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Economics Courses
ECO U703oo Microeconomic Theory I
3 hours; 3 credits
The course deals with the microeconomic foundations of demand, production, and cost. Price-output decisions are examined in the context of normative models of imperfect competition and oligopoly. The models are developed primarily under static conditions and certainty. Empirical considerations are introduced where appropriate. The diagrammatic approach is frequently complemented and extended by derivations based on elementary calculus.
Prerequisite: Basic Economics
ECO U708oo Macroeconomic Theory I
3 hours; 3 credits
The course deals with the determination of gross national product and of associated variable. The economic system is broken down into product, money, and labor markets. The components in each market and the interrelationship among different markets are studied. The general equilibrium of the macroeconomy is analyzed from both Keynesian and neoclassical viewpoints. Government monetary and fiscal policies are also discussed.
Prerequisite: Basic Economics
ECO U808oo Macroeconomic Theory II
3 hours; 3 credits
This course deals with dynamic macroeconomics. Both long-run and short-run macro economic phenomena are analyzed. In long-run analysis, economic growth and capital accumulation are related to embodied and disembodied technical process, income distribution, and monetary factors. The exploration also extends to optimal growth models. The short-run analysis concentrates on business cycle theories. The mathematical formulation and econometric treatment of business cycles are also studied. The discussion also includes and integration of cyclical and growth processes.
Prerequisite: ECO U708
ECO U820oo Econometric Theory
3 hours; 3 credits
A survey of single-equation and simultaneous-equations econometric methods. The topics covered under the single-equation methods are the classical linear regression model and related topics, such as multicollinearity, serial correlation, heteroscedasticity, lagged variables, specification bias, and a measurement errors. There is also a brief introduction to nonlinear (in parameters) regression models and Bayesian regressional analysis. The topics in simultaneous-equations methods include the identification problem; the rank and order conditions of identification; and methods of solving just- and over-identified equations, such as the indirect least square, two–stage least squares, least-variance ratio, k-class estimators, three –stage least square, and the full information maximum likelihood; and the use of these methods in econometric model building and forecasting.
Prerequisites: STA U700, STA U702
ECO U821oo: Applied Econometric Theory
3 hours, 3 credits
This course is for advanced students interested in the econometrics of financial modeling. It covers a wide variety of topics in empirical finance, including nonlinear, autoregressive models, ARCH/GARCH models, stochastic volatility models, diffusion models, and their applications to portfolio theory, term structure of interest rates, derivative pricing, and risk management. Each part develops statistical techniques within the context of a particular financial application.