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Fall Academic Term 2002 Course Guide

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Courses in Economics


This page was created at 7:46 PM on Thu, Oct 3, 2002.

Fall Academic Term, 2002 (September 3 - December 20)


ECON 101. Principles of Economics I.

Introductory Courses

Section 100.

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://coursetools.ummu.umich.edu/2002/fall/econ/101/100.nsf

ECON 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 ECON 101 include: supply and demand; the differences between competition and monopoly; environmental problems and policies; labor markets; and international trade. ECON 101 is the first part of the two-term introduction to economics – the second part (ECON 102, for which ECON 101 is a prerequisite) examines macroeconomics. Prerequisites for ECON 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

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

ECON 101. Principles of Economics I.

Introductory Courses

Section 200.

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://coursetools.ummu.umich.edu/2002/fall/econ/101/100.nsf

ECON 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 ECON 101 include: supply and demand; the differences between competition and monopoly; environmental problems and policies; labor markets; and international trade. ECON 101 is the first part of the two-term introduction to economics – the second part (ECON 102, for which ECON 101 is a prerequisite) examines macroeconomics.

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): Doug Bice (dbice@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/2002/fall/econ/101/300.nsf

The economic approach to human behavior combines a set of behavioral assumptions to investigate the social institutions that have arisen in response to the scarcity of resources. ECON 101 focuses on markets and the importance of relative prices. In fact, much of the material covered in this course is termed price theory. Price theory is a body of knowledge associated with the determination of relative prices and the influence of prices on the decisions of consumers and producers. Topics covered in the course include: supply and demand, price elasticity of demand, consumer choice, profit-maximization, efficiency, and models of market structure. ECON 101 is the first part of a two-term introduction to economics–the second part (ECON 102, for which ECON 101 is a prerequisite) examines macroeconomics.

Prerequisites for ECON101: 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://coursetools.ummu.umich.edu/2002/fall/econ/102/100.nsf

ECON 101 and 102 are required as prerequisites to the concentration and to upper-level courses in Economics. In ECON 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 coursepack, 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): Doug Bice (dbice@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/2002/fall/econ/102/200.nsf

ECON 102, Principles of Macroeconomics, introduces consideration of economic aggregates at the national level. Major topics include business fluctuations, economic growth, inflation, unemployment, and the influence of government policy on each of these. ECON 102 is the second part of the two term introduction to economics that starts with ECON 101, Principles of Microeconomics.

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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 ECON 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 current Wall Street Journal articles related to the week's class topics, stressing the use and application of the microeconomic tools being learned in ECON 101.

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 Wall Street Journal for the term. Evaluation of students will be entirely on the basis of their paper, journal, and attendance. Students not concurrently enrolled in ECON 101 will be dropped from the class.

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

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ECON 299. Undergraduate Internship.

Honors Program, Internships, Seminars, and Independent Research

Section 001.

Instructor(s):

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: http://www.econ.lsa.umich.edu/Undergrad/Internship.html

Credit is granted for a full-time internship of at least eight 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. Internship applications can be downloaded or obtained from the Economics Office.

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

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/2002/fall/econ/310/001.nsf

This course studies the role of money, banking, and finance in the economy. At the microeconomic level, the course will introduce topics in portfolio theory, risk management, and banking regulation. At the macroeconomic level, we will study how monetary policy influences interest rates, prices, and overall economic activity. We also will examine in detail how the Federal Reserve operates monetary policy, and the problems it faces in pursuing objectives such as economic growth, low inflation, and the containment of financial crises.

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ECON 320. Survey of Labor Economics.

Labor Economics

Section 001.

Instructor(s): Kerwin K Charles (kcharles@umich.edu)

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

Credits: (3).

Course Homepage: No homepage submitted.

No Description Provided. Contact the Department.

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ECON 360. The Developing Economies.

Economic Development

Section 001.

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

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

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2002/fall/econ/360/001.nsf

This course uses economic models to analyse key features of developing economies. The course uses the Solow model as a framework for understanding issues such as the role of education, capital accumulation, financial development and population growth in developing countries, and explores reasons why poor areas may fail to develop. It then explores how a variety of legal and non-legal institutions that promote social interaction, capital accumulation, and trade evolve, and why some institutions promote development more than others. Lastly, it examines the role of international trade in the development process.

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ECON 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 001 – Bulls, Bears, Booms, and Busts. (1 credit). Meets with first half of the term. (Drop/Add deadline=September 23).

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

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

Mini/Short course

Credits: (1-3).

Course Homepage: https://coursetools.ummu.umich.edu/2002/winter/econ/395/002.nsf

This course will examine some especially interesting and dramatic episodes in 20th century macroeconomic history. The course meets only for the first half of the term.

Probable topics are:

  • Long swings in stock prices;
  • "Consumer Confidence", with applications to the 1990-1991 recession and the present;
  • The German Hyperinflation in the early 1920's;
  • The Great Depression of the 1930's;
  • The Collapse of the Bretton Woods international monetary system in the late 1960's;
  • The Great Stagflation of the 1970's; and the stabilization of U.S. inflation in the 1980's,

There is no textbook. Readings will be found on the web and/or in a coursepack. The grade will be determined by two brief quizes, one exam (on the last day of class - without exception) and - for those electing the course for 2 credits one 12-15 page paper.

Check Times, Location, and Availability Cost: 1 Waitlist Code: 1

ECON 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 002 – Economics at the Wheel. Meets Setpember 4-30. (1 Credit). (Drop/Add deadline=September 23).

Instructor(s): Richard C Porter (rporter@umich.edu)

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

Mini/Short course

Credits: (1-3).

Course Homepage: No homepage submitted.

The automobile has been an important part of American society throughout the twentieth century, and in the last few decades it has become heavily regulated, especially with respect to fuel efficiency, air pollution, and safety. This one-credit course will examine how the U.S. government has undertaken this regulation and what the effects have been. There are three prerequisites. One, ECON 101. Two, an interest in learning how to analyze economic policy issues, especially those concerned with cars and driving. And three, a willingness to recall and use algebra, graphs, and the other tools of analysis that you studied in the introductory microeconomics course. Each class (except, of course, the first class) will begin with a short quiz to ensure your attendance and careful prior reading of that day's assignment (228 pages total, some 30 pages per class). The course grade will be the average of (all but the lowest one of) the quiz grades. The textbook ("Economics at the Wheel" Academic Press 1999) is in the UM libraries, so prospective enrollees can see what they are getting into. The book will cost $40 at bookstores, but anyone who arranges it with me before 1 July 2002 can acquire a copy with the author's discount for $30 (email rporter@umich.edu to find out how). Note the course times carefully (Mondays and Wednesdays, 4:10-5:30PM, 4 Sep.-30 Sep. only).

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ECON 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 003 – Managerial Economics and Business Strategy. (3 Credits).

Instructor(s): Hector Chade

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/2002/fall/econ/395/003.nsf

This course will be taught by Professor Hector Chade, a visiting professor from Arizona State University. Professor Chade's area of interests include search and matching, contract theory, and models of endogenous acquisition of information. He teaches a Ph.D. course in Contract Theory and Mechanism Design, and an MBA course in Managerial Economics at Arizona State University.

This course will provide students with economic tools that are useful for solving managerial decision making problems. The following topics will be studied in detail: demand, supply, pricing strategies with market power, mergers, and strategic interactions in markets. The course will also cover more advanced topics like principles of incentive contract design when information is incomplete, bargaining strategies, and bidding behavior in auctions. Each topic will be illustrated with real world applications drawn from articles and cases.

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ECON 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 004 – Introduction to Econometric Applications. (3 credits)

Instructor(s): Stanley Anthony Sedo (sasedo@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: http://coursetools.ummu.umich.edu/2002/fall/econ/395/004.nsf

This course provides a survey of applications of econometric models for students with little or no background in statistics. Students will learn to interpret research results using published papers as well as working with data. Topics include supply and demand, labor economics, issues and health economics. In addition, students will research topics of their own interest. Prerequisites are: ECON 101 and 102.

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ECON 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 005 – Bulls, Bears, Booms, and Busts. (3 credits).

Instructor(s): Robert Barsky (barksy@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: http://coursetools.ummu.umich.edu/2002/fall/econ/395/001.nsf

Please see course description for ECON 395-001. This section will meet for the full term.

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ECON 398. Strategy and Equity.

Other Topics in Economics

Section 001.

Instructor(s): Emre Ozdenoren (emreo@umich.edu)

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

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

Course Homepage: http://coursetools.ummu.umich.edu/2002/fall/econ/398/001.nsf

This course is an introduction to the science of strategic thinking. Basics of non-cooperative game theory will be covered and applied to situations involving collective action, uncertainty, mass elections, legislative voting, cost sharing, bargaining, auctions, etc. (The word equity in the title refers to fairness, not to equity as in financial stocks.)

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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://coursetools.ummu.umich.edu/2002/fall/econ/401/001.nsf

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): Eric Swanson

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

Full QR

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2002/fall/econ/402/001.nsf

This is a course in intermediate macroeconomics. The course covers both theoretical and empirical aspects of macroeconomics. The main topics covered are economic growth, business cycles, unemployment, and inflation. It is strongly recommended that students take Econ 401 before 402.

Econ 402 is predominantly a lecture course, with grades based on two midterms, homework assignments, and a final exam. This course 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.

Textbooks: Macroeconomics, 5th ed Mankiw, Worth Publishers

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ECON 404. Statistics for Economists.

Economic Theory and Statistics

Section 100.

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, 405, or 412. (4). (Excl). (BS). (QR/1).

Full QR

Credits: (4).

Course Homepage: No homepage submitted.

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 discussion section meeting per week. The course is self-contained and does not serve as a prerequisite to Economics 406.

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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, 405, or 412. (4). (Excl). (BS). (QR/1).

Full QR

Credits: (4).

Course Homepage: No homepage submitted.

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 discussion section meeting 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): Sarah Senesky

Prerequisites & Distribution: MATH 116. 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 IOE 265, STATS 265, 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/2002/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): Hector Chade

Prerequisites & Distribution: MATH 217. (4). (Excl). (BS).

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2002/fall/econ/409/001.nsf

This is a rigorous, intensive, calculus-based introduction to game theory. Game theory naturally partitions into static and dynamic games, and games with complete and incomplete information. After introducing the basics of decision-making under uncertainty (the von Neumann Morgenstern cardinal utility model), we explore all four quadrants, and their associated equilibrium concepts: Nash equilibrium, Bayes-nash equilibrium, subgame perfection, and sequential equilibrium. En route, we consider applications such as bargaining, timing games, auctions, voting, reputation, and educational signalling. Successful students should emerge able to scale ice cliffs with their bare hands, and develop a "beautiful mind".

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ECON 412. Topics in Macroeconomics.

Monetary and Financial Economics

Section 001 – Consumption, Investment, and General Equilibrium.

Instructor(s): Zvi Hercowitz

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

Credits: (3).

Course Homepage: No homepage submitted.

This course covers the following topics:

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

This course is based on class notes. The first two classes will be devoted to reviewing background material on basic optimization.

The grade will based on (i) a midterm exam (30%), to be held on Thursday October 24th during class time, and (ii) a final exam (70%).

There will be five or six problem sets during the semester, which will not be graded. The solutions to the problems will be discussed in class.

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ECON 414. Growth Theory.

Economic Theory and Statistics

Section 001.

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

Prerequisites & Distribution: ECON 401 and 402. (4). (Excl).

Credits: (4).

Course Homepage: http://www.econ.lsa.umich.edu/~stolyar/

This is an advanced undergraduate course in macroeconomic theory with the focus on economic growth. 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: http://www.econ.lsa.umich.edu/Undergrad/syl418.pdf

Economics 418 examines modern business cycle theories that emphasize dynamics, rational expectations and maximization, including Real Business Cycle and New Keynesian theories. ECON 401 and 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): Stephen Lich-Tyler

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

Credits: (3).

Course Homepage: No homepage submitted.

This course discusses the economics of labor supply and demand, wage and employment determination, and investment in education and training. The course develops microeconomic models of the labor market, presents relevant empirical evidence, and discusses applications to such policy issues as the the work incentive effects of income maintenance programs and the employment effects of minumum wage legislation.

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ECON 422. The Structure of Labor Markets.

Labor Economics

Section 001.

Instructor(s): Charles C Brown (charlieb@umich.edu)

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

Credits: (3).

Course Homepage: No homepage submitted.

This course is centered around important policy questions and institutions relating to labor markets. The topics may include: effects of unions on wages and working conditions; effects of minimum wage laws on employment and the distribution of income; responses of firms and unemployed workers to unemployment insurance laws; effect of equal-opportunity laws and regulations; effect of Social Security and private pensions on retirement; incentives and job performance; labor markets and macroeconomic policy; labor markets and trade policy.

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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/2002/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/2002/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 442. International Finance.

    International Economics

    Section 001.

    Instructor(s): Zvi Hercowitz

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

    Credits: (4).

    Course Homepage: http://coursetools.ummu.umich.edu/2002/fall/econ/442/001.nsf

    This 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.

    This course is based on class notes. The first two classes will be devoted to reviewing background material on basic optimization. Grades will be based on (i) a midterm exam (30%) to be held on Thursday, October 24th during class time, (ii) homework (10%), and (iii) a final exam (60%).

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

    ECON 455. The Economy of the People's Republic of China.

    Comparative Economic Systems and National Economies

    Section 001.

    Instructor(s): Albert Francis Park (alpark@umich.edu)

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

    Credits: (3).

    Course Homepage: No homepage submitted.

    This course will examine the process of institutional change and economic development through the experiences of mainland China and Taiwan. Emphasis is on economic reforms in mainland China since 1978, including agricultural reforms, rural industrialization, reform of state-owned enterprises, international trade and foreign investment, fiscal and financial reforms, and regional inequality and poverty. Other topics: record of socialist planning in China; pace and sequence of reform in socialist economies; Taiwan's structural transformation; and China's entry into the World Trade Organization.

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

    ECON 457. Post-Socialist Transition in Central/Eastern Europe and the Former Soviet Union.

    Comparative Economic Systems and National Economies

    Section 001.

    Instructor(s): Klara Sabirianova (klaras@umich.edu)

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

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2002/fall/econ/457/001.nsf

    The course provides an introduction to economics of transition to a market economy. The geographic focus will be Central and Eastern Europe, Russia and other countries of the former Soviet Union. The course will address mainly microeconomic issues of reforms such as institutional change, privatization of formerly state-owned enterprises, structural change, and the role of the state. Other topics, including macroeconomic stabilization, price liberalization, and social protection policies will be also considered but primarily in relation to microeconomic reforms and restructuring.

    Check Times, Location, and Availability Cost: 2 Waitlist Code: 4

    ECON 461. The Economics of Development I.

    Economic Development

    Section 001.

    Instructor(s): Rohini Somanathan (rohinis@umich.edu)

    Prerequisites & Distribution: ECON 401. No credit granted to those who have completed or are enrolled in ECON 360. (3). (Excl).

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2002/fall/econ/461/001.nsf

    This course is an introduction to questions related to the economic development of countries. The term "economic development" is very broad and we will consider a number of aspects of such development. We will examine the factors that account for differences in per capita income across countries, the characteristics of traditional societies that are conductive to growth and modernization and the relationship between growth, income distribution and other indices of development such as health and education. We will also ask how property rights and institutions influence technological change in different sectors of the economy and how social norms and networks in traditional societies can help resolve contractual problems associated with development. Methodologically, the course will be a mixture of mathematical models and empirical studies. Intermediate microeconomics is the only prerequisite.

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

    ECON 490. Current Topics in Economics.

    Other Topics in Economics

    Section 001 – Welfare Economics.

    Instructor(s): Leonid Hurwicz

    Prerequisites & Distribution: ECON 401, 402, 404 or 405. (3). (Excl).

    Credits: (3).

    Course Homepage: No homepage submitted.

    This course will be taught by Professor Leonid Hurwicz, a visiting professor from the University of Minnesota. Professor Hurwicz' area of interest includes mathematical economics, economic organization, welfare economics, and social choice.

    This course is devoted to problems of welfare economics. It deals with criteria used by economics in evaluating policies and institutional reforms that may be considered, or in comparing the merits of alternative mechanisms of resource allocation. Efficiency is an example of such a criterion.

    We will study conditions under which perfect competition results in "efficient" resource allocation, as well as problems created by monopoly, presence of "externalities" (e.g. pollution), and economies of scale.

    To the extent possible, the choice of specific topics and issues will take into account the interests and background of class members.

    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 4

    ECON 495. Seminar in Economics.

    Honors Program, Internships, Seminars, and Independent Research

    Section 001 – Empirical Methods in Public Policy & Economic Development. (Honors).

    Instructor(s): Rohini Somanathan (rohinis@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: http://coursetools.ummu.umich.edu/2002/fall/econ/495/001.nsf

    Students interested in ECON 495 must submit an application, which can be found at www.econ.lsa.umich.edu/Undergrad/495app.html

    The seminar is aimed at students who would like to learn how to effectively use data from household surveys and other data sets to answer empirical questions in public policy and economic development. An initial set of lectures will cover some basic topics in survey design and empirical methodology. These will be followed by a study of existing papers on a variety of public policy issues such as estimating the productivity of school inputs in student achievement, measuring the effectiveness of public health interventions, and using survey data to examine household behavior in developing countries. The purpose of these discussions would be to demonstrate how data sets can be used to ask interesting questions. Students will then be required to work (in small groups) on a research question using an existing data set.

    Papers and oral presentations are required.

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

    ECON 495. Seminar in Economics.

    Honors Program, Internships, Seminars, and Independent Research

    Section 002 – Social Regulation. (Honors).

    Instructor(s): Klaas T Van 't Veld (kvtveld@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: http://www.econ.lsa.umich.edu/~kvtveld/econ495/econ495.html

    This seminar studies a broad range of topics in social regulation, defined as government intervention aimed at protecting basic rights and freedoms, and at controlling harmful or unintended consequences of market transactions. Examples include environmental, health, and safety regulation, affirmative action, and protection of freedom of speech.

    The seminar begins with classroom review of essential concepts and tools, after which participants are expected to pursue (in small groups) a significant research topic agreed to by the instructor. Emphasis is on the use of formal microeconomic models to analyze real-world problems and to evaluate policy interventions.

    Papers and oral presentations are required. Economics 401 is a prerequisite.

    Students interested in ECON 495 must submit an application, which can be found at www.econ.lsa.umich.edu/Undergrad/495.html

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

    ECON 496. History of Economic Thought.

    Economic History

    Section 001.

    Instructor(s): Frank W Thompson (fthom@umich.edu)

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

    Upper-Level Writing

    Credits: (3).

    Course Homepage: http://coursetools.ummu.umich.edu/2002/fall/econ/496/001.nsf

    The aim of the course is to deepen understanding of contemporary economic questions by situating them in the context of how such questions have arisen and been debated in the history of economic thought. The first part of the course selectively surveys economic thought from its origins, culminating in Adam Smith's Wealth of Nations (1776), through Keynes' General Theory (1936). Along the way Malthus, Ricardo, Marx, Mill, Walras, and Marshall are treated with emphasis on theories of production and distribution. The second part of the course focuses on the development of welfare economics and comparative economic systems theories in the last century. Throughout the course economic theories are related to the historical contexts in which they have developed. Attention is also paid to questions concerning the scientific status of economic theories as well as to their relation to policy and normative considerations.

    Evaluation for the course is based on midterm and final examinations and two papers, a short paper (c. 1,250 words) early in the course and a longer term paper (c. 3,000 words). Class discussion both in the classroom and on the class email group list is very strongly encouraged.

    Check Times, Location, and Availability Cost: 2 Waitlist Code: No Data Given.

    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: 5, Permission of Instructor

    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: 5, Permission of Instructor

    Graduate Course Listings for ECON.


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