Economics

Over the course of the last four years societies have witnessed one of the most dramatic returns of state interventionism since the Second World War. Governments have sought to mitigate the consequences of multiple crises – be that the 2008 financial crash, the COVID-19 pandemic, or the inflationary shock post the Ukrainian war – through a raft of new policy measures be that financial regulation, price controls, lockdowns, furlough programs, basic income packages, and infrastructure initiatives. However, it is often very hard to say with confidence what the consequences of these polices were. Using this crisis context as an overarching frame, this course introduces quantitative methods employed in evaluating the efficacy of public policy. The course begins with a focus on the basics of working with data, emphasizing the importance of how data is designed (longitudinal or cross-section) as well as the level of data collection (ecological or individual). Then, the focus turns to empirical methodology: how researchers design natural experiments to estimate the average treatment effect of a policy. Beginning with simple OLS regression, the course advances to studying three basic approaches: difference-in-differences, regression discontinuity design, and instrumental-variables regression. Finally, the course concentrates on examples of applied research and examines how researchers connect these methods with important debates in public policy and social theory. Throughout the course there is a strong emphasis on adopting a hands on approach, using the R programming language. This course develops the basic tools to be able to: manipulate and clean data, perform simple analyses both descriptive and analytical, as well as visualize their results in an aesthetically pleasing way. But more than that, this course builds the confidence to explore R on one's own, understanding that programming is a skill which scholars develop over many years through persistent practice. This class expects students to have a certain mathematical confidence but does not expect students to know anything about econometrics.

From international monetary system issues to climate challenges, crypto-assets, the fight against financial crime, international sanctions, sovereign debt restructuring, and the role of the shareholder state, this course examines the major monetary and financial issues of the 21st century. It explores strategies for adapting central banks and the financial system to these new challenges, whether they relate to monetary policy, financial stability, or the financing of the economy. This course has three key objectives: to equip students with an in-depth mastery of the fundamentals of monetary and financial economics for a better understanding of current economic events, to shed light on the changing role of central banks and international financial institutions, and to offer the opportunity to meet experts to guide students in their career choices.

This course examines markets for shares, fixed income securities, options and futures; methods of valuing shares, fixed income securities, options, and futures; simple techniques of hedging risk; portfolio diversification; and portfolio evaluation.

Sport is no longer simply a physical activity or a game; it has become an economic sector in its own right, now accounting for 2% of global GDP. With its evolution and the development of its business have come new challenges and new players competing to ensure their growth and assert their rights. Formerly organized around rules and largely through associations, sport has become economically emancipated. It is governed by a set of rights (commercial, property, image, etc.) and businesses defended by players as diverse as companies, the media, athletes, clubs, events, etc. The economics of sport enables us to take a different look at what is above all for the general public a subject of passion and for others a stake in growth or power. A few months after the success of the 2024 Olympic and Paralympic Games, this course offers an overview of the players and issues involved in the sports economy. It focuses particularly on understanding the strategies of the various players and deciphering business mechanisms.

The issue of market provision and/or state provision provides a central and recurring theme in this course. Within each policy area covered, the course investigates market failure and government failure, via for example consideration of externalities, informational problems, and an examination of the public choice perspective with respect to possible government failure. Specific topics to be covered include but are not limited to a subset of the following: resource allocation (regulated markets and/or state); taxation; distribution, inequality, and poverty; economic growth, employment, and unemployment; regulation; care (formal/paid and informal/unpaid); competition; education; health; housing; aging; agriculture; and energy. 

This course examines the role that money and capital markets play in the business and global environment. We first review the structure of financial markets and discuss basic concepts such as money demand and interest rates. We then develop equilibrium theories to understand the behavior of key financial variables such as interest rate, stock price, and exchange rate, and their interactions in global financial markets.  

Students gain enhanced understanding of international financial markets and capital markets and systematically learn the fundamental concepts and determining factors of key elements such as money, interest rates, and term premiums, and study the framework and transmission mechanism of central bank monetary policy.  

The course includes a detailed examination of the key objectives of monetary policy, intermediate targets, and both conventional and unconventional tools used in monetary policy. We explore international financial markets and the global transmission channels of monetary policy, focus on studying the foreign exchange market and exchange rates in detail, and study the experiences and recovery processes of historical financial crises, such as the Asian Financial Crisis and the Global Financial Crisis. Additionally, the course examines the impact of the recent pandemic crisis and inflation shocks, as well as the strategies used to address them. 

This course addresses the history of economic thought, which is done in two sections. The first section traces the elaboration of basic economic principles by classical, socialist, and neoclassical thinkers. The second section splits up 20th century economic thought into its constituent disciplines. The course provides insight into the historical and ideological context in which different economic systems and policies arose. Students interested in interdisciplinary work focus on subjects as diverse as economics, political science, sociology, history, and philosophy.  

This course examines international trade, theory and policy. It will aim to explain patterns of world production and trade and ask if international trade is beneficial. This will be done with the help of models from international trade theory that are important components of the toolkit of contemporary trade economists. It will also explore the phenomena of outsourcing and international mobility of labor (immigration) and capital (Foreign Direct Investment (FDI)). The course will analyze and compare instruments of trade policy and evaluate their impact on domestic and international welfare. Finally, the course will study the world trading system, including the World Trade Organization (WTO) and international trade agreements. 

The problems facing less developed countries are among the greatest challenges facing the world today. This course focuses on the diverse structures and common characteristics of less developed countries and offers an evaluation of policies being pursued. It begins by discussing the idea of economic development before moving onto sources of and barriers to development. It uses contemporary models of economic development to investigate why some countries are rich and others are poor.