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 University Graduate School 2002-2004 Academic Bulletin |
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Economics
Bloomington Program
College of Arts and Sciences
Chairperson
Departmental E-mail
Departmental URL
Graduate Faculty
Distinguished Professors
Chancellors' Professor
Rudy Professors
Professors
Associate Professors
Assistant Professors
Director of Graduate Studies
Master of Arts, Master of Arts for Teachers, Doctor of Philosophy in economics, and Doctor of Philosophy in economics and business (in cooperation with the Kelley School of Business)
Special Departmental Requirements
(See also general University Graduate School requirements.)
Admission Requirements
Grades
Course Requirements
Master of Arts for Teachers Degree
An individual study program of 36 credit hours will be developed for each student, normally including only courses that may be taken for graduate credit.
Fields of Study
Course Requirements
Foreign Language/Research-Skill Requirement
Core Theory Examination
Qualifying Field Examinations
The following courses, which are drawn from the complete list below, are expected to be offered on the Bloomington campus during the academic years 2002-2004.
School of Liberal Arts
Chairperson
Departmental E-mail
Departmental URL
Graduate Faculty
Professors
Associate Professors
Assistant Professors
Director of Graduate Studies Return to Indianapolis Program
Master of Arts
The Master of Arts in economics has a twofold objective: (1) to provide students with analytical capabilities and research skills for careers in business, government, and the nonprofit sector; and (2) to prepare those who wish to pursue the Ph.D. at another university.
Return to Indianapolis Program
Special Departmental Requirements
(See also general University Graduate School requirements.)
Admission Requirements
Course Requirements
Students have the option of replacing the thesis with reading proficiency in a foreign language or with 6 credit hours of course work in the tool skills of mathematics or computer science. Consult the department's "Graduate Study Guide" for a list of acceptable research-skill courses. Courses taken to meet the language or tool skill options are not counted toward the 30 credits required for the degree.
Grades Return to Indianapolis Program
Dual Degree Master of Arts in Economics and Master of Arts in Philanthropic Studies
The dual master's degree in economics and philanthropic studies substantially benefits students intending to pursue a career in independent research, academia, or practice. Normally, those pursuing a career in research or academia continue in a Ph.D. program in economics, finance, accounting, management, marketing, or public policy. Very few doctoral programs include substantial content on philanthropy or nonprofit organizations. As such, the M.A. in philanthropic studies provides a broad interdisciplinary background that makes the future researcher sensitive to the institutional details, values, and history of the sector, thus leading to better research. For the future nonprofit manager or leader, economics provides the principles and methodologies to make informed decisions on the appreciative level, the policy level, and the managerial level.
Admission requirements for the dual degree program are identical to those for each program separately. Separate application must be made to each of the two programs. Students are expected to take responsibility for learning about and meeting the admission requirements of each school individually, which may differ from each other in application documents required, minimal standards of criteria for admission, and deadline dates. Students must make plans early with advisors in both programs to identify (1) common courses and (2) thesis credit.
Study for the two degrees can be combined for a total of 51 credit hours rather than the 66 credit hours that would be required if the two degrees were taken separately. Two of the required core courses for the M.A. in Economics may be selected as electives to meet the Philanthropic Studies requirement for two applied electives. One of the required Philanthropic Studies courses, ECON E514, The Nonprofit Economy and Public Policy, may be taken to meet 3 of the 12 credit hours of electives required in the Economics program. A common thesis meets the requirements of both departments.
Further information regarding regulations governing advanced degree programs may be obtained from the respective departments.
Return to Indianapolis Program
The following courses, which are drawn from the complete list below, are expected to be offered on the Indianapolis campus during the academic years 2002-2004. Other 500-level courses are in the process of being approved. Contact the department for further information.
Return to Indianapolis Program
General Courses
E420 History of Economic Thought (3 cr.)
E471 Econometric Theory and Practice I (3 cr.) P: E370 or consent of instructor. Emphasis is on the classical linear regression model and the roles that probability and statistical theory play in its formulation and use. Special topics include point and interval estimation, hypothesis testing, extensions to multiple regression, and computer calculation of least squares estimators and test statistics.
E472 Econometric Theory and Practice II (3 cr.) P: E471. Emphasis is on the matrix formulation and computer estimation methods for single and multiple equation classical regression models using economic and business data. Attention is given to the assumptions required for testing a single coefficient, sets of coefficients, and the complete regression model. Special topics include heteroscedasticity, multicollinearity, errors in variables, autocorrelation, and system identification.
E501 Seminar in Economics (3 cr.) P: consent of instructor. Advanced topics in economics ranging across all fields.
E502 Teaching Undergraduate Economics (3 cr.) Planning, presenting, and evaluating undergraduate economics teaching. Content includes learning theory, instructional objectives, course planning, textbook selection, lecturing and discussion techniques, visual aids and simulation, constructing test and homework problems, grading, student evaluation of instruction, practical classroom teaching problems, and survey of evaluation literature.
E504 Mathematics for Economists (1-3 cr.) Topics in mathematics that are particularly useful in the application of microeconomic theory, macroeconomic theory, and econometrics. Topics covered include matrix algebra, comparative-static analysis, constrained optimization, difference equations in discrete time, game theory, and set theory as applied to general equilibrium analysis.
E514 The Nonprofit Economy and Public Policy (3 cr.) P: E201. The role of nonprofit organizations (universities, churches, hospitals, orchestras, charities, day care, research, nursing homes) in mixed economies. Public policy controversies such as regulation of fundraising, antitrust against universities, "unfair" competition with for-profit firms, and the tax treatment of donations. This course may not be taken for credit by anyone who has received credit in ECON E414.
E519 Regional Economics (3 cr.) Regional economics is the study of economic behavior in space. The course examines the internal and interregional determinants of growth and decline of a region from supply and demand perspectives. Public policies to influence these determinants are considered.
E520 Optimization Theory in Economic Analysis (3 cr.) P: calculus and linear algebra. Introduction to concepts and techniques of optimization theory applied in modern micro- and macro-economics. Theory and application of Lagrange multipliers, comparative statics analysis, value functions and envelope theorems. Elements of dynamic programming and other methods of economic dynamics.
E521 Theory of Prices and Markets I (3 cr.) Develops the methodology of economic analysis and teaches the tools and language of price theory. Fundamental elements of consumer theory, producer theory, and economics of uncertainty. Emphasis on comparative statics and the duality theory. Topics include welfare analysis, the theory of price indices, quality of goods, revealed preferences, the theory of derived demand, expected utility theory, attitudes toward risk, and various measures of riskiness.
E522 Macroeconomic Theory I (3 cr.) Introductory course on macroeconomic dynamics; covers growth models and asset pricing theories, endogenous growth theories, optimal growth problems, and competitive dynamic equilibrium models. Dynamic programming tools introduced as needed. All models are cast in a discrete time setup; presents deterministic and stochastic theories.
E528 Economic Analysis of Health Care (3 cr.) A graduate introduction to health economics. Applications of economic theory to problems in various areas in health care. Applications of econometric techniques to the same. Topics include how physicians, institutions, and consumers respond to economic incentives and what policies contribute maximally to efficiency and welfare.
E529 Economic History (3 cr.) P: E521 or consent of instructor. Use of economic analysis and econometric techniques to examine topics in the development and institutions of the U.S. and European economies.
E530 International Trade (3 cr.) P: E521, E621, or consent of instructor. Introduction to theories of international trade (including such topics as pattern of trade, gains from trade, testing trade theories) and analysis of trade policies (including such topics as tariffs, quotas, and strategic trade policy).
E541 Labor Market Analysis (3 cr.) P: E520 or E521, or consent of instructor (Bloomington); P: consent of instructor (Indianapolis). An analytical approach to the labor market. Theoretical underpinning and statistical testing of issues in demand and supply of labor, household decision making, human capital, contract theories, unionism, minimum wages, and discrimination.
E545 Applied Labor Economics (3 cr.) Discussion of wage rates and working conditions, searches by workers or firms, investment training, quits and layoffs, shirking, discrimination, the division of household labor, retirement, and implicit contracts. The course also examines the impact of institutions such as unions and the government on the efficiency of the labor market.
E550 Monetary Theory and Organization (3 cr.) Theory and practice of monetary control; supply and demand functions for money; instruments of monetary control; channels through which money exerts an influence on the economy.
E551 Monetary Economics II (3 cr.) Introduces alternative models of monetary economies; covers topics in monetary economics such as money and growth and optimal money growth. The course takes a unified approach to macroeconomic policy, treating monetary and fiscal policy as jointly determining macroeconomic equilibria. May include discussion of empirical work on money.
E568 Public Finance I (3 cr.) P: E360, E470, E521, E522. Partial equilibrium, microeconomic analysis of how tax and subsidy policies affect various types of individual and firm behavior. Theoretical models are introduced to assess and develop quantitative studies of fiscal policy. Summaries of the empirical impact of policy will be formed for the purpose of becoming an "input" in the complete general equilibrium analysis conducted in E569 Public Finance II.
E569 Public Finance II (3 cr.) P: E568. Empirical examination of the general equilibrium effects of major tax/subsidy programs, such as personal income taxation, corporate profit taxation, income maintenance, Social Security, and government provision of education. In addition, proposed reforms to these programs will be analyzed using empirically based simulation models.
E570 Fundamentals of Statistics and Econometrics (3 cr.) P: E504. Mathematical overview of statistics and econometrics at graduate level. Topics covered include probability and probability distributions, sampling distributions, tests of hypotheses, estimation, simple regression, multiple regression, generalized linear model and its applications, simultaneous equation systems.
E571 Econometrics 1 - Statistical Foundations (3 cr.) P: undergraduate courses in statistics and calculus. The probability bases for statistical estimation and testing are introduced in the context of issues, theories, and data found in economics. The classical linear regression model is presented as the starting point for multivariate analyses in econometrics. Students work with various computer programs in and out of the scheduled class periods.
E572 Econometrics 2 - Regression and Time Series (3 cr.) P: E571 or equivalent. Regression and time series. Departures from classical regression. Generalized least squares; heteroskedastic models; dynamic regression. Basic asymptotics. Measurement errors and instrumental variables. Some standard nonlinear models. Course covers theory and data analysis.
E574 Applied Econometrics and Forecasting (3 cr.) P: E570. An overview of techniques employed in economic model building, estimation and usage. Topics covered include single and multi-equation system estimation, limited dependent variable regression techniques, hypothesis testing, policy analysis, and forecasting. Various forecasting techniques are discussed, including smoothing decomposition methods and time series analysis. A number of projects are assigned throughout the semester in order to give the student hands-on experience with the different techniques.
E581 Topics in Applied Microeconomics I (3 cr.) P: E521 and E570 or consent of instructor. This course is a graduate-level introduction to theoretical and empirical applications in two areas of microeconomics. We will demonstrate how economic concepts can be usefully applied to understanding problems in the subdiscipline under study and discuss and apply estimation techniques appropriate for problems in the area.
E582 Topics in Applied Microeconomics II (3 cr.) P: E521 and E570 or consent of instructor. This course is a second graduate-level introduction to theoretical and empirical applications in two areas of microeconomics. We will demonstrate how economic concepts can be usefully applied to understanding problems in the subdiscipline under study, and discuss and apply estimation techniques appropriate for problems in the area.
E583 Topics in Applied Macroeconomics (3 cr.) P: E522 and E570 or equivalents, or consent of instructor. This course is a graduate-level introduction to theoretical and empirical applications in two areas of macroeconomics. We will demonstrate how economic theories can be usefully applied to understanding problems in the subdiscipline under study and discuss and apply estimation and calibration techniques appropriate for problems in the area.
E585 Industrial Organization and Control (3 cr.) P: consent of instructor (Indianapolis only). Analysis of interrelated structure, behavior, and performance in industrial markets and multimarket corporations; multidimensional nature of competitive processes. Public controls. Topics include patterns of oligopoly, vertical integration, entry barriers; "cartelized" coalescence, limit pricing, price discrimination, long-term contracts; capacity expansion and utilization, resource reallocation, and innovation.
E591 Macro Topics in Economic Development (3 cr.) P: E521, E522, or consent of instructor. Analysis of new theories of economic growth and various issues related to macroeconomic policy in less-developed countries. Topics include fiscal reform, exchange rate policy, financial liberalization, and money- vs. exchange rate-based stabilization programs.
E592 Trade Policy and Economic Development (3 cr.) Examines the major issues surrounding the conduct of trade policy in less developed countries. Covers arguments for and against import-substituting vs. export-promoting policies, the nature of optimal commercial policy, alternative strategies for liberalization of the trade regime, and the pros and cons of direct foreign investment.
E600 Readings in Economics (1-6 cr.) Individual readings and research.
E621 Theory of Prices and Markets II (3 cr.) P: E521, calculus, and linear algebra. Analysis of equilibrium, first- and second-order conditions; statistical derivation of demand and cost curves; activity analysis; general equilibrium; welfare economics; microeconomics of capital theory; pure oligopoly and game theory.
E622 Macroeconomic Theory II (3 cr.) P: E522, calculus, and linear algebra. Extends general equilibrium models from E522 by introducing nominal variables, monetary and fiscal policies; some exposure to alternative dynamic models, nominal and real rigidities, market imperfections, dynamically consistent policies. Numerical methods introduced to simulate dynamic stochastic general equilibrium models. Time series methods presented to discuss empirical implications of aggregate models.
E624 Mathematical Economics I (3 cr.) P: one year of calculus, one semester of linear algebra, or consent of instructor. Introduction to stochastic control theory with applications to economics. Covers Wiener process, stochastic integration, Ito's lemma and the stochastic Bellman equation. Applications to economics include optimal growth theory, the inverse optimal problem, adjustment cost theory of supply, exhaustible resources, optimal consumption and portfolio rules, and transactions demand for money.
E625 Mathematical Economics II (3 cr.) P: one year of calculus, one semester of linear algebra, or consent of instructor. Mathematical analysis of problems of motion via Central Principle of Motion; dynamic efficiency of centralized and decentralized economic systems; differential games.
E626 Game Theory (3 cr.) P: intermediate microeconomics and statistics. Mathematical analysis of strategic interaction. Noncooperative games played once or repeatedly, with perfection or imperfect information. Necessary condition for a solution (equilibrium), as well as sufficient conditions (refinements). Cooperative games, such as bargaining and market games. Numerous applications, including experimental games.
E627 Experimental Economics (3 cr.) P: intermediate microeconomics and statistics. Focuses on the use of laboratory experimental methods in applied microeconomics. Specific application areas will include the analysis of resource allocation mechanisms for both private and public goods and individual choice under uncertainty using both human and nonhuman subjects.
E628 Advanced Macroeconomic Theory (3 cr.) P: E622 or equivalent. The course provides an in-depth treatment of major areas in macroeconomics, advancing to the several frontiers at which its theory is currently most tested. These include convergence to rational expectations equilibrium, near-rational solutions, non-Walrasian equilibrium, and the management of incentives and macroeconomic disturbances through contractual arrangements.
E629 Open Economy Macroeconomics (3 cr.) P: E622. Combines international finance and open-economy macroeconomics with history and current functioning of the international financial system and the policy and exchange regime choices of countries within it. Explorations include determinants of current-account balances and exchange-rate dynamics as well as implications of the international mobility of goods, financial services, and capital, international portfolio and direct investment behavior, and financial derivatives.
E630 International Trade II (3 cr.) P: E530. Second part of the graduate sequence in international trade. Focuses on analyzing strategic situations in an international context. Topics include imperfect competition in international trade, strategic trade policy, trade policy under incomplete information, and tariff and quota games.
E641 Quantitative Studies in Labor Economics (3 cr.) P: E541, E571, and at least concurrent registration in E572 or consent of instructor. Emphasis on the application of statistical and econometric theory and methods in the analysis of current issues in labor economics. The application of models involving discrete choice, search, screening, signaling, contracts, tournaments, and Markov processes to explain various labor market phenomena will be reviewed.
E660 Public Economics I (3 cr.) P: E621 or concurrent registration. Analysis of public expenditures and taxation from a microeconomic viewpoint. Topics include externalities, pure and impure public goods, efficiency and distributional effects of taxation, optimal taxation theory, benefit-cost analysis.
E661 Public Economics II (3 cr.) P: E660. In-depth analysis of selected aspects of public expenditures and taxation. Illustrative topics: intertemporal and aggregative effects of tax and expenditure policies, emphasizing saving and investment incentives; taxation of risky assets; taxation of imperfectly competitive industries; benefit-cost analysis under uncertainty; public choice.
E671 Econometrics 3 - Nonlinear and Simultaneous Models (3 cr.) P: E572 or equivalent. Introduction to econometric theory. Parameter estimation for single and multiple equation systems. Inference and hypothesis testing. Monte Carlo studies.
E672 Macroeconometrics (3 cr.) P: E671 or equivalent. Advanced topics in econometrics. Estimation of dynamic equation systems. Spectrum analysis. Problems of design for large macro econometric models.
E673 Microeconometrics (3 cr.) P: E572 or equivalent. Microeconometrics with applications to labor, health, and public economics. Extensive coverage of limited dependent variable and panel data models. Empirical implementation an essential component of the course.
E685 Advanced Industrial Organization (3 cr.) P: E585. Extends the coverage in E585. Provides greater in-depth coverage of contemporary industrial organization problems from a theoretical perspective and provides coverage of important industrial organization topics not discussed in E585. Topics include mechanism design, signaling and screening, merger theory, incomplete contracting and the firm, and antitrust and regulation.
E698 Comparative Economics and Economics of Transition (3 cr.) P: consent of instructor. Modern approaches to analysis of nonmarket economic systems and mechanisms. Emphasis on the incentives generated by these mechanisms and information flows in the system. Since the field of comparative economics is both theoretical and institutional, students are required to read both analytical pieces containing formal models and descriptive papers.
E713 Seminar in Economic History (3 cr.) P: E529 or consent of instructor. Advanced topics in economic history (U.S. and European) with particular emphasis on recent debates in the literature of the new economic history. Application of economic theory and econometric techniques to historical problems.
E724 Seminar in Economic Theory (3-6 cr.) Advanced topics in business cycles, general equilibrium, growth, mathematical economics, and welfare economics. Offered periodically.
E730 Seminar in International Trade (3 cr.) Third part of the graduate sequence in international trade; intended for those writing theses in the field. Focuses on a deeper understanding of topics such as the political economy of protection, cooperation in repeated tariff games, trade negotiations, and multinational enterprises.
E748 Seminar in the Economics of Labor and Human Resource Development (3 cr.) P: E541 or consent of instructor. Selection from current issues in labor: labor markets, comparative labor economics, human capital, workforce planning, and labor relations.
E752 Seminar in Money (3 cr.) Current topics in advanced monetary and banking theory. Preparation of a research paper and oral presentation to a seminar.
E762 Seminar in Public Economics (3 cr.) Advanced topics in public economics. Preparation of a research paper and oral presentation to the seminar.
E770 Seminar in Econometrics (3 cr.) Advanced topics in econometrics in time series and/or cross-sectional data analysis.
E785 Seminar in Industrial Organization (3 cr.) Third course in the graduate industrial organization sequence; intended for those writing in the field. Topics include bargaining, reputation, oligopoly, research and development, vertical restraints, entry deterrence, transaction costs, and international industrial organization.
E792 Workshops in Problems of Development (3 cr.) In-depth study of specific underdeveloped area or specific topic in problems of underdevelopment.
E793 Seminar in Planning Strategies and Techniques (3 cr.) P: E591. Analysis of strategic choices and planning methods in Western economies and socialist economies in transition. Theory and practice of planning in underdeveloped countries.
E800 Research in Economics (cr. arr.)*
E808 Thesis (M.A.) (cr. arr.)*
E809 Thesis (Ph.D.) (cr. arr.)*
E810 Readings in Economic History (1-6 cr.)*
E824 Readings in Economic Theory (1-6 cr.)*
E830 Readings in International Trade (1-6 cr.)*
E840 Readings in Economics of Labor and Human Resource Development (1-6 cr.)*
E850 Readings in Monetary Economics (1-6 cr.)*
E860 Readings in Public Economics (1-6 cr.)*
E870 Readings in Advanced Econometrics (1-6 cr.)*
E880 Readings in Industrial Organization (1-6 cr.)*
E890 Readings in Development and Economics of Transition (1-6 cr.)*
G590 Population Analysis: Concepts, Issues, Problems (3 cr.) P: graduate status or approval of instructor. Theoretical issues, empirical questions on social determinants and consequences of biological events like birth and death. Age structure, marriage and household formation, gender, migration, quality of data, population policy in developing countries and advanced industrial societies. Contemporary and historical sources.
G591 Methods of Population Analysis and Their Applications (3 cr.) P: an undergraduate course in statistics. Techniques of measuring and analyzing population size and trends, fertility and mortality patterns, migration flows. Population estimates and projections. Major models of formal demography.
G592 Topics in Population Research (3 cr.) P: G590 and G591 or approval of instructor. Seminar-level course emphasizing class presentations, reviews of advanced literature, and the writing of research papers. Subject areas will include fertility, mortality, migration, economic demographic interrelations, mathematical demography, dynamics of small populations, and population projections.
G593 International Perspectives on Population Problems (3 cr.) International trends in population growth, characteristics, and structure with attention to major social, environmental, economic, and political implications. Comparisons between industrially advanced economies and less developed countries in Latin America, Africa, and Asia. Special emphasis will be placed on local and national circumstances affecting fertility, mortality, migration, and emerging roles of population policies in development planning.
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