Economics

The course covers contemporary monetary economics and its application to the conduct of monetary policy. As well as reviewing the relevant academic literature, the course deals with the experience of the main central banks, with a particular focus on the European Central Bank. The course first analyses the nature of money and the long-run relation between money and prices and economic activity. It then examines a number of key issues in regard to contemporary monetary policy: monetary policy rules, the role of expectations and the transmission mechanism. For this purpose, the course presents the New Keynesian model which is now widely used for the purpose of analyzing monetary policies. The course then looks at the monetary policy strategies of the major central banks as well as the operational frameworks by which they steer interest rates. The course concludes by looking at the conduct of monetary policy during the financial crisis, covering issues such as non-standard measures, the implications of the zero bound on nominal interest rates and the role of monetary policy in contributing to financial stability.

This course investigates consumer and producer behavior more in-depth and modern microeconomics. Special attention is paid to situations where uncertainty plays a role, to strategic interaction (game theory) and to the consequences of adding psychologically more realistic assumptions about behavior to the mainstream microeconomic model (behavioral economics). The course studies the mechanisms that help us understand that societal and environmental problems are as diverse as nature itself, and that understanding the economics of a more regenerative society requires the study human economic activity in interaction with social, psychological, physical and biological processes. Students are expected to have knowledge of: Microeconomics, Institutions and Welfare (ECB1MI) or Principles of Microeconomics (EC1PME); Mathematics for Economists (ECB1WIS); Statistics (ECB1STAT).

This course covers quantitative evaluation of public policies using regression-based evaluation methods to change students' perceptions of the world and causal claims that are made by others. The first part of the course provides students with an introduction to regression analysis, including Stata. The course then discusses various strategies to potentially overcome omitted variable biases and other forms of endogeneity, with a particular focus on panel data econometrics. Throughout, the focus of the course rests on identifying strategies that allow for causal interpretation rather than mathematical derivations of theoretical results. Econometric challenges are discussed in reference to real-world policy questions and the relevant literature. Assessment is based on a final exam, weekly exercises, and presentation and discussion of journal articles. The course has no formal prerequisites, but a familiarity with basic statistical concepts and calculus is useful. It is also recommended, although not required, that other courses covering econometrics are taken in parallel.

The purpose of this course is to provide an overview of the various economic fields by investigating these fields in their historical and methodological context and the linkages between these different fields and to other related sciences.

This course focuses on the process and theoretical background of The European Union (EU). It explores its formation by three creative processes: deepening of the integration, enlargement of the EU, and economic transformation in former socialist countries. After introducing those processes and some theoretical background, students analyze different EU economic policies. Considering that the participants are American undergraduates, this course systematically compares and contrasts the EU and its role in the world with the USA. Preliminary knowledge of principles of microeconomics is strongly recommended, but all necessary theoretical concepts are briefly summarized as part of this course.

This course analyzes the main pillars and political consequences of the world economy, through the study of key contemporary issues such as the World Trade Organization and Trade Policy, multinational corporations, regional trade agreements, the International Monetary Fund and the World Bank, the Latin American debt crisis, the financial crisis in East Asia, financial globalization, economic inequalities and global environmental policies.

Political economy describes the multifold interactions between the political and economic subsystem in a society and is studied by many different disciplines. This lecture series invites scholars and practitioners from economic history, economics, history, literature and sociology to present on different sectors and aspects of the American political economy. Topics range from labor to housing markets, from migration to the international dollar system and from social movements to racialized capitalism. The lecture provides students with a unique interdisciplinary introduction into current research into American political economy, from many JFKI scholars and beyond.

The course introduces students to the interplay between trade, migration, and issues such as inequality, environmental degradation, and global politics. It equips students with the analytical tools and essential knowledge necessary to engage in contemporary debates on these issues, helping them to gain a deeper understanding of the interconnected dynamics in the globalized economy. The course covers both theoretical concepts and empirical studies. Students will understand the key theories and concepts underlying international trade and migration and have developed an awareness of how trade and migration trends are influenced by and contribute to challenges in areas like the labor market, environmental sustainability, or social cohesion. For the final examination, students are expected to demonstrate their ability to critically evaluate and discuss the relationship between trade or migration and at least one of the challenges discussed throughout the course.

This course examines economic history and its persistent impact on economic development in the context of China. Particular attention will be paid to explaining the missing industrialization in the Ming-Qing period and the historical roots of China’s recent economic rise. To this end, the course will compare China to the West in terms of culture, institutions, human capital, and other fundamental forces of development, and will employ historical data and econometric tools to examine the economic impacts of these fundamentals. 

Industrial organization is a branch of microeconomics that studies markets of imperfect competition. When the number of competitors is small and competition is imperfect, each individual firm faces situations of strategic interaction among the market participants (consumers, competitors, or suppliers). Using game theoretic tools, this course studies various market structures and the competitive and cooperative strategies used by profit-maximizing firms as well as their implications for market outcomes and regulation policies. Topics include Markets and strategies, Static oligopoly competition, Dynamic oligopoly competition, Source of market power, Price discrimination, Impact of asymmetric information, Cartels and collusion, Horizontal mergers, and Vertically-related markets.

Prerequisite: Game Theory