An introduction to the economic theory underlying fixed-income securities (a.k.a. debt instruments) and related investment applications. An understanding of how fixed-income markets work and their sensitivity to changes in macroeconomic conditions, such as inflation and interest rates, are emphasized. Major topics include the analysis and valuation of fixed-income securities; the analytical tools like duration, convexity, and term structure of interest rates, which are used to price fixed-income securities; how to identify, measure and mitigate interest rate and credit risk exposures; approaches to constructing and evaluating portfolios of fixed-income securities. Format: ECON 452 is delivered in distance education format only. Registered students will be contacted by the instructor via Binghamton e-mail account just prior to the start of the session. Reliable computer and internet access, as well as a Binghamton University e-mail account, are required. Grading is based on final examination, short quizzes, homework assignments (including Excel assignments), reading assignments from the Wall Street Journal or other reputable financial media, and participation in virtual discussion forums. IMPORTANT: (1) The two-hour final examination will be virtual/online; (2) To be able to complete the assignments, which will begin on the third day of classes, it is essential that students (i) have access to the assigned course material and (ii) have registered for the course by the second day of the term. Students registering late will not be given assignment extensions, except for extenuating circumstances. For any questions related to the course, please contact the instructor at crsebu@binghamton.edu. This course was previously ECON 483B. Do not take this course if you have already completed ECON 483B.