Economics
Economics
courses
Economics department home page
Director of undergraduate studies: Donald Brown, Rm. B1, 28 Hillhouse Ave., 432-6934 or 432-3574, qazi.azam@yale.edu
FACULTY OF THE DEPARTMENT OF ECONOMICS
Professors
Joseph Altonji, Donald Andrews, Lanier Benkard, Dirk Bergemann, Steven Berry, Truman Bewley, *Richard Brooks, Donald Brown, Xiaohong Chen, *Judith Chevalier, Eduardo Engel, Ray Fair, *Howard Forman, John Geanakoplos, *William Goetzmann, Timothy Guinnane, Philip Haile, Koichi Hamada, Johannes Horner, Gerald Jaynes, Dean Karlan, Yuichi Kitamura, Alvin Klevorick, Richard Levin, Giovanni Maggi, *Robert Mendelsohn, Giuseppe Moscarini, *Barry Nalebuff, William Nordhaus, Peter Phillips, Benjamin Polak, Miguel Ramirez (Visiting), *John Roemer, Mark Rosenzweig, Larry Samuelson, Herbert Scarf, Robert Shiller, *Jody Sindelar, Anthony Smith, T. N. Srinivasan, Alexander Stremitzer (Visiting), *Shyam Sunder, Aleh Tsyvinski, Christopher Udry, Edward Vytlacil, *Ernesto Zedillo
Associate Professors
Dino Gerardi, Justine Hastings, Julian Jamison (Visiting), Simon Lee (Visiting), *Sheila Olmstead
Assistant Professors
Costas Arkolakis, David Atkin, *Christopher Blattman, Irene Brambilla, Bjoern Bruegemann, Tri Vi Dang (Visiting), Eduardo Faingold, Amanda Kowalski, Fabian Lange, Guillermo Ordonez, Taisuke Otsu, Kareen Rozen, Melissa Tartari, Ebonya Washington
Lecturers
Irasema Alonso, Sigridur Benediktsdottir, Michael Boozer, Benjamin Chabot, Cheryl Doss, *Andrew Epstein, Keith Gamble, Tolga Koker, Douglas McKee, Nicholas Perna, Michael Schmertzler, Katerina Simons, Philip Slavin, David Swensen, Dean Takahashi
*Primary appointment in another department or school.
Economics concerns the wealth of nations, its origins in production and exchange, its allocation among competing uses, its distribution among individuals, and its accumulation or decline. Economics at Yale is regarded and taught as part of a liberal education, not as a preparation for any particular vocation. Nonetheless, economics provides an especially relevant background for a number of professions.
Requirements of the major. Students majoring in Economics are required to take twelve term courses. Two of these may be introductory economics courses, one in microeconomics and one in macroeconomics. All majors must take the following courses: one term of intermediate microeconomics (chosen from ECON 121a or b or 125a); one term of intermediate macroeconomics (chosen from ECON 122a or b or 126b); one term of econometrics (chosen from ECON 131a or b or 132a or b or 136b); and one Yale mathematics course, usually selected from MATH 112a or b, 115a or b, 118a or b, or 120a or b. Students who place out of these mathematics courses must take a higher-level mathematics course at Yale and should consult the director of undergraduate studies in Economics. All of these required courses should be completed prior to the senior year. Majors must also take two courses numbered ECON 400–491. At least one of these must be taken in the senior year, and at least one must be either a seminar or the senior essay.
Students may petition the director of undergraduate studies to count toward the major one course related to economics but taught in another field, such as another social science or advanced mathematics. In order to receive such permission, a student must be a declared Economics major. Related-course credit forms are available on the Economics undergraduate Web site and are due by midterm (as it appears in the calendar in this bulletin) of the term in which the course is offered. Once a related course is approved as a course counting toward the major, it must be counted toward the major.
Students who take a term abroad or take summer courses not at Yale may petition the director of undergraduate studies to count at most two courses from outside Yale toward the requirements of the major. Students who take a year abroad may petition to count at most three courses. Many economics courses taken outside Yale do not meet the requirements of the Economics major; students should consult with the director of undergraduate studies before taking such courses.
Courses taken Credit/D/Fail may not be counted toward the requirements of the major, except with permission of the director of undergraduate studies.
Introductory courses. These courses serve students considering a major in Economics as well as others who would like an introduction to the subject. Most students enroll in ECON 115a or b and 116a or b, lecture courses with a discussion section. ECON 115a or b is concerned with microeconomics and includes such topics as markets, prices, production, distribution, and the allocation of resources. ECON 116a or b covers such macroeconomic issues as unemployment, inflation, growth, and international economics; it has a microeconomics prerequisite.
ECON 110a and 111b are limited-enrollment alternatives to ECON 115a or b and 116a or b; they are open only to freshmen selected from those who preregister. ECON 108a or b also covers microeconomics, but with a greater emphasis on quantitative methods and examples. It is intended for students with limited or no experience with calculus. Enrollment is limited, and requires the permission of the director of undergraduate studies. The substance of ECON 108a or b, 110a, and 115a or b is similar, and ECON 111b and 116a or b are similar as well. A student may receive credit for only one course each in introductory micro- and macroeconomics.
The department recommends that freshmen interested in majoring in Economics take introductory economics in the freshman year. In order to make the introductory courses available to all freshmen and to students majoring in other subjects, the introductory courses do not have a mathematics requirement.
Introductory courses: placement and exemptions. Students with a score of 5 on the Advanced Placement tests for microeconomics and macroeconomics and a score of 5 on the Advanced Placement Calculus BC test may petition the director of undergraduate studies to place out of introductory microeconomics and enroll directly in intermediate microeconomics. It is recommended that students with a score of 5 on the Advanced Placement economics tests but without a 5 on the Calculus BC test take a Yale mathematics course such as MATH 115a or b or 120a or b, and then petition the director of undergraduate studies to place out of introductory microeconomics and instead take intermediate microeconomics in the following term. Students with high scores on examinations equivalent to Advanced Placement, such as the GCE A-level or Higher Level International Baccalaureate, may also petition to be exempted from the introductory courses. For other placement and exemption questions, consult the Economics Web site.
Mathematics. Students are advised to meet the mathematics requirement for the major during their freshman year. The department also recommends that majors either complete MATH 118a or b or complete two term courses including MATH 120a or b and either 222a or b or 225a or b. The latter two-term sequence is preferable for students who wish to take further mathematics courses or who may go on to graduate school in economics.
Econometrics. Students are advised to take a two-term sequence of statistics and econometrics courses, especially if they are considering a senior essay. One option is to take ECON 131a or b followed by 132a or b. A popular alternative is to take a course in the STAT 101–106 series or STAT 238a followed by ECON 132a or b. Students with a stronger mathematics background are encouraged to take ECON 135a followed by 136b. Prospective majors are urged to start their econometrics sequence in the fall of sophomore year.
Intermediate microeconomics and macroeconomics. Along with econometrics, intermediate microeconomics and macroeconomics form the core of the major. Two options are available in both micro- and macroeconomics. The standard intermediate courses are ECON 121a or b and 122a or b. Students with a stronger mathematics background are encouraged to take ECON 125a and 126b instead. The intermediate courses need not be taken in sequence: in particular, ECON 125a is not required for 126b.
Field courses. The department offers a wide selection of upper-level courses that explore in greater detail material presented in introductory courses. Advanced fields of economics include theoretical, quantitative, and mathematical economics; market organization; human resources; finance; international and development economics; public policy and the public sector; and economic history. Some advanced field courses have only introductory microeconomics as a prerequisite. Others apply intermediate-level theory or econometrics to economic problems and institutions, and for this reason list one or more of the theory or econometrics courses as prerequisites.
Starred lecture courses. These advanced courses, numbered ECON 400–449, are limited-enrollment courses that cover relatively advanced material in more depth than regular field courses. For lecture courses that require permission of the instructor for enrollment, prerequisites usually include two of intermediate microeconomics, intermediate macroeconomics, and econometrics or a mathematics course such as MATH 120a or b. Advanced lecture courses may be applied toward the senior requirement.
Seminars. Although there is diversity in approaches in the various seminars (courses numbered ECON 450–489), all have in common an emphasis on class interaction, the writing of papers, and the reading of journal articles. Seminars represent an opportunity for students to apply and extend the economics they have learned in the advanced courses.
There is preregistration for departmental seminars, and enrollment is limited. Applications are received in the Undergraduate Studies office, Room 101, 28 Hillhouse Avenue, during the designated sign-up period in the preceding term. Students must take two of three core courses before enrolling in a seminar. Underclassmen and nonmajors may apply for places in Economics seminars, but priority is given to senior Economics majors (including those in Economics and Mathematics) who have not yet completed two seminars: all other students will be put on a wait list. Seminar enrollment lists (including the wait lists) will be posted outside Room 101, 28 Hillhouse Avenue, and on the Economics undergraduate Web page. The seminar requirement must be met by Yale Economics courses; seminars in other departments or taken elsewhere do not suffice. Residential college seminars do not count toward the major.
Senior requirement. Majors are required to take two departmental courses numbered ECON 400–491. At least one of these courses must be taken in the senior year, and at least one must be either a seminar or the senior essay. ECON 491a (the senior essay) counts as one seminar. ECON 492b does not count toward the senior requirement. Students who took ECON <429a> prior to their senior year may not count it toward the senior requirement.
Senior essay. Only those majors who submit a senior essay are eligible for Distinction in the Major. There are three types of senior essay: (1) students may write a one-term essay in an advanced departmental course (numbered 400–489) taken during the senior year; (2) students may write a one-term essay in the fall of the senior year as an independent project on a topic of their own design under the close and regular supervision of a faculty adviser (ECON 491a); or (3) students may write a two-term essay starting in the fall of the senior year as an independent project on a topic of their own design under the close and regular supervision of a faculty adviser (ECON 491a and 492b). The department does not permit one-term senior essays in the spring term except those written in advanced departmental courses (ECON 400–489). Meetings to discuss the senior essay will be held at the beginning of the fall term; see below under "Distinction in the Major."
Distinction in the Major. To be considered for distinction, students must meet the appropriate grade standards (see chapter I) and submit a senior essay to the Economics department by the end of the next-to-last week of classes in the spring term. Students who fail to submit such a paper will not be considered for Distinction in the Major. Note that the paper must be written during the senior year and that students may submit a senior essay only if they have an approved prospectus and a senior essay adviser. Senior essays that are not submitted on time will receive a grade of Incomplete. Senior essays with grades of Incomplete without permission of the residential college dean are subject to grade penalties when submitted. Grade computation for distinction does not include the introductory economics courses, the required mathematics course, related-credit courses, or courses taken outside Yale. Meetings for seniors to discuss the senior essay will be held on Wednesday, September 2, at 4.30 P.M. and Thursday, September 3, at 1.30 P.M. in Room 106, 28 Hillhouse Avenue. Details regarding calculations for Distinction in the Major will be discussed in these meetings, and senior essay guidelines will be distributed. Senior essay prospectus forms are due Monday, October 5, 2009.
Graduate courses. Well-qualified students who have acquired the requisite background in undergraduate courses may, with written permission of the instructor, the director of undergraduate studies, and the director of graduate studies, be admitted to graduate courses and seminars.
Students who are planning graduate work in economics should take additional mathematics courses beyond the one-term course required for the major. Many graduate programs in economics require courses in multivariate calculus and linear algebra. Students are urged to discuss their plans for graduate work with the director of undergraduate studies as early in their college careers as possible.
Combined B.A./M.A. program. Students interested in the B.A./M.A. program in Economics may submit a preliminary application in the fall of their junior year to the directors of undergraduate and graduate studies. Admission to this program is limited to students who have achieved A grades in at least two-thirds of all of their undergraduate courses and have also achieved A grades in all courses relating to the major. Applicants must have taken MATH 120a or b and 222a or b or equivalent. If granted permission, applicants take two of the following three graduate courses: ECON 500a, 510a, and 550a. Only students who earn a grade of at least A– in each course will be considered for candidacy in the B.A./M.A. program. Applications are forwarded to a joint committee of Yale College and the Graduate School. This committee makes the final decision on admission of students to the program. It is not possible to enter the B.A./M.A. program except in the fall of the junior year. If admitted to the program, a student completes eight term courses of graduate work in the junior and senior years; these eight courses must be economics courses designed primarily for Ph.D. students (courses in the International and Development Economics program do not count toward this requirement). The eight graduate courses include the two required for candidacy in the program as well as two chosen from the six core courses in the graduate sequence of microeconomics, macroeconomics, and econometrics. In addition, the student must complete the two-term senior departmental essay by enrollment in ECON 491a and 492b. All students in the program must complete ECON 132a or b or 136b or a graduate course in econometrics. It is recommended that students complete the distributional requirements before the senior year. Appropriate graduate theory courses may be substituted for the core Economics courses 121a or b and 122a or b as well as the one-term econometrics course required of majors. The eight graduate courses must not be entirely concentrated in the final two terms, and students in the program must take at least six term courses outside the major during their last four terms at Yale and at least two undergraduate courses during their last two terms. Course schedules must be approved each term by both the director of undergraduate studies in Economics and the director of graduate studies in Economics. To receive the M.A. as well as the B.A. at the end of the senior year, the student must receive two terms of A in the graduate courses, an average of B in the remaining graduate courses, and a reader's grade of B+ or higher on the senior essay.
Students interested in this program should see the director of undergraduate studies before or during registration for the first term of the junior year.
Faculty representatives. The Economics department has faculty representatives associated with each residential college. Students majoring in Economics should secure written approval of their course selection from one of their college representatives. Changes in their major program must be approved by a representative. Questions concerning the major or programs of study should be directed to a college representative. For 2009–2010 the college representatives are as follows:
| BK | D. Karlan, J. Horner | MC | A. Kowalski, J. Hastings | |
| BR | G. Ordonez, F. Lange | PC | G. Moscarini, D. Bergemann | |
| CC | A. Tsyvinski, W. Nordhaus | SY | T. Bewley, B. Bruegemann | |
| DC | D. Brown, C. Udry | SM | T. Otsu, A. Smith | |
| TD | D. Andrews, E. Washington | ES | T. Srinivasan, G. Maggi | |
| JE | S. Berry, E. Vytlacil | TC | J. Geanakoplos, D. Gerardi | |
REQUIREMENTS OF THE MAJOR
Prerequisites: None
Number of courses: 12 term courses
Distribution of courses: 2 term courses of intro econ: 1 of microecon, one of macroecon; 1 from MATH 112a or b, 115a or b, 118a or b, 120a or b; 2 courses numbered ECON 400–491, at least 1 in senior year and either a sem or the senior essay
Specific courses required: ECON 121a or b or 125a; 122a or b or 126b; 131a or b or 132a or b or 136b
Substitution permitted: 1 related course in another dept, with written DUS permission once major is declared
Senior requirement: 1 course numbered ECON 400–491
