Economics

The first goal of this course is to discuss the main contemporary macroeconomic issues, particularly in Europe, using a rigorous framework but with an emphasis on facts and problems as opposed to complicated theoretical models. The second goal of this course is methodological. Most, if not all, macroeconomic problems do not have an obvious, black-or-white solution: there are pros and cons in any solution we might think of. And in virtually all cases reasonable and competent individuals have very different views of the same issue. The course strives to present all the main sides of the debate, instead of presenting a simple model with a simple, one-sided solution. The course discusses topics including preliminaries: GDP and national income accounting, price indices, nominal and real quantities; preliminaries: interest rate and bond prices; preliminaries: a basic macroeconomic model; money, the monetary base, and the balance sheets of the sectors; the money supply process; the response of monetary policy to the Eurozone crises; the government deficit and debt; the debate on government debt; the debate on the effects of government spending and taxes; the debate on fiscal consolidations and austerity; the exchange rate and the current account; monetary and fiscal policies in an open economy; the debate about monetary unions and the Euro; and the view from Germany. Prerequisite: At least one course in macroeconomics and knowledge of calculus and differential equations.

This course introduces the basic ideas of game theory and its application in economic terms. The course first explores static game based analysis methods and Nash equilibrium, dynamic game analysis methods and sub-game perfect Nash equilibrium, repeated game analysis methods. Then the course examines bounded rationality and evolutionary game, dynamic game with imperfect information, incomplete information static game, incomplete information static game, and cooperative game. The above content also covers the basic theory of principals-agency, including moral hazard, adverse selection and signaling.

This course provides an overview of world economic history. The first part deals with early economic history focusing primarily on Asia. Topics include prehistory and the rise of civilization, the Buddhist and Islamic trade networks, early Chinese history, the rise of Europe, early imperialism, Chinese emigration and early Taiwanese history, and the British Industrial Revolution. A textbook is not used, but class readings and lecture notes are available on the internet. Assessment: book report, final exam, midterm quiz, group work.

This course provides an introduction to how economists analyze behavior in financial markets. It provides an understanding of the role of financial markets, the behavior of asset prices, and the economic causes and consequences of financial market imperfections. This is achieved through application of economic theory and examination of empirical evidence. Topics covered include the present value model and excess volatility; the term structure of interest rates; arbitrage conditions in foreign exchange markets; and consumption, portfolio choice, and the equity premium. The course is taught through a program of lectures and tutorials. Learning-by-doing, through problem solving and discussion of exercise sets, is an important ingredient of the course. A background in mathematics is recommended. Students with a weak math background need to be prepared to work at developing their math skills.

The course discusses common concepts in economics to learn why we harm the environment and overuse natural resources, and what we can do about it. The course discusses different types of environmental policy, how they work, and for what problems they are suitable. The course discusses whether and how we can put a dollar value on nature and ecosystem services. The course studies cost benefit analysis, international treaties, pollution in general, and climate change. The course takes an economic approach to global sustainability, and studies the relationship between the environment and economic growth and trade. This course takes a tour of the fields of environmental economics.

This course is part of the LM degree program and is intended for advanced level students, Enrolment is by consent of the instructor. This course discusses the economic principles of financial transactions and financial contracts, particularly the main contingencies pertaining to specific types of financial transactions (purchases, loans, mortgages, etc.). The course reviews the risks associated to different contingencies, how to prioritize them, and how to apply economic techniques to correct risks. The course explores topics including economic theories of the firm; the firm as authority; the firm as a nexus of contracts; the firm and specific investment; law and finance; and international perspectives: Italy, Germany, UK, USA, and Japan.

The course combines both analytical and computer-based (data) material to enable students to gain practical experience in analyzing a wide variety of econometric problems. It also discusses how modern data science approaches can be used to answer important economic questions. Students are reading various applied economic papers which apply the techniques being taught. Applications considered include labor, development, industrial organization, and finance. 

This course examines macroeconomics with a focus on the four basic models: Keynes Is-LM model, Classical full employment AD-AS model, Inflation SP-LP model, and Modern growth model. The course uses the four models to analyze the actual state of the economy with a focus on the United States, Taiwan, and Mainland China. Other topics include macroeconomic statistics; monetary policy, fiscal policy, and government budgets; stabilization policy objectives; money and financial markets; consumer theory; investment theory; and reflection on the rapid economic development of Taiwan over the past half century. Text: Robert J. Gordon, MARCOECONOMICS; and class handouts.

Using mainly law, sociology, and economics but also philosophy, literature, and psychology; and focusing on different actors such as states, societies, consumers, and banks; the course deals with current controversial issues such as the rising role of money, the global distribution of wealth, the erosion of monetary sovereignty, the legal challenges of alternative and stateless currencies, and the disruptive effects of cryptocurrencies on finance and banking industries. The course is divided into three parts: the origins and essence of money, the socio-economic and legal issues raised by money in today's society, and the current challenges coming from the rise of cryptocurrencies.