Recent developments in contract theory. Includes advanced models of moral hazard, adverse selection, mechanism design and incomplete contracts with applications to theory of the firm, organizational design, and financial structure.
Energy policy is typically evolutionary as opposed to revolutionary. We can look to historical policies to understand how we've inherited the policies governing our energy use today. But looking backward only tells us part of the story. In the face of climate change, we need to look ahead and instead envision a more revolutionary change to our energy systems and the policies that govern them. This class takes you on that journey to energy policies past, present, and future. We look at the political realities of addressing climate change at various scales of governance and work together to craft our own ideal scenarios of what a responsible energy future will be.
This course is an advanced course in macroeconomics that seeks to bring students to the research frontier. The course is divided into two sections. The first half is taught by Prof. Ivn Werning and covers topics such as how to formulate and solve optimal problems. Students will study fiscal and monetary policy, among other issues. The second half, taught by Prof. George-Marios Angeletos, covers recent work on multiple equilibria, global games, and informational fictions.
Topics change from year to year. Most recent topics include: optimal fiscal and monetary policy; optimal capital taxation; time inconsistency and incentive incompatibility of optimal policies; redistribution and political economics; heterogeneous agents and incomplete markets; Real Business Cycle models and new-keynesian models; endogenous growth; aggregate fluctuations and propagation mechanisms; recursive methods and robust control in macro.
This class examines how and why twentieth-century Americans came to define the ŰĎgood lifeŰ through consumption, leisure, and material abundance. We will explore how such things as department stores, nationally advertised brand-name goods, mass-produced cars, and suburbs transformed the American economy, society, and politics. The course is organized both thematically and chronologically. Each period deals with a new development in the history of consumer culture. Throughout we explore both celebrations and critiques of mass consumption and abundance.
" This course focuses on alternative ways in which the issues of growth, restructuring, innovation, knowledge, learning, and accounting and measurements can be examined, covering both industrialized and emerging countries. We give special emphasis to recent transformations in regional economies throughout the world and to the implications these changes have for the theories and research methods used in spatial economic analyses. Readings will relate mainly to the United States, but we cover pertinent material on foreign countries in lectures."
This presentation offers an overview of the developing concept of The Anthropocene -- a term coined to describe our current geological epoch, in which human impact on the planet will leave a permanent trace.
Develops facility with concepts, language, and analytical tools of economics. Covers microeconomics, macroeconomics, and international trade and payments. Emphasizes integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing US and international business environments. Restricted to Sloan Fellows. The fact of scarcity forces individuals, firms, and societies to choose among alternative uses -- or allocations -- of its limited resources. Accordingly, the first part of this summer course seeks to understand how economists model the choice process of individual consumers and firms, and how markets work to coordinate these choices. It also examines how well markets perform this function using the economist's criterion of market efficiency. Overall, this course focuses on microeconomics, with some topics from macroeconomics and international trade. It emphasizes the integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing U.S. and international business environments.
Applied Macro- and International Economics uses case studies to investigate the macroeconomic environment in which firms operate. The first half of the course develops the basic tools of macroeconomic management: monetary, fiscal, and exchange rate policy. The class discusses recent emerging market and financial crises by examining their causes and considering how best to address them and prevent them from recurring in the future. The second half evaluates different strategies of economic development. Topics covered in the second half of this course include growth, the role of debt and foreign aid, and the reliance on natural resources.
These are some examples of assignments that can be used in a Macroeconomics course that aim at engaging students to curate content and have an active participation in the course material.
This open education resource (OER) contains course materials for a full semester course in Statistics. These course materials were developed by Professors Linda Weiser Friedman (Baruch College, CUNY) and Hershey H. Friedman (Brooklyn College, CUNY).
This lecture examines the effects of the economy‰Ûªs openness on macroeconomic policy. The three main topics covered in this lecture are: the effect of exports and imports on the Gross Domestic Product; the workings of a foreign exchange market; and the effects of exchange rates on the economy.
Surveys research which incorporates psychological evidence into economics. Prospect theory. Biases in probabilistic judgment. Self-control and mental accounting with implications for consumption and savings. Fairness, altruism, and public goods contributions. Financial market anomalies and theories. Impact of markets, learning, and incentives. Some evidence on memory, attention, categorization, and the thinking process.
The trifecta of globalization, urbanization and digitization have created new opportunities and challenges across our nation, cities, boroughs and urban centers. Cities are in a unique position at the center of commerce and technology becoming hubs for innovation and practical application of emerging technology. In this rapidly changing 24/7 digitized world, city governments worldwide are leveraging innovation and technology to become more effective, efficient, transparent and to be able to better plan for and anticipate the needs of its citizens, businesses and community organizations. This class will provide the framework for how cities and communities can become smarter and more accessible with technology and more connected.
There are several hundred thousand Brownfield sites across the country. The large number of sites, combined with how a majority of these properties are located in urban and historically underserved communities, dictate that redevelopment of these sites stands to be a common theme in urban planning for the foreseeable future. Students form a grounded understanding of the Brownfield lifecycle: how and why they were created, their potential role in community revitalization, and the general processes governing their redevelopment. Using case studies and guest speakers from the public, private and non-profit sectors, students develop and hone skills to effectively address the problems posed by these inactive sites.
This is the first edition of the open text book Building a Competitive Investment Climate on First Nation Lands. This textbook is for students who are First Nation and tribal government employees or students who would like to work for or with First Nation and tribal governments. The purpose of this textbook is to help interested First Nation and tribal governments build a competitive investment climate. Work began on this text book in early 2012 with a generous grant from the Donner Canadian Foundation. Financial support was also provided by the First Nations Tax Commission and the Tulo Centre.
Uses a case approach to develop a framework for business analysis. Provides students with tools for business analysis, including strategic, accounting, financial, and prospective analysis. Concepts are then applied to a number of decision-making contexts, such as credit analysis, investor communications, merger analysis, financial policy decisions, and securities analysis. From the Course Description: Course Description The purpose of this class is to advance your understanding of how to use financial information to value and analyze firms. We will apply your economics/accounting/finance skills to problems from today's business news to help us understand what is contained in financial reports, why firms report certain information, and how to be a sophisticated user of this information.
Syllabus for a course in data analytics for business economics, focusing on use of source data sets to answer the "why?" questions hidden in aggregate averages used in theory and "headline" news releases. Zero cost course using data available widely on the web. Optional texts are trade books available widely in libraries or used copies at low cost.
Subject addresses the evolution of the modern capitalist economy and evaluates its current structure and performance. Various paradigms of economics are contrasted and compared (neoclassical, Marxist, socioeconomic, and neocorporate) in order to understand how modern capitalism has been shaped and how it functions in today's economy. Readings include classics in economic thought as well as contemporary analyses. Subject stresses general analytic reasoning and problem formulation rather than specific analytic techniques. May not be used for economics concentration. One economics HASS-D subject may be used as an economics elective for the economics major and minor. This course examines the implications of economic theories for social and political organization in the context of the historical evolution of industrial societies. Among the authors whose theories will be discussed are Ayn Rand, Milton Friedman, Karl Marx, Max Weber, Joseph Schumpeter, and John Kenneth Galbraith. Emphasis will be placed on class discussion of specific texts. Students will be encouraged to ground their views in concrete textual and empirical material and to consider the implications of different arguments for the understanding of personal, political, and economic events today.
This course is an introduction to economics for non-majors and political economy, with an emphasis on the moral and ethical problems that markets solve, and fail to solve. Taught by Professor Michael Munger of Duke University, this course includes full length lectures, links to readings, and a sample final exam.
This is a course for those who are interested in the challenge posed by massive and persistent world poverty, and are hopeful that economists might have something useful to say about this challenge. The questions we will take up include: Is extreme poverty a thing of the past? What is economic life like when living under a dollar per day? Why do some countries grow fast and others fall further behind? Does growth help the poor? Are famines unavoidable? How can we end child labor - or should we? How do we make schools work for poor citizens? How do we deal with the disease burden? Is micro finance invaluable or overrated? Without property rights, is life destined to be "nasty, brutish and short"? Has globalization been good to the poor? Should we leave economic development to the market? Should we leave economic development to non-governmental organizations (NGOs)? Does foreign aid help or hinder? Where is the best place to intervene?
This lecture introduces the concepts of scarcity, choice and opportunity costs. It also discusses economics systems and the role of government.
Small-group study of advanced subjects under staff supervision. For graduate students wishing to pursue further study in advanced areas of urban studies and city and regional planning not covered in regular subjects of instruction. 11.941 and 11.955 are taught P/D/F.
The role of the family in human evolution, and as a symbol in our own social and political lives. Topics include: sex, marriage, and parenting; the labor market; class, race, and ethnicity; and the family's probable future. We begin by considering briefly the evolution of the family, its cross-cultural variability, and its history in the West. We next examine how the family is currently defined in the U.S., discussing different views about what families should look like. Class and ethnic variability and the effects of changing gender roles are discussed in this section. We next look at sexuality, traditional and non-traditional marriage, parenting, divorce, family violence, family economics, poverty, and family policy. Controversial issues dealt with include day care, welfare policy, and the "Family Values" debate.
This lecture discusses the AD/AS Model, the Keynesian and neoclassical macroeconomic theories, their differences and perspectives.
This lecture discusses the role of firms and households in the market as well as the circular flow. Market equilibrium, supply, demand and the concept of efficiency are also covered.
This course emphasizes dynamic models of growth and development. Topics covered include: migration, modernization, and technological change; static and dynamic models of political economy; the dynamics of income distribution and institutional change; firm structure in developing countries; development, transparency, and functioning of financial markets; privatization; and banks and credit market institutions in emerging markets.
At MIT, this course was team taught by Prof. Robert Townsend, who taught for the first half of the semester, and Prof. Abhijit Banerjee, who taught during the second half. On OCW we are only including materials associated with sessions one through 13, which comprise the first half of the class.
" Topics include productivity effects of health, private and social returns to education, education quality, education policy and market equilibrium, gender discrimination, public finance, decision making within families, firms and contracts, technology, labor and migration, land, and the markets for credit and savings."
Imagine your classmate missed last lecture and is asking you for help. In order to explain what opportunity cost is, you are taking the example of your opportunity cost of going to college. How would you explain him/her what your opportunity cost is and whether getting a formal college education is worth it?
This course examines the growing importance of medicine in culture, economics and politics. It uses an historical approach to examine the changing patterns of disease, the causes of morbidity and mortality, the evolution of medical theory and practice, the development of hospitals and the medical profession, the rise of the biomedical research industry, and the ethics of health care in America.
"This course focuses on dynamic optimization methods, both in discrete and in continuous time. We approach these problems from a dynamic programming and optimal control perspective. We also study the dynamic systems that come from the solutions to these problems. The course will illustrate how these techniques are useful in various applications, drawing on many economic examples. However, the focus will remain on gaining a general command of the tools so that they can be applied later in other classes."
Course covers deterministic and stochastic dynamic optimization using dynamic programming analysis.
Deterministic optimization: maximum principle, dynamic programming, calculus of variations, optimal control, dynamic games. Stochastic optimization: stochastic optimal control and dynamic programming, Markov processes, Ito calculus, Markov games. Applications. Dynamical systems: local and global analysis and chaos. The unifying theme of this course is best captured by the title of our main reference book: "Recursive Methods in Economic Dynamics". We start by covering deterministic and stochastic dynamic optimization using dynamic programming analysis. We then study the properties of the resulting dynamic systems. Finally, we will go over a recursive method for repeated games that has proven useful in contract theory and macroeconomics. We shall stress applications and examples of all these techniques throughout the course.
A comprehensive study of the nature of money and monetary standards; the development, structure, and functions of American central banking; commercial banking; non-bank financial intermediaries; investment banking; and financial markets. Federal and State bank regulation and supervision, major monetary theories. Analysis of the impact and major role of the American banking system on the economy. Includes a study of international finance. Successful completion of this course satisfies one Civic Engagement interaction.
National income components and their measurement, unemployment rate, and price levels. Determinants of aggregate demand and output. Effects of government spending, taxation, and monetary policy on national income, employment, and the rate of inflation.