[IAI Code: S3902] Introduction to the functions of individual decision-makers, both consumers and producers, within the larger economic system. Primary emphasis on the nature and functions of product markets, the theory of the firm under varying conditions of competition and monopoly, and the role of government in prompting efficiency in the economy. Credit is not given toward graduation for: ECON 102 and ACE 100.
[IAI Code: S3901] Introduction to the theory of determination of total or aggregate income, employment, output, price levels, and the role of money in the economy. Primary emphasis on monetary and fiscal policy, inflation, unemployment, economic growth, and international economics.
An introductory course intended to help students explore the various fields of economics. Presents brief introductions to various faculty members within the Department of Economics at Illinois and an overview of their respective fields. Enrollment limited to undergraduate Economics majors only. Approved for S/U grading only.
Approved for both letter and S/U grading. May be repeated.
Introduction of basic concepts in statistics including the presentation of data, descriptive statistics, probability theory, discrete and continuous distributions, sampling distributions, estimation, and hypothesis testing. The approach of the class includes both learning the concepts behind basic statistics and also how to apply these concepts in "real-life" situations. Utilizes a practical project format. To complete the Business Statistics sequence, students must also complete ECON 203. Credit is not given for ECON 202 if credit for a college-level introductory statistics course such as PSYC 235, SOC 280, or STAT 100 has been earned. Prerequisite: Credit or registration in one of MATH 220, MATH 221, MATH 234.
Continuation of ECON 202. Builds upon point and interval estimation as well as hypothesis testing skills first introduced in ECON 202. Utilizes a practical project format to extend the student skill set to include simple and multiple linear regression and time series techniques. Students will: Understand the relevance of statistics in their future course-work and professions; Be trained to identify the proper statistical technique to apply to a problem; Be adept at finding the answers to statistical queries using excel; Be able to properly interpret the results of their analysis. Students must have completed a course on probability and statistical analysis before taking ECON 203. The best course to meet this requirement is ECON 202 at the University of Illinois. Prerequisite: ECON 202; one of MATH 220, MATH 221, or MATH 234.
Same as ACE 210, ENVS 210, NRES 210, and UP 210. See ACE 210.
Supervised, on or off-campus experience in a field directly pertaining to Economics, Econometrics & Quantitative Economics, or CS+ Economics. Students will complete course requirements along with a written report and possible presentation pertaining to their internship accomplishments at the end of the internship. Approved for S/U grading only. May be repeated in separate terms to a maximum of 6 credit hours. Prerequisite: Student must have secured a professional work experience related to economics which accompanies and enhances their academics. Restricted to Economics, Econometrics, or CS+Economics majors.
What does it mean to think like an economist? How can we use economic thinking to make the world a better place? This course provides a unique opportunity to go beyond introductory economics concepts without requiring prior economic study. Students will learn how to apply economic tools to evaluate policy proposals, solve complex problems, and predict the effect of real-life decisions. Does not count towards Economics major or minor requirements. Prerequisite: Not intended for Economics majors or minors.
Microeconomic analysis including value and distribution theory; analysis of the pricing of the factors of production integrated in a micro-general equilibrium context which builds towards explaining the resource allocation process. Prerequisite: ECON 102 or equivalent. MATH 220, MATH 221, MATH 234 or equivalent.
The modern theory of the determination of the level and rate of growth of income, employment, output, and the price level; discusses alternate fiscal and monetary policies to facilitate full employment and economic growth. Prerequisite: ECON 102; ECON 103; and one of MATH 220, MATH 221, MATH 234.
Independent study course covering topics not treated by regular course offerings. This class does not satisfy departmental graduation requirements. Approved for Letter and S/U grading. May be repeated to a maximum of 8 hours. Prerequisite: Junior or senior standing; ECON 302; ECON 202.
Survey of the history of the American economy from the colonial era to the present. Studies the features and development of the American economy and examines the watershed events that have transformed it over its history. 3 undergraduate hours. No graduate credit. Prerequisite: ECON 202; ECON 302; MATH 220/221 or other Calculus course are required.
Economic analysis of government tax and expenditure policies; topics include public good and externality theory, public choice theory, income distribution, cost-benefit analysis, principles of taxation, tax incidence, economic effects and optimal structures of major taxes, and taxation in developing economies. 3 undergraduate hours. 2 or 4 graduate hours. Prerequisite: ECON 302 or consent of instructor.
Introduction to the economics of the U.S. health care system. Analyzes the supply of and demand for health care, building upon models of consumer, producer, and insurer behavior. Covers public policy, including regulation and provision of services to the poor and elderly. Emphasizes empirical evidence on these topics. 3 undergraduate hours. 4 graduate hours. Credit is not given for ECON 482 and ECON 418. Prerequisite: ECON 202; ECON 302; MATH 220 or MATH 221 or other calculus course are required.
Introduction to the theory of international trade and finance with selected application to current problems of trade policy, balance of payments adjustment, the international monetary system, and globalization issues. 3 undergraduate hours. 2 or 4 graduate hours. Prerequisite: ECON 302 or equivalent, or consent of instructor; ECON 303 is recommended.
International macroeconomics and financial crises. Topics include balance of payments, exchange rates, business cycle risk, currency unions, and safe assets. Emphasis on understanding different types of financial crises from a positive and normative perspective. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202 or introductory statistics equivalent, ECON 303, MATH 220/MATH 221 or Calculus I equivalent.
Studies the microeconomic determinants of labor demand and supply, economic effects of unions, and macroeconomic labor market problems. Same as LER 440. 3 undergraduate hours. 2 or 4 graduate hours. Prerequisite: ECON 302 or equivalent.
Application of economic theory to the relationship between workers and firms in the workplace. We will apply important economic concepts and models to issues including recruitment, personnel selection, employee training, managing turnover, job design, performance evaluation, and incentive compensation. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 302; MATH 220/MATH 221 or other Calculus course.
Employee compensation is a critical tool for organizations to attract, retain, and motivate its employees. Students will be introduced to major principles in compensation design and will examine the incentives embedded in various compensation systems. The topics include forms of pay, incentive theory, pay structure, pay-for-performance, and employee benefits. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 302; MATH 220/MATH 221 or other Calculus course.
This course examines which policies are effective for alleviating poverty, which are not, and why. The course will have a strong methodological and analytical component, focus on why interventions and policies work, and how to establish evidence on the effectiveness of specific interventions and policies. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 302; MATH 220/MATH 221 or other Calculus course are required.
Topics include the inter-relationships between economic development and migration. After introducing the basic concepts of poverty and inequality - between as well as within countries - this course focuses on the role that migration and population growth play in the process of economic development. The causes of migration and its consequences are examined at national and international levels together with their policy implications, including those related to urbanization, brain drain, and labor market impacts of immigration. A range of migration forms is discussed, including international and internal migration, permanent and temporary migration, legal and illegal migration, as well as forced migration and refugees. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 302; MATH 220/221 or other Calculus course.
Study of a variety of financial economics topics. Introduces basic financial products (stocks, bonds, futures, options, and other derivatives), asset pricing theory including capital asset pricing model (CAPM), arbitrage pricing theory (APT), financial institutions and the organization of financial markets, and some topics on financial crisis and monetary policy. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 202; ECON 302; MATH 220/MATH 221 or other Calculus course.
Exploration of economic decisions under uncertainty. Includes expected utility theory and non-expected utility theory; applications to individual decision problems in investment and insurance; general equilibrium in markets under uncertainty, including problems generated by asymmetric information; measurement of risk; the value of information obtained before a decision. 3 or 4 undergraduate hours. 3 or 4 graduate hours. Prerequisite: ECON 302 or equivalent; one of MATH 220 or MATH 221 or equivalent.
Develops the basic tools to understand and use modern econometric methods for estimating and making inference of causal effects. The topics include randomized experiments, natural experiments, matching methods, instrumental variables, and regression discontinuity. Focuses on topics which are relevant for policy problems. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 203; ECON 302; MATH 220/MATH 221 are required. MATH 231; ECON 471 are recommended.
Overview of modern, quantitative, statistical and econometric methods for forecasting and evaluating forecasts. Topics include linear regressions; modeling and forecasting trends and seasonality; characterizing and forecasting cycles; MA, AR, and ARMA models; forecasting with regressions; evaluating and combining forecasts. Advanced topics include unit roots, stochastic trends, ARIMA models, and smoothing will be covered as time permits. 3 undergraduate hours. 4 graduate hours. Prerequisite: ECON 203; ECON 302; MATH 220/MATH 221 are required. MATH 231 is recommended.
Analyzes the ways firms and markets are organized, how they interact, outcomes of various types of firm behavior and performance of markets, and causes and types of market failure. Particular emphasis on the contribution of game theory as the equilibrium concept in oligopoly settings. 3 undergraduate hours. 2 or 4 graduate hours. Prerequisite: ECON 302.
Applications of economic theory to problems and issues in both civil and criminal law and the effect of legal rules on the allocation of resources; includes property rights, liability and negligence assignment, the use of administrative and common law to mitigate market failure, and the logic of private versus public law enforcement. 3 undergraduate hours. 2 or 4 graduate hours. Prerequisite: ECON 302 or equivalent.
Special topics in advanced economics within a variety of areas. See course schedule for topics. 3 undergraduate hours. 4 graduate hours. May be repeated in the same or separate terms to a maximum of 9 undergraduate hours or 8 graduate hours if topics vary. Prerequisite: ECON 202; ECON 302 or ECON 303; MATH 220 or MATH 221 or other Calculus course. Some topics may require additional prerequisites, read the section text for each topic.
Special topics applying advanced econometrics concepts. Students will use quantitative analysis and economic theories to answer economic questions and uncover relationships between variables across a variety of topics; instruction in statistical and computing techniques as needed. 3 undergraduate hours. 4 graduate hours. May be repeated if topics vary, repeatability for undergraduate students unlimited; for graduate students to a maximum of 8 credit hours. Prerequisite: ECON 203; ECON 302; and MATH 220/221 or Calculus I equivalent. See Class Schedule for other prerequisites as indicated depending on topic and content.
Emphasis on macroeconomic theory; principal topics include a review of Keynesian macroeconomic theory, formal growth theory, and selected business cycle theory. Credit is not given for both ECON 501 and ECON 529. Graduate credit for both ECON 303 and ECON 501 is given only upon recommendation of the student's adviser and approval by the Department of Economics. Prerequisite: ECON 102 and ECON 103 or equivalent.
Develops a general methodological basis for searching for quantitative economic knowledge; integrates and gives operational content to the topics of economic, statistical, and econometric theory. Prerequisite: ECON 502, or equivalent.
Comprehensive analysis of the government’s role in the economy, focusing on market failures, policy responses, and political and informational constraints. Students will examine budgets across government levels and assess public provision of services like defense, education, health care, and social insurance. Prerequisite: ECON 500 (Microeconomics) or consent of instructor.
Overview of the fundamental principles of labor economics, starting with key theories and economic intuitions that form its foundation, before exploring real-world applications and assessing labor market policies. Prerequisite: Econ 500, Econ 501 and Econ 502 or consent of instructor. Restricted to students in MS, Economics, Policy Economics program.
Examines the balance of payments, exchange rate, capital flows and international monetary system; fiscal and monetary policy in open economies. Prerequisite: ECON 302 and ECON 303, or equivalent. MSPE Graduate Student Standing.
Theories of money; money in dynamic models; money in open economy macroeconomic models; stabilization policy; and international aspects of monetary theory. Prerequisite: Consent of instructor. MSPE Graduate Student Standing.
Review and analysis of the theories and patterns of growth in developed and underdeveloped economies; the process and impact of import substitution industrialization; trade and economic development; the role of the state and privatization in the development process; agricultural stagnation and modernization. Prerequisite: ECON 500 and ECON 501 or consent of instructor. MSPE Graduate Student Standing.
Overview of different concepts, techniques, and algorithms in machine learning with a view towards applications in economics. Topics covered include regression, classification, model selection, predictive accuracy such as regularized regression, decision trees, boosting, support vector machines, and neural networks. Students acquire the skills to apply basic machine learning methods to solve economics problems. Prerequisite: ECON 500 and either ECON 502 or ECON 508.
Focusses on information and incentives in economic problems. Topics include non-cooperative games, dynamic games, mechanism design, auctions, matching and networks. Prerequisite: ECON 530, or equivalent; calculus.
Development of modern macroeconomic theory, including disequilibrium theory, optimal short-term stabilization measures, and monetary, fiscal, incomes, and exchange rate policies; large-scale econometric models; linear and neoclassical growth models; aggregate distribution theory; money, capital movements, trade, and growth; optimal growth models; and exhaustible resources and growth. Prerequisite: ECON 531.
Part 1: The construction of econometric models; characteristics of models and choice of estimating methods; and estimates of parameters by various methods. Part 2: Bayesian statistics and decision theory. Prerequisite: ECON 532 or equivalent.
Economic issues and implications involved in hours of work, employment and unemployment, and trade union institutionalism (the impact of the trade union upon the basic institution of a free enterprise economy); emphasis in all cases on the development of appropriate public policy. Same as LER 541. Prerequisite: ECON 302 and ECON 303.
Same as ACE 510, ENVS 510, and NRES 510. See ACE 510.
Analyzes the newly developing economies, with emphasis on institutional factors affecting development and economic policy relating to development. Prerequisite: ECON 535 or equivalent.
Considers the specification of models with systems of simultaneous equations; identification problem, distributed lag models, K-class estimators, maximum likelihood estimators, three-stage least-squares, and effects of specification errors. Prerequisite: ECON 574.
Directed reading and research. Approved for both letter and S/U grading. May be repeated.
Workshops are offered in all areas of specialization in which graduate students are writing Ph.D. dissertations. The specific format varies, but in general workshop sessions include presentations by graduate students of thesis research, by faculty members of their current research, and by occasional outside speakers. Approved for S/U grading only. May be repeated. A minimum of 4 hours of ECON 598 is required of all students in the Ph.D. program. Prerequisite: Admission to the Department of Economics Ph.D. program.