miller, Economics of Public Issues

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    ECON 101. Principles of Economics I.

    Introductory Courses

    Section 300.

    Instructor(s): Sherrie A Kossoudji (kossoudj@umich.edu)

    Prerequisites & Distribution: High school algebra and geometry. No credit granted to those who have completed or are enrolled in Econ. 400. (4). (SS). (QR/2).

    Half QR

    Credits: (4; 3 in the half-term).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/101/301.nsf

    Economics 101 examines the microeconomics of capitalism the behavior of households and businesses and the generation of prices and outputs in markets. Specific topics in Economics 101 include: supply and demand; the differences between competition and monopoly; labor markets and discrimination; the distribution of incomes and poverty; environmental problems and policies; and government taxation and expenditure issues. Economics 101 is the first part of the two-term introduction to economics the second part (Economics 102, for which Economics 101 is a prerequisite) examines macroeconomics.

    Prerequisites for 101: high school algebra and geometry and a willingness to use them. The course format consists of large lectures taught by the professor and one small one-and-a-half-hour section meeting per week taught by a graduate student instructor.

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    ECON 102. Principles of Economics II.

    Introductory Courses

    Section 100.

    Instructor(s): George E Johnson (gjohnson@umich.edu)

    Prerequisites & Distribution: Econ. 101. No credit granted to those who have completed or are enrolled in Econ. 400. (4). (SS). (QR/2).

    Half QR

    Credits: (4; 3 in the half-term).

    Course Homepage: http://www.econ.lsa.umich.edu/classes/Econ102_100_F01/

    Economics 101 and 102 are required as prerequisites to the concentration and to upper-level courses in Economics. In Economics 102, the fundamental concepts and theories of macroeconomics are developed and used to analyze problems of current interest. The major concerns of this course are the determinants of GDP, unemployment, inflation, international trade, and economic growth. The course format consists of three hours of lecture per week (either 100 or 200) by the professor and one-and-a-half hours of section meetings (101-109 or 201-212) each week by a graduate student instructor. The section meetings are limited to 35 students.

    There is a course pack, Introduction to Macroeconomic Models, available from Dollar Bill Copying, 611 Church.

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    ECON 102. Principles of Economics II.

    Introductory Courses

    Section 200.

    Instructor(s): Stan Sedo (sasedo@umich.edu)

    Prerequisites & Distribution: Econ. 101. No credit granted to those who have completed or are enrolled in Econ. 400. (4). (SS). (QR/2).

    Half QR

    Credits: (4; 3 in the half-term).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/102/200.nsf

    Economics 101 and 102 are required as prerequisites to the concentration and to upper-level courses in Economics. In Economics 102, the fundamental concepts and theories of macroeconomics are developed and used to analyze problems of current interest. Major topics include the determinants of aggregate output, employment and unemployment, inflation, international trade, and economic growth, The course format is three hours of lecture per week (either 100 or 200) with the professor and one and one half hours of sections meetings (101-109 or 201 212) per week with a graduate student instructor. The section meetings are limited to 35 students. Contact Undergraduate Office, Dept. of Economics, 238 Lorch Hall.

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    ECON 108. Introductory Microeconomics Workshop.

    Introductory Courses

    Section 001.

    Instructor(s): Janet Gerson (jgerson@umich.edu)

    Prerequisites & Distribution: First-year standing and concurrent enrollment in Economics 101. (1). (SS). Offered mandatory credit/no credit.

    Credits: (1).

    Course Homepage: No homepage submitted.

    Students will meet weekly for one hour with a faculty member for discussion of the previous week's Wall Street Journal (WSJ) articles, stressing the use and application of the microeconomic tools being learned in Economics 101. Articles discussed include articles on the Wall Street Journal's "Economics in Action" website (http://subscribe.wsj.com/microexamples) and current articles related to the week's class topics.

    Students will select a topic, open the discussion on their week's topic, keep a journal throughout the term on their topic and summarize their findings at the end of the term in a brief (2 page max) paper. This paper, journal, and a copy of their favorite article on the topic will be turned in at the end of the term.

    Workshop attendance is mandatory, and each student will be required to subscribe to the WSJ for the term. Evaluation of students will be entirely on the basis of their paper, journal, and attendance. Students not concurrently enrolled in Economics 101 will be dropped from the class.

    There are openings in the course for seniors who are economics majors to serve as group leaders. Please contact Jan Gerson jgerson@umich.edu) if you are interested.

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    ECON 195. Seminar in Introductory Economics.

    Introductory Courses

    Section 001 Finance and Consumption: Global Economic Performance in the 21st Century

    Instructor(s): Gary Saxonhouse (grsaxon@umich.edu)

    Prerequisites & Distribution: Only first-year students, including those with sophomore standing, may pre-register for First-Year Seminars. All others need permission of instructor. (3). (SS).

    First-Year Seminar

    Credits: (3).

    Course Homepage: No homepage submitted.

    The past fifteen years has witnessed a global transformation in the way capital is allocated. In many of the most important economies, equity markets are surplanting banks as the dominant source of finance for new investment. This seminar will discuss how equity markets work, how the roles of banks have changed, and the consequences of these new institutional arrangements for economic performance. Particular attention will be paid to the disparate economic institutions of Japan and the United States.

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    ECON 299. Undergraduate Internship.

    Honors Program, Internships, Seminars, and Independent Research

    Instructor(s): Janet Gerson (jgerson@umich.edu)

    Prerequisites & Distribution: Economics concentrators, with permission of concentration advisor. Internship credit is not retroactive and must be prearranged. (1). (Excl). Offered mandatory credit/no credit. May not be used to satisfy economics electives for an economics concentration. (EXPERIENTIAL). May be repeated for a total of 2 credits.

    Credits: (1).

    Course Homepage: No homepage submitted.

    Credit is granted for a full-time internship of at least eight (8) weeks that enriches a student's academic experience and/or allows a student to explore careers related to his/her academic studies. Internship credit is not retroactive and must be prearranged. Verification of the internship (after completion) must be provided by the student on company letterhead.

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    ECON 310. Money and Banking.

    Monetary and Financial Economics

    Section 001.

    Instructor(s): King-Yuen Yik (kyik@umich.edu)

    Prerequisites & Distribution: Econ. 101 and 102. (3). (SS).

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/310/001.nsf

    The first half of the course is devoted to the study of financial intermediation, interest rates, money market instruments and banking. Recent innovations in financial markets are integrated with the study of bank-holding companies, savings and loan-holding companies, and nonbank financial intermediation by industrial concerns such as Ford Motor Company and Sears. The second half is devoted to the theory of monetary control, monetary policy, and Federal Reserve policy making.

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    ECON 320. Survey of Labor Economics.

    Labor Economics

    Section 001.

    Instructor(s): Douglas Bice

    Prerequisites & Distribution: Econ. 101 and 102. (3). (SS).

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/320/001.nsf

    This course surveys the demand and supply of labor, investment in human capital, market structure and the efficiency of labor markets, discrimination, collective bargaining, the distribution of income, and unemployment.

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    ECON 327. Economics of Crime.

    Other Topics in Economics

    Section 001.

    Instructor(s): Paula A Malone (pmalone@umich.edu)

    Prerequisites & Distribution: Economics 101 and 102. (3). (Excl).

    Upper-Level Writing

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/327/001.nsf

    The Economics of Crime will examine crime, and the impact of crime, using the tools of economic analysis. Included in the course of study will be: (1) An economic explanation of criminal behavior; (2) The costs of crime; (3) Crime and the provision of public protection; (4) Resource allocation within the criminal justice system; (5) The organization of the criminal enterprises. Throughout the course students will be encouraged to use the tools of analysis introduced to them in the Econ 101 and 102 classes to read and evaluate explanations and arguments regarding the causes of crime, effective responses to crime, and the efficient use of public resources to combat/deter crime. The purpose of the course is to teach students who may be considering going forward in the discipline how economists use their training to address and analyze important topics in public policy.Undergraduate students.Three hours/week, lecture.

    Students will be assigned articles to read that have been published in the professional literature and are relevant to the topic. The particular articles vary in length. The articles that will be assigned represent both theoretical and empirical research that is fundamental to understanding the economic approach to crime and punishment. Their understanding of the material will be tested by a midterm examination and a comprehensive final examiniation.

    Students will also be required to submit several short papers during the course of the term. The purpose of these papers is to have students critically examine topics assigned by the instructor, using the tools of economic analysis.

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    ECON 330. American Industries.

    Industrial Organization and Public Control

    Section 001.

    Instructor(s): Janet S. Netz

    Prerequisites & Distribution: Econ. 101 and 102. (4). (SS).

    Credits: (4).

    Course Homepage: No homepage submitted.

    In this course, you will study how markets for goods and services work. For example, how competitive is the market? This depends on the number of firms, the cost structure of the firm and industry, durability of the product, contact in other markets, etc. We also examine the welfare effects of different market structures and government policy towards markets.

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    ECON 360. The Developing Economies.

    Economic Development

    Section 001.

    Instructor(s): Andrew M Coleman (coldman@umich.edu)

    Prerequisites & Distribution: Econ. 101 and 102. No credit granted to those who have completed or are enrolled in 461. (3). (SS).

    Upper-Level Writing

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/360/001.nsf

    This course uses economic models to analyse key features of developing economies. The course will focus on three topics: macroeconomic explanations of why some countries are richer than others; the ways in which informal financial markets operate in developing countries; and the role of trade in the development process.

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    ECON 395. Topics in Economics and Economic Policy.

    Other Topics in Economics

    Section 001 Taxing, Spending, and the National Debt in the President's Economic Plan. (3 credits).

    Instructor(s): Neil Harold Buchanan (nbuchana@umich.edu)

    Prerequisites & Distribution: Econ. 101 and 102. (1-3). (Excl). May be repeated for a total of six credits.

    Credits: (1-3).

    Course Homepage: No homepage submitted.

    President Bush has proposed a sweeping series of changes in fiscal policy. These include his plans to reduce income taxes, to eliminate the estate tax, to reshape defense spending, to privatize the Social Security system (at least partially), etc. We will develop some tools with which to assess the potential impacts of these proposals. Our analysis will embrace both macroeconomic issues (what to do with the annual budget surplus, whether the budget surplus or deficit matters at all, the impact of the Social Security system on the aggregate economy, etc.) and microeconomic issues (tax code changes, spending initiatives, educational proposals, etc.). Student input in choosing the particular proposals to analyze will be crucial to the success of the course.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    ECON 395. Topics in Economics and Economic Policy.

    Other Topics in Economics

    Section 002 Business and Government. (credits?).

    Instructor(s): Doug Bice

    Prerequisites & Distribution: Econ. 101 and 102. (1-3). (Excl). May be repeated for a total of six credits.

    Credits: (1-3).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/395/002.nsf

    This course concerns government regulation of private enterprise, focusing on antitrust, environmental, and safety legislation. Students will acquire familiarity with the significant federal legislation in each of these areas, the economic analysis of this legislation, and gain an appreciation for the associated controversies. The concepts of efficiency, market structure, and externalities are central to the course. Throughout the course students will build on the understanding of these concepts that they gained in their principles course and leave with a deeper understanding of these concepts and the economy in which they live. Prerequisites: Econ. 101 and 102.

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    ECON 398. Strategy and Equity.

    Other Topics in Economics

    Section 001.

    Instructor(s): Doug Bice

    Prerequisites & Distribution: Econ. 101. (4). (SS).

    Credits: (4; 3 in the half-term).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/398/001.nsf

    This course is an introduction to the science of strategic thinking in the art of equity. Basics of non-cooperative as well as cooperative game theory will be covered via simple cases in business, international crises, mass elections, legislative voting, cost sharing, college admissions, housing lotteries, kidney allocation, etc.

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    ECON 401. Intermediate Microeconomic Theory.

    Economic Theory and Statistics

    Section 001.

    Instructor(s): Kai-Uwe Kuhn (kukuhn@umich.edu)

    Prerequisites & Distribution: Econ. 101 and 102, and Math. 115. (4). (Excl). (QR/1).

    Full QR

    Credits: (4).

    Course Homepage: http://www.econ.lsa.umich.edu/classes/Econ401_F01/

    This course deals with the theoretical analysis of consumers, firms, markets, and price determination. The analysis is rigorous, using the tools of algebra, geometry, and elementary calculus in constructing models.

    Prerequisites include one term of calculus. Economics 401 is a prerequisite for many other courses offered in Economics. Concentrators in economics are required to elect this course and are encouraged to complete it early in their concentration program. It is not recommended that 401 and 402 be taken in the same term. Lecture and discussion sections will both meet twice a week.

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    ECON 402. Intermediate Macroeconomic Theory.

    Economic Theory and Statistics

    Section 001.

    Instructor(s): Chris House

    Prerequisites & Distribution: Econ. 101 and 102, and Math. 115. (4). (Excl). (QR/1).

    Full QR

    Credits: (4).

    Course Homepage: http://www.econ.lsa.umich.edu/classes/Econ402_F01/

    This course in macroeconomics deals with the determination of broad economic aggregates such as national income, employment, the price level, and the balance of payments in both the short run and the long run. Rigorous analysis is used to understand the forces that determine these economic variables, and how they are affected by public policies.

    Econ. 402 is predominantly a lecture course, with grades based on hour test(s), written exercises, and final exam. Economics 402 is a prerequisite for many other courses offered in Economics. Concentrators in Economics are required to elect this course and are encouraged to complete it early in their concentration program. It is strongly recommended that students take Economics 401 before 402.

    Textbooks: Age of Diminished Expectations 3rd edKurgmanMIT Press0-262-61134-1

    Macro w/Macrobytes package MankiwVHPS

    Study Guide & Workbook Kaufman1-57259-645-7

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    ECON 404. Statistics for Economists.

    Economic Theory and Statistics

    Section 100.

    Instructor(s): Douglas Bice

    Prerequisites & Distribution: Econ. 101 and 102 and Math. 115. No credit granted to those who have completed or are enrolled in Econ. 405 or Stats. 350, 265, 311, 350, 400, 402, 405, or 412. (4). (Excl). (BS). (QR/1).

    Full QR

    Credits: (4).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/404/100.nsf

    No credit is granted to students who have completed or are enrolled in Econ. 405 or Stat. 311, 402, or 412. This course is designed to enable students to read critically empirical literature in economics and other social sciences. Topics covered include descriptive statistics, elementary probability theory, statistical inference, and regression analysis. Data analysis and interpretation of quantitative results are emphasized.

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    ECON 404. Statistics for Economists.

    Economic Theory and Statistics

    Section 200.

    Instructor(s): Chul-In Lee

    Prerequisites & Distribution: Econ. 101 and 102 and Math. 115. No credit granted to those who have completed or are enrolled in Econ. 405 or Stats. 350, 265, 311, 350, 400, 402, 405, or 412. (4). (Excl). (BS). (QR/1).

    Full QR

    Credits: (4).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/404/200.nsf

    Economics 404 is an introduction to Statistics. Topics include descriptive statistics, probability, statistical inference and an introduction to regression analysis. Grades are determined by problem sets and exams. There are two lectures and one problem set per week. The course is self-contained and does not serve as a prerequisite to Economics 406.

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    ECON 405 / STATS 405. Introduction to Statistics.

    Economic Theory and Statistics

    Section 001.

    Instructor(s): Howrey

    Prerequisites & Distribution: 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 Stats. 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). (Excl). (BS). (QR/1).

    Full QR

    Credits: (4).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/405/001.nsf

    See Statistics 405.001.

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    ECON 409. Game Theory.

    Economic Theory and Statistics

    Section 001.

    Instructor(s): Ennio S Stacchetti (ennio@umich.edu)

    Prerequisites & Distribution: Math. 217. (3). (Excl). (BS).

    Credits: (3).

    Course Homepage: www.econ.lsa.umich.edu/~ennio/409

    This course will consist of an introduction to the subject of game theory. Game theory has become an important technique for studying competitive and cooperative phenomena in economics and the social sciences. Traditional economics emphasizes the two extremes of economic decision-making: perfect competition, in which no firm can affect market prices, and pure monopoly, in which one firm has complete price-setting power. Game theory analyses intermediate situations like those that arise during wage negotiations or in price wars between two large firms. The same principles that govern the strategic interaction of players in parlor games like Chess or Poker turn out to be widely applicable to a whole range of problems in economics, biology, and political science. The current course will explore the beginnings of the subject using simple illustrative examples, including bargaining, auctions and duopolistic competition. Some calculus and matrix algebra will be needed, but the mathematical requirement is more for some sophistication in methods of argumentation rather than for specific techniques. Econ 401 provides motivation for many of the examples studied in this course.

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    ECON 411. Monetary and Financial Theory.

    Monetary and Financial Economics

    Section 001.

    Instructor(s): Subir Bose

    Prerequisites & Distribution: Econ. 402, and 404 or 405. (3). (Excl).

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/411/001.nsf

    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.

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    ECON 412. Topics in Macroeconomics.

    Monetary and Financial Economics

    Section 001.

    Instructor(s): Zvi Hercowitz

    Prerequisites & Distribution: Econ. 402. (3). (Excl).

    Credits: (3).

    Course Homepage: No homepage submitted.

    The course covers the following topics:

    1. Consumption, the Permanent Income Hypothesis
    2. Investment, optimal capital accumulation
    3. Labor and supply and labor demand
    4. General equilibrium in a model with the components in (1), (2) and (3)
    5. Including a government in the model, expenditure, taxation and deficits
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    ECON 414. Growth Theory.

    Economic Theory and Statistics

    Section 001.

    Instructor(s): Dmitriy L Stolyarov (stolyar@umich.edu)

    Prerequisites & Distribution: Economics 401 & 402. (4). (Excl).

    Credits: (4).

    Course Homepage: No homepage submitted.

    This is an advanced undergraduate course in macroeconomic theory with the focus on economic growth (students must complete extra materials for graduate credit). 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 will be addressed using the neoclassical and the new growth theory, as well as cutting-edge theories of talent allocation and economics of corruption.

    Course requirements include three in-class exams and eight problem sets, some of which require students to perform computer simulation exercises. Textbook: Charles I. Jones, Introduction to Economic Growth, 1st ed., W.W. Norton. Course pack (CP), available at Ulrich's Bookstore.

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    ECON 418. Business Cycles.

    Monetary and Financial Economics

    Section 001.

    Instructor(s): Miles S Kimball (mkimball@umich.edu)

    Prerequisites & Distribution: Econ. 402. (3). (Excl).

    Upper-Level Writing

    Credits: (3).

    Course Homepage: No homepage submitted.

    Economics 418 examines modern business cycle theories that emphasize dynamics, rational expectations and maximization, including Real Business Cycle and New Keynesian theories. ECON 401and 402 are both strongly recommended as prerequisites, since modern business cycle theories give a microeconomic foundation to macroeconomics.

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    ECON 421. Labor Economics I.

    Labor Economics

    Section 001.

    Instructor(s): George E Johnson (gjohnson@umich.edu)

    Prerequisites & Distribution: Econ. 401. (3). (Excl).

    Credits: (3).

    Course Homepage: No homepage submitted.

    This course deals with the economics of labor supply and demand, wage and employment determination, investment in education and training, and unemployment. The course develops microeconomic models of the labor market, presents relevant empirical evidence, and discusses applications to such policy issues as the work incentive effects of income maintenance programs and the employment effects of minimum wage legislation. Grades are based on midterm and final examinations.

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    ECON 431. Industrial Organization and Performance.

    Industrial Organization and Public Control

    Section 001.

    Instructor(s): Illoong Kwon (ilkwon@umich.edu)

    Prerequisites & Distribution: Econ. 401. (3). (Excl).

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/431/001.nsf

    This course will analyze the strategic interactions among firms and their effects on the social welfare. The topics will include the price discrimination, price/quantity competition, collusion, merger, entry deterrence, and antitrust laws. Selected news articles and antitrust cases will be used to illustrate some of the key concepts. Students should be prepared to participate frequently in class discussions.

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    ECON 435. Financial Economics.

    Monetary and Financial Economics

    Section 001.

    Instructor(s): Benjamin Remy Chabot (remy@umich.edu)

    Prerequisites & Distribution: Econ. 401, and 404 or 405. (4). (Excl).

    Credits: (4).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/435/001.nsf

    The financial economics course provides the student with an examination of a wide array of financial instruments and institutions in today's global marketplace. In taking this course, you will develop an understanding of the numerous money-market and capital market instruments and rates, the determinants of equity and bond values, and the workings of various financial markets. Financial derivatives, specifically futures and options, are introduced and their relationship to portfolio management and hedging strategy is analyzed.

    The course introduces the Capital Asset Pricing Model, Markowitz diversification, duration and bond portfolio management, and the Black-Scholes option-pricing model. As part of the coursework, you will apply the concepts presented in class and investigate the fundamental components that determine the value of major U.S. corporations.

    Text:

  • Capital Markets: Institutions and Instruments, 2nd ed., Fabozzi & Modigliani.

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    ECON 441. International Trade Theory.

    International Economics

    Section 001.

    Instructor(s): James A Levinsohn (jamesl@umich.edu)

    Prerequisites & Distribution: Econ. 401. (3). (Excl).

    Credits: (3).

    Course Homepage: No homepage submitted.

    This course deals with the theory of international trade. It explores the important theories that explain what countries trade and why they gain from trade. These theories include the theory of comparative advantage and the factor-proportions theory of trade, as well as more recent theoretical developments. The course also deals with several other related topics, such as empirical tests and applications of trade theory, the theory of trade policy, preferential trading arrangements, international factor movements, and trade and economic development. A special emphasis is placed on current policy issues in international trade.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    ECON 442. International Finance.

    International Economics

    Section 001.

    Instructor(s): Zvi Hercowitz

    Prerequisites & Distribution: Econ. 402. (4). (Excl).

    Credits: (4).

    Course Homepage: No homepage submitted.

    The course covers two broad topics:

    1. Fiscal and monetary policy in an open economy This part of the course centers on the Mundell-Flemming model. Fiscal and monetary policy under flexible and fixed exchange rates. Interaction between economic policies and capital mobility. Conflicts of interests between the Central Bank and the Treasury.
    2. Saving, investment and the balance of payments The discussion here is based on a simple intertemporal framework. The households decide on consumption and saving and the firms decide on investment and capital accumulation. The effects of government spending, taxation, and deficits on national saving and the balance of payments.
    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    ECON 453. The European Economy.

    Comparative Economic Systems and National Economies

    Section 001.

    Instructor(s): William J Adams (jimadams@umich.edu)

    Prerequisites & Distribution: Econ. 401. (4). (Excl).

    Credits: (4).

    Course Homepage: No homepage submitted.

    The structure, function, and performance of the European economy since World War II. Emphasis is placed on description and analysis of European economic integration. Topics include the origins and institutions of the European Community, creation of the customs union, unification of the internal market, implementation of common policies for agriculture and competition, prospects for monetary union, and progress toward social Europe. Students should be prepared to participate frequently in class discussions. Students who miss the first two days of class without permission will be dropped automatically from class.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    ECON 454. Economics of Japan.

    Comparative Economic Systems and National Economies

    Section 001.

    Instructor(s): Gary R Saxonhouse (grsaxon@umich.edu)

    Prerequisites & Distribution: Econ. 101 and 102. (3). (Excl).

    Credits: (3).

    Course Homepage: No homepage submitted.

    Analysis of Japan's economic organization, structure, and performance. Special emphasis is placed on the character of Japanese economic policy making and the behavior of Japanese enterprises and financial institutions, the Japanese labor force, and the Japanese household. There will also be ample discussion of Japan's international economic relations and its current macroeconomic and structural problems. Attention will be given to bilateral and multilateral conflicts in overseas product, financial, and technology markets. The course will have a lecture format, but questions are welcome. The course grade will be determined by two one-and one-half hour examinations and a final.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    ECON 471 / NRE 571. Environmental Economics.

    Environmental Economics

    Section 001.

    Instructor(s): Gloria Helfand (ghelfand@umich.edu)

    Prerequisites & Distribution: Econ. 401 or NR&E 570. (3). (Excl).

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/nre/571/001.nsf

    Economics 471 is a broad introduction to market failure, with theoretical, empirical, institutional, and historical perspectives on current U.S. environmental problems. This course is intended primarily for upper-division undergraduates in the economics concentration and for graduate students from outside economics (but note carefully the prerequisite comfort with calculus and a recent, challenging intermediate microeconomic theory course are essential). The format for most classes is lecture-with-interruption, with time allocated for questions and discussions. The course deals with: (1) the economic theory of externalities and public goods (and "public bads"); and (2) the economic analysis of current U.S. environmental policy, emphasizing air and water pollution and waste problems generation, collection, recycling, and disposal (emphasizing municipal solid waste, low-level radioactive waste, and Superfund). There will be regular unannounced short quizzes and a cumulative final exam.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    ECON 481. Government Expenditures.

    Public Finance

    Section 001.

    Instructor(s): Julianne Berry Cullen (jbcullen@umich.edu)

    Prerequisites & Distribution: Econ. 401. No credit granted to those who have completed or are enrolled in 380. (3). (Excl).

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/481/001.nsf

    Economics 481 studies the role of government in the economy. Topics covered include public goods, collective choice, externalities, income redistribution, and social insurance. In considering these topics, emphasis will be placed on both theoretical issues and applications to current policy. The class format will combine lecture and discussion. Students will be evaluated based on performance on problem sets and exams. A solid grounding in microeconomics and practice with mathematical optimization will make the course more accessible.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    ECON 482. Government Revenues.

    Public Finance

    Section 001.

    Instructor(s): Chul-In Lee

    Prerequisites & Distribution: Econ. 401. No credit granted to those who have completed or are enrolled in 380. (3). (Excl).

    Credits: (3).

    Course Homepage: No homepage submitted.

    No credit granted to those who have completed or are enrolled in Econ. 380. This course analyzes the equity and efficiency effects of major U.S. taxes, including the personal income tax, the corporate income tax, and the social security tax. It also examines commonly proposed tax changes.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    ECON 485. Law and Economics.

    Other Topics in Economics

    Section 001.

    Instructor(s): Neil Harold Buchanan (nbuchana@umich.edu)

    Prerequisites & Distribution: Econ. 401. (3). (Excl).

    Credits: (3).

    Course Homepage: No homepage submitted.

    This course is open to (and welcomes) both pre-laws and students who are not planning to go to law school. In this course, we will critically assess the use of economics as a framework for analyzing legal issues, comparing traditional legal analysis with the alternative mode of analysis offered by the so-called Law and Economics Movement. We will study issues in a variety of areas of the law, including property, contracts, torts (injuries), and criminal law asking not just how economics might be applied to particular legal questions but to which areas of the law such applications are particularly well- or ill-suited. For example, we will analyze different ways to determine and measure liability for damages in automobile accidents, assessing the incentives that different legal rules create and asking whether it makes sense to describe an "economically efficient level of precaution against accidents." We will also examine whether the criminal law is an area in which standard economic reasoning can be squared with the inherently moral judgments that we use in defining crime and punishment. Similarly, we will examine contract law, determining what kinds of promises are legally enforced and what outcomes we might expect from alternative legal regimes. No area of the law or public policy is beyond our potential inquiry.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    ECON 491 / HISTORY 491. The History of the American Economy.

    Economic History

    Section 001.

    Instructor(s): Warren C Whatley (wwhatley@umich.edu)

    Prerequisites & Distribution: Econ. 101 and 102. (3). (Excl).

    Upper-Level Writing

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2001/fall/econ/491/001.nsf

    This course is designed to introduce students to major issues and topics in the history of the American Economy from colonization to the late 20th century. A course goal is to uncover the determinants of the evolution of the U. S. economy from one of scattered settlement communities to the largest economy in the world. The class format includes lectures, discussions and films. Major topics include Economics and History, American Economic Growth, The Colonial Economy and the American Revolution, Regional Economic Development, The Civil War and Aftermath, Industrial Capitalism, and the Great Depression and New Deal. Grading is based on a midterm exam and a final exam.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 1

    ECON 495. Seminar in Economics.

    Honors Program, Internships, Seminars, and Independent Research

    Section 001 Workshop in Applied Econometrics.

    Instructor(s): Robert B Barsky (barksy@umich.edu)

    Prerequisites & Distribution: Econ. 401, 402, and 404 or 405; and permission of instructor. (3). (Excl). May be repeated for a total of six credits.

    Upper-Level Writing

    Credits: (3).

    Course Homepage: No homepage submitted.

    This is a small seminar-workshop for students who are highly motivated to begin research in empirical economics and who have either completed, or are currently enrolled in, Economics 406 or an equivalent econometrics course. The course consists of two parts: In the first part, we will replicate existing econometric studies and variants thereof, while discussing the ideas behind them and interpretation of the results. In the second, we will work on individual or group projects, culminating in a journal article-style paper. Topics for the first part of the course will be chosen from a list that includes testing and evaluating the capital-asset pricing model; time-series tests of simple rational expectations-efficient market models including the term structure of interest rates, the Fisher effect, and the constant-expected-return model of stock pricing; cross-sectional and time-series studies of long-term growth; money and inflation; wage equations and wage differentials; costs and scale economies; hedonic pricing models and quality change. The interests of the class members may be taken into account in choosing from this list. Students should buy: Ernest Berndt, The Practice of Econometrics: Classic and Contemporary.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 5, Permission of Instructor

    ECON 498. Honors Independent Research.

    Honors Program, Internships, Seminars, and Independent Research

    Instructor(s):

    Prerequisites & Distribution: Open only to students admitted to Honors concentration in economics. (1-4). (Excl). (INDEPENDENT). May be repeated for a total of eight credits.

    Credits: (1-4).

    Course Homepage: No homepage submitted.

    This course is for undergraduates writing senior Honors theses. Each student's grade for the course and levels of Honors achieved will depend entirely on the quality of the thesis, as evaluated by the thesis advisor with whom the student has arranged to work.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    ECON 499. Independent Research.

    Honors Program, Internships, Seminars, and Independent Research

    Instructor(s):

    Prerequisites & Distribution: Written permission of staff member supervising research, and permission of the economics concentration advisor. (1-4). (Excl). No more than four credits may be used in an economics concentration program. (INDEPENDENT). May be repeated for a total of eight credits.

    Credits: (1-4).

    Course Homepage: No homepage submitted.

    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.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    Graduate Course Listings for ECON.


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