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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