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Course Catalog for ECONOMICS ECON 101 Basic Economic Principles An introduction to modern economic analysis. A study of the principles of production and exchange, the distribution of income, money and banking, and national income analysis. Required of all majors in economics and recommended for all students planning business, legal, or public service careers. Note: Effective fall 2013 a grade of B- or better is required in order to major in Economics. (If Econ 101 is retaken a grade of B or better is required if the course was originally taken during or after fall 2013.) Concurrent enrollment in Economics 101 and either Economics 301 or Economics 302 is not allowed. 1.00 units, Lecture ECON 103 Fundamentals of Accounting A review of accounting concepts and procedures, with particular emphasis on the reasoning behind methods of measuring and recording such items as depreciation and revenues. The implications of accounting theory and practice for the measurement of income and financial positions are investigated. Senior economics and coordinate majors have first choice for enrollment, then junior economics and coordinate majors, then sophomores. Senior and junior non-majors need permission of instructor. 1.00 units, Lecture ECON 202 Contemporary Macroeconomic Issues Is all well with modern macroeconomics? Recent events have raised many questions for macroeconomists about the way the economy works and the design of macroeconomic policy. This course examines a variety of contemporary macroeconomic issues from competing theoretical perspectives. Topics include: spending versus thrift and macroeconomic performance; the role of fiscal policy in a recession; the short and long term consequences of bailouts; and the role of money and finance in the economy. Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 203 A History of Macroeconomic Crises This course provides an historical perspective on financial crises, including the most recent global crisis, Japan and Sweden’s post-real estate bubble experiences in the 1990’s, The Asian currency crises, the S&L crisis in the 1980’s, the oil crisis of the 1970’s, the Great Depression, and earlier episodes. In particular, we will focus on commonalities between the events in both their causes, and the nature of the aftermath, including issues of debt and asset prices, and the various policy responses. Supplemental reading materials will include Kindleberger’s “Manias, Panics, and Crashes: A History of Financial Crises”, Reinhart and Rogoff’s “This Time is Different: Eight Centuries of Financial Folly”, Shiller’s “Irrational Exuberance”, and Koo’s “The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession.” Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 207 Alternative Economic Systems A comparative study of the major types of economic systems, such as markets and centrally planned economies. Also includes some case studies of smaller, stereotypical models of economic organization along with the effects of varying degrees of economic freedom. Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 207 Alternative Economic Systems The revolutionary events of 1989 in Eastern Europe and the collapse of the Soviet Union in 1991 led many observers to argue that socialism had failed as an economic system. These observers noted, however, that the failure of "real" socialism did not mean the end of economic debate. Rather, it re-focused the debate from socialism versus capitalism to alternative forms of capitalism. The central question thus became: do competing, viable models of capitalism exist, and, if so, what are the vision and corresponding institutions associated with each? This question is especially important today given the current challenges facing most capitalist economies. This course introduces students to alternative models of the macro-economy that exist, to varying degrees, in North America and Western Europe. Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 209 Urban Economics Economic analysis of urban areas in the regional setting; the study of location theory, land use and housing markets, and of current public policy issues pertaining to urban problems including urban poverty, the economics of race and metropolitan areas, urban transportation, and local public finance. The resource allocation process will be emphasized. Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 210 Contemporary Micro Issues This course will study the contemporary micro issues using the tools of micro economic analysis. The course will examine important economic and social policy issues in the U.S., the role of government in designing economic policy and its impact on individuals. Topics include: investment in human capital; education, earnings and the job market discrimination; income inequality, poverty and social security; health and risky behaviors, heath care provision and the impact of insurance; environment and the problem of pollution. Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 214 Business and Entrepreneurial History The evolution of business structures and practices, primarily in the American experience. Changes in such aspects of management, finance, marketing, and information are considered. Special attention is given to the role of entrepreneurs and conditions which may have influenced their creative efforts. Both an analytical approach and case studies are employed. Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 217 Economics of Health and Health Care Analysis of the structure of health care markets using economic principles Evaluation of current health care policies and their effects on cost, access and quality. Topics covered include the production of and demand for health and medical care; information asymmetries between patients, doctors, and payers; health insurance coverage; the effects of managed care (including HMOs) on competition, efficiency, and quality; training and practice of physicians; hospitals; prescription drug pricing; government regulations; Medicare and Medicaid; health care reform. Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 218 Introduction to Statistics for Economics This course is designed to familiarize students with common statistical methods used in economics. Topics will include the presentation of data, descriptive statistics, probability theory, discrete and continuous distributions, sampling distributions, estimation, and hypothesis testing. This course may be used as a substitute for Mathematics 207 Statistical Data Analysis. Students may not earn Economics major credit for both Mathematics 207 and Economics 218 (formerly Economics 109). This course and Mathematics 207 serve as equivalent prerequisites for Economics 318L Basic Econometrics. Prerequisite: C+ or better in Economics 101 or permission of instructor. 1.00 units, Lecture ECON 220 British Economic History: The Rise and Fall of an Empire This course aims to analyze British history through the lens of economics. The focus will be on modern history, from the age of empire to the postwar welfare system. Topics include industrialization, development of financial markets, the benefits of international trade, and the workings of the gold standard. Students from both the History and Economics departments will be given opportunities to play to their relative strengths, and only a basic understanding of economics is required. Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 221 Central Banking and Financial Markets Since the 1980s, financial systems in developing and developed countries have been evolving with enormous speed. During this period, central banking in many countries underwent several important changes too. The financial system and central banking cannot be understood independently of one another. On the one hand, central banking policy choices and the regulatory framework affect the financial system. On the other hand the effectiveness of central banking policies is determined by developments in the financial system. Recently, central bankers and monetary theorists have been forced to reconsider their theories and practices in response to the global financial This class focuses on the co-evolution of central banking and financial markets and the very recent changes in central banking theories and practices. Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 231 Latin American and Caribbean Economic Development This course examines and evaluates the major theories and leading issues in the study of economic growth and development in Latin America and the Caribbean during the 20th century. It focuses on the region's economic and historical links to industrialized nations as a key element in understanding the nature and direction of its economic growth and development. Topics include: theories of development; rural development and migration; stateled industrialization and structural transformation under import-substitution industrialization (ISI); debt, stabilization, and adjustment policies; neoliberal policies such as privatization and the deregulation of financial and labor markets; and trade liberalization, particularly the proliferation of preferential trading arrangements such as the North American Free Trade Agreement (NAFTA), the Southern Cone Common Market (MERCOSUR), the Caribbean Common Market (CARICOM), the Lome Convention, and the Central American Common Market (CACM). Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 243 Financial Markets Institutions The purpose of the course is to provide a basic understanding of the role of financial institutions (intermediaries) and financial markets in facilitating the flow of funds between those who supply funds and those who demand funds. Topics include the role of banks, other financial institutions, and financial markets in this process. Special attention is also given to the European Monetary Union and other aspects of the international financial system. Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 247 Introduction to Policy Analysis This course will introduce students to the basic ingredients of policy analysis rooted in the microeconomics of externalities (social, economic, and political), public goods, common property, information failure, absence of competition, and distributional concern. This course is not open to students who have previously earned credit for Economics 306 or Economics 311. Prerequisite: C- or better in Economics 101. 1.00 units, Lecture ECON 299 Independent Study Submission of the special registration form, available in the Registrar's Office, and the approval of the instructor and chairperson are required for enrollment. Prerequisite: C- or better in Economics 101. 1.00 units min / 2.00 units max, Independent Study ECON 301 Microeconomic Theory A study of the determination of the prices of goods and productive factors in a market economy and the role of prices in the allocation of resources. Required of all majors in economics. Note: Students are reminded that a grade of C+ or better is required in Economics 301 (or B- if the course is retaken) in order to major in economics. Prerequisite: B- or better in Economics 101, and C- or better in one 200 level economics course or sophomore or higher class standing. Concurrent enrollment in Economics 301 and either Economics 101 or 302 is not allowed. 1.00 units, Lecture ECON 302 Macroeconomic Theory An analysis of aggregate income, output, and employment, which includes the following topics: national economic accounts; theories of consumption; investment and money; Keynesian and Classical models; the monetary-fiscal debate; inflation, unemployment and growth. Required of all majors in economics. Note: Students are reminded that a grade of C+ or better is required in Economics 302 (or B- if the course is retaken) in order to major in economics. Prerequisite: B- or better in Economics 101, and C- or better in one 200 level economics course or sophomore or higher class standing. Concurrent enrollment in Economics 302 and either Economics 101 or 301 is not allowed. 1.00 units, Lecture ECON 303 Labor Economics An examination of a number of important issues in modern labor economics. Topics include (but are not limited to): the determinants of labor supply, with special emphasis on the growth of women's labor supply during the last century; the demand for labor and the determination of wages; discrimination in labor markets. Prerequisite: C+ or better in Economics 301. 1.00 units, Lecture ECON 304 Macroeconomic Booms and Recessions This course will explore the causes of and policy responses to short-term macro-economic fluctuations and to macroeconomic crises, including the most recent Financial Crisis and Great Recession of 2007-2009. In order to do this, we will build on models introduced in Economics 302 and examine the alternative theoretical approaches underlying responses to macroeconomic fluctuations both in the US and Europe. Prerequisite: C+ or better in Economics 302. 1.00 units, Lecture ECON 305 Urban Economics The world's population is becoming increasingly urbanized, a trend which creates economic opportunities and challenges for individuals, businesses, and governments. This course will introduce students to economic models that explain why cities form, why commercial and residential land use patterns look the way they do, and how economic reasoning can inform policies addressed at urban problems, such as traffic congestion, housing affordability, crime, and homelessness. In addition, we will study how public policies such as zoning and the provision of mass transit can help remedy market failures in the urban setting. The supply and demand model and the economic theories of the consumer and the firm will be the main tools of analysis, as will ideas from public economics such as externalities and public goods. Prerequisite: C+ or better in Economics 301. 1.00 units, Lecture ECON 306 Public Finance: Economics of the Public Sector An examination of the role of tax and public expenditure policies as they influence the allocation and distribution of resources, and on the role of market imperfections as rationales for government policies. Emphasis is on the effects of taxation and public spending on consumer and producer choices. Prerequisite: C+ or better in Economics 301. 1.00 units, Lecture ECON 307 Health Economics This course will study the characteristics of the U.S. health care system and the functioning of the health care market using the tools of microeconomic theory. The aim of the course will be to discuss specific topics in the economics of health, including: the analysis of the causes of health-related behaviors such as obesity and substance abuse; the characteristics of the health care industry and how it is affected by insurance and medical technology; and the impact of government policies on health related behaviors and the provision of medical care. The role of preventive measures and the efficient use of limited healthcare resources will be examined in light of the recent health care reform and in light of their broader implications for public policy. Prerequisite: C+ or better in Economics 301. 1.00 units, Lecture ECON 308 Industrial Organization and Public Policy The course is divided into two parts. The first part consists of an examination of the structure of American industry including a critical analysis of the empirical evidence underlying the extent of competition, oligopoly, and monopoly within the United States. Comparisons are made with other industrialized nations and a number of specific industries are examined in detail. The second part of the course consists of an examination of public policy toward monopoly with specific emphasis on regulation and antitrust policies. Prerequisite: C+ or better in Economics 301. (Calculus is recommended, but not required) 1.00 units, Lecture ECON 309 Corporate Finance Valuation, the development of the modern theory of finance; efficient market hypothesis; portfolio theory; capital budgeting; cost of capital; corporate securities; the securities markets; and other selected topics in finance. Prerequisite: C+ or better in either Economics 301 or Economics 302. Economics 218 (formerly 109) or Mathematics 207 are strongly recommended and Economics 103 is recommended. 1.00 units, Lecture ECON 310 Money and Banking An analysis of monetary theory, institutions and policy including the nature, role and significance of money, financial markets and institutions, commercial banking and the money supply process, the Federal Reserve System, and the formulation and implementation of monetary policy, monetary theory, and related policy issues. Prerequisite: C+ or better in Economics 301 and 302. 1.00 units, Lecture ECON 312 Mathematical Economics This course is designed to introduce students to the application of mathematical concepts and techniques to economic problems and economic theory. Prerequisite: C+ or better in Economics 301 and 302, and a C- or better in Mathematics 126 or Mathematics 131. 1.00 units, Lecture ECON 315 Theories of International Trade An examination of the major theories of international trade, beginning with the classical and neoclassical models of international trade and concluding with a survey of the various alternative models of international trade developed over the past three decades. An analysis of commercial policy, preferential trading agreements and other contemporary policy issues in the international economy will be included. Prerequisite: C+ or better in Economics 301. 1.00 units, Lecture ECON 316 International Finance This course examines the major theoretical and policy issues faced by business firms, the government, and individual investors in their international financial transactions. Topics include the following: basic theories of the balance of payments, exchange rates, and the balance of trade; interest rates and interest parity; alternative exchange rate systems; and recent developments in the international money markets. Prerequisite: C+ or better in Economics 302. 1.00 units, Lecture ECON 317 Development Economics Various hypotheses on the persistence of underdevelopment observed in most developing economies will be examined. Then the successes of some developing economies in their modernization will be discussed. Attention will also be given to such important issues as industrialization, demographic change and urbanization, growth in income and its distribution, international trade and finance, development strategies, the government role in promoting development, and the impact of foreign aid. Prerequisite: C+ or better in Economics 302 and a C- or better in one 200-level Economics course or other Social Science course that deals with developing nations. Economics 301 is strongly recommended. 1.00 units, Lecture ECON 318 Basic Econometrics The formulation and estimation of models; topics include a review of basic concepts and results of statistical inference, single equation regression model, functional forms, problems of estimation, and simultaneous equation models. The computer will be used but no experience is necessary. Prerequisite: C+ or better in Economics 101 and a C- or better in Economics 218 (formerly 109) or Mathematics 207 or Mathematics 306. 1.00 units, Lecture ECON 318 Basic Econometrics with Lab The formulation and estimation of models; topics include a review of basic concepts and results of statistical inference, single equation regression model, functional forms, problems of estimation, and simultaneous equation models. Students must also enroll in the required lab for this course. Prerequisite: C+ or better in Economics 101 and a C- or better in Economics 218 (formerly 109) or Mathematics 207 or Mathematics 306. 1.25 units, Lecture ECON 319 The Modern Macroeconomy This course will examine the current state of the macroeconomy in the United States and the rest of the world. Causes and consequences of recent major events (including the great moderation, the financial crisis, and the European sovereign debt crisis) will be discussed. The course will also examine new features of the economy, such as jobless recoveries and stagnation in industrialized countries, and analyze policy responses to these developments, including quantitative easing by central banks and the Troubled Asset Relief Program. Both theoretical and empirical aspects of recent macroeconomic developments will be explored. Prerequisite: C+ or better in Economics 302. 1.00 units, Lecture ECON 323 Theories of Economic Growth This course is concerned with the long-run economic growth of modern economies. Topics includes the measurement of real living standards, the Solow model of capital accumulation, models of technological change and innovation, the role of trade in fostering growth, the effect of population growth on economic growth, the influence of economic growth on natural resources, and questions about why some countries are affluent while others remain poor. Prerequisite: C+ or better in Economics 301 and 302. 1.00 units, Lecture ECON 325 Advanced Topics in Comparative Economics This course explores the institutional arrangements and philosophical principles that accompany alternative and diverse forms of capitalism. One of the central questions we will consider is: do competing, viable models of capitalism exist, and, if so, what are the vision and corresponding institutions associated with each? This question is especially important today given the current challenges facing most capitalist economies. Prerequisite: C+ or better in Economics 302. Economics 301 recommended. 1.00 units, Lecture ECON 327 Behavioral Game Theory Behavioral game theory is the study of strategic interaction, built on realistic assumptions about people’s capacity for strategic thinking. The course will begin with an overview of standard game theory; for this reason, no prior knowledge of game theory is necessary. Motivated by field and experimental evidence, students will study alternatives to Nash equilibrium, including cognitive hierarchy models, quantal response equilibrium, and cursed equilibrium. We will also explore the role of social preferences in explaining behavior in strategic environments. Additionally, we will apply psychological biases that are found in individual decision-making, such as framing effects and overconfidence, to strategic situations. We will use these ideas in a variety of economic applications, including auctions and school choice. Prerequisite: C+ or better in Economics 301. 1.00 units, Lecture ECON 328 Applied Econometrics: Time-Series Analysis This course deals with econometric methods and problems that arise when data consists of observations on one or several variables over time. Topics include: autocorrelation, distributed lag and autoregressive models, ARIMA models, co-integration, and vector autoregressive correction models. Prerequisite: C+ or better in Economics 302 and a C- or better in Economics 318 . 1.00 units, Lecture ECON 328 Applied Econometrics: Micro-econometrics Application and extensions of basic econometric tools. Topics include analysis of panel data, maximum likelihood estimation, analysis of discrete and limited response data, analysis of count data, sample selection, and duration of models. Prerequisite: C- or better in Economics 318. 1.00 units, Lecture ECON 333 Economics of Risk and Investment The course considers both theoretical and empirical perspectives on risk in the context of portfolios of financial assets. Topics include standard and behavioral theories of risk, pricing risky assets, quantitative analysis of the theory of portfolio selection, and risk management. Prerequisite: A grade of C- or better in Economics 309. 1.00 units, Lecture ECON 334 Law and Economics Legal rules of property, contract and tort law create implicit prices that incentivize individuals behavior and motivate the economic approach to the study of law. This course brings together the two disciplines of economics and law to examine fundamental rules governing an exchange economy. Topics to be covered include property law, tort law (non-criminal harm or injuries), contract law and crime. Please note, this is not a course in law but in economic analysis of the law. Prerequisite: C+ or better in Economics 301. 1.00 units, Lecture ECON 335 Computational Macroeconomics The course will cover the theoretical motivation behind "DSGE" models, which are at the center of modern macroeconomic theory. We will discuss the importance of expectations in economics, what it might mean for these expectation to be "rational," and how "stochastic," or random, elements in a model can complicate these concepts. This course will teach how to solve these conceptual problems using computers, using two methods for dealing with these issues: perturbation methods using the Dynare software package and collocation methods using the Carlstrom and Fuerst software package. Both packages are used in contemporary academic research. Prerequisite: C+ or better in Economics 302. 1.00 units, Lecture ECON 336 The Market for Green Goods In many contexts, environmental and social damages can be significantly reduced if consumers substitute towards a greener version of the given products, e.g. organic food, energy efficient appliances, and green diamonds. The course will investigate alternative methods to promote green goods markets. These methods range from regulation to purely voluntary approaches taken by a firm or an entire industry. In addition, the course investigates the role of market competition, technological advances, product labeling and firm image in the development of green markets. The analysis involves the use of microeconomic theory as well as several case studies. Prerequisite: C+ or better in Economics 301. 1.00 units, Lecture ECON 399 Independent Study Submission of the special registration form, available in the Registrar's Office, and the approval of the instructor and chairperson are required for enrollment. Prerequisite: C+ or better in Economics 301 or Economics 302, as appropriate. 1.00 units min / 2.00 units max, Independent Study ECON 401 Independent Study in Quantitative Applications Submission of the special registration form, available in the Registrar's Office, and the approval of the instructor are required for enrollment. Prerequisite: C- or better in Economics 312 or Economics 318 0.50 units min / 1.00 units max, Independent Study ECON 402 Senior Thesis Seminar Part I This seminar will address the research and thesis writing process and will include workshops on writing, data and library resources. In addition, students will be asked to present preliminary work for discussion to seminar participants, and to participate in three sets of presentations to the Department during the academic year. 0.50 units, Seminar ECON 403 Senior Thesis Seminar Part II This seminar will address the research and thesis writing process and will include workshops on writing, data and library resources. In addition, students will be asked to present preliminary work for discussion to seminar participants, and to participate in three sets of presentations to the Department during the academic year. 0.50 units, Seminar ECON 431 Moving On Up? Social Mobility and the Immigrant Experience This course will explore questions of social and economic mobility in historical perspective with special emphasis on the immigrant experience in Hartford, past and present. Topics will include the role of social capital, education, and labor market opportunities in understanding the dynamics of mobility. The course will open with an examination of the 19th century immigration of the Irish and Italians. The second half of the course will turn to more recent research on immigrant mobility, and will include the opportunity to conduct original fieldwork with local immigrant groups. Students will have firsthand experience in developing a research design, conducting interviews, and presenting the results of their own research. Prerequisite: C+ or better in Economics 301 and 302. This course is open to senior Economics majors only. 1.00 units, Seminar ECON 431 From Workhouse to Warehouse: Variety and Evolution of Capitalist Firms This course will examine the organization of work under capitalism over time and across space. The aim of the course is to combine a study of the different theoretical perspectives of the firm with a case study approach to firm-level change. The goal is to develop an appreciation for i) the historical and cultural context within which capitalist production takes place and ii) the role that the social organization of the firm plays in the economic development of capitalist economies. Prerequisite: C+ or better in Economics 301 and 302. This course is open to senior Economics majors only. 1.00 units, Seminar ECON 431 Fiscal Policy in the United States This seminar will examine the fiscal policy decisions, and the theories that guided those decisions, during two periods in United States' history. The first encompasses the American Revolution through the Civil War (1775 -1860s). The second begins with the fiscal policy controversies surrounding the New Deal through to the present day. Topics include debates over the funding of infrastructure, the creation of institutions (such as the first banks and social security), deficits and debts, and the financing of wars. 1.00 units, Seminar ECON 431 Economic Growth in Theory and Practice Economics has come a long way since Malthus argued that the size of an economy is limited by physical constraints of land. However, the question of why economies become more productive and standards of living improve is one that continues to fascinate. This course examines both the theoretical underpinnings of such questions and the practical experiences of actual economies. The course will be divided into two parts. The first part will focus on mastering the theoretical underpinnings of economic growth theory. It will follow a structure closely, and information will come primarily in the form of texts and lectures. The second part will focus on applying the theoretical information to a specific economy. The focus will be on developing a multi-stage project. Prerequisite: C+ or better in Economics 301 and 302. This course is open to senior Economics majors only. 1.00 units, Seminar ECON 431 Economics Analysis of the Law This seminar uses economic analysis to examine the structure and incentives of the legal system. We will discuss a wide variety of theoretical economic papers studying how rational decision makers respond to different incentives in the legal market structure to evaluate the optimal means to maximize social welfare. Topics we will study include: liability rules in tort law, contract enforcement and remedy, property law and involuntary transfers, economic incentives in intellectual property law, the legal process and various topics in criminal law. Prerequisite: C+ or better in Economics 301 and 302. This course is open to senior Economics majors only. 1.00 units, Seminar ECON 431 Drug Policy This course will examine U.S. policy toward narcotics such as cocaine, heroin, marijuana, and methamphetamines. The topics we study will include: current drug policies in the U.S., economic theories and empirical evidence on the determinants of drug use and how drug use affects education, labor market outcomes, and society. We will consider how the enforcement of drug prohibitions affects consumer demand and drug prices, and how it contributes to drug-related violence, property crime, and mass incarceration. We will also consider the costs and benefits of alternative policy reforms such as decriminalization, sentence reduction and modification, and legalization. Prerequisite: C+ or better in Economics 301 and 302. This course is open to senior Economics majors only. 1.00 units, Seminar ECON 431 Behavioral Economics This seminar introduces students to behavioral economics, which is a field within economics that applies insights from psychology to improve our understanding of economic phenomena. We will discuss significant theoretical papers that advance our understanding of choice under uncertainty and inter-temporal choice and empirical work that is based on these theories. We will also discuss papers that have used other insights from psychology to study management, finance, health, education, and public policy. Throughout the course, students will read and take turns leading discussions of academic journal articles. Each student will also choose three articles from among those discussed in class or additional related articles and write summaries and evaluations of each article. The final project for the course will be a written research proposal. Prerequisite: C+ or better in Economics 301 and 302. This course is open to senior Economics majors only. 1.00 units, Seminar ECON 431 Experimental Economics This seminar will introduce students to applications of experiments in economic research, focusing on many well-developed areas of laboratory-tested experiments as well as experimental methodology. We will review, discuss, and analyze some of the most influential papers written in the field of Experimental Economics and conduct classroom experiments. We will examine the motivation behind experiments, their usefulness and their limitations. This course will include topics such as experiments involving individual decision making, game theory, bargaining, trust and public choice. Finally, students will be required to develop and conduct their own experiment-based research projects. Prerequisite: C+ or better in Economics 301 and 302. This course is open to senior Economics majors only. 1.00 units, Seminar ECON 431 Topics in Urban Economics Students will explore selected topics in Urban Economics such as crime, education, social contagion, housing, etc. Prerequisite: C+ or better in Economics 301 and 302. This course is open to senior Economics majors only. 1.00 units, Seminar ECON 431 Central Banking and Monetary Regimes This seminar provides a critical analysis of the rationale, behavior, and effectiveness of central banking and alternative monetary institutions. It will emphasize the Federal Reserve System and alternative monetary arrangements from historical and analytical standpoints, treating in detail the formulation and execution of monetary policy in the context of both domestic and international constraints. Attention also is given to the European Monetary Union and current issues in international monetary relations. Prerequisite: C+ or better in Economics 301 and 302. This course is open to senior Economics majors only. 1.00 units, Seminar ECON 431 Internal Labor Markets: Policy and Behavior within the Firm This seminar will explore several aspects of workplace relationships, with particular emphasis on the relationship between the firm and its employees. Among the questions we will explore are: How do compensation and promotion policies affect the firm-employee relationship? How do such policies affect relationships between employees, and how do they affect effort on the job and the overall performance of employees? Is it necessary for a firm to monitor its employees’ performance or are there other ways to measure productivity? What is the role of fringe benefits in the employment relationship? How do firms decide who to hire, who to train, and who to retain? What is the role of turnover within the firm? What are the effects of competition vs. coordination of workers within the firm? Is there a role for teams within firms? Prerequisite: C+ or better in Economics 301 and 302. This course is open to senior Economics majors only. 1.00 units, Seminar ECON 466 Teaching Assistantship Submission of the special registration form, available in the Registrar's Office, and the approval of the instructor and chairperson are required for enrollment. Cannot be used for major credit. 0.50 units min / 1.00 units max, Independent Study ECON 490 Research Assistant This course is designed to provide economics students with the opportunity to undertake substantial (collaborative) economics and/or econometrics work with a full-time economics faculty member. Students need to complete a special registration form, available in the Registrar's Office and have it signed by the supervising instructor. With permission, students may apply up to one credit toward major requirements. 0.50 units min / 1.00 units max, Independent Study ECON 498 Senior Thesis Part 1 Written report and formal presentation of a research project. Open to all senior majors and required of all students who wish to earn honors in economics. A student who intends to write a thesis must locate a thesis adviser, and must submit a preliminary proposal to the thesis adviser by the last day of classes in the spring semester of the junior year. A final proposal must be submitted to the thesis adviser by final registration in the fall semester of the senior year. Submission date of the thesis is the third Thursday following spring recess. Seniors who undertake Economics 498-99 will be excused from Economics 331. Studies in Social Policies and Economic Research. In addition to the final proposal, submission of the special registration form available in the Registrar's Office and the approval of the instructor is required for each semester of this year-long thesis. (2 course credits are considered pending in the first semester; 2 course credits will be awarded for completion in the second semester.) Prerequisite: C+ or better in Economics 301 and 302. 2.00 units, Independent Study ECON 499 Senior Thesis Part 2 Written report and formal presentation of a research project. Open to all senior majors and required of all students who wish to earn honors in Economics. A student who intends to write a thesis must locate a thesis adviser, and must submit a preliminary proposal to the thesis adviser by the last day of classes in the spring semester of the junior year. A final proposal must be submitted to the thesis adviser by final registration in the fall semester of the senior year. Submission date of the thesis is the third Thursday following Spring Recess. Seniors who undertake Economics 498-99 will be excused from Economics 331, Studies in Social Policies and Economic Research. In addition to the final proposal, submission of the special registration form available in the Registrar's Office and the approval of the instructor is required for each semester of this year-long thesis. (2 course credits are considered pending in the first semester; 2 course credits will be awarded for completion in the second semester.) Prerequisite: C+ or better in Economics 301 and 302. 2.00 units, Independent Study ECON 806 Financial Accounting Valuation and Measurement Review of concepts and methodology in financial accounting. Particular attention is devoted to the exploration of different accounting measurement theories and the impact these theories have on corporate financial reporting. Ability to interpret, analyze, and evaluate financial accounting information is developed through problems and cases stressing the preparation, utility, and limitations of such information. 1.00 units, Lecture ECON 940 Independent Study Independent studies on selected topics are available by arrangement with the instructor and written approval of the graduate director and department chair. Contact the Office of Graduate Studies for the special approval form. 1.00 units min / 2.00 units max, Independent Study ECON 953 Research Project The graduate director, the supervisor of the project, and the department chair must approve special research project topics. Conference hours are available by appointment. Contact the Office of Graduate Studies for the special approval form. 1.00 units, Independent Study