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 0120-401	Strategic Reasoning	Deniz Selman		MW 3:30 PM-4:59 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 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 0200-002	Introductory Economics: Macro	Luca Bossi		MW 1:45 PM-2:44 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 0200-601	Introductory Economics: Macro	Ozgur Seker		T 5:15 PM-8:14 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 0445-001	Introduction to the Digital Economy	Juan C Castillo Hernandez Eliana Sena Sarmiento		TR 1:45 PM-3:14 PM	This is an introductory undergraduate course on the digital economy. Our two main goals are (a) to understand how people and companies interact in digital markets and (b) to understand how digital markets should be designed and regulated. We analyze some key features that are prevalent in digital markets, including price discrimination, network effects, two-sided markets, search and matching, reputation systems, and the use of data. We also zoom in on individual markets, such as e-commerce, media platforms, and the gig economy.
ECON 0465-001	Economics and Philosophy	Michael Kane		MW 12:00 PM-1:29 PM	This course examines some of the ways in which economics as a social science is related to philosophy. We start with a discussion of the definition, scope, and methodology of economics, reading Robbins on the definition of economics, Mill on the science of political economy and Friedman’s essay on methodology, along with some of its critical responses. We then consider three central concepts of economics which have their roots in philosophy: rationality, utility, and welfare, and we examine the philosophical assumptions in each of these economic concepts. Economics assumes a form of instrumental rationality by which individuals seek to maximize their utility. We consider the origins of this concept of rationality, its extension into rational choice theory, and the critiques it has inspired. Our next topic is the concept of utility, which originates in philosophy but which receives a technical definition in economics. Finally, we turn to welfare economics, which is the most normative part of economic science, where we consider topics such as preference satisfaction and interpersonal comparisons of utility. We also raise the question throughout whether these concepts are rightly used in economics, and whether welfare economics can in fact promote well-being. In addition to the four major topics (methodology, rationality, utility, and welfare), we will also devote one class each to four topics debated in journal articles by some of the most important economists in recent history. These topics are: --Is underinvestment in basic research a market failure? (Arrow v. Demsetz); --What are the market consequences of imperfect information? (Hayek v. Stiglitz); --What are the moral dimensions of economic growth, specifically as it relates to the environment? (B. Friedman v. T. Jackson); --Is it ethical for the state to “nudge” citizens towards desired behaviors? (Thaler and Sunstein v. Grüne-Yanoff); and Reviewing the views expressed in these debates will allow students to form their own opinions on major topics in economics where the arguments are largely philosophical. The goal of the overall course is to help students develop a more critical understanding of the assumptions of economics as it’s practiced as a social science.
ECON 0500-001	International Economics	Mingzhuo Deng Iourii Manovskii		TR 10:15 AM-11:44 AM	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 0620-401	Financial Meltdown, Past and Present	Marc R Flandreau		TR 3:30 PM-4:59 PM	Economic history is increasingly recognized as a crucial source of policy advice and is invoked with growing frequency in public debates. In particular, the subprime crisis in 2008 and after has generated a demand for "historical perspective" that would improve the understanding of the causes of financial turmoil and facilitate the prevention of comparable catastrophes. This course begins with a review of the principal features of the subprime crisis of 2008 and asks, so to speak, "how did we get there?" It answers by providing historical insights that shed light on crucial aspects of financial disasters. This is a history course, engaging with topics pertaining to economics, law and politics (national and international). Students with diverse backgrounds are expected to benefit from this course through acquiring a concrete knowledge of the historical evolution of fundamental institutions of financial capitalism. Ultimately, students enrolling in this course are expected to achieve proficiency in historically informed discussion of the mechanisms that were played out in the subprime crisis and beyond.	HIST1731401	Humanties & Social Science Sector
ECON 0625-401	Introduction to Business, Economic and Financial History	Marc R Flandreau		TR 5:15 PM-6:44 PM	Business, Economic and Financial History plays a crucial role today in informing the views of business leaders, policy makers, reformers and public intellectuals. This seminar provides students with the opportunity to acquire a command of the key elements of this important intellectual field. The seminar format enables us to do this engagingly through reading and discussion. Students acquire a knowledge of the fundamental texts and controversies. Each meeting focuses on one foundational debate and provides a means to be up to date with the insights gleaned from rigorous economic history. We will examine twelve important debates and students will be asked to write a paper. The debates will include such questions as: What is growth and how can it be measured? What caused the "great divergence" in long run development among countries? How can we "understand" the rise and fall of slavery and its long shadow today? What is globalization and when did it begin? Did the Gold Standard and interwar fiscal and monetary policy orthodoxy cause the great depression? How can we explain the evolution of inequality in the very long run?	HIST3710401
ECON 0630-401	The Economics and Financing of Health Care Delivery	Alexander Olssen		TR 8:30 AM-9:59 AM	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.	HCMG2020401
ECON 2100-001	Intermediate Microeconomics	George J Mailath		TR 10:15 AM-11:44 AM	Theories of consumer behavior, demand, production, costs, the firm in various market contexts, factor employment, factor incomes, elementary general equilibrium, and welfare.					https://coursesintouch.apps.upenn.edu/cpr/jsp/fast.do?webService=syll&t=202510&c=ECON2100001
ECON 2200-001	Intermediate Macroeconomics	Joachim Hubmer		TR 1:45 PM-3:14 PM	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 12:00 PM-1:29 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 8:30 AM-9:59 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 3:30 PM-4:59 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 4200-001	Economic Growth	Jack Michael Dunbar Joachim Hubmer		TR 3:30 PM-4:59 PM	The process of economic growth and the sources of differences in economic performance across nations are some of the most interesting, important and challenging areas in modern social science. You cannot travel or read the news without wondering why differences in standards of living among countries are so large. The primary purpose of this course is to introduce undergraduate students to these major issues and to the theoretical tools necessary for studying them. The course therefore strives to provide students with a solid background in dynamic economic analysis, as well as empirical examples and data analysis.
ECON 4210-001	Numerical Methods for Macroeconomists	Stefano Cravero Jeremy Greenwood		MW 1:45 PM-3:14 PM	This course will study numerical methods as used in modern macroeconomics. Students will learn how to solve nonlinear equations, difference equations, interpolate functions, smooth data, and conduct Monte Carlo simulations on the computer. This will be done while studying economic problems, such as the determination of labor supply, economic growth and business cycle analysis. Calculus is an integral part of the course and some elementary probability theory will be drawn upon. The MATLAB programming language will be used.
ECON 4225-001	Micro Perspectives on Macro Outcomes	Matthew John Fagerstrom Lukas Nord		MW 8:30 AM-9:59 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=202510&c=ECON4225001
ECON 4230-001	Macro Perspectives on Challenges for Economic Policy	Jose-Victor Rios-Rull		MW 1:45 PM-3:14 PM	This is an advanced undergraduate course in models of economic growth. Students will be introduced to the workhorse theoretical models that are used to understand growth by modern macroeconomic researchers and policy makers. The types of questions that we will address include: Why are some countries richer than others? Why do some countries grow quickly while others stagnate? Why did modern economic growth start in Western Europe? What can governments do to accelerate economic growth? How does economic growth interact with demographic and geographic factors? We will build theoretical models that can be used to answer these questions. There will be a strong focus on emphasizing the microeconomic foundations of models, and using the language of mathematics to express the underlying assumptions and assess their implications for policy. Hence, there are strict mathematical prerequisites. We will also compare the predictions of our models with the data. Thus, a fair amount of econometrics will be required. A class in statistics and econometrics is highly recommended.
ECON 4250-001	Financial Economics	Harold L. Cole Juan Cruz Llambias		TR 1:45 PM-3:14 PM	This course is designed to introduce students to key topics in financial economics: the fundamentals of modern financial analysis, instruments and institutions, corporate investment and financing decisions, the theory of portfolio choice and theories of asset pricing. Along the way, students will be introduced to economics of uncertainty and statistical decision theory. We will explore both the older risk neutral models of valuation as well the more modern risk/arbitrage based theories. We will cover the central elements of corporate finance as well as some of the key financial aspects of public and international finance, as well as cryptocurrencies and their associated financial assets.
ECON 4320-001	Micro-econometric Techniques and Applications	Keunsang Song Hanna Wang		MW 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 4410-001	Public Finance	Margaux Luflade Ashley Schwanebeck		MW 12:00 PM-1:29 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 4440-001	Law and Economics	David S Abrams Julia Y. Reinhold		MW 10:15 AM-11:44 AM	This course will use basic microeconomic tools to understand how the law often, but not always, promotes economic efficiency. Among the areas to be discussed will be tort law, property law, intellectual property, antitrust regulation. The distinction between common law and legislative law will be drawn.
ECON 4460-001	Health Economics	Venera Albaeva Juan Pablo Atal		TR 1:45 PM-3:14 PM	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	Sherrie Cheng Holger Wolfgang Sieg		TR 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 4490-001	The Digital Economy	Juan C Castillo Hernandez		TR 10:15 AM-11:44 AM	This is an advanced undergraduate course on the digital economy. Our two main goals are (a) to understand how people and companies interact in digital markets and (b) to understand how digital markets should be designed. The course uses a combination of theoretical modeling and empirical evidence in order to achieve those goals. We analyze some key features that are prevalent in digital markets, including network effects, two-sided markets, search and matching, reputation systems, and the use of data. We also zoom in on individual markets, such as search engines, e-commerce platforms, and the gig economy.
ECON 4510-001	International Trade	Iourii Manovskii Jonathan Evan Rojas		TR 12:00 PM-1:29 PM	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	Juan Camilo Mendez Vizcaino Enrique Gabriel Mendoza		MW 10:15 AM-11:44 AM	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.					https://coursesintouch.apps.upenn.edu/cpr/jsp/fast.do?webService=syll&t=202510&c=ECON4520001
ECON 4530-001	Topics in Development	Shresth Garg Edicson Estefanno Luna Roman		TR 10:15 AM-11:44 AM	This course studies the causes of income differences across countries and the process of income growth in developing countries. We will use theoretical models, empirical evidence, and country-specific case-studies to understand the role of institutions, geography, human capital, credit markets, firms, and the public sector in driving economic development.
ECON 4910-301	Honors Seminar (II)	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 6110-001	Game Theory and Applications.	Siqi Li Andrew Postlewaite		TR 10:15 AM-11:44 AM	A graduate level introduction to decision making under uncertainty, applied game theory, and information economics.
ECON 7110-001	Microeconomic Theory II	Xiao Lin George J Mailath Alfonso Maselli		TR 1:45 PM-3:14 PM	Game theory, decision making under uncertainty, information economics.
ECON 7210-001	Macroeconomic Theory II	Mariia Elkina Jeremy Greenwood Jose-Victor Rios-Rull		MW 10:15 AM-11:44 AM	Equilibrium notions in the growth model. Economies with distortions. Incomplete markets. Overlapping generations.
ECON 7310-001	Econometrics II: Methods & Models	Wayne Gao Oriol Gonzalez Casasus Frank Schorfheide		TR 10:15 AM-11:44 AM	Analysis in time and frequency domains, state space representations, Kalman filtering, conditional heteroskedasticity, nonlinear and nonparametric methods for time series, integration, co-integration, numerical and simulation techniques.
ECON 7500B-001	Third Year PhD Research Seminar	Aislinn Bohren		M 1:45 PM-3:14 PM	Transition from student to frontier researcher is quite difficult. This course is aimed at starting our graduate students on their first major paper. It will meet once a week over the entire year. Only offered to the Economics Department 3rd year PhD students. A 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.
ECON 8000-001	Topics in Advanced Microeconomic Theory	George J Mailath		CANCELED	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8000-002	Information, Learning and Behavior in Economic Theory	Kevin He		W 3:30 PM-6:29 PM	Topics in Advanced Economic Theory and Mathematical Economics					https://coursesintouch.apps.upenn.edu/cpr/jsp/fast.do?webService=syll&t=202510&c=ECON8000002
ECON 8000-003	Market Design	Rakesh V Vohra		TR 10:15 AM-11:44 AM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8000-004	Topics in Information Economics	Xiao Lin		TR 1:45 PM-3:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8100-301	Economic Theory	Kevin He		T 3:30 PM-6:29 PM	Workshop
ECON 8100-302	Economic Theory			M 12:00 PM-1:29 PM	Workshop
ECON 8200-002	Economic Growth	Jeremy Greenwood		M 5:15 PM-8:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8200-003	Topics in Quantitative Econ: Heterogeneity, Banking, Family & Labor	Jose-Victor Rios-Rull		M 5:15 PM-8:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8200-004	Advanced Topics in Macro: Financial Frictions	Harold L. Cole		MW 1:45 PM-3:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8200-005	Topics in Advanced Quantitative Macroeconomics	Joachim Hubmer		TR 10:15 AM-11:44 AM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8200-007	Topics in Advanced Macro: Goods Markets and Market Powe	Lukas Nord		T 5:15 PM-8:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8200-008	Topics in Advanced Macroeconomics	Iourii Manovskii		TR 1:45 PM-3:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8300-001	Econometrics of Networks	Wayne Gao		TR 1:45 PM-3:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8310-001	Econometrics III: Advanced Techniques of Cross-Section Econometrics	Yulong Wang		TR 10:15 AM-11:44 AM	Qualitative response models, panel data, censoring, truncation, selection bias, errors in variables, latent variable models, survey design, advanced techniques of semiparametric estimation and inference in cross-sectional environments. Disequilibrium models. Methods of simulated moments.					https://coursesintouch.apps.upenn.edu/cpr/jsp/fast.do?webService=syll&t=202510&c=ECON8310001
ECON 8320-001	Econometrics IV: Advanced Techniques of Time-Series Econometrics	Frank Schorfheide		TR 1:45 PM-3:14 PM	Focuses on macro-econometrics. Topics include comparison of Bayesian and frequentist inference in nonstandard settings (e.g. time series models with persistent roots), Bayesian inference in VARS and DSGE models including modern computational tools such as Gibbs sampling, MCMC, Sequential Monte Carlo, particle filtering, etc., and tools for evaluating DSGE models.
ECON 8400-001	Urban Economics and the Political Economy of State and Local Governments	Holger Wolfgang Sieg		MW 1:45 PM-3:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8400-002	Topics in Industrial Organization	Juan Pablo Atal Juan C Castillo Hernandez		T 3:30 PM-6:29 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8400-003	Empirical Industrial Organization	Aviv Nevo		TR 1:45 PM-3:14 PM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 8400-004	Topics in Labor Economics	Hanna Wang		MW 10:15 AM-11:44 AM	Topics in Advanced Economic Theory and Mathematical Economics
ECON 9110-301	Applied Microeconomics Workshop			F 3:30 PM-6:29 PM	Workshop
ECON 9110-302	Applied Microeconomics Workshop			F 12:00 PM-1:29 PM	Workshop
ECON 9200-301	Monetary Economics	Joachim Hubmer		W 3:30 PM-6:29 PM	Workshop
ECON 9200-302	Monetary Economics			WF 12:00 PM-1:29 PM	Workshop
ECON 9300-301	Econometrics			M 3:30 PM-6:29 PM	Workshop
ECON 9300-302	Econometrics			M 12:00 PM-1:29 PM	Workshop
ECON 9400-301	Empirical Microeconomics	Margaux Luflade		R 3:30 PM-6:29 PM	Workshop
ECON 9400-302	Empirical Microeconomics			T 12:00 PM-1:29 PM	Workshop
ECON 9450-301	Industrial Organization	Juan Pablo Atal		W 3:30 PM-6:29 PM	Workshop