Economics: First-Year Courses

Note: The details of the course offerings will differ somewhat from year to year, depending on the faculty member teaching the course in question. The following list summarizes typical first-year course contents. For more details on these courses in any given year as well as the field courses, it is best to consult the course syllabi typically retrievable on individual faculty members’ websites.

Mathematics and Statistics: real analysis, advanced calculus, linear algebra, static optimization, probability theory, estimation and hypothesis testing, linear regression model.
Advanced Econometrics 1: fundamentals of linear regression (OLS, SUR, 2SLS, 3SLS, GMM, QML), cross-section regression models with limited dependent variables, static panel data models.
Advanced Macroeconomic Theory 1: dynamic optimization in models with representative and with heterogeneous agents, consumption, investment, saving and financial markets.
Advanced Microeconomic Theory 1: theory of the household, theory of the firm, decisions under uncertainty, market equilibrium, static and dynamic games under alternative information structures.
Mathematical Methods: probability theory, measure theory, stochastic processes, topology, difference and differential equations, dynamic optimization, numerical methods.
Advanced Econometrics 2: integration and cointegration, single and multiple equation time-series models (ARMA, ARDL, VAR, VECM), spectral analysis, conditional heteroskedasticity.
Advanced Macroeconomic Theory 2: structure of DSGE models, monopolistic competition and pricing, strategic complementarities, optimal monetary and fiscal policy, learning.
Advanced Microeconomic Theory 2: contract theory (moral hazard, adverse selection, mechanism design, incomplete contracts), general equilibrium theory, welfare economics, externalities.
Historical and Normative Foundations: history of economic thought (illustrated in the context of modeling economic growth and/or the modeling of financial crises), normative foundations.