# Graduate Courses

Please consult the online course catalog for complete course information.

Course registration information can be found at https://sis.jhu.edu/classes/

- 180.600 General Equilibrium Theory
The mathematical theory of general static equilibrium. The course will emphasize the formal mathematical expression of economic ideas and the ability to give a loose economic intuition a coherent logical meaning. Different mathematical structures in general equilibrium theory will be isolated and discussed. The text will be Debreu’s book “Theory of Value”. Recommended Course Background: AS.110.106, AS.180.301, and AS.180.302 or permission of the instructor.

**Instructor:**Khan

- 180.601 Consumer & Producer Theory
The course will cover decision theories relevant to economics and their related analytical tools. We aim to discuss the following topics: standard theories of firm and consumer behavior; decision making under risk; revealed preference analysis; monotone comparative statics; bounded rationality.

Special Note: This course only runs the second half of the semester but is as challenging as a full semester course. Students registering for this doubly intensive course also need to register for the equally intensive course of AS.180.600, General Equilibrium Theory, taught by Professor Khan that runs the first half of the semester. These courses complement each other and should be taken together.**Instructor:**Quah

- 180.603-604 Macroeconomic Theory
**First term:**a comprehensive treatment of macroeconomic theory, including static analysis of aggregate output employment, the rate of interest, and the price level; aggregative theory of investment, consumption, demand and supply of money; empirical work on aggregative relationships.**Second term:**the macrodynamic theory of growth, cycles, unemployment and inflation, and selected subjects.**Prerequisites:**180.301-302 or permission of instructor.

**Instructor:**Jeanne

- 180.605-606 Advanced Macroeconomics
Topics of recent research in macroeconomics. Prof. Ball’s course covers nominal rigidities, dynamic-consistency theories of inflation, inflation inertia and the costs of disinflation, monetary policy, costs and benefits of price stability, benefits of output stabilization, alternative policy rules, measuring inflation, unemployment, efficiency-wage theories, the behavior of the NAIRU, macro in middle-income countries, high inflation and stabilization, currency crises. Prof. Carroll’s course analyzes implications of the buffer-stock and habit formation theories of consumption for comovement of aggregate variables and asset pricing. The models are applied to study the phenomena of declining U.S. saving rate, the dynamic relationship between saving rates and growth, and the equity premium puzzle.

**Instructor:**Ball, Carroll

- 180.607-608 Macroeconometrics
The course is an attempt to provide a framework for discussing the techniques that are used in macroeconometric analysis. Generally the bias that it has is one of looking at these from the perspective of someone analyzing macroeconomic data for policy analysis. Consequently, many of the applications considered are drawn from the type of research conducted in central banks and finance ministries. Its emphasis is therefore upon the issues raised by the analysis of time series of macro-economic data. Today there is an emerging literature that looks at microeconomic data as well as conducting cross-country studies. We will tend to ignore that material as the methods used in such research are essentially those of microeconometrics, although sometimes with adjustments made to reflect the nature of macroeconomic time series.

**Instructor:**Wright

- 180.611 Decision Theory
The course offers a review of alternative approaches to decision making under risk and under uncertainty. Starting with the subjective expected utility model, the course surveys axiomatic models that depart from the independence axiom under risk and the sure thing principle under uncertainty, exploring the notion of ambiguity and ambiguity aversion. Departures from the completeness of beliefs and tastes is also discussed and the representations of incomplete preferences under risk and uncertainty are examined.

**Prerequisites:**180.601 and 180.603 or permission of instructor.**Instructor:**Karni

- 180.614 Mathematical Economics
This course traces the extent to which modern economic theory, particularly as it pertains to pure competition in market and non-market games under the rationality postulate, is grounded in the language of probability and measure theory. Special attention will be paid to the formal expression of ideas such as economic and numerical negligibility, on the one hand, and diffuseness and conditional independence of information, on the other. Towards this end, the course will develop rigorous formulations of basic ideas of (conceptual rather than computational) probability and apply them: first, to develop the fundamental theorems of welfare economics, including the core theorems; and second, to large anonymous and non-anonymous games as well as to finite-agent games with private information. The course will be self-contained from the technical point of view but will presuppose a level of mathematical maturity that ought typically to be achieved by taking courses such as 180.615 and 180.601.

**Instructor:**Khan

- 180.616 Mathematical Methods and Dynamic Optimization
This course concerns dynamic optimization in both continuous and discrete time. More specifically, it develops Pontryagin’s maximum principle and the Euler-Lagrange conditions in the calculus of variations, on the one hand, and the basic tools of deterministic dynamic programming, on the other. The course will be self-contained from the technical point of view but will presuppose a level of mathematical maturity that ought typically to be achieved by taking a course such as AS.180.600.

**Instructor:**Khan

- 180.622 Game Theory
The topics covered include solutions concepts such as dominance, rationalizability, Nash equilibrium, correlated equilibrium, subgame perfect equilibrium and Perfect Bayesian equilibrium. We will discuss both static and dynamic games and games of complete and incomplete information.

**Instructor:**Chen

- 180.623 Economics of Information
The course introduces the economic issues associated asymmetric information and analyses the institutions and mechanisms designed to mitigate the resulting inefficiencies. Topics include: Adverse selection; moral hazard; incentive contracts; and mechanism design.

**Prerequisites:**AS.180.600 and AS.180.601

**Instructor:**Karni

- 180.626 Computational Methods
This class will introduce students to the computational tools that are used to get things done in scientific research. Such tools include, but are not limited to, unix bash shell scripting, LaTeX/Beamer, virtual machines, git and github, tools for parallel computation, cloud services, and others. Brief treatments of special-purpose tools (like Mathematica for symbolic math) will conclude this part of the class. After this introduction, the course will involve an intensive introduction to the use of the Python language for scientific computation purposes, including a discussion of why Python dominates other choices like Matlab and Julia. The final third of the course will apply the tools in a practical application to a specific problem identified jointly between the instructor and the student. There is no required text; readings will be assigned in class. (The characteristic that distinguishes this class from alternatives is that this class will not teach specific algorithms nor frontier computational techniques; rather, it aims to expose students to a broad set of tools that they will use regularly thereafter).

**Prerequisites:**AS.180.616 or equivalent

**Instructor:**Carroll

- 180.628 Economic Development
A review of experience in less-developed countries (LDCs) since 1945, theories of development, economic planning in the LDC context, and models of the development process.

**Prerequisites:**180.601, 180.603**Instructor:**Gersovitz

- 180.632 Topics in Applied Microeconometrics
This course teaches methods for using micro-data to recover structural parameters of microeconomic models. We cover static models, but focus largely on single-agent dynamic programming, including “full solution” methods and innovations that permit circumvention of daunting computational tasks. Additional topics will be partially based on students’ interests, but will likely include: general equilibrium models, static and dynamic games, matching models, unobserved heterogeneity, structural methods with experimental data and biased expectations. The goal is to teach students to use structural methods in their own research, so we will delve into the nuts and bolts of structural work, examining how researchers actually get from raw data to results. This includes: how the subsample for analysis is chosen, how the model is specified, how the programming problem is solved, which moments are generated, how these are matched to the analogous moments in the data and, importantly, how identification is established.

**Instructor:**Papageorge

- 180.633 Econometrics
Mathematical models of economic behavior and the use of statistical methods for testing economic theories and estimating economic parameters. Subject matter will vary from year to year; statistical methods, such as linear regression, multivariate analysis, and identification, estimation and testing in simultaneous equation models, will be stressed.

**Prerequisites:**Statistics Inference(180.636), Microeconomic Theory (180.601), Mathematical Economics (180.614). People who wish to audit need the same prerequisites.**Instructor:**Hu

- 180.634 Panel Data Models & Applications
This course is a reading course for the panel data models in the economics department. We will focus on econometric theories that are commonly used in panel data analysis, although many of these techniques can be applied to other areas as well. In addition, we will discuss applications of these theories. The course material will start from chapter 10 & 11 in Wooldridge’s book which covers linear panel data models. And then we discuss the discrete choice models from chapter 7 of Hsiao’s book. After these, we will try to read papers related to panel data models.

**Instructor:**Shiu

- 180.636 Statistics
This course covers two broad topics, probability theory and statistical inference, as prerequisites for the subsequent econometric courses. For the first part, we introduce theories of measure and integration. For the second part, we discuss finite sample statistics, estimation, hypothesis testing, and asymptotic statistics. Examples are drawn from economics and econometrics. The course is limited to graduate students in economics.

**Prerequisites:**analysis and linear algebra.

**Instructor:**Shiu

- 180.637 Microeconometrics I
This is an advanced graduate course on major econometric techniques and models that are used in empirical microeconomics. The first half of the course introduces econometric theories of nonlinear extremal estimation, nonparametric estimation, and semiparametric estimation. The second half of the course illustrates applications of these theories to limited dependent variable models, selection models, and endogenous treatment models with unobserved heterogeneity.

**Prerequisites:**Statistics Inference (180.636), Microeconomic Theory (180.601-602) and Econometrics (180.633)

**Instructor:**Liu

- 180.638 Microeconometrics II
The course is the second in the micro-econometrics sequence in the economics departments. It will introduce a selection of models and techniques that are useful when a researcher wants to estimate a structural model, i.e. a model derived from economic theory. Structural models that try to incorporate restrictions derived from economic theory are used in empirical IO, but also in quantitative marketing research, labor economics and other fields that consider individual decision making. No attempt will be made to be comprehensive.

Instead we will focus on a few areas that have been well-researched in recent years: dynamic discrete choice, microeconomic models with latent variables, program evaluation, the empirical analysis of auctions, nonseparable models. (some topics will be included only if time permits). The models and methods been developed for these areas are relevant for other cases. The emphasis is on the interaction between economic theory and econometrics. Basic issues are specification and (nonparametric) identification, computational problems and the use of simulation, semi-parametric estimation to avoid functional form and distributional assumptions that cannot be derived from economic theory.

**Prerequisites:**Microeconomic Theory (180.601 or 180.602) and one of Statistics Inference (180.636), Econometrics (180.633), and Microeconometrics I (180.637) or permission by the instructor. People who wish to audit need the same prerequisites.

**Instructor:**Hu

- 180.640 Topics in Economic Theory II
In this course we will discuss a variety of topics in Economic Theory that are either not covered or only partially covered in the regular courses. Topics may include Individual and Social Choice Theory, Auctions Theory, Medical Decision Making. For each subject there will be introductory lectures followed by readings and students’ presentations of recent contributions.

**Instructor:**Karni

- 180.641 International Trade
This is a graduate course in international trade. It will develop basic analytical tools and frameworks used in the general equilibrium analysis of international trade. Recent research topics will be discussed in the second half of the course.

**Prerequisites:**Corequisites: 180.601, 180.603

**Instructor:**P. Krishna

- 180.642 International Monetary Economics
A link between the balance of payments and asset accumulation/decumulation, microeconomics of international finance and open-economy macroeconomics. The section on open-economy macroeconomics covers approaches to balance-of -payments adjustments, theories of exchange rate determination and monetary, fiscal and exchange-market policies under fixed and flexible rate regimes.

**Prerequisites:**Corequisites: 180.601, 180.603**Instructor:**Jeanne

- 180.643 Topics of Game Theory
This course covers topics such as repeated games, dynamic games, bargaining and strategic communication.

**Prerequisites:**180.622

**Instructor:**Chen

- 180.645 Topics In Economic Theory I
This course will cover two topics in economic theory. We will cover the theory of monotone comparative statics and supermodular games; this topic will be useful to students doing research in theory or in structural econometrics, where comparative statics tools/insights are often needed for model building. The other half of the course will cover matching markets, which typically deal with assignment problems without the use of transfers. Examples of these include school choice, course allocation, and organ exchange. We will cover the theoretical underpinnings, field applications, and empirical evaluations of these markets.

**Instructor:**Quah and Fernandez

- 180.646 Revealed Preference and Comparative Statics
The overall theme of this course is the observable implications of optimizing choice. We will cover the theory of monotone comparative statics and supermodular games. We also discuss results in the revealed preference literature, such as Afriat’s Theorem, that deal with the consistency of data with different canonical models. The course is useful to students doing research in pure or applied theory, where comparative statics tools/insights are often needed for model building. It could also be interesting to those with an empirical focus who would like to know more about revealed preference approaches to testing models and drawing inferences from them.

**Instructor:**Quah

- 180.647 Topics in Economic Theory and Finance
This course studies the theory of asset trading in which agents hold different information and/or beliefs. Foundational papers as well as recent ones will be covered, with applications both within and outside of Finance. Topics include: information aggregation via prices; rational expectations equilibrium; market micro-structure; large auctions; herding/information cascades/price bubbles; dynamic models and learning.

**Instructor:**Daley

- 180.651 Labor Economics
**First term:**theories of the allocation of time and supply of labor, human capital, demand for labor, market equilibrium, and income distribution. As time allows, other topics, such as unemployment, unions, and compensating differences will be discussed.

current topics in labor economics. The content will vary from year to year. Likely areas include nature vs. nurture in the determination of earnings, the function(s) of unions the question of the existence of dual labor markets, and internal markets with specific human capital.

Second term:**Prerequisites:**180.601 Corequisite for 652: 180.633-634**Instructor:**Moffitt

- 180.653 Numerical Methods in Economics
The course covers a set of numerical methods that are used to compute and estimate economic models. We focus on dynamic models and their applications in IO and labor economics, including dynamic discrete choice, dynamic games, two-step methods (CCP based methods), general equilibrium models. We also cover several technical tools, such as numerical integration, approximation, and optimization.

**Instructor:**Staff

- 180.662 Asset Pricing
This course is an introduction and guide to the most important issues in asset pricing. It begins with classic concepts such as the Capital Asset Pricing Model and the Arbitrage Pricing Theory and continues through continuous-time dynamic no-arbitrage models. It covers both basic theory and classic empirical research.

**Instructor:**Duffee

- 180.671-672 Industrial Organization
**First term:**This course covers methods in applied empirical Industrial Organization. The focus will be on the use of econometric analysis and data both for descriptive and measurement purposes, and to test the predictions of economic theories. The course will cover demand estimation, cost and production function estimation, and estimation of auction models.**Second term:**The emphasis in this course is on empirical analysis of firm behavior. The first part of the course focuses on models of the internal organization of the firm. The second part considers empirical analysis of firm behavior in markets, with an emphasis on the “new industrial economics.”**Prerequisites:**180.601

**Instructor:**Koulayev

- 180.673 Adv. Economics of Labor
This course is for graduate students at the 3rd year and above who wish to participate in a semester in-depth readings and discussion topics in labor economics and in econometric methods typically used in labor economics and in many other applied microeconomics fields. Students will have to participate in discussions of materials in each class. The topics covered in each semester are partly a function of student interest and their dissertation topics.

**Prerequisites:**Grad students only

**Instructor:**Moffitt

- 180.690 Advanced Econometrics in Empirical Economics
Advanced econometric techniques are often essential to innovative empirical work, but finding and implementing the right methods for a particular problem poses formidable challenges. This course/seminar aims to address these challenges by combining lectures and discussions of foundational econometric methods in areas of student interest (whether those interests be specific for thesis work or more speculative) with examples of implementation, including software development, in more of a ‘workshop’ environment. The emphasis will be on drawing on the resources of econometric theory to address specific empirical issues while at the same time developing implementation skills.

**Instructor:**Spady

- 180.691 Dissertation Research
This course is for grad students working on the dissertation for the Ph.D. in Economics.

**Instructor:**Duffee

- 180.694 Applied Microeoconomics Workshop
This is a weekly seminar series that brings in speakers from other universities to present their research in the field of applied microeconomics. Graduate Students only.

**Instructor:**Papageorge

**Course Times:**Wednesday 3:30-5:00

- 180.695 Microeconomic Theory Workshop
This is a seminar series devoted to the presentation of research in microeconomic theory, typically by speakers from outside the department. Graduate students only.

**Instructor:**Khan

**Course Times:**Monday 3:30-5:00

- 180.696 Macroeconomics Workshop
This course features lectures by macroeconomists from other universities. They present research findings at the frontier of the field. Graduate students only.

**Instructor:**Jeanne

**Course Times:**Tuesday 3:30-5:00

- 180.697 Research Seminar
The purpose of this seminar is to train students to do research in economics. This course is for second year graduate students in the Ph.D. program in Economics. For Graduates Students Only.

**Instructor:**Karni

**Course Times:**Friday 12:30-1:30