This two-course sequence formalizes the decision-making process of individuals and firms through the application of microeconomic 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 producer under a perfectly competitive market. Microeconomic Theory II presents the formation of prices under conditions of imperfect competition. Here, the influence of market structure, market failure, asymmetric information and risk on the decision of individuals and firms are analysed. In both courses, emphasis is placed on the application of microeconomic theory to the analysis of everyday economic problems.
Macroeconomics is the study of the national economy as a whole. In that regard, we examine the behavior of aggregate variables, such as output (GDP), the price level, money supply, aggregate private and government spending, taxation, debt, and growth rates. We study the interactions among them, and their relationships with other variables. In Part I of this two part sequence, we cover topics of economic growth and long-run economic development. In Part II we focus on topics dealing with short-run fluctuations. Strong emphasis is placed on empirical application and policy implications. At the end of the sequence, students 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 their 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 will encourage students to critique and challenge orthodox concepts and theories of economics, particularly as they relate to developing economies. It will also expose students to alternative concepts and theories, which will be critically reviewed. The development experience of selected OECD and newly industrialized countries will be examined to ascertain conformity with dominant theories. Students will be required in class discussions and formal presentations to assess the applicability of the theories and development experiences to the Caribbean context. 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. Econometrics I focuses on advanced cross-sectional theory. It includes topics such as the multiple linear regression model, multicollinearity and generalized least squares. Econometrics II looks at advanced time series and panel data analysis. Topics include: vector autoregressions, cointegration and error- correction models, and fixed and random effects models. Econometrics II is traditionally taught as an applied course, and students are required to write and submit a high quality research paper. For both courses, it is assumed that students have a background in calculus, matrix algebra, statistical analysis and probability theory.
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. Emerging issues in trade policy are examined.
Game theory has found many applications in various fields, such as economics, biology, law, politics, sociology and computer science. When your payoff is affected by not only your actions but also the actions of others, we have a strategic situation. Game Theory analyzes these strategic situations and identifies how each party should behave so as to maximize his payoff. These courses introduce the main concepts and tools of game theory. The basic concepts of non-cooperative game theory will be covered rigorously with an aim to enable you to represent economic situations as a game. The first course examines rules of the game; information; mixed and continuous strategies; dynamic games with symmetric information; reputation and repeated games; dynamic games with incomplete information; bargaining; and pricing. The second course examines moral hazard; adverse selection; mechanism design; signaling; and auctions.
The first of the 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.
Industrial Organization studies the functioning of markets. It is concerned with business behavior and strategy, as well as their implications for economic efficiency especially when the assumptions of perfect competition do not hold. The role of public policy in promoting efficiency is central to Industrial Organization. The first course covers the theory of why firms exist; the exercise of monopoly power; production selection, quality and advertising; price discrimination; and vertical control. The second course covers the Bertrand Paradox and solutions; collusion and factors facilitating it; product differentiation and the role of advertising; natural monopoly, contestability and barriers to entry; as well as limit pricing and predation for merger.
This field looks at both sides of a government’s fiscal operations: the revenue and expenditure sides of the budget. The first course provides an introduction to the issues affecting government revenues (taxation). The core theoretical frameworks used in the positive and normative analysis of taxation will be covered. Students will have an opportunity to examine some of the recent developments in the economic literature on taxation. Students will be familiar with basic concepts of public economics and their relationship to other fields on economics. The course is based on microeconomics theory and applies it to the study of taxation. The second course provides an introduction to the economics of government expenditure studies the rationales for government intervention in market economics, including the presence of asymmetric information in markets, externalities and public goods. Topics covered include: social insurance programmes (health care, unemployment insurance and pension and retirement savings incentives), policies that address positive and
negative externalities and public goods. Insights from economic theory will be used to illustrate the rationale for government intervention and the trade-offs associated with specific policy interventions. Empirical evidence on the effects of policy interventions on consumers, firms and government finances will be examined. Students will be able to understanding and be familiar with academic articles and reports covered in the course with the aim of identifying promising areas of future research.
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