College of LS&A

Winter Academic Term 2003 Graduate Course Guide

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Courses in Economics


This page was created at 8:10 PM on Wed, Feb 5, 2003.

Winter Academic Term, 2003 (January 6 - April 25)

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ECON 401. Intermediate Microeconomic Theory.

Economic Theory and Statistics

Section 001.

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

Prerequisites: ECON 101 and 102, and MATH 115. (4). Rackham credit requires additional work. May not be repeated for credit.

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2003/winter/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. 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 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): Christopher L House (chouse@umich.edu)

Prerequisites: ECON 101 and 102, and MATH 115. (4). Rackham credit requires additional work. May not be repeated for credit.

Credits: (4).

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

ECON 402 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.

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

Macro w/Macrobytes package MankiwVHPS

Study Guide & Workbook Kaufman1-57259-645-7

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ECON 404. Statistics for Economists.

Economic Theory and Statistics

Section 001.

Instructor(s): Chul In Lee

Prerequisites: 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). Rackham credit requires additional work. May not be repeated for credit.

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): Michael B Woodroofe (michaelw@umich.edu)

Prerequisites: 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). May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

See Statistics 405.001.

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ECON 406. Introduction to Econometrics.

Economic Theory and Statistics

Section 001.

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

Prerequisites: ECON 405 or STATS 426. (4). Rackham credit requires additional work. May not be repeated for credit.

Credits: (4).

Course Homepage: www.coursetools.ummu.umich.edu

Econometrics consists of statistical methods commonly used in empirical economic research. With the basics of statistics and probability covered in ECON 405, ECON 406 proceeds to an in-depth treatment of the theory and practice of multiple regression analysis.

The course begins with the multiple regression model under ideal conditions and then goes on to detailed consideration of departures from the ideal conditions as well as a brief introduction to nonlinear regression models. The ECON 405-406 sequence covers econometrics in greater depth and breadth than ECON 404. Students electing ECON 406 should have completed Math 116, ECON 101-102, and either ECON 405 or STATS 426. Grade will be based on exams and homework exercises. Textbook: Introductory Econometrics: A Modern Approach 2 ed 2002 Wooldridge, Jeffrey M. S-Western College Publishing.

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ECON 409. Game Theory.

Economic Theory and Statistics

Section 001.

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

Prerequisites: MATH 217. (4). May not be repeated for credit.

Credits: (4).

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

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ECON 421. Labor Economics I.

Labor Economics

Section 001.

Instructor(s): Chul In Lee

Prerequisites: ECON 401 with a grade of at least C-. (3). Rackham credit requires additional work. 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 the work incentive effects of income maintenance programs and the employment effects of minumum wage legislation.

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ECON 431. Industrial Organization and Performance.

Industrial Organization and Public Control

Section 001.

Instructor(s): Doug Bice (dbice@umich.edu)

Prerequisites: ECON 401 with a grade of at least C-. (3). Rackham credit requires additional work. May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/winter/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 432. Government Regulation of Industry.

Industrial Organization and Public Control

Section 001.

Instructor(s): Michael Carter

Prerequisites: ECON 401 with a grade of at least C-. (3). Rackham credit requires additional work. May not be repeated for credit.

Credits: (3).

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

This course examines the three forms of government intervention in the private sector: antitrust law, economic regulation of specific industries, and health, safety and environmental regulation. First, we look at antitrust law which provides a general framework for business behavior, dealing with issues such as monopolization, price fixing, price discrimination, mergers and restrictive practices. Then we examine direct economic regulation (and de-regulation) of specific industries such as oil and natural, gas and electric power, telecommunications and transportation. The final section of the course deals with the recent emergence of health, safety and environmental regulation. The emphasis of the course is analytical rather than institutional - which market failures provide a rationale for government intervention, and what guidance do economic theory and empirical evidence provide as to the appropriate form of that intervention.

Prerequisite: Econ. 401.

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ECON 435. Financial Economics.

Monetary and Financial Economics

Section 001.

Instructor(s): Michael Carter

Prerequisites: ECON 401 with a grade of at least C-, and 404 or 405. (4). Rackham credit requires additional work. May not be repeated for credit.

Credits: (4).

Course Homepage: http://coursetools.ummu.umich.edu/2003/winter/econ/435/001.nsf

This course introduces the economic analysis of financial markets and financial decision making. Topics covered include financial market organization and behavior, portfolio management, asset pricing theory (the valuation of stocks, bonds and derivatives), and the application of these techniques to the analysis of real options and investment. The emphasis will be on analytical skills and theoretical models rather than institutional details. Though only elementary calculus and probability theory is required, students need to be comfortable with the use of mathematics as a method of deduction and problem solving.

Prerequisites: Econ. 401 and 405 or equivalent.

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ECON 441. International Trade Theory.

International Economics

Section 001.

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

Prerequisites: ECON 401 with a grade of at least C-. (3). Rackham credit requires additional work. May not be repeated for credit.

Credits: (3).

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

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

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ECON 442. International Finance.

International Economics

Section 001.

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

Prerequisites: ECON 402 with a grade of at least C-. (4). Rackham credit requires additional work. May not be repeated for credit.

Credits: (4).

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

The course is designed to provide students with an introduction to international finance that can be used in a career in banking, finance, government, or international trade. The course examines the key financial markets and instruments that are used to hedge risk and facilitate international trade and investment. It presents the standard theoretical models that are used to determine the value of exchange rates and to price other contracts such as futures and options, and then evaluates these models using statistical techniques. Various historical and contemporary examples are analysed to demonstrate the use of different risk management strategies.

The course uses a variety of mathematical and statistical techniques including regression analysis to interprete international financial data. No statistical background is assumed, but various practical skills will be developed throughout the course. The assessment will comprise a mixture of problem sets, exams, and an assignment.

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ECON 453. The European Economy.

Comparative Economic Systems and National Economies

Section 001.

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

Prerequisites: ECON 401 with a grade of at least C-. (4). Rackham credit requires additional work. May not be repeated for credit.

Credits: (4).

Course Homepage: No homepage submitted.

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

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ECON 466. Economics of Population.

Economic Development

Section 001.

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

Prerequisites: ECON 401 with a grade of at least C-. (3). Rackham credit requires additional work. 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 Winter 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 will be 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.

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ECON 471 / NRE 571. Environmental Economics.

Environmental Economics

Section 001.

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

Prerequisites: ECON 401 with a grade of at least C-, or NR&E 570. (3). Rackham credit requires additional work. May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/winter/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 (5) 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.

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ECON 481. Government Expenditures.

Public Finance

Section 001.

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

Prerequisites: ECON 401 with a grade of at least C-. No credit granted to those who have completed or are enrolled in ECON 380. (3). Rackham credit requires additional work. May not be repeated for credit.

Credits: (3).

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

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

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ECON 482. Government Revenues.

Public Finance

Section 001.

Instructor(s): Joel B Slemrod (jselmrod@umich.edu)

Prerequisites: ECON 401 with a grade of at least C-. No credit granted to those who have completed or are enrolled in ECON 380. (3). Rackham credit requires additional work. May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/winter/econ/482/001.nsf

This course analyzes the major U.S. federal taxes, including the personal income tax, the corporate income tax, and the estate tax, in terms of their effect on the economy and how equitable they are. It also examines and evaluates commonly proposed tax changes, such as a flat tax and a national retail sales tax.

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ECON 492. World Economic History.

Comparative Economic Systems and National Economies

Section 001.

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

Prerequisites: ECON 401 with a grade of at least C-, and 404 (or 406). (3). Rackham credit requires additional work. May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

Examines the causes and consequences of world economic development. Topics include: the effects of the agricultural and industrial revolutions, law, global integration, and finance on economic growth and standards of living.

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ECON 502. Applied Macroeconomics.

Other Topics in Economics

Section 001.

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

Prerequisites: ECON 402 and Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

A course designed for students in the MAE program. Approximately one-third of the course is spent reviewing and elaborating on standard macro theory of the sort covered in an advanced undergraduate course. The remainder of the time is spent on applications of this theory to problems of stabilizing aggregate demand, unemployment and inflation, economic growth, and macroeconomics of open economies. Students will normally do a computer project involving hypothesis testing or model simulation.

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ECON 503. Econometrics for Applied Economics.

Economic Theory and Statistics

Section 001.

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

Prerequisites: Graduate standing and permission of instructor. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: www.coursetools.ummu.umich.edu

Econometrics consists of statistical methods commonly used in empirical economic research. With the basics of statistics and probability covered in Statistics, Economics 503 proceeds to an in-depth treatment of the theory and practice of multiple regression analysis.

The course begins with the multiple regression model under ideal conditions and then goes on to detailed consideration of departures from the ideal conditions as well as a brief introduction to nonlinear regression models. The course covers econometrics in greater depth and breadth than courses in introductory statistics. Students electing Economics 503 should have completed a course in calculus, introductory Microeconomics and Macroeconomics, and an introductory course in statistics. Grades will be based on exams and homework exercises. Textbook: Introductory Econometrics: A Modern Approach 2 ed. 2002 Wooldridge, Jeffrey M. S-Western College Publishing.

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ECON 561 / PUBPOL 561. Economic Development Policy.

Economic Development

Section 001.

Instructor(s): Terrell

Prerequisites: ECON 542, 555, Graduate standing, and permission of instructor. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/winter/pubpol/561/001.nsf

See Public Policy 561.001.

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ECON 571 / PUBPOL 571. Applied Econometrics.

Economic Theory and Statistics

Section 001.

Instructor(s): John E DiNardo

Prerequisites: Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/winter/pubpol/571/001.nsf

This is a mathematical course in the basics of non-experimental inference with a focus on questions and problems that are interesting to economists and public policy analysts. Although this is a an applied course the focus will be on developing the tools necessary to be able to evaluate contemporary research basic familiarity with elementary calculus and statistics is required. STATA will be used extensively. Homework, problem sets and exams for example, will all make use of STATA output.

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ECON 572 / PUBPOL 572. Policy Models.

Economic Theory and Statistics

Section 001.

Instructor(s): John DiNardo

Prerequisites: ECON 571 and Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/winter/pubpol/572/001.nsf

The purpose of this course is to provide a forum for learning about and discussing (primarily) micro-economic applications. It is intended for those students who have completed PubPol 571 or an equivalent. The goal of the course is to provide students with the tools necessary to allow them to pursue their own research and to critically assess empirical work. Coursework will include problem sets and class presentations. We will also make extensive use of STATA.

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ECON 603. Microeconomic Theory III.

Economic Theory and Statistics

Section 001 General Equilibrium Theory.

Instructor(s): Stephen W Salant (ssalant@umich.edu)

Prerequisites: ECON 602. (1.5). May not be repeated for credit.

Credits: (1.5).

Course Homepage: http://coursetools.ummu.umich.edu/2003/winter/econ/603/001.nsf

This course summarizes conclusions about the normative characteristics of market economies. It begins by describing static, deterministic planning problems in the absence of markets. Which allocations are Pareto efficient when endowments are fixed or can vary due to production?

Attention then turns to allocations which arise in competitive equilibrium. Under what circumstances are these allocations Pareto efficient? Can any Pareto efficient solution to the planning problem discussed at the outset be achieved by competitive markets with prior transfers of wealth? How do nonconvexities, missing markets, externalities, asymmetric information, and market power affect these results? vCore allocations are briefly considered. When are competitive allocations in the core? When does the core shrink to include only competitive allocations? Finally, all of the foregoing results are extended to account for time and uncertainty.

Several applications are considered to illustrate the analysis: the allocation of water between irrigation of crops and drinking; the 2-sector model of international trade; and the 2-period Hotelling model of an exhaustible resource when interest rates are endogenous

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ECON 604. Microeconomic Theory IV.

Economic Theory and Statistics

Section 001.

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

Prerequisites: ECON 603. (1.5). May not be repeated for credit.

Credits: (1.5).

Course Homepage: No homepage submitted.

No Description Provided. Contact the Department.

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ECON 605. Macroeconomic Theory I.

Economic Theory and Statistics

Section 001.

Instructor(s): John P Laitner (jlaitner@umich.edu)

Prerequisites: ECON 600. Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/winter/econ/605/001.nsf

No Description Provided. Contact the Department.

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ECON 609. Advanced Mathematical Models for Macroeconomics.

Economic Theory and Statistics

Section 001.

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

Prerequisites: Graduate standing; ECON 600 or permission of instructor. (1.5). May not be repeated for credit.

Credits: (1.5).

Course Homepage: No homepage submitted.

No Description Provided. Contact the Department.

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ECON 610. Stochastic Dynamic Optimization in Economics.

Economic Theory and Statistics

Section 001.

Instructor(s): Lones Smith (lones@umich.edu)

Prerequisites: ECON 600; graduate standing. (1.5). May not be repeated for credit.

Credits: (1.5).

Course Homepage: No homepage submitted.

This course studies optimal stochastic dynamic optimization in discrete and continuous time. The focus is on optimal stopping and control. The discrete time theory explores discounted, positive, and negative stochastic dynamic programming with applications to gambling, search theory, and multiarmed bandits.

The continuous time portion first develops the math underlying Brownian motion, diffusions, Ito integrals, stochastic boundary value problems, and stochastic differential equations. It then investigates optimal stopping, smooth pasting, and optimal stochastic control. Applications to irreversible decision making in investment, exchange rate target zones, learning and R&D, and options are considered.

Prerequisite: ECON 600, or solid undergraduate math background (calculus and probability)

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ECON 612. Stabilization Policy.

Other Topics in Economics

Section 001 Topic?

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

Prerequisites: ECON 611. Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://coursetools.ummu.umich.edu/2003/winter/econ/612/001.nsf

No Description Provided. Contact the Department.

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ECON 619. Monotone Comparative Statics.

Economic Theory and Statistics

Section 001.

Instructor(s): Lones Smith (lones@umich.edu)

Prerequisites: Permission of instructor. (1.5). May be repeated for credit.

Credits: (1.5).

Course Homepage: No homepage submitted.

This course studies modern lattice-theoretic methods of supermodularity and comparative statics. It then explores stochastic orders, and extends the monotone comparative statics to uncertainty. It explores total positivity, including log-supermodularity. Finally, it contrasts the foundations and recent work on value and demand for information, and how to rank informative signals.

Prerequisites: ECON 600 or very solid math background (calculus, linear algebra, and probability).

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ECON 620. Advanced Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Lones Smith (lones@umich.edu)

Prerequisites: Permission of instructor. (1.5). May be repeated for credit.

Credits: (1.5).

Course Homepage: No homepage submitted.

We explore two frontier economic paradigms of dynamic microeconomics: Optimal learning and experimentation (including models of informational herding, financial timing, and informational demand) and dynamic search-matching models. Students learn how to leap tall buildings in a single bound.

Prerequisite: Economics 619.

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ECON 622. Labor Economics II.

Labor Economics

Section 001.

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

Prerequisites: ECON 601, 603, 673, & 674; and Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

No Description Provided. Contact the Department.

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ECON 632. Industrial Organizations and Public Policy.

Industrial Organization and Public Control

Section 001.

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

Prerequisites: ECON 674, 674, and 631; and Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

No Description Provided. Contact the Department.

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ECON 642(615). International Finance.

Monetary and Financial Economics

Section 001.

Instructor(s): Ariel Tomas Burstein

Prerequisites: ECON 605 and 607. Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course provides a selective discussion of tools, models, and empirical issues in International Macroeconomics and International Finance. The topics we plan to cover are listed in the Course Outline. Textbook: A good textbook to own is Foundations of International Macroeconomics, by Maurice Obstfeld and Kenneth Rogoff, MIT Press, 1996. This book is a useful reference for many of the topics we will cover. The course will also be heavily based on the list of articles that appears in the Course Outline.

  1. Numerical Methods
    1. Linearization
    2. Value Function Iteration
    3. Shooting Algorithms
      Application to solution of the model of a small open economy
  2. Real Models with Intertemporal Trade
    1. Small Open Economy
    2. Two Country Models
  3. Exchange Rate Models
    1. Flexible Price Models
    2. Models with Nominal Rigidities
    3. Models with Limited Participation
    4. Empirical Evidence
  4. Purchasing Power Parity and Exchange Rate Pass-Through
  5. Exchange Rate Regimes
    1. Exchange-Rate Based Stabilizations
    2. Balance of Payment Crises
    3. Choice of Regime
  6. International Risk Sharing and Home Bias in Portfolios
    1. International Risk Sharing
    2. Home Bias in Portfolios
  7. Sovereign Debt and Emerging Markets

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ECON 661 / NRE 668. Advanced Natural Resources Economics.

Monetary and Financial Economics

Section 001.

Instructor(s): Stephen Salant (ssalant@umich.edu)

Prerequisites: ECON 501 or 601, 653 and 654; and permission of instructor. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

his course reviews the literature on the pricing of natural resources (agricultural goods, renewable and nonrenewable resources and durables) overtime. The first half of the course considers resources which are privately owned; the second half considers resources that are common property. To provide a point of reference, the behavior of resource markets in the absence of government intervention is studied first. There is then an extensive treatment of the dynamic effects on market equilibria of widespread government policies (unanticipated, partially anticipated or fully anticipated). Policies analyzed include: bufferstocks used to affect prices (ceilings, floors, bands, and pegs); bans, embargoes, price controls and whatever else is timely or of interest to participants. To simplify the mathematics, discrete-time methods are used predominately. The Kuhn-Tucker theorem is utilized when studying competitive equilibrium under certainty. Dynamic-programming is used to study single-agent (planning or monopoly) problems under uncertainty (with or without learning). Multi-stage game theory is used to investigate dynamic common-property problems. A working understanding of these methods is developed during the course.

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ECON 664 / HISTORY 623. Problems in American Economic History.

Economic History

Section 001.

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

Prerequisites: ECON 401, 402, and 405 or equivalent. Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

This course covers the history of the American economy from colonial times to the present with an emphasis on demonstrating how the past continues to influence the structure of today's economy. It covers issues like American slavery, labor history, the rise of big business, the Great Depression, the industrial revolution, monetary history, demographic history and the history of technological change. Consideration is also given to topics in political economy such as war, worker discontent and government intervention. Prerequisites: Intermediate economic theory, statistics.

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ECON 666. Economic Development of Underdeveloped Countries.

Economic Development

Section 001.

Instructor(s): Jan Svejnar (svejnar@umich.edu) , Albert Park (alpark@umich.edu)

Prerequisites: ECON 665. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

Part 1 examines the economics of transition from central planning to a market economy, including the socialist system, macroeconomic stabilization, price liberalization and opening up to trade, enterprise privatization and restructuring, labor and financial market reforms, and the implications of transition for economic inequality. Part 2 focuses on issues of macroeconomic growth and development, including the empirical growth literature and th link between development and financial development, property rights, and trade.

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ECON 667. The Economics of Population Growth.

Economic Development

Section 001 Economic Demography.

Instructor(s): David A Lam (davidl@umich.edu), Robert J Willis (rjwillis@umich.edu)

Prerequisites: Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.psc.isr.umich.edu/~davidl/econ667/

Reviews current knowledge on the relationship between economic and demographic behavior. Major sections of the course are: Economic theories of fertility, marriage, and divorce; economic applications of mathematical demography; economic consequences of population growth; economics of population policy.

Outline:

  1. Introduction: Malthus and Economic-Demographic Equilibrium
  2. Economics of Fertility
  3. Career and Family
  4. Economics of Marriage
  5. Divorce and Child Support
  6. Bargaining Models and Intra-Family Allocations
  7. Non-Marital Fertility: Causes and Implications
  8. Fertility and Investments in Children in Developing Countries
  9. Altruism in the Family
  10. Economic Effects of Population Growth and Population Aging
  11. Topics in Economics of Aging

Required work for the course consists of a take-home midterm and a take-home final exam.

Texts:

T. W. Schultz, Economics of the Family: Marriage, Children, and Human Capital, University of Chicago, 1974; also on reserve in Foster Library and PSC Library).

A course pack with selected required readings is available at Dollar Bill Copy Center. Required readings available through JSTOR (www.jstor.org) or directly from the course web site are not included in the course pack.

Additional useful texts on reserve in Foster Library and PSC Library:
Gary Becker, A Treatise on the Family, Enlarged Edition, Harvard University Press, 1991.
T. Paul Schultz, Economics of Population, Addison-Wesley, 1981.
Mark R. Rosenzweig and Oded Stark, editors, Handbook of Population and Family Economics, Volume 1A and 1B, North-Holland - Elsevier Science, 1997.

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ECON 672(674). Econometric Analysis II.

Economic Theory and Statistics

Section 001.

Instructor(s): Shinichi Sakata (ssakata@umich.edu)

Prerequisites: ECON 671. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.econ.lsa.umich.edu/~ssakata/courses/info/econ672/syllabus.html

Econ 671 and 672 form the basic required sequence in econometrics for all economics Ph.D students. Their purpose is to provide students with the training needed to do the basic quantitative analysis generally understood to be part of the background of all modern economists. This course includes: the theory and practice of testing hypotheses, statistical estimation theory, the basic statistical theory underlying the linear model, an introduction to econometric methods, and the nature of the difficulties which arise in applying statistical procedures to economic research problems. It covers the powerful statistical tools, which often appear in the modern econometric literature. The course materials are highly mathematical, and the emphasis is on understanding rather than on "cookbook" applications. After This Course... It is highly recommended that after finishing this course students elect Economics 675 and/or 676 to learn some econometric applications. In addition, elect Economics 678-679 and Probability Theory at Statistics Department to pursue more advanced topics in econometric theory. The course work will consist of a series of ungraded problem sets and three exams.

Grade: The course grade weighs the first exam by 0.30, the second exam by 0.30, and the third exam by 0.40.

Textbook The lecture notes, which will be provided via the course web page, will serve as the course textbook. The following books may be found useful/interesting, but they are not required.
A. Ronald Gallant, An Introduction to Econometric Theory. Princeton University Press, 1997.
James Davidson, Stochastic Limit Theory--An Introduction for Econometricians. Oxford University Press, 1994.
Halbert White, Asymptotic Theory for Econometricians,Revised Edition. Academic Press, 2000.
Jan R. Magnus and Heinz Neudecker, Matrix Differential Calculus with Applications in Statistics and Econometrics. Wiley, 1988.

Course Outline
Basics in Probability Theory
Stochastic Limit Theory
Principles in Estimation
MSE-Best Prediction
Ordinary Least Squares Estimator
Statistical Inference on Population Regression Coefficients
Specification Tests and Weighted Least Squares Estimation
Test of Conditional Homoskedasticity
Regression Systems
Endogeneity Problem and Instrumental Variables Estimation
Simultaneous Equation System
Quasi-Maximum Likelihood Estimation with I.I.D. Observations
Binary Choice Model and Its Estimation

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

ECON 677 / STATS 531. Analysis of Time Series.

Economic Theory and Statistics

Section 001.

Instructor(s): Edward L Ionides

Prerequisites: STATS 426. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.stat.lsa.umich.edu/~ionides/531/

See Statistics 531.001.

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ECON 679 / STATS 576. Econometric Theory II.

Economic Theory and Statistics

Section 001.

Instructor(s): Shinichi Sakata (ssakata@umich.edu)

Prerequisites: ECON 678. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.econ.lsa.umich.edu/~ssakata/courses/info/econ679/syllabus.html

This course is the second semester of the advanced econometrics sequence for economics Ph.D. students. It covers various theoretical topics of econometric theory, including specification testing, nonparametric estimation, and semiparametric estimation.

The course work will consist of a term paper and some in-class presentations.

The following books are recommended:
Adrian Pagan and Aman Ullah, Nonparametric Econometrics, Cambridge University Press, 1999.
Joel L. Horowitz, Semiparametric Methods in Econometrics, Springer, 1998.
James E. Davidson, Stochastic Limit Theory: An Introduction for Econometricians. Oxford University Press, 1994.
Patrick Billingsley, Probability and Measure, 3rd Ed. Wiley, 1995.
Halbert White, Asymptotic Theory for Econometricians,Revised Edition. Academic Press, 2000.
A. Ronald Gallant and Halbert White, A Unified Theory of Estimation and Inference for Nonlinear Dynamic Models. Blackwell, 1988.
Halbert White, Estimation, Inference and Specification Analysis. Cambridge University Press, 1994.
Benedikt M. Pötscher and Ingmar R. Prucha, Dynamic Nonlinear Econometric Models, Springer, 1997.
Takeshi Amemiya, Advanced Econometrics. Blackwell, 1985.
Russell Davidson and James G. MacKinnon, Estimation and Inference in Econometrics. Oxford, 1993.

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ECON 683. Government Expenditures.

Public Finance

Section 001.

Instructor(s): Julianne Berry Cullen (jbcullen@umich.edu), Daniel Susman Silverman

Prerequisites: ECON 601. Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.econ.lsa.umich.edu/~jbcullen/econ683/econ683.html

No Description Provided. Contact the Department.

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ECON 696. Introduction to Economic Research II.

Honors Program, Internships, Seminars, and Independent Research

Section 001.

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

Prerequisites: Graduate standing and permission of instructor. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

No Description Provided. Contact the Department.

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ECON 795 / REES 795 / HISTORY 795 / POLSCI 795 / GEOG 795 / RUSSIAN 795. Research Seminar in Russian and East European Studies.

Honors Program, Internships, Seminars, and Independent Research

Section 001 Topic?

Instructor(s): William G Rosenberg (wgr@umich.edu)

Prerequisites: Graduate standing and permission of instructor. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

See Russian and East European Studies (REES) 795.001.

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ECON 812(712). Seminars in Monetary Theory.

Monetary and Financial Economics

Section 001.

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

Prerequisites: Graduate standing and permission of instructor. (2). May not be repeated for credit.

Credits: (2).

Course Homepage: No homepage submitted.

No Description Provided. Contact the Department.

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ECON 822. Seminars in Labor Economics.

Labor Economics

Section 001 ISR/Zwerdling Seminar in Labor Economics.

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

Prerequisites: Graduate standing and permission of instructor. (2). May not be repeated for credit.

Credits: (2).

Course Homepage: No homepage submitted.

The Seminars in Labor Economics are devoted to critical discussion of new research in the field. Each week an original research study is presented by a graduate students, a Michigan faculty member, or a faculty member visiting from another university.

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ECON 825 / HISTORY 825 / ANTHRCUL 825 / CHIN 825 / POLSCI 825 / SOC 825. Seminar in Chinese History and Society.

Economic History

Instructor(s):

Prerequisites: Either language knowledge (Chinese or Japanese) or HISTORY 351 or POLSCI 355. Graduate standing. (3). (INDEPENDENT). May not be repeated for credit.

Credits: (3; 2 in the half-term).

Course Homepage: No homepage submitted.

See History 825.

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ECON 832(732). Seminars in Public Policy toward Business.

Industrial Organization and Public Control

Section 001.

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

Prerequisites: Graduate standing and permission of instructor. (2). May not be repeated for credit.

Credits: (2).

Course Homepage: No homepage submitted.

No Description Provided. Contact the Department.

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ECON 835. Seminar in Natural Resource Economics.

Environmental Economics

Section 001.

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

Prerequisites: Graduate standing and permission of instructor. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

No Description Provided. Contact the Department.

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ECON 842. Research Seminar in International Economics.

Honors Program, Internships, Seminars, and Independent Research

Section 001.

Instructor(s): Ariel Tomas Burstein

Prerequisites: Graduate standing and permission of instructor. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.umich.edu/~fschool/rsie/

No Description Provided. Contact the Department.

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ECON 852. Seminar in Advanced Economic Theory.

Economic Theory and Statistics

Section 001.

Instructor(s): Lones Smith (lones@umich.edu)

Prerequisites: Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

Exposure to some fine papers on the frontiers of economic theory. Once a semester witty and/or incisive seminar comments required for good standing.

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ECON 860(760). Seminars in Comparative Economic Development.

Comparative Economic Systems and National Economies

Section 001.

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

Prerequisites: Graduate standing and permission of instructor. (2). May not be repeated for credit.

Credits: (2).

Course Homepage: No homepage submitted.

The CEDS series provides a forum for presentation of works in progress as well as completed papers on problems and issues in transition economics. The Seminars in Comparative Economic Development are devoted to critical discussion of new research in the field. Each week an original research study is presented by a graduate students, a Michigan faculty member, or a faculty member visiting from another university. The CEDS series is co-sponsored by the Davidson Institute and the Economics Department at the University of Michigan.

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ECON 864. Seminar in Economic History.

Economic History

Section 001.

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

Prerequisites: Graduate standing. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: No homepage submitted.

No Description Provided. Contact the Department.

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ECON 876. Quantitative Economics Seminar.

Economic Theory and Statistics

Section 001 Econometrics Seminar.

Instructor(s): Shinichi Sakata (ssakata@umich.edu)

Prerequisites: Graduate standing and permission of instructor. (3). May not be repeated for credit.

Credits: (3).

Course Homepage: http://www.econ.lsa.umich.edu/~ssakata/seminar/schedule.html

No Description Provided. Contact the Department.

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ECON 882(782). Seminars in Public Finance.

Public Finance

Section 001.

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

Prerequisites: Graduate standing and permission of instructor. (2). May not be repeated for credit.

Credits: (2).

Course Homepage: http://www.econ.lsa.umich.edu/~jbcullen/pfsemW_03.html

No Description Provided. Contact the Department.

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ECON 990. Dissertation/Precandidate.

Honors Program, Internships, Seminars, and Independent Research

Instructor(s):

Prerequisites: Election for dissertation work by doctoral student not yet admitted as a Candidate. Graduate standing. (1-8). (INDEPENDENT). May be repeated for credit.

Credits: (1-8; 1-4 in the half-term).

Course Homepage: No homepage submitted.

Election for dissertation work by doctoral student not yet admitted as a Candidate.

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ECON 995. Dissertation/Candidate.

Honors Program, Internships, Seminars, and Independent Research

Instructor(s):

Prerequisites: Graduate School authorization for admission as a doctoral Candidate. Graduate standing. (8). (INDEPENDENT). May be repeated for credit.

Credits: (8; 4 in the half-term).

Course Homepage: No homepage submitted.

Graduate School authorization for admission as a doctoral Candidate. N.B. The defense of the dissertation (the final oral examination) must be held under a full term Candidacy enrollment period.

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Undergraduate Course Listings for ECON.


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