This is half of the second-year sequence in econometrics methodology (ECO 513 is the other). The course covers nonlinear statistical models for the analysis of cross-sectional and panel data. It is intended both for students specializing in econometric theory and for students interested in applying statistical methods to statistical data. Approximately half of the course is devoted to development of the large-sample theory for nonlinear estimation procedures, while the other half concentrates on application of the methods to various econometric models.
Advanced Econometrics: Nonlinear Models
Instructors: Kirill Evdokimov, Michal Kolesár
Advanced Economic Theory II
Topics vary from year to year. See 511.
Instructors: Can Urgun, Juan Pablo Xandri
Advanced Macroeconomic Theory II
Macro implications of micro imperfections. The "cleansing" effect of recessions and the impact of allocative versus aggregate shocks. Recent models of consumption and empirical tests of risk-sharing. How the distribution of income or wealth affects aggregate growth and fluctuations. Role of imperfect credit markets, distributional conflict and political economy. Endogenous, skill-biased, technological change and human capital accumulation; implications for growth and social mobility.
Instructors: Nobuhiro Kiyotaki, Ezra Danis Oberfield
American Economic History
Modern economic theory is used to analyze growth and fluctuations in U.S. output from colonial times to the present. The course examines the role of labor markets, property rights in land and labor, financial institutions, transportation, innovation and other factors in economic growth. Before examining twentieth century fluctuations, a week is spent on business cycle theory. Then particular emphasis is placed on The Great Depression and its relationship to the recession of 2007-2009.
Instructors: Elizabeth Chapin Bogan
Asian Capital Markets
Course explores the increasing weight of Asia in global financial markets and its implications. It frames the discussion in the context of the globalization of financial markets, with emphasis on concepts of economic development, institutional reform of markets, and public and private market investments. Discussions and investment case studies will combine analysis of historical trends and recent data with insights from practical experience in Asian markets. Course considers China's gradual shift toward a capital market-based financial system, the potential revival of Japanese capital markets, and the development of Indian capital markets.
Instructors: Jean-Christophe de Swaan
Behavioral Economics Workshop
Seminar led by different guest professors each week to discuss their current research in the field of Behavioral Economics
Instructors: Leeat Yariv
Traditional finance typically considers that financial markets are efficient because investors are rational and maximize their expected utility from consumption. This course departs from this view and discusses how inefficiencies arise due to psychology and limits to arbitrage. The psychology of investors shapes their preferences and may impair their judgment. Whether these psychological factors have an impact on financial markets ultimately depends on arbitrageurs' ability to fight against mispricings. These issues will be covered through lectures and class games and will allow discussions about cognitive illusions and speculative bubbles.
Instructors: Martin Cherkes
Capitalism, Utopia and Social Justice
This seminar, inspired by the International Panel on Social Progress, explores the values that are relevant to social justice issues nowadays, the trends in social structures that shape inequalities, and the possibilities for improving social institutions and make life better for most populations. The course covers systemic questions (capitalism, socialism, libertarianism) and policy questions (how to rethink the welfare state, the labor market, globalization). The aim of the seminar is to train students to clearly articulate positive and normative reasoning, and to critically examine prevailing institutions and ideas for reforms.
Instructors: Marc Fleurbaey
Civitas Foundation Finance Seminar
Drafts of papers, articles, and chapters of dissertations or books, prepared by graduate students, faculty members, or visiting scholars, are exposed to critical analysis by a series of seminars organized by field. The chief objectives are for the writers to receive the benefit of critical suggestions, for all participants to gain experience in criticism and uninhibited oral discussion, and for students and faculty members to become acquainted with the research work going on in the department. Third- and fourth-year graduate students are expected to attend; first-and second-year students and faculty members are invited to attend.
Instructors: Adrien Matray
Introduction to corporate finance covering theories and empirical evidence about principal-agent models of firm managerial structure, takeover bids, capital structure, corporate governance; regulation of financial markets; financial markets and institutions with a focus on asymmetric information, transaction costs, or both; dynamic models of market making; and portfolio manager performance evaluation. Pre-requisite: ECO 525.
Instructors: Adrien Matray, David Schoenherr