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Graduate Economics (ECG)

ECG - Graduate Economics Courses

ECG 505 Applied Microeconomic Analysis 3.
Prerequisite: EC 301 and MA 121.

Applied course in microeconomic analysis of public policy issues and management problems. Theory of consumer and producer behavior in a market economy. The roles of incentives, price determination incompetitive markets, cost analysis, pricing in noncompetitive markets, factor markets, general equilibrium, economic and social welfare, regulation, externalities, and public goods.

ECG 506 Applied Macroeconomic Analysis 3.
Prerequisite: EC 302 and MA 121.

Applied course in aggregate economics. Analysis of aggregate economic fluctuations and stabilization policy; inflation and disinflation; the Federal budget and international balance of trade; and economic growth. Capital markets, monetary and fiscalpolicy, banking system, foreign exchange markets and their effects on business conditions. Development of standard macroeconomic model in context of specific applications.

ECG 512 Law and Economics 3.
Prerequisite: EC(ARE) 301 or EC(ARE) 401.

Economic analysis of sources and effects of law, including common law, statutory law and regulation. Property rights and contracts, liability rules, crime and punishment, statutory enactment, bureaucratic behavior and institutional reform.

ECG 515 Environmental and Resource Policy 3.
Prerequisite: EC(ARE) 301 or 401.

Application of price theory and benefit-cost analysis to public decisions related to resources and environment. Emphasis on evaluation of water supply and recreation investments, water quality management alternatives, public-sector pricing, common property resources and optimum management of forest and energy resources.

ECG 528 Options and Derivatives Pricing 3.
Prerequisites: MA 341 and MA 405 and MA 421.

The course covers (i) structure and operation of derivative markets, (ii) valuation of derivatives, (iii) hedging of derivatives, and (iv) applications of derivatives in areas of risk management and financial engineering. Models and pricing techniques include Black-Scholes model, binomial trees, Monte-Carlo simulation. Specific topics include simple no-arbitrage pricing relations for futures/forward contracts; put-call parity relationship; delta, gamma, and vega hedging; implied volatility and statistical properties; dynamic hedging strategies; interest-rate risk, pricing of fixed-income product; credit risk, pricing of defaultable securities.

ECG 530 Topics in Labor Economics 3.
Prerequisites: ECG 505 and ECG 561.

This course covers topics in labor economics including labor supply, labor demand, human capital, household production, discrimination, and immigration. The course textbook will be supplemented with readings from academic research papers. Students will learn how empirical research evaluates the predictions of economic theory and the impact of public policy. Students will gain an understanding of how to read and critique empirical research by applying the theory and measurement techniques developed by economists.

ECG 537 Health Economics 3.
Prerequisite: EC(ARE) 401 or ECG 700.

Microeconomic analysis of public and private policy issues concerning health care financing and delivery in United States including: choice under conditions of asymmetric information; health insurance; performance of physician, hospital, long-term care and pharmaceutical markets.

ECG 540 Economic Development 3.
Prerequisite: EC(ARE) 301 or 401.

Examination of problems encountered in promoting regional and national economic development. Consideration given to structural changes required for raising standards of living. Some basic principles of economics applied to suggest ways of achieving development goals. Planning strategies, policies and external assistance.

ECG 548 International Economics 3.
Prerequisite: EC 301.

This course covers the determinants of international trade, migration, and investment and their connection with economic growth. It also covers macro/monetary issues, including exchange rates, financial markets and monetary-fiscal policy in open economies.

ECG 561 Intermediate Econometrics 3.
Prerequisite: ST 514.

Formalization of economic hypotheses into testable relationships and application of appropriate statistical techniques. Major attention to procedures applicable for single equation stochastic models expressing microeconomic and macroeconomic relation-ships. Statistical considerations relevant in working with time series and cross sectional data in economic investigations. Survey of simultaneous equation models and the available estimation techniques.

ECG 562 Topics In Applied Econometrics 3.
Prerequisite: ECG(ST) 561.

Application of advanced econometric techniques to selected issues in economics. Practice in presenting econometrics results in professional fashion, in written or oral form.

ECG 580 Writing in Economics 3.
Corequisite: ECG 505 or ECG 700; ECG 506 or ECG 703; and ECG 561.

Developing, writing and presenting economic analyses of empirical issues chosen by each student.

ECG 590 Special Economics Topics 1-6.

Examination of current problems on a lecture-discussion basis. Course content varies as changing conditions require new approaches to deal with emerging problems.

ECG 630 Independent Study 1-3.

ECG 685 Master's Supervised Teaching 1-3.
Prerequisite: Master's student.

Teaching experience under the mentorship of faculty who assist the student in planning for the teaching assignment, observe and provide feedback to the student during the teaching assignment, and evaluate the student upon completion of the assignment.

ECG 690 Master's Examination 1-9.
Prerequisite: Master's student.

For students in non thesis master's programs who have completed all other requirements of the degree except preparing for and taking the final master's exam.

ECG 695 Master's Thesis Research 1-9.
Prerequisite: Master's student.

Thesis research.

ECG 696 Summer Thesis Research 1.
Prerequisite: Master's student.

For graduate students whose programs of work specify no formal course work during a summer session and who will be devoting full time to thesis research.

ECG 699 Master's Thesis Preparation 1-9.
Prerequisite: Master's student.

For students who have completed all credit hour requirements and full-time enrollment for the master's degree and are writing and defending their theses.

ECG 700 Fundamentals of Microeconomics 3.
Prerequisite: MA 131 and EC(ARE)301.

Preparatory course for ECG701-702, intended for those lacking sufficient background to go directly into those courses Economic theory with extensive use of calculus. Consumer and producer optimization. Price and output determination in competitive markets, monopoly, and imperfectly competitive markets. Factor Markets. General equilibrium, externalities and public goods.

ECG 701 Microeconomics I 3.
Prerequisite: ECG 700, MA 231.

Theory of consumer behavior. Primal-dual relationships in consumer theory including indirect utility functions and consumer expenditure functions. Properties of consumer demand functions. Consumer welfare measurement. Production technology and the theory of the firm including cost minimization and profit maximization. Dual relationships in producer theory including cost functions and profit functions. Properties of firm output supply and input demand equations. Long-run market equilibrium in a competitive market environment. Market equilibrium with upward sloping input supply equations. The theory of monopoly.

ECG 702 Microeconomics II 3.
Prerequisite: ECG 701.

General equilibrium. Economics of information and uncertainty. Game theory. Mechanism design and social choice. Contract theory.

ECG 703 Fundamentals of Macroeconomics 3.
Prerequisite: EC(ARE) 301,EC 302,BUS(ST)350,MA 131.

Fundamental topics in macroeconomics, including consumption, investment, government purchases, taxation, government debt, output supply, money and inflation, unemployment, elementary economic growth. Emphasis is on the microeconomic foundations of macroeconomics. Economic intuition is stressed.

ECG 704 Macroeconomics I 3.
Prerequisite: ECG 561, ECG 703, MA 242.

Rigorous examination of basic macroeconomic theory, including household choice of consumption demand and labor supply, capital accumulation and economic growth, government purchases, taxation, government debt, investment, consumption and investment under uncertainty, real business cycle models. Throughout the course, the connection between economic intuition and formal mathematical analysis is emphasized. The level of mathematical rigor is high.

ECG 705 Macroeconomics II 3.
Prerequisite: ECG 704.

Continuation of ECG 704. Topics include, but are not limited to, money demand and supply; money and growth; inflation; term structure of interest rates; money and fluctuations, including real and New Keynesian models; theories of unemployment; conduct of policy and problems of time consistency; asset pricing; introduction to open economy models.

ECG 706 Industrial Organization 3.
Prerequisite: ECG 700.

Survey of microeconomic literature on industrial organization: internal structure of the firm, number and sizes of firms in an industry, pricing and output behavior of firms. Public policy, including antitrust laws, patent and copyright laws, and government regulation of industry.

ECG 707 Topics In Industrial Organization 3.
Prerequisite: ECG 700.

Advanced study of selected topics such as oligopoly theory, empirical models of industry, principal-agent contracts, economic theories of firm organization, antitrust issues, economic theories of regulation and economics of property rights.

ECG 708 Advanced Microeconomic Theory 3.
Prerequisite: ECG 702.

Survey of literature on game theory focusing on applications to numerous areas of economics. Course will cover the classic literature on auctions, matching theory and non-cooperative game theory. Special focus on applying these theoretical results to practical problems of market design.

ECG 709 Behavioral and Experimental Economics 3.
Prerequisite: ECG 702.

Survey of literature on behavioral and experimental economics from a broad perspective, with coverage of numerous fields of economics, including both laboratory and field experiments. Methodology of experimental economics and design of laboratory and field experiments will be covered.

ECG 715 Environmental and Resource Economics 3.
Prerequisite: ECG 700.

Theoretical tools and empirical techniques necessary for understanding of resource and environmental economics, developed in both static and dynamic framework. Discussions of causes of environmental problems, possible policies and approaches to nonmarket valuation. Analysis of resource use over time using control theory for both renewable and exhaustible resources.

ECG 716 Topics In Environmental and Resource Economics 3.
Prerequisite: ECG 715.

Advanced study of selected topics in environmental and resource economics. Topics vary with interests of instructor and students.

ECG 730 Labor Economics 3.
Prerequisite: ECG 700 and one of the following: ECG(ST) 561, ST 422, ST 512, ST 708.

Application of microeconomic theory and econometric methods to labor market behavior in both static and dynamic contexts. Labor demand analysis, labor force participation, hours of work, household production, human capital, distribution of earnings,information and search, and mobility.

ECG 740 Economic Growth and Development II 3.
Prerequisite: ECG 701 and ECG 705, Corequisite: ECG 751.

Microeconomic issues of growth. Technology adoption and the distributional effects of technical change; the role of agriculture in economic development; land tenure and tenancy arrangements; the role of agrarian institutions in the development process; and poverty, inequality and economic growth in developing countries. Approximately equal time devoted to theory and evidence.

ECG 741 Agricultural Production and Supply 3.
Prerequisite: ECG 700.

Advanced study in logic of, and empirical inquiry into, producer behavior and choice among combinations of factors and kinds and qualities of output; aggregative consequences of individuals' and firms' decisions in terms of product supply and factordemand; factor markets and income distribution; and general interdependency among economic variables.

ECG 742 Consumption, Demand and Market Interdependency 3.
Prerequisite: ECG 700.

Analysis of behavior of individual households and of consumers in aggregate with respect to consumption of agricultural products; impact of these decisions on demand for agricultural resources, competition among agricultural regions and for markets;and interdependence between agriculture and other sectors of the economy.

ECG 748 Theory Of International Trade 3.
Prerequisite: ECG 700, 703.

Consideration of specialized body of economic theory dealing with international movement of goods, services, capital and payments. A theoretically oriented consideration of policy.

ECG 749 Monetary Aspects Of International Trade 3.
Prerequisite: ECG 703.

Macroeconomic problems of an open economy including balance of payments adjustment mechanism, alternative exchange rate systems, external effects of monetary and fiscal policy, optimum currency areas and international monetary reform.

ECG 750 Introduction to Econometric Methods 3.
Prerequisite: ST 421; Corequisite: ST 422.

Introduction to principles of estimation of linear regression models, such as ordinary least squares and generalized least squares. Extensions to time series and panel data. Consideration of endogeneity and instrumental variables estimation. Limited dependent variable and sample selection models. Attention to implementation of econometric methods using a statistical package and microeconomic and macroeconomic data sets.

ECG 751 Econometric Methods 3.
Prerequisite: ST 421, ST 422.

Introduction to important econometric methods of estimation such as Least Squares, instrumentatl Variables, Maximum Likelihood, and Generalized Method of Moments and their application to the estimation of linear models for cross-sectional ecomomic data. Discussion of important concepts in the asymptotic statistical analysis of vector process with application to the inference procedures based on the aforementioned estimation methods.

ECG 752 Time Series Econometrics 3.
Prerequisite: ECG(ST) 751.

The characteristics of macroeconomic and financial time series data. Discussion of stationarity and non-stationarity as they relate to economic time series. Linear models for stationary economic time series: autoregressive moving average (ARMA) models; vector autoregressive (VAR) models. Linear models for nonstationary data: deterministic and stochastic trends; cointegration. Methods for capturing volatility of financial time series such as autoregressive conditional heteroscedasticity (ARCH) models. Generalized Method of Moments estimation of nonlinear dynamic models.

ECG 753 Microeconometrics 3.
Prerequisite: ECG 751.

The characteristics of microeconomic data. Limited dependent variable models for cross-sectional microeconomic data: logit/probit models; tobit models; methods for accounting for sample selection; count data models; duration analysis; non-parametricmethods. Panel data models: balanced and unbalanced panels; fixed and random effects; dynamic panel data models; limited dependent variables and panel data analysis.

ECG 765 Mathematical Methods For Economics 3.
Prerequisite: MA 231 , introductory course in linear algebra.

Linear algebra and matrices, optimization with equality and inequality constraints, comparative statistics, differential and difference equations, intertemporal optimization. Economic applications to utility and profit maximization, national income determination, economic growth, business cycles.

ECG 766 Computational Methods in Economics and Finance 3.
Prerequisite: (MA 305 or MA 405) and MA 341 and EC 301 and EC 302 and (CSC 112 or 114) or equivalents..

Fundamental methods for forumlating and solving economic models numerically will be developed. Emphasis on defining the mathematical structure of problems and practical computer methods for obtaining model solutions. Major topics include solution of systems of equations, complementarity relationships and optimization. Finite and infinite dimensional problems will be addressed, the latter through the use of finite dimensional approximation techniques. Particular emphasis placed on solving dynamic asset pricing, optimization and equilibrium problems. MS in Financial Mathematics Program required.

ECG 784 Advanced Macroeconomics 3.
Prerequisite: ECG 704.

Advanced study of macro-economics. Emphasis on business cycles and behavior of real variables. Real, incomplete information and disequilibrium theories of the business cycle; rational expectations; contract theory and indexation; investment; and effects of government expenditure, taxes and debt.

ECG 785 Monetary Economics 3.
Prerequisite: ECG 705.

Field course for students desiring a specialization in monetary economics or macroeconomics. Survey of current topics in monetary theory and policy.

ECG 790 Avanced Special Topics 1-6.

ECG 830 Independent Study 1-3.

ECG 885 Doctoral Supervised Teaching 1-3.
Prerequisite: Doctoral student.

Teaching experience under the mentorship of faculty who assist the student in planning for the teaching assignment, observe and provide feedback to the student during the teaching assignment, and evaluate the student upon completion of the assignment.

ECG 890 Doctoral Preliminary Examination 1-9.
Prerequisite: Doctoral student.

For students who are preparing for and taking written and/or oral preliminary exams.

ECG 895 Doctoral Dissertation Research 1-9.
Prerequisite: Doctoral student.

Dissertation research.

ECG 896 Summer Dissertation Research 1.
Prerequisite: Doctoral student.

For graduate students whose programs of work specify no formal course work during a summer session and who will be devoting full time to thesis research.

ECG 899 Doctoral Dissertation Preparation 1-9.
Prerequisite: Doctoral student.

For students who have completed all credit hour, full-time enrollment, preliminary examination, and residency requirements for the doctoral degree, and are writing and defending their dissertations.