Econometric Methods 1
The first Econometrics course will provide the fundamentals of applied econometrics. The first section will consist of statistical background useful for regression analysis and forecasting. The second section will include a thorough review of the Classical Regression model. Some instruction will occur in the computer lab, where students will be instructed how to run regressions using actual data. Problem sets and a practical regression-based project will be assigned to each student.
Econometric Methods 2
This class will build on the classical regression model. Heteroskedasticty and endogeneity issues will be further developed. Students will learn cross-sectional and panel techniques. The use of instrumental and dummy variables will be discussed. Problem sets and a practical regression-based project will be required.
Econometric Methods 3
The third Econometrics course will emphasize time-series methods. We will begin with the serial correlation violation of the classical model. Then we will turn our attention to univariate and multivariate times-series econometrics. Students will spend time in the computer lab where they will apply the techniques they learn to the data. They will complete problem sets and complete a project using time-series econometric methods.
The economic modeling class will be a very practical hands-on class where the end goal is familiarity with constructing models of economic activity. This course will take place in the computer lab. We start with study of important data distinctions. Students will have access to the Center for Economic Research and Forecasting (CERF) database system. Forecast theory will be studied, including concepts such as model specification and forecast errors. Then, the remainder of the course will be the study of the modeling environment. These would include: the model object, model structure, and practical forecasting considerations. Students will be assigned problem sets and a modeling project.
Microeconomic Theory Sequence
Microeconomic Theory - Part 1
This course introduces students to Microeconomics, the study of allocated limited resources. The theories economists use to describe economic behavior will be extensively studied. The class will have two sections: Consumer Theory and Production Theory. Because microeconomics is a math intensive course students will be expected to know Calculus. This is a tools class and no project will be required. Students will have extensive problem sets.
Microeconomic Theory - Part 2
This course is a continuation of Microeconomics I. The purpose of the course is to combine consumer and producer theory into a general equilibrium framework. This course will study theories that analyze consumers and producers in a market economy.
Macroeconomic Theory Sequence
Macroeconomic Theory - Part 1
This course will establish the core macroeconomic theoretical foundation for the program. It will begin with study of the Historical Keynesian model. The remainder of the course will be spent on the most widely used dynamic modeling technique in macroeconomic research today, the infinite horizon representative agent model. Fiscal policy implications for the models will be a key part of the course. Class participation and problem sets will be required.
Macroeconomic Theory - Part 2
This class will be policy oriented, with extensive discussion of current topics. We will discuss monetary and fiscal policy and the impacts of each. Additional topics will include incentives and redistribution, moral hazard, and political economy. Students will be expected to participate in class discussions and to complete a project. Problem sets and a Paper will be required.
Introduction to Financial Economics
Financial theory, the time value of money, portfolio theory, and asset valuation will be presented with emphases on decision making in real-world situations. Problem sets will provide realistic applications of the material.
Development Economics will study the determinants of economic growth. The standard model will be developed and numerous extensions to this model applicable to the question of development will be studied. A number of key policy results will be discussed. Then the course will move on to the study of trade, inequality, and markets for land, credit, and labor as they pertain to development. Throughout, practical applications and current topics will be discussed. Class participation, problem sets, and a project will be required.
This course will introduce basic trade theorems and concepts, such as Comparative Advantage. Issues associated with large countries and small countries will be developed. Exchange rate issues will be discussed. Other topics will include interest parity, purchasing power parity, home bias and the gold standard. The emphases will be on applications and current topics. Class participation, problem sets, and a project will be required.
Operations Research will focus on Optimization and Linear Programming. The theory behind Linear Programming will be revealed and a large variety of practical examples will be presented. We will generalize the method to include non-linear programming, again with practical examples. This is a tools class and no project will be required. Students will have extensive problem sets.
This is non-traditional instruction that will extend throughout the course. Each students' writing skills and presentation skills will be evaluated. Students writing and presentations will be coached. By the end of the program, students will be comfortable and competent in research writing and public presentations.