Economics

Covers basic elements of microeconomic and marcoeconomic reasoning at an introductory level. Topics include Individual Constraints and Preferences, Production by Firms, Market Transactions, Competition, The Distribution of Income, Technological Progress and Growth, Unemployment and Inflation, the Role of Government in the Economy. Note: Students cannot get credit for ECON BC1003 if they have taken the Columbia introductory course ECON W1105 Principles of Economics.

Covers basic elements of microeconomic and marcoeconomic reasoning at an introductory level. Topics include Individual Constraints and Preferences, Production by Firms, Market Transactions, Competition, The Distribution of Income, Technological Progress and Growth, Unemployment and Inflation, the Role of Government in the Economy. Note: Students cannot get credit for ECON BC1003 if they have taken the Columbia introductory course ECON W1105 Principles of Economics.

Corequisites: ECON UN1155 How a market economy determines the relative prices of goods, factors of production, and the allocation of resources and the circumstances under which it does it efficiently. Why such an economy has fluctuations and how they may becontrolled.

Corequisites: ECON UN1155 How a market economy determines the relative prices of goods, factors of production, and the allocation of resources and the circumstances under which it does it efficiently. Why such an economy has fluctuations and how they may becontrolled.

Corequisites: ECON UN1155 How a market economy determines the relative prices of goods, factors of production, and the allocation of resources and the circumstances under which it does it efficiently. Why such an economy has fluctuations and how they may becontrolled.

International Economics examines how countries are interconnected through trade, investment, labor mobility, capital flows, and financial markets. The course introduces major theories of international trade and international macroeconomics and applies them to contemporary economic issues. Topics include comparative advantage, trade and income distribution, migration and foreign direct investment, trade policy, exchange rates, balance of payments, international capital flows, financial crises, and global economic institutions.  Prerequisite: ECON 1003BC Intro to Economic Reasoning or equivalent.

The purpose of this course is to provide a basic introduction to accounting, including the
foundations of accounting concepts, the underlying mechanics, and the overall perspective required
to become intelligent users of accounting information. The course will focus on the main
financial statements, the nature of accrual measurement, and the information perspective. In addition,
we will explore some accounting methods in detail, such as revenue recognition, assets,
liabilities, and equity.
The overarching perspective is that accounting reports provide information that is useful for
a variety of purposes. In the course, I will also provide insights into how the financial markets
use accounting information to evaluate executives, predict future stock returns, assess firms’
riskiness, and allocate society’s resources to their most productive uses.

The purpose of this course is to provide a basic introduction to accounting, including the
foundations of accounting concepts, the underlying mechanics, and the overall perspective required
to become intelligent users of accounting information. The course will focus on the main
financial statements, the nature of accrual measurement, and the information perspective. In addition,
we will explore some accounting methods in detail, such as revenue recognition, assets,
liabilities, and equity.
The overarching perspective is that accounting reports provide information that is useful for
a variety of purposes. In the course, I will also provide insights into how the financial markets
use accounting information to evaluate executives, predict future stock returns, assess firms’
riskiness, and allocate society’s resources to their most productive uses.

This course studies the financial system through its institutions, instruments,
and practitioners. Each week takes up a different part of finance, starting from its history and
then working out its economics. Two questions recur throughout: how does finance improve
society (allocating capital, sharing risk, providing liquidity, producing information), and how
does it go wrong? Along the way, the course introduces students to careers in finance, but it
is not a business-skills course.

Elementary computational methods in statistics. Basic techniques in regression analysis of econometric models. One-hour weekly recitation sessions to complement lectures.

Prerequisites: ECON BC3033 or ECON BC3035, and ECON BC2411 or STAT W1111 or STAT W1211, or permission of the instructor. Specification, estimation and evaluation of economic relationships using economic theory, data, and statistical inference; testable implications of economic theories; econometric analysis of topics such as consumption, investment, wages and unemployment, and financial markets.

Prerequisites: ECON UN3211 and ECON UN3213 and STAT UN1201 Institutional nature and economic function of financial markets. Emphasis on both domestic and international markets (debt, stock, foreign exchange, eurobond, eurocurrency, futures, options, and others). Principles of security pricing and portfolio management; the Capital Asset Pricing Model and the Efficient Markets Hypothesis.

Prerequisites: ECON UN3211 and ECON UN3213 and STAT UN1201 Institutional nature and economic function of financial markets. Emphasis on both domestic and international markets (debt, stock, foreign exchange, eurobond, eurocurrency, futures, options, and others). Principles of security pricing and portfolio management; the Capital Asset Pricing Model and the Efficient Markets Hypothesis.

Prerequisites: An introductory course in economics and a functioning knowledge of high school algebra and analytical geometry or permission of the instructor. Systematic exposition of current macroeconomic theories of unemployment, inflation, and international financial adjustments.

Prerequisites: An introductory course in economics and a functioning knowledge of high school algebra and analytical geometry or permission of the instructor. Systematic exposition of current macroeconomic theories of unemployment, inflation, and international financial adjustments.

Prerequisites: An introductory course in microeconomics or a combined macro/micro principles course (ECON BC1003 or ECON W1105, or the equivalent) and one semester of calculus or ECON BC1007, or permission of the instructor. Preferences and demand; production, cost, and supply; behavior of markets in partial equilibrium; resource allocation in general equilibrium; pricing of goods and services under alternative market structures; implications of individual decision-making for labor supply; income distribution, welfare, and public policy. Emphasis on problem solving.

Prerequisites: ECON BC1003 or ECON W1105. Prerequisite for Economics majors: ECON BC3035. Link between economic behavior and environmental quality: valuation of non-market benefits of pollution abatement; emissions standards; taxes; and transferable discharge permits. Specific problems of hazardous waste; the distribution of hazardous pollutants across different sub-groups of the U.S. population; the exploitation of commonly owned natural resources; and the links between the environment, income distribution, and economic development.

This course reviews the assumption of rationality in microeconomic theory and presents evidence (primarily from experimental psychology and economics) of how judgement and decision-making systematically deviate from what rationality predicts. 

Health economics is an expansive and growing field within the larger microeconomic literature.  From examining the impact of Medicaid on health care utilization to the public health consequences of marijuana legalization, health economics offers a variety of profound economic insights and policy recommendations.  This course uses many familiar concepts from microeconomic theory and econometrics in order to better understand health and healthcare—with students engaging economic models describing the demand for health, addiction, medical care, health insurance, and risky behaviors in addition to interpreting important empirical evidence within these spaces.

Permission of the instructor and the completion of all courses (except for the senior requirement) required for the economics department majors. Exceptions to these prerequisites may be granted by the chair of the department only. Tutorials and conferences on the research for and writing of the senior thesis. This is the 2nd semester of a two-semester course sequence.

Prerequisites: Permission of the instructor and completion of all courses (except for the senior requirement) required for the economics track, political economy track, or economics and mathematics majors. Exceptions to these prerequisites may be granted by the chair of the department only. Tutorials and conferences on the research for and writing of the senior thesis. This is the 2nd semester of a two-semester course sequence.

Permission of the instructor and the completion of all courses (except for the senior requirement) required for the economics department majors. Exceptions to these prerequisites may be granted by the chair of the department only. Tutorials and conferences on the research for and writing of the senior thesis. This is the 2nd semester of a two-semester course sequence.

Permission of the instructor and the completion of all courses (except for the senior requirement) required for the economics department majors. Exceptions to these prerequisites may be granted by the chair of the department only. Tutorials and conferences on the research for and writing of the senior thesis. This is the 2nd semester of a two-semester course sequence.

Prerequisites: Permission of the instructor and the completion of all courses (except for the senior requirement) required for the economics department majors.  Exceptions to these prerequisites may be granted by the chair of the department only. Seminar sections are limited to 16 students. A topic in economic theory or policy of the instructors choice. See department for current topics and for senior requirement preference forms.

Prerequisites: Permission of the instructor and the completion of all courses (except for the senior requirement) required for the economics department majors.  Exceptions to these prerequisites may be granted by the chair of the department only. Seminar sections are limited to 16 students. A topic in economic theory or policy of the instructors choice. See department for current topics and for senior requirement preference forms.

Prerequisites: Permission of the instructor and the completion of all courses (except for the senior requirement) required for the economics department majors.  Exceptions to these prerequisites may be granted by the chair of the department only. Seminar sections are limited to 16 students. A topic in economic theory or policy of the instructors choice. See department for current topics and for senior requirement preference forms.

Prerequisites: Permission of the instructor and the completion of all courses (except for the senior requirement) required for the economics department majors.  Exceptions to these prerequisites may be granted by the chair of the department only. Seminar sections are limited to 16 students. A topic in economic theory or policy of the instructors choice. See department for current topics and for senior requirement preference forms.

Claims of causality are nearly ubiquitous in scholarly work spanning the social sciences, journalistic products from media outlets, policy circles, and other social spaces.  However, many of these claims are often subject to some of the well-documented econometric concerns of bias—including omitted variable bias, simultaneity, and other confounding influences.  This course will introduce students to the fundamental concepts of causal inference and expose them to several contemporary econometric tools employed in an effort to make some of the aforementioned claims more credible.  With randomized controlled trials (RCTs) serving as the gold standard for empirical work, students will learn how many econometric techniques and “natural” experiments attempt to emulate the best characteristics of well-executed RCTs.

In addition to problem sets and an in-class midterm exam, students will carry out a group research project on a topic of their choosing (in consultation with the professor) in order to demonstrate their proficiency in several key course concepts.  This project remains critical to learning the scholastic (and practical) challenges in making rigorous causal claims, navigating the logistics of group collaboration, and learning how to critically evaluate empirical work.

This course will examine prediction markets, which are platforms on which traders can buy and sell binary options---contracts that pay a fixed amount if a referenced event occurs, and nothing otherwise. It will cover the history and structure of such markets, the interpretation of prices as probabilities, the accuracy of forecasts, the processes that bring prices into alignment across exchanges, the opportunities and incentives for insider trading, spoofing, wash trading, and other manipulative behavior, and the interactions that these platforms facilitate in a polarized society. 

Prerequisites: ECON UN1105 and MATH UN1101 and (MATH UN1201 or MATH UN1207) The determination of the relative prices of goods and factors of production and the allocation of resources.

Prerequisites: ECON UN1105 and MATH UN1101 and (MATH UN1201 or MATH UN1207) The determination of the relative prices of goods and factors of production and the allocation of resources.

Prerequisites: ECON UN1105 and MATH UN1101 and (MATH UN1201 or MATH UN1207) The determination of the relative prices of goods and factors of production and the allocation of resources.

Prerequisites: ECON UN1105 and MATH UN1101 and (MATH UN1201 or MATH UN1207) The determination of the relative prices of goods and factors of production and the allocation of resources.

Prerequisites: (MATH UN1101 or MATH UN1207) and ECON UN1105 or the equivalent. Corequisites: MATH UN1201 This course covers the determination of output, employment, inflation and interest rates. Topics include economic growth, business cycles, monetary and fiscal policy, consumption and savings and national income accounting.

Prerequisites: (MATH UN1101 or MATH UN1207) and ECON UN1105 or the equivalent. Corequisites: MATH UN1201 This course covers the determination of output, employment, inflation and interest rates. Topics include economic growth, business cycles, monetary and fiscal policy, consumption and savings and national income accounting.

Prerequisites: (MATH UN1101 or MATH UN1207) and ECON UN1105 or the equivalent. Corequisites: MATH UN1201 This course covers the determination of output, employment, inflation and interest rates. Topics include economic growth, business cycles, monetary and fiscal policy, consumption and savings and national income accounting.

Prerequisites: (MATH UN1101 or MATH UN1207) and ECON UN1105 or the equivalent. Corequisites: MATH UN1201 This course covers the determination of output, employment, inflation and interest rates. Topics include economic growth, business cycles, monetary and fiscal policy, consumption and savings and national income accounting.

Prerequisites: ECON UN3211 and ECON UN3213 or the equivalent. Introduction to the principles of money and banking. The intermediary institutions of the American economy and their historical developments, current issues in monetary and financial reform.

Prerequisites: (ECON UN3211 or ECON UN3213) and (MATH UN1201 or MATH UN1207) and STAT UN1201 Modern econometric methods; the general linear statistical model and its extensions; simultaneous equations and the identification problem; time series problems; forecasting methods; extensive practice with the analysis of different types of data.

Prerequisites: (ECON UN3211 or ECON UN3213) and (MATH UN1201 or MATH UN1207) and STAT UN1201 Modern econometric methods; the general linear statistical model and its extensions; simultaneous equations and the identification problem; time series problems; forecasting methods; extensive practice with the analysis of different types of data.

Prerequisites: (ECON UN3211 or ECON UN3213) and (MATH UN1201 or MATH UN1207) and STAT UN1201 Modern econometric methods; the general linear statistical model and its extensions; simultaneous equations and the identification problem; time series problems; forecasting methods; extensive practice with the analysis of different types of data.

Prerequisites: (ECON UN3211 or ECON UN3213) and (MATH UN1201 or MATH UN1207) and STAT UN1201 Modern econometric methods; the general linear statistical model and its extensions; simultaneous equations and the identification problem; time series problems; forecasting methods; extensive practice with the analysis of different types of data.

Prerequisites: ECON UN3211 and ECON UN3213 and MATH UN2010 Students must register for required discussion section. Corequisites: MATH UN2500 or MATH GU4061 The course provides a rigorous introduction to microeconomics. Topics will vary with the instructor but will include consumer theory, producer theory, general equilibrium and welfare, social choice theory, game theory and information economics. This course is strongly recommended for students considering graduate work in economics. Discussion section required.

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412 and MATH UN2010 Required discussion section ECON GU4214 An introduction to the dynamic models used in the study of modern macroeconomics. Applications of the models will include theoretical issues such as optimal lifetime consumption decisions and policy issues such as inflation targeting. This course is strongly recommended for students considering graduate work in economics.

Prerequisites: ECON UN3211 and ECON UN3213 and STAT Un1201 This course takes New York as our laboratory. Economics is about individual choice subject to constraints and the ways that choices sum up to something often much more than the parts. The fundamental feature of any city is the combination of those forces that bring people together and those that push them apart. Thus both physical and social space will be central to our discussions. The underlying theoretical and empirical analysis will touch on spatial aspects of urban economics, regional, and even international economics. We will aim to see these features in New York City taken as a whole, as well as in specific neighborhoods of the city. We will match these theoretical and empirical analyses with readings that reflect close observation of specific subjects. The close observation is meant to inspire you to probe deeply into a topic in order that the tools and approaches of economics may illuminate these issues in a fresh way.

Prerequisites: ECON UN3211 and ECON UN3213 The study of industrial behavior based on game-theoretic oligopoly models. Topics include pricing models, strategic aspects of business practice, vertical integration, and technological innovation.

Prerequisites: ECON UN3211 and ECON UN3213 and STAT UN1201 An introduction to the economics principles underlying the financial decisions of firms. The topics covered include bond and stock valuations, capital budgeting, dividend policy, market efficiency, risk valuation, and risk management. For information regarding REGISTRATION for this course, go to: http://econ.columbia.edu/registration-information.

Prerequisites: ECON UN3211 and ECON UN3213 and STAT UN1201 An introduction to the economics principles underlying the financial decisions of firms. The topics covered include bond and stock valuations, capital budgeting, dividend policy, market efficiency, risk valuation, and risk management. For information regarding REGISTRATION for this course, go to: http://econ.columbia.edu/registration-information.

This advanced elective equips economics majors with the tools to analyze the policy challenges and structural dynamics of Middle Eastern economies. Students will apply macroeconomic models and quantitative methods to understand topics such as oil and gas dependence, fiscal sustainability, inflation, trade, labor markets, demographic transition, institutional development, poverty, and the economics of conflict and reform. They will actively research and present case studies that illustrate the policy challenges in specific country settings. Readings are drawn from leading economics textbooks, research articles, policy reports, and multimedia sources, fostering collaboration, critical thinking, and data-driven discussions on contemporary regional development issues while remaining attentive to the human dimension and to the political economy context in which these policies unfold.

Prerequisites: ECON UN3211 and ECON UN3213 Introduction to the systematic treatment of game theory and its applications in economic analysis.

In this class we will learn how to deploy the tools you have learned in micro, macro, and econometrics to
study some of the most important economic problems facing society. We will leverage newly available
large datasets and the tools of modern empirical economics and data science to study topics such as:
economic opportunity, education, racial disparities, health, criminal justice, the environment, and
development.

Prerequisites: ECON UN3211 and ECON UN3213 This course studies gender gaps, their extent, determinants and consequences. The focus will be on the allocation of rights in different cultures and over time, why women's rights have typically been more limited and why most societies have traditionally favored males in the allocation of resources.

Prerequisites: ECON UN3211 and ECON UN3213 The theory of international trade, comparative advantage and the factor endowments explanation of trade, analysis of the theory and practice of commercial policy, economic integration. International mobility of capital and labor; the North-South debate.

In lieu of the failure of legislatures to pass comprehensive carbon taxes, there is growing pressure on the financial system to address the risks of global warming.  One set of pressures is to account for the heightened physical risks due to extreme weather events and potential climate tipping points.  Another set of pressures are to find approaches to incentivize corporations to meet the goals set out in the Paris Treaty of 2015.  These approaches include (1) mandates or restrictions to only hold companies with decarbonization plans, (2) development of negative emissions technologies such as direct-air capture and (3) promotion of natural capital markets that can be used to offset carbon emissions.  Moreover, financial markets also provide crucial information on expectations and plans of economic agents regarding climate change.  This course will cover both models and empirical methodologies that are necessary to assess the role of the financial system in addressing global warming.

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412  Selected topics in microeconomics. 

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412  Selected topics in microeconomics. 

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412  Selected topics in microeconomics. 

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412  Selected topics in microeconomics. 

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412  Selected topics in microeconomics. 

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412  Selected topics in microeconomics. 

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412  Selected topics in microeconomics. 

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412  Selected topics in microeconomics. 

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412 Registration information is posted on the departments Seminar Sign-up webpage. Selected topics in macroeconomics. Selected topics will be posted on the departments webpage.

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412 Registration information is posted on the departments Seminar Sign-up webpage. Selected topics in macroeconomics. Selected topics will be posted on the departments webpage.

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412 Registration information is posted on the departments Seminar Sign-up webpage. Selected topics in macroeconomics. Selected topics will be posted on the departments webpage.

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412 Registration information is posted on the departments Seminar Sign-up webpage. Selected topics in macroeconomics. Selected topics will be posted on the departments webpage.

Prerequisites: ECON UN3211 and ECON UN3213 and ECON UN3412 and sign-up in the departments office. Registration information is posted on the departments Seminar Sign-up webpage. Analyzing data in a more in-depth fashion than in ECON UN3412. Additional estimation techniques include limited dependent variable and simultaneous equation models. Go to the departments undergraduate Seminar Description webpage for a detailed description.

This is a topics course in industrial organization intended for MA students. The focus of the class is to familiarize students with the way economists in academic, antitrust regulatory and private sector settings approach research questions related to topics such as conduct, pricing, competition or ownership and control in various market structures (e.g., homogenous product, differentiated product, two-sided, vertical markets). The goal of the course is threefold. For each of the market structures considered: (i) familiarize you with the foundational economic theories; (ii) provide you with the empirical tools you can apply in the future to conduct your own research; and (iii) introduce to you key antitrust issues regulators have been focusing on and approaches used in practice to analyze these issues by antitrust economists.

This course introduces the students to the field of Organizational Economics. We combine theoretical and empirical methods to study the nature, design, and performance of organizations. Organizations, such as firms, bureaucracies, and political parties, live in a second-best world, where inefficiencies are inevitable. Our goal is to understand and measure these inefficiencies, study their causes and how to minimize them. This course is divided in two parts of equal length. The first part introduces a few of the main theoretical models and findings from the organizational-economics literature. The second part focuses on how to bring the models to the data. By design, the course is intended for a broad set of students: those who are theoretically inclined, those who are empirically inclined, and those who are both. Many of the tools and skills that are developed in this course will be useful not only within organizational economics but, more broadly, to other fields such as industrial organization, political economy, development economics. Our ultimate goal is to accelerate the students' transition toward conducting their own independent research.

Prerequisites: ECON G6211, ECON G6212 or the instructor's permission. Survey of recent microeconomic work on firm behavior in developing countries, with a primarily empirical focus. Topics include: credit constraints, contracting frictions, reputations and networks, learning and technology adoption, agency issues within firms, productivity estimation, international dimensions of firms behavior, and debates around industrial policy.

The course provides an overview of the field of empirical political economy. While students will be expected to familiarize themselves with the most prevalent models in the field, the emphasis in this course will be on applied work. The goal is for students to attain a working knowledge of the literature, to learn to critically evaluate that literature and most importantly to develop the skills to come up with interesting, workable and theoretically grounded research questions that will push that literature forward.

This is the second course of the second year PhD econometrics sequence with emphasis on both economic applications and computationally intense methods for analysis of large and/or complex models. Students can attend the whole sequence or only one of them. While the details of the econometric techniques will be discussed extensively, the core and focus of the course is on the applications of these techniques to the study of actual data. Students will be practiced in econometric methods through computer-based exercises. Prerequisites: Students should have a good understanding of graduate econometrics and should have taken ECON G6411 and G6412.

This is an advanced graduate-level course in international macro-finance. The course focuses on empirical research and applied theory. This course is targeted to second year PhD students in business economics, economics, finance and related disciplines, including Columbia Business School MSFE students that have completed their first-year courses.

The course assumes familiarity with basic theoretical modeling techniques such as dynamic optimization and general equilibrium modeling. Similarly, the course assumes familiarity with basic empirical methods and with econometric software of your choice (Stata, Python, Matlab, etc.). Students without all the necessary prerequisites and familiarity with these techniques are welcome to take the course but should expect to have to fill the gaps on their own.

There is no required textbook for the course since we will mainly read and discuss papers on the reading list. The following resources will be used extensively:

-Handbook of International Economics, Volume 5, forthcoming. Link

-Stanford Big-Data Initiative in International Macro-Finance Videos: Link

Prerequisites: ECON G6412, ECON G6411, ECON G6215, ECON G6211. Corequisites: ECON G6212, ECON G6216, ECON G6412. This course will critically examine mainstream approaches to economic theory and practice, particularly in the areas of macroeconomic stabilization policy, poverty reduction, economic development, environmental sustainability, and racial and gender inequality. Topics will vary from year to year, but may include responses to the credit crisis and Great Recession, global warming and international negotiations, globalization, the measurement of poverty and inequality, different approaches to poverty reduction, AIDS and malaria, mass imprisonment, childrens wellbeing, the IMF and the World Bank, intellectual property in an international context, racial disparities in life expectancy, public pension systems in developed countries, health care, and homelessness. The course will also examine biases in economic discourse, both among policy makers and scholars.

Prerequisites: ECON G6411 and G6412. Students will make presentations of original research.

Prerequisites: G6215 and G6216. Open-economy macroeconomics, computational methods for dynamic equilibrium analysis, and sources of business cycles.

Prerequisites: the instructors permission. Students will make presentations of original research.

Prerequisites: G6215, G6216, G6211, G6212, G6411, G6412. Students will make presentation of original research in Microeconomics.

Prerequisites: G6215, G6216, G6211, G6212, G6411, G6412. Students will make presentations of original research in Microeconomics.

Columbia faculty and guest speakers present research related to Labor and Public Economics.