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Fall Academic Term 2003 Course Guide

Note: You must establish a session for Fall Academic Term 2003 on wolverineaccess.umich.edu in order to use the link "Check Times, Location, and Availability". Once your session is established, the links will function.

Courses in Economics


This page was created at 6:52 PM on Tue, Sep 23, 2003.

Fall Academic Term, 2003 (September 2 - December 19)



ECON 101. Principles of Economics I.

Introductory Courses

Section 100 — EVENING EXAMS FOR LEC 100 & 200: OCT 8 & NOV 5, 8-10 PM.

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

Prerequisites & Distribution: High school algebra and geometry. (4). (SS). (QR/2). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 400.

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

Course Homepage: No homepage submitted.

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 3 lectures and 1 discussion section per week.

Textbooks:
Prin of Micro 3rd EdTaylor
Econ of Public Issues 13th EdMiller

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

ECON 101. Principles of Economics I.

Introductory Courses

Section 200 — EVENING EXAMS FOR LEC 100 & 200: OCT 8 & NOV 5, 8-10 PM.

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

Prerequisites & Distribution: High school algebra and geometry. (4). (SS). (QR/2). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 400.

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

Course Homepage: No homepage submitted.

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 3 lectures and 1 discussion section per week.

Texts:

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

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

ECON 101. Principles of Economics I.

Introductory Courses

Section 300.

Instructor(s): Douglas C Bice (dbice@umich.edu)

Prerequisites & Distribution: High school algebra and geometry. (4). (SS). (QR/2). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 400.

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

Course Homepage: http://coursetools.ummu.umich.edu/2003/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. Much of the material covered in this course is 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 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.

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

ECON 102. Principles of Economics II.

Introductory Courses

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

Prerequisites & Distribution: ECON 101. (4). (SS). (QR/2). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 400.

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

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/102/201.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 course pack, Introduction to Macroeconomic Models, available from Dollar Bill Copying, 611 Church.

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

ECON 108. Introductory Microeconomics Workshop.

Introductory Courses

Section 001 — [Honors].

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

Prerequisites & Distribution: First-year standing and concurrent enrollment in ECON 101. (1). (SS). May not be repeated for credit. Offered mandatory credit/no credit.

Credits: (1).

Course Homepage: No homepage submitted.

Course meets weekly for discussion of current Wall Street Journal articles related to the week's ECON 101 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 and journal 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 course.

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

ECON 299. Undergraduate Internship.

Honors Program, Internships, Seminars, and Independent Research

Instructor(s):

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

Credits: (1).

Course Homepage: No homepage submitted.

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. Verification of the internship (after completion) must be provided by the student on company letterhead. Internship applications can be downloaded from the Economics homepage or obtained from the Economics Office.

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

ECON 310. Money and Banking.

Monetary and Financial Economics

Section 001 — Money, Banking, and Finance.

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

Prerequisites & Distribution: ECON 101 and 102. (3). (SS). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/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.

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

ECON 310. Money and Banking.

Monetary and Financial Economics

Section 002.

Instructor(s): Roohi Baveja

Prerequisites & Distribution: ECON 101 and 102. (3). (SS). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/310/002.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.

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

ECON 320. Survey of Labor Economics.

Labor Economics

Section 001.

Instructor(s): Charles Brown

Prerequisites & Distribution: ECON 101 and 102. (3). (SS). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/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.

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

ECON 323. Economics and Gender.

Other Topics in Economics

Section 001.

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

Prerequisites & Distribution: ECON 101 and 102. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/323/001.nsf

Using the tools of analysis introduced in the Principles classroom, this course examines various economic topics and discusses these topics in light of the traditional and recent roles of women and men. Subjects covered in the course include:

  • The household as an economic unit
  • Time allocation
  • Earnings and occupations
  • Labor market trends
  • Labor market discrimination
  • Gender and family related public policy
  • Family policy in other nations

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

ECON 330. American Industries.

Industrial Organization and Public Control

Section 001.

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

Prerequisites & Distribution: ECON 101 and 102. (4). (SS). May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

The essential features of large-scale business enterprise in the United States today. Considerable attention is devoted to particular industries, such as petroleum, beer, prescription drugs, air transport, and telephonic communication. Emphasis is placed on market structure and government policy as determinants of business behavior and performance. Students should be prepared to participate frequently in class discussions.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

ECON 340. International Economics.

International Economics

Section 001.

Instructor(s): Alan V Deardorff (alandear@umich.edu)

Prerequisites & Distribution: ECON 101 and 102. (3). (SS). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.econ.lsa.umich.edu/~alandear/courses/340/340.html

The course provides a general overview of international economics.

Topics covered include: the reasons for and the effects of international trade; trade policies such as tariffs, quotas, and voluntary export restraints; trade arrangements and institutions such as the NAFTA and WTO; determination of exchange rates; the role of the international economy in influencing national income, unemployment, and inflation; and international constraints on macroeconomic policy. Emphasis is on concepts, ideas and institutions, rather than on rigorous analysis.

Course grade is based on two midterm exams and a final exam only. Students also are expected to stay abreast of international economic news by reading the Wall Street Journal, and the course includes weekly class discussions of the current international economic news.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

ECON 350. Comparative Economic Systems.

Comparative Economic Systems and National Economies

Instructor(s):

Prerequisites & Distribution: ECON 101 and 102. (3). (SS). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 451.

Credits: (3).

Course Homepage: No homepage submitted.

ECON 350 presents theoretical models and case studies of selected aspects of different economic systems, including: (1) capitalist regulated market economics, (2) socialist regulated markets economies, and (3) socialist centrally planned economies.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 350. Comparative Economic Systems.

Comparative Economic Systems and National Economies

Section 001.

Instructor(s):

Prerequisites & Distribution: ECON 101 and 102. (3). (SS). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 451.

Credits: (3).

Course Homepage: No homepage submitted.

ECON 350 presents theoretical models and case studies of selected aspects of different economic systems, including: (1) capitalist regulated market economics, (2) socialist regulated markets economies, and (3) socialist centrally planned economies.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 360. The Developing Economies.

Economic Development

Section 001.

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

Prerequisites & Distribution: ECON 101 and 102. (3). (SS). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 461.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/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.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 3

ECON 395. Topics in Economics and Economic Policy.

Other Topics in Economics

Section 001 — Economics at the Wheel. Meets September 2-30. [1 Credit]. (Drop/Add deadline=September 22).

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

Prerequisites & Distribution: ECON 101 and 102. (1-3). (Excl). May be elected for a maximum of 6 credits. May be elected more than once in the same term.

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 motor vehicles and their users and neighbors. 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) 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 average grade of these quizzes will make up 2/3 of the course grade. The other 1/3 will be the grade on a take-home exam that requires a four-page (double-spaced) essay. The textbook (Economics at the Wheel, Academic Press, 1999) is the lecture — the class will be entirely questions, comments, and discussion. Note the course times carefully (Tuesdays and Thursdays, 4:10-5:30 PM, 4 — 30 September only).

Sophomores and Juniors have priority enrollment.

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

ECON 401. Intermediate Microeconomic Theory.

Economic Theory and Statistics

Section 001 — EVENING EXAMS ON OCT 2 & NOV 6, 8-10 PM.

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

Prerequisites & Distribution: ECON 101 and 102, and MATH 115. (4). (Excl). (QR/1). May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

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. ECON 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 ECON 401 and 402 be taken in the same term. Lecture and section both meet twice a week.

If the course closes, the waitlist for the course will be the waitlist for section 002. Overrides will be given after lecture the first day of class. If a section closes and a student drops that section, the section will reopen. If you are on the waitlist, you should watch Wolverine Access in case another student drops and that space becomes available.

Check Times, Location, and Availability Cost: 2 Waitlist Code: 1

ECON 402. Intermediate Macroeconomic Theory.

Economic Theory and Statistics

Section 001.

Instructor(s):

Prerequisites & Distribution: ECON 101 and 102, and MATH 115. It is strongly recommended that students take ECON 401 before 402. (4). (Excl). (QR/1). May not be repeated for credit.

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/402/001.nsf

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. It is predominantly a lecture course, with grades based on hour test(s), written exercises, and final exam. ECON 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 ECON 401 before 402.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 404. Statistics for Economists.

Economic Theory and Statistics

Section 100.

Instructor(s): Stanley Anthony Sedo (sasedo@umich.edu)

Prerequisites & Distribution: ECON 101 and 102 and MATH 115. (4). (Excl). (BS). (QR/1). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 405 or STATS 350, 265, 311, 350, 400, 405, or 412.

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/404/100.nsf

ECON 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 ECON 406.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 404. Statistics for Economists.

Economic Theory and Statistics

Section 200.

Instructor(s): Stanley Anthony Sedo (sasedo@umich.edu)

Prerequisites & Distribution: ECON 101 and 102 and MATH 115. (4). (Excl). (BS). (QR/1). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 405 or STATS 350, 265, 311, 350, 400, 405, or 412.

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/404/200.nsf

ECON 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 ECON 406.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 405 / STATS 405. Introduction to Statistics.

Economic Theory and Statistics

Section 001.

Instructor(s):

Prerequisites & Distribution: MATH 116. Juniors and seniors may elect this course concurrently with ECON 101 or 102. (4). (Excl). (BS). (QR/1). May not be repeated for credit. 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.

Credits: (4).

Course Homepage: No homepage submitted.

This course is designed for economics concentrators but is sufficiently general to serve non-economics concentrators as well. The emphasis is on understanding rather than on "cookbook" applications. Students are expected to know basic algebra and basic calculus. Since the course emphasizes the foundations of statistical inference, it is recommended that after finishing the course students elect ECON 406 or a similar course in the Statistics department to gain experience with applications and computational methods.

This course is designed for quantitatively oriented students who are comfortable with abstract concepts and mathematical techniques. Students who prefer a broader, less rigorous approach to statistics should elect ECON 404. Evaluation of students in the course is based on examinations and homework assignments. There are three hours of lectures and one hour of discussion per week. ECON 405 is a prerequisite for ECON 406 (Econometrics).

Principles of statistical inference, including: probability, experimental and theoretic derivation of sampling distributions, hypothesis testing, estimation, and simple regression.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 409. Game Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Hector Chade (hchade@umich.edu)

Prerequisites & Distribution: MATH 217. (4). (Excl). (BS). May not be repeated for credit.

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/409/001.nsf

Game Theory aims to help us understand situations in which decision-makers interact. It has become a standard methodology in Economics. This course provides a rigorous introduction to the main concepts of Game Theory and its applications. It covers the standard ways of representing games and the main concepts to analyze static and dynamic strategic settings, with complete or incomplete information. It also covers some of the most important economic applications of game-theoretic reasoning, including competition in oligopolistic markets, trade policy, bargaining, contracting situations, auctions, and signalling in labor markets.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 411. Monetary and Financial Theory.

Monetary and Financial Economics

Section 001.

Instructor(s):

Prerequisites & Distribution: ECON 402 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. ECON 404 or 405. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/411/001.nsf

No Description Provided. Contact the Department.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 412. Topics in Macroeconomics.

Monetary and Financial Economics

Section 001 — Growth, Fluctuations, and Inflation.

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

Prerequisites & Distribution: ECON 402 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/412/001.nsf

This course analyzes long-run and short-run macroeconomic phenomena from a viewpoint that combines theory, data, and history. Probable topics are: growth theory and cross-country comparisons; variations in productivity growth; long swings in stock prices; the quantity theory and alternative theories of the price level; time series and cross-sectional evidence on inflation; the German hyperinflation; the gold standard; The Great Depression; The Great Stagflation of the 1970's; macroeconomic implications of oil price changes; the Phillips curve; the stabilization of U.S. inflation in the 1980s and 1990s; "consumer confidence" and recent recessions.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 418. Business Cycles.

Monetary and Financial Economics

Section 001.

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

Prerequisites & Distribution: ECON 402 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

ECON 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.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 421. Labor Economics I.

Labor Economics

Section 001.

Instructor(s): Stephen Lich-Tyler (swlt@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. (3). (Excl). May not be repeated for credit.

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 work incentive effects of income maintenance programs and the employment effects of minimum wage legislation.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 431. Industrial Organization and Performance.

Industrial Organization and Public Control

Section 001.

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

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.econ.lsa.umich.edu/~stolyar/Class/Econ431/econ431.htm

This is a theoretical course in modern industrial organization. Many real-world firms are trying to manipulate their rivals or consumers. We will study the functioning of the markets by analyzing behavior of non-competitive firms. We will learn the tools of microeconomics and game theory to develop strategic thinking and understand how firms make their decisions. We will use these theoretical insights to explain observed features of particular markets and industries.

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

ECON 432. Government Regulation of Industry.

Industrial Organization and Public Control

Section 001.

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

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/432/001.nsf

This course describes and analyzes the efforts of governments to control the market power of business enterprises. Topics include dominant position, oligopolistic cooperation, vertical restraint, and merger. Emphasis is placed on American policies, especially antitrust law and regulation by administrative commission. ECON 431 is not required. Students should be prepared to participate frequently in class discussions.

Textbooks:

  • Industrial Economics: Economic Analysis & PP 2nd ed Martin, Stephen Prentice Hall 0-02-376786
  • Economics of Regulation and Antitrust 3rd edViscusi, VernonMIT Press.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 435. Financial Economics.

Monetary and Financial Economics

Section 001.

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

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. ECON 404 or 405. (4). (Excl). May not be repeated for credit.

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2003/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. Students who take this course 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.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 441. International Trade Theory.

International Economics

Section 001.

Instructor(s): Juan Hallak (hallak@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/441/001.nsf

This course deals with the theory of international trade. It explores the main 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. The course makes intensive use of analytical tools, in particular using graphs and mathematical expressions.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 442. International Finance.

International Economics

Section 001.

Instructor(s):

Prerequisites & Distribution: ECON 402 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. (4). (Excl). May not be repeated for credit.

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/442/001.nsf

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.

The course is based on class notes. For the second topic, two classes will be devoted to reviewing background material on basic optimization.

HOMEWORK
There will be four or five problem sets during the semester.

EVALUATION
The grade will be based on (i) a midterm exam (30%), to be held on Thursday October 21st during class time, (ii) homework (15%), and (iii) a final exam (55%).

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 454. Economics of Japan.

Comparative Economic Systems and National Economies

Section 001 — Reading knowledge of Japanese required.

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

Prerequisites & Distribution: ECON 101 and 102. (3). (Excl). May not be repeated for credit.

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 also will be ample discussion of Japan's international economic relations and its current macroeconomic and structural problems. 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. Please note that the Fall 2003 offering of Economics 454 will be different from the course that has been offered in the past. The reading list for this course will be made up of items written in Japanese. The traditional version of ECON 454 which makes use only of English language reading materials will be offered in Winter 2004. Lectures, classroom discussion, and examinations in both versions of ECON 454 are in English.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 461. The Economics of Development I.

Economic Development

Section 001.

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

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. (3). (Excl). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 360.

Credits: (3).

Course Homepage: No homepage submitted.

Most people live in "poor countries" with much lower average incomes (as well as worse health and education indexes) than the United States and other "rich countries", and this disparity has generally continued to widen. This course explores alternative conceptions of economic development, investigates proposed explanations for international variations, and critically examines competing strategies for alleviating global poverty and enlarging opportunities for human flourishing, especially for those who are worst off. A further focus is potential implications of global development in the more developed countries.

The main textbook for the course is Development Economics by Debraj Ray (Princeton University Press).

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). The short paper treats a currently controversial development economics topic; the term paper (focused on a less developed country of the student's choice) is a research-based policy recommendation paper.

Class discussion both in the classroom and on the class email group list is very strongly encouraged.

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

ECON 466. Economics of Population.

Economic Development

Section 001.

Instructor(s): David Lam (davidl@umich.edu), Murray Victor Leibbrandt (mleibbr@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.psc.isr.umich.edu/~davidl/econ466

This course uses an economic perspective to analyze the dramatic changes in fertility, mortality, marriage, and household structure in recent decades in both industrialized and developing countries. In Fall 2003 the course will include a special focus on poverty and inequality in developing countries, with a particular emphasis on South Africa and Brazil. The course will be co-taught by Professor Murray Leibbrandt, one of South Africa's leading economists, who is a visiting professor at UM in 2003. The course will include a computer lab component built around statistical analysis of household survey data. Students will use the statistical package Stata to analyze demographic and economic change in South Africa and other countries, applying recent innovations in the application of microeconomic theory and econometrics to the analysis of demographic behavior, labor markets, poverty, and inequality. Topics include: economic and demographic analysis of rapid population growth; measuring and analyzing poverty and inequality; fertility, investments in children, and intergenerational transmission of inequality; household dynamics and the labor market; education and earnings; economics of fertility and marriage; impact of changing age structure on social security systems. Coursework includes: computer-based problem sets and writing exercises; a paper based on computer analysis of household survey data; written midterm and final examinations.

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

ECON 466. Economics of Population.

Economic Development

Section 002.

Instructor(s): David Lam (davidl@umich.edu), Murray Victor Leibbrandt (mleibbr@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.psc.isr.umich.edu/~davidl/econ466

This course uses an economic perspective to analyze the dramatic changes in fertility, mortality, marriage, and household structure in recent decades in both industrialized and developing countries. In Fall 2003 the course will include a special focus on poverty and inequality in developing countries, with a particular emphasis on South Africa and Brazil. The course will be co-taught by Professor Murray Leibbrandt, one of South Africa's leading economists, who is a visiting professor at UM in 2003. The course will include a computer lab component built around statistical analysis of household survey data. Students will use the statistical package Stata to analyze demographic and economic change in South Africa and other countries, applying recent innovations in the application of microeconomic theory and econometrics to the analysis of demographic behavior, labor markets, poverty, and inequality. Topics include: economic and demographic analysis of rapid population growth; measuring and analyzing poverty and inequality; fertility, investments in children, and intergenerational transmission of inequality; household dynamics and the labor market; education and earnings; economics of fertility and marriage; impact of changing age structure on social security systems. Coursework includes: computer-based problem sets and writing exercises; a paper based on computer analysis of household survey data; written midterm and final examinations.

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

ECON 471 / NRE 571. Environmental Economics.

Environmental Economics

Section 001.

Instructor(s): Klaas T Van't Veld (kvtveld@umich.edu)

Prerequisites & Distribution: ECON 401 with a grade of at least C-, or NRE 570; or graduate standing. Prerequisites enforced at registration. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/471/001.nsf

This course is a three-part introduction to the economics of environmental policy.

The first part of the course examines the different, and often conflicting, goals of environmental policy, including not just economic efficiency, but also sustainability, safety, and equity.

The second part compares the four main policy tools used in practice to achieve those goals, namely:

  1. imposing taxes on pollution,
  2. setting standards on allowable emissions,
  3. issuing tradable pollution permits, and
  4. holding polluters legally liable for environmental damages.

Also, a new policy measure is discussed that has recently become popular, namely:

  1. simply making information about the pollution available to the public.

The third part covers miscellaneous topics in environmental economics, such as the economics of biodiversity, the environmental effects of trade and development, and the economics of global warming.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 476 / CAAS 457. Political Economy of Black America.

Other Topics in Economics

Section 001.

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

Prerequisites & Distribution: ECON 101. CAAS 201 recommended. (3). (Excl). (R&E). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/476/001.nsf

See CAAS 457.001.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 481. Government Expenditures.

Public Finance

Section 001.

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

Prerequisites & Distribution: ECON 401 with a grade of at least C-; or graduate standing. Prerequisites enforced at registration. (3). (Excl). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 380.

Credits: (3).

Course Homepage: http://www.econ.lsa.umich.edu/~jbcullen/econ481.html

ECON 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 course 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: 3

ECON 490. Current Topics in Economics.

Other Topics in Economics

Section 001 — Economics of Philanthropy, Religion, and Non-Profit Organizations.

Instructor(s): Douglas C Bice (dbice@umich.edu)

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C-. Prerequisites enforced at registration. ECON 404 or 405. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/490/001.nsf

This course surveys the economic analysis of philanthropy, religion, and non-profit organizations. Readings probably will include work by James Andreoni, Gary S. Becker, C. Clotfelter, R. Ehrenberg, L. Iannaccone, S. Rose-Ackerman, and Oded Stark. Issues will include the determinants of donations of time and money, the impact of the market structure for religious services on religious participation, and the role of voluntary contributions in the provision of public goods. A basic familiarity with regression analysis and intermediate microeconomic theory are assumed. A research/term paper is required.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 490. Current Topics in Economics.

Other Topics in Economics

Section 002 — The Multinational Enterprise.

Instructor(s):

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C-. Prerequisites enforced at registration. ECON 404 or 405. (3). (Excl). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

The unprecedented growth of capital flows over the last decade and the substantial share of multinational enterprises (MNEs) in world production, trade, and investment make it relevant to dedicate a course to the behaviour and consequences of multinational enterprises.

This course aims at analysing problems of trade policy, of competition, and of global financial markets. The field is alive with great practical problems.

  • Why multinationals?
  • How important is international production, and what are the channels through which it affects the real economy?
  • What are the tools for competition among governments to attract capital from the limited pool of international investments?
  • How important is transfer pricing, and what is the role of taxation and exchange rates in this regard?
  • What are the characteristics of footloose companies?
  • Is increasing global financial integration affecting the nature and international propagation of MNEs?
  • How do firms use capital investments to gain strategic advantages?
  • What is the use of foreign exchange and option markets?

These are issues that interest policymakers, business people, researchers, and students alike. It is no wonder that these issues command the attention of the world press.

Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: 3

ECON 495. Seminar in Economics.

Honors Program, Internships, Seminars, and Independent Research

Section 001 — Judicial Action, Market Reaction.

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

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C-. Prerequisites enforced at registration. ECON 404 or 405; and permission of instructor. (3). (Excl). May be repeated for credit for a maximum of 6 credits.

Credits: (3).

Course Homepage: No homepage submitted.

In North America and Western Europe, many important issues of economic policy are resolved by courts or independent regulatory agencies in the context of particular legal cases. In this seminar, students will learn and then deploy a variety of techniques developed by economists to measure the impact of judicial decisions on the structure, conduct, and performance of firms and markets. Students will develop facility in oral and written expression of economic ideas. They will hone their skills in sustaining logically and empirically compelling arguments. They will learn to detect weaknesses in the expositions of others. In short, the seminar will emphasize critical thinking.

Students interested in ECON 495 must submit an application, which can be found at

Check Times, Location, and Availability Cost: 2 Waitlist Code: 5, Permission of Instructor

ECON 495. Seminar in Economics.

Honors Program, Internships, Seminars, and Independent Research

Section 002 — Social Regulation.

Instructor(s): Klaas T Van't Veld (kvtveld@umich.edu)

Prerequisites & Distribution: ECON 401 and 402 with a grade of at least C-. Prerequisites enforced at registration. ECON 404 or 405; and permission of instructor. (3). (Excl). May be repeated for credit for a maximum of 6 credits.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/fall/econ/495/002.nsf

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. ECON 401 is a prerequisite.

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

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. Permission of instructor required. (1-4). (Excl). (INDEPENDENT). May be repeated for credit for a maximum of 8 credits. Continuing Course. Y grade can be reported at end of the first-term to indicate work in progress. At the end of the second term of ECON 498, the final grade is posted for both term's elections.

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/department

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). (INDEPENDENT). May be repeated for credit for a maximum of 8 credits. No more than four credits may be used in an economics concentration program.

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/department


Graduate Course Listings for ECON.


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