Undergraduate Program / Introduction
Undergraduate Economics at Chicago
Grace Tsiang, DirectorVictor Lima, Co-Director
Robert Herbst, Administrator
For appointments contact: Shayna Sheinfeld
Office: Rosenwald Hall, Room 229
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Curriculum Planning Worksheet (updated version)
New courses:
20400 Directed Readings in the History of Economic Thought. PQ: Econ 20300 or by consent of instructor. We will explore the evolution of economic thought by reading observations of economic activity by early writers such as Xenophon, Aristotle, observations on money by Oresme and Bodin, more systematic treatments on exchange and commerce by Smith, Ricardo, Marx, Marshall, as well as twentieth century debates, the better to understand economic thought as work in progress. Students will be asked to acquaint themselves with the cultural contexts of these writers, as well as the modern-day theories regarding the economic questions raised. The goal is to have a better understanding of the roots of prevailing economic ideas. G. Tsiang. Winter.
21900 Introduction to Computational Economics. PQ: CMSC 105 or 106, one or two applied economics courses. Registration By Consent Of Instructor ONLY. This course will introduce students to basic computational methods in the context of economic problems. Mathematical topics will include numerical optimization, solution methods for nonlinear equations, and Monte Carlo simulation. Applications will include computing consumer demand, producer demand, and competitive equilibrium in a variety of environments including taxation and uncertainty. We will also examine Nash equilibria and simulation of dynamic economic processes. Students will be introduced to modern computational software well-suited for economic analysis. Grading will be based on student computer projects. K. Judd. Fall.
23200 Topics in Macroeconomics PQ: Econ 20300 and MATH 20300. This course focuses on the use of dynamic general equilibrium models to study questions in macroeconomics. Particular topics include long run growth, dynamic fiscal policy (Ricardian equivalence, tax smoothing, capital taxation), labor market search, industry investment, and asset pricing. On the technical side, the course will cover basic optimal control (Hamiltonians) and dynamic programming (Bellman equations). N. Stokey. Winter.
23300 Introduction to Quantitative Macroeconomic Models. PQ: Econ 20300; with either Stat 23400,24400 or 25100 recommended. This course provides an introduction to quantitative macroeconomics and dynamic stochastic general equilibrium (DSGE) models. Starting from a basic real business cycle model, students will learn how to solve for the recursive law of motion, using MATLAB programs. A variety of further applications, including models for monetary and fiscal policy analysis, will be discussed. H. Uhlig. Spring.
25510 Microeconomic Issues in Development PQ: Econ 201, 210. This is a course on micro-economic issues in developing countries, with a focus on empirical papers and on policy evaluation. In part this course will cover health, education policy, household economics, gender inequality, corruption, globalization and microfinance. Course readings and discussions will be centered around the current research on these topics. There will be a focus on using this knowledge to design effective policies. E. Oster. Winter.
ECON 26800 - Energy and Energy Policy. (=CHSS 37502, ECON 26800, ENST 29000, PPHA 39201) PQ: Third- or fourth-year standing. PQ for ECON 26800: ECON 26500 and registration by consent of George Tolley only. This course, primarily for fourth-year undergraduates and first-year graduate students, is designed to show how scientific constraints affect economic and other policy decisions regarding energy, what energy-based issues confront our society and how we may address them through both policy and scientific study, and how the policy and scientific aspects can and should interact. It will address specific technologies and the policy questions associated with each, and also with more overarching aspects of energy policy that may affect several, perhaps many technologies. S. Berry, G. Tolley. Spring, 2008.
20600 Economics of Information. PQ: ECON 201. This course begins with a short section on uncertainty: risk aversion, contingent claims, gambling, and risk sharing. It then proceeds to the study of various adverse selection and moral hazard problems. Specific applications include job market signaling, re-sale markets, insurance markets, search models, and sovereign debt. This course is well suited for students who enjoy analyzing theoretical (mathematical) models and may be especially useful for those considering graduate school in economics. R. Myerson, Autumn
20800: Theory of Auctions. PQ: Econ 20100. In part, this course covers the analysis of the standard auction formats (i.e. Dutch, English, sealed-bid), and also describes conditions under which they are revenue maximizing. Both independent private-value models and interdependent-value models with affiliated signals are introduced. Multi-unit auctions are also analyzed with an emphasis on Vickrey’s auction and its extension to the interdependent-value setting. Staff. Spring.
24000 Introduction to Labor Economics. PQ: Econ 20100 and 21000. Topics include the theory of time allocation, the payoffs to education as an investment, detecting wage discrimination, unions, and wage patterns. Most of the examples are taken from U. S. labor data, although we discuss immigration patterns and their effects on U.S. labor markets. Some attention is also given to the changing characteristics of the workplace. Staff. SPRING.
24500 - Topics in Microeconomics: Family. PQ: ECON 20300 & ECON 21000 This course will provide and introduction to models in the following topics: household production, marriage, fertility, religion, social markets, addiction, self-control, information cascades and discrimination. Readings will consist of empirical papers testing these models. V. Lima. Winter
25000 Introduction to Finance. PQ ECON 20100, STAT 23400. This course develops the tools to quantify the risk and return of financial instruments. These are applied to standard financial problems faced by firms and investors. Topics include arbitrage pricing, the capital asset pricing model, the theory of efficient markets. Time permitting, this course will also address the problem of properly assigning valuations to firms and to investment projects. W. Fuchs. FALL.
26010. Introduction to Public Finance. PQ: ECON 20300 or consent of instructor. This course examines the role of the government in the U.S. economy. We consider the efficiency and equity arguments for government intervention and analyze empirical evidence on the effects of tax and expenditure policy on economic outcomes. Topics include government provided goods (with a focus on education), social insurance programs, government provision of health insurance, welfare programs and tax policy. The effects of potential future policy changes (eg. Vouchers in K-12 education, individual accounts for Social Security) are also discussed. Staff. SPRING.
