In this course we will study financial market failures due to externalities, incomplete information and financial fragility and we will investigate the ways that a benevolent government might use regulation to improve matters. We will also consider theories about the behavior of regulators drawn from political and behavioral economics. We will examine the difficulties associated with designing financial regulation. We will analyze how regulatory failures contributed to the recent financial crises and discuss post-crises attempts at regulatory reform.
Prerequisites: MATH V2030 and MECE E3100.
Eulerian and Lagrangian descriptions of motion. Stress and strain rate tensors, vorticity, integral and differentialequations of mass, momentum, and energy conservation. Potential flow.
Prerequisites: the instructor's permission.
How to write about and present scientific information in a clear and interesting way. We will use: 1) individualized writing projects; 2) oral presentations; and 3) concise books on good writing to develop skills for communicating scientific ideas, design, results and theory.
Prerequisites: APPH E4300.
Debye screening. Motion of charged particles in space- and time-varying electromagnetic fields. Two-fluid description of plasmas. Linear electrostatic and electromagnetic waves in unmagnetized and magnetized plasmas. The magnetohydrodynamic (MHD) model, including MHD equilibrium, stability, and MHD waves in simple geometries. Fluid theory of transport.
The first semester of a 2 semesters sequence in applied statistics for first year doctoral students in Statistics. Statistical methods including linear and generalized regression; random-effects models; methods for categorical data; survival analysis; and nonparametric methods. The use of statistical packages. Modeling. Exploratory data analysis; modern nonparametric regression.
To design and manage successful economic policy professionals need a sophisticated command of modern microeconomics. This course strengthens and extends understanding of microeconomic theory, and gives practice applying it. We study the relationship between market structure and market performance, exploring conditions under which policy intervention can improve market performance, and when it can be counter-productive. Both distributional and efficiency aspects of intervention are stressed. An introduction to formal strategic analysis is included, along with its application in the modern theory of auctions.
Prerequisites: APMA E4200, MECE E3100 and E3301.
Fundamental analysis of compressible flows and its applications for various sonic/ supersonic elements including supersonic airfoils/ projectiles, nozzles, and shock tubes. Steady and unsteady shock/expansion waves, oblique shock waves. Shock reflections, methods of characteristic.
The course starts with a review of exchange rates over the long and short run and with a discussion of the real effects of nominal exchange rate fluctuations, deviations from interest rate parities, and the role of expectations in determining exchange rate dynamics. The course proceeds with the study of the international allocation of capital flows, the dynamics of external wealth, and global imbalances. The course continues with the analysis of exchange rate regimes, the rationale for their adoption and abandonment, and the implications for fiscal and monetary policies of floating and fixed exchange rates depending on the degree of openness in international financial markets. The course deals with the macroeconomics of the public sector budget and the links between money, inflation, and the budget. Topics discussed include: the sensitivity of the public-sector budget to external and domestic macroeconomic variables, along with the concept of sustainable fiscal deficits; the economic consequences of devaluations (actual and anticipated), including the discussion of contractionary devaluations; the causes and consequences of capital flows and their sudden stop; the time consistency of economic policies and the inflationary effects of various institutional arrangements between monetary and fiscal authorities. The course also surveys monetary policy transmission mechanisms and the choice of nominal anchors, with particular reference to inflation targeting and interest-on-reserves regimes. The course closes with a review of stylized facts concerning policies for economic growth, with particular focus on international trade liberalization and financial sector development. A general and pragmatic framework for prioritizing growth policies is introduced with applications to country case studies.
Prerequisites: a thorough knowledge of elementary real analysis and some previous knowledge of probability. Students in a masters program must seek the director of the M.A. program in statistics' permission; students in an undergraduate program must seek the director of undergraduate studies in statistics' permission.
Overview of measure and integration theory. Probability spaces and measures, random variables and distribution functions. Independence, Borel-Cantelli lemma, zero-one laws. Expectation, uniform integrability, sums of independent random variables, stopping times, Wald's equations, elementary renewal theorems. Laws of large numbers. Characteristic functions. Central limit problem; Lindeberg-Feller theorem, infinitely divisible and stable distributions. Cramer's theorem, introduction to large deviations. Law of the iterated logarithm, Brownian motion, heat equation.
Prerequisites: students in a masters program must seek the director of the M.A. program in statistics' permission; students in an undergraduate program must seek the director of undergraduate studies in statistics' permission.
A general introduction to mathematical statistics and statistical decision theory. Elementary decision theory, Bayes inference, Neyman-Pearson theory, hypothesis testing, most powerful unbiased tests, confidence sets. Estimation: methods, theory, and asymptotic properties. Likelihood ratio tests, multivariate distribution. Elements of general linear hypothesis, invariance, nonparametric methods, sequential analysis.
Lectures cover principal topics in evolutionary biology including genetics, genome organization, population and quantitative genetics, the history of evolutionary theory, systematics, speciation and species concepts, co-evolution, and biogeography.
This course is an introduction to practical political analysis for public-sector and non-profit managers and analysts. Professionals in these sectors operate within a political environment. This is an inescapable fact about the nature of public affairs; it is intrinsic to the enterprise. Managers and analysts who understand the political environment within which they operate and who can integrate political, managerial, and policy analysis are likely to prove far more effective than those who do not and cannot. This is not primarily a course in American politics, and we do not presume any particular knowledge of the American political system.
Prerequisites:
STAT G6105
and
STAT G6106
.
This course is intended to follow two semesters of graduate measure theoretic probability theory. The topics to be covered will include the following, but may be slightly changed from year to year depending on the preferences of the professor and also of the students: Advanced stochastic Integration for Semimartingales; Stochastic Differential Equations and Markov Processes; Connections to Partial Differential Equations. An introduction to the General Theory of Mathematical Finance. The Modern Theory of the Discretization of Processes and Statistical Methods for Volatility Estimation within an Ito Process Context.
(Seminar). In his An Harborow for faithfull and trewe subjects (1559), the Elizabethan Bishop John Aylmer writes that "the regiment of England is not a mere monarchie, as some for lacke of consideration think, nor a mere oligarchie, nor democracie, but a rule mixte of all these...thimage whereof, and not the image but the thinge in deede, is to be sene in the parliament house, wherein you shall find these three estates." This course takes this statement at its word, looking at the balance of power in Elizabethan and early Stuart culture between the monarchy, the nobility, and the commons, as reflected and created in literary texts. We will examine political philosophy from Aristotle to Cicero to Machiavelli and Lispius, as well as in the words of Elizabeth I and James I themselves; continental and British contexts from France and the Low Countries to Scotland and the great estates of England; continental and British controversies from Catholic and Calvinist resistance theory to continental absolutism and the divine right of kings; texts ranging from Sidney's letter to Elizabeth to country house entertainments and poems, cheaply printed texts, manuscript miscellanies, and Shakespeare's King Lear; and critical paradigms ranging from Raymond Williams' The Country and the City (1975) and J.G. A Pocock's The Ancient Constitution (1987) to Victoria Kahn's "The Romance of Contract" (1997).
Corequisites: PUAF U6110
This course is the required discussion section for PUAF U6110.