All courses are 3 credits unless otherwise indicated.
A. Core Courses
16:220:600 MATHEMATICAL METHODS FOR MICROECONOMICS
Prerequisite: Calculus and Linear Algebra, or 16:220:551, or permission of instructor
Basic mathematical tools for consumer and producer theory. Topics include compact sets, differentiability, convex sets, separation theorems, constrained optimization and the Kuhn-Tucker theorem, applications in consumer and producer theory.
16:220:601 MICROECONOMIC THEORY I
Prerequisite: 16:220:600, or (16:220:551 and 16:220:585), or permission of instructor
General equilibrium theory; the Arrow-Debreu model, decision making under uncertainty; the Von-Neumann Morgenstern theory, risk aversion, applications to insurance problems and portfolio choice, applications to competitive equilibrium with uncertainty.
16:220:602 MICROECONOMIC THEORY II
Prerequisite: 16:220:601
Introduction to the theory of games and related economic models with informational asymmetries. Topics include non-cooperative games and models of moral hazard and adverse selection.
16:220:603 MATHEMATICAL METHODS FOR MACROECONOMICS
Prerequisite: Calculus and Linear Algebra
Basic mathematical tools for dynamic economic models. Topics include linear algebra from echelon form to projection operators, quadratic forms, linear difference and differential equations, dynamic programming and control theory, applications to dynamic models of macroeconomics, growth and human capital.
16:220:604 MACROECONOMIC THEORY I
Prerequisite: 16:220:603 or (16:220:551, 16:220:560, and 16:220:586), or permission of instructor
Introduction to economic dynamics, economic growth, business cycles, and the role of macroeconomic policy.
16:220:605 MACROECONOMIC THEORY II
Prerequisite: 16:220:604
General equilibrium modeling of the macroeconomy. Topics will include the stochastic growth model and multiple equilibrium. Empirical validation will also be stressed.
16:220:606 ADVANCED ECONOMIC STATISTICS
Prerequisite: Calculus and Linear Algebra, or (16:220:551 and 16:220:552), or permission of instructor
The purpose of the course is to build a sound background in statistical inferential procedures that are used in economic data analyses. Sampling theory and Bayesian viewpoints will be presented. Topics include probability, random variables and distributions, estimation, testing hypotheses, and sampling distribution of estimators.
16:220:607 ECONOMETRICS I
Prerequisite: 16:220:606 or (16:220:551 and 16:220:552), or permission of instructor
Statistical estimation and inference of regression equation models. Properties of OLS, GLS, JGLS, 2SLS, 3SLS, and Maximum Likelihood Estimators. Introduction to time series analysis and qualitative response models. Use of linear algebra and statistical packages. The emphasis of the course is on theory via practical applications.
16:220:608 ECONOMETRICS II
Prerequisite: 16:220:607 or (16:220:551, 16:220:552 and 16:220:571), or permission of instructor
Time series analysis, focusing on estimation, inference and validation. Specifications examined include (vector autoregressive) models and a variety of nonlinear models including GARCH. Estimation techniques examined include maximum likelihood, generalized methods of moments (GMM) and various other techniques such as simulated GMM. Inference techniques examined include standard asymptotics, unit root asymptotics and bootstrapping. Additional topics include Monte Carlo methods, predictive accuracy testing, model selection, unit roots and cointegration; as well as topics in financial and macroeconometrics.
16:220:609 APPLIED ECONOMETRICS FOR MICROECONOMICS
Prerequisite:16:220:607 or (16:220:551 and 16:220:552), or permission of instructor
Econometric tools for microeconomic models are discussed relying on recent applied econometric papers. Tools include qualitative choice models, survival analysis, and advanced regression methods (e.g., panel data techniques and limited dependent variables).
16:220:610 APPLIED ECONOMETRICS FOR MACROECONOMICS
Prerequisite: 16:220:607 or (16:220:551, 16:220:552, and 16:220:560), or permission of instructor
Econometric tools for macroeconometric time series models. Topics include exogeneity tests, spectral analysis, non-stationarity, the Kalman filter, structural shifts, prediction, nonlinear models and nonparametrics. Recent macroeconomic time series papers are discussed.
B. Field Courses
General Prerequisite for Field Courses (unless otherwise specified): 16:220:600, 601, 603, 604, 606, 607, or permission of instructor.
16:220:611 HISTORY OF ECONOMIC THOUGHT
This graduate seminar surveys the evolution of economic ideas from the 1700s to the present. We will read classic texts (e.g., Smith, Ricardo, Keynes, Friedman) alongside modern interpretations. We will ask: What problems were economists trying to solve in different eras? Where do economists’ core assumptions come from? How have methods—especially the role of mathematics and the balance between theory and empirical evidence—changed over time? And how have economic ideas both shaped and been shaped by politics, technology, crises, and culture? The course covers major schools of thought, including mercantilism, classical political economy, Marxism, and Keynesianism, as well as modern variants.
16:220:612 EUROPEAN ECONOMIC HISTORY
The growth of Europe from the sixteenth century to the present. Topics include mercantilism; industrialization, the standard of living debate; international economic integration in the nineteenth century; the gold standard, the Great Depression, the economics of war and peace, and the EC.
16:220:613 AMERICAN ECONOMIC HISTORY
The development of the American economy from colonial times to the present. Topics that will receive particular attention include industrialization, agriculture, slavery, monetary and financial developments, the Great Depression, and postwar growth.
16:220:620 ECONOMICS OF THE LABOR MARKET
Labor supply (static and dynamic models and empirical analyses). Labor demand. Wage differentials and unemployment. Applications to policy problems: economics of welfare system, and low-income labor markets.
16:220:621 LABOR ECONOMICS
Causes of immigration and its economics consequences for immigrants, stayers and host country residents. Discrimination theory and empirical examination of wage, employment and other differentials by gender and race.
16:220:622 INDUSTRIAL ORGANIZATION I
Models of imperfect competition. Applications to price discrimination, vertical integration, product quality, advertising, and research and development. Strategic models of entry deterrence and contracting. Implications for antitrust policy. Empirical research on industry structure, conduct, and performance.
16:220:623 INDUSTRIAL ORGANIZATION II
Natural monopoly and rate of return regulation. Optimal pricing including Ramsey, nonlinear, and peak-load pricing. Regulation models with uncertainty or asymmetric information. Optimal contracting and auditing. Price regulation. Regulation of entry and product quality. Regulation of price, entry, product quality, health, safety and the environment. Empirical research on performance in regulated industries.
16:220:624 PUBLIC FINANCE I
Analysis of government expenditures and of policies designed to correct market failures, with emphasis on social insurance, benefit–cost analysis, and the design of welfare programs.
16:220:625 PUBLIC FINANCE II
Tax policy analysis. Topics include optimal taxation, tax incidence analysis, the efficiency costs of taxation, and the measurement of the effects of taxation on economic behavior.
16:220:626 ECONOMIC DEVELOPMENT I
Problems of resource allocation for promoting economic growth and structural change in the context of poverty and inequality.
16:220:627 ECONOMIC DEVELOPMENT II
Selected topics in contemporary development economics.
16:220:628 INTERNATIONAL ECONOMICS I
Major areas of trade theory are presented including comparative advantage theory, general equilibrium-factor endowments trade theory, and commercial policy. Recent developments such as imperfect competition and uncertainty models of international trade theory are included.
16:220:629 INTERNATIONAL ECONOMICS II
Analysis of advanced topics in the area of international finance, international monetary economics and open economy macroeconomics. Topics may include: International business cycles; international financial markets; current account and fiscal policy; sovereign debt; exchange rate regimes; speculative attacks; international policy coordination; growth in the international economy.
16:220:630 FINANCIAL ECONOMICS I
Students will analyze market structures of key financial markets including blockchains, the U.S. equity national market system, energy and carbon markets, and fixed income instruments in sovereign, corporate, housing and structured products. The course emphasizes a careful understanding of the most granular time series using both econometric and large language models.
16:220:631 FINANCIAL ECONOMICS II
The main purpose is to introduce students to the recent development of continuous-time modeling techniques, specifically:
- Stochastic Control: Various applications in economics (macroeconomics and contract theory) and finance (asset pricing and theoretical corporate finance).
- High Frequency Econometrics.
Students will learn how to employ the mathematical tools of stochastic control to solve various economic problems and become familiar with the frontiers in high frequency econometrics.
16:220:640 ADVANCED TOPICS IN MICROECONOMICS
Selected topics in advanced microeconomics.
16:220:641 UNCERTAINTY AND IMPERFECT INFORMATION
Selected problems in economic analysis of uncertainty and imperfect information. Emphasis on applications in micro- and macroeconomics
16:220:642 TOPICS IN GAME THEORY
Introduction to non-cooperative and cooperative game theory that are relevant to economic problems.
16:220:643 EXPERIMENTAL ECONOMICS
Introduction to analysis by experimental methods of selected problems in economic theory, focusing on theory of individual choice under uncertainty and game theory, as well as bargaining theory, industrial organization, social choice theory, and financial markets.
16:220:644 NETWORKS AND COMPLEXITY IN ECONOMICS
Network analysis to extend and generalize the nature of economic interactions by explicitly considering the impact of connections between agents; complexity as a distinct approach to modelling economic and social interactions by simplifying the scope of what agents are presumed to be able to fully comprehend and process in making decisions; development of the notion of opportunism rather than optimality as a relevant modus operandum for economic agents in highly complex environments.
16:220:645 THEORY OF SOCIAL CHOICE
An introduction to Social Choice Theory; aggregation of preferences and strategic behavior; voting; matching; coalitions; equality and justice.
16:220:650 ADVANCED TOPICS IN MACROECONOMICS
This course covers research at the frontier of macroeconomics. The specific content varies by instructor. Topics may include theoretical and empirical approaches to the study of aggregate economic fluctuations, labor market dynamics, monetary and fiscal policy, international and emerging market macroeconomics, and related issues. The course is intended for graduate students and emphasizes modern analytical and quantitative methods useful for state of the art macroeconomic research.
16:220:651 MONETARY THEORY
Traditional treatment of monetary theory and policy. Topics include: the origins of money, money demand, money supply, Keynesian, Classical and New Classical models, money and inflation, money and output, monetary policy, rules versus discretion and monetary standards.
16:220:652 INTERNATIONAL MACROECONOMICS AND FINANCE
Various topics in international macroeconomics and finance with in-depth analysis of canonical models and seminal papers. Topics include international business cycles, global capital flows, sovereign debt and default, international financial crises and sudden stops, and exchange rate regimes.
16:220:711 SEMINAR IN ECONOMIC THEORY
Topics chosen by instructor. Research in microeconomic theory. Papers by students, faculty, and visiting scholars on topics selected by the seminar participants.
16:220:712 SEMINAR IN MICROECONOMICS
Advanced research in microeconomics. Papers by students, faculty, and visiting scholars on topics selected by the seminar participants.
16:220:713 SEMINAR IN MACROECONOMICS
Consists of two parts: (i) Several lectures reviewing topics and controversies at the frontier of macroeconomics, presented by instructor and discussed by class; (ii) papers on current topics, presented by students and discussed by instructor and other students. Emphasis on development and analytical skills and use of empirical and theoretical tools. Topics to be considered will be mutually agreed upon.
16:220:714 SEMINAR IN MONETARY THEORY
Advanced topics in monetary theory covering both micro and macro aspects of the field.
16:220:715 SEMINAR IN ECONOMETRICS
Statistical inference in econometrics from Bayesian and non Bayesian points of view. Special topics of current interest are covered including inference on structural shifts, model selection, Kalman-filter models and duration dependent models.
16:220:716 SEMINAR IN APPLIED ECONOMETRICS
Application of econometric methods for estimation of parameters in an economic relationship as may be specified in a micro/macro generally interdependent simultaneous system model involving use of a body of data cross section and/or time series.
16:220:717 SEMINAR IN PUBLIC ECONOMICS
Advanced topics with emphasis on the current controversies in the field.
16:220:718 SEMINAR IN PUBLIC FINANCE
Topics chosen by the instructor, focusing on frontier research in public economics. The seminar features papers by students, faculty, and visiting scholars on subjects selected by the participants.
16:220:719 SEMINAR IN LABOR AND HUMAN RESOURCES
Special topics in labor economics, varying from year to year. Past topics have been: economics of transfer programs, economics of health, economics of fertility. Students are expected to complete a project for the course and to present a seminar on its results at the end of the semester.
16:220:720 SEMINAR IN INTERNATIONAL ECONOMICS
Course varies in content depending upon faculty and student interests. Generally, special attention is paid to current topics which will stimulate student dissertation research.
16:220:721 SEMINAR IN ECONOMIC DEVELOPMENT
Advanced topics in development economics emphasizing skills of modelling and estimation.
16:220:722 SEMINAR IN ECONOMIC HISTORY
Selected topics in recent research in economic history.
16:220:728 COMPUTATIONAL METHODS IN ECONOMETRICS
This course bridges theoretical econometrics with practical computational implementation, focusing on the essential algorithms and numerical methods that transform statistical theory into computational algorithms. The first half begins with foundational estimation techniques, including Maximum Likelihood Estimation (MLE), Generalized Method of Moments (GMM), and the Delta Method, emphasizing not just their theoretical properties but their efficient computational implementation and practical coding considerations. The curriculum then advances to contemporary methods including non-parametric estimation average treatment effect estimation, and network models, with each module designed to equip students with both the theoretical understanding and technical skills necessary for empirical research. Building on these foundations, the second half of the course examines machine learning and dimension-reduction methods that address high-dimensional problems, focusing on their use in causal inference and forecasting in applied econometric research.
16:220:730 INDIVIDUAL STUDIES IN ECONOMICS
Independent study. Students enroll with a faculty member.
16:220:701 RESEARCH IN ECONOMICS
Credits: Variable (Students must complete 24 research credits for the Ph.D.)
Doctoral dissertation research. Students enroll with their primary dissertation advisor.
16:220:702 RESEARCH IN ECONOMICS
Credits: Variable (Students must complete 24 research credits for the Ph.D.)
Doctoral dissertation research. Students enroll with their primary dissertation advisor.