Brief Introduction of the Courses
(Semester Offered)

Fall Semester

1. Advanced Econometrics I

This course introduces international MA/PhD students to the practice and theory of probability and statistics. It serves as a foundation for concepts to be used in advanced courses in economics and econometrics. At the end of the course, I hope that you are prepared to study more advanced courses by yourself or along with an instructor. I also hope that you become a more informed consumer and user of statistics.

2. Advanced Macroeconomics I

This course explores the workings of an economy from a macroeconomic perspective. Although the course focuses primarily on the United States economy and its relation with the rest of the world, the concepts and tools apply to market economies around the world. Major topics include: the determinants of an economy's output in the long run; the role of money in the long run and short run; the determinants of the price level; the role of interest rates and exchange rates in the U.S. economy and in small, "open" economies; the causes and nature of the business cycle; the Keynesian model of the economy and how it differs from the classical theory of the economy; and the role of fiscal and monetary policy in stabilizing the economy and ensuring full employment. The last module of the course examines the recent meltdown of the economy, stemming from the collapse of housing prices and the financial system.

3. Advanced Microeconomics I

The main objective of this class is to train students with basic microeconomic theory and enable students to apply microeconomic theories to analyze economic phenomena and related policies.

4. Asset pricing I

This course, which is the first in the sequence of doctoral seminars offered in finance, is designed to introduce students to the major models of asset pricing and to Rational Expectations models. All of the material is developed from first principles, so there are no formal prerequisites for taking this seminar. It is assumed, however, that students are familiar with basic microeconomic theory and have a working knowledge of both calculus and matrix algebra. The general approach will be:
Øto examine the economic intuition behind each model
Øprovide a mathematically rigorous derivation of the model
Ødiscuss the model's important features, and
outline the testable implications of the model.

5. Chinese Economy

The course provides a general introduction to the background and current structure of Chinese economy. It aims to help students understanding sources of Chinese economic growth and analyzing economic problems in China using empirical and theoretical approaches. We will first cover the basic geographic and demographic backgrounds and a brief introduction on economic growth history in China. Following it, we will mainly explore the behavior and decision--‐making of main players in the economy, including firms, governments and households. Throughout the way, we will integrate industrialization, decentralization and urbanization together. In the end, the course will cover specific fields including trade and financial system in China.

6. Climate Change Economics

Climate change are attracting increased attention with more evidence supporting its existence. So should we take action? What could we do and what are the economic issues here? How to evaluate the effects of climate change? This course will introduce students the topics of climate change and its economic aspects. The course will also improve students' ability to assess economic questions by examining and discussing approaches used in assessments regarding effects, adaptation and mitigation. Topics will be discussed in this course include the following.
Topic 1: Introduction to Climate Change
Topic 2: Toward Action and Economic issues
Topic 3: Economic Vulnerability under Climate Change
Topic 4: Climate Change Mitigation
Topic 5: Climate Change Adaptation
Topic 6: Will Bioenergy be Profitable: Markets, Lifecycle Carbon Footprint, Commodity Prices and Leakage
Topic 7:Cost of Carbon: Discounts, Fungibility and Agricultural GHG Offset projects
Topic 8:Co-Effects of Climate Change and GHG Mitigation Policies
Topic 9:Mixing Adaptation and Mitigation Policies

7. Economics of Nature Resources

As the first graduate course in resource economics, this course examines a broad range of issues related to the use of natural resources with a framework that combines calculus and graphical analysis. In general, this course applies microeconomic theory to problems of allocating renewable and nonrenewable natural resources, both among competing users and across time. Basic models are applied to the problems of fisheries overexploitation, excessive forest harvesting, and the depletion of water, soil and energy resources. The course also examines the economic rationale for government intervention in the market's provision of natural resources and evaluates alternative methods for regulating the use of selected natural resources.

8. Empirical Applications of Industrial Organization

The course will focus on the empirical applications of industrial organizations. Specifically, it will primarily introduce the economics of antitrust and regulation. The course will teach students think in the perspectives of both firm and government. It will enable students to examine different market practices strategically and analytically. In particular, student should be able to come up with their own policy design after the course.
For each topic, students will study both the basic theory and the empirical evidence related to the theory. Both positive and normative issues will be analyzed. The course will cover the following broad topics: horizontal merger policy, collusion, predatory pricing, and vertical mergers and restraints, optimal regulation, and regulation in public utilities.

9. Financial Economics

To ensure that the student obtains a solid basic understanding of the principles of financial economics. The most important skills are
ØTo understand and apply the time value of money techniques to various problems
ØTo be able to state the principle of asset valuation
Ø To be able to distinguish between risk management techniques
ØTo be able to relate risk and return using the CAPM framework

10. Financial System in China

This course gives a basic introduction to the main features of financial institutions and markets in the United States and China. The objective of this course is to prepare students for successful interaction with financial markets and institutions. This course examines the form and function of various financial markets and the manner in which financial managers use these markets to accomplish corporate objectives. Focus will be placed on the behavior of major financial institutions and their role in the intermediation process as suppliers of funds as well as the form and function of specific financial markets.

11. Fixed Income Analysis

In This Course
ØYou expect to learn:
   Spot rate models
   Vasicek (general equilibrium model)
   CIR(general equilibrium model)
   HW I, II (general equilibrium model)
  BDT(no arbitrage model, use the entire yield curve to model the spot rate movement)
Ø Instantaneous forward rate models(modeling the entire yield curve, not just the spot rate)
   HJM(no arbitrage model)
   LIBOR market models (modeling a set of forward rates)
   BGM(no arbitrage model)
Ø You also get a chance to know lots of interest rate derivatives products

12. Game Theory

This course introduces students to the basic concepts of game theory, which is the theory of strategic interactions. The emphasis is on the unifying perspective that game theory offers to questions in economics, and many other disciplines including business, biology, political science as well as everyday life. The basic concepts of game theory will be presented using a wide range of substantive and intellectually stimulating applications. After completing this course students will be able to view social interactions as strategic games, to use game theoretic concepts to predict behavior in these interactions and to conceive of ways in which altering the rules of the game will affect outcomes.

13. Industrial Organization

Industrial organization is a subfield of microeconomics devoted to the study of firms and markets, focusing in particular on how firms acquire market power, how firms use this power once acquired, and how competing firms interact strategically. The development of non-cooperative game theory over the past several decades has provided new, formal tools to study these issues and has led to an explosion of interest in industrial organization. Many of the lectures will be theoretical, but there will also be discussions of policy issues and empirical methods.
This course innovates the traditional industrial organization class. It consists of theory, case study and empirical method. After the course, students should be able to distinguish market strategy, improve their literature reading skills, and know some basic data management skills.

14. International Finance

Perhaps more than ever before, an international perspective is required to address the fundamental questions of macroeconomics. What determines the level of economic activity in an economy? What determines the pace of economic growth? What are the effects of monetary and fiscal policy? An international perspective not only improves understanding of these familiar questions, but it also allows one to consider important new questions. For instance, why do some countries run trade deficits or surpluses? Should such imbalances concern policy makers? Why do some countries encounter financial crises? What is the proper response to these crises?
In this course, we will build a framework that allows us to address the many interesting questions of international macroeconomics. In this context, several important topics will be discussed, including the following.
Ø What role does monetary and fiscal policy have in open economies?
Ø Is there a need for new international financial institutions?
ØWhat are the merits of European Monetary Union?
Ø What are the tradeoffs between fixed and flexible exchange rates?
What can account for financial crises?

15. International Trade

This course will focus on both theoretical and quantitative aspects in the field of international trade. The aim is to help us understand the causes and consequences of trade, with particular focus on firms' behaviors. We will study Ricardian and H-O trade theory before moving on to monopolistic competition of trade. The bulk of the course will be spent discussing modern developments in international trade, focusing on models featuring heterogeneous firms in monopolistically competitive frameworks. We will brief touch on the other modern topics if time permits.

16. Introductory Mathematical Economics

The purpose of the course is to provide students the mathematical tools for graduate study and research in economics. This course is designed to study the mathematical theory of optimization, which are most frequently used in economic models of the firm and consumer behavior. Topics include: necessary and sufficient conditions for constrained optimization, the role of convexity and concavity in optimization and comparative statics. If the time permits, I will slightly introduce the optimal control theory and dynamic programming. By the end of the course, students are expected to 1) understand the theoretical part of most current journal articles in economics, 2) develop theoretical framework in mathematical format to interpret real-life phenomena, 3) be prepared for economics study in future graduate-level courses using a wide range of mathematical techniques, 4) develop a set of problem-solving and analytical skills to solve real-life problems.

17. Investment

This course provides you with an introduction to the most fundamental aspects of investments, and possesses both theoretical and practical characteristics. The course aims at illustrating basic knowledge and skills about investments, and guiding students to systematically understand basic concepts and functions of financial markets, portfolio theory and financial assets allocation, investment analysis and management, pricing and using financial derivatives, investment performance evaluation etc. Through the course, students will learn about the investment principles in financial markets, and apply what they learn to analyze and explain investment phenomena in real economic world, get prepared for further study and research, and enhance practical investment abilities.

18. Labor Economics

This is a graduate course in labor economics and covers core topics in the field of labor economics and empirical methods for applied microeconomic analysis. There is no compulsory textbook for the course. Readings designated by an asterisk (*) will be emphasized in the lectures. Readings designated by a (P) can be selected for the in-class presentation. Readings with no asterisk may be discussed in the lectures briefly, but are primarily offered as a guide to the literature.

19. Law Economics

This course provides an introduction to law and economics. Standard economic theory will be applied to analyze law and legal institutions and to study the origin, nature, and consequences of the "rules of the game" as they pertain to individual and group behaviors. Specifically, applications of economic theory in property law, contract law, tort law, crime and prosecution, and other related topics will be discussed.

20. Literature Review and Thesis Writing

The goal of this course is to teach students how to revise and polish their preliminary draft and complete their theses in a satisfactory manner and according to academic standards. In order to achieve this goal, this course is designed as follows.
First, the course introduces students to the ethics, the elements, and the structure of thesis writing. In terms of ethics, we will stress on the harmfulness of plagiarism. In terms of element, we will focus on the academic standards of citation. Formatting issues of the thesis will also be discussed. In terms of the writing structure, we will discuss the writing of data section, empirical analysis, literature review, introduction, conclusion, and abstract one by one. Second, the course provides a revision structure for the students through a series of take-home assignments and deadlines, so that students can make progress on their theses through frequent production of written materials. Third, the course provides for students an opportunity to orally present their work and receive feedback from instructor and peers.

21. Microeconometrics and Application

This is an advanced course in microeconometrics and its application. It is designed for WISE undergraduate experimental class in economics and international master majored in quantitative economics. Building on the introductory level econometrics, this course studies econometric estimation and inference methods frequently used in program evaluation and other empirical studies. The course will cover theories, applications as well as Stata skills in the field of microeconometrics. It aims at equipping the students with all necessary knowledge and skills to fulfill a simple empirical research project.

22. Selected Issues on China

This part of the lecture series provides an introduction to China with focus on history and politics. It will first give a brief introduction to ancient history of China with focus on features of social formation in different historical periods, and then touch upon development of science & technology. The section on politics of China will cover political power and administrative system, as well as the new security concept and its impacts on foreign relations.

23. Time Series Analysis I

This is an introductory course to time series analysis. Methods are hierarchically introduced .starting with basic concepts and terminologies, progressing to different data analysis, and ending with different modeling and inference procedures. The course material will cover stationary/non-stationary, linear/nonlinear time series analysis. After this course, students are expected to learn the knowledge and skills needed to do both theoretical and empirical research in fields operating with time series data sets.

24. Urban Economics

Urban economics introduces space into economic models and studies the location of economic activity. It addresses a wide variety of theoretical approaches and policy options.
In this course, our primary focus will be on answering general and interesting questions such as, Why do cities exist? How do firms decide where to locate? Why do people live in cities? What determines the growth and size of a city? Which policies can modify the shape of a city? A simple mono-centric model will be introduced to give a basic idea what is the difference between the spatial model and traditional economic model. Then we will analyze specific economic problems that arise because we are living in cities, such as crime and poverty, housing, segregation, congestion, pollution, education, and public policy. I highly encourage and value students who can put those economic problems specifically in Chinese background.


Spring Semester

1. Advanced Corporate Finance

This course surveys the common methodologies used in empirical corporate finance research, with an emphasis on practical issues. It also examines many of the important topics in corporate finance, including both seminal papers and working papers on the cutting edge of the field.

2. Advanced Econometrics II

This course is designed for International Economics Ph.D. and Master students at WISE, XMU. The basic methods of modern econometrics are covered. Attention will be given both to econometric theory and the problems that arise in empirical studies. We begin with an extended discussion of univariate and multivariate regression analysis. Later in the semester, we will get to learn more advanced topics, such as instrumental variables, limited dependent variable methods, and the application of regression models to time series and panel data.

3. Advanced Macroeconomics II

In this course we will study the foundations of modern macroeconomic analysis and survey applications related to economic growth and business cycles. We will begin with a basic understanding of macroeconomic facts related to growth and economic fluctuations, and then explore different macroeconomic models and research findings to help you acquire analytical skills to solve problems in macroeconomics. Some important methods of solving dynamic models, such as differential calculus of constrained maximization and dynamic programming, will be introduced to you.

4. Advanced Microeconomics II

This course will equip students with advanced microeconomics theory and its application. After the course, students should be able to use mathematical model to demonstrate economics theory, use economic models to analyze and examine empirical applications. The course is designed for Ph.D. students; it will be highly mathematical orientated. Students are required to take advanced microeconomics I before taking this course.
The course will cover big topics in microeconomics, including uncertainty, utility, market power, oligopoly and game theory, pure exchange economy, and information economics. All the topics will be elaborated on in great details, and students are required to demonstrate all the models using advanced mathematics.

5. Applied Micro-econometrics

This course covers several popular econometric methods which have recently been widely used in empirical studies. These topics include (1) instrumental variables estimation and inference under weak instruments and near erogeneity; (2) static and dynamic panel data models; (3) policy evaluation; and (4) quartile estimation.

6. Asset Pricing II: Continuous‐time Models and Risk Management

This course is designed to introduce modern quantitative methodologies for asset pricing in finance (and insurance) with emphasis on continuous-time models and associated risk management in practice. The main asset classes covered are option, rate and credit. The associated numerical implementations are demonstrated via Mat Lab.

7. Chinese Economy: Transitions and Growth

The goal of this course is to investigate the fundamental causes of sustained economic prosperity and widespread wealth using the contemporary Chinese economy as the backdrop. Specifically, it aims at providing students with tools and frameworks to explain China's economic transitions and growth, to be able to discuss the contemporary Chinese economy topics in an informed way, and to probe into China's future.

8. Chinese Taxation

To introduce the fundamental concepts of tax system in China

9. Corporate Finance

The objective of this course is to develop an understanding of the decisions financial managers face. In this course, we will approach problems from the perspective of the Chief Financial Officer. We will focus on decisions concerning raising money (equity, debt, convertible bonds, etc.), and spending money (project valuation, acquisitions).

10. Derivative Analysis

This course is designed to provide students with a solid understanding of pricing and trading in derivatives markets. The underlying includes futures and options. Algorithmic trading models and practices will be covered based on your understanding of the aforementioned instruments. Students will also better understand investors' trading behavior and how the market functions via micro-structure analysis

11. Economic Analysis of Environmental Policy

Broadly speaking, economics is the science of how scarce resources are allocated: how people and firms do this allocation and how society might want to make decisions about scarce resources. When viewed in this way, it is clear that economics might provide a useful framework within which to analyze environmental problems and approaches to solve them.
This course introduces students to fundamental concepts, analytical methods and public policy options in managing environmental and natural resources using the tools of economic analysis. What is economics from a practical, problem-solving point of view? And how can we use economics to analyze and solve environmental problems? The answers to these questions are the two central themes of this course.

12. Economic Growth

A theoretical and empirical examination of economic growth and income differences across countries. This course focuses on both the experience of rich countries and the catch-up process of less-developed countries. Topics may include population growth, accumulation of physical and human capital, technological change, openness, the role of government and income distribution. This course use Solow model with exogenous savings rate as a main theoretical framework. We also consider models with endogenous saving rate, such as OLG model and optimization models with a finite period.

13. Empirical Methods in Labor Economics

Research in labor economics is closely related to policy, and labor economists often aim to provide evidence on the causal effect of either a policy intervention (e.g. minimum wage) or an individual choice variable (e.g. education, fertility, child care) on labor market outcomes. During the last decades, labor economists have been very prominent in developing micro-econometric methods for estimating such causal effects. This has had substantial spillovers to other fields in economics.
In this course, we will focus on the empirical methods used in labor economics. The course is designed to prepare you to read and evaluate empirical work in labor economics. However, the toolkit presented in this course will be useful for research in all areas of applied micro.
The course will begin with a detailed discussion of some of the main problems affecting empirical work in economics, such as omitted variable bias, selectivity bias, endogeneity, and measurement error. We will then cover the empirical techniques designed to overcome these issues, such as difference-in-difference, regression discontinuity design, instrumental variables etc.

14. Energy Economics

More than ever, energy dictates our lives. Once viewed as a utility, energy is now the key word in our struggle for a sustainable future. The need for sustainability has turned energy into a highly relevant product, even approximating a lifestyle item. In this course, we will discuss both the value and the valuation of energy, and gain useful insights into the fundamental economic forces determining the global energy supply and demand. Some economics issues facing the energy sector will also be figured out, like environmental pollutions, renewable energy systems, low-carbon development and energy finance. This course is accessible to students of little mathematical background. The economic concepts will be explained in graphical presentations, while the mathematics materials are often provided for further reading.

15. Environmental Economics

This course is intended for second-year, junior and senior students in the undergraduate program. The goal of this course is to train students with topics in environmental economics and analytical skills for addressing basic empirical research questions related to environmental economics. Students should be able to analyze basic environmental issues with economic approaches and tools

16. Experimental Economics

This course consists of two parts. Seventy percent of time will be devoted to the methodology and application of experimental methods in economics. Given the recent growth of interest in behavioral considerations, experiments are increasingly used in economics to study human behavior. With their help we now have much better understanding of individual and market behavior. Students will overview some of the most important existing experimental work and learn how to design their own experiments and prepare to run them.
Thirty percent of time will be spent on exploring how individuals and firms make financial decisions in a way that deviates from those predicted by traditional financial or economic theory. Specifically, we examine the existence of psychological biases in financial decision-making, and how the insights of behavioral finance sheds light on the behavior of asset prices, corporate finance, and various financial practices.

17. Fixed Income Analysis

The purpose of the course is to familiarize the students with the world of fixed income and the characteristics of the various securities traded in fixed income markets. This is not a very technical course, and precise pricing models will not be discussed-they are covered extensively in other courses offered at WISE. We will also focus on public policy issues related to the fixed income markets.

18. Human Ecology

Human ecology is an interdisciplinary subject which studies the relationship between humans and their natural and social environments.
This course combines some most recent developments in both natural and social sciences, provides an introduction to this interdisciplinary field of human ecology, with a focus on the relationship between nature's processes and economic development, and the way they impact each other. Some important topics that will be discussed include how natural resource or ecological constraints can significantly affect economic development. For example, the patterns of climate, disease ecology, physical resources such as energy and geographical conditions can significantly shape the patterns of social and economic development. And anthropogenic activities, such as farming and depletion of resources, affect the physical environment in turn. In the process, the course will also provide introductions of ecosystem service, human development, some related economic policies that help managing the limited resources, and sustainable development. With these topics, the course aims to provide students an understanding of the interaction between the natural system and the social economic development.

19. Time Series Analysis

Time Series Analysis is an important branch in Inferential Statistics, and it also has wide applications in Economics, Social Science, and Natural Science. In this course, we will introduce the important theory and methods that are used in time series analysis, and discuss in details how to model stationary time series, nonstationary time series, seasonal time series, including model identification, parameter estimation, model diagnostic checking, prediction and control and so on. After taking this course, students are expected to learn the skills needed to do empirical research with time series data, and they are able to evaluate their analysis and know how to improve their analysis, which might help them a lot in further studying and practices.

20. Mathematical Economics

This course is designed for international Ph.D. students. It is a continuation of introductory mathematical economics. The purpose of this course is to expose students to mathematics techniques frequently used in advanced microeconomics, advanced macroeconomics and advanced econometrics

21. Microeconometrics and Application

This course consists of three parts. The first part surveys a range of techniques used in econometrics, statistics and machine learning that are useful in analyzing micro data. The second part focuses on the estimation of treatment effects and introduces the theory of causal inference. The third part discusses structural estimation and its applications. The goal of this course is to prepare students with the tools to conduct empirical research in microeconomics. The emphasis will be on issues that arise in working with data and practical considerations in using various techniques rather than their theoretical underpinning. It is assumed that students already have a sufficient knowledge of the basic econometric theory.

22. Multivariate Statistics Analysis

This is an introductory multivariate statistical analysis course. The aim of the course is to introduce a variety of statistical methods for describing and analyzing multivariate data, emphasizing the implementation and interpretations of these methods. At the end of the course, students should develop the knowledge for making proper interpretations, selecting appropriate techniques, and understanding their value.

23. Public Finance

This course is a Compulsory course for students who majored in Public Finance. Its purpose is to make the students master the basic theory of modern public finance, and be able to use their knowledge to think about the fiscal realities of our country and even worldwide. The topics include: The Functions of Public Finance; Public Goods; Public Choice; The Theories of Public Expenditure; purchase expenditure; transfer expenditure; taxation theory; Taxation System; Government Budgeting; Deficits and Public debts; Fiscal System.

24. Public Policy Analysis

This course aims to provide students with both a conceptual framework and practical experience in analyzing public policies. The course covers a variety of topics related both to the substance and methods of policy analysis. It is designed to help students develop the skills required to define and critically analyze policy issues and problems, choose the relevant methods and techniques for policy analysis, evaluate alternative policy solutions and assess the means and costs of implementation.

25. Real Estate Economics

This course is designed to provide students with an introductory analysis of real estate markets, as well as public policies that affect these markets. We will apply the latest economic thinking and research to the task of analyzing real estate market fundamentals, forecasting supply and demand, and choosing locations. In this course, we will build a framework that allows us to address the many interesting questions of real estate economics. In this context, we will discussed several important topics as following.
What is the optimal Housing FAR?
How to predict the changes in real estate markets?
What about the Retail travel patterns and the distribution of stores?
Is there any fiscal incentives for land use regulation?
What can account for submarkets and land use segregation?

26. Regional Economics

This course covers the theoretic and quantitative methods in regional economic analysis. The theories include theory of location and land use, theory of regional growth, theory of regional development, theory of regional competition and coordination, theory of spatial equilibrium, cost and benefit analysis of infrastructure projects and their financing. The quantitative methods include regional and interregional input-output analysis, gravity and spatial interaction models, basic spatial econometrics, multiplier analysis, shift-share analysis, place-based policy evaluations, regional economic forecasting models.
Students are expected to be able to apply both theoretic and empirical methods to carry out regional, inter-regional, and urban economic analysis and related policy evaluation.

27. Stochastic Process

Stochastic analysis is a rapidly expanding interdisciplinary field that involves mathematics (stochastic calculus) and models for financial markets. Finance has become an increasingly quantitative discipline, and financial institutions are hiring graduates in finance, economics, mathematics, physics, and engineering. A solid mathematical and financial foundation is necessary to understand new paradigms in finance, and employers are also looking for graduates trained in both disciplines, with particular emphasis on modeling ability. This course will comprise an immersion into the mathematics and models of modern finance, with an emphasis on conceptual and mathematical understanding, as well as building and implementing models.

28. Topics in Labor Economics

Labor economics as a field has grown enormously in the past several decades. Although originally focused on the interactions between firms and workers, modern labor research examines diverse areas such as crime, family interactions, social incentive etc. The purpose of this course is to review several topics of interest to labor economists, outlining the relevant theoretical work and empirical evidence. Particular emphasis will be given to identifying data sources that will be useful for students in their own empirical work, as well as furthering students' understanding of the empirical methods used by labor economists.


How to apply

We invite you to explore our various study programs. By joining us, we are sure you would find your time here intellectually rewarding and challenging.


Contact information

Tel.: +86(0)592-2189805
Address: N106 Economics Building, Xiamen University, Xiamen, Fujian, P.R. China 361005

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