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Courses in LSA Economics
Economics (ECON)
ECON 401. Intermediate Microeconomic Theory
MATH 115, 116, 121, 156, 175, 176, 185, 186, 215, 295, or 296; with a grade of C or better. (Prerequisites enforced at registration.) ECON 101 and 102. (4). (BS). (QR/1). May not be repeated for credit. F, W, Sp. Rackham credit requires additional work.

The subject of this course are households' and firms' economic choices, and the way in which these choices interact in markets. We also discuss ways in which the performance of markets can be evaluated normatively. The course emphasizes theory over data. Empirical methods are taught in other courses. The theories developed in this course form the basis of much empirical work. We use mathematical tools such as graphs, equations, and calculus.

ECON 402. Intermediate Macroeconomic Theory
MATH 115, 116, 121, 156, 175, 176, 185, 186, 215, 295, or 296, (completed with a minimum grade of C or better). (Prerequisites enforced at registration.) It is strongly recommended that students take ECON 401 before 402. (4). (BS). (QR/1). May not be repeated for credit. F, W, Su. Rackham credit requires additional work.

This course in macroeconomics deals with theory and evidence on broad economic aggregates such as national income, employment, the price level, and the balance of trade. Rigorous analysis is used to understand the forces that determine these economic variables, and how they are affected by public policies. Consideration is given both to the determinants of long-run growth and inflation and to short-run fluctuations in employment and output. It is strongly recommended that students take ECON 401 before ECON 402.

ECON 404. Statistics for Economists
ECON 101 and ECON 102 and MATH 115, each with minimum grade of C or better. (Prerequisites enforced at registration.) STATS 250 (350). (4). (BS). (QR/1). May not be repeated for credit. No credit granted to those who have completed or are enrolled in ECON 405, or IOE 265, or STATS 280, 400, or 412. F, W, Sp. Rackham credit requires additional work.

This course is designed to equip students to read empirical literature in economics and other social sciences. Topics include tabular and regression analysis and emphasize multiple regression.

ECON 405. Introduction to Statistics
MATH 116 (completed with a minimum grade of C- or better). (Prerequisites enforced at registration.) Juniors and Seniors may elect ECON 405 concurrently with ECON 101 or 102. (4). (BS). (QR/1). May not be repeated for credit. No credit granted to those who have completed or are enrolled in IOE 265, or STATS 280, 400, or 412. Students with credit for ECON 404 can only elect ECON 405 for 2 credits and must have permission of instructor.

The purpose of this course is to provide students with an understanding of the principles of statistical inference. Topics include probability, experimental and theoretical derivation of sampling distributions, hypothesis testing, estimation, and simple regression. (Students are advised to elect the sequel, ECON 406).

ECON 406. Introduction to Econometrics
ECON 405 (completed with a minimum grade of C- or better). (Prerequisites enforced at registration.) (4). (BS). May not be repeated for credit. W. Rackham credit requires additional work.

This continuation of ECON 405 is intended to prepare students to conduct empirical research in economics. The classical linear model is developed with special emphasis on the basic assumptions of the model, economic situations in which the assumptions are violated, and alternative estimation procedures that are appropriate in these cases. Computer exercises are used to introduce students to special problems encountered in the analysis of economic data.

ECON 407. Time Series and Financial Econometrics
ECON 401 and ECON 406, each with a grade of C or better; or graduate standing. (Prerequisites enforced at registration.) ECON 435. Students may request permission of instructor to take ECON 406 concurrently. (3). (BS). May not be repeated for credit. Rackham credit requires additional work.

This course introduces students to basic time methods for analyzing economic and financial data. Students are expected to apply the tools to real data after learning the theory. The open source software "R" is used for all empirical exercises.

ECON 408 / PHIL 408. Philosophy and Economics
ECON 401 (completed with a minimum grade of C- or better). (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

This course explores several conceptually challenging philosophical issues in and about economics including questions about the scientific status of economics, puzzles arising within economic theory (especially concerning the notion of rationality), and matters concerning the relation between economic theories and fundamentals normative questions of economic policy.

ECON 409. Game Theory
ECON 401 (completed with a minimum grade of C- or better); OR Graduate Standing. (Prerequisites enforced at registration.) MATH 217. (4). (BS). May not be repeated for credit.

The same principles that govern the strategic interaction of players in parlor games like Chess or Poker turn out to be widely applicable to a whole range of problems in economics, biology, and political science. This course introduces the subject of game theory, exploring the beginnings of the subject using simple illustrative examples, such as bargaining, auctions, duopolistic competition, and wars of attrition.

ECON 411. Monetary and Financial Theory
ECON 402 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) ECON 404 or 405. (3). May not be repeated for credit. Rackham credit requires additional work.

ECON 412. Topics in Macroeconomics
ECON 402 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (3). May be elected twice for credit. May be elected more than once in the same term. Rackham credit requires additional work.

Course examines specialized topics in macroeconomics presented at an advanced undergraduate level. Topics vary with the interests of the faculty.

ECON 414. Growth Theory
ECON 401 and 402 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (4). May not be repeated for credit.

The standard of living in a country is determined by its capacity to produce goods and services. Why are some nations richer than others? Why is there economic growth? Will it continue forever? What is the role of social infrastructure in shaping the economic success of a nation? This array of questions will be addressed using the neoclassical and the new growth theory, as well as cutting-edge theories of talent allocation and economics of corruption.

ECON 421. Labor Economics I
ECON 401 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

ECON 422. The Structure of Labor Markets
ECON 401 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

ECON 425 / POLSCI 425. Inequality in the United States
ECON 401. (Prerequisites enforced at registration.) POLSCI 111. (3). May not be repeated for credit.

This course studies inequality in the United States (with comparisons to global inequality). It considers current, plausible, social scientific (especially economic and political) explanations of inequality in income, wealth, health, education, and political power, focusing on the extent to which interconnected social institutions create, maintain, or undermine inequality.

ECON 429. Migration Economics and Policy
ECON 401 (completed with a minimum grade of C- or better); OR Graduate standing. (Prerequisites enforced at registration.) ECON 404 or ECON 405. (3 - 4). May not be repeated for credit. Rackham credit requires additional work.

This course focuses on key topics in the economics of immigration. It also considers illegal immigration to the U.S.

ECON 431. Industrial Organization and Performance
ECON 401 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

ECON 432. Government Regulation of Industry
ECON 401 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (3 - 4). May not be repeated for credit. W. Rackham credit requires additional work.

Analysis of government policies aimed at maintaining desirable economic performance, especially antitrust regulation and public enterprise.

ECON 435. Financial Economics
ECON 401 completed with a grade of C- or better; or Graduate standing. (Prerequisites enforced at registration.) ECON 404 or 405. (4). May not be repeated for credit. Rackham credit requires additional work.

The financial economics course teaches students a wide variety of financial instruments from the global marketplace. In taking this course, students develop an understanding of the determinants of the structure of interest rates, the numerous money and capital market instruments and rates, and the determinants of equity and bond values. Financial derivatives, specifically futures and options, are introduced.

ECON 437. Energy Economics and Policy
ECON 401 (completed with a minimum grade of C- or better); OR graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

This course is about energy markets. It is designed to help students make connections between economic concepts and real world regulatory policy questions and issues. The emphasis is on the insights that economic theory and empirical evidence can provide when thinking about the following questions: How do energy markets work? When should the government regulate energy markets? What can the structure of energy markets tells us about how to design and implement effective economic policy?

ECON 438. Economics of Health Services
ECON 401 with a grade of at least C- or graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit.

This course gives students experience analyzing health management and health policy issues using economic tools. The basic framework of economics is used to analyze the behavior of consumers, insurers, physicians, and hospitals. The tools of economics are applied to both managerial issues such as pricing decisions and policy issues such as the medically uninsured. By the end of the course, students should be able to assess the potential impact of hypothetical changes in the health care system or costs and access as well as.

ECON 441. International Trade Theory
ECON 401 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

ECON 442. International Finance
ECON 402 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (4). May not be repeated for credit. Rackham credit requires additional work.

This course develops macroeconomic analysis and issues for an open economy. Topics include: the foreign exchange market and the balance of payments; the income-absorption and monetary-asset market approaches to national income determination and the balance of payments; macro stabilization policies and central bank intervention under fixed and floating exchange rates; Eurocurrency markets; monetary integration, and reform of the international monetary system.

ECON 453. The European Economy
ECON 401 with a grade of at least C-; or graduate standing. (Prerequisites enforced at registration.) (4). May not be repeated for credit. Rackham credit requires additional work.

The structure, function, and performance of the European economy since World War II. Emphasis is placed on description and analysis of European economic integration. Topics include the origins and institutions of the European Union, creation of the customs union, unification of the internal market, implementation of common policies for agriculture and competition, monetary union, and progress toward social Europe. Students should be prepared to participate frequently in class discussions.

ECON 455. The Economy of the People's Republic of China
ECON 401 (completed with a minimum grade of C- or better); OR Graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

Analysis of economic organization, structure, system of planning, economic performance, and problems in China after 1949. The first third of the course is devoted to review of development before 1949.

ECON 461. The Economics of Development I
ECON 401 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (4; 3 in the half-term). May not be repeated for credit. Rackham credit requires additional work.

Survey of the historical and economic determinants of stagnation and growth in the underdeveloped countries. Emphasis is given to the role of economic analysis and techniques in the planning process.

ECON 462. The Economics of Development II
ECON 401 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) ECON 360 or 461. (3). May not be repeated for credit. Rackham credit requires additional work.

ECON 466. Economics of Population
ECON 401 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

ECON 481. Government Expenditures
ECON 401 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

Normative theory of public expenditure, expenditure decision-making processes, historical trends and determinants of government expenditures, benefit-cost analysis and other techniques of program evaluation, and intergovernmental fiscal relations.

ECON 482. Government Revenues
ECON 401 with a grade of at least C-; or Graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

Historical trends and determinants of government revenues, revenue decision-making processes, social objectives attainable with revenue instrument, evaluation of major types of revenue (taxes, user charges, borrowing).

ECON 487. Urban Economics
ECON 401 (completed with a minimum grade of C- or better); OR Graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

Economic aspects of urbanization; intra-metropolitan location decisions of households and firms; and analysis of land, housing, and transportation markets and of public policy in these areas.

ECON 490. Topics in Microeconomics
ECON 401 (completed with a minimum grade of C- or better); OR Graduate standing. (Prerequisites enforced at registration.) ECON 404 or 405. (3). May be elected twice for credit. May be elected more than once in the same term.

Course examines specialized topics in microeconomics presented at an advanced undergraduate level. Topics vary with the interests of the faculty.

ECON 491. The History of the American Economy
ECON 401 (completed with a minimum grade of C- or better); OR Graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

Covers American economic history from colonial times to the present, emphasizing the causes and consequences of economic growth, business cycles, and issues of economic equity.

ECON 494 / HISTORY 494. Topics in Economic History
ECON 401 (completed with a minimum grade of C- or better); or Graduate Standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. History concentrators without ECON 401 will need permission to enroll.

Study of issues in economic history with emphasis on a particular region of the world, a particular time period, or a topic of current interest. The specific topics vary depending on the faculty member teaching the course.

ECON 496. History of Economic Thought
ECON 401 (completed with a minimum grade of C- or better); OR graduate standing. (Prerequisites enforced at registration.) (3). May not be repeated for credit. Rackham credit requires additional work.

This course treats the development of economics from the origins to the present. The aim of the course is to deepen understanding of contemporary economics questions by examining how they have arisen and been answered and debated in the history of economic thought.

ECON 499. Independent Research
Consent of instructor required. Written permission of staff member supervising research, and permission of the Economics concentration advisor. (1 - 4). (INDEPENDENT). May be repeated for a maximum of 8 credits. No more than four credits may be used in an Economics concentration program. Rackham credit requires additional work.

ECON 500. Quantitative Methods
Consent of instructor required. Graduate standing and permission of instructor. (3). May not be repeated for credit.

This is a one-term introduction to the use of mathematical methods in economics. Five major topics covered are: functions (with an emphasis on convex functions), matrix algebra, differentiation and integration, optimization (static and intertemporal) and the basics of probability theory. Application of these techniques to practical problems in economics is stressed.

ECON 502. Applied Macroeconomics
ECON 402 or permission of instructor and Graduate standing. (3). May not be repeated for credit.

ECON 503. Probability and Mathematical Statistics
Permission of instructor. (3). May not be repeated for credit.

This course is an introduction to probability theory and mathematical statistics. Statistics offers a set of tools for the rigorous analysis and interpretation of numerical data obtained through random samples. The purpose of the course is to provide students with a deep theoretical understanding of the foundations of statistical inference. Topics include probability theory, experimental and theoretical derivation of sampling distributions, hypothesis testing, and properties of estimators including maximum likelihood and method of moments.

ECON 504. Econometrics for Applied Economics II
ECON 503. (3). May not be repeated for credit.

This is a second course in a sequence. Most of the course focuses on multiple regression analysis, beginning with ordinary least squares estimation and then considering the implications and treatment of serial correlation, heteroskedasticity, specification error, and measurement error. The course also provides an introduction to simultaneous equations models and models for binary dependent variables.

ECON 541 / PUBPOL 541. International Trade Policy
Graduate standing. This course presumes a prior knowledge of intermediate economics. (3). May not be repeated for credit.

ECON 599. Special Tutorial
Consent of instructor required. Graduate standing and permission of instructor. (1 - 3). (INDEPENDENT). May not be repeated for credit.

ECON 600. Math for Economists
Permission of instructor and graduate standing. Highly recommended for students taking ECON 601/602 and required for all PhD students in ECON. (2). May be repeated for a maximum of 4 credits.

This course offers an introduction to the mathematics used in contemporary economics. Topics covered include linear algebra and matrices, multivariable calculus, and optimization theory. The course also provides an introduction to differential and difference equations and dynamic programming.

ECON 601. Microeconomic Theory I
ECON 600, Graduate standing and permission of instructor. (1.5). May not be repeated for credit.

This course covers the following topics during the half term: individual choice, classical demand theory. It also includes topics in partial equilibrium analysis, competitive markets, externalities, Coase Theorem, and public goods.

ECON 602. Microeconomic Theory II
Permission of instructor. (1.5). May be repeated for credit.

Introduction to game theory; equilibrium with complete and incomplete information, and in static and dynamic contexts.

ECON 603. Microeconomic Theory III
ECON 600, Permission of instructor. (1.5). May not be repeated for credit.

Aggregation. Partial equilibrium analysis: competitive markets. Externalities, public goods: Coase Theorem Exchange economies; the 2x2 production economy. Existence and welfare theorems. Positive theory of equilibrium. General equilibrium under uncertainty, including incomplete markets.

ECON 604. Microeconomic Theory IV
Permission of instructor. (1.5). May not be repeated for credit.

This course covers the following topics, during the half-term: information and incentive economics, incentive adverse selection, signaling, and screening. Also addressed are the principal-agent model, introduction to contract theory, social choice theory, Arrow's theorem, social welfare functions, axiomatic bargaining, and mechanism design.

ECON 605. Macroeconomic Theory I
ECON 600. Graduate standing. (3). May not be repeated for credit.

This course begins with an overview of aggregate income determination. It continues with an in-depth treatment of dynamic models: the Solow, neoclassical and new growth models. The course proceeds with introduction of rational expectations models and techniques with application to output determination and price adjustment in closed and open economies.

ECON 607. Macroeconomic Theory II
ECON 600. Graduate standing. (3). May not be repeated for credit.

This course addresses topics that include models of aggregate supply and business cycles (rational expectations, new Keynesian, real business cycles, coordination failure and multiple equilibrium), money supply and demand, investment and consumption demand and their relationship to financial markets, and fiscal and monetary policy. The primary emphasis of the course is on understanding different models, their interrelationship, and empirical evidence, but new analytic tools are developed and applied as needed.

ECON 611. Stabilization Policy
ECON 602 and 604; 611. Graduate standing. (3). May not be repeated for credit.

ECON 612. Stabilization Policy
ECON 611. Graduate standing. (3). May not be repeated for credit.

ECON 617. Game Theory
ECON 600, 601, 602, 603, and 604. (3; 1.5 in the half-term). May be repeated for credit.

This is an advanced course on game theory. Standard topics are covered in depth, emphasizing conceptual thinking and mathematical rigor. This is not a course on recent research in game theory. Rather, the course seeks to lay the foundations that are needed for students to follow recent research in game theory.

ECON 619. Advance Theory I
ECON 600, Permission of instructor. (1.5). May be repeated for credit.

This half-term course studies modern lattice-theoretic methods of super modularity and comparative statics. We then explore stochastic order, and extend the monotone comparative statics to uncertainty. For this, we explore total positivity, including log-super modularity. Finally, we contrast the foundations and recent work on value and demand for information, and how to rank informative signals.

ECON 620. Advanced Theory II
ECON 600, Permission of instructor. (1.5). May be repeated for credit.

This half-term topics course currently explores two frontier economic paradigms of dynamic microeconomics: Optimal learning and experimentation (including models of informational herding, financial timing, and informational demand), and dynamic search-matching models.

ECON 621. Labor Economics I
ECON 601, 603, 673, 674; and Graduate standing. (3). May not be repeated for credit.

ECON 622. Labor Economics II
ECON 601, 603, 673, 674; and Graduate standing. (3). May not be repeated for credit.

ECON 631. Industrial Organizations and Public Policy
ECON 601 and 603, and graduate standing. (3). May not be repeated for credit.

ECON 632. Industrial Organizations and Public Policy
ECON 601, 603 and graduate standing. (3). May not be repeated for credit.

ECON 641. International Trade Theory
ECON 601, 603, and Graduate standing. (3). May not be repeated for credit.

ECON 642. International Finance
ECON 605, 607, and Graduate standing. (3). May not be repeated for credit.

This course covers various topics in international finance and macroeconomics. Topics covered include exchange rate prediction, monetary exchange rate models and their building blocks, the international effects of monetary policy, international real business cycle models, risk-sharing and portfolio diversification, risk and volatility in foreign exchange markets, fixed exchange rate models for small open economies and stabilization programs.

ECON 651. Empirical Asset Pricing
(3). May be elected four times for credit.

This course is an introduction to empirical research in asset pricing. The focus of the course is on application of econometric methods in finance.

ECON 661 / NRE 668. Advanced Natural Resources Economics
Intermediate economic theory. (3). May not be repeated for credit.

ECON 662 / NRE 669. Environmental Economics
ECON 501 or 603, and 653, or equivalent. (3). May not be repeated for credit.

ECON 663 / HISTORY 622. Topics in World Economic History I
ECON 401, Intermediate economic theory/statistics. (3). May be repeated for credit.

ECON 664 / HISTORY 623. Topics in World Economic History, II
ECON 401, Intermediate economic theory/statistics. (3). May be repeated for credit.

ECON 665. Economic Development of Underdeveloped Countries
ECON 600, 601, 602, 603, 604, 671, and 672. (3). May be repeated for credit.

Part I covers the microeconomics of development. Topics include household decision-making (the household model, risk response, health and education investments, migration, intra-household bargaining), rural institutions (land, labor, and credit), and development policy (micro-finance, regional targeting, public works). Part 2 is concerned primarily with theories of growth, income distribution and political economy, presented together with the relevant empirical literature.

ECON 666. Economic Development of Underdeveloped Countries
ECON 600, 602-604, 671, and 672. (3). May be repeated for credit.

Part I examines the economics of transition from central planning to a market economy, including the socialist system, macroeconomic stabilization, price liberalization and opening up to trade, enterprise privatization and restructuring, labor and financial market reforms, and the implications of transition for economic inequality. Part 2 focuses on issues of macroeconomic growth and development, including the empirical growth literature and the link between development and financial development, property rights, and trade.

ECON 667. The Economics of Population Growth
ECON 600, 601, 602, 603, 604, and 609. (3). May not be repeated for credit.

ECON 671 / STATS 505. Econometric Analysis I
Graduate standing and permission of instructor. (3). (BS). May not be repeated for credit.

This course is the first in two-course block that forms that basic required sequence in econometrics for all doctoral students. Their purpose is to provide Ph.D. students with the training needed to do the basic quantitative analysis generally understood to be part of the background of all modern economists. This includes: the theory and practice of testing hypotheses, statistical estimation theory, the basic statistical theory underlying the linear model, an introduction to econometric methods, and the nature of the difficulties which arise in applying statistical procedures to economic research problems.

ECON 672. Econometric Analysis II
ECON 671. (3). May not be repeated for credit.

This course is the second in a two-course block that forms the basic required sequence in econometrics for all doctoral students. Their purpose is to provide Ph.D. students with the training needed to do the basic quantitative analysis generally understood to be part of the background of all modern economists. This includes: the theory and practice of testing hypotheses, statistical estimation theory, the basic statistical theory underlying the linear model, an introduction to econometric methods, and the nature of the difficulties which arise in applying statistical procedures to economic research problems.

ECON 675. Applied Microeconometrics
Consent of instructor required. ECON 671 and 672. (3). May be repeated for credit.

The purposes of the course are (1) to discuss types of micro-econometric models likely to be useful in dissertation (and subsequent) research and (2) to provide some supervised experience in applied econometrics research. The topics vary from year to year, but they typically include models for discrete and limited dependent variables and methods for analysis of longitudinal date.

ECON 676. Applied Macroeconometrics
ECON 671 and 672; Graduate standing. (3). May not be repeated for credit.

The aim of this course is to equip students with a working knowledge of important econometric techniques used in monetary economics, financial economics, international economics, and econometric theory. The centerpiece of this course is the vector auto-regressive model. The course is divided into six parts: (1) a review of the foundations of time series econometrics; (2) detrending models: restricted and unrestricted estimation of stationary vector auto-regressive and moving-average methods: asymptotic, bootstrap and Bayesian inference; model selection and specification tests, forecasting; exogeneity and Granger causality; tests of forecast encompassing and tests of equal forecast accuracy; impulse response analysis, variance decompositions and historical decompositions; (3) estimation and inference in the presence of trends, structural change and unit roots in univariate models; (4) spurious regressions, unbalance regressions and cointegration; (5) identification problems and the relationship between structural and reduced form models; and (6) estimation and inference for structural dynamic macroeconomic models and their relationship to vector auto-regressive models.

ECON 678 / STATS 575. Advanced Econometrics I
MATH 417, and MATH 425/STATS 425; or ECON 671, 672, and 600. (3). (BS). May not be repeated for credit. F.

This course in econometric theory stressing the statistical foundation of the general linear model and the asymptotic distribution theory of nonlinear models. The course involves a development of the required theory in mathematical statistics and derivations and proofs of the main results associated with statistical inference in econometric models. Asymptotic distribution theory is studies in some detail.

ECON 679 / STATS 576. Advanced Econometrics II
ECON 678/STATS 575 or equivalent. (3). (BS). May not be repeated for credit.

This course continues from ECON 678. Includes a thorough treatment of statistical problems in econometrics, cross section data, times series data, panel data, development of simultaneous equation techniques, generalized method of moments, and formulation and estimation of special models. Selected current research topics depend on time and interest.

ECON 683. Government Expenditures
ECON 601. Graduate standing. (3). May not be repeated for credit.

ECON 684. Government Revenues
ECON 601. Graduate standing. (3). May not be repeated for credit.

ECON 695. Introduction to Economic Research I
Graduate standing and permission of instructor. (3). May not be repeated for credit.

ECON 696. Introduction to Economic Research II
Graduate standing and permission of instructor. (3). May not be repeated for credit.

ECON 700. Research
Consent of instructor required. Permission of Graduate advisor. Graduate standing. (1 - 6). (INDEPENDENT). May not be repeated for credit.

ECON 751. Computational Macroeconomics
(1.5). May be repeated for a maximum of 5 credits.

This half-semester course is an introduction to computational analysis of dynamic macroeconomic models, and it is based on practical exercises. Methodologically, the analysis in most of the course is carried out using an undetermined co-efficient method, applied to the linearized first-order conditions. This analysis also involves calibration of the relevant model as the solution to a set of steady-state equations, and the computation of impulse response functions and second moments of the model'' variables. Topics to be addressed are the neo-classical growth model, the stochastic growth model with endogenous labor and productivity shocks, or the RBC model, the RBC model with government: the impact of exogenous changes in government spending, income tax rates and consumption tax rates, and the stochastic endogenous growth model.

ECON 811. Seminars in Monetary Theory
Graduate standing and permission of instructor. (2). May not be repeated for credit.

The Seminars in Monetary Theory are devoted to critical discussion of new research in the field. Each week an original research study is presented by a graduate student, a Michigan faculty member, or a faculty member visiting from another university.

ECON 812. Seminars in Monetary Theory
Graduate standing and permission of instructor. (2). May not be repeated for credit.

The Seminars in Monetary Theory are devoted to critical discussion of new research in the field. Each week an original research study is presented by a graduate student, a Michigan faculty member, or a faculty member visiting from another university.

ECON 821. Seminars in Labor Economics
Graduate standing and permission of instructor. (2). May not be repeated for credit.

The Seminars in Labor Economics are devoted to critical discussion of new research in the field. Each week an original research study is presented by a graduate student, a Michigan faculty member, or a faculty member visiting from another university.

ECON 822. Seminars in Labor Economics
Graduate standing and permission of instructor. (2). May be repeated for credit.

The Seminars in Labor Economics are devoted to critical discussion of new research in the field. Each week an original research study is presented by a graduate student, a Michigan faculty member, or a faculty member visiting from another university.

ECON 831. Seminar in Applied Micro Theory
Graduate standing and permission of instructor. (2). May be repeated for credit. This course has a grading basis of "S" or "U".

ECON 832. Seminar in Applied Micro Theory
Graduate standing and permission of instructor. (2). May be repeated for credit. This course has a grading basis of "S" or "U".

ECON 841. Research Seminar in International Economics
Graduate standing and permission of instructor. (3). May not be repeated for credit.

ECON 842. Research Seminar in International Economics
Graduate standing and permission of instructor. (3). May not be repeated for credit.

ECON 851. Advanced Economic Theory
Graduate standing and permission of instructor. (3). May not be repeated for credit.

ECON 852. Seminar in Advanced Economic Theory
Graduate standing and permission of instructor. (3). May be repeated for credit.

ECON 859. Seminars in Comparative Economic Development
Graduate standing and permission of instructor. (2). May not be repeated for credit.

The Seminars in Comparative Economic Development are devoted to critical discussion of new research in the field. Each week an original research study is presented by a graduate student, a Michigan faculty member, or a faculty member visiting from another university.

ECON 860. Seminars in Comparative Economic Development
Graduate standing and permission of instructor. (2). May not be repeated for credit.

This course is devoted to critical discussion of new research in the field. Each week an original research study in presented by a graduate student, a Michigan faculty member, or a faculty member visiting from another university.

ECON 863. Graduate Research Seminar in Economic History
Graduate standing and permission of instructor. (3). May be repeated for credit. This course has a grading basis of "S" or "U".

ECON 864. Seminar in Economic History
Graduate standing and permission of instructor. (3). May not be repeated for credit.

ECON 875. Research Seminar in Quantitative Economics
ECON 673, 674; and Graduate standing. (3). May not be repeated for credit.

ECON 876. Quantitative Economics Seminar
Graduate standing and permission of instructor. (3). May be repeated for credit.

ECON 881. Seminars in Public Finance
Graduate standing and permission of instructor. (2). May not be repeated for credit.

The Seminars in Public Finance are devoted to critical discussion of new research in the field. Each week an original research study is presented by a graduate student, a Michigan faculty member, or a faculty member visiting from another university.

ECON 882. Seminars in Public Finance
Graduate standing and permission of instructor. (2). May not be repeated for credit.

The Seminars in Public Finance are devoted to critical discussion of new research in the field. Each week an original research study is presented by a graduate student, a Michigan faculty member, or a faculty member visiting from another university.

ECON 990. Dissertation/Precandidate
Election for dissertation work by doctoral student not yet admitted as a Candidate. Graduate standing. (1 - 8; 1 - 4 in the half-term). (INDEPENDENT). May be repeated for credit. This course has a grading basis of "S" or "U".

ECON 995. Dissertation/Candidate
Graduate School authorization for admission as a doctoral Candidate. (Prerequisites enforced at registration.) (8; 4 in the half-term). (INDEPENDENT). May be repeated for credit. This course has a grading basis of "S" or "U".

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