Title	Instructors	Location	Time	Description	Cross listings	Fulfills	Registration notes	Syllabus	Syllabus URL
ECON 0100-001	Introduction to Microeconomics	Anne L Duchene		MW 10:15 AM-11:14 AM	Introduction to economic analysis and its application. Theory of supply and demand, costs and revenues of the firm under perfect competition, monopoly and oligopoly, pricing of factors of production, income distribution, and theory of international trade. Econ 1 deals primarily with microeconomics.		Society Sector
ECON 0100-002	Introduction to Microeconomics	Anne L Duchene		MW 12:00 PM-12:59 PM	Introduction to economic analysis and its application. Theory of supply and demand, costs and revenues of the firm under perfect competition, monopoly and oligopoly, pricing of factors of production, income distribution, and theory of international trade. Econ 1 deals primarily with microeconomics.		Society Sector
ECON 0100-003	Introduction to Microeconomics	Anne L Duchene		MW 8:30 AM-9:29 AM	Introduction to economic analysis and its application. Theory of supply and demand, costs and revenues of the firm under perfect competition, monopoly and oligopoly, pricing of factors of production, income distribution, and theory of international trade. Econ 1 deals primarily with microeconomics.		Society Sector
ECON 0100-601	Introduction to Micro Economics	Javier Tasso		M 5:15 PM-8:14 PM	Introduction to economic analysis and its application. Theory of supply and demand, costs and revenues of the firm under perfect competition, monopoly and oligopoly, pricing of factors of production, income distribution, and theory of international trade. Econ 1 deals primarily with microeconomics.		Society Sector
ECON 0120-401	Strategic Reasoning	David Dillenberger		TR 1:45 PM-3:14 PM	This course is about strategically interdependent decisions. In such situations, the outcome of your actions depends also on the actions of others. When making your choice, you have to think what the others will choose, who in turn are thinking what you will be choosing, and so on. Game Theory offers several concepts and insights for understanding such situations, and for making better strategic choices. This course will introduce and develop some basic ideas from game theory, using illustrations, applications, and cases drawn from business, economics, politics, sports, and even fiction and movies. Some interactive games will be played in class. There will be little formal theory, and the only pre-requisites are some high-school algebra and having taken Econ 1. However, general numeracy (facility interpreting and doing numerical graphs, tables, and arithmetic calculations) is very important. This course will also be accepted by the Economics department as an Econ course, to be counted toward the minor in Economics (or as an Econ elective).	PPE3001401
ECON 0200-001	Introductory Economics: Macro	Luca Bossi		MW 10:15 AM-11:14 AM	Introduction to economic analysis and its application. An examination of a market economy to provide an understanding of how the size and composition of national output are determined. Elements of monetary and fiscal policy, international trade, economic development, and comparative economic systems.		Society Sector
ECON 0200-002	Introductory Economics: Macro	Luca Bossi		MW 12:00 PM-12:59 PM	Introduction to economic analysis and its application. An examination of a market economy to provide an understanding of how the size and composition of national output are determined. Elements of monetary and fiscal policy, international trade, economic development, and comparative economic systems.		Society Sector
ECON 0460-001	Economics and Theories of Fairness (SNF Paideia Program Course)	Michael Kane		MW 3:30 PM-4:29 PM	Free markets excel at producing wealth, but seem to do so at the cost of economic inequality. Is this inequality unjust? Is it a problem economics and public policy should solve? Liberal democracies have traditionally had the protection of private property as a core mandate. But they also have varying degrees of redistribution in order to fund social welfare systems. How can we reconcile these objectives which seem to conflict? Is the protection of individual rights more important than the promotion of the greatest good for all? To what extent can personal liberty and the common good be reconciled? How is political equality affected by economic inequality? What does wealth inequality do to the meaning of citizenship and social cooperation? In this course, we will use the philosophical concept of justice to address these and other related questions. We will draw from economic history, political theory, and the history of philosophy in order to acquire a framework for understanding the concepts of justice, liberty, rights, and equality. We shall then apply this historical and conceptual framework to discussion topics and case studies drawn from present day economics and contemporary social issues. In this way, we shall come to understand economics as more than a social science of laws and theorems. Instead, we shall see how economics as an applied science influences the well-being of the whole of society.
ECON 0471-401	Haiti's Odious Debt and Beyond (1825-2025)	Marc R Flandreau		TR 5:15 PM-6:44 PM	This seminar will ponder Haiti's experience of debt and underdevelopment going back to the 19th century. Taking cues from the debate started by the New York Times in 2023, we will read and discuss texts describing debt, debt crisis, focusing on the interaction between global and local politics, the problem of debt forgiveness, etc. The approach will be chronological, with readings that will engage with the manner in which alternative capital markets set up reverberated locally and vice versa. We will also invite a number of Haitian and other scholars through interactive zoom sessions. While the seminar is focused in the case of Haiti we will also discuss broader implications.	HIST2451401, LALS2451401
ECON 0500-001	International Economics	Luca Bossi		MW 1:45 PM-3:14 PM	Introduction to the theory of international trade and international monetary economics. The theoretical background is used as a basis for discussion of policy issues. Patterns of international trade and production; gains from trade; tariffs, and impediments to trade; foreign exchange markets, balance of payments, capital flows, financial crises, coordination of monetary and fiscal policy in a global economy.
ECON 0615-401	The International Monetary System from Sterling to Cryptocurrency (1720-2020)	Marc R Flandreau		TR 3:30 PM-4:59 PM	The course will cover the modern evolution of the international monetary system going all the way back to the era when sterling became the leading international currencies. It is arranged thematically and chronologically both. The lessons and readings will introduce students to the principal evolutions of the international monetary system and at the same time, it will give them an understanding of regimes, their mechanics and the geopolitical economies behind systemic shifts. Students need not have an economic background but must be prepared to read about exchange rates (and world politics). Special focus on: The early modern international monetary system. How Amsterdam and London captured the Spanish treasure. Beyond the West (Ottoman Empire, India, China). The Napoleonic wars and the rise of sterling. Hong-Kong: Silver, Opium, and the Recycling of Surpluses. The emergence of the Gold Standard. Bimetallism: The US election of 1796. Sterling and Key Currencies before WWI. The First World War and the origins of dollar supremacy. When the dollar displaced sterling (1920s). The collapse of the international gold standard (1930s). The Bretton Woods System. The rise and rise of the US dollar. Currency competition (Dollar, Euro, Yuan Renminbi). The meaning of cryptocurrencies.	HIST3965401
ECON 0630-402	The Economics and Financing of Health Care Delivery	Molly K Candon		MW 1:45 PM-3:14 PM	The course provides an application of economic models to demand, supply, and their interaction in the medical economy. Influences on demand, especially health status, insurance coverage, and income will be analyzed. Physician decisions on the pricing and form of their own services, and on the advice they offer about other services, will be considered. Competition in medical care markets, especially for hospital services, will be studied. Special emphasis will be placed on government as demander of medical care services. Changes in Medicare and regulation of managed care are among the public policy issues to be addressed. Prerequisite: If course requirement not met, permission of instructor required.	HCMG2020402
ECON 2100-001	Intermediate Microeconomics	Aislinn Bohren		MW 1:45 PM-3:14 PM	Theories of consumer behavior, demand, production, costs, the firm in various market contexts, factor employment, factor incomes, elementary general equilibrium, and welfare.
ECON 2200-001	Intermediate Macroeconomics	Guillermo L Ordonez		TR 10:15 AM-11:44 AM	Facts and theories about the determination of per capita income and its differences across countries and across time. The study of economic fluctuations in output and employment. The role of government in influencing these aggregate variables: monetary and fiscal policy.
ECON 2300-001	Statistics for Economists	Karun Adusumilli		TR 1:45 PM-3:14 PM	The course focuses on elementary probability and inferential statistical techniques. The course begins with a survey of basic descriptive statistics and data sources and then covers elementary probability theory, sampling, estimation, hypothesis testing, correlation, and regression. The course focuses on practical issues involved in the substantive interpretation of economic data using the techniques of statistical inference. For this reason empirical case studies that apply the techniques to real-life data are stressed and discussed throughout the course, and students are required to perform several statistical analyses of their own.		Quantitative Data Analysis
ECON 2310-001	Econometric Methods and Models	Xu Cheng		MW 10:15 AM-11:44 AM	This course focuses on econometric techniques and their application in economic analysis and decision-making, building on ECON 2300 to incorporate the many regression complications that routinely occur in econometric environments. Micro-econometric complications include nonlinearity, non-normality, heteroskedasticity, limited dependent variables of various sorts, endogeneity and instrumental variables, and panel data. Macro-econometric topics include trend, seasonality, serial correlation, lagged dependent variables, structural change, dynamic heteroskedasticity, and optimal prediction. Students are required to perform several econometric analyses in a modern environment such as R.		Quantitative Data Analysis
ECON 4100-001	Game Theory	Xiao Lin		MW 1:45 PM-3:14 PM	An introduction to game theory and its applications to economic analysis. The course will provide a theoretical overview of modern game theory, emphasizing common themes in the analysis of strategic behavior in different social science contexts. The economic applications will be drawn from different areas including trade, corporate strategy and public policy.
ECON 4150-001	Mathematical Economics	Rakesh V Vohra		TR 8:30 AM-9:59 AM	This semester long course will introduce students to a variety of mathematical topics associated with convexity, optimization and fixed points that are used in Economic theory. The use of these techniques will be illustrated with a host of economic applications. Students who have not taken ECON 2100 require instructor permission.
ECON 4160-001	Behavioral Economics	Kevin He		MW 10:15 AM-11:44 AM	People often systematically deviate from predictions of standard models in economics. Behavioral economics is an emerging subfield of modern economics that incorporates insights from psychology and other social sciences into economics to improve realism of standard models. This course reviews some of the standard assumptions in economics and evidence on how human behavior systematically departs from these assumptions. Several well-known behavioral theories that explain such deviations and their implications will be discussed. Topics may include (but not limited to) context-dependence, prospect theory, loss aversion, present bias, self-control, reference-dependence, limited attention, biased beliefs, fairness, and biases in strategic reasoning.					https://coursesintouch.apps.upenn.edu/cpr/jsp/fast.do?webService=syll&t=202530&c=ECON4160001
ECON 4225-001	Macroeconomics of Inequality: Data and Implications	Lukas Nord		TR 10:15 AM-11:44 AM	Inequality among economic agents is a defining feature of modern economies: Households at the top of the wealth distribution own billions of dollars, while the bottom half of the population has almost no wealth and lives paycheck to paycheck. Some firms have thousands of employees while others operate only with a handful of workers. And inequality among both households and firms has been on the rise. Which forces shape the distribution of income and wealth across households? Why do some firms hire more employees than others? And how do these differences across households and firms affect aggregate outcomes in the economy? The objective of the course is to introduce students to micro-data evidence on the rich heterogeneity among economic agents and to provide them with simple theories to understand and analyze this heterogeneity and its interaction with macroeconomic outcomes. The course may be loosely structured in two parts, the first focussing on economic differences across households and the second focussing on differences across firms. Topics covered in the first half may include the distribution of income, wealth and spending across households and their determinants, the role of Macroeconomic trends and shocks for inequality among households, and the role of the distribution of income and wealth for macroeconomic dynamics. Topics covered in the second half of the course may include the distribution of employment and output across firms, the misallocation of resources and aggregate productivity, as well as firms' price-setting decision, its implications for trends in inflation, market power and profits.					https://coursesintouch.apps.upenn.edu/cpr/jsp/fast.do?webService=syll&t=202530&c=ECON4225001
ECON 4320-001	Micro-econometric Techniques and Applications	Petra Todd		TR 1:45 PM-3:14 PM	This course provides a deeper treatment of econometric methods and issues as relevant for microeconomic applications, such as non-parametric function estimation; endogeneity and identification (strong and weak); generalized method of moments estimation; randomized and quasi-randomized methods for causal estimation; design strategies such as regression discontinuity and differences-in-differences; program evaluation; and quantile regression.		Quantitative Data Analysis
ECON 4330-001	Econometric Machine Learning Methods and Models	Karun Adusumilli		TR 10:15 AM-11:44 AM	This course covers econometric methods, machine learning methods, and their interface, focusing on aspects of estimation, inference, and prediction in causal and non-causal environments. Topics may include Bayesian learning; recursive estimation and optimal filtering; randomized controlled trials and their approximation; latent variables; classification; topic analysis; LDA models; neural networks; random forests; regularization (shrinkage, selection, ...); network estimation and description.
ECON 4410-001	Public Finance	Margaux Luflade		MW 3:30 PM-4:59 PM	This course has two parts. The first part looks at market and government failures and discusses the need for public policies as well as limits to their effectiveness including the evaluation of public projects using cost benefit analysis. The second part focuses on the economic analysis of taxation, including the economic incidence and efficiency of taxes.
ECON 4460-001	Health Economics	Juan Pablo Atal		TR 10:15 AM-11:44 AM	In this course we will use the tools of microeconomics to analyze the functioning of the health care system. We will draw from the sub-disciplines of information economics, industrial organization, labor economics, public economics, and behavioral economics. The primary goal is to use these tools to develop a critical analysis of the functioning of the health care system as well as of the policies aimed at improving it. We will learn about US specific institutional details and policies (most notably the Affordable Care Act), and we will compare them to other important international experiences.
ECON 4470-001	Urban Fiscal Policy	Holger Wolfgang Sieg		MW 12:00 PM-1:29 PM	The purpose of this course is to examine the financing of governments in the urban economy. Topics to be covered include the causes and consequences of the urban fiscal crisis, the design of optimal tax and spending policies for local governments, funding of public infrastructures and the workings of the municipal bond market, privatization of government services, and public financial systems for emerging economies. Applications include analyses of recent fiscal crises, local services and taxes as important determinants of real estate prices, the infrastructure crisis, financing and the provision of public education, and fiscal constitutions for new democracies using South Africa as an example.
ECON 4510-001	International Trade			MW 10:15 AM-11:44 AM	Structure of the world economy; theory of international trade; economic growth and international trade; international trade policy: developed countries; developing countries. Direct investment, technology transfers, and the multinational firm.
ECON 4520-001	International Finance	Enrique Gabriel Mendoza		MW 1:45 PM-3:14 PM	International monetary economics with emphasis on economic policy in an open economy. Topics covered in the course include: balance-of-payments adjustment, theories of exchange rate determinaton, the effects of exchange rate devaluation, macroeconomic policy under fixed and floating exchange rates, the Euro-dollar market, currency and balance of payments crises.
ECON 4545-001	Finance and Growth from a Historical Perspective	Ivan Luzardo		MW 10:15 AM-11:44 AM	This course focuses on the interception between finance and economic growth by studying some of the most important events in economic history that have taken place over the last few centuries. Starting with the emergence of the modern capital markets and economic growth, the course examines in depth, major developments in financial history, such as the classical gold standard, the origins of central banking, the Great Depression, and the Bretton Woods system. However, this course goes beyond any standard course on financial history and examines how finance has affected economic growth in the long-run, from an international perspective and starts in the seventeenth century in Europe, up to the 1990s in South-East Asia.
ECON 4610-001	Foundations of Market Economies	Jesus Fernandez-Villaverde		MW 8:30 AM-9:59 AM	This course will study the historical and intellectual forces behind the appearance of market economies on the world stage. The voyages of exploration undertaken by Europeans in the 15th and 16th century created, in just a few decades, a global economy. By 1600, silver from Mexico was exchanged in Manila for ceramics made in Nanjing (China). After a long trip through the Pacific, Mexico, and the Atlantic, the ceramics ended up in the tables of prosperous merchants in Bruges (modern day Belgium). How did this integrated global economy appear? How did global interconnections over the centuries shap our current world? How did markets emerge and influence these interconnections? Who were the winners of globalization? And who were the losers? How did economists, political scientists, and others think about the strengths and weakness of market economies? This course will explore these questions and the role that markets have played in it from the late 15th century to the present. Even if the economic theory will structure much of the discussion, insights from intellectual history, cultural history, microhistory, legal history, and institutional history will help to frame the main narrative. The course will be, as well, truly global. First, beyond the traditional focus of economic history courses on Europe and the Americas, particular attention will be devoted to Africa and Asia. Second, the priority will be to highlight the interconnections between the different regions and to understand how the people living in them negotiated the opportunities and tensions created by the economic transformations triggered by globalization and how they conceptualized the changing lives around them. Finally, the class will highlight how diverse intellectual traditions handled the challenges presented by historical change.
ECON 4900-301	Honors Seminar	Jere R Behrman			Students prepare an honors thesis in economics over the academic year, supervised by a faculty member of their choice. In ECON 4900 (fall) and ECON 4910 (spring), students present their work in progress to the class. Any student intending to do empirical work in the thesis should have completed ECON 2300 and ECON 2310.
ECON 6100-001	Microeconomic Theory	Steven A Matthews		TR 1:45 PM-3:14 PM	Basic tools of microeconomic theory: consumer choice, firm behavior, partial and general equilibrium theory. This is a more theoretical treatment of the basic tools of microeconomic analysis than ECON 2100.
ECON 7100-001	Microeconomic Theory I	Aislinn Bohren Andrew Postlewaite		TR 10:15 AM-11:44 AM	Nonlinear programming, theory of the consumer and producer, general equilibrium.
ECON 7200-001	Macroeconomic Theory I	Alessandro Dovis Dirk Krueger		MW 1:45 PM-3:14 PM	Dynamic programming, search theory, neoclassical growth theory, asset pricing, business cycles.
ECON 7300-001	Econometrics I: Fundamentals	Karun Adusumilli Xu Cheng		MW 8:30 AM-9:59 AM	Violations of classical linear regresson assumptions, nonlinear regression models (including logit, probit, etc.), diagnostic testing, distributed lag models, panel data models, identification, linear simultaneous-equations model.
ECON 7500A-001	Third Year PhD Seminar	Aislinn Bohren			The transition from student to frontier researcher is quite difficult. This course is aimed at starting graduates on their first major paper. It will meet once a week over the entire year. An important element in the course is developing what is essentially a study group of the participants to give each other feedback and suggestions. Students should anticipate doing a 30 minute presentation every 2-3 weeks. This gives you enough time to make progress, but also keeps you on pace to have a final project well advanced by the end of the course.
ECON 7600-001	Job Market Preparation Seminar Course	Guillermo L Ordonez		TR 5:15 PM-6:44 PM	Harold Cole (instructor) will hold a seminar class. He will critique and will have the students read and critiquing job-market paper drafts, preparing for Job Market presentations, discussing how to optimize student-faculty relationships, discussing how to prepare for interviews and flyouts, etc.
ECON 8000-001	Topics in Advanced Microeconomic Theory	David Dillenberger		R 3:30 PM-6:29 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8000-002	Dissertation Projects in Economic Theory	Alvaro Sandroni		W 1:45 PM-4:44 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8000-003	Topics in Information Economics	Xiao Lin		W 5:15 PM-8:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8100-301	Economic Theory	Kevin He		T 3:30 PM-5:29 PM	Workshop
ECON 8100-302	Economic Theory			CANCELED	Workshop
ECON 8200-001	Topics in Advanced Macroeconomics	Guillermo L Ordonez		TR 1:45 PM-3:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8200-002	Topics in Advanced Macroeconomics	Lukas Nord		T 5:15 PM-8:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8200-003	Topics in Advanced Macroeconomic Theory	Alessandro Dovis		M 5:15 PM-8:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8200-004	Topics in Economic History	Jesus Fernandez-Villaverde		M 3:30 PM-6:29 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8400-001	Topics in Industrial Organization	Aviv Nevo		TR 1:45 PM-3:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8400-002	Topics in Advanced Empirical Microeconomics	Margaux Luflade		MW 10:15 AM-11:44 AM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8400-003	Topics in Advanced Empirical Microeconomics			MW 1:45 PM-3:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8400-004	Topics in Advanced Empirical Microeconomics			MW 8:30 AM-9:59 AM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8410-001	Public Economics	Andrew Postlewaite		TR 1:45 PM-3:14 PM	Public goods, externalities, uncertainty, and income redistribution as sources of market failures; private market and collective choice models as possible correcting mechanisms. Microeconomic theories of taxation and political models affecting economic variables.
ECON 9200-301	Monetary Economics	Alessandro Dovis		W 3:30 PM-6:29 PM	Workshop
ECON 9200-302	Monetary Economics			CANCELED	Workshop
ECON 9300-301	Econometrics	Xu Cheng		M 3:30 PM-5:29 PM	Workshop
ECON 9300-302	Econometrics			CANCELED	Workshop
ECON 9400-301	Empirical Microeconomics	Francesco Agostinelli		R 3:30 PM-6:29 PM	Workshop
ECON 9400-302	Empirical Microeconomics			CANCELED	Workshop
ECON 9450-301	Industrial Organization			W 3:30 PM-5:29 PM	Workshop