Course numbers consist of the graduate department number (G31) followed by four digits. The first digit indicates the level of the course as follows: (1) graduate course open to qualified undergraduates, (2) advanced graduate course, and (3) research or topics course, seminar, or workshop.
The second and third digits show the field of economics as follows: (00) basic economic theory for M.A. students, (02) basic economic theory for Ph.D. students, (04) general economic theory, (10) quantitative economics, (20) economic modeling, (30) public economics and urban economics, (40) monetary economics, (50) international economics, (60) economic growth and development, (70) labor economics, (80) industrial organization, and (90) economic history.
Two-Part Courses: A hyphen indicates a full-year course with credit granted only for completing both terms. A comma indicates credit is granted for completing each term.
CORE M.A. COURSES AND SPECIAL RESEARCH PROJECT
Mathematics for Economists
G31.1001 3 points.
Applications of mathematics to economics: functions, simultaneous equations; linear models and matrix algebra; determinants, inverse matrix, Cramer’s rule; differentiation and optimization of functions of one or more variables; quadratic forms, characteristic roots and vectors, constrained optimization; interpretation of the Lagrange multiplier. Techniques applied to examples from the theory of the firm and consumer behavior.
Microeconomic Theory
G31.1003 Prerequisite: G31.1001. 3 points.
Applied microeconomics relating to the firm in various markets and household behavior.
Macroeconomic Theory I
G31.1005 3 points.
Macroeconomic theory applied to aggregate supply and demand and their components, designing and implementing macroeconomic policy goals and forecasting GDP and its components.
Applied Statistics and Econometrics I
G31.1101 Prerequisite: undergraduate statistics course or permission of the instructor. 3 points.
Introduction to probability theory and statistics. Topics include discrete and continuous probability distributions, normal distribution, the use of t-statistics, hypothesis testing, confidence intervals, and analysis of variance. Familiarity with a regression software package is mandatory.
Applied Statistics and Econometrics II
G31.1102 Prerequisite: G31.1101 or permission of the instructor. 3 points.
Introduction to single-equation regression estimation; ordinary least-squares estimation, confidence intervals, and significance testing; lags, dummy variables; multicollinearity; autocorrelation; heteroscedasticity and variable selection. Students are required to use a standard computer regression package to test a model of their choosing.
Special Project in Economic Research
G31.3200 1-2 points.
Students integrate economic theory, empirical techniques, and analytical tools to solve real-world problems. Students undertake (1) a comprehensive and critical literature survey of an applied topic in recent economic literature and (2) original analytical and/or empirical work on that topic.
ELECTIVE M.A. COURSES
GENERAL ECONOMIC THEORY (00, 04)
Macroeconomic Theory II
G31.1006 3 points.
Macroeconomic theory applied to current controversial topics in the field.
Evolution of Economic Thought
G31.2041 3 points.
Economic Analysis of Law
G31.2047 3 points.
Application of economic analysis to the study of common law doctrines, institutions, and procedures. Topics include the Coase Theorem.
PUBLIC ECONOMICS AND URBAN ECONOMICS (30)
Financing Urban Government
G31.2302 Prerequisite: G31.1003 or G31.1023. 4 points.
The special character of public finance in complexly interrelated metropolitan communities operating with fragmented and multilayered governmental structures; the intergovernmental fiscal system and its functioning in urban areas; taxes and charges as means of financing urban public services and their economic and land-use effects; the financing of specific urban governmental functions.
Urban Economic Growth
G31.2305 3 points.
Explains the spatial aspects of economics and the problems and policies of urban economies. Students are taught to employ the tools of economic analysis to explain the economic structure of urban centers.
MONETARY ECONOMICS (40)
Money and Banking
G31.1402 3 points.
The role of money in the economy-monetary institutions, monetary theory (the old and new quantity and Keynesian theories), monetary policy goals, methods, and problems, with special emphasis on banking regulation.
Regulation of Financial Institutions
G31.2401 Prerequisite: G31.1402. 3 points.
Consideration of challenge facing regulators to design and operate an efficient and stable financial institutional framework in light of regulatory theory, historical developments, and current policy concerns. Focus is on the United States, but issues facing both developed and developing nations are also discussed.
INTERNATIONAL ECONOMICS (50)
International Trade
G31.1505 Prerequisite: G31.1003 or permission of the instructor. 3 points.
Comparative advantage; endowment, mobility, allocation, and earnings of productive factors; trade restriction (tariffs, quotas); customs unions.
International Finance
G31.1506 Prerequisite: G31.1003 or permission of the instructor. 3 points.
The balance of payments, foreign exchange markets, adjustment mechanisms, capital movements, gold and other monetary reserves, reforms of the system.
The European Union: Past, Present, and Future
G31.1509 Identical to G53.3502. Offered by the Center for European Studies (in conjunction with the Departments of Politics and Economics). 4 points.
Examines the evolution of the European Union from the European Coal and Steel Community to the potential inclusion of former East European countries. Issues include implications for the future, such as the Single European Act; European political institutions; and agricultural, industrial, and social welfare policies. Considers the theory and politics of international economic integration and alternative models of coordination.
ECONOMIC GROWTH AND DEVELOPMENT (60)
Economic Development I
G31.1603 Pre- or corequisite: G31.1003 or permission of the instructor. 3 points.
Latin American Economics
G31.1605 3 points.
Provides an understanding of economic relationships in the Latin American-Caribbean region through an examination of the leading issues and key problems that these countries face in developing and modernizing their economies. Topics include a brief historical outline; a comparison of heterodox Latin American economic thought to neoclassical theories of growth and development; external equilibrium; foreign trade, balance of payments, exchange rates, foreign investments, and external debt.
Economic Anthropology of the Middle East
G31.1608 Identical to G77.1781. 3 points.
Regional and developmental models are compared with the reality of the Middle East in terms of geology, climate, and patterns of religious and other administrations. The development potential of this world region is considered. Special attention is devoted to the petroleum industry, its economics and price patterns, and its repercussions on the economy of local societies.
Political Economy of North-South Relations
G31.2610 Identical to G53.2770. 4 points.
Issues in restructuring the international economic system. Analyzes initiatives of the Western, socialist, and developing countries. Emphasis is on trade and monetary questions.
Political Economy of the Pacific Basin
G31.2620 Identical to G53.2774. 4 points.
Evaluates recent trends in East Asian and Pacific economic and political developments. The character of economic growth, the nature of the political systems, and implications of recent dynamism. Analyzes trends with discussion on three regions: Northeast Asia, Southeast Asia, and the Pacific Islands.
PH.D. COURSES
BASIC ECONOMIC THEORY FOR PH.D. STUDENTS (02)
Mathematics for Economists I
G31.1021 Prerequisite: G31.1001 or equivalent. 4 points.
Reviews theory of calculus, linear algebra, and constrained optimization. Theory and methods of differential equations, calculus of variations, optimal control theory, and dynamic programming applied to economic problems.
Mathematics for Economists II
G31.1022 Prerequisite: G31.1021 or permission of instructor. 4 points.
Methods and applications of optimal control theory to problems of economics. Discusses economic applications of stochastic processes, probability, measure theory, and topology.
Microeconomic Theory I
G31.1023 Pre- or corequisite: G31.1021 or permission of the instructor. 4 points.
Theory of the firm and consumer behavior; introduction to the theory of perfectly competitive and monopolistic markets; pricing techniques; introduction to game theory.
Microeconomic Theory II
G31.1024 Prerequisite: G31.1023. 4 points.
Introduction to general equilibrium theory, welfare economics, and imperfect competition.
Macroeconomic Theory I
G31.1025 Pre- or corequisite: G31.1021. 4 points.
Models of national income determination; sectorial inflation; labor markets, production theories, and aggregate supply models; supply and demand for money; foreign trade and balance of payments.
Macroeconomic Theory II
G31.1026 Prerequisite: G31.1025 or permission of the instructor. 4 points.
Classical and Keynesian macroeconomic thought, modern-day microeconomic theories of money-wage and price determinations, and reconstruction of macro theory.
Financial Economics I
G31.2021 Prerequisites: G31.1023, G31.1024, G31.1025, and G31.1026, or permission of the instructor. 4 points.
Introduction to the study of financial markets and asset pricing from the perspective of economic theory. Topics include equilibrium economies with a representative agent; equilibrium economies with incomplete markets, borrowing constraints and transaction costs, limited stock market participation, private information, limited commitment; optimal security design; behavioral finance. While the stress is on modeling and tools, the course also introduces the empirical methodologies and the calibration techniques used in financial economics, as well as some of the most controversial evidence on asset prices.
Financial Economics II
G31.2022 Prerequisite: G31.1021 or permission of the instructor. 4 points.
Gives Ph.D. students an advanced survey of the field of financial economics and introduces them to some topics at the frontier of current research in financial economics. Discusses capital budgeting, capital structure, dividends, market for corporate control, bankruptcy and workouts, taxes, risk management, real options, signaling, general equilibrium approach to asset markets, microeconomics of banking, product market interactions, financial innovation, and comparative financial systems.
Econometrics I
G31.2100 Prerequisite: G31.1021 or permission of the instructor. 4 points.
Concise introduction to probability theory and to the problem and methods of statistical inference as encountered and applied in econometrics: maximum likelihood theory, method of moments, method of least squares, and hypothesis testing.
Econometrics II
G31.2101 Prerequisite: G31.2100 or permission of the instructor. 4 points.
Econometrics analysis of the general linear model; the estimation of distributed lag models; misspecification analysis; and models involving errors in variables.
GENERAL ECONOMIC THEORY (04)
Evolution of Economic Thought
G31.2041 4 points.
Interrelations between changing social formations and economic thought, from prehistory and the Greco-Roman world to classical economics and the rise of modern capitalism in the West. Ends with the crisis of classicism and the emergence of neoclassical economics.
Development of Economic Analysis Since 1870
G31.2042 Prerequisites: G31.1023 and G31.1025, or permission of the instructor. 4 points.
Examines the distinctive features of the major schools of economic theory as they emerged during the last decades of the 19th century and ways in which their views have shaped 20th-century ideas.
Economics of Uncertainty and Information
G31.2044 Prerequisite: G31.1024 or permission of the instructor. 4 points.
Studies individual behavior and general equilibrium under uncertainty. Models of adverse selection, signaling, and principal agent problem in the framework of Bayesian games.
History of Economic Thought: Austrian School
G31.2045 Prerequisite: G31.1003, G31.1023, or permission of the instructor. 4 points.
The contributions of the Austrian school of economics, with a focus on subjective value, cost, price imputation, structure of production, theory of interest, nature of money, business cycles, socialist calculation, and methodology.
Economic Analysis of Law
G31.2047 4 points.
Application of economic analysis to the study of common law doctrines, institutions, and procedures. Topics include the Coase Theorem, pollution, incentives to avoid accidents, strict liability, negligence, standards of proof, and the process of judge-made law. Provides the basic tools necessary to understand major legal issues from an economic perspective.
Investment in Research and Development, Productivity Analysis and Spillover, and Public Sector Capital I
G31.2048 Prerequisites: G31.1022, G31.1024, and G31.1026, or permission of the instructor. 4 points.
Capital theory, investment models, and theories of human capital. An attempt is made to integrate these theories and to explore their limitations. Empirical evidence is discussed and evaluated.
Ethics and Economics
G31.2050 4 points.
Exploration of the interface between ethical theory and normative economics. Topics include the utilitarian foundation of modern welfare economics, economic basis of moral rules, interpersonal comparisons of utility, wealth maximization, social cost-benefit analysis, economic value of human life, and critique of utilitarianism.
Game Theory I
G31.2113 Prerequisite: G31.1024 or permission of the instructor. 4 points.
Introduction to noncooperative game theory. Covers Bayesian games, refinements of Nash equilibrium, repeated games, and optimal mechanism design.
Experimental Economics
G31.2114 4 points.
Studies experimental methods and reviews the literature in an effort to give the student a working knowledge of experimental techniques. While the areas of application vary, the course is research oriented.
Game Theory II
G31.2115 Prerequisites: G31.1023, G31.1024, and G31.2113, or permission of the instructor. 4 points.
Course on decision theory and cooperative microeconomics. Covers classical theory of individual choice, theory of social choice, mechanism design, Nash bargaining, and theory of cooperative games.
QUANTITATIVE ECONOMICS (10)
Income Distribution in the United States
G31.1108 Prerequisites: G31.1003, G31.1023, and G31.1101, or permission of the instructor. 4 points.
Surveys theories of income distribution and empirical evidence for the United States. The first part gives a historical overview of inequality in the United States in the 20th century. Human capital, Marxism, internal labor market, dual labor market, and structural theories of income inequality are then surveyed along with their supporting evidence. Also covered are topics on screening, ability and earnings, discrimination, and growth and inequality.
Macroeconometrics
G31.2102 Prerequisite: G31.2101 or permission of the instructor. 4 points.
Overview of econometric methods commonly used in analyses of macroeconomic and financial time series and in estimation and testing of dynamic economic models. Stationary time series models, structural vector autoregressions, generalized method of moments, unit roots, cointegration, and permanent-transitory decompositions. Covers basic theory and recent applications (usually taken from the macroeconomics literature). Strongly recommended for students who plan to conduct research in macroeconomics. Typically taken in second year.
Microeconometrics
G31.2103 Prerequisite: G31.2101 or permission of the instructor. 4 points.
Topics typically include applications in which (1) the dependent variable is discrete; (2) nonrandom sampling is caused by censoring; (3) order statistic estimators are employed; and (4) panel data are utilized. Covers econometric theory, computational issues, and substantive applications from the fields of labor economics, industrial organization, and public economics. Typically taken in second year.
Nonlinear Dynamical Processes, Stochastic Processes, and Time Series: Part I
G31.3105 Prerequisites: the graduate theory sequence and basic econometrics, or permission of the instructor. 4 points.
Begins with an introduction to difference and differential equations as a precursor to the modern qualitative analysis of nonlinear dynamical systems, with emphasis on the understanding of the properties of dynamical systems. Requires extensive use of the differential/difference equation simulator in MATLAB, which provides deeper insight into the formal equations under analysis. Students are encouraged to experiment. This section of the course provides a bridge to the second section.
The second section of the course analyzes stochastic processes and stochastic differential equations, including diffusion and jump processes, with emphasis on Markov processes that prove useful in the analysis of economic and financial data. Develops the links between the solutions of stochastic differential equations and time varying transition densities, or time varying transition probabilities, as well as the derivation of time invariant, stationary, equilibrium densities. Also develops the links between SDEs, stationary equilibrium distributions, and the Fokker-Planck equations. Explores applications to economic and financial analysis.
Nonlinear Dynamical Processes, Stochastic Processes, and Time Series: Part II
G31.3106 Prerequisite: G31.3105 or permission of instructor. 4 points.
Begins with a brief review of the time domain analysis of stationary time series models, but viewed as noise-driven difference equations. Provides an introduction to the estimation of stochastic differential equations as well as the estimation of the transition matrices for analyzing Markov processes. Examines both the Ozaki approach to the estimation of SDEs as well as the “compartment” models so useful in chemistry and biology. Develops Kalman filters and elucidates their use in economic analysis. Discusses modern spectral techniques and their extension to nonstationary processes together with their relevance to economic and financial data. Introduces the analysis of wavelets and gives practical examples of applications to economic and financial data. Also discusses functional data analysis. In all cases, practical examples are given, and computer implementation is described.
PUBLIC ECONOMICS AND URBAN ECONOMICS (30)
Public Economics I
G31.1301 Prerequisite: G31.1003, G31.1023, or permission of the instructor. 4 points.
Positive and normative analysis of government expenditure. The Fundamental Welfare Theorems. What goods the government should supply (public goods) and the evaluation of public projects. When the government should interfere with private decision making (externalities), Pigou taxes, and the Coase Theorem. Club goods and models of local government. The Arrow Impossibility Theorem and predictive models of government behavior.
Public Economics II
G31.1302 Prerequisite: G31.1301 or permission of the instructor. 4 points.
Market failures when behavior cannot be monitored (moral hazard) or type cannot be observed (adverse selection). Positive and normative models of taxation. How taxes affect behavior (labor supply, savings, and risk taking). Who pays the tax (tax incidence)? Social security and optimal debt policy. Optimal tax policy.
MONETARY ECONOMICS (40)
Advanced Macroeconomics I
G31.2403 Prerequisites: G31.1022 and G31.1026, or permission of the instructor. 4 points.
Analyzes real models of economic fluctuations. Presents “classical” models, i.e., models for which equilibrium allocations are efficient, and “nonclassical” real models, including models with fiscal distortions, productive externalities, and imperfect competition.
Advanced Macroeconomics II
G31.2404 Prerequisite: G31.2403 or permission of the instructor. 4 points.
Focuses on the monetary and financial aspects of economic fluctuations and business cycle models discussed in Advanced Macroeconomics I, by introducing money, nominal rigidities, and financial intermediation. Emphasis is on the role and effects of monetary policy, both in theory and data.
INTERNATIONAL ECONOMICS (50)
Theory of International Finance
G31.1501 Prerequisites: G31.1023 and G31.1025, or permission of the instructor. 4 points.
The balance of payments, foreign exchange markets, adjustment mechanisms, capital movements, gold and other monetary reserves, and reforms of the system.
Theory of International Trade
G31.1502 Prerequisite: G31.1023 or permission of the instructor. 4 points.
Comparative advantage; endowment, mobility, allocation, and earnings of productive factors; trade restriction (tariffs, quotas); customs unions.
ECONOMIC GROWTH AND DEVELOPMENT (60)
Theory of Economic Development I
G31.1601 Pre- or corequisite: G31.1003, G31.1023, or permission of the instructor. 4 points.
The historical and contemporary process of transformation of less-developed economies, internal and international sources of and barriers to development; strategies for effective use of internal and external finance; growth theory and development; models of dualistic development, unemployment, and migration; problems of income distribution, population growth, education, and rural development.
Theory of Economic Development II
G31.1602 Prerequisites: G31.1023, G31.1025, and G31.1601. 4 points.
Current topics in economic development in their theoretical, empirical, and policy contexts. Issues include the north-south dialogue, appropriate technology, the role and limitations of the state, population and development policy, urbanization, human resource development, and prospects for private and public foreign assistance.
LABOR ECONOMICS (70)
Labor Economics I
G31.1701 Prerequisites: G31.1003 and G31.1005, or G31.1023 and G31.1025, or permission of the instructor. 4 points.
Focuses on dynamic models of labor market behavior. Reviews dynamic optimization theory and develops the model of job market search. The baseline model for analyses of labor market dynamics at the industrial level and the search model are used to discuss estimation issues and to build partial equilibrium models of the labor market. Other models of equilibrium wage determination include signaling models, matching models, and models with asymmetric information and moral hazard (efficiency wages). Considers theory and empirical implications of the human capital investment model, with applications to occupational choice and the effect of cohort size on human capital investment and earnings outcomes.
Labor Economics II
G31.1702 Prerequisite: G31.1701 or permission of the instructor. 4 points.
Focuses on household decision making in both static and dynamic contexts. Develops models of family decision making using both neoclassical and bargaining theories. Examines the differences in the empirical implications of the two types of models. Considers labor supply issues and the economics of the marriage market, fertility, welfare programs, econometric issues, and endogenous sample selection.
INDUSTRIAL ORGANIZATION (80)
Industrial Organization I
G31.1801 Prerequisite: G31.1023 or permission of the instructor. 4 points.
Introduces standard and strategic models of market behavior and structure. Covers the firm, production and transaction costs, single-firm behavior, choice of quality and product differentiation, vertical integration and vertical restraints, static and dynamic oligopoly, supergames, and finite horizon models.
Industrial Organization II
G31.1802 Prerequisite: G31.1801. 4 points.
Technological innovation, diffusion, research and development, firm behavior, market structure, and entry and exit of firms. Entrepreneurial choice. Schumpeterian competition. Welfare analysis of above topics.
RESEARCH TOPICS, SEMINARS, AND WORKSHOPS
Reading and Research in Economics
G31.3000 Primarily for students writing a thesis under an adviser. Prerequisites: permission of the adviser and the department. 1-6 points per term.
Topics in Economics
G31.3001, 3002 4 points per term.
Topics of current interest are examined in detail. Students are notified in advance of the topic(s) to be covered. Three or more sections are offered each semester, each covering a different topic.
RESEARCH WORKSHOPS
Research workshops typically have professors from other universities present their recent work. Students at the dissertation level also present their work in these workshops. The department offers five workshops.
Workshop in Microeconomics Research
G31.3003, 3004 Prerequisites: all required courses for Ph.D. students. 4 points per term.
Students, faculty members, and visitors present research in progress for discussion and critical comment.
Workshop in Macroeconomic Research
G31.3005-3006 Prerequisite: G31.1026. 4 points per term.
Doctoral-level course consisting of a series of seminar presentations in macroeconomics by students, faculty, and guests. Emphasis is on research in progress. Topics include inflation, employment and labor markets, monetary and fiscal theory and policy, consumption and saving behavior, investment and capital formation, and aggregate supply and growth.
Applied Econometrics Workshop
G31.3007, 3008 Prerequisite: permission of the instructor. 4 points per term.
Doctoral-level workshop consisting of a series of seminar presentations in applied economics by students, faculty, and guests. Emphasis is on issues involving panel data, macro-, development, and labor economics.
Austrian Economics Colloquium
G31.3402 Prerequisite: permission of the instructor. 4 points.
Discussion of current research in the Austrian economics tradition. Themes treated include subjectivism, the market as dynamic process, and entrepreneurship. Ideas are applied to both micro and macro issues. Discusses papers written by students and by faculty from New York University and other universities.
Workshop in International Economics
G31.3501-3502 Prerequisite: G31.1501, G31.1502, or permission of the instructor. 4 points per term.
Advanced workshop for doctoral students pursuing dissertation topics in international trade and finance. Presentation of student research and dissertation proposals and original research papers by guests and members of the faculty.
RELATED COURSES
Students are advised to consult the individual course descriptions of the Departments of Anthropology, History, Mathematics, Politics, and Sociology, and the Center for Latin American and Caribbean Studies of the Graduate School of Arts and Science, as well as the Leonard N. Stern School of Business, the Robert F. Wagner Graduate School of Public Service, and the School of Law.
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