Department of Economics

Last updated: August 15, 2017 at 10:32 a.m.

Objectives

Economics is the study of how people make choices under conditions of scarcity of resources, including time, and the implications of these choices for individual and social welfare. Its methods allow for a deeper, more analytic, understanding of the connections between individual choices and social outcomes.

The department stresses analytical and quantitative approaches to the study of human choice and economic behavior, the functioning of the economic system, and specific subject areas and economic issues. Majors in economics receive training in the core subjects of the discipline: general principles, micro- and macroeconomic theory, statistics, and econometrics. They learn to use the cumulative skills developed in the core courses to analyze a variety of economic problems, social issues, and economic institutions.

Exposure to a wide selection of economic fields is obtained through the requirement that majors take four elective courses from a list that includes most of the major sub-fields in economics. Included in our electives are courses that allow students to focus on international economic relationships (International Trade, International Finance), on economies from other parts of the world (China and the Middle East), on the behavior of firms and individuals (Industrial Organization, Economics of Innovation, Game Theory and Economic Applications, Financial Economics), or on a range of social welfare and public policy issues (Economic Development, Public Sector Economics, The Economics of Race and Gender, and Household, Health and Hunger in Developing Economies).

Students in the major develop analytical and quantitative skills, and the ability to apply these skills, that are useful not only for economics but for other subjects as well. The economics major provides background for many positions in business and government. Some graduates pursue advanced degrees in economics, and others enroll in professional schools of business, law, public policy, and other fields. Programs of study can be designed to match the interests of the student.

Brandeis juniors can apply for admission as "five-year students" to the Lemberg Master's Program in International Economics and Finance (see the Brandeis International Business School section of this Bulletin). Brandeis also offers a business major and minor (see the Business section of this Bulletin).

Learning Goals

By the completion of the major, students will be better educated global citizens who can apply economic theory and empirical findings to illuminate a wide range of national and international social and policy issues. They will understand the large and growing economic interdependence of the nations and people of the world. They will be able to distinguish the difference between the kinds of questions that economics can and cannot answer, and they will be able to communicate their knowledge of economics to others.

The Economics Department has developed a set of learning goals and evaluation procedures to help the Department determine the effectiveness of both the core and elective course offerings in providing majors with a broad and rigorous training in the discipline. In particular, the Economics Department wants its majors to have knowledge of economic principles and the skills to apply this knowledge as described below.

Basic Economic Knowledge (Facts, Concepts, and Models)

Our majors should know:

Basic economic facts. Examples include U.S. per capita income, its distribution, current and historical U.S. rates of inflation and unemployment and how these rates compare with those of other major economies.

How the major macroeconomic data series are compiled and their limitations. Examples include GDP, inflation, and unemployment.

The important institutions of the U.S. and global economies and their roles. Examples include markets, firms, money and central banks, the World Trade Organization, the International Monetary Fund, and exchange rate regimes.

Basic microeconomic concepts. Examples include opportunity cost, comparative advantage, the discount rate, substitution and income effects, the importance of incentives, and elasticity.

Basic macroeconomic concepts. Examples include the national income identity, the natural rate of unemployment, the money supply, real interest rates, purchasing power parity, and the self-correcting mechanism.

Basic microeconomic models. Examples include the demand-supply model of how a market works, the model of choice based on indifference curves and budget constraints, and game theory.

Basic macroeconomic models. Examples include the IS-LM model of the short run, the Aggregate Demand-Aggregate Supply model, and the Solow model of economic growth.

Ability to Access Economic Information

Our majors should be able to:

Use relevant information databases. Examples include EconLit, Lexis-Nexis, and JSTOR.

Use primary data sources. Examples include the Current Population Survey, the UN Human Development Report, and the Statistical Abstract of the United States.

Read and assess general interest articles on economic topics, such as those found in The Economist or The Journal of Economic Perspectives.

Understand and evaluate key findings in the economic research published in scholarly journals.

Analytical Skills

Our majors should be able to:

Apply the concepts and models of micro- and macroeconomics to current economic issues and to specific policy questions (examples: What concepts and models are relevant for assessing the effects of a carbon tax? What concepts and models are applicable to understanding how the U.S. might facilitate its recovery from the Great Recession?)

Understand the logic of economic models to the point where they can evaluate the effects of a change in an exogenous variable on economic outcomes, both in partial and general equilibrium settings (examples: How does an increase in the savings rate or in the rate of productivity growth affect the growth of living standards over the long-run? Does it matter whether the savings rate or productivity change is exogenous or endogenous?).

Use empirical evidence to evaluate the extent to which an economic model is supported by the data we observe (examples: To what extent does a decrease in taxes promote increased economic activity? To what extent are economic models of the direction of trade consistent with actual trade patterns?).

Compare economic models that reach different conclusions, both on theoretical grounds and in terms of their consistency with the empirical evidence (examples: One economic model – the Neo-Classical Model – predicts that deficit spending by the government raises interest rates, while another model – the Ricardian Model – predicts that such spending leaves interest rates unchanged. What are the differences in assumptions that lead to these differing conclusions, and which model is better supported by the empirical evidence?).

Quantitative Skills

Our majors should be able to:

Access, manipulate and interpret data and have practical knowledge of statistics and econometrics to the point where they can run and interpret a regression.

Understand the differences between the different types of empirical studies (experimental, quasi-experimental and econometric), and evaluate the extent to which a given empirical result is robust.

Communication Skills

Our majors should be able to:

Organize and present economic ideas in a clear and logical form (both orally and in writing), marshal evidence to support their ideas, and use citations correctly.

The Limitations of Economics and Economic Policy

Our majors should understand:

The limits of economics, the kinds of questions economics can and cannot answer (example of an answerable question: What factors help shape household behavior, such as rates of fertility and rates of saving? How might certain minimum wage legislation affect efficiency and income distribution?; examples of an unanswerable question: Is a certain minimum wage or the existing income distribution fair or socially just?).

The strengths and limits of economic policies. Examples include the distinction between the economic effects of fiscal and monetary policies in the short-run vs. the long-run, and the sources of market failure that may justify government intervention as well as reasons why such intervention may not work as desired.

Opportunity for Research and Advanced Work

As part of their coursework, most of our majors will complete a research paper that makes use of economic data.

In addition to the preceding goals for all majors, qualified majors will have an opportunity to engage in economic research through independent study, graduate coursework, and the senior honors thesis.

Qualified majors who are considering graduate work in economics will have access to and be advised toward appropriate mathematics courses and International Business School graduate courses.

How to Become a Major or a Minor

The main entry point for the major or minor is ECON 10a (Introduction to Microeconomics) which is one of the courses that fulfills the quantitative reasoning component of the general university requirements. Most majors begin their study in the first or second year with ECON 10a, followed by a second principles course, ECON 20a (Introduction to Macroeconomics). If a student has any potential interest in becoming a major or a minor, ECON10a is the correct place to start.

A total of six core courses are required for the major. The two principles courses are followed by four intermediate theory courses: microeconomic theory, macroeconomic theory, statistics, and econometrics (which builds on statistics). Majors must also complete four electives. It is important for prospective majors to begin the study of economics early, because the upper-level electives required for the major build on intermediate courses and have from three to six prerequisites. Calculus is required for the major and is a prerequisite for the intermediate theory courses.

Faculty

George J. Hall, Chair
Macroeconomics.

Shameel Ahmad
Economic History.

Elizabeth Brainerd
 Labor economics. Economic demography. Health economics.

Linda Bui
 Environmental economics. Public finance. Applied microeconomics. Industrial organization.

H. Michael Coiner
Economics of higher education. Macroeconomics. International economics.

Kathryn Graddy
 Applied microeceonmics. Industrial organization. Economics of the arts.

Nader Habibi
Microeconomics. Economics of the Middle East.

Gary H. Jefferson
 Economics of innovation. Institutional economics. Development and industrial organization. China.

Nidhiya Menon (on leave spring 2018)
 Empirical microeconomics. Economic development. Econometrics. Economic demography and labor.

Davide Pettenuzzo
Time-series Econometrics. Bayesian Econometrics. Forecasting. Financial markets.

Scott A. Redenius, Undergraduate Advising Head
Economic history. The economics of financial institutions.

Nelson Sa
Industrial Organization. Economics of Telecommunications. Macroeconomics.

Benjamin Schiller
Applied microeconomics. Industrial Organization. Information economics.

Raphael Schoenle
 International Macroeconomics. Macro- and Monetary Economics. International Trade.

Tymon Sloczynski
 Microeconometrics. Applied Microeconomics. Economic History.

Affiliated Faculty (contributing to the curriculum, advising and administration of the department or program)
Daniel Bergstresser (Brandeis International Business School)
Stephen Cecchetti (Brandeis International Business School)
Judith Dean (Brandeis International Business School)
Alice Hsiaw (Brandeis International Business School)
Blake LeBaron (Brandeis International Business School)
Ricardo Lopez (Brandeis International Business School)
Lisa Lynch (Heller School for Social Policy and Management)
Catherine Mann (Brandeis International Business School)
Aldo Musacchio (Brandeis International Business School)
Debarshi Nandy (Brandeis International Business School)
Carol Osler (Brandeis International Business School)
Peter Petri (Brandeis International Business School)

Requirements for the Minor

A. Successful completion of ECON 10a (Introduction to Microeconomics) and ECON 20a (Introduction to Macroeconomics). A grade of C or higher is required in each of these courses. ECON 2a (A Survey of Economics), with a grade of B+ or higher, may be used in place of ECON 10a.

B. Three additional economics courses, each of which must include a prerequisite of at least ECON 2a, ECON 10a, or ECON 20a. This means that only some of the cross-listed courses may be counted toward the minor in economics. Students must earn at least a C- in each of these three electives. ECON 98a/b and BUS 89a do not count as electives for the minor.

C. Students undertaking the economics minor together with the business major or minor are subject to additional restrictions to minimize the overlap in content. For business majors and minors, no business courses can count toward the economics minor. In addition, students pursuing a business major and economics minor are required to take a minimum of 14 total courses in the major and minor.

D. No course taken pass/fail may count toward requirements for the minor.

E. Students must achieve a GPA of at least 2.0 in the minor courses; students close to this average should consult the Undergraduate Advising Head before enrolling in economic courses for their senior year.

Requirements for the Major

A. Successful completion of ECON 10a (Introduction to Microeconomics) and ECON 20a (Introduction to Macroeconomics). A grade of C or higher is required in each of these courses. ECON 2a (A Survey of Economics), with a grade of B+ or higher, may be used in place of ECON 10a.

B. All majors must satisfy the calculus requirement. The calculus requirement can be fulfilled in one of three ways a) completing MATH 10a, an equivalent course, or a more advanced calculus course with a grade of C- or above or with a pass/fail grade of P, b) scoring at least 4 on the AP Mathematics AB test or at least 3 on the AP Mathematics BC test, or c) passing a departmental placement exam. Students who have taken a college calculus course elsewhere or who are entitled to MATH 10a credit based on their AP or international exam score should transfer those credits to Brandeis. Students who have taken a calculus course and feel they have mastered the material but have not received the necessary math or exam credit may take the departmental placement exam. The placement exam is administered once at the start of each semester and each summer school session. The exam can only be taken once.

All students must satisfy the calculus requirement prior to taking the intermediate theory courses (ECON 80a, 82b, 83a, and Econometrics), or any of the upper-level electives. If it is found that a student enrolled in ECON 80a, ECON 82b, ECON 83a, or Econometrics has not successfully completed this prerequisite at any time during the semester, the student will be dropped from the course. For some more advanced courses, additional calculus courses and linear algebra provide a useful background. Students unsure of the adequacy of their mathematics preparation should consult their advisor.

C. ECON 80a, 82b, and 83a. Students receiving less than a C- for any of these courses must retake the course and earn a C- or better before enrolling in any upper-level elective. Students receiving less than a C- in ECON 83a must retake the course and earn a C- or better before enrolling in an Econometrics course.

D. ECON 184b or ECON 185a. A grade of at least C- is required. Students are strongly encouraged to enroll in one of these courses as soon as possible after completing ECON 83a.

E. Four elective courses in economics, at least two of which must be upper-level. Upper-level electives are courses that have as prerequisites ECON 80a, ECON 82b, and/or ECON 83a; not all 100-level courses meet this criterion. ECON 122b and 175a are lower-level electives. Lower-level electives can be any course in economics other than the required courses, except that ECON 92a, ECON 98a/b, ECON 99a/b, and BUS 89a do not count as electives for the major. Only one course that does not include ECON 2a, ECON 10a, or ECON 20a as a prerequisite can be accepted as a lower-level elective. Eligible electives include cross-listed courses and certain other courses that contain significant economics content offered by IBS, Heller, and other departments in the social sciences. Any student who intends to count an economics-oriented course in another department or school that is not cross-listed as an Economics elective should obtain prior approval of the Undergraduate Advising Head.

F. A passing letter grade must be obtained in each course taken for credit toward the major. No course taken pass/fail may count toward requirements for the major. Students must earn at least a C- in three of the four electives, that is, no more than one grade of D, D+, or D-. Students must also achieve a GPA of at least 2.00 in the major courses; students close to this average should consult the Undergraduate Advising Head before enrolling in economics courses for the senior year.

G. Students undertaking the economics major and the business major or minor are subject to additional restrictions. Business majors and minors may double count no more than two courses for another major or minor. For business and economics double majors, BUS 10a (required for the business major) will count as a lower level elective for Economics and ECON 20a (required for the economics major) will count as a Business and Society elective for business.

H. Any exception to the previously listed rules requires department approval. See the department academic administrator or the Undergraduate Advising Head. For example, a student must petition to get credit toward the major for an economics course taken at another university.

I. Qualified seniors are invited to participate in the department's honors program, which involves researching and writing a thesis under the supervision of a member of the faculty. Candidates for honors must maintain a GPA of at least 3.5 in the major. Honors are awarded on the basis of excellence in courses taken in the major and the senior thesis.

Special Notes Relating to Undergraduates

Business Major and Minor

Students interested in pursuing a major or minor in business should consult the description given in the Business program of this Bulletin.

Academic Advisor and Selection of Courses

Students are strongly advised to choose courses with well-considered educational objectives in mind. Some students will wish to take a range of elective courses and thereby obtain a broad exposure to the discipline. Others will find a more narrow focus with in-depth study in only one or two areas more appropriate, e.g., international economics, labor economics, finance, development economics. Majors should discuss educational objectives and course selections and sequencing with their academic advisors.

Several Brandeis International Business School courses may be appropriate analytical electives for advanced undergraduates, including first-year courses in the PhD program in international economics and finance. Interested students should see their advisor or the Undergraduate Advising Head for more information.

Internships

Most economics majors and minors interested in taking an internship for credit enroll in BUS 89a. BUS 89a does not provide credit toward the economics major or minor, but it is a four-credit course that counts as one of a student’s thirty-two courses. Internships can be done during an academic semester or during the summer. For more information, consult the description and enrollment information for BUS 89a in the Business section of this Bulletin or the Hiatt internships website.

Economics majors who are also undertaking interdepartmental programs with economics connections (e.g. legal studies, environmental studies), and who are doing an internship related to economics to fulfill the requirements of the interdepartmental program, may enroll in ECON 92a. Like BUS 89a, ECON 92a does not provide credit toward the economics major or minor but does count as one of a student’s thirty-two courses.

Courses of Instruction

(1-99) Primarily for Undergraduate Students

ECON 2a A Survey of Economics
[ qr ss ]
Intended for students who are not Economics majors or minors. May not be taken for credit by students who took ECON 10a in prior years.
Introduces economic analysis with policy applications. The economist's approach to social analysis is systematically elaborated. Usually offered every semester.
Mr. Coiner

ECON 10a Introduction to Microeconomics
[ qr ss ]
Intended for Economics majors and minors or students who intend to take more than one Economics course. Students who have taken ECON 2a and received a B+ or better cannot receive credit for this course. May not be taken for credit by students concurrently with or after they have taken ECON 80a.
Introduces the field of microeconomics, which is the study of how individuals and firms make decisions and how these decisions interact. Usually offered every semester.
Mr. Coiner

ECON 20a Introduction to Macroeconomics
[ ss ]
Prerequisite: ECON 2a with a B+ or higher or ECON 10a. May not be taken for credit by students concurrently with or after they have taken ECON 82b.
Introduces the field of macroeconomics. Macroeconomics is the study of the overall or aggregate economic performance of national economies. Usually offered every semester.
Mr. Coiner, Mr. Hall, and Mr. Redenius

ECON 28b The Global Economy
[ ss ]
Prerequisites: ECON 2a or ECON 10a and ECON 20a. ECON 20a may be taken concurrently with ECON 28b.
Applies the basic tools and models of economic analysis to a wide range of topics in micro-, macro-, and international economics. Usually offered every semester.
Mr. Redenius

ECON 30a The Economy of China
[ nw ss ]
Prerequisite: ECON 2a or 10a.
Analysis of China's economic transformation with particular emphasis on China's economic reforms since 1978, including the restructuring of its enterprise, fiscal, financial, and political systems and the roles of trade, foreign investment, and technology in driving China's economic advance. Usually offered every year.
Mr. Jefferson

ECON 45a European Economic History
[ ss ]
Prerequisite: ECON 2a or 10a.
Examines the determinants of economic growth in Western Europe during the 19th century: agricultural and industrial revolutions, demographic transitions, the evolution of financial systems, the size and structure of business organizations, and the integration of world markets. Usually offered every year.
Mr. Ahmad

ECON 57a Environmental Economics
[ ss ]
Prerequisite: ECON 2a or 10a.
Investigates the theoretical and policy problems posed by the use of renewable and nonrenewable resources. Theoretical topics include the optimal pricing of resources, the optimal use of standards and taxes to correct pollution problems under uncertainty, and the measurement of costs and benefits. Usually offered every year.
Ms. Bui

ECON 59b The Economics of Education
[ ss ]
Prerequisite: ECON 2a or 10a.
An introduction to economic analysis of the education sector. Topics include the concept of human capital, private and social return on investment in education, cost-benefit analysis of special educational programs, and issues in the financing of education. Usually offered every second year.
Mr. Coiner

ECON 69a The Economics of Race and Gender
[ ss ]
Prerequisite: ECON 2a or 10a.
The role of race and gender in economic decision making. Mainstream and alternative economic explanations for discrimination, and analysis of the economic status of women and minorities. Discussion of specific public policies related to race, class, and gender. Usually offered every second year.
Ms. Brainerd

ECON 70a American Fiscal Policy
[ ss ]
Prerequisite: ECON 2a or 10a.
Examines Federal and State level tax and spending decisions with a focus on debt crises, the financing of wars and infrastructure, and the political debates surrounding choices made. Theories of monetary and fiscal policy will be presented and evaluated. Usually offered every second year.
Mr. Hall

ECON 76b Labor Economics
[ ss ]
Prerequisite: ECON 2a or 10a.
Analysis of competitive and less-than-competitive markets. Rationale for alternate methods of paying workers (e.g., hourly wages, piece rates, bonuses). Sources of wage differentials among jobs and workers. The U.S. labor movement, the process of collective bargaining, and the economic effects of unions. Effects of government interventions in the labor market, such as the minimum wage and occupational safety regulation. Extent and effects of discrimination in the labor market. Inequality in the distribution of wages. Usually offered every second year.
Ms. Brainerd

ECON 80a Microeconomic Theory
[ ss ]
Prerequisite: ECON 10a. Students must earn C- or higher in MATH 10a, or otherwise satisfy the calculus requirement, to enroll in this course.
Analysis of the behavior of economic units within a market economy. Emphasis upon individuals' decisions as demanders of goods and suppliers of resources, and firms' decisions as suppliers of goods and demanders of resources under various market structures. Usually offered every semester.
Ms. Graddy, Mr. Habibi, Mr. Shiller, and Mr. Sa

ECON 82b Macroeconomic Theory
[ ss ]
Prerequisite: ECON 20a. Students must earn C- or higher in MATH 10a, or otherwise satisfy the calculus requirement, to enroll in this course.
Models of the determination of economic aggregates, such as national income, consumption, investment, government spending, exports, imports, and international capital flows, and economy-wide variables, such as the interest rate, the exchange rate, the price level and inflation, and the unemployment rate. The influence of fiscal and monetary policies on these aggregates and variables is examined. Usually offered every semester.
Mr. Hall, Mr. Schoenle and Mr. Sa

ECON 83a Statistics for Economic Analysis
[ qr ss ]
Prerequisite: ECON 2a or 10a. Students must earn C- or higher in MATH 10a, or otherwise satisfy the calculus requirement, to enroll in this course.
A first course in statistical inference. Topics include descriptive statistics, probability, normal and binomial distributions, sampling distributions, point and interval estimation, properties of estimators, hypothesis testing, regression, and analysis of variance. Usually offered every semester.
Ms. Bui, Ms. Menon, and Mr. Sloczynski

ECON 92a Internship
Signature of the undergraduate advising head required. Does not count toward the major in economics.
Available to economics majors who wish to do an internship as part of an interdepartmental program (e.g., legal studies, environmental studies), where the internship itself will be in an area related to economics. Any economics major not seeking credit for such a program should enroll instead in BUS 89a, an internship class connected to the business major and minor (see the Business section of this Bulletin for the course description). Usually offered by request.
Staff

ECON 98a Independent Study
Signature of the instructor required. Does not count toward the major or minor in economics.
Normally available for a student who has taken a course and wishes to pursue further reading or research in that field or study a subject not listed among the department course offerings. Usually offered every year.
Staff

ECON 98b Independent Study
Signature of the instructor required. Does not count toward the major or minor in economics.
See ECON 98a for course description. Usually offered every year.
Staff

ECON 99a Senior Research
Signature of the instructor required. Does not count toward the major in economics.
A senior Economics major whose GPA in economics courses is 3.50 or above and who has completed ECON 184b or an equivalent course may petition to be admitted to the senior honors program and to enroll in this course. Usually offered every year.
Staff

ECON 99b Senior Thesis
Prerequisite: Satisfactory completion of ECON 99a. Signature of the instructor required. Does not count toward the major in economics.
Senior Economics majors who wish to complete a senior honors thesis normally enroll in this course. Usually offered every year.
Staff

ECON/FA 87a Economics and the Arts
[ ca ss ]
Prerequisite: ECON 2a or 10a; FA 30a, 57a, 59a or 62a. The FA course may be taken concurrently with ECON/FA 87a.
Economics and art history provide dual lenses for studying the mechanics of art auctions and building collections. The course will focus on the intersection of history and patronage of specific artists and works of art with the marketplace. Usually offered every second year.
Ms. Graddy and Ms. Scott

ECON/HIS 55a American Economic History
[ ss ]
Prerequisite: ECON 10a. Formerly offered as ECON 55a.
Analyzes the sources of American economic growth from colonial times until the end of the twentieth century. Topics include immigration, land policy, industrialization, and the increasing role of government in shaping economic performance. Usually offered every second year.
Staff

(100-199) For Both Undergraduate and Graduate Students

ECON 122b The Economics of the Middle East
[ nw ss ]
Prerequisite: ECON 2a or 10a or the equivalent. Does not count toward the upper-level elective requirement for the major in economics.
Examines the Middle East economies – past experiences, present situation, and future challenges – drawing on theories, policy formulations and empirical studies of economic growth, trade, poverty, income distribution, labor markets, finance and banking, government reforms, globalization, and Arab-Israeli political economy. Usually offered every year.
Mr. Habibi

ECON 134b Public Sector Economics
[ ss ]
Prerequisites: ECON 80a and ECON 83a or permission of the instructor.
The effect of tax and expenditure policies on economic efficiency and equity. Topics include externalities and public goods, public choice, cost-benefit analysis, income redistribution, social security, and health care. Also discussion of U.S. tax system, public debt, and state and local finance. Usually offered every year.
Mr. Coiner and Ms. Bui

ECON 135a Industrial Organization
[ qr ss ]
Prerequisites: ECON 80a and ECON 83a or permission of the instructor.
Microeconomic analysis of firm behavior under alternative market structures and implications for market outcomes. Topics include strategic interaction, entry and exit, collusion, predation, price discrimination, product differentiation, vertical relations, imperfect information, advertising, and patents and innovation. Usually offered every year.
Ms. Graddy and Mr. Shiller

ECON 141b Economics of Innovation
[ ss ]
Prerequisites: ECON 80a and ECON 83a or permission of the instructor.
Studies the innovation and technological change as the central focus of modern economies. Topics include the sources of growth, economics of research and development, innovation, diffusion and technology transfer, appropriability, patents, information markets, productivity, institutional innovation, and global competitiveness. Usually offered every year.
Mr. Jefferson

ECON 142b Behavioral Economics
[ ss ]
Prerequisite: ECON 2a or ECON 10a. Students must earn C- or higher in MATH 10a, or otherwise satisfy the calculus requirement, to enroll in this course. Corequisite: ECON 80a. Course to be taught at Brandeis program in Copenhagen.
Behavioral economics rethinks the standard economic model of human behavior by integrating experiential learning and psychological research into economic theory. This course is based on behavioral economic theory and cases from Denmark and Europe examining choices of individuals. Usually offered every fourth year.
Staff

ECON 160a International Trade Theory
[ ss ]
Prerequisites: ECON 80a and ECON 83a or permission of the instructor.
Causes and consequences of international trade and factor movements. Topics include determinants of trade, effects on welfare and income distribution, trade and growth, protection, foreign investment, immigration, and preferential trading. Usually offered every year.
Mr. Lopez

ECON 161a International Macroeconomics and Finance
[ ss ]
Prerequisites: ECON 82b. Corequisite: ECON 184b or permission of the instructor.
Applications of international economic theory – regarding trade, the balance of payments, investments, and exchange rates – to the management of import/export firms and multinational corporations. Usually offered every year.
Ms. Mann

ECON 171a Financial Economics
[ ss ]
Prerequisites: ECON 80a and ECON 83a or permission of the instructor.
An introduction to financial economics. Topics include the selection of assets, portfolio choice under uncertainty, equilibrium asset pricing models, the efficient markets hypothesis, futures, and options markets. Usually offered every year.
Mr. Ballantine

ECON 172b Money and Banking
[ ss ]
Prerequisites: ECON 82b and ECON 83a or permission of the instructor.
Examines the relationship of the financial system to real economic activity, focusing especially on banks and central banks. Topics include the monetary and payments systems; financial instruments and their pricing; the structure, management, and regulation of bank and nonbank financial intermediaries and the design and operations of central banks in a modern economy. Usually offered every year.
Mr. Redenius

ECON 173a Central Banking: Theory and Policy
[ ss wi ]
Prerequisite: ECON 82b.
Studies the purposes and functions of central banks over time and the challenges they confront. Examines central banks' roles in the recent financial crisis and explores current debates over the policies that central banks are following in its aftermath. Usually offered every year.
Ms. Browne

ECON 175a Introduction to the Economics of Development
[ ss ]
Prerequisite: ECON 2a or 10a or permission of the instructor. Does not count toward the upper-level elective requirement for the major in economics.
An introduction to various models of economic growth and development and evaluation of these perspectives from the experience of developing and industrial countries. Usually offered every second year.
Ms. Menon

ECON 176a Health, Hunger, and the Household in Developing Countries
[ nw ss ]
Prerequisites: ECON 80a and ECON 184b or permission of the instructor.
Examines aspects of poverty and nutrition that are confronted by households in low-income countries. Examines these issues primarily from a microeconomic perspective, although some macroeconomic angles are explored as well. Usually offered every second year.
Ms. Menon

ECON 181b Game Theory and Economic Applications
[ ss ]
Prerequisites: ECON 80a, ECON 83a, and MATH 10a or equivalent.
Analysis of decision making in multiperson settings. Studies models of equilibrium and various kinds of games under perfect and imperfect information. The applications include business strategy and competition, auctions, and risk sharing. Usually offered every second year.
Mr. Sa

ECON 182a Topics in Advanced Macroeconomics
[ ss ]
Prerequisite: ECON 80a, 82b, and 83a.
Contemporary theories of economic growth, business cycles, monetary economics, and financial crises and their implications for monetary and fiscal policy. Emphasis on empirical work and computer modeling. Usually offered every year.
Mr. Hall

ECON 184b Econometrics
[ qr ss ]
Prerequisites: ECON 83a. Corequisite: ECON 80a or permission of the instructor. Students must earn a C- or higher in MATH 10a, or otherwise satisfy the calculus requirement, to enroll in this course. This course may not be taken for credit by students who have previously taken or are currently enrolled in ECON 185a or ECON 311a.
An introduction to the theory of econometric regression and forecasting models, with applications to the analysis of business and economic data. Usually offered every year.
Ms. Brainerd, Ms. Bui, and Mr. Pettenuzzo

(200 and above) Primarily for Graduate Students

ECON 201a Global Economic Environment
Open to IBS students only.
A look at global economic environments from the perspective of all stakeholders, including governments, businesses, consumers, labor, rich, and poor. Takes a multidisciplinary approach drawing on international politics, economy, finance, and business management. The course is divided in two major themes: the economic finance dimension and the political social dimension. Not offered in 2017-2018.
Mr. Ballantine

ECON 202a Applied International Macroeconomics
Using countries to illustrate, this course covers domestic and international macroeconomics. Topics include the goals and functioning of monetary authorities, financial crises, international competitiveness and PPP, exchange rate regimes, hyperinflation, and the sustainability of government finances. Students also master basic skills for manipulating and presenting macroeconomic information. Usually offered every year.
Ms. Osler

ECON 206f Microeconomics for Business
Meets for one-half semester and yields half-course credit.
Introduces the essentials of microeconomic concepts with an emphasis on managerial relevance for decision-making. Topics include the analysis of market demand, firm's production decisions, and optimal pricing strategy under various market conditions such as monopoly and oligopoly. Usually offered every year.
Mr. Ballantine

ECON 207a Managerial Economics
Teaches students to apply basic microeconomic concepts to business and management decision-making. Key concepts include consumer behavior, properties of market supply and demand, firm's production decisions, market structures, government interventions in the markets, and optimal pricing strategy under various market conditions such as monopoly and oligopoly. Usually offered every year.
Ms. Hsiaw

ECON 210f Foundations of Statistics
Meets for one-half semester and yields half-course credit.
Intended for students with little or no prior coursework in statistics. Introduction to statistical thinking and analytic methods, emphasizing business decision-making. Considerable use of statistical software (Stata), readings, cases, and projects permits focus on concepts, models, and interpretation of results. Topics include descriptive statistics, financial models, estimation, hypothesis testing, and regression analysis. Usually offered every year.
Mr. Fournier

ECON 213a Applied Econometrics
Prerequisites: ECON 210f or a statistics course.
The class works to understand, develop and implement the fundamental causal models currently used in econometrics. After reviewing probability, basic statistics, and the linear regression model, we will focus on developing models to account for violations of this model. Usually offered every year.
Mr. Fournier and Mr. Koskinen

ECON 217f Game Theory and Business Strategy
Prerequisites: ECON 206f, ECON 207a or an intermediate microeconomics course. Meets for one-half semester and yields half-course credit.
In economics, a "game" is a situation in which the best course of action depends on what others choose to do. This course studies game theory as a form of strategic analysis that can be applied to a myriad of business settings, the foremost of which is economic competition. Usually offered every year.
Mr. Koskinen

ECON 235a Central Banking Seminar
Prerequisites: ECON 82b or ECON 202a.
Studies the origins of banks and central banks; old and new debates about monetary policy including inflation targeting: sophisticated questions such as whether central banks should pay interest on reserves; and finally the appropriate policies for central banks in a financially turbulent world. Each week students read a substantial amount and synthesize it in a short paper. Class is devoted to discussion. Each student makes two presentations. Usually offered every year.
Ms. Browne

ECON 241a Antitrust Economics: Regulating Competition
Prerequisites: ECON 80a or ECON 207a.
Studies antitrust economics and economic regulation. The first part of the course will introduce the student to the economics of antitrust and to the economic theories and tools needed to understand and conduct antitrust policy analysis. The second part of the course will focus on economic regulation and introduce the student to the theory and practice of economic regulation involving the basics of natural monopoly regulation as applied to public utilities such as electricity, gas, water and telecommunications. Usually offered every year.
Mr. Ros

ECON 252f The Economy of China
Meets for one-half semester and yields half-course credit.
Provides an analytical overview of China's economic transformation, emphasizing the period since 1980. Topics covered include the reform process, the role of institutions, including the financial and fiscal sectors, corporate governance reform, trade and foreign direct investment, science and technology, regional and income disparities, and the changing laws, practice, and culture that define the role of business within China. Usually offered every second year.
Mr. Jefferson

ECON 253a Asia: Center of World Economy
With half of the world's population, one quarter of its output, and twice its growth rate, Asia is emerging as the center of the world economy. This course examines Asia's economic dynamism and the companies, investments, and policies that are shaping its future. Not offered in 2017-2018.
Mr. Petri

ECON 260a International Trade Policy and Institutions
Prerequisite: Intermediate Microeconomics or ECON 207a.
Develops the fundamental economic theories behind the various policies that regulate and interfere with international trade. Examines the predominant national and international institutions that are charged with administering these policies as well as the scope and process for potential reform. Usually offered every year.
Ms. Dean

ECON 261a Empirical Analysis of Trade Policy
Prerequisites: One semester of econometrics, at either the undergraduate or graduate level, and one semester of international trade, at either the undergraduate or graduate level.
Explores contemporary trade policy issues, with a focus on emerging markets, while helping students learn advanced econometric techniques. Students read professional empirical studies to learn what we know and carry out their own original research on a policy issue, from data collection to econometric testing and evaluation. Usually offered every year.
Ms. Dean

ECON 270a Economic Development Strategies
Prerequisites: At least one semester of undergraduate microeconomics and one semester of undergraduate macroeconomics, or the equivalent.
Discusses the current situation of developing countries and the main theories of development and underdevelopment. Introduces the field and tools of development economics, explores the theoretical and policy debates around developing economies, and looks at alternative development strategies. Not offered in 2017-2018.
Mr. Lopez

ECON 281f Challenges in the Global Economy: International Trade and Development
Prerequisites: ECON 202a and ECON 260a. Meets for one-half semester and yields half-course credit.
Focuses on the current challenges in trade policy and economic development. Students will apply tools and concepts from international trade, microeconomics, development and statistics to analyze key issues facing policymakers and international organizations. Usually offered every year.
Ms. Dean

ECON 282f Challenges in the Global Economy: Macroeconomic Policy and Finance
Prerequisite: ECON 281f. Meets for one-half semester and yields half-course credit.
Focuses on current challenges in growth, monetary, fiscal and regulatory policy. Students will apply tools and concepts from international macroeconomic, finance, accounting and statistics to analyze key issues facing policymakers and international organizations. Usually offered every year.
Mr. Cecchetti

ECON 297a Internship
Prerequisite: Two semesters at IBS or permission of program director. This course yields half-course credit. This course may not be repeated for credit.
Offers students an opportunity to apply the theories and key themes covered in the core courses in a real-life setting. Requires completion of at least six weeks of a paid or unpaid internship approved and monitored by a faculty advisor. The project could involve a research or consulting assignment or a structured internship in the school's fields. Interested students should consult the guidelines established by the school. Usually offered every year.
Staff

ECON 297g Internship
Prerequisite: Two semesters at IBS or permission of program director. This course yields quarter-course credit. This course may be repeated twice for credit.
Offers students an opportunity to apply the theories and key themes covered in the core courses in a real-life setting. Requires completion of at least six weeks of a paid or unpaid internship approved and monitored by a faculty advisor. The project could involve a research or consulting assignment or a structured internship in the school's fields. Interested students should consult the guidelines established by the school. Usually offered every year.
Staff

ECON 298a Independent Study
Normally available for a student who wishes to pursue advanced reading or research in a subject or field not available in the department's course listings. Usually offered every semester.
Staff

ECON 298f Independent Study
Open only to IBS students. Meets for one-half semester and yields half-course credit.
Normally available for a student who wishes to pursue advanced reading on research in a subject or field not available in the department's course listings. Usually offered every year.
Staff

ECON 299a Master's Project
Prerequisite: Two semesters at IBS or permission of program director.
A student wishing to complete a master's project under the guidance of a faculty advisor may enroll in this course during his or her second year in the master's program. Projects may involve a short analytical thesis, the solution of an applied problem, or a report on work completed in an appropriate internship. In exceptional cases a student may undertake a master’s thesis so demanding that it requires two semesters. In such cases, with careful consideration of the faculty adviser and the program director, the student may enroll in this course for his/her two final semesters. Usually offered every year.
Staff

ECON 301a Advanced Microeconomics I
Prerequisites: Microeconomics and math.
Study of the theories of microeconomics, including optimization, theory of the firm, theory of the consumer, duality theory, general equilibrium, welfare economics, public goods, and externalities. Usually offered every second year.
Ms. Bui

ECON 302a Advanced Microeconomics II
Prerequisites: ECON 301a.
This course will focus on game theory with specific emphasis on its application to firm behavior, information economics, and the study of market organization including auctions. Important contributions of behavioral economics will also be address in this course. A strong emphasis will be placed on acquiring the tools that are required for economic research. Usually offered every second year.
Ms. Graddy

ECON 303a Advanced Macroeconomics I
Prerequisites: course work in microeconomics and mathematics.
Study of modern theories of short-run and long-run determination of aggregate income. Topics include private consumption and investment behavior, fiscal policy, the current account and exchange rates, economic growth, and stochastic dynamic programming with applications to macroeconomics. Usually offered every second year.
Mr. Schoenle

ECON 304a Advanced Macroeconomics II
Prerequisite: ECON 303a.
Current research issues in macroeconomics, such as the impact of supply shocks, real demand shocks, and monetary shocks on output, interest rates, and exchange rates. Empirical studies and testing of competing macroeconomic theories. Usually offered every second year.
Staff

ECON 307f Empirical Methods for Dynamic Economic Models
Prerequisite: ECON 304a. Meets for one-half semester and yields half-course credit.
An advanced topics course on contemporary methods to solve, estimate, and evaluate structural models. Usually offered every second year.
Mr. Hall

ECON 311a Advanced Econometrics I
Prerequisites: Statistics and math.
Econometric theory and applications. Discusses the statistical theory of regression modeling and associated hypothesis testing, with emphasis on the construction, interpretation, and use of econometric models. Usually offered every second year.
Mr. Sloczynski

ECON 312a Advanced Econometrics II
Prerequisite: ECON 311a or consent of instructor.
Examines the models and statistical techniques used to study time series data. Topics will include linear and non-linear univariate as well as multivariate econometric models. One objective of the course is to provide the students with a good understanding of econometric models for time series data. These models are widely used in the empirical literature, and a good understanding of these models is crucial for the second objective of the course: to provide the students with the ability to evaluate recent empirical studies. The third objective of the course is to develop practical skills, which are necessary to perform independent research using real world data. A theme throughout the course is the use of computational methods for analyzing the material covered in class, and throughout the course we will rely heavily on examples and applications with Matlab. Usually offered every second year.
Mr. Pettenuzzo

ECON 330a International Macroeconomics
Prerequisite: ECON 304a.
Applications of macroeconomic theory to open economies. Topics include international parity theorems, models of exchange rate determination, and central bank management of the exchange-rate. Usually offered every year.
Mr. Schoenle

ECON 340a Empirical Industrial Organization
Prerequisite: ECON 302a.
Examines the theoretical and empirical methods that are used in the study of firm and industry behavior. Topics include price discrimination, oligopoly behavior, product differentiation, auctions, and market structure. The course places a strong focus on the questions that are being asked, the empirical and theoretical methodology used to address these questions, and the sources of data. A primary purpose of this course is to prepare students for the thesis process and for presenting thesis work. Usually offered every second year.
Mr. Shiller

ECON 360a International Trade Theory
Open only to IBS students.
Analyzes the economic issues involved in the integration into world markets of trade in consulting and professional services, investment, financial and banking services, telecommunications, and transportation. Also addresses the tradeoffs in regulating services trade through the WTO's General Agreement on Trade in Services (GATS), regional initiatives, as well as conflict areas and dispute settlement. Usually offered every second year.
Ms. Dean

ECON 370a Development Economics
Prerequisite: ECON 302a.
Reviews neoclassical and endogenous growth theory as it relates to the experience of developing countries. Also examines recent applied work relating to household fertility, natural resource depletion, technology, and sustainable growth, and various political economy issues, including the link between inequality and growth, the interaction between economic growth and political systems, and a range of issues that engage the new institutional economics. Usually offered every second year.
Mr. Jefferson

ECON 398a Independent Study
Normally available for a PhD student who wishes to pursue advanced reading under the direction of a faculty member. Usually offered every semester.
Staff

ECON 399a Dissertation Workshop
Prerequisites: ECON 302a and ECON 304a.
Involves invited lectures by Brandeis faculty and other researchers. Presentation and discussion of dissertation topics and work in progress. Usually offered every year.
Ms. Bui

ECON/FIN 209a Behavioral Finance and Economics
Prerequisites: ECON 207a or intermediate microeconomics and ECON 210f or statistics. May not be taken for credit by students who took ECON/FIN 209f in prior years.
How do economic agents make decisions? Though economists historically assumed that decisions are made "rationally," the evidence suggests otherwise. Examines evidence on human decision-making processes culled from many disciplines. Students investigate how those processes can explain observed patterns in economic and financial behavior. They also analyze how such behavior can explain observed market phenomena that would not emerge if agents were "personally rational." Usually offered every year.
Ms. Hsiaw

ECON/FIN 250a Forecasting in Finance and Economics
Prerequisites: FIN 201a and ECON 213a.
Covers the basics of forecasting and time series analysis as used in finance and economics. Time series topics will include linear regression, ARMA models, trend modeling, seasonal adjustments, and volatility modeling. We will also cover more unusual topics such as bootstrapping, and technical trading rules. Students will leave the course with a good introduction to many of the tools used in modern time series forecasting and quantitative finance. Usually offered every year.
Mr. LeBaron

ECON/FIN 291g Quant Lab Seminar
Offered exclusively on a credit/no credit basis. Open only to IBS students. Enrollment is limited; signature of the instructor is required. Yields one-fourth course credit. May be repeated for credit as the seminar topic varies.
Students will learn the basics of a programming language and its applications for data analytics in economics, business and finance. The course is graded on the basis of a final project that requires original coding to solve a particular problem or to analyze an original data set. Students are expected to attend class, watch tutorial videos, complete problem sets and work on the final project. Usually offered every year.
Staff

Cross-Listed in Economics

AAAS 60a Economics of Third World Hunger
[ nw ss ]
Employs the tools of social science, particularly economics, to study causes and potential solutions to problems in production, trade, and consumption of food in the underdeveloped world. Usually offered every second year.
Mr. Nyangoni

BUS 6a Financial Accounting
[ ss ]
Prerequisite: ECON 2a or ECON 10a.
Develops basic concepts and accounts and applies them to income measurement, capital values, and costs. Through the use of cases, develops the basis for rational choice and control of business activity. Usually offered every semester in multiple sections.
Mr. Angell, Ms Stoller and Ms. Weihs

BUS 10a Functions of the Capitalist Enterprise
[ ss ]
Prerequisite: BUS 6a. BUS 6a may be taken concurrently with BUS 10a.
Introduces the internal complexity of modern businesses and the various roles they play in society. First examines the internal workings of firms--marketing, operations, finance, and other functions. Subsequently, the relationships between businesses and their context--the economy, social issues, and government are studied. Usually offered every semester in multiple sections.
Mr. Bayone, Ms. Berhane, Mr. Carver, and Mr. Podorefsky

ECON 261a Empirical Analysis of Trade Policy
Prerequisites: One semester of econometrics, at either the undergraduate or graduate level, and one semester of international trade, at either the undergraduate or graduate level.
Explores contemporary trade policy issues, with a focus on emerging markets, while helping students learn advanced econometric techniques. Students read professional empirical studies to learn what we know and carry out their own original research on a policy issue, from data collection to econometric testing and evaluation. Usually offered every year.
Ms. Dean

FIN 202a Corporate Finance
Prerequisite: FIN 201a and FIN 212a.
Focuses on how companies make their investment, financing, and dividend decisions in a global environment. Examines the theory and practices of firms through a combination of current articles, problems in the text, and case analysis. Students will have a firm understanding of how companies create value through their decisions. Usually offered every semester.
Mr. Abdurezak and Ms. Yang

HS 104b American Health Care
[ ss ]
Examines and critically analyzes the United States healthcare system, emphasizing the major trends and issues that have led to the current sense of "crisis." In addition to providing a historical perspective, this course will establish a context for analyzing the current, varied approaches to health care reform. Usually offered every year.
Mr. Altman

HS 110a Wealth and Poverty
[ ss ]
Examines why the gap between richer and poorer citizens appears to be widening in the United States and elsewhere, what could be done to reverse this trend, and how the widening disparity affects major issues of public policy. Usually offered every year.
Mr. Shapiro

HSSP 104b Health Economics
[ ss ]
Prerequisite: ECON 2a or 10a.
Emphasizes the concepts and tools of health economics applicable to both developed and developing countries. Topics include: cost-benefit and cost-effectiveness analysis, the demand for health services, insurance and risk, managed care, provider reimbursement, national health insurance, and an overview of health care systems in other countries. Usually offered every second year.
Mr. Hodgkin

LGLS 127b International Economic Law
[ ss ]
Prerequisite: ECON 2a or ECON 10a or permission of the instructor.
Studies the transnational legal institution and practices that constitute the global economic networks of the 21st century. Surveys the fields of corporate regulation, including business practices and human rights, and legal regimes supporting trade and finance. Practice in arbitrating investment disputes between states and corporations. Usually offered every second year.
Staff

PHIL 13b The Idea of the Market: Economic Philosophies
[ hum ]
Historical survey of philosophical assumptions in the defense and critique of market capitalism, starting from Adam Smith's views on value, self, and community. Explores philosophical alternatives in Marx, Weber, Durkheim, Dewey, and Hayek, including debates on justice and individualism. Usually offered every fourth year.
Mr. Gaskins

POL 172b Seminar: International Political Economy
[ ss ]
Prerequisite: Sophomore standing or higher.
The politics and modern evolution of international economic relations, comprising trade, money, multinational productions, and development. Also the role of states and transnational actors in international markets and the global differentiation of power, and distribution of wealth. Usually offered every year.
Mr. Chase

POL 173a U.S. Foreign Economic Policy
[ oc ss wi ]
Prerequisite: Sophomore standing or above.
Presents the history and politics of the foreign economic policy in the United States. Emphasis is on political and economic considerations that influence the domestic actors and institutions involved in the formulation of policy. Usually offered every year.
Mr. Chase

SOC 116a Work, Employment and Unemployment: Sociological Approaches
[ ss ]
Considers work, employment, and unemployment in the U.S. using a sociological framework. It offers a broad overview of the role work has played in society historically and currently, and the changing nature of work in the 21st century. Usually offered every year.
Ms. Chaganti

WMGS 168b Economics of Gender, Health and Population
[ ss ]
Prerequisite: ECON 2a, ECON 10a or WMGS 5a.
Examines issues in gender, health, and population from an economic perspective. Emphasis on empirical work and understanding causality. Topics include the US-European divide in female life expectancy, the economics of HIV/AIDS, and the impact of population policies on fertility. Usually offered every third year.
Ms. Brainerd