First Year

Fall of First Year

Students take a total of four core courses during the fall term of the first year. Courses meet twice a week, and recitation sessions for each class are held once a week.  A minimum GPA of 3.0 (B) is required for students to remain in good academic standing. Failure to attain this minimum results in probation (without suspension of funding) during the spring term.

Mathematical Methods of Economic Analysis (Econ 2010)

This course provides mathematical tools that are often applied in economic analysis. Topics include convex sets and separating hyperplane theorems, static constrained optimization and the Karush-Kuhn-Tucker theorem, dynamic optimization and the contraction mapping theorem, affine representation of preferences, fixed point theorems and applications, probability theory and integration theory. Sample syllabus

Introduction to Econometric Theory (Econ 2020)

This is the first course of the econometrics sequence at a graduate level. The course is divided into two parts. The first provides an introduction to probability theory and mathematical statistics. We begin by studying probability spaces and random variables. We then study some special distributions –such as exponential, multivariate normal, chi-squared –and asymptotic theory. The second part of the course is devoted to the linear regression model. Here, our objective is to recover a finite-dimensional parameter using available data. We cover different estimation and testing procedures, and also, we discuss identification issues. Prerequisites: matrix algebra, multivariate calculus, basic probability and statistics. Sample syllabus

Advanced Microeconomic Theory 1 (Econ 2100)

Microeconomic theory studies how individual economic units (households and firms) make choices given the alternatives available to them; it also studies how such choices interact in the market to determine prices and allocate resources. In the microeconomic theory sequence for first year PhD students in economics, we shall build the mathematical and theoretical foundations of the basic constrained optimization framework used in microeconomics. This course is the first one in the sequence. Topics to be covered will include: consumer preferences and choice, classical demand theory, choice under uncertainty, producer theory, and general equilibrium. Class materials

Advanced Macroeconomic Theory 1 (Econ 2110)

This course focuses on the tools and models of modern economic growth theory. Next semester, Advanced Macroeconomic Theory 2 will include business cycle theory, as well as asset markets and fiscal and monetary policy. Modern macroeconomic theory is micro founded, and it uses models and mathematical tools to quantitatively explain stylized empirical facts. The objective of this class is to introduce students to the main theories concerning the central questions in economic growth. We will not only understand the motivation, intuition and implications of each model, but we will also learn the mathematical or numerical tools needed to solve these models. In addition, we will discuss the limitations of each model and the open research questions of the field to guide those students who will go on to pursue research on this area of study. Sample syllabus

Spring of First Year

Students take a total of three core courses during the spring term of the first year. Courses meet twice a week, and recitation sessions for each class are held once a week. By the end of the year students will have completed a total of 24 credits (21 graded credits, plus 3 non-graded credits for the summer math camp). A minimum cumulative GPA of 3.0 (B) is required for students to be able to take the two preliminary examinations in early June. These exams take place the first full week of June: the microeconomics exam on Monday and macroeconomics on Friday. Second attempts to pass these exams are available the first full week of August.

Advanced Microeconomic Theory 2 (Econ 2120)

This course is the second half of the first-year graduate sequence in microeconomic theory. Topics studied include normal form games with complete information, Nash equilibrium, extensive form games, sub-game perfect equilibrium, Bayesian games (incomplete information games), Bayes-Nash equilibrium, perfect Bayesian equilibrium, repeated games, bargaining, signaling, auctions and mechanism design, principle-agent and moral hazard. Sample syllabus

Advanced Macroeconomic Theory 2 (Econ 2130)

This course is the second half of the first-year graduate sequence in macroeconomic theory. The class has two objectives. The first one is to study the basic conceptual and numerical tools needed to construct and solve dynamic stochastic equilibrium models. These tools include dynamic programming, recursive equilibria, alternative trading arrangements, etc. The second objective is to use this set of tools to discuss a few ‘classic’ macro topics such as business cycles, asset pricing, fiscal policy etc. Sample syllabus

General Econometrics (Econ 2150)

This is an intermediate level PhD course in econometrics. Topics studied include functional form and structural change, specification analysis and model selection, general regression model, systems of regression equations, nonlinear regressions and nonlinear least squares, instrumental variable estimation, simultaneous equations models, estimation frameworks in econometrics, generalized method of moments, and maximum likelihood estimation. Sample syllabus