Economics (ECON-SHU)

ECON-SHU 1  Principles of Macroeconomics  (4 Credits)  
Typically offered Fall and Spring  
Focuses on the economy as a whole (the "macroeconomy"). Begins with the meaning and measurement of important macroeconomic data (on unemployment, inflation, and production), then turns to the behavior of the overall economy. Topics include long-run economic growth and the standard of living; the causes and consequences of economic booms and recessions; the banking system and the Federal Reserve; the role of government policy; and international trade. Prerequisite: None. Fulfillment: Economics Major Required Economics Courses; Social Science Major Foundational Courses; Data Science Major Courses for Concentration in Economics.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Data Science Elective Concentration in Economics
  • SB Crse Attr: NYU Shanghai: Economics Required
  • SB Crse Attr: NYU Shanghai: Social Science Foundational Course
  
ECON-SHU 3  Microeconomics  (4 Credits)  
Typically offered Fall, Spring, and Summer terms  
Economics studies how agents make decisions under conditions of scarcity and uncertainty. This course provides a rigorous introduction to economics, with special emphasis on microeconomics. It will introduce you to economics as a discipline and as a way of thinking. It will also provide you with a set of tools, which will be very useful in other economics courses. We will first study the behavior of individual consumers and firms. Then we will give you some insight into how markets work and whether market outcomes are desirable. We will also look at situations in which the firm is a monopolist, or competes with a limited number of rivals. Some key concepts we will introduce include economic incentives, marginal analysis, opportunity cost (which costs matter), market efficiency (what does it mean for a market to work) and strategic behavior (how to predict and respond to your rivals’ decisions). The tools that you will be acquainted with in this class are fundamental for most upper division courses of the Economics major as well as classes in Finance, Accounting and Marketing. Prerequisites: Calculus or above. Fulfillment: Economics Major Requirements; IMB Major Business Elective; Social Science Major Foundational Courses; BUSF/BUSM Business Core Courses; Data Science Major Concentration in Finance/Marketing/Economics.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: BUSF Business Core
  • SB Crse Attr: NYU Shanghai: BUSM Business Core
  • SB Crse Attr: NYU Shanghai: Data Science Elective Concentration in Economics
  • SB Crse Attr: NYU Shanghai: Data Science Elective Concentration in Finance
  • SB Crse Attr: NYU Shanghai: Data Science Elective Concentration in Marketing
  • SB Crse Attr: NYU Shanghai: Economics Required
  • SB Crse Attr: NYU Shanghai: IMB Business Elective
  • SB Crse Attr: NYU Shanghai: Social Science Foundational Course
  
ECON-SHU 10  Intermediate Microeconomics  (4 Credits)  
Typically offered Fall  
Rigorous examination of consumer choice, profit-maximizing behavior on the part of firms, and equilibrium in product markets. Topics include choice under uncertainty, strategic interactions between firms in noncompetitive environments, intertemporal decision making, and investment in public goods. Prerequisites: ( ECON-SHU 2 Principles of Microeconomics or ECON-SHU 3 Microeconomics ) and ( MATH-SHU 131 Calculus or ECON-SHU 5 Math for Econ 1: Optimization ). Fulfillment: Economics Major Requirement; Social Science Major Focus Courses Political Economy - 200 level.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Required
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  
ECON-SHU 151  Sustainable Business Practices and Development Economics  (4 Credits)  
The course is structured to provide students with a series of coherent modules. The first module introduces concepts in sustainable development economics and complexity theory. The main idea is to incorporate novel ideas into more traditional growth theories. We use a broader perspective on development, using concepts from complexity theory and other disciplines to provide a solid theoretical framework. Students are expected to tackle sophisticated theoretical papers in this module. The second module explores the role of companies in promoting sustainable ideas by transforming the socioeconomical environment, analyzing the possibility that private firms can be promoters of change by changing internal management practices. We use a Business as Usual to a Future Sustainable Business framework as sketched below and explore the role of firms in changing the international business context - one of the case studies for this module explores changes in a multinational bank that introduced a credit score system based on sustainability of the agricultural sector. Prereq for ECON-SHU 151 is ECON-SHU 1 Principles of Macroeconomics or ECON-SHU 3 Microeconomics. Fulfillment: Economics elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  
ECON-SHU 200  Topics in Macroeconomics:  (4 Credits)  
Typically offered occasionally  
Prerequisite: ECON-SHU 3 Microeconomics and ECON-SHU 1 Principle of Macroeconomics Fulfillment: 1) Topic: Economics of Gender: Economics elective; Social Science Political Economy 200 level; 2) Topic: Financial Crises & Econ. Policy: Advanced Economics elective; 3) Topic: Market Design: Economics elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
ECON-SHU 202  Intermediate Macroeconomics  (4 Credits)  
Typically offered Spring  
The course will cover a broad range of topics in macroeconomic theory, empirics and policy. Among the issues to be discussed are the business cycle theory, economic crises, economic growth, IS-LM model, open economy, inflation and unemployment, dynamic model of aggregate demand and supply, stabilization policy, government debt and budget deficits, money supply, central banking. The banking system: competition and stability, banking growth nexus, prudential regulation and the role of the financial sector in the macroeconomics model. Prerequisites: ECON-SHU 1 Principles of Macroeconomics or ECON-SHU 251 Economics of Global Business. Fulfillment: Economics required; Social Science Focus Political Economy 200 level course.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Required
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  
ECON-SHU 208  Money and Banking  (4 Credits)  
Typically offered occasionally  
Money supply; banking as an industry; banks as suppliers of money; the Federal Reserve System and monetary control; monetary theory; and contemporary monetary policy issues. Prerequisite: ECON-SHU 1 Principles of Macroeconomics OR ECON-SHU 251 Economics of Global Business OR BUSF-SHU 202 Foundations of Finance. Fulfillment: Economics elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  
ECON-SHU 210  Market Design  (4 Credits)  
The course is about design of markets, not only in the sense of auctions and matching markets, but also in the broader sense of designing allocation rules in general. We aim to understand why some markets needs to be designed, and what important design elements are. This is particularly relevant for the digital economy where market design is often programed into smart contracts, and market participants may be computational agents. The course includes a series of assignments that builds towards writing a short research paper for the course. The topic of the research paper should be related to the material presented in the course, but must go into more depth with selected issues. Prerequisite: ECON-SHU 3 Microeconomics or ECON-SHU 216 Introduction to Game Theory Fulfillment: Economics Advanced elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Advanced Elective
  
ECON-SHU 216  Introduction to Game Theory  (4 Credits)  
Typically offered Fall and Spring  
This course introduces students to the basic concepts and tools of game theory and their applications to real-life situations. It starts with basic terms such as strategies, payoffs, and equilibrium, and then goes through different types of games, such as extensive form games, normal form games, dynamic games and games with incomplete information. The second half of the course covers a selection of topics closely related to the real world, such as cold war, voting, bargaining and auction. Students will be able to analyze the situation, frame it in terms of the tools discussed, and understand the strategies used in the interaction. Pre-requisites:Calc (MATH-SHU 131 OR 201) Fulfillment: Economics Major Electives; IMB Major Business Elective Courses; Mathematics Major Additional Mathematics Electives; Honors Mathematics Major Mathematics Electives; Social Science Major Methods Courses; Business and Finance Major Non-Finance Electives; Business and Marketing Major Non-Marketing Electives
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: BUSF Non-Finance Elective
  • SB Crse Attr: NYU Shanghai: BUSM Non-Marketing Elective
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: Honors Mathematics Math Elective
  • SB Crse Attr: NYU Shanghai: IMB Business Elective
  • SB Crse Attr: NYU Shanghai: Mathematics Additional Mathematics Elective
  • SB Crse Attr: NYU Shanghai: Social Science Methods Course
  
ECON-SHU 217  Topics in Economics: Financial Technology  (4 Credits)  
The course examines the development of money, banking and financial technology (fintech). Prerequisite: ECON-SHU 1 Principles of Macroeconomics. Fulfillment: Economics Major Advanced Economics Electives.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Advanced Elective
  
ECON-SHU 218  International Trade and the Chinese Economy  (4 Credits)  
Typically offered Fall and Spring  
This course is designed to combine basic trade theory with its practical relevance in China to help students better understand the international economic activities in developing countries. We will investigate the causes and consequences of trade, discuss the role of multinational corporations and foreign direct investment in driving economic growth and wage inequality, and study countries' motives for regulating international trade and the eects of trade policy on economic welfare. We will also focus on China's gains and losses from opening up to trade and investment, on the dual impacts of the rise in exports from China on the U.S. employment and consumers, on the distributional eects of tari cuts in developing countries, and so on. Prereq for ECON-SHU 218 is Microeconomics and (Principles of Macroeconomics or EGB). Fulfillment: Core Curriculum Social Science Perspective on China; Social Science Major Focus Courses Political Economy - 200 level; Economics electives, BUSF &BUSM major China Business Studied.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: BUSF China Business Studies
  • SB Crse Attr: NYU Shanghai: BUSM China Business Studies
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  • SB Crse Attr: NYU Shanghai: Social Science Perspective on China
  
ECON-SHU 219  International Economics  (4 Credits)  
Typically offered occasionally  
The course examines both macro and micro aspects of globalization. This course begins with the theory and practice of international trade: comparative advantage, trade policy and trade agreements as well as economies of scale, intra-industry trade, global value chains and offshoring. The course also studies the effects of China’s integration into the world economy and the impact of US-Sino trade war and Brexit. The second part of the course covers the role of money and finance in the global economy, including international tax arbitrage and tax havens, the role of the exchange rate, interest parity, the determinants of exchange rates; exchange rate regimes, and international financial crises. Prerequisite: Introductory Macroeconomics (ECON-SHU 1 or ECON-SHU 251) and Introductory Microeconomics (ECON-SHU 3). Fulfillment: Economics Elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  
ECON-SHU 221  China’s Financial System  (4 Credits)  
Typically offered every year  
This course introduces the institutions and instruments of the Chinese financial system as well as relevant macroeconomic policy tools as they play a role in the broader Chinese economy. The goal of the course is to provide students with a comprehensive understanding based on monetary and financial economics from a comparative and historical standpoint. The teaching proceeds in three stages: (1) introductory redux in monetary and financial economics (2) historical and comparative overview of the evolution of China’s financial system and macroeconomic policy in the context of international financial arrangements (3) in-depth analysis of current topics in the field. Some of the topics covered include the Chinese banking system, RMB exchange rates, Chinese stock markets and bond markets, mutual fund and hedge fund industry, security dealers and money markets, Chinese derivative markets, green finance arrangements, real estate markets and state owned companies. The similarities and differences between Chinese financial markets and more developed financial markets will be highlighted. Prerequisite or Co-requisite: Principles of Macroeconomics (ECON-SHU 1 or equivalent) or Economics of Global Business (ECON-SHU 251 or equivalent). Antirequisite: Students who have taken BUSF-SHU 286 Chinese Financial Market are not eligible. Fulfillment: CORE IPC; Economics Elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: Interdisciplinary Perspectives on China
  
ECON-SHU 222  Cooperation, Coordination, Collective Action  (4 Credits)  
Typically offered every year  
As social animals, cooperation has been vital to human beings’ success. Yet in contexts as mundane as cleaning or impactful as climate change, people often fail to work together, even for mutual benefit. Using game theory as a launching point, with detours in neuroeconomics, behavioral economics, political economy, and elsewhere, this course considers the challenge of motivating collective action at different scales, from cooperation in small societies, to mass action undertaken by strangers united by a common cause. Ultimately, this course is designed to help students spark collective action when they feel it is needed by providing a suitable framework for analysis and an environment to discuss and refine ideas, eventually resulting in a final project. Prerequisite: Sophomore standing. Fulfillment: Econ elective; Social Science Focus Political Economy 200 level.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  
ECON-SHU 225  Advanced Economic Theory  (4 Credits)  
Typically offered Fall  
Advanced Economic Theory is focused on the effect of uncertainty on individual decisions, on the design of optimal contracts, and on competitive markets. Compared to Game Theory, we consider situations where agents have no strategic power, or where the strategic power is entirely in the hands of one party (for contract design). The course is divided into three blocks. In the first block, we review the standard model of expected utility that is used in economics, we investigate its foundations in absence of objective probabilities, and we study two fundamental applications at the core of macroeconomics and finance. In the second block, we study applied problems of information asymmetry in bilateral interactions, and the optimal contractual solutions for the uninformed party. In the third block, we analyze the effect of uncertainty on general equilibrium in multi-period competitive markets. Basic knowledge of multivariate calculus constitutes a necessary mathematical background to follow the course. Pre-requisites: ECON SHU 10 Intermediate Microeconomics And (MATH-SHU 328 Honors Analysis I, OR MATH-SHU 151 Multivariable Calculus, OR MATH-SHU 329 Honors Analysis II, OR ECON-SHU 201 Math for Economists) Fulfillment: Economics Major Advanced Economics Electives; Social Science Major Focus Courses Political Economy - 300 level.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Advanced Elective
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  
ECON-SHU 232  Blockchain, Cryptocurrency, and Money  (4 Credits)  
Typically offered Fall  
In this course, we will learn all about Blockchain and money. (1) We will first investigate questions about how to make money and how money used to be made; who can and who can’t make money in the modern economy; what money is and how money moves; how to measure money and how to control money. (2) Second, you will learn why, until the arrival of Blockchain, it has been so difficult to make new digital money; what Blockchains really are; how Blockchains work and when Blockchains don't work; how to raise money and how to make new digital money with Blockchains. You will thereby gain a solid and detailed technical understanding of Blockchain and the Blockchain-enabled financial technology. (3) Third, you will also learn about the most important current and future non-blockchain financial technologies in China, including the People’s Bank of China’s digital yuan (e-CNY) project. Topics to be covered include: definition of money, functions of money, the evolution of money and digital money, money creation, payment systems, Alipay, WeChat Pay, financial technology (FinTech), distributed ledgers, Blockchain technology, digital signatures, basic cryptography, cryptocurrencies, cryptocurrency market, Bitcoin, Bitcoin security and quantum computing, consensus, Proof-of-Work (PoW), Proof-of-Stake (PoS), the economic limits of consensus protocols, initial coin offerings (ICO), online peer-to-peer lending (P2P), China’s digital currency and electronic payment system (DC/EP), digital yuan, e-CNY, and central bank digital currencies (CBDC). Prerequisite: ICP, or ICS, or Creative Coding Lab Fulfillment: CORE STS; Economics Elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: Science, Technology and Society
  
ECON-SHU 238  History of Modern Economic Growth: Exploring China From a Comparative Perspective  (4 Credits)  
Typically offered Fall  
This course has two goals: 1) to provide an understanding of economic development and growth with applications to the Chinese economy and Chinese institutions, and (2) to learn how to analyse major policies in China's economic development in both oral and written form. China has experienced rapid institutional changes and achieved high growth rates. We start with (i) the pre-modern and early-modern historical background of this transition process and then move on to analyse (ii) the roots and pattern of economic growth in modern China. Topics include: The great divergence between poor and rich countries; introduction to global economic history; why the industrial revolution did not take place in China's Yangtze River Delta first; economic catch up by the rest of the West; state-led big push industrialization; the ancient Chinese economy's high-level equilibrium trap; the Needham Question; the Chinese economy prior to 1949; modern China's early reform era 1949-78; the developmental state; market transition post-1978; modern Chinese growth and structural change. Prerequisite: None. Fulfillment: CORE SSPC or IPC; Economics elective; GCS elective The Politics, Economy, and Environment of China; Social Science Focus Political Economy 200 level course.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: GCSE: The Politics, Econ, Environment of China
  • SB Crse Attr: NYU Shanghai: Interdisciplinary Perspectives on China
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  • SB Crse Attr: NYU Shanghai: Social Science Perspective on China
  
ECON-SHU 239  China’s Economic Transition  (4 Credits)  
Typically offered every year  
Over the past forty years, China has transitioned from a poor, inefficient, and closed economy to an upper-middle income country and the world’s largest trading nation. This course introduces the key institutional and economic reforms of China since 1978 and their contributions to China’s economic development. We will examine the reforms in the pivotal sectors, including agriculture, industry, banking, and international trade, all of which are important steps to improve the overall efficiency and productivity of the Chinese economy. We will also discuss the current challenges facing China to maintain sustainable growth, such as problems regarding demographic structure, state-owned enterprises, government debts, etc. Prerequisite: This course assumes no prior background in economics. However, if you are already familiar with basic algebra and basic calculus, supply and demand curves, basic economics concepts, it will help you to understand this course better. Prereq: None. Fulfillment: CORE IPC; Economics Elective; Social Science Focus Political Economy 200 level.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: Interdisciplinary Perspectives on China
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  
ECON-SHU 251  Economics of Global Business  (4 Credits)  
Typically offered Spring  
The objective of this course is to provide future decision-makers with a systematic understanding of critical aspects of economic development and the global business environment. We will examine the basic workings of the national economies (macroeconomics) and then explain the role of international trade and international finance. We show how the forces of globalization affect international business, down to the impact on the future careers of NYU students. The challenges presented by tepid economic growth in Europe, a soft landing in China, and the changing dynamics in the US, and the long run prospects for global economic growth and development are discussed. Pre-requisite: ECON-SHU 150 or ECON-SHU 3 Fulfillment: Economics required; IMB Business Foundation course; Social Science Foundational course; BUSF/BUSM Business Core course.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: BUSF Business Core
  • SB Crse Attr: NYU Shanghai: BUSM Business Core
  • SB Crse Attr: NYU Shanghai: Economics Required
  • SB Crse Attr: NYU Shanghai: IMB Required Business Foundation Course
  • SB Crse Attr: NYU Shanghai: Social Science Foundational Course
  
ECON-SHU 255  Political Economy: Foundations and Recent Applications  (4 Credits)  
Typically offered every year  
This is a course on political economy introducing students to (1) the social choice foundations of political economy and (2) more recent approaches that use tools from economics. Overall, the course addresses some of the basic approaches to the interaction of individuals, firms, markets and non-market agencies such as governments, regulatory bodies and administration. First, we start with some theoretical approaches that stem from the social choice literature and highlight the tensions between individual preferences and collective choice. Then, we examine more recent empirical approaches to the interaction of economical and political agents. The course will broadly cover a selection of the following topics: autocracies vs democracies, the political economy of China, voting rules and electoral systems, political agency, government failure, collective action. Prerequisite: MATH-SHU 9 Precalculus Fulfillment: Economics elective; Social Science Focus Political Economy 200 level.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  
ECON-SHU 301  Econometrics  (4 Credits)  
Typically offered Fall and Spring  
This course introduces the core set of statistical tools used by economists to analyze data and understand causal relationships among variables in order to assess economic theories and estimate policy impacts. Students will learn regression analysis that provides a framework for quantifying how a change in one variable affects another variable and for measuring the uncertainty/precision associated with those answers. Students will also learn how to use Stata, a statistical software package, to perform regression analysis. Upon completion of this course, students will be able to conduct their own empirical research using econometric methods. Prerequisite: BUSF-SHU 101 or MATH-UA 233 or MATH-SHU 234 or MATH-SHU 235 or MATH-SHU 238 or SOCS-SHU 210 or SOCSC-UH 1010Q or ECON-UA 18 or ECON-UA 20 or STAT-UB 1 or STAT-UB 103 or an equivalent statistics course. Fulfillment: Economics Major Requirement; Social Science Major Requirement; Data Science Major Required Courses.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
ECON-SHU 315  Competitive Analysis  (4 Credits)  
Typically offered occasionally  
This course takes a formal approach to analyzing the way firms make production and sales decisions and interact strategically with each other in the marketplace. We begin with a study of optimal pricing policies, including versioning, bundling, and related market segmentation strategies. In the second part of the course, we apply game theory to the study of oligopoly interaction, focusing on pricing and output strategies in a dynamic setting. Finally, we analyze strategies for firm dominance, especially through the deterrence of potential competition. The list of such strategies includes capacity expansion, product proliferation, and exclusive dealing contracts. The main goal of the course is to develop the basic intuition for pricing and other forms of strategic behavior on the part of firms, both when faced with complex patterns of consumer demand and when faced with strategic competitors. In-depth case analyses are adopted to showcase how the formal analyses enable an insightful understanding of complex real-life business decision makings and the relevant policy makings, as well as to provide students with opportunities to gain practical skills in conducting business analyses. Pre-requisite: Microeconomics Fulfillment: Economics Advanced elective; BUSF Non-Finance elective; BUSM-Non-Marketing elective; IMB Business elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: BUSF Non-Finance Elective
  • SB Crse Attr: NYU Shanghai: BUSM Non-Marketing Elective
  • SB Crse Attr: NYU Shanghai: Economics Advanced Elective
  • SB Crse Attr: NYU Shanghai: IMB Business Elective
  
ECON-SHU 317  The Economics of Discrimination  (4 Credits)  
Typically offered Fall  
This research-focused seminar course will first cover applied microeconometrics with a strongly applied and empirical focus, and then introduce important theoretical and empirical papers analyzing and documenting different mechanisms of gender inequality. Topics covered will include micro-econometric research designs, theory and evidence about gender wage gaps, female educational attainment and human capital and family economics. If there is time, topics in gender and preferences will also be covered. This course is most appropriate for those with a strong grasp of microeconomics and econometrics, and with an interest in pursuing more advanced social science research projects on topics related to labor economics, inequality, and development economics. Economics majors and data science majors with a concentration in economics are particularly encouraged to enroll. Pre-requisites: ECON-SHU 3 Microeconomics OR ECON-SHU 301 Econometrics.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
ECON-SHU 335  Development Economics  (4 Credits)  
Typically offered Fall and Spring  
This course will explore the macroeconomics and microeconomic foundations of economic development. We will discuss poverty, growth, development trap, distribution of income, demography and economic development, land and agricultural labor, health and nutrition, credit, insurance, intra-household allocation and gender, education. In these topics, we will ask: What determines the decisions of poor households in less-developed countries? What constraints do they face? What policies have been tried? What are the policy effect we have seen? Prerequisite: ECON-SHU 1 Principles of Macroeconomics or ECON-SHU 3 Microeconomics or ECON-SHU 202 Intermediate Macroeconomics or ECON-SHU 301 Econometrics. Fulfillment: Economics elective; Social Science Focus Political Economy 300 level.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  
ECON-SHU 336  Macroeconomic Policy  (4 Credits)  
Typically offered every year  
This course provides macroeconomic frameworks to understand empirical patterns we observe and to think systematically about a range of policy problems that policymakers face. Topics covered include economic growth, business cycles, unemployment, money, inflation, payments, digital currencies, asset pricing, and bank runs, among others. For each topic, we will learn the theoretical model that explains the stylized facts, analyze the effects of exogenous shocks and policy changes, and study the optimal policy. The goal of the course is to help students start their own research in macroeconomics on a topic of their interest using the models they learned in the course. Prerequisite or Co-requisite: ECON-SHU 1 Principles of Macroeconomics AND (ECON-SHU 10 Intermediate Microeconomics or ECON-SHU 251 EGB) Fulfillment: Economics elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  
ECON-SHU 342  Behavioral Economics  (4 Credits)  
Typically offered occasionally  
This course explores the effects of psychological factors on economic behavior. We will analyze the observations from the real world that cannot be well explained by classical economic models, and enrich the standard model by incorporating psychological phenomena, such as bounded rationality, loss aversion, time inconsistency and social preferences. We will present both theoretical models and empirical evidence from experiments or real world data. Applications include marketing, asset pricing, game theory, consumption and savings, and public policy. Prerequisites: Microeconomics courses: ECON-SHU 3 or ECON-SHU 150 and Statistics courses: BUSF-SHU 101 or MATH-SHU 20 or MATH-SHU 235 or MATH-SHU 170 or BIOL-SHU 42 or other equivalent courses in statistics. Fulfillment: Economics Major Elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  
ECON-SHU 351  Labor Economics  (4 Credits)  
Labor economics is the study of how labor markets work. We will investigate numerous aspects of the labor market, including the supply of and demand for labor, labor-market equilibrium, human capital, unemployment and job search, labor unions, compensating wage differentials, discrimination and immigration. We will use theory to understand facts and we will use facts to test and inform theory. Prerequisite: Microeconomics, Econometrics Fulfillment: Economics elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  
ECON-SHU 353  Public Economics  (4 Credits)  
Typically offered occasionally  
This course investigates the role of the public sector in the economy. The aim is to understand the reasons for government intervention, the response of economic agents to the governments and assessing the welfare effects of these influences. The course covers tax policy and inequality, social insurance programs, public goods, and the interaction between different levels of government. Special emphasis is on current policy issues such as education reform, health care reform, income tax reform, and the role of behavioral factors in designing effective policy. Students are expected to be familiar with one variable calculus and optimization techniques at the level required in Intermediate Microeconomics. Prerequisite: ECON-SHU 3 Microeconomics. Fulfillment: Economics elective; Social Science Focus Political Economy 300 level course.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  
ECON-SHU 356  Antitrust and Competition Policy in the Digital Era  (4 Credits)  
Typically offered every year  
This course presents an economic analysis of monopoly power and effort to limit monopoly. This course will help students understand the theoretical rationale and empirical application for competition policy on the classical price-centric economy and recent new economy. Also, this course will provide students with an understanding of the practice of competition policy and antitrust regulation by examining recent prominent public and private antitrust cases, in topics of collusion and merger, network, two-sided market and optimal pricing, exclusionary practices in New Economy as well as Algorithm and Data. Prerequisite: ECON-SHU 10 Intermediate Microeconomics OR ECON-SHU 3 Microeconomics with the minimum grade B OR BUSF-SHU 202 Foundations of Finance OR BUSF-SHU 303 Corporate Finance OR CSCI-SHU 360 Machine Learning. Fulfillment: Economics elective; IMB Business elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: IMB Business Elective
  
ECON-SHU 360  Experimental Economics  (4 Credits)  
Typically offered occasionally  
Predicated on the belief that economics, like other sciences, can be a laboratory science where economic theories are tested, rejected, and revised. Reviews the methodology of such laboratory experiments and investigates the use of experiments in a wide variety of fields. These include competitive markets, auctions, public goods theory, labor economics, game theory, and individual choice theory. Prerequisite: ECON-SHU 10 OR ECON-SHU 3. Fulfillment: Economics Major Elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  
ECON-SHU 368  Financial Economics  (4 Credits)  
Typically offered occasionally  
The last episode of financial crisis and the subsequent policy response provide excellent examples for students to learn about the functioning of financial markets and the importance of monetary policies and banking regulations. The course aims to provide an introduction to the role of money, financial markets, financial institutions and monetary policy in the economy, thus providing a solid foundation for further study or employment in the financial services industry. We consider institutions that either help financial markets work well or that interfere with the e cient performance of these markets. Our development includes a series of applications of principles from finance and economics that explore the connection between financial markets and the economy. The course covers many public policy issues and examines how central banks operate and how monetary policy is conducted. It will have a strong international orientation by examining monetary policy in many countries and possible reforms of the international financial system. For each of the addressed issues, we discuss current events reported in the financial press. Throughout this course, you will learn how to apply economic theories to research questions with proper methods, and will acquire the solid skills to read, comprehend, and develop critical thinking. Also, you will learn how to choose and approach an interesting economic research question by yourself from observed economic phenomena. By the end of the course, you will be able to communicate both orally and in written form your own economic research idea. Prerequisite: None. Fulfillment: Economics elective; Social Science Focus Political Economy 300 level course.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  
ECON-SHU 400  Economics Capstone Seminar  (2 Credits)  
Typically offered Spring  
This course is designed to help undergraduate students to write an independent graduation thesis. It is also suitable for students who want to be prepared for Master's and PhD studies later on. The course is divided into two semesters, including academic writing, academic paper review procedure, and academic presentation. Prerequisite: Open to Senior Economics Majors Only. Fulfillment: Economics Capstone, Advanced elective or elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: Yes  
  • SB Crse Attr: NYU Shanghai: Economics Advanced Elective
  • SB Crse Attr: NYU Shanghai: Economics Elective
  • SB Crse Attr: NYU Shanghai: Economics Required
  
ECON-SHU 402  Advanced Econometrics  (4 Credits)  
This course introduces students to advanced topics in econometrics that are actively studied and increasingly used in applied economics (Public Finance, Labor Economics, Development Economics), Corporate Finance, and Marketing. With more economic examples/studies along with rigorous statistical analysis, students will see how the tools of econometrics can be applied in practice. The advanced topics covered include: classical linear regression, limited dependent variable models, panel data, GMM and MLE, randomized controlled trials, differences in differences, regression discontinuity design, big data, etc. Prerequisite: ECON-SHU 301 Econometrics OR BUSF-SHU 101 Statistics for Business and Economics OR MATH-SHU 235 Probability and Statistics OR MATH-SHU 238 Honors Theory of Probability OR MATH-SHU 234 Mathematical Statistics Fulfillment: Economics Major Advanced Economics Electives.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Advanced Elective
  
ECON-SHU 416  Game Theory: Advanced Applications  (4 Credits)  
Typically offered occasionally  
Game theory investigates incentives and behavior in interactive decision making. Compared to Introductory Game Theory, in this course we aim to develop a more advanced understanding of strategic reasoning and of its consequences in relevant economic settings, especially when agents' information about the incentives of the opponents is incomplete. Compared to Advanced Economic Theory, we analyze the behavior of economic agents when the choice of each agent has a non-negligible impact on the outcome for the other agents, so that the relevant uncertainty cannot be summarized with a market outcome or with an exogenous random variable. The course is divided into four blocks. In the first block, we analyze static games with complete information. These are games where every player moves without observing the moves of the other players, players' moves are sufficient to determine the final outcome, and players' preferences for outcomes are common knowledge. The second block is devoted to static games with incomplete information. In these games, outcomes and payoffs also depend on exogenous variables, and players are asymmetrically informed about the realization of these variables. In the third block, we analyze dynamic games with complete information. In these games, players may move after observing past moves of other players --- like in almost all games we play for fun! Finally, the fourth block is devoted to dynamic games with incomplete information. Basic knowledge of multivariate calculus constitutes a necessary mathematical background to follow the course. Prerequisite: ECON-SHU 3 Microeconomics, or ECON-SHU 10 Intermediate Microeconomics, or ECON-SHU 216 Introduction to Game Theory Fulfillment: Economics advanced elective; Social Science Methods or Political Economy 400 level course.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Economics Advanced Elective
  • SB Crse Attr: NYU Shanghai: Social Science Focus Political Economy
  • SB Crse Attr: NYU Shanghai: Social Science Methods Course
  
ECON-SHU 453  Economics Honors Seminar  (2 Credits)  
Typically offered Fall and Spring  
Prerequisite: department consent is required. Fulfillment: ECON Capstone Electives; Business China Business Studies (depending on topic); IMB Business elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: Yes  
  • SB Crse Attr: NYU Shanghai: Economics Required
  • SB Crse Attr: NYU Shanghai: IMB Business Elective
  
ECON-SHU 997  Economics Independent Study  (2-4 Credits)  
Typically offered Fall and Spring  
Prerequisite: None. department consent is required. Fulfillment: Economics Major Elective.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: Yes  
  • SB Crse Attr: NYU Shanghai: Economics Elective
  
ECON-SHU 9301  Econometrics  (4 Credits)  
The course examines a number of important areas of econometrics. The topics covered include regression analysis with cross-sectional data; classical linear regression model and extensions; model specification, estimation and inference; regression with qualitative variables; heteroskedasticity and GLS; serial correlation and heteroskedasticity in time series regression. In addition to covering the relevant theoretical issues, the course includes the application of these methods to economic data. Pre-requisites: Statistics (BUSF-SHU 101 OR MATH-SHU 235 OR MATH-SHU 233 OR ECON-UA 18 OR STAT-UB 103 OR STAT-UB 1 OR MATH-GA 2901 OR SOCSC-UH 1010Q OR ECON-UA 20). Fulfillment: Economics Required; Data Science Major Data Analysis Courses.
Grading: Ugrd Shanghai Graded  
Repeatable for additional credit: No  
  • SB Crse Attr: NYU Shanghai: Data Science Required Data Analysis
  • SB Crse Attr: NYU Shanghai: Economics Required