New Courses Offered in Fall 2020
International Trade Theory and Policy
ECON 4803: Special Topics (Section TB, CRN 91911)
International trade has been the foundation of today’s economy and how we live. Nearly 39 million jobs in the U.S., or one in five, were tied to trade in 2017. Imports and exports combined account for nearly 30% on U.S. GDP and access to imported goods is estimated to save the average American household nearly $18,000 annually. This course introduces students to economic models of why countries trade products and services with each other. Students will be able to analyze gains and losses from international trade, and will gain an understanding of the trade policies countries use to either restrict trade or to increase it. This course is replacing ECON 4350 (International Economics) for fall 2020. Students cannot get credit toward major or minor requirements for both this course and ECON 4350.
Causal Inference and Research Design in Economics
ECON 4803: Special Topics (Section KY, CRN 91910)
Most have probably heard the saying “correlation does not imply causation.” While this is undoubtedly true, economists have a set of tools that do allow us to make causal statements about what causes what and how much under the right conditions. These tools were developed in order to credibly test the predictions of economic theory, and important to accurately assess the effectiveness of programs, policies, and many business decisions. Students will learn the major tools of causal inference, including experiments, differences-indifferences, instrumental variables, regression discontinuity designs, and synthetic control. After this course, students are expected to be able to implement the methods discussed to examine the effects of policies and programs. Students will learn and use the open-source statistical package "R" in this course. ECON 3161 is a pre-requisite for this course.
ECON 4803: Special Topics (Section WB, CRN 91923)
This course joins the fundamentals of human psychology to the rational choice models of economics to better understand human behavior. We will ask why individuals frequently make decisions that depart from the predictions of standard economic models. Concepts such as probability weighting, reference dependence, priming, framing, and heuristics for decision making will be discussed. Students will learn to apply this conceptual framework to policy questions regarding financial behavior, health care, shopping behavior, and personal decision making. In addition to the discussion of current research in economics, psychology, and neuroscience, students will design, execute, analyze, and present their own primary experimental research.
Law & Economics of the World Trading System
ECON 4357 (91924)
This course takes an interdisciplinary approach, examining the economics, law, and political economy of the global trading system. The course begins with a review of the economic theories behind the existence of tariffs, quotas, subsidies, non-tariff barriers to trade and strategic trade policies. The course then covers the origin and basic principles of the World Trade Organization (WTO). It considers the negotiation mechanisms and rules relating to market access, dispute settlement, fair trade, safeguards, and trade-related intellectual property rights. The course also explores how the increasing embeddedness of the WTO rules in national regulation influences the strategic choices and actions of international managers. Through case-study discussions, students will analyze how multinational enterprises alter their strategies in response to rules and enforcement mechanisms of the WTO.
Empirical Economics Practicum I (1 credit hour)
ECON 4811 (91875)
This course will introduce students to programming in SAS, a statistical software package commonly used by large companies for data analytics (examples include major employers in the airline, health, financial, consulting, and insurance industries). In this course, students will learn key programming skills using multiple sources of data to prepare reports and basic visualizations within the SAS environment. Students will gain hands-on experience applying basic economic analysis to business data. Students who successfully finish this course are eligible to receive a SAS certificate "SAS® Certified Specialist: Base Programming Using SAS 9.4".
This course is major restricted through Phase I registration and is a pre-requisite for Empirical Economics Practicum (EEP) II and III, in which students can deepen their skills in programming and statistical business analysis in SAS. As EEP II and III are completed, students can also earn the following two certificates, respectively: “SAS® Certified Professional: Advanced Programming Using SAS® 9.4” and “SAS® Certified Statistical Business Analyst Using SAS® 9.4: Regression and Modelling.” Empirical Economics Practicum I, II and III (each 1 credit hour) can be combined within one calendar year to complete a 3-credit sequence.
3000/4000-level Electives Offered Every Fall
Advanced Microeconomic Analysis
ECON 3110 (Section PM, CRN 88110)
Review of important mathematical tools and techniques used in advanced microeconomics. Advanced topics include the estimation of demand and cost functions; the role of government in the economy (externalities, property rights, and public goods); public choice theory; factor markets (especially labor and capital markets); models of monopoly; pricing techniques used by firms with market power (monopolies and oligopolies); and game theory.
Advanced Macroeconomic Analysis
ECON 3120 (Section WB, CRN 80520)
Integrates issues arising from international economic relationships with the macroeconomic dynamics of domestic economies. Income determination in the open economy and the effect of stabilization policies on the international monetary system.
ECON 3161 (Section SD, CRN 80693)
Econometric techniques and applications in economic and business analysis. Practical issues involving modeling, estimate, hypothesis testing, and emphasizing computer implementation through econometric software. Students learn to program in STATA.
International Energy Markets
ECON 3300 (Section MO, CRN 89977)
This course introduces students to the economic models most important to modern energy systems and the challenges of delivering clean, reliable energy in today's economy. Economic models of the global energy infrastructure and markets are covered, as well as U.S. and international policies relating to energy production and trade, renewable energy, climate change, and environmental pollution from energy production and consumption.
Money and Capital Markets
ECON 4060 (Section WB, CRN 86600)
This course examines the role of money in the economy, the Federal Reserve's monetary policies and strategies, and the impact of monetary policy on financial markets and aggregate economic activity.
Game Theory Economics
ECON 4180 (Section MA, CRN 87945)
This course provides students with foundations in game theory, which is the study of strategic interaction. Topics covered are relevant to many settings in economics and business, as well as other disciplines including statistical decision theory, artificial intelligence (online learning, multi-agent systems), biology (evolution, signaling behavior, fighting behavior), political science, and philosophy. Prerequisites: One of the following: ECON 2100, 2101, 2105, 2106 or 3110. Recommended: ECON 2106 or 3110