Credit Hours - 3

This course builds on the examination of monetary theory which began in the first semester, with a focus on the role of financial institutions and the conduct of monetary policy.

Financial intermediation, with emphasis on the role of formal financial institutions and the informal/semi formal and microfinance institutions, is treated in detail.

The course also discuses Ghana’s financial system and monetary policy experience.

Credit Hours - 3

This is an introductory course in monetary theory.

It begins with the development of modern money from a barter system.

It also focuses on the detailed treatment of the money market in a closed economy with an examination of various theories of the demand for money and measurements and determinants of money supply.

Other areas covered include the terms structure of interest rates and money in the open economy.

Credit Hours - 3

The course focuses mainly on the labour market in Ghana.

The course will begin with a discussion of the structure and patterns of employment (unemployment and underemployment) in Ghana. The major labour market institutions and elements of industrial relations are also discussed.

The course gives attention issues and problems of the labour market and industrial relations in Ghana (in particular, labour market discrimination) as well as labour market policies.

Credit Hours - 3

This course is designed to enable students gain a thorough understanding of the functioning of labour markets.

It focuses mainly on wage determination, the demand for and supply of labour.

The course also exposes students to theories of human capital development, i.e., the return to human capital investment and efficiency wage models.

Credit Hours - 3

This is a continuation of the first semester’s course. It extends the discussion on the planning process and on economic planning in Ghana and other developing countries.

The course will further examine differences and similarities among the various plans and do an evaluation of each plan.

Credit Hours - 3

This course focuses on introductory issues in economic planning.

It begins with the political economy debate on the relative roles of the state and market in a developing country setting.

This is followed by a comprehensive discussion of the various issues in planning: types of planning, the rationale for planning, the planning process, institutional frameworks, challenges of planning.

Credit Hours - 3

This course continues the discussion on agriculture in developing countries with a focus on the main issues and problems of agriculture and transformation as well as a discussion of policy measures to address these problems.

The main problems discussed are land tenure systems and land reforms, marketing of agricultural products (with particular attention paid to international commodity pricing of agricultural products), financing for agriculture and external constraints to agricultural policy.

Credit Hours - 3

This course focuses on the economic issues of agriculture in developing countries.

It looks at the structure and organization of agriculture in developing countries and the attendant problems for mechanization, the agricultural production function, pricing of agricultural inputs and outputs.

The course also place special emphasis on technology adoption in agriculture.

Credit Hours - 3

This course is structured in such a way as to introduce students to the issues on taxation.

Special emphasis is given to issues such as characteristics of a good system, partial and general equilibrium analysis of the impact of different categories of taxes on consumers and producers in an economy and the analysis of public debt.

In discussing these issues, emphasis is placed on empirical evidence from Ghana.

Credit Hours - 3

This course is designed to introduce students to issues such as public goods and externalities and government failure.

In addition, issues on public expenditure such as types of public expenditure, components of public expenditure, cause of public expenditure growth and models on public expenditure are also considered.

Credit Hours - 3

The goal of this course is to introduce students to the structure and organization of firms in an industry.

Welfare implications of output and price determination under major market structures (monopoly and perfect competition) are briefly discussed.

Special emphasis is also given to the determinants and measurement of industrial market structures.

Credit Hours - 3

This course is complementary to Econ 447 and aims to teach tools for understanding international financial flows for a complete understanding of the workings of the external sector of the economy.

The main areas covered include balance of payments, exchange rate determination and policy making in an open economy.

Topical issues in the international monetary system, aid, debt and foreign direct investment are also discussed.

Credit Hours - 3

This is an introductory course in international economics. It is designed to introduce students to international trade theory and provide a basis for understanding trade policies.

The course covers major theories of trade (Ricardian, Hecksher-Ohlin and modern trade theories) as well as the relationship between trade and economic growth, with a particular focus on the role of trade policy.

Credit Hours - 3

Students are expected to write a project based on the analytical skills acquired in ECON445.

Credit Hours - 3

This course introduces students to the mechanics of Cost Benefit Analysis (CBA). The course is designed to expose students to the keys issue in CBA including measurements issues, methods for evaluating projects and criteria for choosing between alternative projects.

It is expected that students will be adequately equipped with the skills needed for the completion of the project work at the end of the course.

Credit Hours - 3

Models Embodying Many Equations: Least squares bias in the estimation of parameters in simultaneous equations systems. Elementary methods of attacking this bias problem.

Indirect Least Squares (ILS); Instrumental Variables (IV); Two Stage Least Squares (TL); Rules for testing identification. Laboratory exercise involves a simple three equation model of the economy of Ghana, in which one over-identified three variable equation is estimated by LS and TL. The TL result is put through all of the tests.

Miscellaneous Econometric Problems: Collinearity of explanatory variables. Delayed responses and lagged variables.

Estimation when disturbances are serially correlated. Use of artificial or shift variable (dummy variables).

Testing for change of structure - the Chow Test.

Credit Hours - 3

National Income Accounting Revisited. National Income Determination.

Harrod - Domar growth models and macro-models using difference equations; growth in the context of adjustment; growth and technological change.

Theory of Unemployment and Inflation. Mercantilism and the transition from feudalism to capitalism.

The classical school. The Marxian theory of capitalist development. Economic historicism.

The marginal approach.

The neo-classical model. Keynes and the impact of his thought on economic analyses and policy. Modern trends of thought.

Credit Hours - 3

The nature of Economic Theory. Theory of Consumer Behaviour and firm behaviour treated as maximization problems under given constraints.

General equilibrium analysis under different market situations with the conditions for an optimum solution expressed mathematically.

Introduction to welfare economics and economics of socialism.

Credit Hours - 3

The Meaning and Purpose of Econometrics: Econometrics of Demand. Econometric demand equations.

Theory of the disturbance term. Cross-sectional analysis, and Engel curves. Econometric Methods: Least Square (LS), Tests of original hypotheses, and analysis of residuals.

A battery of statistical and economic tests of the economic and statistical hypotheses of the equation of relation; co-efficient of correlation, determination, variation; t-tests; test for randomness or serial correlation of the disturbances, of graphing the residuals, and by the Durbin-Watson ‘d’ statistic.

The general linear equation of relation with many variables estimated by classical least square, and using matrix methods.

The sample error co-variance matrix of estimated parameters. Econometrics of the Firm and of Supply.