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Winter Academic Term 2002 Course Guide

Note: You must establish a session for Winter Academic Term 2002 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 5:36 PM on Tue, Oct 30, 2001.

Winter Academic Term, 2002 (January 7 – April 26)

Open courses in Economics
(*Not real-time Information. Review the "Data current as of: " statement at the bottom of hyperlinked page)

Wolverine Access Subject listing for ECON

Winter Academic Term '02 Time Schedule for Economics.

What's New This Week in Economics.

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Override Procedures for Economics courses

Override Procedures for Economics 101 and 102: Put yourself on the electronic waitlist and then attend the first day of classes for directions. If you are not able to get on the electronic waitlist, attend the first day of the class and speak with the professor. Office hours (158 Lorch) for Fall Term will be Monday-Friday 8:00-4:00. Shannon DeWolf will be available to answer questions about the Economics concentration requirements, career/job information, internship information, Economics Networking Program, college or department policies and procedures, and general university information. Students can schedule advising appointments by calling (763-9242 or 764-2356) or stopping by the office.

Override procedures for 300- and 400-level courses will be handled by the faculty member in charge. The student must attend the first day of the course he/she wishes to get the override in and speak with the professor.


ECON 101. Principles of Economics I.

Introductory Courses

Section 100 – EVENING EXAMS FOR LECTURE 100, 200 & 400: FEB 14 AND MAR 13, 8-10 PM.

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

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

Half QR

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

Course Homepage: No homepage submitted.

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

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

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

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

ECON 101. Principles of Economics I.

Introductory Courses

Section 200.

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

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

Half QR

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

Course Homepage: No homepage submitted.

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

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

Texts:

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

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

    ECON 101. Principles of Economics I.

    Introductory Courses

    Section 300.

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

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

    Half QR

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

    Course Homepage: No homepage submitted.

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

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

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

    ECON 101. Principles of Economics I.

    Introductory Courses

    Section 400.

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

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

    Half QR

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

    Course Homepage: No homepage submitted.

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

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

    Texts:

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

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

    ECON 102. Principles of Economics II.

    Introductory Courses

    Section 100.

    Instructor(s): E Philip Howrey (eph@umich.edu)

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

    Half QR

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

    Course Homepage: No homepage submitted.

    Economics 101 and 102 are required as prerequisites to the concentration and to upper-level courses in Economics.

    In Economics 102, the fundamental concepts and theories of macroeconomics are developed and used to analyze problems of current interest. Major topics include the determinants of aggregate output, employment and unemployment, inflation, international trade, and economic growth.

    The course format is three hours of lecture per week (100) with the professor and one and one half hours of sections meetings (101-109); per week with a graduate student instructor. The section meetings are limited to 35 students. Contact Undergraduate Office, Dept. of Economics, 158 Lorch Hall.

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

    ECON 102. Principles of Economics II.

    Introductory Courses

    Section 200.

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

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

    Half QR

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

    Course Homepage: http://www.econ.lsa.umich.edu/~alandear/courses/102/102.html

    No Description Provided.

    Check Times, Location, and Availability


    ECON 108. Introductory Microeconomics Workshop.

    Introductory Courses

    Section 001.

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

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

    Credits: (1).

    Course Homepage: No homepage submitted.

    Students will meet weekly for one hour with a faculty member for discussion of current Wall Street Journal articles related to the week's class topics, stressing the use and application of the microeconomic tools being learned in Economics 101.

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

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

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

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

    ECON 299. Undergraduate Internship.

    Honors Program, Internships, Seminars, and Independent Research

    Section 001.

    Instructor(s):

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

    Credits: (1).

    Course Homepage: No homepage submitted.

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

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

    ECON 299. Undergraduate Internship.

    Honors Program, Internships, Seminars, and Independent Research

    Section 087.

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

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

    Credits: (1).

    Course Homepage: No homepage submitted.

    No Description Provided.

    Check Times, Location, and Availability


    ECON 310. Money and Banking.

    Monetary and Financial Economics

    Section 001.

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

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

    Credits: (3).

    Course Homepage: No homepage submitted.

    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: No Data Given.

    ECON 320. Survey of Labor Economics.

    Labor Economics

    Section 001.

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

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

    Credits: (3).

    Course Homepage: No homepage submitted.

    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: No Data Given.

    ECON 340. International Economics.

    International Economics

    Section 001.

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

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

    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 class includes weekly class discussions of the current international economic news.

    Textbook: International Economics 2nd edGerber, JamesAddison-Wesley.

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

    ECON 370 / NRE 375. Natural Resource Economics.

    Environmental Economics

    Section 001.

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

    Prerequisites & Distribution: Econ. 101 and 102. No credit granted to those who have completed or are enrolled in Econ. 471 or 472. (3). (Excl).

    Credits: (3).

    Course Homepage: http://www.snre.umich.edu/NRE375/

    This course will expose students to economic theory applied to environmental and natural resources issues. Supply, demand, and opportunity cost play a major role in explaining environmental issues, and the economics paradigm can contribute to solutions to these issues. Topics include efficiency and distribution in considering solutions to environmental problems; when markets work well and how they fail; pollution and other externalities; discounting as a way to incorporate the future; benefit-cost analysis; nonrenewable resource extraction; renewable resource use; and sustainability. Throughout, the course will emphasize understanding how incentives shape human behavior, and how altering incentives alters behavior.

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

    ECON 395. Topics in Economics and Economic Policy.

    Other Topics in Economics

    Section 001 – Business and Government. (3 Credits).

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

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

    Credits: (1-3).

    Course Homepage: No homepage submitted.

    This course surveys the economic issues associated with government regulation of private enterprise. Significant federal antitrust, environmental, and safety legislation is considered. The concepts of efficiency, market structure, and externalities are central to the course. A good understanding of the principles of microeconomics and a basic familiarity with partial differentiation is assumed.

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

    ECON 395. Topics in Economics and Economic Policy.

    Other Topics in Economics

    Section 002 – Growth, Inflation, and Depression: Macroeconomic and Monetary History of the Developed Countries from 1880 to the Present. (3 Credits).

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

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

    Credits: (1-3).

    Course Homepage: No homepage submitted.

    This course will focus on some of the major themes in the macroeconomic and monetary history of the developed countries from 1880 to the present, with an emphasis (but not exclusive concentration) on the United States. The goal is not a comprehensive chronological treatment of historic events, but rather a focus on some highly interesting economic phenomena (e.g. depression, hyperinflation, war finance) in their most dramatic and/or characteristic settings.

    A tentative outline (some sections may be added or subtracted) is:

    1. Long-run growth experience of a cross-section of countries, 1880 -.
    2. The Classical Gold Standard, 1880 -1914
    3. Communism and Fascism
    4. Some aspects of the 1920's:
      1. Economic Growth and Expansion, Technical Change, etc.
      2. Hyperinflation in Europe
      3. Postwar resumption of gold standard
      4. The bullish stock market – fundamentals and possible bubble
    5. The Great Depression
    6. Some Macroeconomic Implications of WWII
    7. The Bretton Woods System and Other Aspects of Postwar Economic Order
    8. The Expansionary 1960s
    9. Inflation and Stagflation in the 1970's
      1. Collapse of Bretton Woods
      2. Behavior of the Federal Reserve
      3. Price controls
      4. "Productivity slowdown"
      5. Where does oil fit in?
    10. The Volcker Disinflation
    11. "Twin Deficits" in the 1980's
    12. Greenspan and Modern Monetary Policy
    Check Times, Location, and Availability Cost: No Data Given. Waitlist Code: No Data Given.

    ECON 398. Strategy and Equity.

    Other Topics in Economics

    Section 001.

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

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

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

    Course Homepage: No homepage submitted.

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

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

    ECON 401. Intermediate Microeconomic Theory.

    Economic Theory and Statistics

    Section 001 – EVENING EXAMS FEB 13 AND MAR 13, 8-10 PM.

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

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

    Full QR

    Credits: (4).

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

    Check Times, Location, and Availability Cost: 3 Waitlist Code: 1

    ECON 402. Intermediate Macroeconomic Theory.

    Economic Theory and Statistics

    Section 001.

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

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

    Full QR

    Credits: (4).

    Course Homepage: No homepage submitted.

    No Description Provided.

    Check Times, Location, and Availability


    ECON 404. Statistics for Economists.

    Economic Theory and Statistics

    Section 001.

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

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

    Full QR

    Credits: (4).

    Course Homepage: 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 problem set per week. The course is self-contained and does not serve as a prerequisite to Economics 406.

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

    ECON 404. Statistics for Economists.

    Economic Theory and Statistics

    Section 004.

    Instructor(s): Chul In Lee

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

    Full QR

    Credits: (4).

    Course Homepage: No homepage submitted.

    No Description Provided.

    Check Times, Location, and Availability


    ECON 405 / STATS 405. Introduction to Statistics.

    Economic Theory and Statistics

    Section 001.

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

    Prerequisites & Distribution: Math. 116 or 118. Juniors and seniors may elect this course concurrently with Econ. 101 or 102. No credit granted to those who have completed or are enrolled in Stats. 265, 311, 400, or 412. Students with credit for Econ. 404 can only elect Econ. 405 for 2 credits and must have permission of instructor. (4). (Excl). (BS). (QR/1).

    Full QR

    Credits: (4).

    Course Homepage: No homepage submitted.

    See Statistics 405.001.

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

    ECON 406. Introduction to Econometrics.

    Economic Theory and Statistics

    Section 001.

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

    Prerequisites & Distribution: Econ. 405 or Statistics 426. (4). (Excl). (BS).

    Credits: (4).

    Course Homepage: No homepage submitted.

    Econometrics consists of statistical methods commonly used in empirical economic research. With the basics of statistics and probability covered in Economics 405, Economics 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 405-406 sequence covers econometrics in greater depth and breadth than Economics 404. Students electing Economics 406 should have completed Math 116, Economics 101-102, and either Economics 405 or Statistics 426. Grade will be based on exams and homework exercises. Textbook: Introductory Econometrics: A Modern Approach 2000 Wooldridge, Jeffrey M. S-Western College Publishing.

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

    ECON 409. Game Theory.

    Economic Theory and Statistics

    Section 001.

    Instructor(s): Subir Bose

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

    Credits: (3).

    Course Homepage: No homepage submitted.

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

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

    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. (3). (Excl).

    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: No Data Given.

    ECON 432. Government Regulation of Industry.

    Industrial Organization and Public Control

    Section 001.

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

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

    Credits: (3).

    Course Homepage: No homepage submitted.

    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. Economics 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: No Data Given.

    ECON 434. Corporate Financial Economics.

    Monetary and Financial Economics

    Section 001.

    Instructor(s): Subir Bose (bsubir@umich.edu)

    Prerequisites & Distribution: Econ. 401, and Econ. 404 or 405. (3). (Excl).

    Credits: (3).

    Course Homepage: No homepage submitted.

    The course is about decision making within corporations. This has two components – investment, or capital budgeting, and financing, or capital structure. We start with capital budgeting and devote a fair amount of time to understanding the NPV criterion under various alternative scenarios. Then, we study the question of capital structure – topics include issue of securities, debt and dividend policies, the celebrated Modigliani-Miller theorem. In addition, we examine a few advanced topics like options, and mergers and acquisitions. We also cover incentives and conflict-of-interest inside a corporation. We show how different objectives of bondholders and stockholders may influence the efficient running of the firm (especially during times of financial distress). Use is made of some of the more recent developments in agency theory to study in depth the issue of managerial compensation. The topics covered in this course complement those covered in Economics 435: Financial Economics. Students interested in modern financial theory are encouraged to take both classes.

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

    ECON 442. International Finance.

    International Economics

    Section 001.

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

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

    Credits: (4).

    Course Homepage: No homepage submitted.

    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.

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

    ECON 454. Economics of Japan.

    Comparative Economic Systems and National Economies

    Section 001.

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

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

    Credits: (3).

    Course Homepage: No homepage submitted.

    No Description Provided.

    Check Times, Location, and Availability


    ECON 461. The Economics of Development I.

    Economic Development

    Section 001.

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

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

    Upper-Level Writing

    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: 2 Waitlist Code: 1

    ECON 472. Intermediate Natural Resource Economics.

    Environmental Economics

    Section 001.

    Instructor(s): Michael R Moore

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

    Credits: (3).

    Course Homepage: No homepage submitted.

    No Description Provided.

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

    Other Topics in Economics

    Section 001.

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

    Prerequisites & Distribution: Econ. 101. AAS 201 recommended. (3). (Excl).

    Upper-Level Writing R&E

    Credits: (3).

    Course Homepage: No homepage submitted.

    See CAAS 457.001.

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

    ECON 482. Government Revenues.

    Public Finance

    Section 001.

    Instructor(s): Joel B Slemrod

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

    Credits: (3).

    Course Homepage: No homepage submitted.

    No credit granted to those who have completed or are enrolled in Econ. 380. This course analyzes the 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.

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

    ECON 490. Current Topics in Economics.

    Other Topics in Economics

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

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

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

    Upper-Level Writing

    Credits: (3).

    Course Homepage: No homepage submitted.

    This course surveys the economic analysis of philanthropy, religion, and non-profit organizations.

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

    ECON 492. World Economic History.

    Comparative Economic Systems and National Economies

    Section 001.

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

    Prerequisites & Distribution: Econ. 401 and 404 (or 406). (3). (Excl).

    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.

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

    ECON 494 / HISTORY 494. Topics in Economic History.

    Economic History

    Section 001 – Economic History of Japan.

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

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

    Credits: (3).

    Course Homepage: No homepage submitted.

    No Description Provided.

    Check Times, Location, and Availability


    ECON 495. Seminar in Economics.

    Honors Program, Internships, Seminars, and Independent Research

    Instructor(s):

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

    Credits: (3).

    Course Homepage: No homepage submitted.

    No Description Provided.

    Check Times, Location, and Availability


    ECON 495. Seminar in Economics.

    Honors Program, Internships, Seminars, and Independent Research

    Section 001 – Economic Mobilizations.

    Instructor(s): Matthew D Shapiro (shapiro@umich.edu)

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

    Upper-Level Writing

    Credits: (3).

    Course Homepage: http://www.econ.lsa.umich.edu/~shapiro/econ495/econ495.html

    Objectives: The economy is occasionally buffeted by severe shocks coming from outside of the economic system. These can come from foreign relations, politics, and social relations. This seminar will examine the response of the economy and of government policy to these shocks. It will also provide an introduction to the science of economic measurement with the aim of enabling the students to carry out research. It will thus give the students the opportunity to apply the economic theory and econometrics taught in the core curriculum.

    Requirements: The major requirement for this seminar is the submission of a completed research paper. This paper is due April 16, 2002 (no exceptions). Students will submit parts of the paper during the term to get feedback from the instructor and fellow students. They will also make presentations in the seminar related to their research. Other requirements include short writing assignments and problem sets, class presentations, and giving feedback on fellow students' drafts.

    Prerequisites: Economics 401 and 402; Economics 405 and 406; one other 400-level course in economics; permission of the instructor. Economics 406 may be elected concurrently.

    Application information: Enrollment is by application. Please refer to 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 495. Seminar in Economics.

    Honors Program, Internships, Seminars, and Independent Research

    Section 002 – Social Regulation.

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

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

    Upper-Level Writing

    Credits: (3).

    Course Homepage: http://www.econ.lsa.umich.edu/~kvtveld/econ495/econ495.html

    This seminar studies a very 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 emphasis of the course is on using formal microeconomic models to analyze real-world problems and to evaluate policy interventions.

    NB: For this section, Econ 402, 404, and 405 are not prerequisites: only Econ 401 is.

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

    ECON 677 / STATS 531. Analysis of Time Series.

    Economic Theory and Statistics

    Section 001.

    Instructor(s): E Philip Howrey (eph@umich.edu)

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

    Credits: (3).

    Course Homepage: No homepage submitted.

    See Statistics 677.001.

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

    Graduate Course Listings for ECON.


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