Department of Economics and Finance
Dr. Devin T. Rafferty, Chairperson
The Department of Economics and Finance offers majors in Economics, Finance, and Quantitative Economics and Finance and minors in Economics and Finance.
Requirements for Economics Major
Degree of Bachelor of Arts
Three of the required credits for the major count towards the Core Curriculum Requirements.
| EC-101 | Macroeconomic Principles (Core Social Science) | 3 |
| EC-102 | Microeconomic Principles | 3 |
| EC-251 | Intermediate Microeconomics | 3 |
| EC-252 | Intermediate Macroeconomics | 3 |
| EC-300 | Stats for Business Finance & Economics 1 | 3 |
| EC-496 | Capstone Seminar (WI) 2 | 3 |
| FN-401 | Intro to Corporate Finance 3 | 3 |
| or FN-410 | Business Finance | |
| FN-416 | Ethics in Financial Professions 4 | 3 |
| EC/FN | Economics/Finance Electives 5 | 15 |
| Total Credits | 39 | |
| 1 | EC-300 is a Required Upper-Level Course and not an Upper-Level Elective Course. |
| 2 | EC-496 is a Required Upper-Level Course and not an Upper-Level Elective Course. |
| 3 | May choose either FN-401 or FN-410 but not both. Students cannot take both FN-401 and FN-410. Either of these courses can serve as a prerequisite for FN-411. FN-401 and FN-410 are not Upper-Level Elective Courses. |
| 4 | EC-324: Poverty and Inequality fulfills the Pluralism requirement. |
| 5 | Ethics in Financial Professions fulfills the second Interdisciplinary Seminar and Values requirements. It is not an Upper-Level Elective. |
Requirements for Economics Major
Degree of Bachelor of Science
Three of the required credits for the major count towards the Core Curriculum Requirements.
| EC-101 | Macroeconomic Principles (Core Social Science) | 3 |
| EC-102 | Microeconomic Principles | 3 |
| EC-251 | Intermediate Microeconomics | 3 |
| EC-252 | Intermediate Macroeconomics | 3 |
| EC-300 | Stats for Business Finance & Economics 6 | 3 |
| EC-496 | Capstone Seminar (WI) 7 | 3 |
| FN-401 | Intro to Corporate Finance 8 | 3 |
| or FN-410 | Business Finance | |
| EC/FN | Economics/Finance Electives 9 | 15 |
| FN-416 | Ethics in Financial Professions 10 | 3 |
| AC-151 | Principles of Accounting I | 3 |
| AC-152 | Principles of Accounting II | 3 |
| BL-161 | Introduction to Law & Contracts | 3 |
| BA-151 | Principles of Management | 3 |
| BA-155 | Principles of Marketing | 3 |
| Total Credits | 54 | |
| 6 | EC-300 is a Required Upper-Level Course and not an Upper-Level Elective Course. |
| 7 | EC-496 is a Required Upper-Level Course and not an Upper-Level Elective Course. |
| 8 | May choose either FN-401 or FN-410 but not both. Students cannot take both FN-401 and FN-410. Either of these courses can serve as a prerequisite for FN-411. FN-401 and FN-410 are not Upper-Level Elective Courses. |
| 9 | EC-324: Poverty and Inequality fulfills the Pluralism requirement. |
| 10 | Ethics in Financial Professions fulfills the second Interdisciplinary Seminar and Values requirements. It is not an Upper-Level Elective. |
Requirements for Finance Major
Degree of Bachelor of Science
Three of the required credits for the major count towards the Core Curriculum Requirements.
| EC-101 | Macroeconomic Principles (Core Social Science) | 3 |
| EC-102 | Microeconomic Principles | 3 |
| EC-251 | Intermediate Microeconomics | 3 |
| EC-252 | Intermediate Macroeconomics | 3 |
| EC-300 | Stats for Business Finance & Economics 11 | 3 |
| EC-496 | Capstone Seminar (WI) 12 | 3 |
| FN-401 | Intro to Corporate Finance 13 | 3 |
| or FN-410 | Business Finance | |
| FN-416 | Ethics in Financial Professions 14 | 3 |
| FN | FN Electives | 15 |
| AC-151 | Principles of Accounting I | 3 |
| AC-152 | Principles of Accounting II | 3 |
| BL-161 | Introduction to Law & Contracts | 3 |
| BA-151 | Principles of Management | 3 |
| BA-155 | Principles of Marketing | 3 |
| Total Credits | 54 | |
| 11 | EC-300 is a Required Upper-Level Course and not an Upper-Level Elective Course. |
| 12 | EC-496 is a Required Upper-Level Course and not an Upper-Level Elective Course. |
| 13 | May choose either FN-401 orFN-410 but not both. Students cannot take both FN-401 and FN-410. Either of these courses can serve as a prerequisite for FN-411. FN-401 and FN-410 are not Upper-Level Elective Courses. |
| 14 | Ethics in Financial Professions fulfills the second Interdisciplinary Seminar and Values requirements. It is not an Upper-Level Elective. |
Requirements for Quantitative Economics and Finance Major
Degree of Bachelor of Arts
Nine of the required credits for the major count towards the Core Curriculum Requirements.
| EC-101 | Macroeconomic Principles (Core Social Science) | 3 |
| EC-102 | Microeconomic Principles | 3 |
| EC-251 | Intermediate Microeconomics | 3 |
| EC-252 | Intermediate Macroeconomics | 3 |
| EC-300 | Stats for Business Finance & Economics 15 | 3 |
| EC-301 | Economic and Financial Modeling | 3 |
| EC-303 | Economic & Financial Engr W/ Derivatives | 3 |
| EC-496 | Capstone Seminar (WI) 16 | 3 |
| FN-401 | Intro to Corporate Finance 17 | 3 |
| or FN-410 | Business Finance | |
| EC/FN | Economics/Finance Electives 18 | 15 |
| FN-416 | Ethics in Financial Professions 19 | 3 |
| MA-123 | Elementary Calculus I (Core Math) | 3 |
| MA-124 | Elementary Calculus II (Core Math) | 3 |
| MA-218 | Quantitative Methods for Business | 3 |
| Total Credits | 54 | |
| 15 | EC-300 is a Required Upper-Level Course and not an Upper-Level Elective Course |
| 16 | EC-496 is a Required Upper-Level Course and not an Upper-Level Elective Course. |
| 17 | May choose either FN-401 or FN-410 but not both. Students cannot take both FN-401 and FN-410. Either of these courses can serve as a prerequisite forFN-411. FN-401 andFN-410 are not Upper-Level Elective Courses. |
| 18 | EC-324: Poverty and Inequality fulfills the Pluralism requirement. |
| 19 | Ethics in Financial Professions fulfills the second Interdisciplinary Seminar and Values requirements. It is not an Upper-Level Elective. |
Special Notes on Core Curriculum Requirements for Economics, Finance and Quantitative Economics and Finance Majors
| 1 | It is recommended that Economics, Finance, and Quantitative Economics and Finance majors take CS-150 Introduction to Computers and Information Processing as part of their Core Natural Science Requirement. |
| 2 | It is recommended that Economics and Finance majors take MA-123 and MA-124 Elementary Calculus, I and II, to satisfy the Core Mathematics Requirement (although MA-105 and MA-106 Finite Mathematics, 1 and II, or MA-143 and MA-144 Differential and Integral Calculus, is an acceptable alternative). |
Special Notes on Major Requirements for Economics, Finance and Quantitative Economics and Finance Majors
| 1 | The upper level required theory courses, EC-251 and EC-252, must be taken at Saint Peter’s University. |
| 2 | No more than three credits of EC-295 can be applied toward the satisfaction of major requirements. |
| 3 | Finance majors are permitted to also major in Economics. However, no courses counted as upper-level electives in the Finance major can also count as upper-level electives in the Economics major. |
Requirements for a Minor in Economics
| EC-101 | Macroeconomic Principles | 3 |
| EC-102 | Microeconomic Principles | 3 |
| EC- | Economics/Finance Electives: EC/FN- 300-level or above) 20 | 12 |
| Total Credits | 18 | |
Requirements for a Minor in Finance
Students may earn a minor in Finance by completing a minimum of 18 credits including EC-101 Macroeconomic Principles, EC-102 Microeconomic Principles and any four FN electives for the major in finance. Economics majors and Economics minors are permitted to minor in Finance. However, with the exception of EC-101 and EC-102, none of the courses taken for the minor in Finance will count towards the completion of the major or minor in Economics.
| EC-101 | Macroeconomic Principles | 3 |
| EC-102 | Microeconomic Principles | 3 |
| FN | Finance Electives 21 | 12 |
| Total Credits | 18 | |
| 20 | EC-300, FN-401, FN-410, EC-496, and FN-416 are not Upper-Level Elective Courses. As a result, they will not count towards the fulfillment of this requirement. |
| 21 | EC-300, FN-401, FN-410, EC-496, andFN-416 are not Upper-Level Elective Courses. As a result, they will not count towards the fulfillment of this requirement. |
EC Courses
EC-101. Macroeconomic Principles. 3.00 Credits.
Definition of economics and its methodology. Scarcity and the resulting macroeconomic problems. Measurement and determination of the level of macroeconomic activity (size and components of GNP, full employment, growth); stabilization problems (unemployment and inflation) and policies. Course Type(s): Core curriculum course.
EC-102. Microeconomic Principles. 3.00 Credits.
Scarcity and the resulting microeconomic problems. Demand and supply analysis and applications. Production and cost functions. Market structures, industry and firm conduct and performance. Resource markets. Prerequisites: EC-101.
EC-251. Intermediate Microeconomics. 3.00 Credits.
The fundamentals of microeconomic theory. Consumer demand theory including the classical utility and indifference curve approach to consumer equilibrium. Firm behavior under various types of market structures. General equilibrium. Prerequisites: EC-101 EC-102.
EC-252. Intermediate Macroeconomics. 3.00 Credits.
Models of national income determination. Inflation, unemployment, and the role of monetary and fiscal policy. Prerequisites: EC-101 EC-102.
EC-295. Credited Internships. 3.00 Credits.
EC-300. Stats for Business Finance & Economics. 3.00 Credits.
Introduction to the use of statistics in describing and solving economic and business problems. Frequency distributions, measures of central tendency and dispersion. Basic probability theory and acceptance sampling. Confidence interval estimation and hypothesis testing. Simple regression and correlation analysis. Prerequisites: EC-101 EC-102, MA-105(9413) OR MA-123, MA-106(9414) OR MA-124.
EC-301. Economic and Financial Modeling. 3.00 Credits.
This course introduces students to the methods and techniques that are used to quantitatively model economic and financial concepts. Prerequisites: EC-300.
EC-303. Economic & Financial Engr W/ Derivatives. 3.00 Credits.
This course discusses financialization and how derivatives, such as forwards, futures, swaps and options, can be designed to facilitate risk management. Additional topics could include various options strategies for hedging/risk management, binomial options pricing, financial engineering for risk management for Value-at-Risk (VAR), and arbitrage. Prerequisites: EC-301.
EC-324. Poverty & Inequality. 3.00 Credits.
Description and anaylsis of the causes, characteristics and consequences of poverty. Links between poverty and inequality. Measurement of the different dimensions of poverty and inequality. Comparative analysis of poverty and inequality across countries. Poverty reduction policies and strategies. Prerequisites: EC-101 EC-102; Course Type(s): Pluralism, Interdisciplinary.
EC-353. Labor Economics. 3.00 Credits.
Labor aspects as a factor of production. Concept and changing composition of the labor forces competing theories of wage determination employment insecurity institutional and political developments consequent upon the emergence of the labor force as a separate economic entity. Prerequisites: EC-102.
EC-355. Government and Business. 3.00 Credits.
The nature and scope of the government's antitrust and regulatory policies and the impact of those policies on business and industry. Topics include: the legal basis, limitations, instruments and targets of control benefits versus costs of regulation evaluation of relevant governmental agencies and bodies (FDA, EPA, FCC, SEC, etc.). Prerequisites: EC-101 EC-102.
EC-356. Urban Economics. 3.00 Credits.
Inquiry into the growth and development of urban areas the location, form and structure of cities current urban problems and policies. Prerequisites: EC-101 EC-102.
EC-357. Economics of Human Resources. 3.00 Credits.
The economic dimensions of basic decisions made by individuals and families over their life cycles and the policy implications of those choices. Topics include: economic determinants of marriage, family size and migration labor supply and alternatives to working (public assistance or crime) investment in human capital (education, training, health) income inequality, poverty and discrimination. Prerequisites: EC-102.
EC-358. Public Finance. 3.00 Credits.
An analysis of the role of government in the economy. The efficiency and equity of government expenditures and tax programs. Prerequisites: EC-101 EC-102.
EC-450. International Trade. 3.00 Credits.
Trade theories: traditional and modern approaches. International resource allo-cation, trade flows, tariff and non-tariff barriers to trade, free-trade agreements, multinational corporations, location theory. Prerequisites: EC-101 EC-102; Course Type(s): Pluralism.
EC-452. Economic Development. 3.00 Credits.
Measurement and income distribution - obstacles, constraints, factors, and theories of economic development. Aid, planning, and actual experiences. New consideration to the development process. Prerequisites: EC-101 EC-102 OR PERMISSION OF INSTRUCTOR.
EC-454. Political Economy of Latin America. 3.00 Credits.
Survey of historical, cultural and political events. A contemporary study of economic development, debt crisis, trade, financial and stabilization policies. Prerequisites: EC-101 EC-102; Course Type(s): Oral Communications.
EC-494. Sem: Unions & Collective Bargaining. 3.00 Credits.
The nature and economic significance of labor unions in the U.S. Topics include: the historical development of the American labor movement the structure of labor relations collective bargaining procedures and strategies the impact of unions on wages and working conditions. Prerequisites: EC-101 EC-102.
EC-496. Capstone Seminar. 3.00 Credits.
This capstone course ties together the various components in the Economic Major as well as prepares graduates for the next level. Students will develop a synthesis production. Should be taken last term senior year. Honors students are not required to take this course. Prerequisites: EC-251 EC-252 EC-300; Course Type(s): Capstone, Writing Intensive.
FN Courses
FN-295. Credited Internships. 3.00 Credits.
FN-302. Elements of Econometrics. 3.00 Credits.
The application and limitation of statistical techniques in testing economic and finance theories: simple and multiple regression analysis, time series and cross section analysis, problems encountered in regression such as multicollinearity and serial correlation. Prerequisites: EC-300.
FN-401. Intro to Corporate Finance. 3.00 Credits.
Provides the foundation for courses in finance. Topics include: Agency relationship Financial statement analysis Discounted cash flow and securities valuation Concepts of risk and return and the capital asset pricing model Financialization. Cannot be taken by anyone who has taken FN 410. Prerequisites: THE FOLLOWING: EC-101 AND EC-102, MA-105 OR MA-123 AND MA-106 OR MA-124.
FN-410. Business Finance. 3.00 Credits.
Provides the analytical foundation for applied courses in finance, investments, and financial institutions. Topics include: discounted cash flow analysis theory of valuation for corporate securities concepts of risk and rate of return the capital asset pricing model financial forecasting working capital policy. Prerequisites: AC-331 AC-332.
FN-411. Financial Management. 3.00 Credits.
Builds on the conceptual framework developed in FN-401 or FN-410. Topics include: capital budgeting cost of capital, leverage and dividend policy long-term financing decisions involving common stock financing, long-term debt, and corporate restructuring. Prerequisites: FN-401 OR FN-410.
FN-412. Investment Analysis. 3.00 Credits.
Survey of the operations of securities markets the analytical methods and theory underlying the appraisal of corporate stocks and bonds and portfolio selection. Prerequisites: FN-401 OR FN-410.
FN-415. International Finance. 3.00 Credits.
Analysis of foreign exchange and foreign exchange markets, balance of payment, disequilibrium and adjustment, exchange risk management and investment decisions. Prerequisites: EC-101 EC-102.
FN-416. Ethics in Financial Professions. 3.00 Credits.
This course allows students to study systematically situations in finance professions that present ethical issues, focusing on the application of ethical principles to possible conflicts between parties in occupations in which finance professionals work. This course enables students to investigate issues of value in a reasoned and coherent manner in economics and finance. As such, it fulfills the core curriculum requirement for a values course. Prerequisites: EC-101 AND EC-102; COMPLETE 6 CREDITS: 1 COURSE FROM COURSES PL-130 PL-140 AND 1 COURSE FROM COURSES TH-110 TH-120; Course Type(s): Values, Interdisciplinary.
FN-417. Financial Statement Analysis. 3.00 Credits.
Covers the application of analytical tools to general purpose finance statements necessary to evaluate the financial condition of the firm and evaluate the future prospects of the company. The "analyst" can be any of several interested groups: investors, creditors, or other stakeholders such as employees, customers, suppliers and government. Prerequisites: FN-401, AC-151 AND AC-152 RECOMMENDED OR FN-410.
FN-420. Money Credit and Banking. 3.00 Credits.
Analysis of money and banking system. The impact of deregulation and the changing nature of the financial system in a domestic and international setting. The structure and role of the Federal Reserve system. Keynesian, monetarist and rational expectations views on money and economic activity. Prerequisites: EC-101 EC-102.
FN-490. Current Problems in Finance & Economics. 3.00 Credits.
This course examines recent developments in financial markets and practices, such as the growth of private equity and prevalence of stock buybacks. Special attention is paid to the economic consequences of these developments, with effect of finance on industry the main concern. Prerequisites: EC-101 AND EC-102.
FN-493. Seminar: Macroeconomic Policy. 3.00 Credits.
Case-study approach to U.S. financial and macroeconomic problems and policies, especially issues in monetary policy, and their international repercussions. The interplay of political institutions and market forces in the shaping of policies toward financial markets and institutions. Prerequisites: EC-101 AND EC-102.