EC228 Econometric Methods
Prerequisite: Calculus and EC151, 155 or 157.
This course focuses on testing the predictions
of economic theory. Topics covered include simple and multiple
regression, multicollinearity, heteroskedasticity, serial correlation,
specification errors, errors in variables, and an introduction
to simultaneous equation estimation. Term paper is required,
plus a midterm and final exam.
EC229 Economic and Business Forecasting
Prerequisites: Calculus and EC 151, 155, or 157.
The theory and practice of applied time series
analysis will be explored, including the subjects of dynamic modelling,
parameter estimation, prediction, and model evaluation. Specific
topics to be covered will include linear regression, ARMA models,
and vector autoregressions.
EC230 Industrial & Social Policy
Prerequisite: EC131-132.
As businesspersons attempt to formulate strategy for their firms, they are faced with not only evaluating their own firm's strengths and weaknesses but with an external environment which also needs to be taken into account if that strategy is to be a success. This external environment has two elements to it, namely where a firm is located in an industry and how a firm fits into the public policy process.
This course will deal with how a firm deals
with these two elements which compose its external environment.
The first part of the course will examine the economic literature
on industrial structure. The primary authors which will be studied
are Caves and Porter. Case studies of various firms will be used
to illustrate the basic concepts of industrial organizations.
The second part of the course will review the literature of public
policy and its impact on economic organizations. Authors such
as Cobb and Wilson will be utilized. Again, case studies will
be used to show how these concepts are used. In the last part
of the course, we will examine industries such as cigarettes,
alcohol and chemical where we can examine how the business and
public policy processes interact in a more more dramatic fashion.
EC232 American Economic History
Prerequisite: EC131-132.
Study of the causes and social and institutional
changes of American economic growth from colonial times to the
20th century. Economic models will suggest primary causes; alternative
viewpoints will also be considered.
EC234 Economics and Catholic Social Teaching
Prerequisite: EC131-132
The purpose of this course is to explore questions of economic justice in terms of Catholic social teaching. Our approach will be primarily historical; we will read and reflect on some of the major Church documents to identify important themes in the teaching that apply to the development of economic policy. These themes will be linked to concepts in the history of economic thought and in the field of welfare economics. The extent to which our discussions are expanded to other disciplines will depend on students' backgrounds and interests.
The course is organized as a seminar, and all students are expected to participate in class discussions. The course is writing-intensive (journals, short papers, term paper).
Note: The course is particularly suited to
students of the Faith, Peace and Justice program, in addition
to serving as a regular elective for the Economics major.
EC236 Social Policy Analysis
Prerequisite: EC131-132.
This course focuses on the theory, art, and
practice of social policy analysis and social policy intervention
in the modern, liberal, "social welfare state."
EC237 Women in the American Economy
Prerequisite: EC131-132.
Some of the complex issues involved in the
participation of American women in major areas of economic activity
are analyzed. Particular attention is given to an evaluation
of the traditional division of labor between the sexes.
EC246 Collective Bargaining and Dispute Settlement
Prerequisite: EC131-132
This course is an introduction to the United
States' labor relations system. The emphasis of the course is
on the collective bargaining process and the settlement of labor-management
disputes. The history of the United States' labor movement and
the legal environment within which it functions will also be covered.
Comparisons with labor relations systems in other countries will
be introduced to clarify features of the United States' system
by contrast.
EC250 Economics of Medical Care
Prerequisite: EC131 or 132
Health care offers an interesting topic for economic study: it is important in its effects on consumers, expensive to buy, difficult to evaluate using standard productivity concepts and subject to an often heated political debate concerning such questions as fairness in access, legal liability and the incidence of costs.
This course applies microeconomic analysis
to the health care delivery and consumption in the U.S. It has
the following objectives: 1. To increase your understanding
of microeconomic theory, in particular as it is applied to real
world problems. 2. To provide you with a good knowledge of the
economic aspects and institutions of health care in the US. 3.
To offer you practice in the tailoring of general models to fit
particular markets and in the synthezitation of empirical information
and research reports.
EC257 Political Economy I
Prerequisite: EC131-132.
Political Economics I is designed to introduce
undergraduates to various paradigms in economic thought. The
first part of the course is devoted to the inquiry of conservative,
liberal and radical perspectives on political economy. The second
part focuses on the role of the state in political and economic
systems. Special attention is paid to an analysis of political
economic problems facing American society with particular emphasis
on American foreign policy, industrial restructuring, and income
and wealth distribution.
EC259 Economics and Politics of the Enviroment
Prerequisite: EC131 or permission of the instructors.
This course examines environmental issues
from the perspectives of both economics and political science.
A wide variety of specific environmental issues will be addressed
including hazardous waste, air and water pollution control, global
climate change, wilderness preservation and land use. For each
issue we will analyze both the political and the economic factors
that affect environmental policy formation and implementation.
EC268 Economics of Gender and Race
Prerequisite: EC131-132
This course applies economic analysis to the study of gender or race based differences in economic roles and rewards.
It presents several alternative explanations
for these differences and compares their predictions with empirical
evidence. Both explanations based on discrimination and nondiscriminatory
models are considered. Public policies, such as affirmative action,
are also discussed and assessed. A sample of the topics of the
course: sexual division of labor, quotas as affirmative action,
segregation in housing markets.
EC276 The Political Economy of Developing Nations
Prerequisite: EC 131-132
Globalization and institutional reform mark contemporary economic growth. This course first focuses on the intensification of international trade and factor flows, then analyzes adjustments to the institutional interaction of states and markets. Within this contemporary framework, the course considers several of the traditional themes of development economics: poverty, inequality, and growth; natural resources and the environment; agriculture and rural organization; migration and urbanization; formal and informal labor markets; and investment in human capital. Non-majors who have taken EC 131 and 132 are especially welcome in this course. Economics students who have already taken EC 201 are encouraged to take EC 375 instead of this course. Fulfills Cultural Diversity Core Requirement.
EC 277 An Introduction to the Chinese Economy
Prerequisites: EC 131 and EC 132
This course will provide a survey of the Chinese
economy. Main topics include the role of the government in the
economy, state-owned enterprises, rural industrial enterprises,
agriculture, foreign investment, international trade, the allocation
of human resources and capital, and the emergence of market institutions.
Emphasis will be given to the period from 1979 when economic
reforms started.
EC292 Economics of Immigration
Prerequisite: EC131-132.
More immigrants entered the United States
during the decade of the 1980's than in any comparable period
since the turn of the Century. Why did this upswing in immigration
occur? Who are the new immigrants. Where do they come from and
what do they do in the U.S.? Do immigrants hurt the labor market
opportunities of native-born workers and drain the U.S. social
welfare system? How does U.S. immigration policy affect the number
and type of immigrants we receive? What other countries receive
immigrants and what kind of immigration policies do these countries
have? This course will use theoretical and empirical tools learned
in other economics courses to address these questions and more.
EC299 Independent Study
The student works under the direction of an
individual professor.
EC303 Topics in Microeconomics
Prerequisites: Calculus and EC131-132
The purpose of this course will be to deepen
the student's understanding of the elements of microeconomic theory
and the economic theorizing process itself. To this end, various
topics will be selected dealing with the consumer, the producer,
and perfectly competitive markets. The exact topics to be included
will be decided in part by the class.
EC304 Macroeconomic Policymaking
Prerequisites: EC202 or EC204.
This course studies macroeconomic policy in the United States over the past three decades. We will explore historical examples of macroeconomic problems and and the policies that were used to confront them. Examples will include the military buildup of the 1960s, the oil price shocks of the 1970s, the budget deficits of the 1980s, and the credit crunch of the early 1990s, among others. We will also examine the tools macroeconomists use in providing policy advise. A major component of the course will be frequent written assignments in which students assess macroeconomic conditions and provide policy guidance.
EC311 Mathematics for Economists
Prerequisite: Introductory Calculus and EC201 and EC202 (203 and 204).
The course is an introduction to the uses
of calculus and other mathematical tools in economic analysis.
EC312 Quasi-Rational Economics
Prerequisite: EC201-202.
The purpose of this course is to study recent
work that goes beyond the standard rational choice model of human
decision making. The course begins with a review of individual
decision making and strategic choice, and the kinds of economic
institutions that can be explained within this framework, including
altruistic behavior and gift exchange. Yet, as is evident with
a brief look at the daily papers, human beings often engage in
seemingly irrational and destructive behavior. The second part
of the course studies recent work that attempts to provide a more
realistic model of human behavior that is consistent with these
observations, and asks how we can use these models to better understand
the institutions that we observe.
EC333 History of Economic Thought
Prerequisite: EC201-202.
This course will survey the history of economic thinking from the ancient Greeks through the modern period. The emphasis of the course will be on classical and neo-classical economics from Adam Smith through John Maynard Keynes and the neo-classical synthesis of Paul Samuelson. Attention will also be given to contemporary developments.
EC338 Law & Economics
Prerequisite: EC201 or EC203.
In this course, we utilize microeconomic analysis
to evaluate the "performance" of legal institutions,
with particular attention to the issue of economic efficiency.
We will focus on questions in the common law fields of property,
torts, and contracts (and in the theory and practice of criminal
law if time permits).
EC339 Welfare Economics
Prerequisite: EC201 (203).
The course focuses on the question of social justice as it pertains to the distribution of income, from the mainstream neoclassical perspective. Part I considers various normative principles of distributive justice. Part II studies numerous factors that determine the actual distribution in the United States. The third and final part of the course synthesizes parts I and II by analyzing the U.S. policy response to the distribution question, with particular emphasis on the problem of poverty.
Note: The course is particularly suited to
students of the Faith, Peace and Justice program, in addition
to serving as a regular elective for the Economics major.
EC340 Labor Economics
Prerequisite: EC201 or EC203.
This course will introduce students to the
methodology of labor economics from the neo-classical perspective.
The principal emphasis will be on neo-classical theory and empirical
work dealing with the supply and demand for labor; the operation
of the labor market; the determination of wages, and the impact
of trade unions and collective bargaining. Special emphasis will
be placed on applications of theory and empirical findings to
policy questions.
EC344 Poverty & Discrimination
Prerequisites: EC151 and EC201.
The causes and consequences of poverty and discrimination in the United States are examined from an economic perspective. Why is there poverty in an affluent country? Are discrimination and poverty inherent in a market economy? What role should government play in alleviating poverty and discrimination? What role does it play? How could policies be improved?
Course requirements include a midterm, major
paper, class participation and final.
EC349 Economics of Human Resources
Prerequisite: EC201 or EC203.
This course addresses a variety of topics
about labor markets, careers, labor-market policy, and family
behavior. A sampling of issues explored: earnings prospects
of baby-boomers, the "superstar" phenomenon in the labor
market, how school affects workers, immigration policy, protectionism,
discrimination, women in the labor market, life-cycle patterns
in careers and earnings, motives for private transfers among family
members, the economic value of human life, and health and safety
policy. Testing procedures: Term paper is required, plus a midterm
and final exam.
EC353 Industrial Organization-Competition and Antitrust
Prerequisite: EC201 or EC203.
An economic analysis of market outcomes when
firms are imperfectly competitive. We will consider the consequences
of imperfect competition on market performance. We will analyze
such issues as oligopoly behavior, collusion, mergers and takeovers,
advertising, product differentiation, price discrimination, entry
and entry deterrence, innovation and patents, and antitrust law.
EC354 Industrial Organization-Public Regulation
Prerequisite: EC201 or EC203.
An analysis of sources of market failure which
lead to direct governmental regulation. The pitfalls of rate-of-return
regulation are identified, as are the mechanisms that can be used
to introduce marginal cost pricing into a regulated industry.
Principles of deregulation are examined through study of a number
of industries including telecommunications, airlines, trucking,
railroads and electric utilities. The course evaluates particular
problems relating to the regulation of occupational health and
safety and the use of environmental resources.
EC355 Case Studies in Antitrust Law and Economics
Prerequisite: EC201 or EC203.
The course focuses on principal legal and economic issues in current antitrust law and policy. Students will read leading antitrust cases of the last two decades and commentaries on them. The cases will be discussed and analyzed in class. The areas of antitrust covered will be price-fixing, monopolization, mergers, unfair competition, and restraints placed on competitors and on dealers or suppliers.
EC356 Environmental and Natural Resource Economics
Prerequisite: EC201 or EC203.
In this course we consider environmental and resource policy questions using the tools of microeconomics. We will analyze the question of efficient control of pollution and the optimal use of renewable and non-renewable resources. We will make applications to specific issues such as: acid rain; hazardous waste disposal; greenhouse effect; oil markets and OPEC; energy policy; and the link between economic growth, pollution and resource availability.
EC360 Economics of Financial Intermediation
Prerequisite: EC202 or EC204
This course will analyze the role of financial assets, markets, and
institutions in the economy. The functions of commercial banks, investment
banks, and other financial intermediaries will be covered and aspects of the
regulation of these institutions will be examined. Emphasis will be placed on
the continuing innovation and evolution of financial markets and financial
institutions and on their interaction both with the changing regulatory
environment and the conduct of monetary policy.
EC361 Monetary Theory and Policy
Prerequisite: EC202 or EC204
An analysis of the operation and behavior
of financial markets and financial institutions. Emphasis is
placed on financial intermediaries, including commercial banks,
and the central bank. The money supply process and alternative
theories of the demand for money are considered, as well as their
implications for monetary policies and macroeconomic performance.
EC362 Financial Markets and the Macroeconomy
Prerequisite: EC201-202 or EC203-204; EC228 recommended.
This course focuses on the workings of U.S.
financial markets and their interaction with the macroeconomy
and the world economy. Emphasis is placed on the Treasury securities
markets, the term structure of interest rates, and derivative
assets such as financial futures. Linkages to events such as
the '87 stock market crash and the savings and loan collapse are
discussed. An empirical research paper is required.
EC363 Microeconomic Public Policy Analysis
Prerequisite: EC 201 or EC 203
This is a seminar on the economic analysis
of current microeconomic public policy issues. During the first
half of the course, students will read and discuss articles on
selected topics (from the syllabus), and prepare first drafts
of papers on topics of their own choice. The second half of the
course will be run like a professional economics conference.
Students will read and critique each others' papers, present their
own drafts to the class, and then revise their own papers on the
basis of the comments received.
EC364 Monetary Policy and the Business Cycle
Prerequisite: EC202
The course is designed to give the student an understanding of the complexity of monetary policy decision-making. Four types of complexities will be addressed: (1) the balance to be struck between the competing objectives of employment and price stability, (2) the uncertain relationships between the tools of policy, interest rates and the money supply, and the nominal GNP, (3) the uncertainties with respect to the strength of the economy and (4) operational uncertainties in controlling monetary aggregates.
The course will consist of a section on monetary
theory, a section on operating problems and, every three weeks,
a mock FOMC meeting, fashioned after the Washington meetings.
At the mock FOMC meetings, some students will play the role of
Federal REserve Board staff, who will brief the Committee on the
domestic economy, financial markets and international developments.
The others will play the role of members of the Board of Governors
or Federal Reserve Bank Presidents. They will vote on policy
and explain the rationale for their vote. In order to give the
students a framework for making an independent judgement on the
strength of the economy, which they must have to play their policy-maker
role, they will be introduced early in the semester to the leading,
coincident and lagging indicators framework and will be expected
to follow the indicators regularly in the Wall Street Journal
or the New York Times.
EC365 Public Finance
Prerequisite: EC201 or EC203.
This is a course in the microeconomics of the public sector. We will discuss the rationale for the government's role in a market economy, major expenditure programs, and the theory and structure of the tax system. The focus will be on the federal (as opposed to state and local) government's expenditure and tax programs, with special attention given to topics of current concern.
The class is organized as a series of informal
lectures, and class disucssion is strongly encouraged. Grading
is based on exams and class participation.
EC366 Current Topics in Macro and Monetary Policy
Prerequisite: EC202 or EC204.
The course will begin with a brief review of Intermediate Macro Theory. The course will then address four or five current issues or problems related to macro and monetary policy. This material will be presented during the first half of the course. At the same time, students will be preparing a first draft of a paper on a topic of their choice on macro or monetary policy, due around midterm. The second half of the course is run like an economic conference. Students present their papers, other students act as discussants, and the entire class contributes suggestions for improvement. Students then revise their papers based on the comments and suggestions received from the class.
Grading: The course grade will be based on
a midterm exam covering the material presented in the first half
of the course, class participation during the second half "economics
conference," and the term paper.
EC367 Financial Engineering
Prerequisite: EC201-202 or EC203-204; EC228 recommended
This course focuses on a variety of new instruments
developed by "financial engineers" which have transformed
households' and corporations' behavior in financial markets.
Topics include options, swaps, risk management techniques, securitization,
and collateralized mortgage obligations. Linkages to recent concerns
over the "evil of derivatives" in corporate and municipal
finance are discussed. An empirical research paper is requried.
EC371 International Trade
Prerequisite: EC201 or EC203.
An analysis of the foundations of trade and
the principle of comparative advantage, leading to a sophisticated
study of protectionism. Current U.S. protectionist issues will
be illuminated. Also, economic warfare, control of international
factor movements, and interaction of trade and economic development.
EC372 International Finance
Prerequisite: EC202 or EC203.
Macroeconomic aspects of international trade
and the balance of payments will be studied by using analytical
models of the open economy. Particular emphasis will be placed
on current policy issues related to the world debt crisis, the
international monetary system, and exchange rates.
EC373 Economics of Latin America
Prerequisites: EC201 and EC202
This course will survey the economic performance
and evolution of economic policy in Latin America in the 20th
century. We will cover the major problems Latin American economies
have faced, including declining competitiveness, stalled industrialization,
inflation, and debt. We will pay especially close attention to
the experience of the major countries in the region over the last
twenty-five years. While the course is a historical survey, students
will exercise the analytical tools they have learned in macro-
and microeconomics.
EC375 Economic Development
Prerequisite: EC201 or EC203.
Paying close attention to the microeconomic foundations of the arguments, this course offers students who have completed EC 201 a sophisticated treatment of contemporary debates about development policy, touching on macroeconomic stabilization, trade liberalization, privatization, and deregulation. The course deals explicitly with technological change and endogenous growth, with asymmetric information and the structure of factor markets, and with property rights and the exploitation of natural resources. One theme of the course is the impact of different policies on the poor. A second theme is the contribution which development economics has made to the development of economics itself. Fulfills Cultural Diversity Core Requirement.
EC378 Environmental Economics
Prerequisite: EC201 or EC203.
The course will examine different aspects
of natural resource allocation and the protection of environmental
quality from an economic standpoint, including: specific areas
of market failure, the allocation of public goods, the estimation
of non-market values, public policy avenues for influencing natural
resource management, and ethical issues in natural resource management.
EC380 Capital Theory & Finance
Prerequisite: EC201 or EC203 and EC151 or EC157.
Valuation of assets, rates of return, financial statements, securities markets, economic efficiency, risk and portfolio choice, and the implications of recent innovations in financial markets.
The course is designed to give students an appreciation of the role of securities markets in the allocation of capital. It assumes some background in economics but no prior work in finance. Finance majors should not take the course since they would encounter most of the material elsewhere, and anyone who has had basic finance would find about half of the topics redundant.
There are three required books (all in paperback), plus library readings, but there is no textbook as such. Regular attendance is required, and class participation is expected.
Grading is based on two mid-term exams, homework
problems, an investment project, and a final exam.
EC391 Transportation Economics
Prerequisite: EC201 or 203.
This course applies the basic techniques of
microeconomic analysis to the transportation industry. Both the
institutional framework and public policy issues of freight and
passenger transportation are examined. Topics to be covered include
(1) pricing policies (2) regulatory reform, and (3) public provision
of transportation infrastructure.
EC394 Urban Economics
Prerequisite: EC201 or EC203.
This course deals with the economy of cities.
The subjects treated are location and land use, urban transportation,
housing, and local taxation and provision of public services.
While the emphasis of the lectures will be on theory, there will
be some discussion of public policy. Also, all students must
write a field essay which entails applying urban economic theory
to some aspect of the Boston urban scene.
EC395 Real Estate Finance
Prerequisite: EC201 and EC202
This course applies the standard tools of
financial analysis and economics to issues in real estate finance.
Topics to be covered include an analysis of mortgage creating
institutions, fixed-rate mortgages, alternative mortgage instruments
(ARMs, PLAMs, GPMs, etc.), secondary mortgage markets, and the
securitization of mortgages.
EC497 Senior Thesis Research
Research in developing a thesis topic and preparation of a detailed proposal. EC497 or its equivalent must be completed prior to registering for EC498, Senior Honors Thesis.
EC498 Seminar: Senior Honors Thesis
This seminar is required for all students
seeking a degree with Honors in Economics. The seminar will discuss
the process of writing a thesis, including development of a proposal,
research strategy, and organization of the thesis document. The
seminar will also provide an opportunity for students writing
theses to report on the progress of their research at various
stages of completion. (Note: Registration for this course replaces
separate registration for the thesis. The seminar will meet at
a time agreed upon by the students and instructor.)
EC601 Scholar of the College