Courses in Economics (Division 358)



A. Introductory Courses

101(201). Principles of Economics I. No credit granted to those who have completed or are enrolled in 400. (4). (SS). (QR/2).
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. Cost:2 WL:1 (Gerson, Ziliak, Sedo)
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102(202). Principles of Economics II. Econ. 101. No credit granted to those who have completed or are enrolled in Econ. 400. (4). (SS). (QR/2).
Economics 101 and 102 are required as prerequisites to the concentration and to upper-level courses in Economics. In Economics 102, the fundamental concepts and theories of macroeconomics are developed and used to analyze problems of current interest. The major concerns of this course are the determinants of GDP, unemployment, inflation, international trade, and economic growth. The course format consists of three hours of lecture per week (either 100 or 200) by the professor and a one and a half hour section meetings (101-111 or 201-212) led each week by a graduate student instructor. The section meetings are limited to 35 students. Cost:2 WL:Contact Undergraduate Office, Dept. of Economics, 158 Lorch Hall (Section 100:Hymans; Section 200:Deardorff)
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B. Economic Theory and Statistics

401. Intermediate Microeconomic Theory. Econ. 101 and 102, and Math. 115. (4). (SS). (QR/1).
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. Main lecture will meet twice a week. Sections will meet twice a week. WL:1 (Lopomo)
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402. Intermediate Macroeconomic Theory. Econ. 101 and 102, and Math. 115. (3). (SS). (QR/1).
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. Economics 402 is a prerequisite for many other courses offered in Economics. Concentrators in economics are required to elect this course and are encouraged to complete it early in their concentration program. It is strongly recommended that students take Economics 401 before 402. Cost:3 WL:2 (Shapiro)
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404. Statistics for Economists. Econ. 101 and 102 and Math. 115. No credit granted to those who have completed or are enrolled in Econ. 405 or Stat. 311, 402, or 412. (4). (Excl). (BS). (QR/1).
This course provides an introduction to the background in descriptive statistics, probability theory, statistical inference, and regression theory needed to enable the large body of empirical work that is now undertaken in economics to be understood and appreciated. There are two lectures and one problem session per week. Grades are based on problem sets and exams. The course, which is self-contained, does not serve as a prerequisite to Economics 406. Cost:1 (Ziliak)
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405/Stat. 405. Introduction to Statistics. 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 Stat. 311 or 412. Students with credit for Econ. 404 can only elect Econ. 405 for 2 credits and must have permission of instructor. (4). (MSA). (BS). (QR/1).
See Statistics 405. (Woodroofe)
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406. Introduction to Econometrics. Econ. 405 or Statistics 426. (4). (Excl). (BS).
Econometrics uses economic theory and observation and the tools of statistical inference to analyze economic phenomena. Economics 406 will focus on the general linear statistical model and will examine the difficulties which arise in applying statistical procedures to economic research problems. The sequence Economics 405-406 covers statistical inference and econometric models in more depth and more rigorously than Economics 404. Students electing Economics 406 should have completed Math 116, Economics 101-102, and either Economics 405 or Statistics 426. Assignments will include derivations and numerical examples in problem sets as well as extensive use of computers for retrieval and transformation of economic data and statistical analysis of econometric models. (Caner)
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C. Monetary and Financial Economics

411. Monetary and Financial Theory. Econ. 402, and 404 or 405. (3). (Excl).
Economics 411 focuses on modern financial markets and the role of monetary and fiscal policy in influencing asset prices and the economy. Monetary and financial economics are developed at a formal level. Topics covered can include financial institutions and markets, interest rate determination, portfolio theory, capital markets, the regulation of financial institutions, the money supply process, money demand, monetary policy, national saving and the national debt. Method of instruction is lecture and discussion. The required prerequisite is Econ. 402, Intermediate Macroeconomics. Additional recommended prerequisite is Econ. 401, Intermediate Microeconomics. WL:1 (Caner)
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412. Topics in Macroeconomics. Econ. 402. (3). (Excl).
Economics 412 is an advanced undergraduate course in applied monetary theory and macroeconomics. Our focus will be on developing and using macroeconomic models for policy analysis and forecasting. We will first review and extend models introduced in intermediate macroeconomics (Econ 402) and then apply these models to issues such as inflation, economic growth, business cycles, and real wage growth. The second part of the course will focus on econometric modeling of the macro economy, including model specification, data issues, model estimation and evaluation, policy simulation experiments, and preparing, generating, and adjusting forecasts. Students will participate in small group projects where they will have computer experience with modeling and forecasting using the Michigan Quarterly Econometric Model. In addition to the official prerequisite (Econ 402), students should take intermediate microeconomics (Econ 401) and statistics (Econ 404 or 405) before taking this course. Cost:2 WL:1 (Barsky)
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D. Labor Economics

320. Survey of Labor Economics. Econ. 101 and 102. (3). (SS).
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. Cost:2 WL:1 (Charles)
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E. Industrial Organization and Public Control

432. Government Regulation of Industry. Econ. 401. (3). (Excl).
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. Cost:2 WL:1 (Adams)
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F. International Economics

442. International Finance. Econ. 402. (3). (Excl).
This course analyzes the macroeconomic and financial interactions between countries. Theories of the balance of payments, the exchange rate, and the international component of income determination are developed. Examples of fixed and flexible exchange-rate regimes are covered, including the gold standard, Bretton Woods, and the EMS. There are graded homeworks, one midterm, and a final exam. Cost:3 WL:1 (Tesar)
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G. Comparative Economic Systems and National Economies

454. Economics of Japan. Econ. 101 and 102. (3). (Excl).
Analysis of Japan's economic organization, structure, and performance. Special emphasis is placed on the character of Japanese economic planning, the behavior of Japanese enterprises, the Japanese labor force, and the Japanese household. There will also be ample discussion of Japan's international economic relations. Attention will be given to bilateral and multilateral conflicts in overseas product, financial, and technology markets. The class has a lecture format, but questions are welcomed. Course grade will be determined by two one-hour exams and a final. Cost:4 WL:1 (Saxonhouse)
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455. The Economy of the People's Republic of China. Econ. 101 and 102. (3). (Excl).
Section 001 Economic Development in China.
This course will examine the process of economic development through the experiences of mainland China and Taiwan. Emphasis is on economic reforms in mainland China since 1978, including agricultural reforms, rural industrialization, reform of state-owned enterprises, international trade and foreign investment, fiscal and financial reforms, and regional inequality and poverty. Other topics: record of socialist planning in China; pace and sequence of reform in socialist economies; Taiwan's structural transformation; implications of Hong Kong's return to the P.R.C. in 1997. Cost:1 WL:4 (Park)
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I. Environmental Economics

370/NR&E 470. Natural Resource Economics. Econ. 101 and 102. No credit granted to those who have completed or are enrolled in Econ. 471 or 472. (3). (Excl).
A one-term introduction to environmental and natural resource economics. Topics include externalities, unpriced goods, cost-benefit analysis, resource scarcity, exhaustible resource depletion, renewable resource harvesting, and common property problems. (Helsand)
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J. Public Finance

482. Government Revenues. Econ. 401. No credit granted to those who have completed or are enrolled in 380. (3). (Excl).
Economic analysis of the equity and efficiency effects of major U.S. taxes, including the personal income tax, the corporate income tax, and the social security tax. Examination of commonly proposed tax changes. Lecture method; midterm and final exams; term paper. Cost:2 WL:1 (Slemrod)
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K. Economic History

491/Hist. 491. The History of the American Economy. Econ. 101 and 102. (3). (Excl).
This course examines the economic history of the United States from colonial settlement to World War II. We will focus on the sources of the country's economic growth, trends in income distribution, regional integration, and changes in political-economic institutions. We will pay particular attention to the role of government policy in influencing economic outcomes. Students will be evaluated on the basis of several essays, midterm and final exams, and class discussion. Cost:2 WL:1 (Whatley)
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L. Other Topics in Economics

398. Strategy. Econ. 101. (3). (SS).
Section 001 Strategy and Equity.
This course is an introduction to the science of strategic thinking and 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. Cost:2 WL:3 (Sönmez)
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556/Public Policy 556. Macroeconomics. (4). (Excl).
See Public Policy 556. (Deardorff)
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573/Public Policy 573. Benefit-Cost Analysis. Econ. 555. (4). (Excl).
See Public Policy 573. (Deardorff)
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M. Honors Program, Seminars, and Independent Research

495. Seminar in Economics. Econ. 401, 402, and 404 or 405; and permission of instructor. (3). (Excl). May be repeated for a total of six credits.
Admission information for all 495 Seminars: Closed at Registration. To apply for admission into the 495 Seminar, students must provide a completed application no later than Friday, October 31. Application forms are available from the Undergraduate Economics Office (158 Lorch Hall) and the completed forms should be returned there. Admission will be the decision of the instructor.

Section 001 Judicial Action, Market Reaction. 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. Grading will be based on class participation and a substantial term paper. Students should have a good grasp of intermediate microeconomic theory and basic econometrics. WL:1 (Adams)

Section 002 Social Regulation. This seminar will study a broad range of topics relating to social regulation, defined as government intervention aimed at correcting inequities and controlling problems caused by economic growth and technological change. Examples include environmental, health, and safety regulation, as well as affirmative action. The seminar begins with classroom review of essential background topics and issues of current research interest, after which participants will be expected to pursue (preferably in small groups) a significant research topic agreed to by the instructor. Emphasis will be placed on the use of formal microeconomic models to analyze real-world problems and to evaluate alternative policy interventions. Papers and oral presentations will be required. Economics 401 is a prerequisite. (Van't Veld)
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498. Honors Independent Research. Open only to students admitted to Honors concentration in economics. (1-4). (Excl). (INDEPENDENT). May be repeated for a total of eight credits.
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.
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499. Independent Research. Written permission of staff member supervising research, and permission of Economics concentration advisor. (1-4). (Excl). No more than four credits may be used in an economics concentration program. (INDEPENDENT). May be repeated for a total of eight credits.
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.
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