Economics

There are important differences in terms of economic dynamics between cities and regions. The question of why some areas tend to be wealthier than others, and how these differences in wealth change over time, is crucial. This course analyzes the economic success and failure of cities and regions according to the main economic theories of regional growth. Building on theories and concepts from previous courses, students start with agglomeration theories. Then traditional growth theories of convergence and divergence, the basic concepts of evolutionary theory and its application to the spatial dynamics of industries, economic growth, and the spatial dynamics of innovation networks are considered. Special attention is devoted to the spatial-economic and industrial and innovation policy in the Netherlands and the European Union. Students organize a seminar with people from the academic, policy, and business world.

This course provides an introduction to intermediate macroeconomics. The course covers the two main branches of macroeconomics: economic growth, economic cycles, and related macroeconomics topics. The course presents solid theory with clear examples to explain the theories. Through further study of the macroeconomics knowledge system, this course is expected to lead students to think about macroeconomic phenomena and issues and the development of macroeconomic theories related to them.

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.