ECON 0110. Principles of Economics.

This course offers an extensive coverage of economic issues, institutions, and vocabulary, plus an introduction to economic analysis and its application to current social problems. It is required for all economics concentrators and it is a prerequisite for ECON 1110, 1130, 1210 and 1620. It also serves as a general course for students who will take no other economics courses and want a broad introduction to the discipline.

ECON 0160. Intro to Finance - Money, Markets and You.

References to business, accounting, and financial markets are ubiquitous in our daily lives but are often intimidating to the outsider due to the specialized vocabulary and extensive use of abbreviations and acronyms (S&P 500, Fed Funds rate, EBITDA, EPS, P/E, DCF, EVA, etc.). However, regardless of our career choices, business and the financial markets play a role in our lives. All of us are consumers of financial services and we are all directly and indirectly impacted by capital allocation and market movements - it behooves us to be educated consumers, employees, business owners, and citizens.

ECON 0170. Essential Mathematics for Economics.

This course teaches the mathematical skills useful for upper level Economics classes. Emphasis is on acquisition of tools, problem solving, intuition, and applications rather than proofs.

This course satisfies the mathematics requirement for the Economics concentration, but does not serve as a prerequisite for upper level courses in Math, Applied Math, or other departments. Students planning further courses in those areas should take MATH 0100 or MATH 0170 (which also satisfy the Economics concentration requirement) instead. Ideally, ECON 0170 should be taken before ECON 1110, or at least simultaneously.

ECON 0180A. Using Big Data to Solve Economic and Social Problems.

This course will show how "big data" can be used to understand and address some of the most important social and economic problems of our time. The course will give students an introduction to frontier research and policy applications in economics and social science in a non-technical manner that does not require prior coursework in economics or statistics, making it suitable both for students exploring economics for the first time, as well as those with more experience. Topics include equality of opportunity, education, racial disparities, effects of the COVID-19 pandemic, health care, climate change, criminal justice, and tax policy. In order to be eligible, first year students would have to turn in the homework assignment and attend the first class.

ECON 0180D. The Power of Data (and its Limits).

Open any newspaper, any magazine, any academic journal, you’ll find claims which rely on data. Government policies, economic data, health recommendations – all of these are based on some underlying data analysis. Data used in this context has enormous power, but it also has limits. Understanding these limits is key to using – but not mis-using – the power of data.

This first-year seminar will focus on understanding where data comes from, what we can learn from it, and what the limitations are. The course will emphasize policy-relevant economic and public health applications.

ECON 0180E. The Economics of Higher Education.

Some of the most important and controversial policy issues we face today concern higher education—such as whether college should be free, college debt should be forgiven, Federal Pell Grants should be increased, and colleges should embrace online instruction. This seminar will provide students with the skills and knowledge needed to understand and analyze these issues and is structured in two parts. In Part 1 (Basics), students will be given a grounding in how the U.S. system of higher education is structured and financed. Part 2 (Issues) will take a data-driven approach to assessing key questions about higher education, with applications to state and national policy issues. Guest speakers will occasionally visit the seminar to share their expertise with the class.

In order to be eligible, first year students would have to turn in the homework assignment and attend the first class.

See Class Notes for additional information

ECON 0200. 20th Century Political Economy.

This course covers major debates in the 20th century political economy, starting with the Bolshevik Revolution and the Treatise of Versailles. We examine the Great Depression, the New Deal, and Postwar economic planning in the US and UK. We then turn to consider important periods in the second half of the 20th century, including Indian Economic Planning, Bretton Woods, and inflation in the 1970s. The course ends with a consideration of trade, trade deficits, sovereign debt crises, and austerity. The aim is to develop an understanding of both sides of key debates in political economy.

ECON 0300. Health Disparities.

This seminar will examine the causes and consequences of racial and ethnic disparities in health in the United States, and their relationship to economic disparities. Although the course will be taught primarily from an economics perspective, it will draw on literature from sociology, demography and epidemiology. Enrollment determined by lottery.

ECON 0400. Race and Inequality in America.

This seminar examines the social disadvantage of African American in the United States from the perspectives of economics, though with due attention to sociology, politics and history. The course takes a holistic view of the relevant issues, ranging broadly. Quantitative economic analysis is used, but mastery of technique is not our primary focus. Issues to be examined include: Persistent racial disparities and their structural/historical origins Racial stereotypes, racial stigma, and racial justice Affirmative action policies Reparations for slavery, segregation and discrimination Race, Incarceration and American Values Race, crime, and urban policing Race and American politics

ECON 0510. Development and the International Economy.

A course designed primarily for students who do not plan to concentrate in economics but who seek a basic understanding of the economics of less developed countries, including savings and investment, health and education, agriculture and employment, and interactions with the world economy, including trade, international capital flows, aid, and migration.

ECON 0520. The Economics of Gender Equality and Development.

This course shows how an economics lens can be useful in understanding disparities in gender outcomes; how these disparities evolve over the development process; why closing gender gaps matters for development; and the roles of public policies and private action. Among the outcomes examined are human capital, access to economic opportunities, and agency or the ability to make choices and take actions. We will use the tools of economics think about how individuals and families make decisions, respond to opportunities generated by markets, and are affected by the parameters outlined by both formal and informal institutions and social norms.

ECON 0600. Gender in the Economy.

What determines the division of labor in a household? Why is the employment to population ratio for men lower today than it was in the 1950s? Why is it higher for women? What is the cause of the gender wage gap and how has it changed over time? These are some of the questions addressed in this course. We will cover economic theories, empirical research, and trends associated with: marriage, divorce, cohabitation, labor supply decisions, division of labor in the household, gender inequality, and fertility choices.

ECON 0710. Financial Accounting.

This comprehensive course covers the basics of accounting theory and practice. Students learn about the accounting procedures for various forms of business organizations, and the tools used to record, analyze, and communicate financial data within an organization. In addition, students learn how to interpret, decipher, and understand financial information and its role within the financial statements. Whether you're pursuing a career in accounting, finance, or any business-related field, this course equips you with the essential skills to navigate the complex world of financial reporting and analysis.

ECON 0720. Business Fundamentals Bootcamp.

Brown has partnered with Hult International Business School ( https://www.hult.edu/lp/hult-brown-bootcamp/ ) for this program - renowned for its skill-focused approach to education and commitment to learning by doing. The Business Fundamentals Bootcamp enables you to learn and practice the fundamental skills needed for innovation within a business setting. Rapidly evolving labor markets in the Age of AI place a premium on your ability to articulate, analyze, assess, and execute on innovative ideas. You will learn new business concepts in the areas of Marketing & Branding, Financial Acumen, and New Product Planning. You will integrate these skills by applying them to a growth challenge for an international food company - Grupo Bimbo ($15B Revenues, Household Brands: Thomas’ Muffins, SaraLee, Entenmmans). Throughout the course, you will test your business hypotheses and iterate your ideas. On a weekly basis you will turn concepts learned into practical skills, working in teams. The program culminates with a competitive pitch to company executives. Faculty will challenge and support you with practice opportunities -- individually and in collaborative teams. Your faculty for this immersive experience will be a combination of Brown faculty, Hult faculty, senior executives and practitioners, and coaches.

ECON 1000. Using Big Data to Solve Economic and Social Problems.

This course will show how "big data" can be used to understand and address some of the most important social and economic problems of our time. The course will give students an introduction to frontier research and policy applications in economics and social science in a non-technical manner that does not require prior coursework in economics or statistics, making it suitable both for students exploring economics for the first time, as well as those with more experience. Topics include equality of opportunity, education, racial disparities, effects of the COVID-19 pandemic, health care, climate change, criminal justice, and tax policy.

ECON 1050. Environmental Economics and Policy.

This course considers environmental issues through an economic lens. It is loosely arranged around four questions: why are markets so powerful? Why do markets frequently fail to deliver environmental goods? Can markets be har- nessed to deliver environmental goods? If so, why don’t we do that? This course was previously listed as ENVS 1350 and ECON 1350; ECON 1350 had ECON 1110 as a prerequisite, and had problem sets and exams requiring calculus. The only prerequisite for this course is ECON 0110. By the end of the course, student will be able to articulate answers to all four questions, and use mathematical models to explore these issues further in depth.

ECON 1070. Race, Crime, and Punishment in America.

This new course will use the perspectives of economics to examine the causes and consequences of high levels of incarceration in the United States, especially as it relates to the social disadvantage of African Americans. Quantitative analysis will be used sparingly. Students will be evaluated based on three short writing assignments. Issues examined include: racial disparities in punishment; the impact of crime on communities; policing and race relations in American cities; stereotypes and the economics of crime; the governing of prisons and the limits of punishment.

ECON 1090. Introduction to Game Theory.

This course offers an introduction to game theory, which studies strategic interactive decision-making. A more detailed (tentative) plan of what we will cover is available as an appendix to this syllabus (see the end of the document). Upon successful completion of the course, students will • Have experienced thinking like an economist (reasoning through models), • Recognize key strategic variables in interactive decision-making, and gain the ability to communicate them effectively to others, • Understand the tension that exists between individual and collective incentives, and ways to mitigate it, • Appreciate the role of information in strategic thinking, • Better understand behavior in key applications covering business, economics, political science among others, • Master central solution concepts in game theory, with a critical understanding of their meaning and limitation

ECON 1110. Intermediate Microeconomics.

Tools for use in microeconomic analysis, with some public policy applications. Theory of consumer demand, theories of the firm, market behavior, welfare economics, and general equilibrium.

ECON 1130. Intermediate Microeconomics (Mathematical).

Microeconomic theory: Theories of the consumer and firm, competitive equilibrium, factor markets, imperfect competition, game theory, welfare economics, general equilibrium. May not be taken in addition to ECON 1110.

ECON 1140. Advanced Topics in Microeconomics.

A mathematically rigorous course suitable for students interested in preparing for graduate microeconomics. Topics include existence of competitive equilibria and Nash equilibria; relationship between competitive equilibria and the core; cooperative games; mechanism design.

ECON 1170. Welfare Economics and Social Choice Theory.

Advanced microeconomic theory class for undergraduates. Building on the intermediate microeconomics course, the approach is more formal and mathematically more rigorous, presenting arguments and expecting students to carefully develop techniques in order to understand and produce logical proofs. Topics include the efficiency and coalitional stability properties of markets, as well as other mechanisms to allocate resources. Market failures are discussed, including advanced treatments of externalities, public goods, and asymmetric information. The second part of the course will discuss a number of topics in social choice theory, including different normative criteria of compensation, life and death choices, majority voting, Arrow’s impossibility theorem.

ECON 1200. History of Economic Thought.

This course covers the history of modern (20th century) economics and economic thinking from the marginal revolution through the first half of the 20th century. The aim will be to develop an understanding of the origin and evolution of central concepts in economic theory, including subjective utility, marginal analysis, competitive markets, examine methodological disputes over positivism and formalism, and the development of general competitive equilibrium. We will consider the emergence of certain subfields in modern economics, and end with a discussion of the relevance of these ideas for economics in the 21st century.

ECON 1205. The Economics of Populism and Polarization.

The recent rise of populism has been unprecedented in history. At the same time, the U.S. is described as increasingly polarized by mass media. What accounts for this? How do these two concepts relate to each other? This course will use tools from microeconomics and applied econometrics to study the origins and implications of populism and political polarization, exploring how economic, cultural, and political factors interact. Students will complete weekly readings, a presentation, a discussion, and a final paper. Classes will be as interactive as possible.

ECON 1210. Intermediate Macroeconomics.

This course introduces students to various topics in macroeconomics giving an overview of the foundations of the economy. Concepts such as output, consumption, investment, unemployment, inflation, and economic growth will be addressed in this course. The course work emphasizes both the theoretical and practical content of the course material and its connection to various economic issues. Knowledge of macroeconomics prepares students for other courses and is a good general foundation for understanding the economy we live in.

ECON 1225. Advanced Macroeconomics: Monetary, Fiscal, and Stabilization Policies.

The course is concerned with macroeconomic policy in the US, with special focus on the recent economic crisis. The main objective of the course is to introduce students to the type of models and methods used in current research in macroeconomics both in the scholarly literature but also in the practice of central banks and major policy institutions. Events of the financial crisis and the economic recession of 2007-2009 will serve to illustrate the challenges confronted by macroeconomic analysis.

ECON 1230. Inflation, Unemployment and Labor Markets.

This course focuses on contemporary topics in inflation and labor markets from a macroeconomic perspective. It analyzes key topics such as inflation, inflation expectations, labor supply and labor demand, theories of unemployment, wage determination and monetary policy. Measurement of important macroeconomic indicators such as unemployment, productivity, labor market flows, vacancies, wage and price inflation are introduced and several data releases are analyzed in real time. Estimation of the natural rate of unemployment, maximum employment, Beveridge curve, and the Phillips curve are covered. The course concludes with an in-depth analysis of (1) trend changes in the labor market such as the rise and flattening of the female labor force participation rate, aging of workers and firms, the decline in the labor share, and declining labor market dynamism and (2) trend changes in inflation expectations and monetary policy.

ECON 1255. Unemployment: Models and Policies.

This course will cover research topics related to unemployment, focusing on the models used to describe unemployment and the policies used to tackle unemployment. It will address the following questions: Why does unemployment exist? Why does unemployment vary across countries?Why does unemployment vary over time? What is the socially optimal level of unemployment? How should unemployment insurance, monetary policy, and fiscal policy respond to an increase in unemployment during a recession?

ECON 1300. Education, the Economy and School Reform (EDUC1600).

Interested students must register for EDUC 1150.

ECON 1301. Economics of Education I.

This course teaches students how to use microeconomics to analyze a broad array of education policy issues. The departure of this course from ECON 1110 is the emphasis on studying microeconomics in applied settings, and in particular, using microeonomic concepts to think about, analyze, and solve policy questions in education.

ECON 1305. Economics of Education: Research.

This course will cover academic research in the Economics of Education. Topics include production of student achievement, measuring student achievement, funding of public education, and school choice and school vouchers.

ECON 1310. Labor Economics.

This class covers theoretical and empirical analyses of wage and employment determination in the U.S. labor market and examines the impact of labor market institutions and government policy on worker outcomes. Topics include labor supply, labor demand, labor market equilibrium, minimum wages, monopsony power, labor exploitation, human capital, wage inequality, and labor market discrimination. Special attention is paid to issues that arise when attempting to draw credible inferences from non-experimental data and to the types of research designs that can address these issues.

ECON 1315. Health, Education, and Social Policy.

The goal of the course is to help students to use economic theory and modern empirical methodology to think critically about the relative costs and benefits of health and education policies. By the end of the course students should feel comfortable critically evaluating proposals meant to increase human capital through school reforms, increased access to health care, or improved health environments.

ECON 1330. Gender and Development.

This course explores gender-specific challenges in development, examining how gender outcomes evolve with economic processes. Students will engage with theoretical frameworks and recent empirical research papers to understand the intersectionality of gender with important phenomenon studied in Development Economics. This course is ideal for students interested in applying insights and techniques from microeconomics and econometrics.

ECON 1340. Economics of Global Warming.

The problem of global warming can be usefully be described with the following simple economic model. We face a tradeoff between current consumption, future consumption, and future climate, have preferences over consumption and future climate and would like to choose our optimal climate/consumption bundle. This course is organized around filling in the details required to make this model useful, characterizing the optimal climate/consumption path suggested by the model, and finally, investigating policies to achieve the optimal path.

ECON 1345. Climate Change and the Commons.

This discussion-based seminar course aims to help students understand the different political challenges related to climate change. We will begin with an overview of the causes and consequences of climate change, emphasizing how the average effects conceal net winners and losers under the current status quo. Subsequently, we will step back to build a conceptual framework to understand the complexities underlying the Tragedy of the Commons, as well as the basics of market and non-market solutions. Finally, we will return to climate change to discuss the challenges of addressing it, both globally and within individual countries, that stem from the Tragedy of the Commons.

ECON 1350. Environmental Economics and Policy.

This course considers environmental issues through an economic lens. It is loosely arranged around four questions: why are markets so powerful? Why do markets frequently fail to deliver environmental goods? Can markets be harnessed to deliver environmental goods? If so, why don’t we do that?

ECON 1355. Environmental Issues in Development Economics.

Examines environmental issues in developing countries, including air and water pollution, land use change, energy use, and the extraction of natural resources. Uses microeconomic models of households and firms, linking household/firm decision-making on environmental issues to choices in labor, land, and product markets. Develops basic empirical techniques through exercises and a project. For readings, relies exclusively on recent research to illustrate the roles of econometrics and economic theory in confronting problems at the nexus of the environment, poverty, and economic development.

ECON 1360. Health Economics.

This class covers healthcare in the U.S. from an economic perspective. A major theme is attempting to understand why the U.S. has the lowest life expectancy among all wealthy nations while at the same time having by far the highest per-capita spending on healthcare. Topics include publicly provided health insurance; healthcare discrimination in the U.S.; the relationships between socioeconomic status, health and human capital; and the U.S response to COVID-19. We also examine the impact of government policy and healthcare institutions on health outcomes in the U.S., with a strong emphasis placed on determining the credibility of published empirical evidence.

ECON 1370. Race and Inequality in the United States.

We examine racial inequality in the United States, focusing on economic, political, social and historical aspects. Topics include urban poverty, employment discrimination, crime and the criminal justice system, affirmative action, immigration, and low wage labor markets. Black/white relations in the US are the principle but not exclusive concern.

ECON 1375. Inequality of Opportunity in the US.

This course examines empirical evidence on inequality of opportunity in the US. We cover recent work in economics that measures the importance of parents, schools, health care, neighborhoods, income, and race in determining children's long-term labor market success, and implications of these findings for US public policy. We will also place the empirical work in historical and philosophical context and cover a variety of statistical issues.

ECON 1385. Intergenerational Poverty in America.

In the US, the children of poor parents are eight times more likely to grow up to be poor than the children of high-income parents. What accounts for this? In this course we try to answer this question by examining how poverty influences child development and, ultimately, their income and wellbeing in adulthood. We will begin the course with an overview of poverty and intergenerational mobility in America, looking at historical trends and placing the US in international context. To understand why poverty is persistent across generations in the US, we begin with the economic model of skill formation in childhood. We then consider the existing research exploring how a number of factors explain the intergenerational persistence of poverty, including parental time, pollution, infant and child health, the justice system, neighborhoods, stress, and preschool/education systems. This course will involve reading and discussion of economic research and a final independent research project that will require data analysis and the application of empirical methods students have learned in econ 1629/1630.

ECON 1390. Inequality of Income, Wealth, and Health in the United States.

Inequality of income, wealth, and health, with a focus on the United States. Topics include measurement of inequality, mobility, and poverty; the mapping from individual characteristics to income and wealth; transmission of economic status between generations; the division of national income between capital and labor; factors causing the rise in inequality in the United States since 1980, including technological change and globalization; differential trends in life expectancy, morbidity, and health behaviors among income groups; government policies that impact inequality, including progressive taxation, the minimum wage, support of unionization, public education, and immigration policy; and the political economy of redistributive policies.

ECON 1400. The Economics of Mass Media.

The mass media shape our culture and politics but are also shaped by their economic incentives. In this course we will use tools from microeconomics and econometrics to study the effects of mass media on economic, social and political behavior, and to study the factors that shape media content and availability. We will develop implications for business and public policy. Students will complete weekly readings, bi-weekly assignments, a take-home midterm, and a final paper and presentation. Class time will be devoted to a mix of lecture and discussion of readings and lecture topics.

ECON 1410. Urban Economics.

The first part of the course covers the set of conceptual and mathematical models widely used to understand economic activity both between and within cities. The second part of the course examines various urban policy issues including urban transportation, housing, urban poverty, segregation and crime. The course makes extensive use of empirical evidence taken primarily from the United States.

ECON 1420. Industrial Organization.

A study of industry structure and firm conduct and its economic/antitrust implications. Theoretical and empirical examinations of strategic firm interactions in oligopolistic markets, dominant firm behaviors, and entry deterrence by incumbents. Economics of innovation: research and development activities and government patent policies. Network effects, and why market share critical mass matters for firm survival in certain markets.

ECON 1430. The Economics of Social Policy.

This course will cover research topics in the economics of social policy. The course will focus on understanding the context for key social policies in health, education, social welfare and other areas as well as understanding the methods that economists use to generate causal impacts of these policies.

ECON 1440. The Economic Analysis of Political Behavior.

Slow economic growth, controversial policy, and over a decade of continuous war have led many to question the extent to which government is a force for the common good. Blame is often assigned to specific politicians or ideological perspectives. Public choice economics instead analyzes the incentive structure within which political decisions take place, seeking to uncover the forces guiding the behavior of voters, legislators, judges, and other political agents. This course will examine the insights and limitations of the public choice perspective in the context of electoral politics, legislation, bureaucracy and regulation, and constitutional rules.

ECON 1450. Economic Organizations and Economic Systems.

Positive and normative study of the organizations that comprise and the institutional structures that characterize a modern mixed market economy. Theoretical efficiency and potential limitations of private enterprises and markets including (a) why some market actors are organizations (e.g., companies), (b) effort elicitation problems in organizations, (c) the problem of cooperation in traditional versus behavioral economics, and (d) alternative kinds of organization (including proprietorships, corporations, nonprofits, government agencies). Roles of government, and problems of government failure, including the collective action problem of democracy. State-market balance and contemporary controversies over the economic system in light of the 2008 financial crisis.

ECON 1460. Industrial Organization (Mathematical).

A more mathematical treatment of industry structure, firm conduct, and economic/antitrust implications. Theoretical and empirical examinations of strategic firm interactions in oligopolistic markets, dominant firm behaviors, and entry deterrence by incumbents. Economics of innovation: research and development activities and government patent policies. This course uses mathematical methods from intermediate microeconomics, including game theory, and from econometrics, including regression analysis.

ECON 1465. Antitrust and Competition.

Antitrust law shapes competition through public policy based on economics and economic incentives. In this course we will use tools from microeconomics, econometrics, and industrial organization to learn about Antitrust policy and regulation of competition in the marketplace. We will learn about antitrust through the context of economics and Antitrust cases over the past century. Students will complete weekly readings, and a final paper. Class time will be devoted to a mix of lecture and discussion of readings and lecture topics.

ECON 1470. Bargaining Theory and Applications.

Bargaining theory is emerging as an important area within the general rubric of game theory. Emphasis is on providing a relatively elementary version of the theory in order to make it accessible to a large number of students. Covers introductory concepts in game theory, strategic and axiomatic theories of bargaining and their connections, applications to competitive markets, strikes, etc.

ECON 1480. Public Economics.

What is the appropriate role for government in a market economy? How can public policy help or hinder economic outcomes? How do governments choose what policies to pursue? These are the sorts of questions addressed in Public Economics, which uses the tools of economic theory to analyze a wide range of topics, including taxation, public goods, healthcare policy, zoning, voting behavior, and more.

ECON 1487. Translating Evidence into Economic Policy.

The objective of this course is, precisely, to offer those insights to students interested in a career in policymaking by providing case studies of the most important and challenging policy questions of our lifetimes. By the end of the course students will have deepened their understanding of the most important policy challenges from an array of different contexts and the evidence around them, with a special focus on quantitative methods useful to analyze those questions. This class is particularly designed for students that have already studied some of the basic econometric methods, but feel they could get a better understanding of them when looking at them in the context of actual, real-life, policy challenges.

ECON 1490. Theory of Market Design.

How can we use economic theory to better design economic markets? This course studies various theoretical models that help understand important design features in many real-world markets. Topics include market entry, pricing, search, auctions, matching, reputation, and peer-to-peer platform design. We will develop theoretical “case studies” of several real-world markets (egs. eBay, Airbnb, Google advertising, Uber, Tinder, TaskRabbit). Prerequisites: ECON 1110 or ECON 1130. While ECON 1870 is not a prerequisite, you may benefit from familiarity with this course material.

ECON 1500. Current Global Macroeconomic Challenges.

We will study some of the most important macroeconomic challenges that the world faces today including secular stagnation, inequality, COVID-19, climate change, fiscal sustainability. This course aspires to make you a better economist and a better citizen of the world. We will talk about the `big stuff` that really matters, the economic forces that shape the lives of billions of people – including your own. By the end of the course, you will feel more comfortable evaluating economic policy aimed at tackling complex real-world economic issues that are riddled with tradeoffs and uncertainty.

ECON 1510. Economic Development.

This course is an introduction to development economics and related policy questions. It discusses the measurement of poverty and inequality; growth; population change; health and education; resource allocation and gender; land and agriculture; and credit, insurance, and savings. The course provides a theoretical framework for the economic analysis of specific problems associated with developing economies, and introduces empirical methods used to evaluate policies aimed at solving these problems. By the end of the class, students will be able to discuss some of the “hot topics” in development, like microfinance, family planning, or the problem of “missing women” in South-East Asia.

ECON 1520. Culture, History and Comparative Development.

Why are some societies rich and others poor? While typical answers emphasize proximate causes like factor accumulation, technological progress, and demographic change, weighing the shadow of history on contemporary economic performance occupies an increasing part of the agenda among growth and development economists. This course will critically survey the recent empirical literature highlighting the role of historical events and geographic endowments in shaping social, political, and cultural factors and the process of development.

ECON 1530. Health, Hunger and the Household in Developing Countries.

Microeconomic analysis of household behavior in low income societies emphasizing the economic determinants of health and nutrition and the evaluation of policy. The relationship among health, nutrition, fertility, savings, schooling, labor productivity, wage determination, and gender-based inequality. Emphasizes theoretically-based empirical research.

ECON 1540. International Trade.

Theory of comparative advantage, trade, and income distribution. Welfare analysis of trade: gains from trade, evaluation of the effects of trade policy instruments-tariffs, quotas, and subsidies. Trade under imperfect competition. Strategic trade policy. Trade, labor markets, preferential trade agreements, and the world trading systems.

ECON 1545. Topics in Macroeconomics, Development and International Economics.

This class is a senior seminar that covers selected topics at the intersection of macroeconomics, economic development and international trade. The leading theme of the class is the determinants of the observed cross-country differences in income per capita and growth rates. We will consider a wide range of theories to explain such disparities in economic outcomes, with a special focus on theories that stress problems in financial markets. We will also study the role of wealth inequality. We may also cover structural change, the link between volatility, diversification and development, and selected topics in international trade.

ECON 1550. International Finance.

The balance of payments; identification and measurement of surpluses and deficits; international monetary standards; the role of gold and paper money; government policies; free versus fixed exchange rates; international capital movements; war and inflation; the International Monetary Fund.

ECON 1560. Economic Growth.

A theoretical and empirical examination of economic growth and income differences among countries. Focuses on both the historical experience of countries that are currently rich and the process of catch-up among poor countries. Topics include population growth, accumulation of physical and human capital, technological change, natural resources, income distribution, geography, government, and culture.

ECON 1565. Income Inequality.

This course examines the macroeconomic dimensions of income inequality. How much of national income is paid to capital and how much to labor? What determines the gap in wages between workers with different skill levels, as well as variation in wages within skill groups? How have changes in technology, openness to trade, government policy, and the quantities of factors of production contributed to changes in these relative returns? What determines the aggregate quantities of different factors of production as well as their distribution among individuals? How does inequality feed back to affect macroeconomic stability and long term growth?

ECON 1570. The Economics of Latin Americans.

This course introduces students to the economic study of Latin Americans (both in the US and abroad). Topics include the determinants of economic development, institutions and growth, imperialism, conflict, immigration and discrimination.

ECON 1590. The Economy of China since 1949.

This course examines the organization, structure, and performance of the economy of China. Emphasis is placed on the changing economic system including the roles of planning and markets and government economic strategy and policies. The pre-reform period (1949-78) receives attention especially as it influences developments in the market-oriented reform period since 1978. Topics include rural and urban development, industrialization and structural change, rural-urban migration, income inequality and growth, the role of international trade and investment. Both analytical and descriptive methods are used.

ECON 1600. Education, the Economy and School Reform.

This seminar examines the linkages between educational achievement and economic outcomes for individuals and nations. We study a range of system, organizational, and personnel reforms in education by reviewing the empirical evidence and debating which reforms hold promise for improving public education and closing persistent achievement gaps. Understanding and critiquing the experimental, quasi-experimental and descriptive research methods used in the empirical literature will play a central role in the course.

ECON 1620. Introduction to Econometrics.

This course introduces the statistical methods used to analyze economic data. Economists often need to test the validity of competing theories and to analyze government and business policies. Econometrics provide them with the necessary tools. The course starts with an exposition of essential probability concepts. Then, students will be introduced to statistical inference, estimation and hypothesis testing. The third part of the course will be devoted to regression analysis. Theory is illustrated with examples, and emphasis will be placed on the connection between the theory and application. This practice will be reinforced by computer lectures using Stata, a computer software commonly used by economists for data analysis. This course is a prerequisite for many applied economics courses at Brown and for higher level econometrics.

ECON 1629. Applied Research Methods for Economists.

This class will cover the basics of applied research in economics. We will cover how we use economic theory to formulate a hypothesis to test and how we use data to test our hypothesis. As part of the coursework, students will be exposed to topics across multiple fields of applied economic research (eg, health, labor, political economy, urban economics, development, etc.) that can be explored in greater detail in more advanced classes. Students will read and discuss papers published in professional journals and perform data analysis.

ECON 1630. Mathematical Econometrics I.

Advanced introduction to econometrics with applications in finance and economics. How to formulate and test economic questions of interest. The multivariate linear regression model is treated in detail, including tests of the model's underlying assumptions. Other topics include: asymptotic analysis, instrumental variable estimation, and likelihood analysis. Convergence concepts and matrix algebra are used extensively.

ECON 1640. Mathematical Econometrics II.

Continuation of ECON 1630 with an emphasis on econometric modeling and applications. Includes applied topics from labor, finance, and macroeconomics.

ECON 1650. Financial Econometrics.

Financial time series, for example, asset returns, options and interest rates, possess a number of stylized features that are analyzed using a specific set of econometric models. This course deals with an introduction to such models. It discusses time series models for analyzing asset returns and interest rates, (GARCH) models to explain volatility, models to explain extreme events which are used for the Value at Risk and models for options prices.

ECON 1660. Big Data.

The spread of information technology has lead to the generation of vast amounts of data on human behavior. This course explores ways to use this data to better understand the societies in which we live. The course weaves together methods from machine learning (OLS, LASSO, trees) and economics (reduced form causal inference, economic theory, structural modeling) to answer real world questions in a sequence of projects. We will use these projects as a backdrop to weigh the importance of causality, precision, and computational efficiency. Knowledge of basic econometrics and programming is assumed.

ECON 1670. Advanced Topics in Econometrics.

This class will present advanced topics in Econometrics. The focus will be on cross-sectional methods; the class will start with some basic results needed for any advanced econometrics work, before giving an introduction to asymptotic and identification techniques and concepts, with some applications.

ECON 1680. Machine Learning, Text Analysis, and Economics.

Economists need advanced methods to study data that is complex, high-dimensional, and unstructured. The goal of this course is to highlight the key challenges of working with such data in economics and what machine learning and text analysis methods can be used to address them. Private sector companies, government agencies, and economics graduate programs are all looking for individuals with an understanding of these advanced methods and experience in applying them to real-world problems. This course is designed to help to meet that demand. This course will meet once a week. Lectures will introduce students to new material and include discussions of current economics research using machine learning and text analysis methods. They will also include applied exercises demonstrating methods covered in class and will focus on developing writing assignments and providing peer feedback.

ECON 1710. Investments I.

The function and operation of asset markets; the determinants of the prices of stocks, bonds, options, and futures; the relations between risk, return, and investment management; the capital asset pricing model, normative portfolio management, and market efficiency.

ECON 1720. Corporate Finance.

A study of theories of decision-making within corporations, with empirical evidence as background. Topics include capital budgeting, risk, securities issuance, capital structure, dividend policy, compensation policy, mergers and acquisitions, leveraged buyouts and corporate restructuring.

ECON 1730. Venture Capital, Private Equity, and Entrepreneurship.

This course will use a combination of lectures and case discussions to prepare students to make decisions, both as entrepreneurs and venture capitalists, regarding the financing of rapidly growing firms. The course will focus on the following five areas:
1. Business valuation
2. Financing
3. Venture Capital Industry
4. Employment
5. Exit

ECON 1740. Mathematical Finance.

The course is an introduction to both the economics and the mathematics of finance. Concentrating on the probabilistic theory of continuous arbitrage pricing of financial derivatives, it provides full treatment of Black-Scholes option pricing and its extensions to the case of stochastic volatility and VIX derivatives. More generally, the techniques of change of measure and risk-neutralization are extensively studied, including in the context of fixed-income securities. Finally, implications for financial econometrics (stochastic volatility processes, models of stochastic discount factors) are briefly discussed.

ECON 1750. Investments II.

Individual securities: forwards, futures, options and basic derivatives, pricing conditions. Financial markets: main empirical features, equity premium and risk-free rate puzzles, consumption based asset pricing models, stock market participation, international diversification, and topics in behavioral finance.

ECON 1760. Financial Institutions.

This course analyzes the role of financial institutions in allocating resources, managing risk, and exerting corporate governance over firms. After studying interest rate determination, the risk and term structure of interest rates, derivatives, and the role of central banks, it takes an international perspective in examining the emergence, operation, and regulation of financial institutions, especially banks.

ECON 1770. Crisis Economics.

This course analyzes the economics of financial crises, starting from the preceding run-up and credit market froth, to how crises are initially triggered, amplified, and propagated to the broader macroeconomy. We will devote considerable time to the workings of the financial system, especially financial intermediation and the role of the central bank. The course aims to ground this in economic theory and empirical analyses: as such, many of the readings will be recent journal articles and working papers. By the end of this course, students will be familiar with the systematic forces that drive financial fragility, and the tradeoffs that policy makers face before, during, and after the crises. They will be able to apply the framework to analyze real world scenarios and current events.

ECON 1780. Advanced Topics in Corporate Finance.

This advanced, case-based seminar is focused on delving deeply into several key pillars of corporate finance: valuation, financing, cash management, and, importantly, business ethics. We will build upon concepts presented in earlier finance courses, in particular, ECON 1710 and ECON 1720, and will use MBA-level cases to explore in much greater detail several concepts introduced in these classes. This course is rigorous - we will be analyzing at least one case each week and qualitative and quantitative case write-ups will be required throughout the semester, as well as a comprehensive final project. We will have guest speakers throughout the semester.

ECON 1805. Experimental and Behavioral Economics.

There is a rich literature on experimental economics, which sheds light on whether the predictions of economic theory materialize in controlled, laboratory settings. We will start by studying the methodology of experimental economics, and then delve into a range of classic and more recent topics that have been taken to the laboratory. A large focus of the class will be applications of experimental methods to behavioral economics

ECON 1820. Theory of Behavioral Economics.

This course provides a formal introduction to behavioral economics, focusing mostly on individual decision making. For different choice domains, we start by analyzing the behavior implied by benchmark models used by economists (e.g. rational choice, expected utility, exponential discounting). Experimental and empirical evidence is then used to highlight some limitations of these models, and to motivate new models that have been introduced to account for these violations. We will cover, for instance, models of limited attention, non-expected utility, and hyperbolic discounting.

ECON 1825. Behavioral Economics and Public Policy.

This course explores ways that psychological research indicating systematic departures from classical economic assumptions can be translated into formal models that can be incorporated into economics. The course will emphasize careful interpretation and production of new evidence on relevant departures, formalizing this evidence into models that can generate sharp predictions using traditional economic approaches, and exploring implications of those models for public policy.

ECON 1830. Behavioral Finance.

Over the past several decades, the field of finance has developed a successful paradigm based on the notions that investors and managers are generally rational and that the prices of securities are generally “efficient.” In recent years, however, theoretical and empirical research has shown this paradigm to be insufficient in describing the various features of actual financial markets. In this course we will examine how the insights of behavioral finance complement the traditional paradigm and shed light on the behavior of asset prices, corporate finance, financial crises, and other phenomena.

ECON 1850. Theory of Economic Growth.

This course explores the origins of wealth and inequality across the globe. It examines: (i) the determinants of the growth process since the emergence of Homo sapiens, (ii) the roots of the dramatic transformation in living standards in the past two centuries, and (iii) the role of deeply rooted geographical, institutional, and cultural characteristics as well as human diversity in the uneven development across the countries and regions. The analysis proposes a resolution for some of the most fundamental mysteries of the journey of humanity: What trapped humankind in poverty for most of human existence? What sparked the massive metamorphosis in living standards over the past two centuries? And what led to the emergence of immense inequality across nations?

ECON 1860. The Theory of General Equilibrium.

Existence and efficiency of equilibria for a competitive economy; comparative statistics; time and uncertainty.

ECON 1870. Game Theory and Applications to Economics.

Study of the elements of the theory of games. Non-cooperative games. Repeated games. Cooperative games. Applications include bargaining and oligopoly theory.

ECON 1960. Honors Tutorial for Economics Majors.

Students intending to write an honors thesis in economics must register for this class. The goal is to help students with the process of developing and writing their thesis. Particular focus will be on data analysis, identifying appropriate literature and testing hypotheses. Each student must find a thesis advisor with interests related to their topic. Students will plan to enroll in this course in both semesters.

Note this course does not count toward Economics concentration credit.

ECON 1970. Independent Research.

Section numbers vary by instructor. Please check Banner for the correct section number and CRN to use when registering for this course.

ECON 2010. Mathematics for Economists.

Techniques of mathematical analysis useful in economic theory and econometrics. Linear algebra, constrained maximization, difference and differential equations, calculus of variations.

ECON 2020. Applied Economics Analysis.

This course introduces students to basic concepts in software engineering and scientific computing as preparation for conducting frontier research in all fields of economics. Topics in software engineering will include version control, automation, abstraction, parallel processing, and object-oriented programming. Topics in scientific computing and numerical methods will include programming basics, floating-point arithmetic, numerical differentiation and integration, equation-solving, and numerical optimization. Coding will be in Python and applications will focus on topics likely to arise in economics research. Key concepts will be introduced in interactive lectures and reinforced in in-class group work and at-home assignments.

ECON 2030. Introduction to Econometrics I.

The probabilistic and statistical basis of inference in econometrics.

ECON 2040. Econometric Methods.

Applications of mathematical statistics in economics. The nature of economic observations, cross-section and time series analysis, the analysis of variance and regression analysis, problems of estimation.

ECON 2050. Microeconomics I.

Decision theory: consumer's and producer's theory; general competitive equilibrium and welfare economics: the Arrow-Debreu-McKenzie model; social choice and implementation.

ECON 2060. Microeconomics II.

Economics of imperfect information: expected utility, risk and risk aversion, optimization under uncertainty, moral hazard, and self-selection problems. Economics of imperfect competition: monopoly; price discrimination; monopolistic competition; market structure in single shot, repeated and stage games; and vertical differentiation.

ECON 2070. Macroeconomics I.

Consumption and saving, under both certainty and uncertainty; theory of economic growth; real business cycles; investment; and asset pricing.

ECON 2080. Macroeconomics II.

Money, inflation, economic fluctuations and nominal rigidities, monetary and fiscal policy, investment, unemployment, and search and coordination failure.

ECON 2090. Topics in Microeconomics: Decision Theory and Evidence.

Decision theory is the use of axiomatic techniques to understand the observable implications of models of choice. It is central to the incorporation of psychological insights into economics, and provides a vital link between theory and experimental economics. This course covers standard economic models of choice in different domains - choice under risk, choice under uncertainty and intertemporal choice. It looks at key topics from behavioral economics: choice with incomplete information, reference dependent preferences, temptation and self control, the Allais paradox, ambiguity aversion and neuroeconomics. In each case it relates the predictions of theory to experimental data on behavior.

ECON 2130. Topics in Monetary Economics.

Business cycle analysis with an emphasis on heterogeneous-agent economics and the interaction between business cycles and economic growth.

ECON 2140. Economic Modeling for Applied Economists.

The purpose of this course is to develop formal tools for building formal, theoretical economic models to support empirical research. This class is aimed at graduate students conducting applied research who have begun conducting independent research. The class will first introduce and review important topics from game theory used in constructing models, but with an applied focus, taking into account common data restrictions and limitations. Emphasis will be placed on tools which can be used to complement existing research goals. Students will be expected to participate in class discussions, weekly assignments, and presentations/reviews of existing papers. Class time will be split between lectures and group discussions/presentations. The main deliverable for the course is to add a formal modeling section to an existing/ongoing independent research project.

ECON 2150. Market Design.

This is a theoretical course in market design, specifically studying the theory and applications of matching. It is designed for students interested in market and mechanism design, and may also be of interest to students interested in utilizing applied theory in their research. The course will begin with an overview of matching markets, but will quickly move to recent advances and open research topics.

ECON 2160. Risk, Uncertainty, and Information.

Advanced topics in the theories of risk, uncertainty and information, including the following: Decision making under uncertainty: expected and non-expected utility, measures of risk aversion, stochastic dominance. Models with a small number of agents: optimal risk-sharing, the principal-agent paradigm, contracts. Models with a large number of agents: asymmetric information in centralized and decentralized markets. Implementation theory.

ECON 2170. Applied Economic Theory.

In this course we will survey some classic theoretical papers published post-1980, drawn from a variety of fields in economics. Our emphasis will be on mastering modeling techniques in these papers, with an eye toward applying those techniques to new problems. The papers fall within the broad areas of industrial organization, information economics and the theory of incentives.

ECON 2180. Game Theory.

Non-cooperative games, dominance, Nash equilibrium, refinements. Cooperative games, core, bargaining set, equilibrium in normal form games. Implementation. Repeated games.

ECON 2190A. Cooperative Game Theory.

No description available.

ECON 2190B. General Equilibrium Theory.

No description available.

ECON 2190C. Topics in Economic Theory.

This edition of the theory topics course will consist of the presentation of recent papers in different areas of economic theory, including axiomatic treatments of risk and information, modern consumer and revealed-preference theories with connections with bounded rationality, implementation theory and mechanism design, and information and institution design. The course will be targeted to second- and third-year graduate students, with the goal of initiating their own research. The active participation of students will be required.

ECON 2190D. Topics on Game Theory.

First, we will discuss the several elements that characterize a two-sided matching market and the concept of setwise-stability versus core. Then,we will model several of these markets (one-to-one, many-to-one and many-to-many, in the discrete and continuous cases) under the game-theoretic approach and will define for all of them the stability concept, establishing its relationship with the core and the competitive equilibrium concepts. Afterwards, we will introduce the theory of stable matching model by focusing on both the cooperative and non-cooperative aspects of the one-to-one matching markets.

ECON 2190E. Topics in Economics: Economics and Psychology.

This course is about the challenges that economic theorists face in their quest for economic models in which decision makers have a "richer psychology" than prescribed by textbook models. The enrichment takes two forms: (i) broadening the set of considerations that affect decision makers' behavior beyond simple, material self-interest; (ii) relaxing the standard assumption that agents have unlimited ability to perceive and analyze economic environments, and that they reason about uncertainty as "Bayesian statisticians". Special emphasis will be put on the implications of "psychologically richer" models on market behavior.

ECON 2210. Political Economy I.

An introduction to political economy, focusing especially on the political economy of institutions and development. Its purpose is to give a good command of the basic tools of the area and to introduce at least some of the frontier research topics. The readings will be approximately evenly divided between theoretical and empirical approaches.

ECON 2260. Political Economy I.

This first course in political economy provides theoretical and empirical coverage of the application of economic analysis to political behavior and institutions. This course is designed for students wishing to specialize in political economy but may also be useful for students specializing in related areas, such as development economics and macroeconomics. After starting with a basic overview of candidates and voters, we then turn to specific topics in the areas of electoral systems, legislatures and legislative bargaining, the role of the media, local public finance, and fiscal federalism.

ECON 2270. Political Economy II.

This is the second course in the political economy sequence. It continues the theoretical and empirical coverage of the economic analysis to political behavior and institutions. This course is designed for students wishing to specialize in political economy. A variety of topics will be covered paying special attention to the formation of skills necessary to become a producer of research and moving away from being just a consumer.

ECON 2310. Labor Economics.

This course teaches core topics in labor economics including labor supply, labor demand, simple search models, and a series of additional selected topics. The primary focus will be on linking theoretical models to tests in the empirical literature. We will typically cover papers and topics in detail, rather than survey the literature. When required, we also cover tools in applied econometrics.

ECON 2320. Applied Methods.

This course examines identification issues in empirical microeconomics. The focus on the sensible application of econometric methods to empirical problems in economics and policy research. The course examines issues that arise when analyzing non-experimental data and provides a guide for tools that are useful for applied research. By the end of the course, students should have a firm grasp of the types of research designs and methods that can lead to convincing analysis and be comfortable working with large-scale data sets.

ECON 2330. Topics in Labor Economics.

The course introduces students to procedures used to extract evidence from data and to perform rigorous causal inference in order to evaluate public policy on issues such as schooling, the return to education and returns on late intervention programs. Econometric methods, such as Instrumental Variable, Matching, Control Functions, Self Selection Models and Discrete Choice as well as Panel Data Methods, are discussed in detail.

ECON 2340. Labor Economics II.

This is the second course in a two-course, graduate-level sequence in labor economics. The course will focus on covering theory and evidence on wage structures, skill demands, inequality, employment and job loss. Particular areas of focus are: (1) wage determination, equalizing wage differentials, and models of discrimination; and (2) the roles played by supply, demand, labor market institutions, and technology in the evolving distribution of earnings.

ECON 2350. Inequality and Social Policy.

This is a survey course about economic and social inequality with a focus on the applied methods used to examine inequality. The course will provide a broad perspective on the causes and consequences of inequality, develop an understanding of the data and methods used to measure and analyze changes in income and wellbeing, and review selected topics relating to anti-poverty and social policy programs.

ECON 2350B. Inequality and Public Policies.

This course on economic inequality provides an overview of the most recent empirical research on the extent, the anatomy and the historical evolution of inequality. In addition to these descriptives, it focuses on the causes of inequality, covering research designs from the research frontier. The course also reviews the role of government policies, such as anti-poverty programs and progressive taxes on income and on capital, in affecting inequality.

ECON 2360. Economics of Health and Population.

This course is designed to do the following three things: 1) build on your knowledge of the methodological problems and approaches in applied microeconomics with applications from the health economics literature; 2) survey the major topics in Health Economics, and 3)better prepare you to write an empirical microeconomics thesis. By the end of this course you should understand how to draw credible inference using non-experimental data and be able to contribute to public policy debates regarding health and medical care in the US.

ECON 2370. Inequality: Theory and Evidence.

This course uses economic theory to study the problems of inequality. The emphasis is two-fold: (1) to explain persistent resource disparities between individuals or social groups; and, (2) to assess the welfare effects of various equality-promoting policies. Topics include racial stereotypes, residential segregation, distributive justice, incentive effects of preferential policies, dysfunctional identity, and endogenous inequality due to the structure of production and exchange.

ECON 2380. The Economics of Children and Families.

We will consider the current research in economic behavior related to children, child health, and child economic and social well-being. We begin with the model of human capital development and the technology of skill formation and then proceed to empirical work. Individual topics covered will include: models of human capital and the technology of skill formation, the fetal origins of disease, non-marital and teen fertility, the evolution of gaps in human capital, models of parental investment, pre-school environments, the impact of income and in-kind transfer programs on child health and well-being, neighborhood influences, adolescent risky behavior.

ECON 2390. Applied Econometrics I.

The main focus of this course is on econometrics methods for causal inference, program evaluations, and evidence-based policy design, which has become essential tools for empirical work in economics. This course covers a variety of empirical study designs, and for each design, introduces suitable econometric methods. They include randomized control trials, observational studies with unconfoundedness, instrumental variable methods, regression discontinuity designs, panel data designs and difference-in-differences, empirical welfare maximization methods, etc. The course assumes knowledge of statistics and econometrics at the level of first-year Ph.D econometrics courses such as ECON 2030 and ECON 2040.

ECON 2400. Applied Econometrics II.

This is the second half of a two-semester graduate-level course on applied econometrics, which builds on core material from econometric theory as well as second-year applied microeconomics field courses. We will focus on the “sensible” application of various econometric methods to empirical problems in economics and policy research, primarily in non-experimental data. By the end of the course, students should have a firm grasp of the research designs and methods that are commonly used to address selection/endogeneity problems in empirical economics and be comfortable working with large-scale data sets. The primary assignment in the course is the production of an original research paper, with an in-class presentation. Other assignments will include a replication exercise and a referee report.

ECON 2410. Urbanization.

The first part of the course covers social interactions, productivity spillovers, systems of cities models, urban growth, and rural-urban migration. The second part of the course covers topics such as durable housing, land market regulation and exclusion, and local political economy. Besides covering basic theoretical models, emphasis is placed on working through recent empirical papers on both the USA and developing countries. Prerequisites: ECON 2050 and 2060.

ECON 2420. The Structure of Cities.

This course covers standard urban land use theory, urban transportation, sorting across political jurisdictions, hedonics, housing, segregation and crime. Empirical examples are taken primarily from the United States. After taking the course, students will have an understanding of standard urban theory and of empirical evidence on various important applied urban topics. In addition, students will gain practical experience in manipulating spatial data sets and simulating urban models.

ECON 2450. Exchange Scholar Program.

ECON 2470. Industrial Organization.

The focus of this course will be on empirical models for understanding the interactions between firms and consumers in imperfectly competitive markets. Lectures and problem sets will teach canonical models and methods; class discussion will focus on applications of these methods, especially applications outside of traditional areas of industrial organization. Students who take this class will be prepared to conduct research in industrial organization or to "export" methods from industrial organization to other areas of applied microeconomics.

ECON 2480. Public Economics.

Theoretical and empirical analysis of the role of government in private economies. Topics include welfare economics, public goods, externalities, income redistribution, tax revenues, public choice, and fiscal federalism.

ECON 2485. Public Economics I.

This course covers core issues in the design of optimal government policies, and the empirical analysis of those policies in the world. In addition, this course will familiarize students with the basic empirical methods and theoretical models in applied microeconomics. Emphasis is placed on connecting theory to data to inform economic policy. Specific topics include efficiency costs and incidence of taxation, income and corporate taxation, optimal tax theory, tax expenditures and tax-based transfer programs, welfare analysis in behavioral models, and social security and retirement policy.

ECON 2490. Public Finance II.

This course examines empirical work on (1) individual taxation and (2) human capital production. The goal of the course will be to provide graduate students with an overview of recent empirical methods and findings in these areas, and to identify promising research questions for their own work.

ECON 2500. Advanced International Economics.

This is the first field course (part of a sequence) for Ph.D. students on International Macroeconomics and Finance. The course discusses the classic puzzles and the seminal questions in the literature, and explore some of the areas of research that are currently most active. The goal is two-fold. First, introduce you to the modern models, tools, data and topics of International Macroeconomics and Finance. Second, give you the necessary background on the literature to help you navigate amongst possible dissertation topics. The course will have a particular focus on empirical/applied side of the seminal questions in the literature and discuss the new methods and data that the literature is adopting currently.

ECON 2510. Economic Development I.

This course covers issues related to labor, land, and natural resource markets in developing countries, in partial and general equilibrium settings. Topics covered include: The agricultural household model, under complete and incomplete market assumptions; household and individual labor supply, migration, self-employment, and the informal sector; rental market frictions and sharecropping arrangements; and environmental externalities (e.g., pollution, water usage, etc.), and sustainable development. The two development courses (2510 and 2520) may be taken in any order. Students doing development as a major field are expected to complete both.

ECON 2520. Economic Development II.

This course explores questions around history, learning, industry, infrastructure, credit, savings, and behavioral economics in developing societies. It also considers how large, new datasets ('big data') can be used to understand and improve the lives of the poor. The two development courses (2510 and 2520) may be taken in any order. Students doing development as a major field are expected to complete both.

ECON 2530. Behavioral and Experimental Economics.

There is a rich literature on experimental economics, which sheds light on whether the predictions of economic theory materialize in controlled, laboratory settings. We will start by studying the methodology of experimental economics, and then into a range of classic and more recent topics that have been taken to the laboratory. A large focus of the class will be applications of experimental methods to behavioral economics.

ECON 2580. International Trade.

General equilibrium analysis of the theory of international trade and trade policy under perfect competition; trade under imperfect competition; strategic trade policy; trade and growth; and the political economy of trade policy determination. Empirical analysis of trade theories and policy. Additional topics include the theory of preferential trading areas, trade and labor, and the analytics of trade policy reform.

ECON 2590. Topics in International Economics.

Advanced theoretical and empirical research topics in international economics emphasizing positive and normative analysis of trade, trade policy and international trading agreements, policy reform and stabilization, exchange rate determination, sovereign debt and currency crises and optimum currency areas.

ECON 2600. Bayesian and Structural Econometrics.

This course will cover a number of topics in Bayesian econometrics and estimation of structural dynamic discrete choice models. The Bayesian econometrics part of the course will start with introductory textbook material (Geweke, 2005, Contemporary Bayesian Econometrics and Statistics, denoted by G). A list of 11 topics with corresponding readings is given below. Topics 1-5 will be covered. If time permits, a subset of topics 6-11 determined by interests of the course participants will be covered as well. Readings marked with asterisk * are not required.

ECON 2610. Applied Econometrics.

Topics in applied econometrics. Both cross-sectional and time series issues will be discussed. Special emphasis will be placed on the link between econometric theory and empirical work.

ECON 2620. Topics in Econometrics.

This course will begin with a survey of the literature on identification using instrumental variables, including identification bounds, conditional moment restrictions, and control function approaches. The next part of class will cover some of the theoretical foundations of machine learning, including regularization and data-driven choice of tuning parameters. We will discuss in some detail the canonical normal means model, Gaussian process priors, (empirical) Bayes estimation, and reproducing kernel Hilbert space norms. We will finally cover some selected additional topics in machine learning, including (deep) neural nets, text as data (topics models), multi-armed bandits, and data visualization.

ECON 2630. Econometric Theory.

Standard and generalized linear models, simultaneous equations, maximum likelihood, Bayesian inference, panel data, nonlinear models, asymptotic theory, discrete choice, and limited dependent variable models.

ECON 2640. Microeconometrics.

Topics in microeconometrics treated from a modern Bayesian perspective. Limited and qualitative dependent variables, selectivity bias, duration models, panel data.

ECON 2660. Recent Advances in the Generalized Method of Moments.

Method of Moments (GMM) and Empirical Likelihood (EL). Kernel methods for density and regression estimation. Optimal instruments and local EL. Applications to non-linear time series models, Euler equations and asset pricing.

ECON 2800. Macroeconomic Slack.

This course will cover research topics related to macroeconomic slack, both on the labor market (unemployment) and on the product market (idleness). It will address the following questions:
Why does slack exist at the macroeconomic level?
Why does slack vary over time? And how is this related to price flexibility or rigidity?
What is the socially optimal level of slack?
How should monetary policy respond to fluctuations in slack over the business cycle?
How should fiscal policy respond to fluctuations in slack over the business cycle?
What happens to slack at the zero lower bound?

ECON 2820. Discrete Dynamical Systems and Applicaton to Intertemporal Economics.

This course will focus on the qualitative analysis of discrete dynamical systems and their application for Intertemporal Economics.

ECON 2830. Economic Growth and Comparative Development.

This course explores the origins of wealth and inequality across the globe. It examines: (i) the determinants of the growth process since the emergence of Homo sapiens, (ii) the roots of the dramatic transformation in living standards in the past two centuries, and (iii) the role of deeply rooted geographical, institutional, and cultural characteristics as well as human diversity in the uneven development across the countries and regions. The analysis proposes a resolution for some of the most fundamental mysteries of the journey of humanity: What trapped humankind in poverty for most of human existence? What sparked the massive metamorphosis in living standards over the past two centuries? And what led to the emergence of immense inequality across nations?

ECON 2840. Empirical Analysis of Economic Growth.

Examines economic growth, focusing on the effects of technological change, fertility, income inequality, and government policy.

ECON 2850. Expectations Formation in Macroeconomics.

Economic theory predicts that intertemporal decisions depend critically on expectations about future outcomes. Over the past two decades, a vast research program aimed at measuring household, firms and policymaker beliefs using numerous data sources, including surveys, asset prices and controlled experiments. By dint of this effort, we have invaluable data that can be used to evaluate alternative theories of expectations formation and their implications for macroeconomics and finance. While a growing body of evidence has documented many deviations from the simple rational benchmark, it has not yet resulted in a widely accepted alternative modeling paradigm. In this course we review different theories of expectations’ formation and confront their predictions with empirical evidence. Lastly, we evaluate the implications of different expectations formation mechanisms for business cycles, asset prices and for the design of monetary policy.

ECON 2860. Comparative Development.

Weighing the shadow of history on contemporary economic performance occupies an increasing part of the agenda among growth and development economists. This course will focus on recent contributions in the literature of the historical determinants of comparative development paying particular attention on how to integrate the use of Geographic Information Systems (GIS) in the research inquiry. The goal is to get you thinking about the big historical processes that have shaped the modern world. We will go over background concepts, critically review recent works and talk about new research designs, like that of spatial regression discontinuity.

ECON 2890C. Topics in Macro and Monetary Economics.

This is a graduate class that covers selected topics at the intersection of macroeconomics and monetary economics, for students in the second year of the PhD and above. The leading theme of the class is the current economic crisis and how it can be modeled. The syllabus is evolving.

ECON 2890D. Topics in Macroeconomics, Development and Trade.

This is a graduate class that covers selected topics at the intersection of macroeconomics, economic development and trade, for students in the second year of the PhD and above. The leading theme of the class is the determinants of the observed cross-country differences in income per capita and growth rates, with a focus on the long run. We start by reviewing theories where factor markets function perfectly and only aggregates matter. We then move to non-aggregative theories, placing special emphasis on theories of financial frictions. We spend some time studying the stochastic growth model with partially uninsurable idiosyncratic risk.

ECON 2920A. Advanced Econometrics - Microeconometrics from a Semiparametric Perspective.

This course is concerned with a rigorous, state-of-the-art introduction to Micro-econometrics. In particular, we will review many of the more recent contributions in Microeconometric Theory. While the focus of this course is theoretical, we will also be concerned with applications and the applicability of these methods. More specifically, we will consider nonparametric regression and density estimation methods, as well as methods and models for binary and categorial dependent variables, for limited dependent variables in general, and for models of selection. We will also discuss more general nonparametric IV models. Prerequisites are: Introductory Econometrics (at the level of the Wooldridge (2002).

ECON 2920B. Topics in Game Theory.

No description available.

ECON 2930. Workshop in Applied Economics.

No description available.

ECON 2950. Workshop in Econometrics.

No description available.

ECON 2960. Workshop in Macroeconomics and Related Topics.

No description available.

ECON 2970. Workshop in Economic Theory.

No description available.

ECON 2971. Race and Inequality Seminar.

This is a workshop primarily for graduate students and faculty in the Department of Economics where original research on issues of race and inequality are presented by external visitors, along with Brown faculty and graduate students. No course credit.

ECON 2980. Reading and Research.

Individual research projects. Section numbers vary by instructor. Please check Banner for the correct section number and CRN to use when registering for this course.

ECON 2990. Thesis Preparation.

For graduate students who have met the residency requirement and are continuing research on a full time basis.