This two-course sequence is a survey of microeconomic principles, problems, and applications, with most of the emphasis on principles. The courses will assume familiarity with linear algebra and calculus and will sometimes make use of more advanced mathematical tools. Microeconomic Theory I presents the general equilibrium and partial equilibrium models of price formation under conditions of perfect competition. In doing so, there are in-depth analyses of the theory of consumer under certainty and the theory of the perfectly competitive firm. Microeconomic Theory II explores the formation of prices under conditions of imperfect competition. In doing so, there is an in-depth analysis of consumer choice under uncertainty, the behavior of firms under various assumptions of imperfect competition, and the formation of prices in the presence of externalities
This two-course sequence introduces the student to the basic models of theoretical macroeconomic analysis. The emphasis in the first-semester course is on the models that uncover fundamental relationships and are suitable for the analysis of economic fluctuations the representative agent and overlapping generations' models. Also, time will be spent reviewing the mathematical prerequisites necessary to manipulate the models you will encounter later in the course. In the second semester course, the objective is to cover the various approaches to explaining the phenomena of economic growth. At the end of the sequence, the student will have an understanding of why and how economies experience cyclical swings and grow over time, as well as have the basic tools to work through published economic literature in order to deepen and extend his understanding in these and other areas.
The sequencing of the contents of the two courses has been organized so as to complement each other while integrating theory and practice in policy-making. Economic Development I surveys theories of economic development/underdevelopment with special reference to the Caribbean. Students are exposed to the main schools of economic thought with respect to development and growth. It examines the meanings and measurement of development and growth and then reviews development theories and policies. This is a core course in the MSc programme that all students are required to take.
Economic Development II is strongly oriented to research and uses a seminar format. Students are required to prepare research papers on topics selected for their relevance and importance to the formation and implementation of development policy in the Caribbean. Emphasis is on building research, writing and presentation skills.
This two-course sequence in econometric theory and analysis is intended to be an introduction to advanced econometric theory and analysis. It is intended to prepare both those who will go on to further study in economics and those for whom the M.Sc. is the terminal degree. Given these two goals for the courses, they contain a combination of theoretical analysis and computer applications. It is assumed that students have a background in calculus, matrix algebra, statistical analysis and probability theory. Topics include: single equations problems, distributed lags, simultaneous equation models, time series analysis, model specification, estimation, and testing.
This course complements the international economic theory course by exposing students to current issues in international trade policy. The emphasis is on the policy choices facing developing countries in the international trading system. Included are the World Trade Organization, trade in goods, trade in services, trade-related intellectual property rights, regionalism, and unfair trading practices.
The Department offers a two-course sequence in Game Theory. This sub-discipline has become extremely important in modern graduate curricula because of its mathematical novelty and its applicability to many social and economic problems. Beyond the theory, students are exposed to a variety of applications to bargaining problems, especially where they are relevant to policy formation. Included are the rules of the game, topics in moral hazard and signal games.
The first this two-course sequence exposes students to advanced international trade theory and empirical tests of trade models. Included are classical trade models, neoclassical trade theory, new trade theories, economic integration and trade and development.
The second course focuses on issues in international finance. As such it offers explanations of exchange rate determination, balance-of-payments fluctuations, and currency crises. It includes an analysis of the comparative benefits of various exchange rate arrangements.