Undergraduate Course Descriptions

Current Course Listings and Schedules (Office of the Registrar)

Schedule Fall 2010

Schedule Spring 2010

180.101 (S) Elements of Macroeconomics

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.
Maccini: 3 credits

180.102 Elements of Microeconomics

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. Prerequisite: basic facility with graphs and algebra.
Hamilton: 3 credits

180.215 (S) Game Theory and the Social Sciences

Game theory is one of the few mathematical tools developed for the purpose of understanding social phenomena. This course provides an introduction to game theory with an emphasis on applications. Applications in economics, political science, business, military science, history, biology, theology and recreation will be covered. No prior knowledge of game theory is presumed and the required mathematical background is minimal (high school algebra is sufficient). Prerequisite: 180.102
Harrington: 3 credits

180.227-228 (S) Economic Development

A review of the historical experience in presently developed economies, models of development, planning techniques, and development policies. The course is aimed at identifying major economic questions relevant to less developed economies and to showing how economic analysis can be used to further understanding of the obstacles to development and to formulate appropriate policies.
Gersovitz: 3 credits

180.231 (S) Comparative Economic Systems

An examination to the important features of different economic systems, including the nature of pre-modern economies, the evolution of laissez-faire economy, planned economies, and several variants of advanced market economies existing today. Prerequisite: 180.101-102.
Morgan: 3 credits

180.233 Intro. to the European Union

Heisenberg: 3 credits

180.234 (S) Economics of the European Union

Will focus on the EU in the world economy. Topics: trade dispute, ECB's role FDI and regulatory questions. 30 page term paper required. Prereq: 180.233
Heisenberg: 3 credits

180.235 Intro. to International Political Economy

Heisenberg: 3 credits

180.236 (S) Business Gov't & the Int. Economy

Seminar focuses on the relations between business and government throughout the world. Class will read historical and contemporary author's conceptualizations of the relationship. 30 Page term paper is required. Prereq: 180.235
Heisenberg: 3 credits

180.241 (S) International Trade

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
Khan: 3 credits

180.242 (S) International Monetary Economics

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. Prerequisites: 180-101.
Jeanne: 3 credits

180.244 War and Peace in Intl' Trade

180.252 (S) Economics of Discrimination

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. Prerequisite for the course is Elements of Microeconomics (180.102) or equivalent.

Morgan: 3 credits

180.261 (S) Monetary Analysis

Analysis of money, banking, and government debt, with emphasis on coherent models with microeconomic foundations. Topics include barter and commodity money, monetary institutions in historical perspective, international monetary systems; portfolio theory, liquidity, financial intermediation, bank risk, central banking; debts and deficits, savings and investment, the temptation of inflation. The course aims at providing students with the means to analyze monetary questions and institutions. Prerequisites: 180.101-102.
Ball: 3 credits

180.266 (S) Financial Markets and Institutions

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.
Faust: 3 credits

180.280 (S) Population Economics

This course includes the historical background of demographic trends and their economic manifestations; their relationship to the labor force, consumption, productivity and technical change, and to the demand for health, education, and housing; the accumulation of human capital; living standards and the quality of life; population planning. Prerequisites: 180.101-102
Staff: 3 credits

180.289 (S) Health Economics

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. Prerequisite:180.102
Bishai: 3 credits

180.301 (S) Microeconomic Theory

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 180.101(can be taken concurrently with 180.101)-102 and Differential Calculus 110.106, or permission of instructor.
Shore: 4 1/2 credits

180.302 (S) Macroeconomic Theory

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 . Prerequisites: 180.101-102(can be taken concurrently with 180.102) and Differential Calculus 110.106, or permission of instructor.
Ball: 4 1/2 credits

180.310 (S) Economics of Antitrust

This course explores the economic rationale for, and consequences of, antitrust laws. In addition to economic analysis, we will study landmark antitrust cases. Prerequisite: 180.301.
Hamilton: 3 credits

180.311-312 (S) Economics of Uncertainty

In this course, we study economic phenomena that may be attributed to the existence of risk and imperfect information in the economy. Starting from the theory of individual decision making under uncertainty, we examine the role of insurance and financial markets in the allocation of risk, and the consequences of the failure of such markets in the presence of adverse selection and moral hazard. Market responses to the existence of asymmetric information are illustrated and analyzed. Prerequisite:180.301..
Karni, 3 credits

180.314 (S,Q) Mathematical Economics

This course traces the extent to which modern economic theory, particularly as it pertains to the allocation of resources over time in multi-agent societies, is grounded in the language of mathematics. The course will explore how notions of existence, cardinality, stability and optimality of equilibria are formalized through the use of basic conceptual vocabulary of calculus, analysis and point-set and differential topology. Special attention will be paid to the formal mathematical expression of economic ideas and the ability to give a loose economic intuition a coherent logical meaning.
Khan: 3 credits

180.334 (S,Q) Econometrics

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. Prerequisites: Statistical Analysis (550.111 or 550.420), or permission of instructor. Pre-or corequisites: 180.301-302.

180.336 (S) The Art and Science of Economic Forecasting

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.
Barbera: 3 credits

180.337 (S) Financial Econometrics

This course introduces models for financial time series and the necessary techniques to estimate and test these models. In particular, how the Efficient Market Hypothesis can be tested, how the ARCH model can be estimated and tested and how realized volatility models can be used to predict volatility. The course also covers risk management and option valuation. Prerequisite: 180.334
Woutersen: 3 credits

180.351 (S) Labor Economics

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. Prerequisites for the course are Microeconomic Theory (180.301) or permission of the instructor. Knowledge of statistical analysis up to the level of simple regression is also helpful.

Morgan: 3 credits

180.365 (S) Public Finance Analysis

Analysis of the revenues, expenditures, and debts of the federal government including their impact upon aggregate economic activity and on the allocation of resources. Prerequisite: 180.301
Carroll, 3 credits

180.366 (S) Corporate Finance

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.

Duffee: 3 credits

180.367 (S) Investments and Portfolio Management

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 Perm. Req'd.
Wright: 3 credits

180.368 (S) Managerial Economics and Business Strategy

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: 180.301, 550.111, and either 180.367 or 551.302 or Perm. Req’d.
Knapp: 3 credits

180.369 (S) Research in Economics of Financial Markets

In this course, we undertake a semester-long research project from beginning to end. Students will gain advanced knowledge of the functioning of financial markets, will be able to apply their econometrics technique, and will develop a deep understanding of the process of creating research. The course is not based on lectures. Rather, the class will decide on a research question, and students will work together to develop a workable hypothesis and undertake the necessary research to test that hypothesis and provide new insight onto the issue. Grading is based on participation, periodic drafts of the research in project, a final paper, and a final presentation. This course counts toward the "writing intensive" requirement.
In past semesters, we have analyzed the workings of new issues (IPO) markets, examined long-term patterns in M&A; activity, measured the impact of technology on trading costs, and studied the impact of the 2008 ban on short selling in financial stocks.
Prereq: micro theory, econometrics or by permission
Interested students should contact Fohlin with any questions at fohlin@jhu.edu.

Fohlin: 3 credits

180.370 (S) Financial Market Microstructure

How financial markets work in theory and practice: role of organization and regulation on asset price formation. We examine market liquidity, transactions costs, volatility, trading profits.some emphasis on behavioral finance. Pre Req: 180.301.

Fohlin:3 credits

180.371 (S) Industrial Organization

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? Prerequisite: 180.301 or permission of instructor.
Harrington: 3 credits

180.373 (S) Corporate Restructuring

The objective of this course is to familiarize students with financial, legal and strategic issues associated with corporate restructuring process. Main focus of the course is on the restructuring of financially distressed firms. The course surveys a variety of restructuring methods (out-of-court workouts, exchange offers, prepackaged bankruptcies, Chapter 11 bankruptcies, insolvency practices in other countries) available to troubled firms. A small portion of the course is concerned with restructuring employee contracts and equity claims (equity carve-outs, spin-offs, tracking stock). Prerequisite: 180.301. (Additionally 180.366 would be extremely useful but is not required.)

Eraslan: 3 credits

180.375 (S) Economics of Electronic Commerce

This course examines how online markets function. We want to identify their unique features and try to understand their implications for competition and welfare. Questions include - How does the form and intensity of competition differ between online markets and conventional markets? How has online markets affected search? How do online auctions function and what determines their outcomes? What are the forces determining market dynamics? Is there a first-mover advantage? What is the role and source of technological innovation? The format will be a blend of lecture and roundtable discussion.

Harrington: 3 credits

180.390 (S, W) Health Economics and Developing Countries

Benefits of good health and its costs. Health demand and supply in poor countries. Welfare economics of Public Health. Prerequisites:180.301

Gersovitz: 3 credits

180.502 Independent Study in Economics

Independent work on selected topics may be arranged by agreement between a student, a faculty member, and the department.
Staff: 3 credits

180.521(S) Research in Economics

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. Prerequisite: 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)

Fohlin: 2 credits

180.522(S) Senior Honors Thesis

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. Prerequisite: 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)

570.528(S) Applied Economic Research

Hanke: 2 credits