Courses

This course is an introduction to the study of the forces of supply and demand that determine prices and the allocation of resources in markets for goods and services, markets for labor, and markets for natural resources. The focus is on how and why markets work, why they may fail to work, and the policy implications of both their successes and failures. The course focuses on developing the basic tools of microeconomic analysis and then applying those tools to topics of popular or policy interest such as minimum wage legislation, pollution control, competition policy, international trade policy, discrimination, tax policy, and the role of government in a market economy. [ more ]

This course provides an introduction to the study of the aggregate national economy. Develops the basic theories of macroeconomics and applies them to topics of current interest. Explores issues such as: the causes of inflation, unemployment, recessions, and depressions; the role of government fiscal and monetary policy in stabilizing the economy; the determinants of long-run economic growth; the long- and short-run effects of taxes, budget deficits, and other government policies on the national economy; and the workings of exchange rates and international finance. [ more ]

This course uses economic analysis to explore how gender differences can lead to differences in economic outcomes, in both households and the labor market. Questions to be covered include: How does the family function as an economic unit? How do individuals allocate time between the labor market and the household? How have changes in family structure affected women's employment, and vice-versa? What are possible explanations for gender differences in labor force participation, occupational choice, and earnings? What is the role of government in addressing gender issues in the home and the workplace? How successful are government policies that primarily affect women (e.g., comparable worth policies, AFDC/TANF, subsidization of child care)? The course will focus on the current experience of women in the United States, but will place these gender differences in a historical and cross-cultural context. [ more ]

This course is an introduction to the economics of development. The central question is: why are some people and nations poor? And what can governments (or donors) do to reduce poverty? Possible topics include agricultural productivity, health, education, microfinance, child labor, corruption, resource utilization and pollution, and intellectual property rights. We shall also discuss the extent to which market-friendly reforms (such as trade liberalization) can reduce poverty. [ more ]

This course will provide students with an understanding of economic growth in East Asia and the region's current microeconomic policy issues. For the purpose of this course, we will focus on China, Japan, Korea, and a few Southeast Asian countries. Those interested in economic development and applied microeconomic policies characteristic of East Asia will find this course useful. We first examine the process of economic growth. Cross country comparisons will help draw similarities but also differences in the development processes. The second part of the course will focus on specific economic issues such as, privatization in China, education and inequality in South Korea, demographic challenges in Japan, health care in Indonesia, etc. The course will involve readings from various texts, policy reports, academic journals, and case studies. Throughout the course students will learn how to read empirical evidence presented in these articles. [ more ]

For a variety of reasons including environmental pollution, urbanization, changing agricultural techniques, resource mismanagement, and the consequences of climate change, water is becoming a scarce resource even in places where it was relatively plentiful in the past, and it is likely to become an increasingly scarce resource over the coming decades. In this course we will use basic economic models to consider policy issues relating to water: Is access to water a basic human right, and if so, what market and non-market mechanisms should play a role in water allocation? Does public ownership of water improve the way it is provided and used? Why do societies differ in their approaches to allocating water and are some systems better than others? What does it mean to have a property right to water? Could private property rights to water help address the water pollution problem? How can societies change their water-related property rights, regulations and social institutions when individuals have implicit or explicit rights to the institutional status quo? Who has the right to water that crosses international boundaries? How should societies allocate water across generations? [ more ]

In recent years, the intersection between health and economics has increased in importance. The costs of health care have been rising, seemingly inexorably. A substantial fraction of the United States population lacks health insurance, while the rising number of elderly is putting increasing pressure on health spending. Globally, the HIV/AIDS pandemic is causing severe economic hardship, and many people lack access to basic health care. More positively, advances in health care have widened the scope of possible treatments. Given the importance of good health for individual well-being, it is not surprising that health care and how to pay for it are of concern to individuals and policymakers worldwide. In this course we will analyze the economics of health by applying standard microeconomic techniques to the problems of health and health care markets. The course focuses on three broad issues: the inputs to health and the demand for health care, the structure and consequences of public and private health insurance, and the supply of health care. Special attention will be devoted to topics of current public policy, including the problems of rising costs and cost containment, health insurance reform, the changing nature of health care provision, changing public policies in the Medicare and Medicaid programs, hospital competition, and the determinants and consequences of technological change in medicine. [ more ]

A study of the determination of relative prices and their importance in shaping the allocation of resources and the distribution of income. Subjects include: behavior of households in a variety of settings, such as buying goods and services, saving, and labor supply; behavior of firms in various kinds of markets; results of competitive and noncompetitive markets in goods, labor, land, and capital; market failure; government policies as sources of and responses to market failure; welfare criteria; limitations of mainstream analysis. [ more ]

A study of aggregate economic activity: output, employment, inflation, and interest rates. The class will develop a theoretical framework for analyzing economic growth and business cycles. The theory will be used to evaluate policies designed to promote growth and stability, and to understand economic developments in the U.S. and abroad. Instructors may use elementary calculus in assigned readings, exams and lectures. [ more ]

An introduction to the theory and practice of applied quantitative economic analysis. This course familiarizes students with the strengths and weaknesses of the basic empirical methods used by economists to evaluate economic theory against economic data. Emphasizes both the statistical foundations of regression techniques and the practical application of those techniques in empirical research. Computer exercises will provide experience in using the empirical methods, but no previous computer experience is expected. Highly recommended for students considering graduate training in economics or public policy. [ more ]

Economic liberalism holds that, society is better off if people enjoy economic freedom. Its critics point to what they believe this position ignores or what it wrongly assumes, and hence, how it would make bad policy. This course explores the relationship between politics and economics by surveying influential works of political economy. Its first part examines major thinkers in relation to the historical development of capitalism in Western Europe and the United States: the classical liberalism of Adam Smith, Karl Marx's revolutionary socialism, and the reformist ideas of John Stuart Mill, and John Maynard Keynes. The second part considers more recent writings that revise and critique liberalism from a variety of perspectives, and then illustrates the contending perspectives with reference to important policy areas. The historical focus of the course permits you to appreciate the ongoing dialogue between classical and contemporary views of political economy, while classroom discussion involves frequent reference to current public policy issues. [ more ]

This tutorial will utilize economic theory and econometric methods to understand a variety of issues pertaining to the economics of colleges and universities. In particular, we'll discuss the logic of non-profit enterprises, the financial structure of a college or university, competition in the market for higher education, policies impacting tuition and financial aid, the individual and societal returns from investments in higher education, and the distinctive features of academic labor markets. Particular attention will be paid to selective liberal arts colleges. [ more ]

This course is intended as an introduction to the newly emerging field of political economy of institutions and development. Key questions of interest include how voters behave and how this affects policy and economic outcomes; the nature, evolution and economic implication of corruption, and how it can be controlled; and the economics of conflict. The goal of the course is both to provide students of a sense of the frontier research topics in political economy in developing countries and to introduce them to the methodologies used to investigate these topics. [ more ]

This course examines the ways in which a country's factor endowments, domestic market characteristics, and government policies promote or impede the global expansion of its industries and corporations. First, actual trade and investment decisions of multinational corporations are analyzed and compared to the predictions of international trade theory. Second, competitive strategies of indigenous and foreign rivals in U.S., Pacific rim, and European markets are explored. Third, the efficacy of government policies in promoting the competitiveness of industries in global markets is discussed. Case studies of firms, industries, and countries will be utilized. In class taught during the fall, students will simulate a meeting of the Federal Reserve Open Market Committee, either to decide on monetary policy or to debate a current policy monetary policy or regulatory issue; in class taught during the spring, students will gain insights into the implementation of monetary policy through a simulation of the Federal funds market. [ more ]

This course first explores the role of the financial system and financial markets, and how they interact with the economy. What does finance do? How are asset prices determined, and how are these prices related to interest rates? Are financial markets efficient, and what are the implications of their efficiency or lack thereof? How does the financial system help with the management of risks faced by society? Second, it analyzes the role of the central bank and the conduct of monetary policy. How do central banks set monetary policy and how do those policies effect the economy? How does monetary policy change when interest rates are (virtually) zero? Third, it studies the complexities associated with managing and regulating modern financial instruments and markets. Why are financial crises so common, and why has regulation not succeeded in preventing them? Throughout the impact of incentives on the shape and evolution of the financial system will be stressed. [ more ]

The world today is marred by vast inequities, with about a 30-fold difference in per capita incomes between the poorest country and the most affluent. What explanations do long-run growth economists have to offer for these differences in levels of prosperity? Are the explanations to be found in underlying differences between countries during the past few decades? The past few centuries? Or the past few millennia? If contemporary differences in living standards have origins that are hundreds or even thousands of years in the past, what scope exists for policies to reduce global inequality? Can we expect these inequalities to be reduced gradually over time through natural economic processes, or are they likely to persist unless action is taken to reduce them? This course will present a unified theory of economic growth for thinking about these and related questions. Examples of issues to be covered include, amongst other topics, Malthusian stagnation in pre-industrial societies, the importance of the demographic transition and human capital formation in the process of industrialization, the role of colonialism, slavery and ethnic fragmentation in shaping modern institutions, and the long-lasting effect of geography through its impact on the emergence of agriculture in early human societies. [ more ]

This course is an introduction to the economic analysis of demographic behavior and the economic consequences of demographic change. An important aim is to familiarize students with historical and contemporary trends in fertility, mortality, migration, and family composition, and the implications of these trends for the economy. The course demonstrates the application of microeconomic theory to demographic behavior, including fertility, marriage, and migration. Students are introduced to basic techniques of demographic measurement and mathematical demography. Selected topics include the economic consequences of population growth in developing countries, the economics of fertility and female labor force participation, the effects of an older age structure on the social security system, and the relationship between population growth and natural resources. [ more ]

This course analyzes the major financial decisions facing firms. The course takes the perspective of a manager making decisions about both what investments to undertake and how to finance these projects. Topics include capital budgeting, links between real and financial investments, capital structure choices, dividend policy, and firm valuation. Additional topics may include issues in corporate governance and corporate restructuring, such as mergers and acquisitions. The course will emphasize the underlying economic models that are relevant for these decisions. [ more ]

At current rates of growth, the combined population of urban areas in developing countries will double in the next 30 years. The land area devoted to urban use is expected to double even more quickly. The costs of providing housing and infrastructure to accommodate this growth are enormous, but the costs of failing to accommodate urban development may be even larger. The decisions made in response to these challenges will affect the economic performance of these countries and the health and welfare of the urban residents. By affecting global patterns of energy use, these decisions will have broader impacts on the entire planet. This course will focus on these challenges. What are the economic forces that drive the process of urbanization, and how does the level of urbanization affect economic development? How are policies towards housing, transportation, public finance and development affected by urbanization? What policy choices are available, and which are most likely to succeed in dealing with the challenges of urban growth? [ more ]

Why did modern economic growth first occur in Europe, and not in China or the Middle East? Why did the Industrial Revolution occur in Britain and not France? Why did the economy of the Soviet Union collapse in the 1980s? What drove European economic integration? This course will explore these and other questions related to the economic development of Europe from the early modern period until today. We will investigate how institutional change, technology, industrialization, social welfare policies, trade and globalization, and government intervention have affected the process of economic growth. Drawing on a wide variety of empirical and theoretical readings, the perspective of the course will be comparative, both across Europe and to the experiences of developing countries today. [ more ]

Students are invited to apply to undertake independent study on subjects of their own choosing. Interested students should consult with a faculty member about designing an appropriate project well in advance of spring registration. [ more ]

Students are invited to apply to undertake independent study on subjects of their own choosing. Interested students should consult with a faculty member about designing an appropriate project well in advance of spring registration. [ more ]

This course examines the distribution of income in the U.S., with particular emphasis on how it is affected by taxes, transfers, and other government programs. Most of the course will focus on the bottom of the income distribution, where the role for policy is greatest. Questions to be addressed may include the following: What are the causes and consequences of poverty? How do welfare, the minimum wage, and the EITC affect those in poverty? How does discrimination affect the incomes of various demographic groups? What are the effects of affirmative action? How much mobility is there across the income distribution? What explains the recent growth in income at the top of the distribution, and the resulting increase in inequality? [ more ]

Risk and uncertainty are pervasive features of economic decisions and outcomes. Individuals face risk about health status and future job prospects. For a firm, developing new products is risky; furthermore, once a product has been developed, the firm faces product liability risk if it turns out to be unsafe. Investment decisions--from managing a portfolio to starting a business--are also fraught with uncertainty. Some risks are environmental--both manmade problems and natural disasters; other risks include the possibility of terrorist attack and, more locally, issues of campus safety. This tutorial explores both the private market responses to risk (e.g., financial markets, insurance markets, private contracting, and precautionary investments and saving) and government policies towards risk (e.g., regulation, taxation, and the legal system). From a theoretical standpoint, the course will build on expected utility theory, diversification, options valuation, principal-agent models, contract theory, and cost-benefit analysis. We will apply these tools to a wide variety of economic issues such as the ones listed above. One goal of the course is to discover common themes across the disparate topics. Students will be expected to read and synthesize a variety of approaches to risk and uncertainty and apply them to various issues. [ more ]

This course is an introduction to the economic development of China in the post-1978 period. It seeks to provide an overview of the process by which China grew from an economic backwater to the second largest economy in the world, with a particular focus on rural development and the growing gap between rural and urban incomes; human capital and education; and health and gender in the Chinese context. In addition, the course has the goal of familiarizing students with current economics research on Chinese topics and enabling them to be informed consumers of this research. [ more ]

The Computable General Equilibrium (CGE) model is an important tool for applied policy work. CGE models are the primary tool for many government organizations when evaluating policy alternatives and are also used extensively by various NGO's when deciding aid and policy recommendations. The great advantage of these models is that they capture the general equilibrium feedback effects of policy proposals on various sectors of the economy. This is of great importance to applied work, as this allows the identification of the winners and losers from potential policies. The class will begin with a general overview of CGE models. This overview will be rigorous and mathematical. This course will use the free programming packages GAMS and MPSGE to implement various CGE models using real world data. While no previous computer experience is required, some familiarity with Excel is recommended. During the latter part of the course, students will create a CGE model for a country of their choice and conduct policy experiments using their model. Interested students could continue this project as a potential thesis topic. [ more ]

This course opens with a brief survey of some of the major characteristics, issues, and challenges of financial systems today, and then examines earlier experience with these phenomena. Topics to be examined include: the role of finance in economic development historically; the relationship between finance and government, and the extent to which it has changed over time; the lessons from early asset bubbles for modern financial systems; the effect of institutions (laws, norms, and culture) and political systems in shaping the impact of finance, as illustrated by comparisons between Mexico and the U.S., among other cases; and lessons from U.S. financial history for policies today. The course also examines the tools that were developed in earlier epochs to deal with different risks, evaluates their efficacy, and considers lessons for modern financial regulation. [ more ]

This course will provide students with an understanding of how economists think about and analyze various urban policy issues around the world. Those interested in doing policy work on urban issues and/or economic development in the future will find this course useful. We will cover topics including city size and growth, agglomeration extrenalities, land use and property rights, transportation and infrastructure, the valuation of education and environment, entrepreneurship and housing. Students will read economics journal articles on each topic, learn how to empirically analyze urban policy questions, and pursue individual research. There will also be a module based on case studies where students discuss and analyze real estate development projects using cost-benefit and cash-flow analysis. We will cover topics from both the US and developing countries. [ more ]

This course examines the mathematical underpinnings of advanced economics. This includes proofs of the following: existence and uniqueness of competitive equilibrium in a variety of environments, first and second fundamental welfare theorems, existence of Nash equilibrium, and others. The focus of this class is primarily on the mathematical proofs. These proofs are essential components of any graduate program in economics. Students who wish to see pure math theorems applied to other fields may also be interested. [ more ]

This course is a research seminar for candidates for honors in economics. Each candidate prepares an honors thesis. Candidates will meet as a group to discuss problems common to all of them (such as empirical methods, data sources, and theoretical approaches) and each one will report on his/her work at various stages for criticism by the group as a whole. Some work is required during the preceding semester. [ more ]

This course is a research seminar for candidates for honors in economics. Each candidate prepares an honors thesis. Candidates will meet as a group to discuss problems common to all of them (such as empirical methods, data sources, and theoretical approaches) and each one will report on his/her work at various stages for criticism by the group as a whole. Some work is required during the preceding semester. [ more ]

A year-long research project for those honors candidates admitted to this route to honors. [ more ]

A year-long research project for those honors candidates admitted to this route to honors. [ more ]

The course examines concepts, tools, and models in contemporary economic theory that have proved relevant to development problems, and their application in economic policymaking. Topics include growth processes and structural change; investment and sources of saving; capital, labor, and technological progress; policies for public, private, and foreign enterprises; policymaking and negotiation in governments; and policies for reducing poverty and inequality. [ more ]

This course focuses on basic methods of bringing economic theory and data together to provide empirical guidance for policy formulation, including use of computers in econometric analysis. This course covers techniques of econometric analysis using a moderate level of mathematical exposition. [ more ]

This course focuses on basic methods of bringing economic theory and data together to provide empirical guidance for policy formulation, including use of computers in econometric analysis. This course covers techniques of econometric analysis using a more mathematical exposition. [ more ]

This class is about microeconomic and empirical analysis of government expenditure programs in developing and transitional countries. It provides tools for understanding the effects of government policies, as well as a useful conceptual framework for analyzing normative questions such as "what role should government play in the economy" and "what is a good policy?" The course begins by considering the efficiency of market economies, and rationales for government intervention in the market, such as public goods, externalities, information-based market failures, imperfect competition, and equity. We also consider ways that human behavior might deviate from perfect rationality, and what that might imply for policy. Along the way, we apply these concepts to various examples of policy issues, including, among other things, the environment, education, health, infrastructure, security, social insurance, and aid to the poor. We then turn to the general question of how to make the government work better, addressing questions such as the following. When is it better to have the government own and produce things, and when is it better to privatize? What are the incentives of politicians and government employees, and how does the design of political and budgetary institutions affect the degree to which they serve the public interest? How should responsibilities be divided up between the central government and local governments, and what are the advantages and disadvantages of "decentralization?" What can be done to improve the delivery of basic services? For example, how might one address problems of corruption and absenteeism? Throughout the course, we consider examples of empirical research, and to facilitate this, we will occasionally introduce econometric tools that are particularly useful for microeconomic policy evaluation. [ more ]

This course focuses on the relationship between macroeconomic policies and economic growth in developing countries. After examining the links between macroeconomic stability and long-run growth, the rest of the course is divided into three parts. The first part is devoted to the construction of an analytical model that is suitable for analyzing a wide variety of macroeconomic issues in developing countries. This model provides the general framework for a more specific analysis of fiscal and monetary policies in the two remaining parts. In analyzing fiscal policy, the course will consider in particular the requirements of fiscal solvency and the contribution that fiscal policy can make to macroeconomic stability. It will also examine alternative methods for achieving fiscal credibility, including the design of fiscal institutions. The final part of the course will turn to an analysis of central banking, focusing on central bank independence, time consistency of monetary policy, and the design of monetary policy rules in small open economies. [ more ]

This course focuses on the financial system and its role in economic development. The first part explores the functions of finance, how it contributes to growth, and reviews different models of financial sector development and their influence on how governments viewed the sector. It will examine experiences with financial sector repression and subsequent liberalization, and investigate the causes and impact of financial crises. Then it will study how to make finance effective and how to prevent or minimize crises, analyzing government's role as regulator, supervisor, standard setter, contract enforcer, and owner. In this final part, attention will be devoted to the role of institutions (laws, norms, culture) and incentives in financial sector development. [ more ]

Macroeconomics and related fields in international finance and development have evolved specialized empirical techniques, known generally as macroeconometrics, which are designed to meet the practical challenges that the data and the empirical questions pose in these fields. The course will introduce the theory and application of these techniques, and students will learn how to implement these techniques using real world data to address practical questions drawn from the fields of macro, international finance and development. Topics to which these techniques will be applied include business cycle analysis and forecasting, sources of exchange rate volatility and determinants of long run economic growth. Computer work and programming will be an important and integral part of the course, but no previous training is expected. Economics majors who are considering writing an honors thesis on related topics are encouraged to enroll in this course during the spring semester of their junior year. Students studying abroad during their junior year may nonetheless take this course during their senior year. [ more ]

Taxes are half of what government does. So if you are interested in what government policy can do to promote efficiency, equity, and economic development, you should be interested in tax policy. Governments must raise tax revenue to finance critical public goods, address other market failures and distributional issues, and to avoid problems with debt and inflation. Taxes typically take up anywhere from ten to fifty percent of a country's income, they profoundly affect the incentives to undertake all varieties of economic activity, and the government expenditures that they finance have potentially large consequences for human welfare. So the stakes involved in improving tax policy are quite large. All of these issues are of great importance in developing and transitional countries (also known as "emerging markets"), but in these nations taxation is especially challenging because of serious problems with tax evasion and administration, among other things. This class provides an in-depth exploration of tax policy, with an emphasis on the challenges and issues most relevant in emerging markets. Topics addressed in this class include: how basic economic principles can be applied to help one think about the efficiency and equity consequences of tax policies; how personal income taxes, corporate income taxes, and value-added taxes are designed and administered and how they influence the economy; ideas for fundamental reforms of these taxes; theory and evidence in the debate over progressive taxes versus "flat" taxes; how various elements of tax design affect incentives to save and invest; how market failures may influence the optimality of different tax policies; the implications of global capital flows and corporate tax avoidance for the design of tax policy; tax holidays and other special tax incentives for investment; empirical evidence on the influence of taxes on economic growth, foreign direct investment, labor supply, and tax evasion; case studies of efforts to reform tax administration and reduce tax evasion and corruption; taxes on land and property; presumptive taxation; the "unofficial" economy and its implications for tax policy; tax policy towards natural resources such as minerals and oil; taxes on imports and exports; non-tax methods of raising revenue; and political economy considerations in tax policy. [ more ]

Why isn't the whole world developed? This course (and instructor) is of the opinion that the difficulty of getting incentives right is the key source of inefficiency. The course therefore studies how limited enforcement and asymmetric information constrain development, and about innovative development designs that attempt to overcome these constraints. The course readings will be a mix of field studies, empirical evidence and theoretical tools from game theory. Incentive and corruption problems in health, education, the regulation of banks and natural monopolies, privatization, budgeting, debt forgiveness, foreign aid, microfinance, climate treaties and ethnic violence will be studied using a unified framework. [ more ]

Designing and implementing effective national strategies to promote inclusive economic growth can require difficult policy reforms, sometimes with adverse short-term impacts for vulnerable groups within society. Social safety nets provide a pro-poor policy instrument that can balance trade and labor market reform, fiscal adjustments (such as reduced general subsidies) and other economic policies aimed at enabling better market performance. In addition, social safety nets help the poor to cope with shocks to their livelihoods, promoting resilience, human capital development and sometimes high-return risk-taking. This tutorial will offer students the opportunity to explore the role of social safety nets in promoting inclusive economic growth, drawing on case studies from Africa, Asia, Latin America and Eastern Europe. The first part of the tutorial will define social safety nets within the broader context of social protection, examining the diversity of instruments and their linkages to economic growth. The second part will delve more deeply into the design and implementation of effective interventions, assessing program choice, affordability, targeting, incentives and other issues. The third part will analyze the role of social safety nets in supporting economic growth strategies, drawing on international lessons of experience. [ more ]

This tutorial will address the conceptual and theoretical issues that confront policy makers when they face policy challenges that are likely to emerge only over the coming years and that have important budgetary implications. It will explore the strategies and approaches that a number of countries have attempted to develop to bring the long-term into their current policy and budgetary planning processes. Students will be exposed to different long-term challenges that have important budgetary implications, including aging populations, health care, climate change, energy and infrastructure, and water. The course will consider the specific policy challenges that arise for each and the ways in which different industrial and emerging market countries are addressing them. [ more ]

This tutorial will explore the role of international financial institutions in the global economic and financial system, their relations with members, and proposals for how they might be reformed. The focus will be principally on the International Monetary Fund and to a lesser extent the World Bank, but consideration also may be given to the regional development banks, Bank for International Settlements, the Financial Stability Forum, and the Paris Club used for official debt renegotiations. Topics and readings will focus on such issues as: the roles and governance reform of the IMF and World Bank; relations between the two institutions and their relations with other institutions of international finance and governance; lessons from their performance in international crises from the Asian crises of 1997 through the crisis that started in 2007; and initiatives of the Fund and Bank in the global adjustment process, financial system stability (including money laundering and combating the financing of terrorism), public and private sector governance, lending programs, the management of international reserves, and provision of advice to members. Participants will meet in pairs with the faculty member. Each week, one student will prepare a policy paper and submit the paper to the professor and to the other student in advance of the meeting. During the meeting, the student who has written the paper will present an argument, evidence, and conclusions. The other student will provide a detailed critique of the paper based on concepts and evidence from the readings. The professor will join the discussion after each participant has presented and ask questions that highlight or illustrate critical points. [ more ]

In this course, each Fellow carries out an individual research study on a topic in which he or she has particular interest, usually related to one of the three seminars. The approach and results of the study are reported in a major paper. Research studies are analytical rather than descriptive and in nearly all cases include quantitative analyses. Often the topic is a specific policy problem in a Fellow's own country. [ more ]