2020-21 Course Catalog

Courses primarily for:

Real money demand and the real money supply as functions of the real interest rate are illustrated in the above graph. Real money demand is graphed holding fixed real income and expected inflation. The real money supply is equal to the nominal amount of M1, denoted M 0, divided by the fixed aggregate price level, P 0.

Start studying 352 Macro Econ Huang 13. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Four-wheel cars made in South Edsel are sold for 10,000 mark. The real exchange rate between North and South Edsel is four three- wheel cars for three four-wheel cars. An increase in the domestic money supply would.
A/A a Autonomous component of the consumption function AD Aggregate Demand (part of AS/AD Model) APC Average Propensity to Consume APS Average Propensity to Save AS Aggregate Supply (part of AS/AD Model) ATR Average Tax Rate b/B b Marginal Propensity to Consume (MPC) c/C C Consumption CC Currency in Circulation CLR Long-run consumption function Cr.
112 Abel/Bernanke. Macroeconomics, Fifth Edition 47. Suppose real money demand is L = 0.8 Y – 100,000 (r + π e). If the nominal money supply is 12,000, real output is 15,000, the real interest rate is.02, and the expected inflation rate is.01, then the price level is (a) 3/4 (b) 1 (c) 4/3 (d) 3 Answer: C Level of difficulty: 3 Section: 7.4 48. If the nominal money supply doubles while.
This specification of the money demand leads to a long run relationship of the form (1) (m − p) t = δ 0 + δ 1 y t + δ 2 w t + δ 3 R t + δ 4 r t + δ 5 π t, where m denotes nominal money balances taken in logs, p is the log of the price level, y is the log of real income, representing the transaction volume in the economy, and w is the.

Courses Primarily for First-Year and Sophomore Students

ECON 101 – First Year Seminar

Open to first-year students in Weinberg College; does not satisfy major/minor requirements in Economics.

ECON 201 – Introduction to Macroeconomics

An introduction to economics with emphasis on macroeconomics. Topics include: scarcity and choice, elements of supply and demand, inflation, unemployment, recessions, booms, fiscal and monetary policy, international balance of payments, and budget deficits. Prerequisite: basic algebra and graphing.

ECON 202 – Introduction to Microeconomics

An introductory course on the fundamentals of microeconomics. The behavior of individuals and firms in deciding on prices and allocation of scarce resources. Topics include: consumer preferences, costs of production, equilibrium prices and output, different market types, potential market failures, and the role of government interventions and public policy. Prerequisite: ECON 201-0.

ECON 249 – Business Strategy

Firms’ choices of prices, capacity, location, quality, variety, investment and product innovation when navigating complex economic environments shaped by government policy and inter-firm rivalries. Prerequisites: ECON 202-0; MATH 220-1. (Majors and Minors should not take this course, but should take ECON 349-0 instead. Students may not receive credit if they have completed ECON 349-0.)

ECON 281 – Introduction to Applied Econometrics

An introduction to econometrics. The underlying theory of regression and the practical application of these techniques to data sets. Understanding and diagnosing common statistical problems encountered during estimation. Prerequisite: ECON 201-0, ECON 202-0, MATH 220-1, STAT 210-0 or higher level statistics class. All other substitutions (including AP Statistics) must be cleared through the Director of Undergraduate Studies for Economics.

ECON 310-1 – Microeconomics I

A more mathematically formal and rigorous treatment of the core concepts of microeconomics introduced in ECON 202-0. Topics include: consumer behavior and the theory of demand, costs of production and the nature of equilibrium in competitive and monopolistic markets. Prerequisites: ECON 201-0, ECON 202-0, MATH 220-1.

Real Money Demand Econ 352 Free

ECON 310-2 – Microeconomics II

The continuation of the intermediate microeconomics sequence provides tools to analyze social wellbeing, social choice, risk and uncertainty, information asymmetries, competitive independencies between firms (game theory), market spillovers and general equilibrium. Prerequisite: ECON 310-1.

ECON 311 – Macroeconomics

A more mathematically formal and rigorous treatment of the core concepts of macroeconomics introduced in ECON 201-0. Topics include: aggregate consumption, inflation, unemployment, growth, international balances between countries, and the role of monetary and fiscal policy. Prerequisites: ECON 201-0, ECON 202-0, MATH 220-1.

STAT 210 – Introductory Statistics for the Social Sciences

Introduction to basic concepts and methods of statistics and probability. Methods of data collection, descriptive statistics, probability, estimation, sampling distributions, confidence intervals, hypothesis testing. May not receive credit for both STAT 202-0 and STAT 210-0. Prerequisite: strong background in high school algebra (calculus is not required).

Courses Primarily for Juniors and Seniors

ECON 307 – Economics of Medical Care

Application of microeconomics to the study of health insurance and the health care sector. Topics include: design and financing of health insurance, public and private demand for medical care, role of competition, regulation of hospitals and physicians, roles of nonprofit and for-profit organizations, and technological change. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 308 – Money and Banking

The role of money, banking, and financial markets in the modern economy. Topics include: function and history of money, financial flows, evolving nature of banks and their regulation, monetary policy, modern central bank practices, effect of monetary policy on economic outcomes, and the response to financial crises. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.

ECON 309 – Public Finance

Understanding the role of government in the economy in theory and practice. Topics include: structure and implications of various tax instruments, role of public debt, and methods for evaluating government expenditures and programs. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2.

ECON 315 – Topics in Economic History

Topics vary and may cover the economic history of a particular country or region, or a specific issue in economic history. May be taken twice for credit with different topics. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.

ECON 316 – Advanced Topics in Macroeconomics

This course is for students looking for advanced and rigorous analysis in macroeconomics. Topics vary and may include: growth, business cycles, unemployment and search, monetary economics, macroeconomic policy, inter-temporal choice, and general equilibrium. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311, MATH 220-2, MATH 230-1.

ECON 318 – History of Economic Thought

Development of economic thought from the advent of the mercantilists to the formation of current schools of economics. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0.

ECON 323-1 – Economic History of the United States Before 1865

Economic development of the United States with emphasis on changing structure and performance of the economy: Colonial period to 1865. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.

ECON 323-2 – Economic History of the United States After 1865

Economic development of the United States with emphasis on changing structure and performance of the economy: 1865 to the present. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0. ECON 323-1 is not a prerequisite.

ECON 324 – Western Economic History

Western European developments from 1750 to the present. Topics include: demographic, technical, social, and economic change. Prerequisites: ECON 281-0, ECON 310-1, ECON 311-0.

ECON 325 – Economic Growth and Development

Macroeconomic aspects of long-term patterns of economic development, and the examination of differences in the income levels and growth performances across countries. The role of investment, education, population, and technological change in economic growth. Prerequisites: ECON 281-0, ECON 310-1, ECON 310-2, ECON 311-0.

ECON 326 – The Economics of Developing Countries

Microeconomic issues in underdeveloped countries. Topics include: land use, labor, migration, credit and microfinance, informal and formal insurance, famine, education and health. Prerequisites: ECON 281-0, ECON 310-1, ECO