Economics Division Courses

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Undergraduate

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ECN2000 - PRINCIPLES OF MACROECONOMICS

PRINCIPLES OF MACROECONOMICS

ECN2000 Principles of Macroeconomics (Intermediate Liberal Arts) Understanding the economy requires knowing what affects key variables such as output, employment, prices, interest rates and exchange rates, how these variables are measured, and how they fluctuate with the national economy over the business cycle. Students in ECN2000 will master these concepts, as well as understand the impact of inflation, deflation, recessions and trade imbalances on the economy. Students will be introduced to social challenges such as poverty and income inequality. They will also gain an introductory understanding of the banking system, money creation and the tools of monetary, fiscal and trade policies used by governments to manage sustainable growth in the context of the international economy. Prerequisites: None.

4.00 credits

ECN3615 - MONEY, BANKING & THE ECONOMY

MONEY, BANKING & THE ECONOMY

ECN 3615 Money, Banking, and the Economy (Advanced Liberal Arts Elective) Central Banks exert a tremendous influence over the economy and financial markets. Anyone interested in investing in or running a business should have a firm grasp on the effects of their policies and a general ability to predict their actions. Moreover, the behavior of central banks has radically changed over the last decade, implementing in practice experimental polices that were largely theoretical previously (e.g. quantitative easing) if not unfathomable (e.g. negative interest rates). In this class, we will focus on how and why central banks implement these polices and adjust interest rates, and how those policies affect the economy. We will also focus heavily on central banks’ interactions with bond markets, stock markets, and foreign exchange markets. In studying these asset markets, we will also discuss general frameworks for thinking about how financial prices are determined, including potential behavioral influences. Prerequisite: ECN 2000. This course is typically offered in the following semesters: Fall, Spring

4.00 credits

ECN3620 - ECONOMETRICS

ECONOMETRICS

ECN3620 Econometrics (Advanced Liberal Arts Elective) This hands-on course is designed to provide students with a comprehensive introduction to the field of Econometrics. The course will be applied in nature and will be directed to undergraduate students that seek to further their understanding of how to use economic and statistical theory to develop economic models and forecast key financial and economic measures of performance while learning to assess the strengths and weaknesses of those models. These techniques can improve corporate financial planning, marketing, sales forecasts, production planning, legal consulting and many other decisions where better predictions in light of uncertainty can reduce costs, raise profits and lead to better decision making. Prerequisite: (SME2031) and (QTM1010) This course is typically offered in the following semesters: Spring

4.00 credits

ECN3625 - THE EU TODAY: ECON AND POL INTEGRATION

THE EU TODAY: ECON AND POL INTEGRATION

ECN3625 Economic and Political Integration in the European Union (Advanced Liberal Arts Elective) The European Union is the most important experiment in liberal democracy since the founding of the United States almost three hundred years ago. The question is, will it ultimately succeed in its goals of eliminating trade barriers and increasing political unity in order to promote economic growth and ensure peace. From the “Brexit” movement in the UK, to the rise of right-wing populism in Hungary, Poland and Italy, to the massive influx of migrants from North Africa and the Middle East, the EU faces potentially shattering challenges to its authority and its institutions. Students will learn about the history of the EU, the institutional structures, the democratic nature of decision-making and legislation, the economic foundations of the single market and the impact of adopting a single currency, the Euro. With this knowledge in hand, students will examine the current crises and the future challenges for the success of the European Union experiment. Prerequisite: (SME2031) and (ECN2000). This course is typically offered in the following semesters: Spring

4.00 credits

ECN3630 - INDUSTRIAL ORGANIZN & PUBLIC POLICY

INDUSTRIAL ORGANIZN & PUBLIC POLICY

ECN3630 Industrial Organization & Public Policy. (Advanced Liberal Arts Elective) Strategic decisions that firms make on a wide range of issues such as market entry, entry deterrence, supply chain development, outsourcing and vertical integration, diversification, mergers and acquisitions, product positioning and managing innovation are the topics of this advanced course in the economic analysis of markets. Industrial Organization teaches students how market structure (or the nature of competition in a market) and the inter-relations between industries influence firm performance, and how understanding these linkages enables firms to identify opportunities and risks. Public policy and its role in industrial organization, through anti-trust enforcement for example, is important for entrepreneurs and business leaders trying to understand the rules of competition for their industries. Students will also learn to apply basic Game Theory to various aspects of strategic business decision making. Cases from a wide range of industries are used to illustrate successful business strategies. Prerequisite: SME2031. This course is typically offered in the following semesters: Fall and Spring

4.00 credits

ECN3645 - BUSINESS & ECON POLICY IN DEVEL COUNTRY

BUSINESS & ECON POLICY IN DEVEL COUNTRY

ECN3645 Business and Economic Policy in Developing Countries (Advanced Liberal Arts). This course discusses the latest research in economics on the two fundamental questions of economic development: 1) why are some countries rich and some poor and what can be done about it, and 2) why are some individuals poor and remain poor for generations, and what can be done to alleviate poverty. In answering these questions, the course introduces students to the economic and political environment in poor countries. Topics include measures of development, economic growth, macroeconomic poverty traps (such as conflict, being landlocked, and low quality of institutions), foreign aid, and microeconomic poverty traps (such as poor nutrition and health, low educational endowments, and incomplete markets). The course introduces empirical strategies in economics to identify causal effect, such as randomized controlled trials, instrumental variable, difference-in-differences and regression discontinuity. Prerequisite: SME2031 and ECN2000

4.00 credits

ECN3650 - CONTEMPORARY ECONOMIC SYSTEMS

CONTEMPORARY ECONOMIC SYSTEMS

ECN3650 Contemporary Economic Systems (Advanced Liberal Arts Elective) At the heart of contemporary economic debates is the question: what role should government play in the economy? This course provides a framework for understanding the real world implications and outcomes of these debates in the context of economic theories, policies and systems. The course begins with an exploration of the major economic theories as they have emerged through time and the problems each theory has sought to address. The course explores the big ideas in economics from free markets to communism to managed markets, and covers the core debates surrounding the relevance of fiscal, monetary, trade and policy/regulatory policies. The course then uses several policy and country case studies to explore the application of these ideas to pressing issues such as structural unemployment, inequality, civil conflict, climate change and the impacts of trade, focusing as well on the potential role of businesses and entrepreneurs in addressing these issues. Emphasizing fact-based analysis in assessing the goals and outcomes of diverse policies, the course builds critical thinking skills and helps prepare students for leadership roles in a dynamic global business environment. Prerequisite: SME2031 and ECN2000

4.00 credits

ECN3655 - MANAGERIAL ECONOMICS

MANAGERIAL ECONOMICS

ECN3655 Managerial Economics (Advanced Liberal Arts Elective) Successful business decision-making requires the systematic analysis of a firm’s internal factors and external market forces. Managerial Economics uses applied microeconomics to prepare students to perform these quantitative analyses, both internally, looking at cost structure and scale, for example, and externally, to understand consumer preferences and demand, price sensitivity, the nature of competition, and the regulatory environment. Students will leave this course able to evaluate firms’ pricing, product attributes, production and output decisions, in the context of the competitive environment and constraints on the firm. Students will also hone quantitative skills that help them face challenges arising in dynamic markets where data can help entrepreneurs and managers mitigate risks and capitalize on opportunities. Prerequisite: SME2031 This course is typically offered in the following semesters: Spring and Fall

4.00 credits

ECN3660 - INTERNATIONAL TRADE THEORY & POLICY

INTERNATIONAL TRADE THEORY & POLICY

ECN3660 International Trade Theory and Policy (Advanced Liberal Arts Elective) Global trade is of great importance to business strategy and economic development, in terms of both the opportunities for new markets and supply chains and the challenges of import competition and changing government policies. This course explores the theory behind international trade relationships, the pattern of imports and exports and trade policies among the various major trading economies of the world. As international trade becomes a more important consideration for all countries, it is important to understand the rationale, costs, and benefits of trading relationships, as well as the incentives (often conflicting) behind trade policies. This course combines very nicely with ECN3665 for a more complete coverage of international economics. Prerequisite: SME2031 This course is typically offered in the following semesters: Fall and Spring

4.00 credits

ECN3662 - POLITICAL ECON LATIN AM DEV/UNDRDEV

POLITICAL ECON LATIN AM DEV/UNDRDEV

ECN3662 Political Economy of Latin American Development and Underdevelopment (Advanced Liberal Arts Elective) This course is for any individual interested in the political, financial, historical, and social determinants of economic development in Latin America. Both theoretical and policy issues in development are covered. Analyzing the characteristic volatility of the region's business environment, the course provides an in-depth examination of the workings of Latin America's economies, which in combination with courses in the liberal arts, leads to a greater appreciation of this region's global distinction and diversity. Prerequisite: (ECN2000) and (SME2031) This course is typically offered in the following semester: Fall

4.00 credits

ECN3663 - ECONOMICS OF EDUCATION

ECONOMICS OF EDUCATION

ECN3663 Economics of Education 4 credit advanced liberal arts Education plays a critical role in a country's growth, development, and economic well-being, as well as providing substantial personal benefits. Human capital development constitutes a critical and complicated social investment. Economic theories and methods provide a powerful way to analyze issues in education and education policy. This course will apply economic theory to educational problems, discuss policy context and implications, and explore how entrepreneurs may innovate in educational settings. Prerequisites: MCE2312 or SME2031

4.00 credits

ECN3664 - COLLEGE FED CHALLENGE

COLLEGE FED CHALLENGE

ECN3664: College Fed Challenge 2 Advanced Liberal Arts Electives This course exposes selected students to a rigorous exploration of advanced macroeconomic and monetary economic concepts, with a special emphasis on the conduct of monetary policy by the U.S. Federal Reserve. During the semester, students will research appropriate economic topics and make policy oriented presentations. All aspects of the course will emphasize teamwork. The culminating experience of the course will be participation in the College Fed Challenge where students will present a fifteen minute monetary policy recommendation to a panel of local economists at the Federal Reserve Bank of Boston. The presentation is followed by a 15 minutes question and answer session. Prerequisites: ECN3615

2.00 credits

ECN3665 - INTERNATIONAL FINANCE

INTERNATIONAL FINANCE

ECN3665 International Finance (Advanced Liberal Arts Elective) The global financial system provides the framework for trade and capital flows among countries. It has experienced severe disruptions in recent years from structural and policy changes that are transmitted globally through exchange rates and investment flows. This course provides broad and deep exposure to the (a) global financial institutions and markets, (b) quantitative and analytical tools, which are valuable for firms operating in the global marketplace, and (c) the costs and benefits of living in an increasingly interdependent world. This is a very valuable course for anyone with international interests and/or anyone who would like to work in a globally oriented job. Prerequisite: ECN2000 This course is typically offered in the following semesters: Fall, Spring

4.00 credits

ECN3667 - STRATEGIC GAME THEORY

STRATEGIC GAME THEORY

ECN3667 Strategic Game Theory (Advanced Liberal Arts Elective) Game theory provides a simple, but rich, framework for analyzing once-off and repeated interplay between people or firms, where the manner in which each reacts depends upon the other's reaction: strategic interaction. These interactions occur in markets, in organizations, and in the household. This course-through lectures, experiential learning, and computer simulations-will provide students with an understanding of many interactions they may encounter in their business and personal lives; including price wars, public policy, the value of cooperation interactions, and the value of information. Prerequisite: SME2031 This course is typically offered in the following semesters: Fall, Spring

4.00 credits

ECN3671 - ECONOMICS OF THE LABOR MARKET

ECONOMICS OF THE LABOR MARKET

ECN3671 The Economics of Labor Markets (Advanced Liberal Arts Elective) Labor earnings provide over sixty percent of household income in the United States, driving the U.S. economy just as labor drives economies around the globe. The theoretical foundations for analyzing labor demand and supply will be the starting point for examining a range of labor market topics such as human capital investment, wage determination and inequality, the impact of robotics and artificial intelligence on employment, the choice between work and household production, the effect of unions on the labor market, labor mobility and migration, labor market discrimination, and the effects of taxation, regulation, unemployment insurance and other government policies on labor market outcomes. Prerequisite: SME2031 This course is typically offered in the following semesters: Spring

4.00 credits

ECN3675 - ENVIRONMENTAL ECON-POLICY AND ANALYSIS

ENVIRONMENTAL ECON-POLICY AND ANALYSIS

ECN3675 Environmental Economics – Policy and Analysis (Advanced Liberal Arts Elective) Avoiding environmental catastrophe in the next century requires that business leaders and policy makers value, both inherently and quantitatively, the impact of production and consumption choices on natural resources and the environment. Students in this course will consider the tension between the resource needs of current versus future generations and will use microeconomic models to analyze non-renewable energy resources, our access to clean water and our ability to control pollution, among other topics. Students will leave this course knowing how to evaluate economic and environmental tradeoffs in the context of the most pressing resource issues, and understanding the impact of potential policies that affect environmental outcomes, including market-based approaches. Prereq: (ECN2000) and (SME2031) This course is typically offered in the following semesters: Spring

4.00 credits

ECN3677 - REGIONAL ECONOMIES

REGIONAL ECONOMIES

ECN 3677 Regional Economies-Prospects and Tensions in Latin America's Southern Cone 4 credit advanced liberal arts credit Program fee and group international airfare is paid to Glavin Office – program fee includes accommodations, breakfast, airport transport, group round-trip flight from Boston to Uruguay/Argentina , ferry transportation from Uruguay to Argentina, program planned meals, and cultural excursions. Not included: tuition, visa costs, additional meals and personal expenses. This course provides an introduction to the Latin American business environment, with special focus on Uruguay and Argentina. In Uruguay, we explore the dilemmas of the country’s contrasting development opportunities, promoting tourism and sustainable enterprise built on its natural beauty, while pressured to accept environmentally threatening extractive industry investments in mining, pulp, and petroleum. Additional themes include environmental and water rights debates, regional infrastructure investment, and review of South-South trade initiatives. In Argentina, we examine the country’s emergence from the volatile swings of agricultural commodity booms, international debt, and financial turbulence. We explore the challenges of the recently elected Macri government to promote economic development through entrepreneurial initiative directed by market fundamentals. What happens when entrepreneurs design government policy and roll back the state? In addition we examine regional e-business competition, the “Tango” as a cultural artifact of early economic development, concluding with an appraisal of the region’s prospects in the wake of the adversity of a global financial crisis. We will explore these Southern Cone economies through extensive country site visits and classroom sessions at host institutions, Universidad ORT (Uruguay) and Universidad San Andrès (Argentina). Prerequisites: SME2031 and ECN2000

4.00 credits

SME2031 - PRINCIPLES OF MICROECONOMICS

PRINCIPLES OF MICROECONOMICS

SME2031: Microeconomics Intermediate Core (3 credits) Microeconomics examines the decisions made by consumers, firms and governments in allocating scarce resources. Raw materials are not available in infinite quantities; neither are human labor and productive capital. Managers must deal with real-world constraints in making decisions about production and pricing, while consumers are subject to the constraints of income and prices in satisfying their needs and wants. Governments must set basic rules for an economy, provide certain goods and services, and deal with issues of taxation, income distribution and inequality when determining how a country’s resources will be used and who benefits from those resources. The Microeconomics curriculum introduces us to the rules and principles that help guide allocation decisions, and focuses particularly on the role of markets. Prerequisites: None

3.00 credits

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