An introduction to the economic system and economic analysis, with emphasis on total national income and output, employment, the price level and inflation, money, the government budget, the national debt, and interest rates. The role of public policy. Applications of economic analysis to government and personal decisions. Prerequisite: basic facility with graphs and algebra.

Instructor: Barbera

An introduction to the economic system and economic analysis with emphasis on demand and supply, relative prices, the allocation of resources, and the distribution of goods and services; theory of consumer behavior, theory of the firm, and competition and monopoly, including the application of microeconomic analysis to contemporary problems.

Prerequisites: basic facility with graphs and algebra.

Instructor: Hamilton
View course website/syllabus

The Seminar in Financial Literacy is a two-week seminar designed to introduce Hopkins undergraduates to the financial services industry. The goal is to provide an introduction to a variety of topics in finance, with a practical focus on exposing the students to employment options in the industry. The Seminar will consist of two weeks of lectures, delivered by distinguished Hopkins alumni, followed by a three-day trip to New York City during which we will visit various firms in the industry. By the end of the seminar, students should have developed an understanding of the structure and jargon of the financial services industry. Hence, they should be poised to profit from the firm visits and networking receptions that will take place on the trip to NYC. Application/Registration for Experiential Learning courses/trips must be processed at the Career Center, Garland Hall 3rd Floor.
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This course will consist of a series of informal lectures by various professors in the Department of Economics. Each lecture will consist of a description of a professional research project which he/she has undertaken over the course of his/her professional career.

Prerequisites:

180.101 and 180.102

Instructor: Bruce Hamilton

Increased mobility of people across national borders, whether by choice or by force, has become an integral part of the modern world. Using a comparative perspective and an applied economics approach, the course explores the economic and political determinants, and (likely) consequences of migration flows for East Asia, the US and the EU. Lectures, assignments and in class discussions, will be built around the following topics: i) migrants’ self-selection; ii) human capital investment decision-making; iii) remittance decisions and effects; iv) impacts on labor markets of both receiving and sending countries; and v) the economic benefits from immigration. Overall, the course will give students perspective on the why people choose or feel compelled to leave their countries, how receiving countries respond to migrants’ presence, and the key economic policy concerns that are influencing the shaping of immigration policy in East Asia, the US, and the EU.

Prerequisites:

AS.180.101 and AS.180.102

Instructor: Dore

In 2001, Jim O’Neill, the Chief Economist at Goldman Sachs, coined the acronym BRIC to identify the four large emerging economies, Brazil, Russia, India and China. These economies have since had an amazing run, and have emerged as the biggest and fastest growing emerging markets. In this course, we look at the economic experiences of the BRIC countries for the past 50 years. We discuss the reasons that have contributed to their exceptional growth rates, with particular emphasis on their transformation into market economies. We also analyze the challenges that these countries continue to face in their development process.

Prerequisites:

AS.180.101 and AS.180.102

Instructor: Dasgupta

Game Theory is the study of multiple person decision problems that are characterized by the social situations in which the well-being of a decision maker depends not only on his own actions but also on those of others. Such problems arise frequently in economics, political science, business, military science, history, biology, etc. In this course, I will introduce the basic tools of game theoretic analysis with an emphasis on applications. In particular, you will first learn how to model different social situations as games and related equilibrium concepts. Then, you will see various examples from different fields. And, we will play several games in the class. Game theory has emerged as a branch of mathematical economics and is still quite mathematical. In this course, I will emphasize the conceptual analysis and applications and keep the level of mathematical technicalities at the minimum. High school algebra and one term of calculus will be sufficient. In a nutshell, we will use mostly the verbal and graphical tools. Students that took AS.180.117 are not eligible to take AS.180.217.

Prerequisites:

No prior knowledge of game theory is presumed and the required mathematical background is minimal (high school algebra is sufficient).

Instructor: Chen

A comprehensive survey of economic behavior by households, farms and firms in poor countries and the role of and for governments. Discussions include measurement of income levels, economy-wide equilibrium, sources of growth, agriculture and industry, international trade and investment, savings, population, fertility, education, health, income distribution and public finances. Applies economic theory rigorously to interpret and evaluate the economic experience of poor countries. Diagnostic test on Elements of Economics is required in the second week. Grading based on 3 exams and one paper.

Prerequisites:

None

Instructor: Gersovitz

The financial crisis that began in the United States in 2007 threw virtually the entire world into recession. This class will look at the causes of the crisis and at how it unfolded. It will look into the conventional wisdom of economists, circa 2006, and why that wisdom proved to be so wrong. It will examine the financial innovations that contributed to the crisis, at the reasons financial regulators were blindsided, and at the reforms enacted after the crisis.

Prerequisites:

AS.180.101 and AS.180.102

Instructor: Norris

Theory of comparative advantage and the international division of labor: the determinants and pattern of trade, factor price equalization, factor mobility, gains from trade and distribution of income, and theory and practice or tariffs and other trade restrictions.

Prerequisites:

180.101-102

Instructor: Dasgupta

This course presents International Monetary Economics theory and applies it towards gaining an understanding of recent events and current policy issues. The theory presented in this course covers a broad range of topics including exchange rate determination, monetary and fiscal policy in an open economy (that is, and economy that trades goods and assets with the rest of the world), balance of payments crises, the choice of exchange rate systems, and international debt. The insights provided by these theoretical frameworks will enable us to discuss topics such as the current global financial crisis, global financial imbalances, the Chinese exchange rate regime, and proposed changes in the international financial architecture.

Instructor: Somasree Dasgupta

We will study how the rules of a market impact behavior, and in turn whether this behavior leads to (un)desirable outcomes. We will cover how the lessons learned from both successful and failing markets have been used by economists to design new markets. It will help us address questions such as: (i) Can economics help with the shortage of donated kidneys? (ii) How should a ride share service assign cars to clients? (iii) Can changing the way school seats are assigned change the welfare of students in a city? The material is intended to be as accessible as possible, keeping the mathematical technicalities to a minimum (i.e. one-term of calculus would be sufficient).

Instructor: Marcelo Fernandez

There is an immense chasm between economic and financial commentary in academic discussions and that provided by private sector analysts and the press. Some of the difference is merely semantic, but much of the difference has real substance. Academic and nonacademic commentators tend to simply write off the other as being clueless in some way. Sorting out which bits of each style of analysis are most valuable and synthesizing them into a coherent commentary is a rare and valuable skill. This is a hands-on course with a goal of building skills reading and writing commentary in financial economics. The course begins critically studying commentary regarding prominent topics in the news over the recent months and then moves to writing “explainer” pieces for publication on the Center for Financial Economics blog. Students will work in teams both analyzing commentary, and writing and critiquing the work of fellow students.

Instructor: Norris

This course examines labor market outcomes by race and gender in the United States. There are several objectives: to apply economic theory to the labor market; to examine empirical evidence on earnings and employment outcomes, and to evaluate supply-side explanations for these outcomes; to consider the validity of several alternative economic theories of discrimination; and to assess the impact of public policies to combat discrimination. This course will also reinforce skills relevant to all fields of applied economics, including critical evaluation of the theoretical and empirical literature, and the reasoned application of statistical techniques.

Instructor: Morgan

This course analyzes the financial and monetary system of the U.S. economy and the design and implementation of U.S. monetary policy. Among other topics, we will examine the role of banks in the economy, the term structure of interest rates, the stock market, the supply of money, the role of the Federal Reserve in the economy, the objectives of monetary policy in the United States and current monetary policy practice, and household finance.

Prerequisites:

180.101 and 180.102

Instructor: Poliakova
View course website/syllabus

An introduction to the financial management of a corporation. How should a firm decide whether to invest in a new project? How much debt and equity should a firm use to finance its activities? How should a firm pay its investors? How do taxes affect a firm’s investment and financing decisions? What determines the value of a firm? The emphasis throughout the course is on the economic principles that underlie answers to these questions.

Prerequisites:

180.101 and 180.102

Instructor: Duffee

Understanding design and functioning of financial markets and institutions, connecting theoretical foundations and real-world applications and cases. Basic principles of asymmetric information problems, management of risk. Money, bond, and equity markets; investment banking, security brokers, and venture capital firms; structure, competition, and regulation of commercial banks. Importance of electronic technology on financial systems.

Instructor: Wright

Global considerations are increasingly shaping economic outcomes for countries, companies, cities and citizens around the world. This course will explore various topics at the nexus of international trade and economic development using models of international trade, empirical research, and case studies. Topics include: macroeconomic growth accounting, changing patterns and order in world trade, trade and inequality, the political economy of trade policy, multinational corporations, trade and growth, trade and industrial policy, trade versus aid, trade and the environment, trade linkages and financial crises.

Prerequisites:

AS.180.241

Instructor: Kondo

This course examines regulation of the financial system in the United States and its effects on the economy. It considers proposals for reform and the ongoing implementation of the Dodd-Frank Act of 2010. A major part of the course will be student research projects and class discussion of the projects. Note: This course is open to Economics majors seniors first, then juniors or permission of instructor.

Prerequisites:

AS.180.261

Instructor: Ball

The precursors to modern hedge funds began more than 50 years ago, but in the 1990s the hedge fund, or alternative investments, industry began a period of rapid growth and evolution. With growth came controversy. Some argue that hedge funds, by allowing immense amounts of capital to be rapidly and freely deployed, play a vital role in pushing prices toward the efficient markets ideal. Others claim that hedge funds may accentuate speculative price dynamics, threatening the stability of the financial sector. While many hedge funds claim to offer outstanding returns to investors, data suggest that many clients end up paying high fees for unspectacular results. This course examines these and other controversies, while tracing the history of the alternative investments industry over the last 25 years.

Prerequisites:

180.101 AND 180.102 AND (180.266 OR 180.263 OR 180.367)

Instructor: Heerdt

The course will seek to discuss and illuminate the information (news reports, industry reports, government statistics, and proprietary indicators) that investors use to make investment decisions. The course will be conducted in the framework of a weekly investment committee format wherein information is processed to maximize an investment portfolio’s return to risk. Each class will be conducted in two parts. The first part will require students to share with the class information gathered from their assigned specialty (e.g.: fixed income, equities, emerging markets, commodities) and the second part will require group interaction as to what decisions need to be made to a hypothetical portfolio in order to maximize objectives. The course will require regular reading of financial and economic news as well as numerous assigned industry and academic research related to global finance. Other: this course will require quite a bit of reading and regular interaction in group discussion and with the instructor.

Prerequisites:

As.180.280 or permission of instructor Kevin Heerdt or Bob Barbera

Instructor: Kevin Heerdt

Application of economic concepts and analysis to the health services system. Review of empirical studies of demand for health services, behavior of providers, and relationship of health services to population health levels. Discussion of current policy issues relating to financing and resource allocation.

Prerequisites: 180.102

Instructor: Bishai

An introduction to the modern theory of allocation of resources, starting with the theories of the individual consumer and producer, and proceeding to analysis of systems of interacting individuals, first in the theory of exchange, then to systems which include production as well.

Prerequisites:

AS.180.102 and (AS.110.106, OR AS.110.107 OR AS.110.108 OR AS.110.109 OR AS.110.113 OR equivalent) OR permission of instructor. AS.180.101 can be taken concurrently.

Instructor: Husain

The course provides a treatment of macroeconomic theory including a static analysis of the determination of output, employment, the price level, the rate of interest, and a dynamic analysis of growth, inflation, and business cycles. In addition, the use and effectiveness of monetary and fiscal policy to bring about full employment, price stability, and steady economic growth will be discussed.  Please see the course Blackboard site for further information.

Prerequisites:

180.101-102 (can be taken concurrently with 180.102) and (110.106 OR 110.113), or permission of instructor.

Instructor: Poliakova
View course website/syllabus

The course will review selected topics in international macroeconomics and finance. The topics for the Fall of 2015 include: financial globalization; international portfolio diversification; the problems posed by “sudden stops” in capital flows to emerging markets; global imbalances and global demand rebalancing; how different exchange rate regimes have fared in the global financial crisis; sovereign default in the light of the Argentine experience; and the ongoing Russian currency and financial crisis. The course involves mathematical modeling as well as data analysis.

Prerequisites:

180.301 and 302

Instructor: Jeanne

This course begins with the time of the great Framers and adopts a historical approach to U.S. financial regulations. By examining all major crises and the respective policy responses, the course will provide a narrative on the evolution of the regulatory landscape in America. Students will also be exposed to influential academic papers that address the essentiality (and even the redundancies and failures) of key aspects of financial regulations, including deposit insurance, bank capital and liquidity requirements, and supervisory rules. Dean’s Teaching Fellowship course. Recommended courses: AS.180.261, AS.180.266, AS.180.302

Prerequisites: AS.180.101 AND AS.180.102

Instructor: Nguyen

In this course we’ll discuss the theory of decision making in the face of risk, the theory of risk aversion and its applications to financial and insurance markets. Building on the theory of individual decision making under risk, we will study the economic implications of asymmetric information, the type of market failures produced by adverse selection and moral hazard problems, and the models that were advanced to analyze these problems, including incentive contracts, screening and signaling equilibria.

Prerequisites:

AS.180.301

Instructor: Karni

This course explores the economic rationale for, and consequences of, antitrust laws. In addition to economic analysis, we will study landmark antitrust cases.

Instructor: Hamilton

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.

Instructor: Khan

This course uses economic theory and econometric research approaches as a lens on housing issues and policy. Housing is at the center of the effects of segregation and the Great Recession, and bears a significant connection to the labor market as well. This course briefly explores microeconomic theory specifically relevant to the housing market, then uses readings from academic social science literatures to dive deeper into these issues and others. Finally, students will examine public housing policies, using the literature and proposing statistical techniques to assess their effectiveness. The course will improve the understanding and use of basic econometric techniques with respect to policy questions as well as the ability to critically read academic literature.

Instructor: Andrew Gray

Students study economic principles and state-of-the-art mathematical models used to value fixed securities and their derivatives. The course emphasizes advanced practical applications as well as theory. Students will develop their own computer code for price fixed-income instruments and evaluate their risks. Students must be familiar with both statistics and differential equations.

Prerequisites:

AS.180.367

Instructor: Duffee

A successfully designed auction depends on the idiosyncrasies of the market being studied. Students will learn the core auction formats and some classic theoretical results that provide a benchmark for even the most recent auctions research. Additionally, students will learn simple empirical strategies that allow these models (and the behavior they predict) to be married with real world data. Students will develop the tools needed for analyzing and conducting auctions research.

Prerequisites:

AS.180.301

Instructor: Staff

Introduction to the methods of estimation in economic research. The first part of the course develops the primary method employed in economic research, the method of least squares. This is followed by an investigation of the performance of the method in a variety of important situations. The development of a way to handle many of the situations in which ordinary least squares is not useful, the method of instrumental variables, concludes the course.

Instructor: Husain

Will sketch out a strategy for anticipating economic turning points. Business cycle basics, monetary policy/financial market/real economy interactions will be reviewed. Long-term growth issues will be explored.

Prerequisites:

180.101-102, 180.302 or permission of instructor

Instructor: Barbera
View course website/syllabus

Good governance is associated with desirable outcomes across countries and societies: higher life satisfaction, greater income per capita, lower child mortality, longer life expectancy, less disease, etc. But these statistical associations in the data are not sufficient to establish either that good governance truly causes such societal outcomes, or what types of policies produce them. This course asks: What are the determinants of good governance? Is good governance “good” beyond its intrinsic desirability? If so, how? We use a data-driven approach, focusing on quantitative empirical methods and their applications to policy. The goal is to develop skills to be savvy consumers, as well as producers, of policy-relevant evidence related to issues of governance, in rich and poor countries alike. Topics will include: democracy, corruption, conflict, culture, mass media, quotas, and foreign aid.

Instructor: Filipe Campante

Economists generally work with a number of classic models of how people behave in different contexts.  These models (such as utility maximization and expected utility maximization) are widely used because they are tractable and elegant, but are they also accurate models of human behavior?   In this course, we will examine the axiomatic foundations of these models, explore their implications for choice behavior, and discuss the empirical and experimental strategies economists have developed to test these models.

Prerequisites:

180.301

Instructor: Quah

In this course students extend their knowledge of economic theory as it applies to the labor market, examine earnings and employment outcomes, and assess the efficiency and equity impacts of several governmental programs. In lectures and readings a continuing focus will be on the methodologies and statistical techniques labor economists employ. In the second part of the course students will have an opportunity to use both economic theory and empirical evidence to analyze in depth topics such as discrimination, inequality, and the impact of immigration and globalization on the labor market.

Instructor: Husain

This course explores issues related to expenditure and tax policies of governments, as well as views regarding the purpose of government and criteria for evaluating government actions. The course also includes a discussion of how group or collective choices are made within society, how environmental policies affect the level of pollution, and the importance of public debt.

Prerequisites:

AS.180.301 OR AS.180.180.401

Instructor: Husain

Empirical data may not contain all the variables suggested by economic theories. This course introduces methodologies to identify and estimate economic models containing unobservables.

Prerequisites:

Recommended Course Background: AS.180.301 and AS.180.334.

Instructor: Hu

This course focuses on the economics of poverty and inequality. It covers the measurement of poverty and inequality, facts and trends over time, the causes of poverty and inequality with a focus on those related to earnings and the labor market, and public policy toward poverty and inequality, covering both taxation and government expenditure and programs. By the nature of the material, the course is fairly statistical and quantitative. Students should have an intermediate understanding of microeconomic concepts. Basic knowledge of regression analysis is also helpful.

Prerequisites:

Microeconomic theory (180.301). 

Instructor: Moffitt

Why are some countries rich while some other countries poor? Why does a country’s income per person generally grow over time? We try to analyze these questions using the theoretical and empirical growth literature. We will study seminal growth models, and also try to explain cross-country income differences in terms of factors like geography, institutions and global integration. Knowledge of regression analysis (including instrumental variables estimation) is required.

Prerequisites:

AS.180.302 AND (AS.180.334 OR AS.180.434)

Instructor: Dasgupta

We apply the tools of economic analysis to understand behaviors that are enjoyable today, but may have negative consequences in the future.

Prerequisites:

AS.180.301 AND AS.180.302 AND AS.180.334 or permission of the instructor

Instructor: Papageorge

This course builds on AS.180.302 (Macroeconomic Theory) to consider the leading macroeconomic controversies of today (such as the appropriate monetary and fiscal policies of the Federal Reserve and U.S. Government). The classes will include frequent student presentations.

Prerequisites:

AS.180.302

Instructor: Ball

Investment securities and their markets, especially the stock market. The relations between expected return and risk. The determination of security prices. Financial portfolio selection. The assessment of the performance of managed portfolios.

Prerequisites: 180.301 and Statistics 111-112 or permission required

Instructor: Wright

Seminar on quantitative concepts, decision-making, and strategy in business organizations. Overall context is ‘value’ – how it is measured and maximized long term. Microeconomic theory of the firm, competitive analysis, corporate finance.

Prerequisites:

AS.180.301 AND (EN.553.111 OR AS.180.367 OR AS.180.263) or permission of the instructor.

Instructor: Knapp

Investigation of firm behavior in markets characterized by imperfect competition. Imperfect competition lies in between monopoly and perfect competition and characterizes most major industries in modern capitalist economies. Central issues to be covered in the course include what determines the intensity of competition? What determines the extent of entry and exit? How is it that some firms consistently dominate their industries?

Prerequisites:

180.301 or permission of instructor

Instructor: Krasnokutskaya

This class is conducted as a round table discussion on current topics at the intersection of finance, monetary policy, and macroeconomics. Students will be expected to read assigned material, participate in the discussion, and take a final exam.

Prerequisites:

AS.180.101 AND (AS.180.263 OR AS.180.367) or by instructor permission.

Instructor: Staff

This course provides an introduction to evolutionary theory and its applications to modern economics. We start by introducing formal models of the driving forces of evolution: mutation, selection, and survival of the fittest. Next we investigate how these forces have shaped human preferences and behaviors that are typically taken as given in economic models. Finally, we discuss the evolution of social systems like the economy we live in.

Instructor: Staff

Economists increasingly incorporate insights from psychology into models of rational decision-making. Known as “behavioral economics”, this line of research considers how, for example, emotions, rules-of-thumb, biased beliefs and time inconsistent preferences influence how we make choices. Behavioral economics has begun to play a role in policy discussions on topics as diverse as: obesity, media coverage, subprime mortgages and voting patterns. Behavioral models are certainly novel, but do they help us to design superior social policies? With the goal of preparing students to address this question, this course (1) provides a thorough overview of the main contributions of behavioral economics, highlighting departures from more traditional economic models and (2) emphasizes how behavioral economic models might (or might not) improve how we think about social policy.

Instructor: Papageorge

Benefits of good health and its costs. Health demand and supply in poor countries. Welfare economics of Public Health.

Prerequisites: 180.301

Instructor: Gersovitz

Discussion of the economic experience of Post-War China, primarily emphasizing topics rather than historical narrative: agriculture, industry including corporate governance and public enterprises, international trade, population, migration, education, health, public finances among other topics.

Instructor: Gersovitz

Discussion of the economic experience of post-colonial Africa emphasizing topics rather than a historical narrative: agriculture, manufacturing, trade, population, education, health, public finances among others. Students are responsible for a research paper, topic choice and paper development in close consultation with the instructor, students to give a class presentation on paper findings. Course qualifies as writing intensive for the writing requirement.

Prerequisites: 180.228 or permission of the instructor.

Instructor: Gersovitz

This course covers roughly the same material as Microeconomic Theory 180.301 but in a more formal and mathematically rigorous way. You can use either 180.301 or 180.401 to satisfy the requirement for the economics major. 180.301 and 180.401 are offered during the same time slot, so the logistics of switching from 180.301 to 180.401 should be seamless, should you decide to make the switch. This course is suitable for those students who prefer a more formal treatment of economic theory and who are planning to take some of the more technically demanding electives in economics at a later stage. NOTE: you may not take both 180.301 and 180.401.

Prerequisites:

You may not take both 180.401 and 180.301.; 180.102 and any two semesters of calculus (or 110.113 or equivalent)

Instructor: Quah

This is a faster-paced and more intensive version of Econometrics 180.334. You can use either 180.334 or 180.434 to satisfy the requirement for the economics major. This course is suitable for those students who prefer a more technical treatment of econometric methodologies. Both 180.334 and 180.434 will be offered during the same time slot, so the logistics of switching from 180.334 to 180.434 should be seamless, should you decide to make the switch. NOTE: you may not take both 180.334 and 180.434.

Prerequisites:

Students may not take both AS.180.334 and AS.180.434.; AS.180.301, one semester of linear algebra, one semester of calculus, AS.280.345 or EN.553.211 or EN.553.111 or EN.553.310 or EN.553.311 or EN.553.420 or EN.560.435.

Instructor: Hu

Independent work on selected topics may be arranged by agreement between a student, a faculty member, and the department.

Instructor: Staff

Students enrolled in this fall-semester course will do preliminary work on the Senior Honors Thesis. The tasks are to find an area of research, begin working with a thesis advisor, and develop a thesis topic and research plan for the thesis itself. By the end of fall semester the student and advisor should be able to make a firm determination as to the feasibility of the proposed thesis. NOTE: It is in the nature of research that some topics ultimately prove to be infeasible. With that in mind, it is possible to enroll in, and receive credit for, Research in Economics without subsequently enrolling in 180.522 Senior Honors Thesis.

Prerequisites:

Senior Standing, 180.334 (may be waived by the thesis advisor, depending upon the topic). (Note: This course cannot be counted as one of the 5 elective courses required for the Major in Economics)

Instructor: Staff

This course is a continuation of 180.521 Research in Economics. Under the supervision of the thesis advisor, students will complete the Senior Honors Thesis. CAUTION: Many research ideas that appear to be promising do not work out. It is possible to start a Senior Honors Thesis which in the end proves to be infeasible. BE SURE that you have enough credits to graduate without 180.522. Also be sure to have a serious progress discussion with your thesis advisor before the spring-semester drop deadline.

Senior Thesis Guidelines (PDF)

Prerequisites:

Senior Standing, 180.521, 180.334(may be waived by the thesis advisor, depending upon the topic). (Note: This course cannot be counted as one of the 5 elective courses required for the Major in Economics)

Instructor: Staff

Independent work on selected topics may be arranged by agreement between a student, a faculty member, and the department. This is an intensive independent study course during intersession.

Instructor: Staff

This course brings the principles of economic theory to bear upon particular problems in the fields of economics, finance and public policy. Micro, macro and international problems, from both the private and public sectors, are addressed. A heavy emphasis is placed on research and writing. Students learn how to properly conduct substantive economic research, utilizing statistical techniques and lessons from economic history. Findings are presented in the form of either memoranda or working papers. Exceptional work may be suitable for publication through the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.

Instructor: Hanke

This course focuses on company valuations, using the proprietary Hanke-Guttridge Discounted Free Cash Flow Model. Students use the model and data from financial statements filed with the Securities and Exchange Commission to calculate the value of publicly-traded companies. Using Monte Carlo simulations, students also generate forecast scenarios, project likely share-price ranges and assess potential gains/losses. Stress is placed on using these simulations to diagnose the subjective market expectations contained in current objective market prices, and the robustness of these expectations. During the weekly seminar, students’ company valuations are reviewed and critiqued.

Prerequisites: 660.203 – Financial Accounting

Instructor: Hanke

This course investigates the workings of financial, foreign exchange, and commodity futures markets. Research is focused on price behavior, speculation, and hedging in these markets. Extensive research and writing is required. Exceptional work may be suitable for publication through the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.

Instructor: Hanke