Areas of Study in Economics

The field of economics encompasses several subfields. Microeconomic theory builds mathematical models to analyze economic phenomena. Econometrics builds statistical tools to analyze economic data. Applied Microeconomics applies theory and econometrics to economic questions. Macroeconomic studies the aggregate economy. Finance studies capital markets and related subjects. The courses and faculty in each area are listed below.

Applied Microeconomics

The use of data and econometric methods to test microeconomic theory. Applied micro is an umbrella term that includes labor, urban, education, industrial organization, public, health, and environmental economics.

Relevant Courses

  • ECON1185 The Welfare State
  • ECON1300 Education, The Economy and School Reform (EDUC1150)
  • ECON1301 Economics of Education I
  • ECON1305 Economics of Education: Research WRIT
  • ECON1310 Labor Economics
  • ECON 1340 Economics of Global Warming
  • ECON1350 Environment Economics and Policy (ENVS1350)
  • ECON1355 Environment Issues in Development Economics (ENVS 1355)
  • ECON1360 Health Economics
  • ECON1370 Race and Inequality in the US
  • ECON1375 Inequality of Opportunity in the US
  • ECON1400 Economics of Mass Media
  • ECON1410 Urban Economics
  • ECON1450 Econ. Organizations and Econ. Systems
  • ECON1460 Industrial Organization
  • ECON1480 Public Economics
  • ECON1510 Economic Development
  • ECON1530 Health, Hunger, and the Household in Developing Countries
  • Faculty

    Anna Aizer: Health Economics and Economics of the Family

    Daniel Bjorkegren: Development Economics, and Industrial Organization

    Ken Chay: Health and Labor Economics, Empirical Methods

    Andrew Foster: Development Economics, Environmental Economics

    John Friedman: Public Economics, Political Economy

    Justine Hastings: Industrial Organization, and Public Economics

    Brian Knight: Political Economy, and Public Economics

    Emily Oster: Health Economics, Development Economics

    Jesse Shapiro: Industrial Organization, Political Economy

    Neil Thakral: Public Economics, Labor Economics, Behavioral Economics

    Matthew Turner: Environmental Economics, Urban Economics

    Microeconomic Theory

    Studies the behavior of individual households and firms making decisions regarding the allocation of limited or scarce resources. Includes game theory (the study of strategic decision making), decision theory (the study of preferences and uncertainties related to optimal choices), general equilibrium theory (how prices coordinate the choices of individual agents across multiple markets), and mechanism design (how changing the rules or institutions affects economic behavior and outcomes).

    Relevant Courses

    • ECON1110 Intermediate Microeconomics
    • ECON1130 Intermediate Microeconomics(Math)
    • ECON1170 Wellfare Economics
    • ECON1465 Market Design: Theory and Apps
    • ECON1460 Industrial Organization
    • ECON1470 Bargaining Theory + Applications
    • ECON1820 Behavioral Economics
    • ECON1860 Theory of General Equilibrium
    • ECON1870 Game Theory/Applications to Economic

    Faculty

    Pedro Dal Bó:  Game Theory and Experimental Economics

    Geoffroy de Clippel: Game Theory, Behavioral Economics, Experimental Economics

    Jack Fanning: Game Theory, Bargaining

    Glenn Loury: Economic Theory, Applied Theory, and Labor Economics

    Bobby Pakzad-Hurson: Economic Theory

    Kareen Rozen: Game Theory, Behavioral Economics

    Roberto Serrano: Economic Theory, Game Theory

    Rajiv Vohra: Economic Theory, Game Theory

    Macroeconomics

    The study of the aggregate dynamics of the economy. Macroeconomic theories consider the phenomena of output and income, interest rates, exchange rates, unemployment, and inflation as well as how monetary and fiscal policy tools can achieve certain policy objectives.

    Relevant Courses

    • ECON1210 Intermediate Macroeconomics
    • ECON1225 Advanced Macroeconomics
    • ECON1500 Current Global Macroeconomic Challenges
    • ECON1540 International Trade
    • ECON1550 International Finance
    • ECON1560 Economic Growth
    • ECON1850 Theory of Economic Growth

    Faculty

    Joaquin Blaum: International Economics, Macroeconomics, Economic Growth

    Gauti Eggertsson: Macroeconomics, Monetary Economics

    Oded Galor: Comparative Development, Evolutionary Economics, and Economic Growth

    Pascal Michaillat: Macroeconomics, Public Economics

    Stelios Michalopoulos: Political Economy, Development and Economic Growth

    Louis Putterman: Development Economics, Experimental Economics

    David Weil: Macroeconomics, Economic Growth

    Econometrics/Research Methods

    Econometrics is a set of statistical tools that allows economists to test hypotheses using real world data

    Relevant Courses

    • ECON1620 Introduction to Econometrics
    • ECON1629 Applied Research Methods
    • ECON1630 Mathematical Econometrics I
    • ECON1640 Mathematical Econometrics II
    • ECON1740 Mathematical Finance

    Faculty

    Andriy Norets: Econometrics

    Susanne Schennach: Econometric Theory

    Finance

    A set of courses that both use and teach economic theory and other quantitative methods in the study of financial institutions and financial markets. They include many of the traditional pragmatic classes offered in an undergraduate business curriculum.

    Relevant Courses

    • ECON0710 Financial Accounting
    • ECON1710 Investments I
    • ECON1720 Corporate Finance
    • ECON1740 Mathematical Finance
    • ECON1750 Investments II
    • ECON1760 Financial Institutions
    • ECON1770 Fixed Income Securities
    • ECON1780 Corporate Strategy
    • ECON1790 Corporate Governance and Management

    Faculty

    Rafael La Porta: Macroeconomics, Investor Protection, Corporate Governance