Introduction to Economics: Theory and Data
Consumption, investment, government receipts, government expenditures, money, and interest rates are examined for their determinants, interrelationships, and role in determining the level of aggregate economic activity. Policy implications are drawn from the analysis. An introduction to the data and statistical methods used in economics. A review of the systems that generate economic data and the accuracy of such data is followed by an examination of the statistical methods used in testing the hypotheses of economic theory, both micro- and macro-.
Probability, random variables and their distributions, methods of estimating parameters, hypothesis testing, regression, and correlation are covered. The application of multiple regression to economic problems is stressed. Students who have taken Mathematics are encouraged to take Economics instead of this course.
Highlights applied research methods in microeconomics. While topics of Chinese economic life and economic models of migration are studied, primarily focuses on methods: how applied researchers work with data to analyze a set of questions. Elementary statistics is a prerequisite. Statistical techniques beyond the elementary level are taught. An introduction to the economics of finance using the tools of intermediate microeconomic theory.
Explores the economic role of financial markets in determining the price of risk, allocating capital across space, and moving economic value through time. Particular emphasis on questions of market efficiency and social usefulness. Topics likely to include choice under uncertainty, the time value of money, portfolio optimization, the Capital Asset Pricing Model, the Efficient Market Hypothesis, options and derivatives, and the Modigliani- Miller Theorem. Not open to students with credit for Economics taken in the fall or fall semesters. Provides hands-on practice of financial theory using financial modeling.
Addresses real-life financial problems using Excel and VBA.
Micro Economics: Individuals, Households and Consumers
Topics include arbitrage pricing theory, capital asset pricing model, portfolio selection, fixed income securities, and option pricing. Builds on materials covered in Economics A rigorous introduction to mathematical game theory, the theory of strategic behavior. Topics include dominance, rationalinability, pure and mixed strategy Nash equilibrium, sequential and repeated games, subgame perfect equilibrium, bargaining, and games of incomplete information. Applications to business, politics, and sports discussed.
A survey of some of the mathematical techniques used to conduct economic analyses. Topics include utility maximization under uncertainty; solving constrained optimization problems with mathematical programming; optimal control theory; solving complex equations and systems of equations with numerical methods; dynamic programming; and general equilibrium analysis.
Offers a theoretical and empirical analysis of international trade. Addresses the globalization debate; and the relation between trade, growth, and productivity. Particular attention is given to the standard models of trade: the Ricardian model, the Heckscher- Ohlin model, the specific factors model, the monopolistic competition model, and the model of heterogeneous firms and trade.
Macroeconomics: Theory, Models & Policy
Data analysis is used in order to evaluate the success or shortcomings of the theoretical models. Surveys a number of topics in international finance and international macroeconomics, including balance of payments, exchange rate determination, the Mundell-Fleming model of output and exchange rate, exchange rate regimes, international capital flows, and international financial crises. Involves data analysis to empirically evaluate the theoretical models. Also provides a special focus on Asia by discussing issues such as Asia's role in the global imbalances, China's exchange rate regime, and the currency carry trade associated with the Japanese Yen.
How to measure the effectiveness of public policy programs. Covers the basics of cost-benefit analysis and modern empirical methods used to measure and evaluate impacts of public programs. Examines the strengths and limitations of randomized control experiments, natural experiments, and non- experimental observational designs with applications to education, health, public assistance, and labor market policies.
A study of the mathematical formulation of economic models and the statistical methods of testing them. A detailed examination of the general linear regression model, its assumptions, and its extensions. Applications to both micro- and macroeconomics are considered. Though most of the course deals with single-equation models, an introduction to the estimation of systems of equations is included.
An empirical research paper is required. Theoretical and empirical analysis of selected microeconomic issues within the context of developing countries. Has a dual focus on modeling household decisions and on the effects of government policy and intervention on household behavior and well-being. Topics include agricultural production, land use systems, technology and credit markets, household labor allocation and migration, investment in education and health, and income inequality.
Analysis of the economic forces that shape land-use patterns, the relationship between land-use patterns and ecosystem service provision and biodiversity persistence, and the economic value of ecosystem service provision. Investigates methods for increasing ecosystem service values on the landscape and the economic cost of these methods.
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Analysis of land-use externalities and the failure of land-use patterns to generate maximum societal net benefits; neoclassical economic theory on land-use; methods for estimating market value of land; methods of non-market valuation; efficient land-use patterns from a societal perspective; methods for finding efficient land-use patterns; and governmental and non- governmental organization land conservation programs.
Offers both theoretical and empirical analyses of macro determinants of economic growth. Explores the role of such key factors as the accumulation of physical capital and human capital, productivity and technology, natural resources, openness to trade and capital flow, institutions, culture, and geography. Microeconomic analysis of the family, gender roles, and related institutions. A survey of competing theories of the business cycle, empirical tests of cycle theories, and appropriate macro stabilization policies. Topics include descriptive and historical analysis of cyclical fluctuations in the United States, Keynesian-Kaleckian multiplier- accelerator models, growth cycle models, theories of financial instability, Marxian crisis theory, new classical and new Keynesian theories, and international aspects of business cycles.
The Program | Master of Applied Economics | UCLA
The current global financial crisis is also analyzed. Standard economics i. Behavioral economics is the study of systematic departures from these assumptions, and the implications for economic outcomes. Topics include errors in information-processing and belief formation, behavioral choice under uncertainty loss aversion, reference dependence , time inconsistent behavior self-control problems , and social preferences altruism, fairness, and reciprocity. An extensive literature from psychology documents that decision-makers do not behave fully rationally.
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Behavioral economic theories that incorporate these insights have revolutionized the study of finance. Explores the implications of behavioral deviations from the standard model for financial markets and financial decision-making, including nonstandard preferences, nonstandard beliefs, and heuristics and biases. Emphasizes recent empirical research in the field. Topics may include: noise traders, news models of bubbles, predictability, the disposition effect, status-quo bias, investor inattention, overconfidence, managerial traits, learning from experience effects.
Examines the theoretical and empirical analysis of education decision-making and the consequences of educational choices using an economic lens.
Begins with the basic human capital model and expands on it to consider signaling, the interplay between ability and human capital, modeling expectations, and the many challenges of measuring the rate of return to educational investment. Educational policies from preschool to graduate studies are also considered, including the public funding of education, class size, and outcome testing. Examples are drawn from both developed and developing countries.
Law and economics is one of the most rapidly growing areas in the social sciences. The field applies the concepts and empirical methods of economics to further our understanding of the legal system.
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Explores the economic analysis of law and legal institutions, including the economics of torts, contracts, property, crime, courts, and dispute resolution. Also focuses on topics in law and economics such as antitrust and regulation, corporations, the family, labor markets, product liability, and intellectual property.
The use of observational data has three implications: firstly, the econometrician often uses data without knowledge of how the data were sampled; secondly, since the econometrician has no knowledge of how the data were generated, i. Econometric Theory. From Wikibooks, open books for an open world. Category : Book:Econometric Theory.
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