Department website: http://www.econ.jhu.edu/
The Department of Economics offers programs designed to improve the understanding of important economic problems and to provide the tools needed for the critical analysis of these problems and for dealing with them in practice.
On the undergraduate level, the department provides both for those who want to become professional economists and for those interested in a specialty related to economics, such as business, law, government, history, health care management, or environmental engineering. Still other students are simply interested in improving their understanding of society or making informed assessments of economic policies as citizens or making wise decisions about personal finances.
On the graduate level, the department provides advanced training for students preparing for careers as professional economists. The program encompasses such fields as macroeconomics, microeconomic theory, econometrics, labor economics, international economics, industrial organization, economic development, and finance, with an emphasis on the application of economic theory and quantitative methods. Because of the small number of graduate students admitted, they can work closely with faculty in graduate courses and seminars, and have easy and informal access to faculty members. Aside from traditional coursework, research, and special lectures, the department holds three weekly seminars to encourage collaboration and communication in different areas of economics. The seminars attract top scholars from throughout the world to discuss their work and also provide a forum for faculty and graduate students to present their recent research. The department also hosts two annual lecture series, the Johns Hopkins Distinguished Lectures in Economics and the Newcomb Lectures that invite reputed economists or scholars in related fields as guest speakers.
Carl Christ Fellowship
In the academic year 1989–90, the department established the Carl Christ Fellowship fund to honor one of its faculty members for their distinguished service and achievements. The proceeds of the fund are used to support outstanding graduate students at the dissertation stage of their research.
For further information about graduate study in economics, contact graduate admissions, Department of Economics at econadmissions@jhu.edu.
Center for Financial Economics (CFE)
Founded in 2008 and housed in the Economics Department in the Krieger School of Arts and Sciences at Johns Hopkins, the Center for Financial Economics blends the study of finance and economics, providing in-depth training and cutting-edge research in both. The dual research and teaching missions of the Center are premised on the belief that a deep understanding of modern economies requires an integrated treatment of finance and the broader economic forces driving economic progress.
The CFE offers an undergraduate minor, producing expertise in finance within the context of a top-notch liberal arts education. The minor will equip students with a thorough foundation in the workings of financial markets and their role in the broader economy, providing a foundation for careers in finance, business, academics, and government.
For current course information and registration go to https://sis.jhu.edu/classes/
Courses
AS.180.101. Elements of Macroeconomics. 3 Credits.
An introduction to the economic system and economic analysis, with emphasis on total national income and output, employment, the price level and inflation, money, the government budget, the national debt, and interest rates. The role of public policy. Applications of economic analysis to government and personal decisions. Prerequisite: basic facility with graphs and algebra.
Distribution Area: Quantitative and Mathematical Sciences, Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.102. Elements of Microeconomics. 3 Credits.
An introduction to the economic system and economic analysis, with an emphasis on demand and supply, relative prices, the allocation of resources, and the distribution of goods and services. It covers the theory of consumer behavior, the theory of the firm, and competition and monopoly, including the application of microeconomic analysis to contemporary problems. The course includes lectures twice a week, each 75 minutes, and a TA session once a week for 50 minutes. The TA session is highly recommended, and attendance in both the lecture class and TA section is crucial for a better performance in the course. Students must check the dates and times of the TA sections before registering for a particular section.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Ethics and Foundations (FA5)
AS.180.118. Reality Roundtable. 1 Credit.
Each Wednesday, noon, emerging economic issues, identified throughout the semester, are reviewed. A broad group meets, every other week, overseen by Professor's Robert Barbera and Jon Faust. Other participants include economics department faculty and graduate students, and around 10 undergraduates--afforded access by invitation only. Readings are distributed before the Wednesday meeting. The issues discussed are generally controversial. Undergrads are invited to offer opinions. On off weeks, the undergrads will meet with Professor Jon Faust, and the previous week's discussion will be reviewed. Lunch is provided each week.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Citizens and Society (FA4),
Ethics and Foundations (FA5)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.203. Faculty Research in Economics. 1 Credit.
This course will consist of a series of informal lectures by various professors in the Department of Economics. Each lecture will consist of a description of a professional research project which he/she has undertaken over the course of his/her professional career.
Prerequisite(s): AS.180.101 and AS.180.102, both may be taken concurrently.
AS.180.210. Migrating to Opportunity? Economic Evidence from East Asia, the U.S. and the EU. 3 Credits.
Increased mobility of people across national borders, whether by choice or by force, has become an integral part of the modern world. Using a comparative perspective and an applied economics approach, the course explores the economic and political determinants, and (likely) consequences of migration flows for East Asia, the US and the EU. Lectures, assignments and in class discussions, will be built around the following topics: i) migrants’ self-selection; ii) human capital investment decision-making; iii) remittance decisions and effects; iv) impacts on labor markets of both receiving and sending countries; and v) the economic benefits from immigration. Overall, the course will give students perspective on the why people choose or feel compelled to leave their countries, how receiving countries respond to migrants’ presence, and the key economic policy concerns that are influencing the shaping of immigration policy in East Asia, the US, and the EU.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Citizens and Society (FA4),
Democracy (FA4.1),
Projects and Methods (FA6)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.214. The Economic Experience of the BRIC Countries. 3 Credits.
In 2001, Jim O’Neill, the Chief Economist at Goldman Sachs, coined the acronym BRIC to identify the four large emerging economies, Brazil, Russia, India and China. These economies had an amazing run for the next decade, and emerged as the biggest and fastest growing emerging markets. However, since 2014 there has been some divergence in the BRICs’ economic performance. In this course, we look at the economic experiences of the BRIC countries for the past several decades. We discuss the reasons that contributed to their exceptional growth rates, with particular emphasis on their transformation into market economies, and the reasons for their eventual divergence. We also analyze some of the challenges that these countries continue to face in their development process.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Culture and Aesthetics (FA3),
Citizens and Society (FA4),
Democracy (FA4.1)
EN Foundational Abilities: Creative Expression (FA3),
Engagement with Society (FA4)
Writing Intensive
AS.180.217. Game Theory in Social Sciences. 3 Credits.
Game Theory is the study of multiple person decision problems in which the well-being of a decision maker depends not only on his own actions but also on those of others. Such problems arise frequently in economics, political science, business, military science and many other areas. In this course, we will learn how to model different social situations as games and how to use solution concepts to understand players' behavior. We will consider various examples from different fields and will play several games in class. The emphasis of the class is on the conceptual analysis and applications and we will keep the level of mathematical technicalities at the minimum -- high school algebra and one term of calculus will be sufficient. Students who took AS.180.117 are not eligible to take AS.180.217.
Prerequisite(s): Students may not have previously taken AS.180.117.;AS.180.102 or instructor permission
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Ethics and Foundations (FA5)
AS.180.219. Investing as a Liberal Art. 3 Credits.
This course is designed as an introduction to the practice of institutional investment management, aimed at liberal arts majors. We will study a range of multidisciplinary sources in order to better understand how surprisingly multifaceted and rich the world of investing really is. Financial markets are information processing technologies that link together current events, science, engineering, medicine, politics, sports and entertainment, culture and society. To survive and thrive as an investor in financial markets, humans must embark on a journey of lifelong learning, using both their right and left brains to trace patterns across wildly different fields, and across time in a dynamic world. Traditional courses in financial economics necessarily leave these “distribution requirements” to other departments. This course is intended to help guide students to tie together some of these disparate threads.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Citizens and Society (FA4),
Ethics and Foundations (FA5)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.223. Economic Development in Sub-Saharan Africa. 3 Credits.
Many sub-Saharan African countries are among the least developed countries in the world. In this course, we explore the economic development experiences of African countries, with more focus on sub-Saharan Africa. The course starts with a historical perspective, delves into development strategies, and examines evidence on successes and failures of some case study countries. We conclude by analyzing the many challenges that these countries continue to face in their development process. Elements of Microeconomics and Macroeconomics are required prerequisites. There would be group presentations on assigned readings.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4),
Democracy (FA4.1)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.229. Economics of Health and Education in South Asia. 3 Credits.
Human capital is an important factor of economic growth in South Asian economies, along with physical capital and technology. Addressing health and education challenges has implications for improving a country’s human capital formation and income growth. In this course, we look at past and present health and educational outcomes in South Asian Countries. We discuss the gaps in access to education and health care services, the quality of education and health care services as well as the impacts on the productivity of the labor force. We also empirically analyze the link between economic growth and human capital development. Furthermore, we focus on some challenges and future policy options for economies in South Asia.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4),
Democracy (FA4.1)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.231. Debates in Macroeconomics. 3 Credits.
This course covers some of the more contentious current debates in macroeconomics. Topics include: tariffs and the backlash against globalization: warranted? unprecedented? who gains/who loses?; did the fiscal stimulus of 2021 overdo it? do workers benefit from a cut in the corporate tax?; have unconventional monetary policies helped?; why did interest rates trend lower for decades?; is immigration an economic bane or boon?; how pervasive is rising income inequality, and what are its causes and consequences?; has competition waned in US markets? what’s behind declining housing affordability? Students will use the tools of economics to analyze these and other pressing issues. Though definitive answers may prove elusive, sound economic analysis can shed considerable light, not least by unmasking the political biases that often drive protagonists on both sides of these debates.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.233. Economics of Transition and Institutional Change. 3 Credits.
This course will introduce students to the comparative analysis of institutions of existing capitalist systems and to the historical evolution of those institutions. By comparing the economic systems of different nations, we will try to reveal the institutional setups that either contribute or hinder economic performance. We will also examine the process of countries transforming their economies and investigate the factors that determine the differences in reforms’ outcomes between countries.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.238. Rethinking Economics After the Great Recession. 3 Credits.
The financial crisis that began in the United States in 2007 threw virtually the entire world into recession. This class will look at the causes of the crisis and at how it unfolded. It will look into the conventional wisdom of economists, circa 2006, and why that wisdom proved to be so wrong. It will examine the financial innovations that contributed to the crisis, at the reasons financial regulators were blindsided, and at the reforms enacted after the crisis.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1)
Writing Intensive
AS.180.239. Urban Economics. 3 Credits.
This course introduces students to the major ideas of modern urban economics focused on the causes and consequences of urban economic growth, urban poverty and a city's quality of life. We will analyze basic questions such as; Why is Silicon Valley in Silicon Valley? Why did Beijing become so polluted? Why is crime high in Baltimore? Why does rich San Francisco face a homelessness challenge? The role of federal, state, and local government in urban life will be explored.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.241. International Trade. 3 Credits.
Theory of comparative advantage and the international division of labor: the determinants and pattern of trade, factor price equalization, factor mobility, gains from trade and distribution of income, and theory and practice or tariffs and other trade restrictions. Recommended Course Background: AS.180.101.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.242. International Monetary Economics. 3 Credits.
This course presents International Monetary Economics theory and applies it towards gaining an understanding of recent events and current policy issues. The theory presented in this course covers a broad range of topics including exchange rate determination, monetary and fiscal policy in an open economy, balance of payments crisis, the choice of exchange rate, and international debt. The insights provided by these theoretical frameworks will enable us to discuss topics such as the global financial crisis, global financial imbalances, the Chinese exchange rate regime, and proposed changes in the international financial architecture.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.243. Economic Policymaking. 3 Credits.
A key contribution of economics to the policymaking process is understanding and predicting reactions of agents affected by policy changes. Many policies have unintended or indirect effects that are at least as important as their direct impacts, but less obvious. Fortunately, economic theory provides us a framework to understand them. In this course, we will survey a wide variety of subjects, from taxation, to drug policy and harm reduction, to health insurance plan design and regulation, to bankruptcy codes. Working in groups, students will prepare presentations on specific policy proposals not directly covered in class, in which they will describe (with evidence) all the channels by which that policy will act.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2)
Writing Intensive
AS.180.244. Market Design. 3 Credits.
We will study how the rules of a market impact behavior, and in turn whether this behavior leads to (un)desirable outcomes. We will cover how the lessons learned from both successful and failing markets have been used by economists to design new markets.It will help us address questions such as:(i) Can economics help with the shortage of donated kidneys? (ii) How should a ride share service assign cars to clients?(iii) Can changing the way school seats are assigned change the welfare of students in a city?The material is intended to be as accessible as possible, keeping the mathematical technicalities to a minimum (i.e. one-term of calculus would be sufficient).
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.246. Environmental Economics. 3 Credits.
In this course we will study the role of the government in the regulation of the environment. In the first half of the course we will take a broad overview of environmental economics. We will focus on evaluating the effectiveness and trade-offs associated with various tools used to regulate the environment, covering topics related to market failures, pollution regulation, and regulation under uncertainty. In the second half of the course, we take a more applied approach and consider topics related to particular environmental issues including climate change, study the functioning of particular industries such as energy and electricity, and consider challenges to regulation such as enforcement, international borders, and unknown control costs.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.248. Financial Writing and Analysis. 3 Credits.
There is an immense chasm between economic and financial commentary in academic discussions and that provided by private sector analysts and the press. Some of the difference is merely semantic, but much of the difference has real substance. Academic and nonacademic commentators tend to simply write off the other as being clueless in some way. Sorting out which bits of each style of analysis are most valuable and synthesizing them into a coherent commentary is a rare and valuable skill. This is a hands-on course with a goal of building skills reading and writing commentary in financial economics. The course begins critically studying commentary regarding prominent topics in the news over the recent months and then moves to writing "explainer" pieces for publication on the Center for Financial Economics blog. Students will work in teams both analyzing commentary, and writing and critiquing the work of fellow students.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1)
Writing Intensive
AS.180.249. Gender Economics. 3 Credits.
"We've begun to raise daughters more like sons... but few have the courage to raise our sons more like our daughters." ? Gloria Steinem This course aims to explore the differences in economic outcomes observed among women and men. We will study those differences in earnings, income, asset ownership, hours of work, unpaid work, poverty, and the allocation of resources within the household. The course explores the gender dimensions of paid labor and how gender roles in unpaid work and in caring labor impact how men and women participate in the formal and informal economy. It will evaluate women’s perspectives and experiences in the United States and around the world.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.260. Real Estate Economics and Finance. 3 Credits.
An introduction to the economic analysis of real estate markets. Various perspectives will be considered, including individual homeowners and renters, investors and financiers, and policymakers. Topics include the determinants of property valuations, financing considerations, real estate development, and analysis of real estate as an investment class. The course qualifies as an elective for the Financial Economics Minor.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.261. Monetary Analysis. 3 Credits.
This course analyzes the financial and monetary system of the U.S. economy and the design and implementation of U.S. monetary policy. Among other topics, we will examine the role of banks in the economy, the term structure of interest rates, the stock market, the supply of money, the role of the Federal Reserve in the economy, the objectives of monetary policy in the United States and current monetary policy practice.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.263. Corporate Finance. 3 Credits.
This course is an introduction to the financial management of a corporation. Students study the following broad questions. How should a firm decide whether to invest in a new project? How much debt and equity should a firm use to finance its activities? How should a firm pay its investors? How do taxes affect a firm’s investment and financing decisions? What determines the value of a firm? The emphasis throughout the course is on the economic principles that underlie answers to these questions.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.266. Financial Markets and Institutions. 3 Credits.
Understanding design and functioning of financial markets and institutions, connecting theoretical foundations and real-world applications and cases. Basic principles of asymmetric information problems, management of risk. Money, bond, and equity markets; investment banking, security brokers, and venture capital firms; structure, competition, and regulation of commercial banks. Importance of electronic technology on financial systems.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.276. Economics of Antitrust Policy. 3 Credits.
The course will explore the economic rationale for, and consequences of, competition policy and specifically of antitrust laws. By analyzing some of the landmark antitrust cases, we will review the economic theories underlying competition law and we will discuss how competition policy places limits on firms’ behavior and affects firms’ strategic choices. We end this class by reviewing several recent antitrust cases arising in the context of digital economy.
Prerequisite(s): Students must have completed AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Ethics and Foundations (FA5),
Projects and Methods (FA6)
Writing Intensive
AS.180.280. The History and Future of the Hedge Fund Industry. 3 Credits.
The precursors to modern hedge funds began more than 50 years ago, but in the 1990s the hedge fund, or alternative investments, industry began a period of rapid growth and evolution. With growth came controversy. Some argue that hedge funds, by allowing immense amounts of capital to be rapidly and freely deployed, play a vital role in pushing prices toward the efficient markets ideal. Others claim that hedge funds may accentuate speculative price dynamics, threatening the stability of the financial sector. While many hedge funds claim to offer outstanding returns to investors, data suggest that many clients end up paying high fees for unspectacular results. This course examines these and other controversies, while tracing the history of the alternative investments industry over the last 25 years.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Citizens and Society (FA4),
Ethics and Foundations (FA5)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.285. Information and Investing Seminar. 3 Credits.
The course will seek to discuss and illuminate the information (news reports, industry reports, government statistics, and proprietary indicators) that investors use to make investment decisions.The course will be conducted in the framework of a weekly investment committee format wherein information is processed to maximize an investment portfolio’s return to risk.Each class will be conducted in two parts. The first part will require students to share with the class information gathered from their assigned specialty (e.g.: fixed income, equities, emerging markets, commodities) and the second part will require group interaction as to what decisions need to be made to a hypothetical portfolio in order to maximize objectives.The course will require regular reading of financial and economic news as well as numerous assigned industry and academic research related to global finance.Other: this course will require quite a bit of reading and regular interaction in group discussion and with the instructor.
Prerequisite(s): AS.180.280 or permission of instructor Kevin Heerdt or Robert Barbera
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.289. Economics Of Health. 3 Credits.
Application of economic concepts and analysis to the health services system. Review of empirical studies of demand for health services, behavior of providers, and relationship of health services to population health levels. Discussion of current policy issues relating to financing and resource allocation.
Prerequisite(s): AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.301. Microeconomic Theory. 4 Credits.
An introduction to the modern theory of allocation of resources, starting with the theories of the individual consumer and producer, and proceeding to analysis of systems of interacting individuals, first in the theory of exchange, then to systems which include production as well. A grade of C or higher is recommended in Elements of Micro (AS 180.102) and Elements of Macro (AS 180.101) to take this course.
Prerequisite(s): AS.180.102 AND (AS.110.106 OR AS.110.107 OR AS.110.108 OR AS.110.109) OR equivalent.;AS.180.101 can be taken concurrently or as a pre-requisite.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.302. Macroeconomic Theory. 4 Credits.
The course provides a treatment of macroeconomic theory including a static analysis of the determination of output, employment, the price level, the rate of interest, and a dynamic analysis of growth, inflation, and business cycles. In addition, the use and effectiveness of monetary and fiscal policy to bring about full employment, price stability, and steady economic growth will be discussed. A grade of C or higher is recommended in Elements of Micro (AS 180.102) and Elements of Macro (AS 180.101) to take this course.
Prerequisite(s): AS.180.101 AND (AS.110.106 OR AS.110.107 OR AS.110.108 OR AS.110.109);AS.180.102 can be taken concurrently or as a pre-requisite.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.303. Topics in International Macroeconomics and Finance. 3 Credits.
The course will review selected topics in international macroeconomics and finance. The topics include: financial globalization; international portfolio diversification; capital account liberalization and the choice of the exchange rate regime in emerging markets. The analysis will be motivated by current policy issues but will also be based on mathematical models of the international economy.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.309. Economics of Uncertainty and Information. 3 Credits.
In this course we'll discuss the theory of decision making in the face of risk, the theory of risk aversion and its applications to financial and insurance markets. Building on the theory of individual decision making under risk, we will study the economic implications of asymmetric information, the type of market failures produced by adverse selection and moral hazard problems, and the models that were advanced to analyze these problems, including incentive contracts, screening and signaling equilibria.
Prerequisite(s): AS.180.301
Distribution Area: Humanities, Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.310. Economics Of Antitrust. 3 Credits.
This course explores the economic rationale for, and consequence of, antitrust laws. In addition to economic analysis we will study landmark antitrust cases.
Prerequisite(s): AS.180.301
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.311. Demystifying Alternative Investments. 3 Credits.
An introduction to alternative investments taught by a hedge fund industry professional. This course will explore alternative asset classes including hedge funds, private equity, and real assets. Students will investigate the relationship between investment managers, institutional capital allocators, and the banking system. The class will examine the role alternative assets play in an institutional portfolio. Select JHU alumni and institutional investors will share firsthand insight throughout the semester.
Prerequisite(s): AS.180.301
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.313. Topics at the Cutting Edge of Finance. 3 Credits.
This course will explore topics raised by the world's rapidly changing financial arrangements. Topics will include the following. Cryptocurrencies and decentralized finance: game changers or economic aberrations? Artificial intelligence in finance: Game changer for good and for ill. Central bank digital currencies: Do we need one? Don’t we already have one? Passive investing and meme stocks: implications of broad public involvement in equity markets. Financial stability and innovation: inherent conflict and how to manage it.
Prerequisite(s): AS.180.101 AND AS.180.102;AS.180.301 can be taken prior to or at the same time as AS.180.313.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Ethics and Foundations (FA5)
AS.180.332. Debt Crises and Financial Crises. 3 Credits.
This course will provide students with the theoretical tools and historical context to understand financial crises and debt crises. We will review famous examples, such as the banking panics of the Great Depression and the Eurozone Sovereign Debt Crises, and use economic theory to understand how and why crises happen, as well as how policies can be designed to prevent them or mitigate their effects. Topics to be covered include banking crises, currency crises, sovereign debt crises, private debt crises, panics, and the relationships between them. Students will work in groups on projects connecting the more theoretical content of the course to real world events and present these projects to the rest of the class.
Prerequisite(s): AS.180.102 AND AS.180.302
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2)
Writing Intensive
AS.180.333. Advanced Health Economics & Policy. 3 Credits.
This course covers economic models to understand the determinants of health, the demand for health services, the market supply of health services in competitive and non-competitive markets, the provision of health insurance, access to prescription drugs, and the process of innovation and diffusion in health. It exposes the students to the main market failures in healthcare as well as analyzes health policy options to solve these market shortcomings. The course provides an overview of recent advances in the field of health economics in the areas of research methods, data analysis, and well-establish findings while including the discussion of unsolved issues in the field. Recommended background: AS.180.289
Prerequisite(s): AS.180.301
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Projects and Methods (FA6)
Writing Intensive
AS.180.334. Econometrics. 3 Credits.
An introduction to empirical methods in economics. The course combines rigorous econometric theory with hands-on training, using actual economic data and advanced statistical software to address concrete and relevant economic problems. Students learn to critically evaluate empirical studies conducted by others and to design and conduct their own analyses independently. The skills acquired are critical for careers in international institutions, government, business, finance, and consulting.
Prerequisite(s): AS.180.301 may be taken concurrently.;(AS.110.106 OR AS.110.108 OR AS.110.113) AND (AS.280.345 OR AS.230.205 OR EN.553.211 OR EN.553.111 OR EN.553.310 OR EN.553.311 OR EN.553.420 OR EN.553.112 OR EN.540.382)
Distribution Area: Quantitative and Mathematical Sciences, Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.336. Macroeconomic Strategies. 3 Credits.
Will sketch out a strategy for anticipating economic turning points. Business cycle basics,monetary policy/financial market/real economy interactions will be reviewed. Long-term growth issues will be explored.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.338. Political Economy and Development. 3 Credits.
Good governance is associated with desirable outcomes across countries and societies: higher life satisfaction, greater income per capita, lower child mortality, longer life expectancy, less disease, etc. But these statistical associations in the data are not sufficient to establish either that good governance truly causes such societal outcomes, or what types of policies produce them. This course asks: What are the determinants of good governance? Is good governance "good" beyond its intrinsic desirability? If so, how? We use a data-driven approach, focusing on quantitative empirical methods and their applications to policy. The goal is to develop skills to be savvy consumers, as well as producers, of policy-relevant evidence related to issues of governance, in rich and poor countries alike. Topics will include: democracy, corruption, conflict, culture, mass media, quotas, and foreign aid.
Prerequisite(s): AS.180.301 AND AS.180.334
Distribution Area: Social and Behavioral Sciences
AS.180.347. On Keynesian Economics and the Economics of Keynes. 3 Credits.
This course charts a narrative for the evolution of macroeconomics from its very initiation to its present formulation in a way that is sensitive to issues of principle and of policy, and without becoming totally subservient to the disciplinary boundaries within which the problems are formulated and studied. Rather than macroeconomics as a subject that takes its shape in current conventional texts, the focus of the course shall be how it got there. As such, it touches on the development of ideas and intellectual history. The course will be mathematically self-contained but will pre-suppose conceptual sophistication that one expects after completion of courses in micro and macroeconomics at the intermediate level. The course is open to students in the sister-disciplines in anthropology, political science, and sociology, but it would be advisable for interested students in these departments to talk to the instructors.
Prerequisite(s): AS.180.302
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.349. Economics of Race, Gender and Culture. 3 Credits.
This course will overview popular causal inference methods and their applications in the economics of race, gender, and culture. For each causal inference method, the class will cover the econometric theory and how to implement the method in the STATA program. Students will solve many STATA exercises in class, so they must bring a laptop to those classes. Next, we will discuss papers that used the method to answer a research question about race, gender, and culture. The topics to cover include how to show there is racial/gender discrimination and how preference is formed.
Prerequisite(s): AS.180.101 AND AS.180.102 AND AS.180.301;AS.180.334 can be taken prior to enrolling in, or at the same time as AS.180.349.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4),
Democracy (FA4.1)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.351. Labor Economics. 3 Credits.
The course discusses various issues in labor markets from the perspective of economic theory. We first study the major forces at work that shape labor market behavior; firms’ labor demand and workers’ labor supply. Then we discuss the equilibrium behavior of employment and wages. Using these tools, we also cover various applied topics in labor economics, such as minimum wage regulations, male-female wage differentials, human capital investment, worker mobility, and unemployment.
Prerequisite(s): AS.180.301
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.352. Public Economics. 3 Credits.
This course explores issues related to expenditure and tax policies of governments, as well as views regarding the purpose of government and criteria for evaluating government actions. The course also includes a discussion of how group or collective choices are made within society, how environmental policies affect the level of pollution, and the importance of public debt.
Prerequisite(s): AS.180.301
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.355. Economics of Poverty/Inequality. 3 Credits.
This course focuses on the economics of poverty and inequality. It covers the measurement of poverty and inequality, facts and trends over time, the causes of poverty and inequality with a focus on those related to earnings and the labor market, and public policy toward poverty and inequality, covering both taxation and government expenditure and programs. By the nature of the material, the course is fairly statistical and quantitative. Students should have an intermediate understanding of microeconomic concepts. Basic knowledge of regression analysis is also helpful.
Prerequisite(s): AS.180.301 AND AS.180.334
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4),
Democracy (FA4.1)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.356. Data Driven & Quantitative Finance. 3 Credits.
This course will introduce students to the real-world experience of being a Wall Street data scientist, or "quant". Students will combine programming, statistics, math, finance and economics to learn applied techniques used by the banks, hedge funds, and other players in the world of finance. This course is designed to challenge students with realistic scenarios that quants face, including valuations, portfolio/risk management, time series analysis, natural language processing, and machine learning. This course is programming, math and presentation heavy. Students will be encouraged to use AI tools such as ChatGPT or Claude, as they learn to complete assignments in much the way they would in a real-world setting.
Prerequisite(s): AS.180.301 AND (AS.280.345 OR EN.553.211 OR EN.553.111 OR EN.553.310 OR EN.553.311 OR EN.553.420 OR EN.553.112 OR EN.540.382) AND (EN.500.113 OR AS.250.205)
Distribution Area: Quantitative and Mathematical Sciences, Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.360. Economics of Education and Child Development. 3 Credits.
This course uses economic theory and econometrics to explore topics in the economics of education and child development. Topics include early child development and childcare, sources of disparities in education outcomes, how parents make school choices, teacher labor markets and the determinants of quality teaching, importance of resources and competition in school systems, post-secondary financial aid and student loans, college admissions policies and affirmative action, and field and major choices. The course will emphasize how economists use big data, surveys, experiments, and experience with past policies to understand how parents and students make education choices and students learn.
Prerequisite(s): Students must have completed AS.180.301 AND AS.180.334.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.361. Rich Countries, Poor Countries. 3 Credits.
Why are some countries rich while some other countries poor? Why does a country’s income per person generally grow over time? We try to analyze these questions using the theoretical and empirical growth literature. We will study seminal growth models, and also try to explain cross-country income differences in terms of factors like geography, institutions and global integration. Knowledge of regression analysis (including instrumental variables estimation) is required.
Prerequisite(s): AS.180.302 AND AS.180.334
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4),
Democracy (FA4.1)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.363. Sex, Drugs and Dynamic Optimization: The Economics of Risky Behavior. 3 Credits.
We apply the tools of economic analysis to understand behaviors that are enjoyable today, but may have negative consequences in the future.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.365. Topics in Macroeconomics. 3 Credits.
This course builds on AS.180.302 (Macroeconomic Theory) to consider the leading macroeconomic controversies of today (such as the appropriate monetary and fiscal policies of the Federal Reserve and U.S. Government). The classes will include frequent student presentations.
Prerequisite(s): AS.180.302
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
AS.180.367. Investment-Portfolio Management. 3 Credits.
Investment securities and their markets, especially the stock market. The relations between expected return and risk. The determination of security prices. Financial portfolio selection. The assessment of the performance of managed portfolios.
Prerequisite(s): (AS.180.301 OR AS.180.334) AND (AS.280.345 OR EN.553.111 OR EN.553.112 OR EN.553.211 OR EN.553.310 OR EN.553.311 OR EN.553.420 OR EN.553.430 OR EN.540.382).
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.369. Tools for Writing a Research Paper in Economics. 3 Credits.
This course will introduce students to the components involved in writing a research paper in economics or other quantitative disciplines, by spending the semester having them writing such a paper. Early in the semester, each student will pick a topic for their paper, which will consist just of a brief description of the question (probably a topic they have studied in a previous course). As the semester progresses, the student will learn how to flesh out this germ of a topic into a full-length paper using many of the internet and other tools that are used by scholars in their own research. These include tools for exploring a topic (Google Scholar; ChatGPT; Wikipedia); compiling a bibliography of references to your subject (LitMaps; PaperPile); creating a document with appropriate content (Jupyter notebooks); project management and collaboration via GitHub; generation and incorporation of figures and tables; and the preparation of slide presentations. This will be a hands-on course: Students will bring their laptops to the lecture and the use of the tools will be taught live and interactively. Writing assignments will take the form of Jupyter notebooks (or, for any graduate student enrollees, LaTeX documents). Recommended Course Background: some familiarity with python or other modern programming languages (though having taken a formal course in such a language is not required).
Prerequisite(s): AS.180.301 OR AS.180.302 OR instructor permission; Python, Bash or other modern programming language recommended.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Citizens and Society (FA4)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.180.371. Industrial Organization. 3 Credits.
Investigation of firm behavior in markets characterized by imperfect competition. Imperfect competition lies in between monopoly and perfect competition and characterizes most major industries in modern capitalist economies. Central issues to be covered in the course include what determines the intensity of competition? What determines the extent of entry and exit? How is it that some firms consistently dominate their industries? The class uses rigorous modelling approach in analyzing these issues.
Prerequisite(s): AS.180.301
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.375. Causal Analysis: Using Big (and small) Data to Answer Economic Questions. 3 Credits.
The purpose of the course is to show how experimental, quasi-experimental, and non- experimental methods can be used to advance knowledge about topics in economics and answer important policy and business questions. It will teach students the empirical techniques required to analyze data to determine causal relationships. The course will begin with a focus on the use of experimental methods in economics. Students will then proceed to learn and apply alternative empirical methods that can be employed to establish cause and effect when data are not obtained from a fully randomized setting. The tools and topics that are covered will be relevant to students interested in economics or other social sciences.
Prerequisite(s): AS.180.301 AND AS.180.334
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.382. Incentives, Uncertainty, and Decisions in Health Care. 3 Credits.
In health care markets, uncertainty and information asymmetries are pervasive problems, which have profound impacts on the health of individuals and populations, and the costs of the health care system. This course uses economic models and methods to understand how these problems affect treatment decisions and therefore health outcomes and costs. We will focus on models that clarify the misaligned incentives among patients, providers, and payers, and on recent research that provides evidence of these problems in specific areas of care and suggests potential solutions. Students will develop an original research project that examines these issues in detail in a specific context, using a mix of data, simulations, and theoretical analysis. Recommended Course Background: AS.180.289 for understanding of the US health care system and AS.180.334 for econometric methods (could be taken concurrently).
Prerequisite(s): AS.180.301
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Projects and Methods (FA6)
Writing Intensive
AS.180.389. Social Policy Implications of Behavioral Economics. 3 Credits.
Economists increasingly incorporate insights from psychology into models of rational decision-making. Known as "behavioral economics", this line of research considers how, for example, emotions, rules-of-thumb, biased beliefs and time-inconsistent preferences influence how we make choices. Behavioral economics increasingly pervades policy discussions on topics as diverse as: obesity, the role of media, subprime mortgages and voting patterns. Behavioral models are certainly novel, but do they help us to design superior social policies? With the goal of preparing students to address this question, this course (1) provides a thorough overview of the main contributions of behavioral economics, highlighting departures from more traditional economic models and (2) emphasizes how behavioral economic models might (or might not) improve how we think about social policy.
Prerequisite(s): AS.180.301;AS.180.334 can be taken concurrently.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Ethics and Foundations (FA5)
Writing Intensive
AS.180.392. Experimental Economics. 3 Credits.
This course will be an introduction to the methodology of experimental economics and its application to specific topics, such as bargaining, provision of public goods, decision making under uncertainty, and auctions. In addition to learning about laboratory and field experiments, this course will also provide an introduction to the behavioral economics as a relatively new direction in economics. An effort will be made to concentrate on series of experiments, in order to see how experiments build on one another and allow researchers with different theoretical dispositions to narrow the range of potential disagreement. Recommended Course Background: AS.180.217 Game Theory
Prerequisite(s): AS.180.301;Statistic I: EN.553.111 OR EN.553.112 OR EN.553.310 OR EN.553.311 OR EN.553.420 OR EN.553.421 OR EN.553.430 OR AS.280.345
Distribution Area: Social and Behavioral Sciences
AS.180.501. Independent Study. 1 - 3 Credits.
Students design their own course plan in consultation with, and approval of, the instructor.
Prerequisite(s): You must request Customized Academic Learning using the Customized Academic Learning form found in Student Self-Service: Registration > Online Forms.
AS Foundational Abilities: Science and Data (FA2),
Projects and Methods (FA6)
AS.180.521. Research in Economics: Honors Thesis. 2 Credits.
The assignment in this course is to complete the initial stages of research for the Senior Honors Thesis in Economics. Students will work independently under the supervision of a thesis advisor from the department. Students must discuss with their departmental academic advisor about possible thesis advisors. They should get the approval from their thesis advisor, and register for the section of the course assigned to the thesis advisor, who will also be responsible for grade reporting. Open to Senior and Junior Economics majors. Note: This course cannot be counted as one of the five elective economics courses required for the Economics major.
Prerequisite(s): You must request Customized Academic Learning using the Customized Academic Learning form found in Student Self-Service: Registration > Online Forms.
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Projects and Methods (FA6)
Writing Intensive
AS.180.522. Senior Honors Thesis. 3 Credits.
Students enrolled in this course will complete the Senior Honors Thesis under the supervision of a thesis advisor (who will have been chosen by the student prior to registration for AS.180.521). Students should register for the section of the course assigned to their thesis advisor. The thesis advisor will be responsible for submitting grades for their section. Note: This course cannot be counted as one of the five elective economics courses required for the Economics Major.
Prerequisite(s): You must request Customized Academic Learning using the Customized Academic Learning form found in Student Self-Service: Registration > Online Forms.;AS.180.521
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Projects and Methods (FA6)
Writing Intensive
AS.180.601. Microeconomic Theory I. 4 Credits.
This course covers the basics of Walrasian general equilibrium theory as set out in Debreu’s Theory of Value, and thereby covers the standard (neoclassical) partial equilibrium theories of production and consumption. In addition, it covers Kuhn-Tucker optimization theory and its specializations of concave and linear programming. Finally, it touches on order structures and monotone comparative statics, as well as decision making under risk. A subtext of the course will be an exploration of how loose economic ideas and intuitions can be given formal mathematical expression. Prerequisites: Economics PhD students or permission of the instructor
AS.180.602. Microeconomic Theory II. 3 Credits.
The course covers parts of game theory and the economics of information. Game theory topics include solution concepts such as dominance, Nash equilibrium, subgame perfect equilibrium and Perfect Bayesian equilibrium. We will discuss both static and dynamic games and games of complete and incomplete information. The course also introduces the economic issues associated with asymmetric information and analyzes the institutions and mechanisms designed to mitigate the resulting inefficiencies. Topics include adverse selection, moral hazard, incentive contracts, and mechanism design.
Distribution Area: Social and Behavioral Sciences
AS.180.603. Macroeconomic Theory I. 4 Credits.
Theory and evidence about the dynamic behavior of households, firms, and the macroeconomy as a whole in the short and long run. Begins with a thorough discussion of the consumption/saving problem of households, including the role of uncertainty, then moves to investment behavior of firms, including the relationship between financial markets and firm behavior. General equilibrium models of firms and households combine to generate benchmark models of economic growth, which leads us to a benchmark specification for dynamic aggregate macroeconomic models.
AS.180.604. Macroeconomic Theory II. 4 Credits.
This course covers the macrodynamic theory of cycles, unemployment and inflation, and selected subjects.
AS.180.605. Advanced Macroeconomics I. 2 Credits.
Topics of recent research in macro-economics. Content will vary from year to year. Likely topics include implicit contract theory, search theory and unemployment, disequilibrium macroeconomic models, monetary policy and the control of inflation, contract-based rational expectations models, imperfect competition in macrodynamic models, business cycle models, empirical tests of rational expectations models, theories of investment behavior, and debt neutrality.Open to 2nd year Grad Students and up.
AS.180.606. Advanced Macroeconomics II. 3 Credits.
Structural microeconomic modeling of individual behavior that leads to aggregate equilibrium (for a macroeconomy as a whole, or for a market). The examples will be from heterogeneous agent macroeconomics, but the techniques taught will be mostly structural micro plus the tools required to calculate dynamics. The course will also teach the tools and technologies required for writing a research paper in economics: LaTeX/Overleaf, GitHub, LitMaps/Paperpile, Jupyter notebooks, the effective use of AI, and more.
Prerequisite(s): AS.180.603
AS.180.607. Macroeconometrics I. 3 Credits.
The course is an attempt to provide a framework for discussing the techniques that are used in macroeconometric analysis. Generally the bias that it has is one of looking at these from the perspective of someone analyzing macroeconomic data for policy analysis. Consequently, many of the applications considered are drawn from the type of research conducted in central banks and finance ministries. Its emphasis is therefore upon the issues raised by the analysis of time series of macro-economic data. Today there is an emerging literature that looks at micro-economic data as well as conducting cross-country studies. We will tend to ignore that material as the methods used in such research are essentially those of micro-econometrics, although sometimes with adjustments made to reflect the nature of macro-economic time series.
Prerequisite(s): AS.180.633
AS.180.609. Mathematical Thinking and Reasoning in Economics. 4 Credits.
This course will develop the necessary mathematical language and tools that are to be regarded as a pre-requisite for graduate study in economics at Johns Hopkins. Specifically, the course will focus on set theory, linear algebra and real analysis.
Prerequisite(s): AS.180.601 can be taken prior to enrolling in AS.180.609, or at the same time.
Distribution Area: Social and Behavioral Sciences
AS.180.611. Economics of Uncertainty. 2 Credits.
This course offers a review of subjective expected utility theory of decision making under uncertainty and choice based subjective probabilities. It also explores the motivation for the recent developments of non-expected utility theories under risk and under uncertainty. It examines the role of completeness and awareness in these theories as well as the theories of menu choice and random choice behavior.
Distribution Area: Social and Behavioral Sciences
AS.180.620. Causal Analysis. 3 Credits.
This hands-on course will teach students the nonstructural empirical techniques that can be used to analyze data to draw causal inference. The tools that are covered, which will include experimental and quasi-experimental methods, will be relevant to any student interested in doing empirical research.
Distribution Area: Social and Behavioral Sciences
AS.180.624. Topics in Macroeconomics and Finance. 3 Credits.
In this course, we are going to explore a series of topics in macroeconomics and finance, such as models of bounded rationality, survey evidence, monetary/fiscal policy interaction, effects of monetary policy on the stock market.
AS.180.626. Computational Methods. 2 Credits.
This class will introduce students to the computational tools that are used to get things done in scientific research. Such tools include, but are not limited to, unix bash shell scripting, LaTeX/Beamer, virtual machines, git and github, tools for parallel computation, cloud services, and others. Brief treatments of special-purpose tools (like Mathematica for symbolic math) will conclude this part of the class. After this introduction, the course will involve an intensive introduction to the use of the Python language for scientific computation purposes, including a discussion of why Python dominates other choices like Matlab and Julia. The final third of the course will apply the tools in a practical application to a specific problem identified jointly between the instructor and the student. There is no required text; readings will be assigned in class. (The characteristic that distinguishes this class from alternatives is that this class will not teach specific algorithms nor frontier computational techniques; rather, it aims to expose students to a broad set of tools that they will use regularly thereafter).
Distribution Area: Social and Behavioral Sciences
AS.180.632. Topics in Applied Microeconometrics. 2 Credits.
This course teaches methods for using micro-data to recover structural parameters of microeconomic models. We cover static models, but focus largely on single-agent dynamic programming, including “full solution” methods along with innovations that permit circumvention of daunting computational tasks. Additional topics will be partially based on students’ interests, but will likely include: general equilibrium models, static and dynamic games, matching models, unobserved heterogeneity, structural methods with experimental data and biased expectations. The goal is to teach students to use structural methods in their own research, and so we will delve into the nuts and bolts of structural work, examining how researchers actually get from raw data to results. This includes: how the sub-sample for analysis is chosen, how the model is specified, how the programming problem is solved, which moments are generated, how these are matched to the analogous moments in the data and, importantly, how identification is established.
AS.180.633. Econometrics. 3 Credits.
Mathematical models of economic behavior and the use of statistical methods for testing economic theories and estimating economic parameters. Subject matter will vary from year to year; statistical methods, such as linear regression, multivariate analysis, and identification, estimation and testing in simultaneous equation models, will be stressed.
Prerequisite(s): AS.180.636
AS.180.636. Statistical Inference. 3 Credits.
Theory and applications of statistical inference. Topics include probability and sampling, distribution theory, estimation, hypothesis testing, and simple regression analysis. Statistical applications will be drawn from economics. Limited to graduate students in Economics except by permission of the chair. Recommended Course Background: AS.110.201, AS.110.302
AS.180.637. Microeconometrics I. 3 Credits.
This is an advanced graduate course on the major econometric techniques and models used in empirical microeconomics. We will cover topics such as extremum estimators, quantile regression, semiparametric efficiency and estimation, plugin estimators, simulation methods such as the bootstrap and MCMC, weak instrumental variables, measurement error and latent variable models, and identification analysis. Theoretical development will be accompanied by discussion and examples of applications.
AS.180.638. Microeconometrics II. 3 Credits.
This course is the second in the microeconometrics sequence in the Economics Department. It will introduce a selection of models and techniques that are useful when a researcher wants to estimate a structural model, i.e. a model derived from economic theory. Structural models that try to incorporate restrictions derived from economic theory are used in empirical IO, but also in quantitative marketing research, labor economics and other fields that consider individual decision making. No attempt will be made to be comprehensive. Instead we will focus on a few areas that have been well-researched in recent years: dynamic discrete choice, microeconomic models with latent variables, program evaluation, the empirical analysis of auctions and nonseparable models. Some topics will be included only if time permits. The models and methods developed for these areas are relevant for other cases. The emphasis is on the interaction between economic theory and econometrics. Basic issues are specification and (nonparametric) identification, computational problems and the use of simulation, semiparametric estimation to avoid functional form and distributional assumptions that cannot be derived from economic theory.
Prerequisite(s): AS.180.601 AND AS.180.622
AS.180.639. Health Economics. 3 Credits.
A course on the allocation of health care goods and services and the production of health. We will focus on models and recent empirical evidence on consumer decisions, producer objectives, government interventions, and the determination of equilibrium. Health care markets have many nonstandard features, and the course will provide an introduction to these institutional details. Neoclassical models of health-related behaviors and health production will also be covered briefly.
Distribution Area: Social and Behavioral Sciences
AS.180.641. International Trade. 2 Credits.
This is a graduate course in international trade. It will develop basic analytical tools and frameworks used in the general equilibrium analysis of international trade. Recent research topics will be discussed in the second half of the course.
Prerequisite(s): AS.180.601 AND AS.180.603
AS.180.642. International Monetary Economics. 3 Credits.
This is an advanced graduate course on international macroeconomics. The covered topics include the intertemporal approach to the current account; the determinants of global imbalances and real exchange rates; sovereign debt and default; the impact of domestic and international financial frictions on capital flows; and New Keynesian open economy macroeconomics.
AS.180.644. Limited Commitment in Macroeconomics. 3 Credits.
This course studies common environments in macroeconomics where one or more agents lack the ability to credibly commit to making choices in the future (often due to either an enforcement constraint or asymmetric information). Both foundational papers and more recent work will be discussed. Topics to be covered will include models of borrowing and default, models of monetary policy, and models of insurance. In addition to studying these models theoretically, students will learn how to solve some of them computationally (and do so fast enough for quantitative work).
Distribution Area: Social and Behavioral Sciences
AS.180.645. Topics in Economic Theory. 3 Credits.
The course will cover matching markets, which typically deal with assignment problems with and without the use of transfers. Examples of these include school choice, course allocation, and organ exchange. We will cover the theoretical underpinnings, field applications, and empirical evaluations of these markets.
Distribution Area: Social and Behavioral Sciences
AS.180.647. Topics in Economic Theory and Finance. 3 Credits.
This course studies the theory of asset trading in which agents hold different information and/or beliefs. Foundational papers as well as recent ones will be covered, with applications both within and outside of Finance. Topics include: information aggregation via prices; rational expectations equilibrium; market micro-structure; large auctions; herding/information cascades/price bubbles; dynamic models and learning.
Distribution Area: Social and Behavioral Sciences
AS.180.649. Structural Approach in Family and Cultural Economics. 3 Credits.
This course will introduce structual approach in applied microeconomics, with emphasis on models including endogenous unobservable heterogeneity. The first half of this course will cover popular estimators, such as simulated method of moments, indirect inference, conditional choice probability estimator. The course will cover both single agent problem and multi- agents problem, potentially including endogenious unobservable heterogeneity. The second half of this course will discuss multiple decision maker problem, so- called collective model, and family formation and dissolution model, and cultural economics.
Distribution Area: Humanities
AS.180.651. Labor Economics I. 3 Credits.
Theories of the allocation of time and supply of labor, human capital, demand for labor, market equilibrium, and income distribution. As time allows, other topics, such as unemployment, unions, and compensating differences are discussed. Corequisite: AS.180.601
AS.180.652. Labor Economics II. 3 Credits.
This course will provide an in-depth treatment of dynamic life-cycle models, including both continuous choice models that can be analyzed using Euler equation methods, and dynamic discrete choice models that required dynamic programming methods. We will study applications of life-cycle models to a range of topics including labor supply and saving, education and occupational choice, and fertility and marriage. We will also examine recent work that incorporates health and health shocks into life-cycle models. Students will learn the econometric and computational methods used to implement dynamic discrete choice models.
Prerequisite(s): AS.180.601
Distribution Area: Social and Behavioral Sciences
AS.180.661. Bayesian Methods and Machine Learning in Macro and Finance. 3 Credits.
This course is composed of two parts. In the first half, we will cover an introduction to Bayesian methods and standard methods as Metropolis, Metropolis-Hasting, Gibbs sampling, etc. We will then review the relation between Bayesian methods and machine learning. In the second part, we will study how Bayesian methods and machine learning have been used in the macro and macro-finance literatures to handle DSGE's, VAR's, Markov-switching-VAR's, Time-Varying VAR's, textual analysis, forecasting, etc.
Distribution Area: Social and Behavioral Sciences
AS.180.662. Asset Pricing. 3 Credits.
This course is an introduction and guide to the most important issues in asset pricing. It begins with classic concepts such as the Capital Asset Pricing Model and the Arbitrage Pricing Theory and continues through continuous-time dynamic no-arbitrage models. It covers both basic theory and classic empirical research. Recommended Course Background: AS.180.604, AS.180.633, AS.180.636 or instructor's permission.
AS.180.664. The Econometrics of Big Data. 3 Credits.
This course introduces dynamic machine learning techniques for forecasting and assessing uncertainty and risks in macroeconomics and finance, with an emphasis on methods designed to handle large datasets. The first part focuses on linear models, covering (i) univariate predictive regressions with many regressors; (ii) dynamic factor models, as a first example of popular multivariate models that can handle large datasets; and (iii) Bayesian VARs, as a second example of big data multivariate models that also serve as a bridge between reduced-form and structural models. Additional topics include state-space models, Monte Carlo methods, model comparison, and model selection. Applications will cover nowcasting and forecasting in macroeconomics and finance, portfolio selection, term structure models, scenario analysis, monetary policy transmission, and long-horizon forecasts. The second part extends the focus to monitoring and forecasting risk, which requires making inferences about the likelihood of all possible future contingencies. To conduct a meaningful analysis of risk, we will go beyond linearity, employing flexible machine learning methods that capture asymmetries and fat tails in predictive distributions, addressing the non-linear nature of risk dynamics. The workhorse method will be quantile regressions for assessing downside risks, covering and connecting other models such as distributional regression, nonparametric density estimation, mean-variance regression, and Markov-switching models. Applications will focus on assessing risks related to economic growth, inflation, the labor market, the housing market, and the financial market, with practical applications to macroeconomic and financial risk management for policy and industry.
Distribution Area: Social and Behavioral Sciences
AS.180.671. Industrial Organization I. 3 Credits.
This is the first course in the Industrial Organization field sequence. It focuses primarily on the empirical analysis of the static models of competition with strategically interdependent agents. The course covers the estimation methods and applied work in the following areas: demand estimation, analysis of strategic entry, network markets, and markets with non-standard price setting mechanisms such as bargaining or auctions.
AS.180.672. Industrial Organization. 3 Credits.
This course covers methods in applied empirical Industrial Organization. Similarly to the first term, the focus will be on the use of econometric analysis and data for descriptive and measurement purposes, and for testing the predictions of economic theories. Particular attention in this term will be given to dynamic settings and the empirical analysis of firm behavior. Topics to be covered include dynamic discrete choice, dynamic games, and dynamic demand.
Prerequisite(s): AS.180.601
AS.180.673. Advanced Economics of Labor. 2 Credits.
This course is for graduate students at the 3rd year and above who wish to participate in a semester in-depth readings and discussion topics in labor economics and in econometric methods typically used in labor economics and in many other applied microeconomics fields. Students will have to participate in discussions of materials in each class. The topics covered in each semester are partly a function of student interest and their dissertation topics.
Distribution Area: Social and Behavioral Sciences
AS.180.676. Topics in Game Theory and Economic Theory. 3 Credits.
The first part of the course will cover topics in game theory including strategic communication, bargaining, repeated and dynamic games; the second part will cover topics in economics of information, mechanism design, and social choice theory not covered in Micro II
Prerequisite(s): AS.180.602
Distribution Area: Social and Behavioral Sciences
AS.180.690. Advanced Econometrics. 3 Credits.
Advanced econometric techniques are often essential to innovative empirical work, but finding and implementing the right methods for a particular problem poses formidable challenges. This course/seminar aims to address these challenges by combining lectures and discussions of foundational econometric methods in areas of student interest (whether those interests be specific for thesis work or more speculative) with examples of implementation, including software development, in more of a ‘workshop’ environment. The emphasis will be on drawing on the resources of econometric theory to address specific empirical issues while at the same time developing implementation skills.
AS.180.694. Applied Microeconomics Workshop. 1 Credit.
This is a weekly seminar series that brings in speakers from other universities to present their research in the field of applied microeconomics. Graduate Students only.
AS.180.695. Microeconomic Theory Workshop. 1 Credit.
This is a seminar series devoted to the presentation of research in microeconomic theory, typically by speakers from outside the department. Graduate students only.
AS.180.696. Macroeconomics Workshop. 1 Credit.
This course features lectures by economists from other universities. They present research findings at the frontier of the field. Graduate students only.
AS.180.697. Research Seminar. 1 Credit.
The purpose of this seminar is to train students to do research in economics. This course is for second year graduate students in the PhD program in Economics. For Graduate Students Only.
AS.180.891. Dissertation Research. 10 - 20 Credits.
This course is for students working on the dissertation for the Ph.D. in Economics. It is graded pass-fail
Distribution Area: Social and Behavioral Sciences
AS.180.895. M.A. Research Practicum. 3 Credits.
Successful completion of this course counts towards the M.A. electives. This course can only be taken in one semester and is restricted to second-year M.A. students. Students will work on a research project with a faculty supervisor. The student is required to write a research paper describing their conclusions. It is intended to introduce M.A. students to the research process. This course is for letter grade. Students should register for their supervisor's section.
AS.180.896. Ph.D. Research Practicum. 3 Credits.
Successful completion of this course counts towards the Ph.D. research requirement. This course is for second-year graduate students in the Economics Ph.D. program to obtain graduate credit for work off-campus that provides training and the development of skills in research. Before the practicum is begun, the graduate student must identify a sponsoring faculty member or seek permission from the student’s faculty adviser. The faculty member or adviser must sign a form that certifies that graduate credit will be granted, verifies the nature of the work to be performed by the student, and explains how the practicum helps to fulfill a degree requirement. Graded Pass/Fail.
AS.180.898. Teaching Practicum. 3 Credits.
Successful completion of this course counts towards the Ph.D. teaching requirement. This course is for graduate students in the Economics Ph.D. program to obtain graduate credit for work off-campus that provides training and the development of skills in teaching. Before the practicum is begun, the graduate student must identify a sponsoring faculty member or seek permission from the student’s faculty adviser. The faculty member or adviser must sign a form that certifies that graduate credit will be granted, verifies the nature of the work to be performed by the student, and explains how the practicum helps to fulfill a degree requirement. Graded Pass/Fail.
First Year Seminars
AS.001.132. FYS: The Great Divide: Income and Wealth Inequality in the United States. 3 Credits.
How do we measure inequalities in income and wealth? What do the historical and comparative trends look like and how do economists explain them? Is economic inequality a significant problem in the United States today? If not, why not? If so, why? And what tools do we have in the policy arsenal to deal with it? In sharing our different perspectives we will have to wrestle with concepts you may be curious about, such as “supply-side economics” “technological change” “free trade” “the top 1%” and “the k-shaped economy,” concepts that will hopefully prove useful in your understanding of other current economic issues. As an added twist, we will pair short vignettes from literature with economics readings to provide a historical and philosophical perspective, and to motivate our weekly discussions. You will have the opportunity to exchange ideas with fellow classmates in presenting group research and leading class discussions. Your final, individual presentation will explore some aspect of economic inequality, broadly defined, inspired by your own selection from literature, poetry, art, music, or film.
AS.001.149. FYS: What Is Poverty? A View from Economics and the Social Sciences. 3 Credits.
Social science is the scholarly study of society and social behavior. This First-Year Seminar will introduce students to the social sciences by studying poverty in America through the lens of economics and other social sciences, including sociology and anthropology. The quantitative approach taken by economics will be compared and contrasted with qualitative approaches. Illustrations of how the lives of the poor are led as depicted in ethnographic studies, movies, and literature will be studied to learn how integrated perspectives can be formed. Students will learn how to read scholarly articles with a critical eye, to speak about their interpretations of the material, and to write short critical essays. Students will also be introduced to quantitative analysis using graphs and tables. Group projects will be required. Guest lecturers bringing non-economics perspectives will visit the class.
AS.001.295. FYS: Strategic Economic Thinking - Theory and Practice. 3 Credits.
This First-Year Seminar explores how pattern recognition can lead to economic ideas and theories. We begin by looking for patterns in unexpected places. The film Good Will Hunting has much to say about careers versus caring. A film made a half century earlier, On the Waterfront, seems to be about completely different things. Together we investigate the notion that Good Will Hunting may be understood as a remake of On the Waterfront, and consider what this comparison reveals about values, incentives, and decision-making.Adam Smith coined the phrase “invisible hand,” suggesting that individuals, each pursuing their own agenda, nonetheless deliver for society. Smith also wrote The Theory of Moral Sentiments. We will read selections from this book and work together to consider Smith’s sense of how one might act as an agent seeking to do good.Wall Street and the world of finance provide the lifeblood for capitalist economies. Despite pervasive uncertainty, decision-makers direct funds toward enterprises they believe will be profitable. We will examine elements of conventional finance theory to understand how Wall Street succeeds, and also look at renegade thinkers, including Hyman Minsky, to consider why financial systems sometimes fail.Finally, we step outside strictly economic framings to ask broader questions about altruism, environmental awareness, job satisfaction, and the role of government. Through short readings, films, and discussion, students will reflect on how economic thinking shapes our understanding of citizenship and life in society.
Cross Listed Courses
Asia
SA.552.100. Financial Systems of Japan and China: Domestic, Regional and International Perspectives. 4 Credits.
Examines the evolution of the financial systems of Japan and China from 1980 to the present, including structure, regulation, and functioning of these markets in domestic, regional and international contexts. National context includes an in depth review of the structure and operation of the financial markets of Japan and China, including: the key participants, the governmental and regulatory institutions that supervise them, various financial crises in each country with a focus on causes and solutions, reforms over time with a particular focus on liberalization of the financial system and related issues such as corporate governance and legal and accounting issues, the fiscal/monetary processes and policies in each country that affect the financial system, and the historical, political and social factors that affect institutions and policy. Regional context includes the Asian Financial Crisis, the structural causes, the roles of Japan and China, the IMF response and the various proposals to create regional solutions to future crises; roles of regional financial institutions (ADB, AIIB); China’s Belt and Road Initiative and the degree/desirability of financial integration in Asia. The international perspective focuses on the geopolitical/geo-economic implications of the structure and regulation of financial markets. Current events/topics in finance relevant to the course are covered and students are encouraged to propose such topics for discussion. Taught by a SAIS alumnus with 30 years of investment banking and private equity experience in Asia and the US. Students wishing to take the class but lacking the prerequisites should email Professor Talarico at gtalari1@jhu.edu for permission to enroll.
Prerequisite(s): Students may not register for this class if they have already received credit for SA.755.720[C];SA.100.304[C] AND either ( SA.510.102[C] OR SA.510.108[C] )
SA.552.117. The Korean Economy: Sustaining Convergence to the Highest-Income Countries. 4 Credits.
The course will analyze Korea’s transformation from one of the poorest countries in the world in the 1950s to the 10th largest economy today. However, Korea faces serious challenges to continue its convergence to the highest-income countries. The course will focus on the challenges posed by Korea’s rapid population aging and the associated fiscal pressures, its polarized economy (large companies versus small and medium-sized enterprises, manufacturing versus services, regular workers versus non-regular workers and men versus women), its dependence on energy-intensive industries and coal, and North Korea.
Center for Economy and Society
AS.197.327. People, Power, and Pay: The Economics of the Workplace. 3 Credits.
We study the relationship between workers and employers in the employment contract, understanding the conflict of interest between the parties to the contract and the opportunities for gains from cooperation. We identify how power is exercised in the employer-worker relationship and we explore the role of technology and innovation, showing how monitoring technologies can make employment outcomes more efficient and more unequal. We examine how trust and reciprocity may substitute for monitoring and how workers may investigate alternative institutional arrangements to exert countervailing power to employers (unions, cooperatives, democratic participation).
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Science and Data (FA2),
Projects and Methods (FA6)
Writing Intensive
China
SA.553.111. China’s Economy: Reforms, Performance and Challenges. 4 Credits.
By some measures, China now has the world’s largest economy. By any measure, China has contributed more to global economic growth over the past decade than any other country. Yet recent and ongoing developments have led to considerable pessimism regarding China’s ability to transition to a high income economy. How can we explain China’s rapid growth over the past four decades? Is this recent pessimism justified, and, if so, what must China do to avoid getting stuck in a middle income trap? Focusing on these questions, this course aims to help students develop a deeper understanding of the Chinese economy.
Development, Climate, and Sustainability
SA.500.101. Financial Crises and Policy Dilemmas in Emerging Markets. 4 Credits.
The course will focus on key macroeconomic and financial policy issues with a focus on Emerging Markets. The course is divided into two parts. The first part explores the causes, dynamics and consequences of selected crises episodes affecting emerging markets, from the debt crises of the 1980’s to the COVID-19 pandemic. The second part of the course addresses selected issues regarding crisis resolution, including the political economy of crises, their long run impacts on the economy, and the future of the international financial architecture. By the end of the course, it is expected that students will be able to identify the major factors leading to crises in emerging markets, assess the difficult policy trade-offs that policymakers face when dealing with crises, and evaluate alternative policy options.
Prerequisite(s): Students may not register for this class if they have already received credit for SA.810.727[C]
SA.500.131. Venture Capital and Impact Investing. 2 Credits.
This class will thus focus on the intersection of venture capital and impact investing, on this newer asset class and its specific application in the service of consciously creating impact. Given the roots of the early success stories in impact investing in the financial services sector, this class will focus primarily (although not exclusively) on financial services, as it helps to demonstrate the progression of one impact investment sector that has had both early stage VC support and multiple exits. The course will explore what is happening on the frontier in the fintech revolution, as significant portions of the financial services sector digitize. Moreover, financial technology is a critical enabler for almost all other product categories - healthcare, education, agriculture, water/sanitation, ecommerce and small business growth, employment, and more, making it particularly relevant as a lens to highlight the power of investing and impact creation.
Prerequisite(s): SA.380.760[C] OR SA.510.102[C];Students may not register for this class if they have already received credit for SA.400.795[C]
SA.500.142. Financial Inclusion. 2 Credits.
There are an estimated 1.4 billion people around the world that are left out of the formal financial system. The financially excluded, many of whom are low-income, do not have access to the products they need to live financially stable lives and to take advantage of opportunities. They may not have access to a safe savings account, credit to build their business, or insurance in the case of a health emergency. The delivery of quality financial services (loans, savings, insurance, money transfers) at affordable costs to all segments of society is, accordingly, an important policy goal in closing the income gap and improving quality of life. This is a seminar style course that provides an introduction to financial inclusion with a deeper dive into key questions that are driving the future of how we create more equitable financial systems for the poor. We will hear from guest lecturers who are considered experts at the top of their fields and who bring first-hand experience in a range of topics -- from designing digital products to serve low-income customers at scale, creating enabling regulations by policy makers, and assessing investment opportunities from a venture capital perspective, to evaluating future careers in financial inclusion. There is one final project in the course, in which student groups will present a set of policy recommendations to advance financial inclusion in a specific country market, informed by a set of core practical and ethical questions related to the industry.
SA.500.153. Accelerating the Clean Energy Transition from Innovation to Deployment. 4 Credits.
Clean energy technologies are now cheaper than fossil sources of electricity in many parts of the global economy. Despite the rapidly decreasing capital costs associated with these technologies, the clean energy transition is not progressing at a pace aligned with the climate goals outlined in the Paris Agreement. This course examines the energy transition through the lens of structural transformation, involving the significant reallocation of economic activity from one energy system to another. Comparative analyses are drawn between the ongoing transition and historical instances of structural change, ranging from late economic development to past energy revolutions like the invention of the steam engine during the industrial revolution, and more recent shifts from manufacturing to service-based economies. By investigating coordination challenges, market failures, and economic frictions linked to structural change, the course identifies policy interventions to expedite the transition. Emphasizing wind, solar, and battery storage technologies, the curriculum follows the trajectory of clean energy innovations from the laboratory to the market. It encompasses the political economy of clean energy innovation, government initiatives to establish domestic clean energy supply chains, challenges on both supply and demand sides in constructing markets for clean energy technologies and explores land and labor market frictions that impede the pace of change.
SA.500.161. Financial Innovations in Frontier Markets. 4 Credits.
Financial Innovations in Frontier Markets explores innovative business solutions for delivering products and services, with particular emphasis on the financial services industry in select developing markets. Students will be organized into teams of up to four and matched with client organizations to address a specific issue or problem, as defined by the client. Under guidance from the professor, student teams will collaborate with their assigned clients throughout the semester to conduct research and develop strategic recommendations addressing the specific business challenges or research questions identified at the course outset. The final deliverable will be to provide the client with a management consultant-style slide deck and oral presentation of findings and recommendations. Note: successful completion of this course fulfills the capstone requirement for second-year MAIR students. <a href="https://livejohnshopkins.sharepoint.com/sites/SAISInsider2/SitePages/DC-Capstones,-Professional-Skills-Courses.aspx" target="_blank">Click here for Capstone course application information</a>
Energy Policy and Climate
AS.425.603. Climate Change Policy Analysis. 3 Credits.
After a study of the historical development of climate change policy, this course analyzes current policy options for mitigating and adapting to long-term climate change. The course will examine various approaches available in the U.S. for national-level policy, including regulatory and market-based approaches, particularly cap and trade and carbon taxation. Various models for designing a cap and trade system will be studied, including the European experience and regional programs in the United States. Special attention will be paid to methods for setting initial prices and accounting for discounting of future benefits. The course will focus primarily on national-level carbon management policies, but international agreements will also be included, as well as equity considerations on a global level.
AS.425.604. Energy & Climate Finance. 3 Credits.
This course introduces students to environmental markets and the policies that create them, focusing mainly on emissions trading systems to mitigate climate change. The course also provides an introduction to attributes of the financial sector through its analysis of markets for environmental commodities Students learn the economic theory behind market-based environmental policy instruments, such as tradable renewable energy credits, carbon offsets, and water rights in a semester of lectures featuring presentations from practitioners, including state and federal government, private companies subject to market-based emissions regulation, commodity brokers, and representatives from international institutions. Offered online on-site twice per year.
First Year Seminars
AS.001.132. FYS: The Great Divide: Income and Wealth Inequality in the United States. 3 Credits.
How do we measure inequalities in income and wealth? What do the historical and comparative trends look like and how do economists explain them? Is economic inequality a significant problem in the United States today? If not, why not? If so, why? And what tools do we have in the policy arsenal to deal with it? In sharing our different perspectives we will have to wrestle with concepts you may be curious about, such as “supply-side economics” “technological change” “free trade” “the top 1%” and “the k-shaped economy,” concepts that will hopefully prove useful in your understanding of other current economic issues. As an added twist, we will pair short vignettes from literature with economics readings to provide a historical and philosophical perspective, and to motivate our weekly discussions. You will have the opportunity to exchange ideas with fellow classmates in presenting group research and leading class discussions. Your final, individual presentation will explore some aspect of economic inequality, broadly defined, inspired by your own selection from literature, poetry, art, music, or film.
AS.001.149. FYS: What Is Poverty? A View from Economics and the Social Sciences. 3 Credits.
Social science is the scholarly study of society and social behavior. This First-Year Seminar will introduce students to the social sciences by studying poverty in America through the lens of economics and other social sciences, including sociology and anthropology. The quantitative approach taken by economics will be compared and contrasted with qualitative approaches. Illustrations of how the lives of the poor are led as depicted in ethnographic studies, movies, and literature will be studied to learn how integrated perspectives can be formed. Students will learn how to read scholarly articles with a critical eye, to speak about their interpretations of the material, and to write short critical essays. Students will also be introduced to quantitative analysis using graphs and tables. Group projects will be required. Guest lecturers bringing non-economics perspectives will visit the class.
AS.001.295. FYS: Strategic Economic Thinking - Theory and Practice. 3 Credits.
This First-Year Seminar explores how pattern recognition can lead to economic ideas and theories. We begin by looking for patterns in unexpected places. The film Good Will Hunting has much to say about careers versus caring. A film made a half century earlier, On the Waterfront, seems to be about completely different things. Together we investigate the notion that Good Will Hunting may be understood as a remake of On the Waterfront, and consider what this comparison reveals about values, incentives, and decision-making.Adam Smith coined the phrase “invisible hand,” suggesting that individuals, each pursuing their own agenda, nonetheless deliver for society. Smith also wrote The Theory of Moral Sentiments. We will read selections from this book and work together to consider Smith’s sense of how one might act as an agent seeking to do good.Wall Street and the world of finance provide the lifeblood for capitalist economies. Despite pervasive uncertainty, decision-makers direct funds toward enterprises they believe will be profitable. We will examine elements of conventional finance theory to understand how Wall Street succeeds, and also look at renegade thinkers, including Hyman Minsky, to consider why financial systems sometimes fail.Finally, we step outside strictly economic framings to ask broader questions about altruism, environmental awareness, job satisfaction, and the role of government. Through short readings, films, and discussion, students will reflect on how economic thinking shapes our understanding of citizenship and life in society.
Governance, Politics and Society
SA.503.108. Watching Wall Street from Washington: Financial Market Analysis for the Public Sector. 4 Credits.
This course investigates the strategies for, as well as the relevance of, financial market analysis directed toward policy audiences. Students will develop a deeper understanding of global financial markets and learn how to leverage that understanding shape and achieve policy goals. The course will cover five major topics: 1) Basic techniques for financial market analysis across a variety of major asset classes; 2) The characteristics of financial market analysis – its forms, theoretical underpinnings, advantages, and deficiencies; 3) The hierarchy of policy relevance of financial market analysis; 4) Costs, risks, and difficulties of financial market analysis for the public sector; and 5) Future challenges and formulations of public sector market analysis given the technological developments in finance, money management, and trading.
Prerequisite(s): SA.100.304[C] OR SA.300.701[C] OR SA.300.706[C] OR SA.999.701[C];Students may not register for this class if they have already received credit for SA.610.703[C]
SA.503.123. International Political Economy. 4 Credits.
The course aims to provide students with a solid knowledge of international political economy, with a focus on different varieties of capitalism and the role of Europe in the global economic order. The objective is to give students insights into how to think about ongoing substantive debates in the field. We will examine the interaction of multiple factors driving economic change over time: trade globalization, financial market integration, labor market integration through migration, innovation and economic development, as well as their feedback effects on political outcomes (e.g. the rise of populism, international relations, etc.). Students should thus emerge from the course with a comprehensive knowledge of theories of international political economy and with an understanding of how political economies develop under ever-changing economic challenges (e.g. polycrisis in Europe, geo-economic fragmentation, the US-China confrontation, migration and climate issues).
International Studies
AS.192.225. Economic Growth and Development in East Asia. 3 Credits.
Over the past three decades, East Asia has been the most dynamic region in the world. East Asia has a remarkable record of high and sustained economic growth. From 1965 to 1990, the twenty-three economies of East Asia grew faster than all other regions of the world mostly thanks to the ‘miraculous growth’ of Japan, Korea, Singapore, Taiwan, China, Indonesia, Malaysia, and Thailand; these eight countries, in fact, have grown roughly three times as fast as Latin America and South Asia, five times faster than Sub-Saharan Africa, and significantly outperformed the industrial economies and the oil-rich Middle East and North Africa regions. Poverty levels have plummeted and human-development indicators have improved across the region. The course is divided into three parts to allow students to develop expertise in one or more countries and/or policy arenas, while also cultivating a broad grasp of the region and the distinct challenges of “fast-paced, sustained economic growth.” Part I will introduce the subject, consider the origins of Asian economic development, and analyse the common economic variables behind the region’s success. It will look at the East Asian Crisis and will consider its lessons and assess whether or not East Asian countries have learned them. While the course will show that there are many common ingredients to the success of the region’s economies, it will also show that each country is different, and that differences could be, at times, quite stark. Hence, Part II will focus on the development experiences of individual countries, with a special emphasis on the ASEAN economies, NIEs, Japan and China. Finally, Part III will consider various topics of special interest to Asia, including trends toward greater regional economic cooperation, both in the real and financial/monetary sectors, and issues related to poverty, migration, and inclusiveness in the region. NOTE: Contact Dr. Dore if prerequisites are not met.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Writing and Communication (FA1),
Citizens and Society (FA4),
Ethics and Foundations (FA5)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
AS.192.404. Autocracy, Democracy and Development: Korea, Indonesia and Myanmar. 3 Credits.
East Asia’s “miracle growth” has not gone hand in hand with a decisive move toward democracy. Over the last 30 years, only eight East Asian countries have become democratic out of more than 60 countries worldwide, and they continue to struggle with the challenges of democratic consolidation, weak political governance, and limited citizens’ political engagement. This course explores the reasons why democratization proceeds slowly in East Asia, and seems to be essentially decoupled from the region’s fast-paced economic growth. The choice of Korea, Indonesia, and Myanmar as the case studies for this course results from their authoritarian past as well as their more recent institutional and political trajectories towards democracy.Contact instructor if prerequisites are not met.
Prerequisite(s): AS.180.101 AND AS.180.102
Distribution Area: Humanities
AS Foundational Abilities: Writing and Communication (FA1),
Citizens and Society (FA4),
Democracy (FA4.1),
Ethics and Foundations (FA5)
EN Foundational Abilities: Engagement with Society (FA4)
Writing Intensive
Political Science
AS.190.420. From Polycrisis to Polytunity. 3 Credits.
Around the world, people speak of living through a “polycrisis”—a time when overlapping disruptions create fear and paralysis. In this course, Prof. Yuen Yuen Ang invites you to flip the script: from polycrisis to polytunity, seeing disruption as a portal to new possibilities. Polytunity opens into Ang’s broader paradigm, AIM (Adaptive, Inclusive, Moral) Political Economy, which builds on her earlier works (How China Escaped the Poverty Trap, China’s Gilded Age). Together we’ll explore AIM’s three pillars: Adaptive (systems not machine thinking), Inclusive (diverse pathways, not one template), and Moral (ideas are shaped by power and positionality)—and trace how they can inspire both new research agendas and real-world applications across a range of fields. We’ll see how Ang’s “ideational forest” grows from roots to canopy, offering a generative compass for navigating our age of disruption.
Distribution Area: Social and Behavioral Sciences
AS Foundational Abilities: Ethics and Foundations (FA5),
Projects and Methods (FA6)
Security, Strategy, and Statecraft
SA.502.195. Sanctions and Their Effects. 4 Credits.
Sanctions and similar forms of economic coercion have become measures of first resort for policymakers around the world. But the effects of sanctions on targeted states and societies remain little studied and poorly understood. This course examines the effects of sanctions at multiple levels of analysis, using frameworks from political science, economics, sociology, and anthropology alongside empirical evidence from a wide range of recent sanctions cases, including Afghanistan, Iran, Russia, Syria, and Venezuela. In the first half of the course, students explore how sanctions effect economic systems, sectors, firms, households, and, ultimately, individuals. In the second half of the course, students examine the political and social effects of economic coercion, building up from the individual to the body politic. Alongside weekly lectures, a portion of class time is devoted to a collaborative research project in which the class conducts its own assessment of sanctions effects using a case study approach. In this way, the course equips students with the theoretical and practical insights needed to account for sanctions effects when setting strategies or policies, whether in government, the private sector, or non-governmental organizations. This course will also empower students who wish to advocate for those harmed by the unintended effects of sanctions.
The Americas
SA.551.100. Economics of Immigration. 4 Credits.
Examines the economic causes and consequences of international migration. The central focus is an economic analysis of the general patterns of population flows, their determinants and their impact. Analyzes these primarily within a comparative context of the North American experience, although also considers other case studies. Current US migration policy is examined so as to understand how the US system is 'broken' and what is meant by ' true immigration reform'. Includes consideration of the Canadian experience, in that Canadian immigration policy seems to get many things 'right'.
Prerequisite(s): Students may not register for this class if they have already received credit for SA.840.715[C]
SA.551.102. Financial Crises and Policy Dilemmas in Emerging Markets and Latin America. 4 Credits.
The course will focus on key macroeconomic and financial policy issues with a focus on Emerging Markets. The course is divided into two parts. The first part explores the causes, dynamics and consequences of selected crises episodes affecting emerging markets, especially in Latin America; from the debt crises of the 1980’s to the COVID-19 pandemic. The second part of the course addresses selected issues regarding crisis resolution, including the political economy of crises, their long run impacts on the economy, and the future of the international financial architecture. By the end of the course, it is expected that students will be able to identify the major factors leading to crises in emerging markets, assess the difficult policy trade-offs that policymakers face when dealing with crises, and evaluate alternative policy options.
Prerequisite(s): Students may not register for this class if they have already received credit for SA.810.727[C]