Economics

This course explores issues of economic development in a globalizing world. Today, trade policy is at the forefront of the development agenda, and it is a critical element of any strategy to fight against poverty. This renewed interest in trade liberalization does not come from dogma, but instead is based on a careful assessment of development experience over the last 50 years. This course examines how multilateral trade cooperation in the World Trade 2 Organization (WTO) helps developing countries create and strengthen institutions and regulatory regimes that will enhance the gains from trade and integration into the global economy. The course also surveys how the growth of regional trading blocs affects developing countries that are turning to regionalism as a tool for economic development. 

Prerequisite: Principles of International Commerce (Highly Recommended).

The course History of Economic Thought provides a broad overview of the history of economics as a science. The major schools of economic thought and many of the greatest economic thinkers in history are explored. Their contributions, taking into account the proper historical context are studies. The course emphasizes not only the strengths of the theories, but also their deficiencies and the various ways in which other economists have dealt with these deficiencies. Knowledge and understanding of first year and second year microeconomics and macroeconomics (intermediate level) is required.

This course offers an introduction to international trade theory and develops the main tools for trade policy analysis. Students start by studying the patterns of trade distinguishing between inter-industry and intra-industry trade flows. They then proceed to an in-depth analysis of the causes and the effects of those flows based on the concepts of absolute and comparative advantage, relative factor abundance and relative factor intensity, increasing returns to scale and imperfect competition. Finally, they discuss the gains and losses from trade, their distribution among people and firms, and their implications for the debate on trade liberalization versus protectionism

This an intermediate-level course in macroeconomics. Students learn about money and inflation, and how central banks can use monetary policy to control inflation. Students study business cycles - booms and recessions - and the potential role for fiscal and monetary policy in stabilizing the economy. Students learn about the interaction between the economy and financial markets and banks, especially in times of crisis. Students also study the international aspects of macroeconomics arising from trade in goods and financial assets with the rest of the world. The class applies the tools developed in the course to historical and contemporary events.

Urban economics is concerned with the spatial form of cities and the division of national economic activity into cities, both at a point in time and over time.  Three fundamental questions are: Why are economic activities within a country so unequally distributed across space? Why do cities (and agglomerations of firms and workers) emerge and in what locations? How and why are economic activities within cities unequally distributed in general and between the city center and the suburbs?

This course broadens, and selectively deepens, students' understanding of finance, building on their existing knowledge of financial economics. The course covers a broad range of topics, with both a theoretical and an empirical emphasis. These include topics in investments and performance evaluation and international finance. The first component provides students with a way of thinking about investment decisions by examining the empirical behavior of security prices. Students study the empirical evidence of the CAPM and other asset pricing models, and then analyze different tests of market efficiency focusing on event studies and investment anomalies. They also study the main empirical findings in behavioral finance. They learn how to measure the performance of a portfolio manager and to attribute it to different types of skill. Finally, this section of the course introduces the foundations of international finance and explores issues related to international portfolio management.

This course covers basic concepts in real estate finance, including basic concepts in mortgages, time value of money, income producing property taxes, and real estate investment and accounting issues. In addition, this course covers current issues in real estate finance, such as household debt or sub-prime crisis in the US. At the end of this lecture, the course briefly introduces how to manage micro-level data and calculate some statistical moments. Topics include Mortgage loan foundation: The time value of money, Fixed interest rate mortgage loan, Adjustable and floating rate mortgage loans, Mortgages: Additional concepts, analysis, and applications, Single-family housing: Pricing, Investment, and tax consideration, Underwriting and financing residential properties, Understand a toy mortgage default model (one-sided limited commitment model), Income-producing properties: Leases, rents, and the market for space, Investment analysis and taxation of income properties, Financial leverage and financing alternatives, and Risk analysis. 

Prerequisite: Macroeconomics, financial economics, econometric, and economic mathematics are recommended. 

The seminar provides a deep dive into economic inequality as relates to political economy more broadly, delving into questions such as “what inequality is and how to measure it?”, “what causes inequality?”, “how can welfare and redistributive policies manage inequality?”, and “why are some countries more equal than others?”. The first purpose of the course is to explain what causes economic inequality and how—and to what extent—it can be reduced. The second goal is to provide students with the theoretical and methodological tools to conduct their own empirical study to address these questions. The seminar begins by delving into conceptualizations and measurements used for economic distributions and income inequality. The second part centers on theories explaining levels of economic inequality, including the work of Pareto, Kuznets, Piketty and Milanovic. The third part focuses on the role of the state and redistribution in managing economic inequality, including theories on welfare-state formation, optimal taxation and the impact of political institutions. Finally, the last part is about public opinion on inequality and redistribution, centering on studies and theories about when voters want redistribution. The interplaying dynamics between economic distributions, political institutions, and public opinion are a running theme of the seminar. Students explore and discuss these dynamics as they are articulated in the literature and also propose and test new theories.

The objective of the course is to provide students with insights from economic theory which are relevant to applications in managerial decision making. The emphasis is on applying microeconomics ideas to solve problems. Topics include consumer theory, production, market structure, monopoly, oligopoly, pricing, game theory, bargaining, auctions, and asymmetric information.

This course is concerned with economic geography. In particular we use ideas from International Trade, International Economics, Development and Regional Economics to talk about the location of economic activity across space and the consequences of uneven location. This course is concerned with two fundamental questions: 1) what determines the distribution of production and trade across countries and regions? 2) which are the implications for economic development and inequalities? To answer these questions, students are introduced to international trade theories, their mechanisms and implications for trade patterns. In parallel, this course provides students with a review of the main empirical studies testing for those theories and documenting the implications of trade liberalization for economic development and income inequalities. Armed with these theories and empirical facts, the course critically evaluates current trade policy disputes.