Message from the Economics Department Chair -Spring 2012

The Department of Economics welcomes all returning and new students to the College of Business and the University of Louisville. The Department is offering two new courses this spring. The first is an advanced microeconomic course, Econ 410, that complements Econ 301, Intermediate Microeconomic Theory. This new class affords an additional semester of study of microeconomics, an area where theory and application continue to expand. The second new course is a second-semester offering in Econometrics, Econ 402. Having the ability to model and test hypotheses is standard in applied microeconomics and related fields.  Both these classes will strengthen the undergraduate Economics Major and Minor as well as further prepare students planning on graduate training in Economics or Finance.

Recovery from the 2007-2009 recession and continuing difficulties in the U.S. housing, equity, and financial markets have increased interest in studying economics. In particular, is the current mix of monetary and fiscal policies adequate to minimize the negative demand shocks the economy experienced following what has been described as the largest global financial bubble in history? The U.S. economy is confronting a variety of issues and problems following this event. This includes a renewed debate over fiscal and monetary policies appropriate for 2012. The upcoming presidential election will bring these debates back to prominence. Recently enacted health-care reform also remains important as the U.S. economy attempts to control escalating costs in this sector. These issues are complex but as emphasized in our courses, a central issue is the optimal role for government to assume in helping the current macroeconomic situation, implementation of entitlement reform, modification of the national health care system, and other economic issues.

Students are reminded the Department has rearranged its course offerings. All 300-level courses will assume students have had a background in micro- and macroeconomic principles and business statistics. 400-level classes will require Intermediate Theory (Econ 301, 302) and Math 205 (first semester calculus). Some 400-level classes, such as the new Econometrics II (Econ 402) will have additional prerequisites. These are detailed in the new undergraduate catalog.

Of continuing interest to all is a new series of academic journals being published by the American Economics Association. The AEA now publishes the following journals:

1. American Economic Journal - Applied Economics

2. American Economic Journal – Economic Policy

3. American Economic Journal – Macroeconomics

4. American Economic Journal - Microeconomics

These new titles will supplement the current The American Economic Review, the top journal in economics, the Journal of Economic Perspectives, and the Journal of Economic Literature. Special student subscription rates are available.

Department of Economics