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Woods College of Advancing Studies

Course Descriptions

Master of Science in applied economics

Core Courses - Spring 2018

ADEC 720001  Applied Macroeconomic Theory
ADEC720001 Syllabus
This course covers the theory and practice of macroeconomics. The course focuses on the underlying determinants of economic growth, unemployment and inflation by developing and assessing a variety of simple models. The course will also teach the skills needed for interpreting and using macroeconomic data to formulate macroeconomic policy. A central feature of the course includes understanding the ability and limitations of policy for stabilizing the business cycle and promoting long-term growth.
Mon, 6:30–9:00, Jan 22–May 14, Fahlino Sjuib

ADEC 720101  Applied Microeconomic Theory
ADEC720101 Syllabus
This course examines the basic models economists use to study the choices made by consumers, investors, firms, and government officials, and how these choices affect markets. The course focuses on both policy applications and business strategies. Topics include optimization, consumer choice, firm behavior, market structures, risk and uncertainty, and welfare economics.
Thurs, 6:30–9:00, Jan 18–May 10, Piyush Chandra

ADEC 7310  Data Analysis
ADEC731001 Syllabus - Prof. Vicentini
This course is designed to introduce students to the concepts and data-based tools of statistical analysis commonly employed in Applied Economics. In addition to learning the basics of statistical and data analysis, students will learn to use the statistical software package Stata to conduct various empirical analyses. Our focus will be on learning to do statistical analysis, not just on learning statistics. The ultimate goal of this course is to prepare students well for ADEC 732001, Econometrics.
ADEC731001 Mon, 6:30–9:00, Jan 22–May 14, Gustavo Vicentini
ADEC731002 ONLINE, Mon., 8:00–10:00, Jan 16–Mar 11, Lawrence Fulton
Synchronous AND Asynchronous.
Synchronous session Monday evenings at 8:00 p.m.; students must ALSO  participate weekly per all communications and instructions from the professor, must adhere to course schedule, and submit all course work on time.

ADEC 7320  Econometrics
Pre-requisites: Applied Microeconomic Theory, Applied Macroeconomic Theory, and Data Analysis
ADEC732002 Syllabus - Prof. Bastian
This course focuses on the application of statistical tools used to estimate economic relationships. The course begins with a discussion of the linear regression model, and examination of common problems encountered when applying this approach, including serial correlation, heteroscedasticity, and multicollinearity. Models with lagged variables are considered, as is estimation with instrumental variables, two-stage least squares, models with limited dependent variables, and basic time-series techniques.
ADEC732001 Thurs, 6:30–9:00, Jan 18–May 10, A. E. Sile
ADEC732002 ONLINE, Mar 11–May 15, Nathaniel Bastian
FULLY ONLINE SECTION - Asynchronous.  No days or times are specified; students must participate weekly per all communications and instructions from the professor, must adhere to course schedule, and submit all course
work on time.

ADEC 750001  Ethics, Economics, and Public Policy
ADEC750001 Syllabus
The focus of the course is to ascertain how public policy makers decide to either regulate or legislate how an industry/firm will operate in society. We will examine the process from three different vantage points: ethics, economics, and policy. the first part of the course will be spent examining the role (or lack thereof!) that ethical thinking plays in motivating public policy makers to take action. The second part of the course examines how economic pressure comes into play as policy makers try to establish bounds on an industry or a firm. Finally, we explore the role that social pressures such as the media and various interest groups play in influencing how public policy makers react to various issues that confront an industry or a firm.
Wed, 6:30–9:00, Jan 17–May 9, Richard McGowan


Elective Courses - SPRING 2018

ADEC 735001  Economics of Banking and Insurance
Pre-requisites: Applied Microeconometric Theory, Applied Macroeconomic Theory, and Data Analysis
ADEC735001 Syllabus
This course provides students with a broad understanding of (i) the main components and purposes of the financial system, (ii), how financial institutions, in particular banking organizations and insurance companies work and what purposes they serve, (iii) to what risks and challenges banks and insurance companies are exposed, and (iv) what risks and challenges the global financial system creates for policy makers. The role and importance of banks is generally understood, but insurance companies also carry out a significant role in providing risk mitigation capabilities across the financial landscape, accounting for some 9% of GDP. Course will review theories of banking, payments, and credit instruments used by banks and insurance companies. It will also deepen our understanding of the insurance products (life, health, property and casualty). Emphasis will be placed on the risk measurement and management at these financial intermediaries: market volatility, corporate credit risk, retail credit risk, sovereign credit risk, trading, stress tests, etc. We will also investigate the macroeconomic consequences of externalities caused by bad risk management and the role of government, in particular the Federal Reserve, in promoting financial stability.
Tues, 6:30–9:00, Jan 16–May 8, Jose Fillat

ADEC 742001  Development Economics
ADEC742001 Syllabus
Pre-requisites: Applied Microeconomic Theory, Applied Macroeconomic Theory, Data Analysis, and Econometrics
This course examines global differences in the standard of living and economic growth. It also explores policies and programs that help in the alleviation of poverty, with emphasis on policies related to education, health, and foreign aid, etc. Focus of the course is on empirical examination of topics, evaluation of research designs, and interpretation of statistical/econometric evidence. Students can be concurrently enrolled in the Econometrics course.
Mon, 6:30–9:00, Jan 22–May 14, Piyush Chandra

ADEC 7430  Big Data Econometrics
ADEC743002 Syllabus - Prof. Bastian
Pre-requisite: ADEC 731001 Data Analysis or department approval.
This course demonstrates how to merge economic data analysis and applied econometric tools with the most common machine learning techniques, as the rapid advancement of computational methods provides unprecedented opportunities for understanding “big data”. This course will provide a hands-on experience with the terminology, technology and methodologies behind machine learning with economic applications in marketing, finance, healthcare and other areas. The main topics covered in this course include: advanced regression techniques, resampling methods, model selection and regularization, classification models (logistic regression, Naïve Bayes, discriminant analysis, k-nearest neighbors, neural networks), tree-based methods, support vector machines, and unsupervised learning (principal components analysis and clustering). Students will apply both supervised and unsupervised machine learning techniques to solve various economics-related problems with real-world data sets.
ADEC743001 Sat, 9:30–12, Jan 20–May 12, Razvan Veliche
NOTE - Saturday class
ADEC743002 ONLINE, Tues 8:00 p.m., Jan 16–Mar 11, Nathaniel Bastian
Synchronous AND Asynchronous.
Synchronous session Tuesday evenings at 8:00 p.m.; students must ALSO participate weekly per all communications and instructions from the professor, must adhere to course schedule, and submit all course work on time.

ADEC 7460  Predictive Analytics / Forecasting
Pre-requisite: ADEC7320 Econometrics
ADEC716001 Syllabus - Prof. Ozyildirim
ADEC746002 Syllabus - Prof. Fulton
This course will expose students to the most popular forecasting techniques used in industry. We will cover time series data manipulation and feature creation, including working with transactional and hierarchical time series data as well as methods of evaluating forecasting models. We will cover basic univariate Smoothing and Decomposition methods of forecasting including Moving Averages, ARIMA, Holt-Winters, Unobserved Components Models and various filtering methods (Hodrick-Prescott, Kalman Filter). Time permitting, we will also extend our models to multivariate modeling options such as Vector Autoregressive Models (VAR).  We will also discuss forecasting with hierarchical data and the unique challenges that hierarchical reconciliation creates. The course will use the R programming language though no prior experience with R is required.
ADEC746001 - Sat, 1:00–3:30, Jan 20–May 12, Ataman Ozyildirim
NOTE - Saturday class
ADEC746002 ONLINE Tues, 8:00–10:00, Mar 12–May 15, Lawrence Fulton
Synchronous AND Asynchronous.
Synchronous session Tuesday evenings at 8:00 p.m.; students must ALSO participate weekly per all communications and instructions from the professor, must adhere to course schedule, and submit all course
work on time.

ADEC 791001  Software Tools for Data Analysis
ADEC791001 Syllabus
The course provides students with an overview of popular software packages used for data exploration, analysis and visualization. The first part of the course offers an overview of the non-programming tools spreadsheet/Excel and Tableau. In Excel we will cover basic method, tools, charts, with the emphasis on pivot tables. In Tableu students will be introduced to data collection, exploration and visualization methods. The second part of the course will provide an intro to using SQL databases, where students will learn how to create SQL queries to select, filter and arrange data. The third part of the course will cover basic data analysis in statistical software packages Stata and R. Here students will learn how to write their own code for importing, cleaning and exploring large datasets, as well as how to create, modify and export complex charts and summaries for visual, qualitative and quantitative analysis of the data.
Fri, 6:30–9:00, Jan 19–May 11, Anatoly Arlashin
NOTE - Friday class

ADEC 793001  Fundamentals of Private Equity
ADEC793001 Syllabus
This course is for students who wish to gain a high-level understanding of the private equity ecosystem. Private equity is no longer niche, but a large and global asset class with trillions of dollars under management that touches many aspects of people’s daily lives all over the world.  There are now thousands of private equity firms globally, and the industry has evolved to the point where different players offer distinct investment strategies and execution styles. Topics will include LBOs, venture capital, structures, economics, due diligence, portfolio construction, performance measurement, impact on society, agency issues, and ethical considerations. Through class discussion, guest lectures, and case studies, students will develop an understanding and appreciation for this unique asset class that is not well understood by many.
Mon, 6:30–9:00, Jan 22–May 14, Gul Yanmaz-Karsligil

CANCELLED - ADEC 794001  Environmental Economics
This course examines where the tension between economic activities and environment stems from, how economic activities cause environmental degradation and what kind of regulatory actions should be taken in order to maintain the balance between economic growth and environmental sustainability. The course has two main parts, theory and applications. We will start with analyzing the underlying economic theory of market failures, economic valuation, economic incentive instruments, and then move onto the applications of the economic theory to real world cases, i.e. air pollution control and climate change mitigation policies, water quality management and waste management.
CANCELLED - Wed, 6:30–9:00, Jan 17–May 9, Gokce Olcum

ADEC 888001  Directed Practicum
Department permission required from the Applied Economics Program Director.
Directed Practicum course allows students in the MS in Applied Economics program to apply their coursework in a working environment either via internships for full time students or special projects at their place of employment for part-time students who work full time.
By Arrangement