BEM 106: Data Science in Economics and Finance
This course introduces students to the principles and practice of data science in economics and finance. The goal is not only to learn technical tools, but to understand how empirical researchers design, evaluate, and interpret data-driven analyses. The course is structured around the data science pipeline: formulating questions, constructing datasets, representing data, estimating models, evaluating predictions, and translating results into decisions. Along the way we develop a framework for distinguishing prediction from causal inference, understanding heterogeneity in economic data, and evaluating models critically rather than treating them as black boxes. Students will learn how to work with structured and unstructured data, including text, and will gain exposure to modern machine learning methods. The course also introduces large language models and their role in modern empirical workflows, including how they can be used for data construction, labeling, and analysis. The course emphasizes verification, reproducibility, and critical evaluation of model outputs.
EC 129: Economic History of the U.S.
This course examines the macroeconomic growth of the United States over the past 125 years, with an emphasis on the economic theories and analytical methods used to study long-run development. It is organized around major thematic topics rather than chronology, with each topic covered over two lectures and focused on the key economic phenomena that have shaped the U.S. economy. Topics in the past: measurement of economic growth; the roles of institutions, geography, and technology in shaping productivity; migration and local labor markets; schooling and human capital accumulation; the spatial distribution of industry; market failures and financial crises; the role of government in economic growth; and income and wealth inequality. Students will engage with a range of empirical research methods and theoretical frameworks used in modern economic analysis. Familiarity with introductory economics and econometrics is strongly encouraged. Students are expected to attend all classes, actively participate in discussions, and complete two in-class exams in addition to problem sets.
SS 229: Graduate Economic History
This is the second course in the second-year PhD sequence on economic history at Caltech .It is designed for second- and third-year Social Science Ph.D. candidates who are interested in (a) writing a dissertation in economic history, (b) applying economic history tools and analysis to their current dissertation plan, or (c) learning more about the field of economic history. Even though the focus of this class is the United States, we will read some foundational papers whose focus is not the U.S. This class builds on its Winter quarter counterpart, SS229A. The main goal of the course is to involve students in academic research.
Student Feedback
(a very non-)Random sample of student feedback:
Pawel is the GOAT!
Pawel is goated. Highly recommend taking course.
One of the best courses I have ever taken at Caltech. Professor Janas is very chill and knowledgable. I really enjoyed the lectures. I thought that the homework assignments deepened my understanding of the materials presented in class and were manageable, and were mostly coding-based, which I really liked. I really liked the Selenium assignment even though that homework took significantly more time than the other homework. The in-class quizzes are manageable and nothing to worry about as long as you pay some attention during the lecture. It seemed like most of the class was already exposed to the content presented in the class, but I found this class a good way to solidify my knowledge of that content and how it relates to data science. Definitely recommend!
I really enjoyed the lectures. Professor Janas was very insightful, and I found the content to be very interesting. I also liked how lecture slides were posted before lecture so that I could annotate the slides/take notes during lecture and it made lectures easy to follow.
I enjoyed the intuitive explanations of how our economy came to be where it is and the tremendous economic changes that have happened in the past couple centuries as well as how they project into near future.
This might not be a writing intensive course in the future, but it’s a great class to take. If you are at all interested about economics and how specific things impact the economy of the United States, take this class – Prof. Janas is amazing.
Pawel Janas 