Eo Economics

The course reviews the current environmental and natural resource policy and of the most important environment problems. The course includes topics like environment externalities and resources with common property. We analyze different techniques for measuring or quantifying environmental benefits and costs in all kind of projects and economic activities.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista, Ingeniero ambiental o áreas afines).

Bibliografía:

Azqueta, Diego, “Introducción a la economía ambiental”, Mc Graw Hill, 2002.

Azqueta, Diego y Ferreiro, Antonio, eds., “Análisis económico y gestión de recursos naturales”, Alianza Editorial, Madrid, 1994.

Azqueta Oyarzun, Diego, “Valoración Económica de la Calidad Ambiental”, Mc Graw Hill, 1994.

Field, Barry C., “Economía Ambiental, una introducción”, Mc Graw-Hill, 1999.

Fernández-Bolaños V., Antonio, “Economía y Política Ambiental”, Ediciones Pirámide, 2002.

Field, Barry C., “Natural Resource Economics, an Introduction”, Mc Graw-Hill, 2000.

Morales, Jorge y Lilia Rodríguez, cord., “Economía para la protección ambiental Ensayos teóricos y empíricos” Universidad Autónoma Metropolitana, 2001.

Kraft, M. “Environmental Policy and Politics”, 3rd edition, Addison Wesley Longman, 2004.

Pezzoli, Keith, “Human Settlements and Planning for Ecological Sustainability: The Case of Mexico City”, MIT Press, 1998.

Kolstad, Charles, “Environmental Economics”, Oxford University Press, New York, 2000.

Mitchell, Robert Cameron and Carson, Richard T., “Using Surveys to Value Public Goods: The Contingent Valuation Method”, Resources for the Future, Washington, D. C., 1989.

Pere, Riera, “Evaluación de Impacto Ambiental”, Rubens Editorial, 2001.

Tietenberg, Tom, “Environmental and Natural Resource Economics”, Sixth Edition, Boston,
Addison Wesley, 2003.

Tietenberg, Tom and Henk Folmer, eds., “The International Yearbook of Environmental and Resource Economics 2000-2001: a Survey of Current Issues”, Edward Elgar, Northampton, MA, 2003.

Stavins, Robert N., ed., “Economics of the Environment: Selected Readings”, Fourth Edition, New York, New York: W. W. Norton & Company, 2000.

Varas, Juan Ignacio, “Economía del medio ambiente en América Latina”, Alfaomega, Colombia, 1999.

Wright & Nebel. “Environmental Science: Toward a Sustainable Future”, 8th edition, Prentice Hall, 2002.

The World Bank, ”Sustainable Development in a Dynamic World: Transforming Institutions, Growth, and Quality of Life”, World Development Report 2003, World Bank and Oxford University Press, 2003.

Kai, Lee, “Compass and Gyroscope: Integrating Science and Politics for the Environment”, Island Press, 1993.

Lansing, Stephen, “Priests and Programmers: Technologies of Power in the Engineered Landscape of Bali”, Princeton University Press, 1991.

Pezzoli, Keith, “Human Settlements and Planning for Ecological Sustainability: The Case of Mexico City”, MIT Press, 1998.

Adams, William, “Green Development: Environment and Sustainability in the Third World”, Routledge, 1990.

Eo4003. International economics and development

Requisite: None
Equivalence: None

In the last decade, the economic growth become a matter with top priority for the macroeconomists (more that the economic cycles). This change depends on two factors: 1) Social Welfare depends more on the trend that on the cycle, 2) the dissatisfaction of the neoclassical determinants of the growth. In we see all these in the context of globalization, we need to find, theories, policies and model of economic growth that explains the actual process of development and under development.

This course provided a vision of the theory and reality of the Economic development from a perspective oriented to politics. The primal objective of the course is to encourage students to participate in the debates related to Economic Growth and Development, using wide and rigorous analytical bases. Topics to be covered include convergence and economic patterns of Development; technological change and productivity; micro and macroeconomic analysis of institutions; inequality and poverty; health and education; demography; industrialization; globalization and economic integration and practical cases of different countries.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista o áreas afines).

Bibliografía:

Agenor, Pierre-Richard and Montiel, Peter, “Development Macroeconomics”, Princeton University Press, 1999.

Dornbusch, Rudiger, “Dollars, debts and deficits", 1987.

Ravallion, M., "Poverty Comparisons", Harwood Academic Publishesrs, Switzerland, 1994.

Cowell, F., "Measuring Inequality", Prentice Hall, London, 1995.

Stiglitz, Joseph, “Participation and Development Perspectives from the Comprehensive Development Paradigm”, The World Bank Group,1999.

Krueger, Anne and Bates, Robert, eds, “Political and Economic Interactions in Economic Policy Reform”, Oxford, Basil Blackwell, 1993.

Domínguez, Jorge I. and Lowenthal, Abraham F., eds., “Constructing Democratic Governance”. Baltimore, MD, The Johns Hopkins University Press, 1996.

Haggard, Stephan and Kaufman, Robert, eds., “The Politics of Economic Adjustment”, Princeton, N.J., Princeton University Press, 1992.

Grindle, Merilee, “Challenging the State: Crisis and Innovation in Latin America and Africa”, Cambridge, Cambridge University Press, 1996.

Birdsall, Nancy and De la Torre, Augusto, “Washington Contentious: Economic Policies for Social Equity in Latin America”, Washington, D.C, Carnegie Endowment for International Peace and the Inter-American Dialogue, 2001.

Aryan, Deepak; Chambers, Robert; Shah, Mere K.; and Petesch, Patti, “Voices of the Poor: Crying out for Change”, New York, Oxford University Press, 2000.

Grindle, Merilee and Thomas, John, “Public Choices and Policy Change: The Political Economy of Reform in Developing Countries”, Baltimore, MD, Johns Hopkins University Press, 1991.

Baker, Judy, “Evaluating the Impact of Development Projects on Poverty: A Handbook for Practitioners”, Washington, DC, The World Bank, 2000.

Bates, Robert, “Violence and Prosperity: The Political Economy of Development", New York, Norton, 2000.

De Soto, Hernando, “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else”, New York, Basic Books, 2000.

Robb, Caroline, “Can the Poor Influence Policy? Participatory Poverty Assessments in the Developing World”, 2nd ed., Washington, DC, The World Bank and IMF, 2001.

Scott, James, “Seeing Like a State: How Certain Schemes to Improve the Human Condition Have Failed New Haven”, Yale University Press, 1998.

World Bank, “World Development Report 2004: Making Services Work for Poor People” Washington, DC., The World Bank, 2003.

Maddison, Angus, “The World Economy: A Millennial Perspective”, OECD Development Centre Studies, 2001.

Huber, Stephen, ed., “How Latin America Fell Behind”, Stanford, Stanford University Press, 1997.

Meier, G.M. and Stiglitz, j.E., eds., “Frontiers of Development Economics”, New York, Oxford University Press, 2001.

Sen, Amartya, “Development as Freedom”, Alfred A. Knopf, New York, 1999.

Meier, G.M. and Rauch, J.E., eds., “Leading Issues in Economic Development”, Seventh Edition, New York, Oxford University Press, 2000,

Jones, Charles I., “Introduction to Economic Growth”, W.W. Norton, 2002.

North, Douglass C., “Institutions, Institutional Change, and Economic Performance”, Cambridge University Press, 1990.

Ocampo, J.A., et al., eds., “Financial Globalization and the Emerging Economies”, New York, ECLAC, 2000.

D. Rodrik, ed., “In Search of Prosperity: Analytic Narratives on Economic Growth”, Princeton University Press, 2003.

Meier, G.M. and Stiglitz, J.E., eds., “Frontiers of Development”, New York, Oxford
University Press, pp.103–134.

.Eo4004. Economics and law

Requisite: None
Equivalence: None

Private Goods are those with a rival consumption, the quantity of them consume by one person reduce exactly in the same proportion the quantity available to consume for the rest of the people. For this kind of goods can be demonstrated that the market mechanism, under some restrictions, is capable to achieve in an automatic and decentralized way a Pareto-efficient allocation of resources.

In contrast, Public Goods are those with a no rival consumption. For this kind of goods a Pareto-efficient allocation of resources is achieved when the sum of prices that a society wants to pay for each good is exactly its marginal cost.

An examination, through the lens of economic analysis, of legal principles drawn from various branches of law, including contracts, torts, and property. Cases are assigned for class discussion; in addition, there are several writing assignments.

Perfil del profesor:

Grado: Doctor
Especialidad: Científico social (Abogado, Economista, Administrador Público o áreas afines) de preferencia con experiencia en el sector público.

Bibliografía:

North, Douglas, “Institutions, Institutional Change and Economic Performance”, Cambridge: Cambridge University Press, 1990.

Martinussen, John, “Society, State, and Market: A Guide to Competing Theories of Development”,New York: St Martin's Press, 1997.

Pistor, Katharina and Philip Wellons, “The Role of Law and Legal Institutions in Asian Economic Development”, Hong Kong, Oxford University Press, 1998.

Rawls, John, “The Law of Peoples”, Harvard U. Press, 1999.

Watts, Ronald, “Comparing Federal Systems in the 1990s”, Kingston, Ontario: Institute of Governmental Relations, 1996, pp. 1-30.

Rose-Ackerman, Susan, “Corruption and Government: Consequences and Reform”. Cambridge: Cambridge University Press, 1999.

Eo4005. Regional economics and regional development

Requisite: None
Equivalence: None

This course include some topics of Macroeconomics and some of Microeconomics, but always in the context of the spatial and the public matter. The concept of space is basic to the comprehension of the Urban and Regional Planning. The course included and analysis of the theories related to the existence, localization, functioning and size of the cities and regions; looking to the spatial aspect of the Economy in the creation and interaction of regions in the Economic Development.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista, Planificador Urbano y Regional, Científico Regional o áreas afines).

Bibliografía:

Walter Isard, Iwan J. Aziz, Matthew P. Drennan, Ronald E. Miller, Sidney Saltzman and Erik Thorbecke, “Method of Interregional and Regional Analysis”, Ashgate, 1998

Fujita, Masahisa, Krugman, P. and Venables, A.J., “The Spatial Economy: Cities, Regions, and International Trade”, MIT Press, 1999.

Harvey Armstrong and Jim Taylor, “Regional Economics and Policy”, Second edition, Harvester Wheatshef, 1993.

Doi, Masayuki and Sakashita Noboru, “Transportation Economics”, Toyokeizai-Shinposha, 2002.

Ohta, Hiroshi, “Microeconomics for Regional, Urban and Transportation Analysis”, Toyokeizai-Shinposha, 2002.

McCann, Philip, “Urban and Regional Economics”, Oxford University Press, 2001.

Eo4006. Public choice and social welfare

Requisite: None
Equivalence: None

In a Economy with a mixed developed capitalism, the government, through the group of agents that form the public sector, the exercise of the Principle of Authority and Representation and the market mechanism, pretends to solve the market failures: Providing Public Goods, pursuing economic equity and justice and trying to stabilized the Economy to guarantee a higher level of social welfare. For all these reasons, the government requires systems of representation and instruments to provide these economic functions.

This class has two parts. It begins with an introduction to economic theories of political decision making: theory of voting, theories of political parties and party competition, theories of legislative decision making and interest group influence. We also discuss empirical evidence related to these theories. In the second part we analyze the principles that guide the development of social policy including fairness and justice. Various conceptions of society are examined with reference to their influence on the nature and extent of social welfare provided in each society.

Perfil del profesor:
Grado: Doctor
Especialidad: Científico social (Abogado, Economista, Administrador Público o áreas afines) de preferencia con experiencia en el sector público.

Bibliografía

Buchanan, James and Richard Musgrave, “Public Finance and Public Choice: Two Contrasting Visions of the State” , (CESifo Book Series) MIT Press, 1999.

Ibarra, Alejandro. “Política y Bienestar Social: La Necesidad de sus Interrelaciones” , México: Fundación IMEF, 1991.

Gilbert, Neil and Terrell, Paul, “Dimensions of Social Welfare Policy”, Pearson Allyn & Bacon Publisher; 5th edition.

Hargreaves, Shaun, “The Theory of Choice: A critical guide”. Blackwell Publishers, 1992.

Mueller, Denis, “Public Choice II: A Revised Edition of Public Choice”. Cambridge University Press; Revised edition, September, 1989.

Mueller, Denis, “Perspectives on Public Choice: A Handbook”, Cambridge University Press, October, 1996.

Mueller, Denis, “Public Choice III”. Cambridge University Press, 3rd edition, February, 2003.

Dunleavy, Patrick, “Democracy, Bureaucracy and Public Choice”, Prentice Hall College Div, August, 1991.

Rothstein, Bo and Steinmo Sven. “Restructuring the Welfare State: Political Institutions and Policy Change”. Palgrave Macmillan Publisher; 1st edition, October, 2002.

Eo4007. Social evaluation of projects

Requisite: None
Equivalence: None

The course focuses on the comprehension of quantitative methods of policy analysis and program evaluation, with an emphasis on the social impact of those policies and programs. The course covers topics such as present value of future income, optimal time to invest, optimal duration of a project, depreciation, liberalization of resources, etc.

Perfil del profesor:

Grado: Doctor
Especialidad: científico social (Economista, Administrador Público o áreas afines).

Bibliografía

Baker, Judy, “Evaluación del impacto de proyectos de desarrollo”. Banco Mundial, Washington, D.C. 2000.

Banco Mundial, “Seguimiento y evaluación: instrumentos, métodos y enfoques”. Banco Mundial, Washington D.C., 2002

Bergoeing, Raphael, “Una evaluación preliminar del impacto económico del proyecto ‘Teniente’ ”, Georgetown University, 1998.

Cabrera, Jorge. “Propuesta Metodológica de evaluación de impacto de asistencia técnica para micro y pequeñas empresas”, Organización Internacional del Trabajo, Lima, Perú.

Castaño, Lina María, “Marco conceptual y operativo del banco de proyectos exitosos”, CEPAL-ONU, Santiago de Chile, 2000.

Eo4008. Public finance

Requisite: None
Equivalence: None

The theory of the Public Finances deals with public objectives (efficiency, equity, neutrality, and so on…) and the types (direct, indirect, etc) of taxes that provide the income that guarantee the financial viability of the public sector. This course analyzes topics such as the impact of various types of taxes as well as the determination of optimal taxation; the impact of taxation on labor supply, savings, company finance and investment behavior, risk bearing and portfolio choice. In addition, the course we analyze topics including the interaction of taxation and inflation, tax evasion, tax incidence, social security, unemployment and interactions between different levels of government. From the point of view of the public Expenses, the course deals with welfare objectives (education, health, infrastructure, etc.) and it relates the topics covered in the course of Public Choice and Social Welfare, from the public expense perspective.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista o áreas afines).

Bibliografía:

Fisher R.C., “State and Local Public Finance”, Londres, Scott, Foresman and Company, 1998.

Stiglitz, J.E., “Economics of the Public Sector”, Third Edition, New York, W.W. Norton & Co., 2000.

R.A. and Peggy B. Musgrave, “Public Finance in Theory and Practice”, Fifth Edition, New York, McGraw Hill, 1989.

Rosen, H.S., “Public Finance”, Sixth Edition, New York, McGraw-Hill/Irwin, 2002.

Anderson, J.E., “Public Finance: Principles and Policy”, Boston, Houghton Mifflin Company, 2003.

Quigley, J.M. and Smolensky, E., eds., “Modern Public Finance“, Cambridge, MA, Harvard University Press, 1994.

Baker, S.H. and Elliott, C.S., eds., “Readings in Public Sector Economics”, Lexington, MA, D.C. Heath and Co., 1990.

Goode, Richard, “Government Finance in Developing Countries” Washington, D.C., The Brookings Institution, 1984.

Prest, A.R., “Public Finance in Developing Countries”, Third Edition, New York, St. Martin's Press, 1985.

Case, Karl E., “Economics and Tax Policy”, Boston, Oelgeschlager, Gunn & Hain, 1986.

Lewis Jr., Stephen, “Taxation for Development: Principles and Applications”, New York, Oxford University Press, 1984.

Bird, R. and Oldman, O., eds., “Taxation in Developing Countries”, Fourth Edition, Baltimore, Johns Hopkins University Press, 1990.

Schiavo-Campo, Salvatore and Tommasi, Daniel, “Managing Government Expenditure”, Asian Development Bank, 1999.

Schick, Allen, “A Contemporary Approach to Public Expenditure Management”, World Bank, 1998.

Eo4009. Open macroeconomics

Requisite: None
Equivalence: None

This course explore both recent theoretical and methodological advances and practical applications that have substantially reshaped the field of study of open macroeconomics. It brings together research methods pertinent to open economy macroeconomics and international trade policies to give students a basic understanding of how different aspects of contemporary debates are analyzed in practice. We also analyze the most recent research in endogenous growth theory, we touch important issues such as R&D investment, market structure, private and public organization of R&D, education financing, human capital accumulation, inequality and growth, etc.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista o áreas afines).

Bibliografía:

Romer, D., “Advanced Macroeconomics”, Second edition, 2001.

Blanchard, O., and Fischer, S., “Lectures in Macroeconomics”, 1989.

Barro, R. and Sala-i-Martin, X., “Economic Growth”, First edition, 1995.

“Crisis and Reform in Latin America: From Despair to Hope”, The World Bank and Oxford University Press, 1995.

Bruno, Michael; Di Tella, Guido; Dornbusch, Rudiger and Fischer, Stanley, eds., “Inflation Stabilization. The Experience of Israel, Argentina, Brazil, Bolivia and Mexico”. The MIT Press, Cambridge MA & London, England, 1988

Dominguez, J.I. and Shifter, Michael, eds., “Constructing Democratic Governance in Latin America”, The John Hopkins University Press, Baltimore & London, 2nd ed., 2003.

Eo4010. Econometric methods

Requisite: None
Equivalence: None

The use of econometric models in the economic field has a long tradition. The first few models were bivariated and applied to financial theories. Now we have multivariated and multi equations models that are of the common use for most economists.

This course is covering statistics: estimation theory, least squares methods, method of maximum likelihood, generalized method of moments, theory of hypothesis testing, asymptotic test theory, and non nested hypothesis testing; and econometrics: the general linear model, generalized least squares, specification tests, instrumental variables, dynamic regression models, linear simultaneous equation models, nonlinear models, and applications. We also analyze more advanced econometric topics like asymptotic estimation, robustness, aggregation, panel data and model duration.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social o matemático.

Bibliografía:

Campbell, J.Y., “Econometrics for Financial Markets”.

Dinardo, John and Johnston, Jack. “Econometrics Methods” .

Greene, William H., “Econometric Analysis”.

Maddala, G.S., “Limited-Dependent and Qualitative Variables in Econometrics”, Cambridge University Press, 1983.

Gujarati, Damodar N. “Essentials of Econometrics”, 1998.

Hayashi, Fumio, “Econometrics”, Princeton, Princeton University Press, 2000.

Mills, T., “The Econometric Modeling of Financial Time Series”, Cambridge University Press.

Stock, J y Watson, M., “Introduction to Econometrics”, Addison-Wesley, 2003.

Wooldridge, Jeffrey M. “Introductory Econometrics: A Modern Approach”.

Wooldridge, Jeffrey M. “Econometrics Analysis of Cross Section and Panel Data”.

Eo4011. Advanced microeconomics

Requisite: None
Equivalence: None

The course focuses on the study of theory of microeconomic behavior. Covers topics as structure of markets, consumption, production, general equilibrium, game theory and incentive theory. Emphasizes the use of economic theory in analyzing and solving practical problems and the implications for make and evaluate public policies.

Bibliografía

Andreu Mas-Colell, Michael D. Whinston and Jerry R. Green, Microeconomic Theory (Oxford University Press, 1995).

Hal R. Varian, Microeconomic Análisis (W.W. Norton & Company, 1992).

Eo4012. Industrial organization and regulation

Requisite: None
Equivalence: None

The full understanding of the problems of industrial organization needs the reformulation of the different models and theories to incorporate economies of conglomeration, externalities, the debate on price strategies followed by enterprises and localization politics, which are not only based on the old objective of efficacy (search of an algorithm for minimizing cost), but in efficiency (analysis of the factors that influence the optimum localization decision: markets of goods and supplies, uncertainty, moral hazard). In other words, to get to the bottom of the problems of Industrial Organization we need to reformulate the models and theories in the sense of incorporate the externalities, agglomeration economies, pricing and localization decisions.

This course, therefore, primarily focuses on the pricing decisions of firms and in the strategic response of other firms to these pricing decisions. The pricing decisions include price discrimination, commodity bundling, pricing a product line and pricing a durable good. The course considers topics associated with private information, such as adverse selection, signaling, and moral hazard. In the course we also analyze the interfaces between the private and public sectors in terms of their rationale, efficacy, and economic consequences; Regulation is examined as a system of incentives that guides the development and efficient functioning of markets.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista o áreas afines).

Bibliografía:

Dixit, Avinash and Skeath, Susan, “Games of Strategy”, Norton Press, 1998.

Carlton, D and Perloff, J. “Modern Industrial Organization”, Addison-Wesley, 1999.

Kreps, D., “Game Theory and Economic Modeling”, Oxford/Clarendon, 1990.

Roberts, Mark and Tybout, James, “Industrial Evolution in Developing Countries: Micro Patterns of Turnover, Productivity and Market Structure”, New York, Oxford University Press, 1996.

Scherer, F.M., “Industry Structure, Strategy, and Public Policy”, Addison-Wesley, 1996.

Porter M.E., “On Competition”, Boston, Harvard Business School Press, 1998.

Shepherd, William, “The Economics of Industrial Organization”, New Jersey, Prentice Hall, 1997.

Scherer, F.M. and Ross, David, “Industrial Market Structure and Economic Performance”, Boston, Houghton Mifflin Company, 1990.

Varian H., “Microeconomic Analysis”, Norton, Third edition, 1992.

Bergstrom, Theodore and Varian, Hal, “Workouts for Intermediate Microeconomics”, New York, W. W. Norton, 1987.

Eo4013. Finance forecasting

Requisite: None
Equivalence: Ec99102

The main purpose of the course is to make a review of the nature of the different theoretical models in Finance that shape the actual financial practice; analyzing the empirical evidence of those models, applying that knowledge to practical cases of the national reality. We pretend to develop in our students the skills and comprehension of the techniques to estimate and analyze the most important financial indicators, in the way to satisfy the needs of opportune information for the economic entities.

Perfil del profesor:

Grado: Doctor
Especialidad: científico social (Economista, Administrador, Especialista en Finanzas, o áreas afines).

Bibliografía:

Cragg, John C. and Burton G. Malkel, “Expectations and the Structure of Share Prices”, Chicago, University of Chicago Press, 1982.

Berndt, Ernst R, “The Practice of Econometrics. Classic and Contemporary”, Addison-Wesley Publishing Company, 1991.

Fischer, Black Jensen, Michael C. and Myron Scholes, “The Capital Asset Pricing Model: Some Empirical Tests,”¨ in Michael C. Jensen, ed., Studies in the Theory of Capital Markets, New York: Praeger, 1972, pp. 79-121.

Blume, Marshall E. “On the Assessment of Risk”, Journal of Finance, 26:1, March, 1971, pp.1-10.

Brealey, Richard A. and Stewart C. Myers, “Principles of Corporate Finance”, Third Edition, New York: McGraw-Hill, 1988.

Famma, Eugene, “Fundations of Finance”, New York, 1976.

Huang, Chi-Fu and Robert Litzenberg, “Fundations of Financial Economics”, Amsterdam, North Holland, 1988.

Keim, Donald B. “Size Related Anomalies and Stock Return Seasonablity: Further empirical Evidence”, Journal of Financial Economics, 12:1 June, 1983, pp.13-32.

Treynor, Jack, “Toward a Theory of Market Value of Risk Assets”, Manuscript, 1981.

Eo4014. Microeconomics for public policy

Requisite: None
Equivalence: None

This course examines, on the one hand the basic model of consumer behavior including the study of demand and selection processes. It deals with the effects of information asymmetries during decision making under uncertainty, intertemporal consumption, labor markets, and exchange. On the other hand, it reviews production models for different market structures, such as perfect competition, oligopoly and monopoly, based on game theory. Lastly, it deals with cost-production decisions and price strategies.

Bibliografía: Nicholson, W., Microeconomic Theory, The Dryden Press, Octava Edición, 2002.

Eo5001. Information economics and contracts

Requisite: None
Equivalence: None

Information Economics and the Theory of Contracts is a main subject in the recent evolution of the economic field and its application is very wide, based on the model of “Principal-Agent”. This course use the research presented by Bernard Salanie in this subject and other main articles of the Theory of Contracts related to Finance topics.

Bibliografía

Salanie, Bernard, “The Economics of Contract Theory” , MIT Press, 1997.

Sharpe, S., “Asymmetric Information, Bank lending and Implicit Contracts: A stylized model of customer relationship”, Journal of Finance, 45, 1990, pp.1069-1087.

Stiglitz J.E. and Weiss, A., “Credit Rationing in Markets with Imperfect Information”, American Economic Review, 71, 1981, pp. 393-410.

Stiglitz J.E., “Monopoly, Non-linear Pricing and Imperfect Information. The Insurance Market”, Review of Economic Studies, 44, 1977, pp. 407-30.

Rothschild M. and Stiglitz J.E., “Equilibrium in Competitive Insurance Markets”, Quarterly Journal of Economics, 90, 1976, pp. 629-49.

Leland, H. and Pyle, D., “Informational Asymmetries, Financial Structure and Financial Intermediation”, Journal of Finance, 32,1977, pp. 371-87.

Grossman, S. and Hart, O., “An Analysis of the Principal-Agent Problem”, Econometrica, 51, 1983, pp.7-45.

Holstrom, B., “Moral Hazard and Observability”. Bell Journal of Economics, 10, 1979, pp. 74-91.

Holstrom, B., “Moral Hazard in Teams”. Bell Journal of Economics, 13, 1982, pp. 324-40.

Hart, O. and Tirole, J., “Contract Renegotialtion and Coasian Dynamics”, Review of Economic Studies, 55, 1988, pp. 509-40.

Hart, O. and Moore, J., “Default and Renegotiation. A Dynamic Model of Debt”. Quarterly Journal of Economics, 113, 1998, pp. 1-41.

Fudenberg, D. and Tirole, J., “Moral Hazard and Renegotiation in Agency Contracts”, Econometrica, 58, 1990.

Aghion, Ph., Dewatripont, M., and Rey, P., “Renegotiation Design with Unverifiable Information”. Econometrica, 62, 1994, pp. 257-82.

Aghion, Ph., yand Bolton, P., “An Incomplete Contracts Approach to Financial Contracting”. Review of Economic Studies, 59, 1992, pp. 473-94.

Hart, O. and Moore, J., “Foundations of Incomplete Contracts”, Review of Economic Studies, 66, 1999, pp. 117-38.

Tirole, J., “Incomplete Contracts. Where do We Stand ?”, Economitrica, 67, 1999, pp. 741-81.

Winston, A., “Costly State Verification and Multiple Investors. The role of seniority”, Review of Economic Studies, 8, 1995, pp. 91-123.

Dewatripont, M. and Tirole, J, “A Theory of Debt and Equity. Diversity of Securities and Manager Shareholder Congruence”, Quarterly Journal of Economics, 1994, pp. 1027-54.

Chiappori, P.A. and Salanie, B., “Testing for Asymmetric Information in Insurance Markets”, Journal of Political Economy, 108, 2000, pp. 56-78.

Eo5002. Advanced international economy

Requisite: None
Equivalence: None

In this course the students analyze models of determination of exchange rates, in the variety of changing régimes, and the Theory of Adjustment of the Payment Balance. In the course we also analyze Open Macroeconomics through models of monetary economies, and applied topics of econometrics, trade and International Finance for the analysis of the International Economy.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista o áreas afines).

Bibliografía:

Orphanides, Athanasios, “Monetary Policy Rules Based On Real-Time Data”, American Economic Review, 91 (4), November, 2001, pp. 964-85.

Froot, Kenneth And Kenneth Rogoff, “Perspectives On PPP And Long-Run Real Exchange Rates”, Handbook Of International Economics, Vol. Iii, Edited By Gene Grossman And Kenneth Rogoff. London: Elsevier Science B.V. 1995.

Strauss, Jack, “The Cointegrating Relationship Between Productivity, Real Exchange Rates And Purchasing Power Parity”, Journal Of Macroeconomics 18:2, Spring, 1996, pp. 299-313.

Eo5003. Time series methods

Requisite: None
Equivalence: None

The use of time series to make forecasting has a long tradition. The evolution of the Economic Science has increased the number of tools available to forecast using the memory of the series. The memory of the series has four components: trend, cycle, seasonality and the irregular. We can use these components to make short run and no structural forecast.

This course covers traditional time series techniques and the latest advances in the subject. We analyze topics including the theory of stationary stochastic processes including univariate ARMA models and vector autoregressive models; parametric and semi-parametric estimation; current developments in distributional theory; unit root tests and cointegration.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista o áreas afines).

Bibliografía:

Brockwell, P.J. and R.A. Davis, “Time Series: Theory and Methods”, New York, Springer-Verlag, 1987.

Brillinger, D.R, “Time Series Data Analysis and Theory”, Second edition, New York, Holt.
Davidson, J., “Stochastic Limit Theory”, Oxford, Oxford University Press, 1994.

Enders, W., “Applied Econometric Time Series”, John Wiley.

Hall, P. and C.C. Heyde, Martingale, “Limit Theory and its Applications”, New York, Academic Press, 1980.

Hamilton, J.D., “Time Series Analysis”. Princeton, Princeton University Press, 1994.

Harvey, A.C., “Time Series Models”, Second Edition, Cambridge, MIT Press, 1993.

Hatanaka, M., “Time-Series-Based Econometrics: Unit Roots and Co-integration”. Oxford, Oxford University Press, 1996.

Maddala, G., I.-M. Kim. “Unit Roots, Cointegration and Structural Change”, Cambridge University Press.

Eo5004. Applied research proyect

Requisite: None
Equivalence: None

The Thesis Seminar has three options: a Master Thesis, an Applied Research Project, and an Internship. The Master Thesis consists of an academic project directed by a professor. In an Applied Research Project, the second option, the student must apply the economic tools to the solution of a real problem of a “client” (private firm, a public institution or a non-governmental organization). It is guided by a professor with fieldwork experience. An internship, the third option, is a temporary job in a international organization, a public institution or a ngo (national or foreign) in a relevant field to the student academic training.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista o áreas afines).

Bibliografía:

Depende de la opción a desarrollar (Tesina, Proyecto de Investigación Aplicada, o Internship) y del area a desarrollar.

Eo5005. Seminar of international economics and development

Requisite: None
Equivalence: None

In this course we make an analytical approach to the economic problems of developing nations. Topics to be covered include: some old and new directions in development economics thinking, the welfare economics of poverty and inequality. An analysis of the empirical evidence on who benefits from economic development is presented and the students write a research paper in a topic related to Development and International Economics.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista o áreas afines).

Bibliografía:

Feenstra, Robert, “Advanced International Trade: Theory And Evidence”, 2003.

Grossman, Gene M., and K. Rogoff, Eds., “Handbook Of International Economics”, Volume III, North-Holland, 1995.

Grossman, Gene, Ed., “Imperfect Competition And International Trade”, MIT Press, 1992.

Helpman, E. and P. Krugman, “Market Structure And Foreign Trade: Increasing Returns,
Imperfect Competition, And The International Economy”, MIT Press, 1985.

Jones R.W. and P.B. Kenen, Eds., “Handbook Of International Economics”, Volume
I, North-Holland, 1984.

Woodland, A.D., “International Trade And Resource Allocation”, North-Holland, 1982.

Wong, Kar-Yiu, “International Trade In Goods And Factor Mobility”, MIT Press, 1995.

Eo5006. Industrial regulation and finance

Requisite: None
Equivalence: None

This course focuses primarily on recent theoretical advances in the study of industrial organization. Topics covered include: market structure, nonlinear pricing, quality, durability, location selection, repeated games, collusion, entry deterrence, managerial incentives, switching costs, government intervention, and R&D/Patents, looking to these subjects through the lens of the Finance theories. The students analyze practice cases and empiric evidence about different topics on Industrial Regulation and write a research paper.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista o áreas afines).

Bibliografía:

Dixit, Avinash and Skeath, Susan, “Games of Strategy”, Norton Press, 1998.

Carlton, D and Perloff, J., “Modern Industrial Organization”, Addison-Wesley, 1999.

Kreps, D., “Game Theory and Economic Modeling”, Oxford/Clarendon.

Roberts, Mark and Tybout, James, “Industrial Evolution in Developing Countries: Micro Patterns of Turnover, Productivity and Market Structure” New York, Oxford University Press, 1996.

Saunders, Anthony and Cornett, Marcia, “Financial Markets and Institutions”, McGraw-Hill, 2001.

Eo5007. Advanced administrative economy

Requisite: None
Equivalence: None

The purpose of this course is make the students to develop the necessary skills to search and chose the relevant information to study the problems of the firms and to make the diagnosis of the problems of the firm and suggest possible solutions. In the course, the students are going to analyze in a critical way the different solutions made by the neo institutional approach of the firm and those that propose the neoclassical approach; trying to find feasible alternatives to the problems of the firm. Topics include contracts, markets, efficiency, transference prices, vertical and horizontal boundaries of the firm, asymmetric information, incentives and property rights.

Perfil del profesor:
Grado: Doctor
Especialidad: científico social (Economista o áreas afines).

Bibliografía:

McMillan, J., “Games, Strategies and Managers”, New York: Oxford University Press, 1996.

Milgrom, P. and Roberts, J., “Economics, Organization and Management”, Boston, Prentice Hall International Editions, 1992.

Dallago, B., “Economics Institutions, Markets and Competition”, Edward Elgar Publising, London, England, 1996.

Menard, C., “Institutions, Contracts and Organizations” Edward Elgar Publising, London, England, 2001.

Besanko D., Danove D. and Shanley M., “Economics of Strategy”, New York, John Wiley & Sons, Inc. 2000.

Fecha de la última actualización: 19 de agosto de 2004 (ML)