Graduate Programs
The department offers graduate programs leading to Master of Arts (MA) and Doctor of Philosophy (PhD) degrees in economics. The focus of the PhD program is on the applied aspects of the discipline. A strong foundation in economic theory is developed, followed by exposure to several sub-disciplines of economics. Courses usually place an emphasis on the sub-disciplines of empirical and policy applications. The program provides a flexible framework adaptable to a wide variety of professional objectives. The PhD program prepares individuals for careers in teaching, government and research. The program offers the opportunity to specialize in various fields.
The MA program in economics with a specialization in financial economics prepares students for employment in economic research at government and private organizations. The MA program can also provide a base for further graduate work in economics.
Graduate students receiving assistantships are usually assigned responsibilities that prepare them for teaching and research.
Admission
- Qualified students holding a bachelor’s or master’s degree are eligible for admission. Applicants to the MA program must not have been previously awarded a master's degree in economics.
- Applicants are required to submit scores from the Graduate Record Examination.
Master of Arts Program
The MA program in economics with a specialization in financial economics requires 32 credits of coursework and typically takes three semesters of full-time work. Successful completion leads to the award of the MA degree in economics.
| Course Requirements | Credits |
| ECON 500 Microeconomic Theory | 4 |
| ECON 501 Macroeconomic Theory | 4 |
| ECON 502 Econometric Methods | 4 |
| ECON 503 Mathematical Analysis for Economists | 4 |
| ECON 504 Economic Forecasting | 4 |
| Three Electives (500-level) | 12 |
| Total | 32 |
Other Requirements
Courses presented for the degree must all be completed with grades of C- or better and a cumulative grade-point average of at least 3.0 (B average). Students studying toward the doctoral degree may request that the MA degree be awarded once they have fulfilled all MA degree requirements. (PhD-level courses may substitute for MA courses.)
Doctor of Philosophy Program
The PhD in economics requires a total of 58 credits and normally takes five years of full-time work to complete. The degree requirements may be divided into four general areas: core courses (28 credits), electives (28 credits), PhD seminar (two credits) and dissertation. In addition, the student must pass two comprehensive examinations: microeconomic theory and macroeconomic theory. Successful completion of the program leads to the award of the PhD degree in economics.
PhD Fields of Specialization
The department offers the following PhD fields of specialization:
- Econometrics — applied and theoretical
- Labor economics
- Advanced macroeconomics
- Environmental economics
- Development economics
- Behavioral economics
| Course Requirements | Credits |
| ECON 611 and 612 Microeconomic Theory | 8 |
| ECON 613 and 614 Macroeconomic Theory | 8 |
| ECON 603, 615, 616 and 617 Statistics and Econometrics | 13 |
| Economics electives (600-level) | 27 |
| ECON 693 and 694 PhD Seminar in Economics | 2 |
| ECON 699 Dissertation | |
| Total | 58 |
The elective courses are normally taken in economics. Courses taken outside of economics require permission of the director of graduate studies. Ordinarily, the University-wide residence requirement is met by registration in 24 credits, excluding ECON 597, 697 and 699.
Courses presented for the degree must be completed with grades of C- or better and a cumulative grade-point average of at least 3.0 (B average).
Third-Year Paper
PhD students are required to complete a research paper by the end of their sixth semester. Students who fail to present an acceptable paper by this time will be designated as not making satisfactory progress and will be terminated from the program.
Dissertation
The student must submit a dissertation that embodies original work on some significant topic in theoretical or applied economics. Before undertaking the dissertation, the student arranges for an advisory thesis committee consisting of faculty whose research interests are appropriate to the proposed problem.
After completing all comprehensive examinations, course requirements and the third-year paper, the student must develop a written prospectus of the dissertation topic and obtain the approval of the prospectus by the thesis committee. The prospectus must include a brief statement of the problem and the student’s proposed approach to answering the problem. In the case of empirical studies, the student must also include a discussion of the data.
When the initial prospectus has been developed to the extent that it is ready for examination by the entire department, the student must present and defend the prospectus to a graduate seminar of faculty and students. The presentation must be made with the advice of the student’s dissertation committee. This seminar provides feedback on the dissertation topic. It must be presented at least six months prior to the final oral examination in defense of the dissertation.
The two-course sequence, ECON 693 and ECON 694, is normally taken during the third year and beyond, of graduate work. All resident PhD candidates who have completed their comprehensive examinations are required to register for either ECON 693, 694, 698 or 699.
Admission to Candidacy
The student who satisfies the following requirements is recommended for candidacy for the PhD in economics.
- Course Requirements: Complete the program of coursework described above.
- Other Requirements: Completion of the third-year paper as specified above.
- Comprehensive Examinations: The PhD theory comprehensive examinations in microeconomic theory and macroeconomic theory must be taken at the end of the second semester of study following completion of the four required theory courses: ECON 611 and 612 for microeconomic theory, and ECON 613 and 614 for macroeconomic theory. These examinations are offered within two weeks of each other in June. Students who do not pass one or both examinations may retake the examination(s) not passed later in the summer. If a student fails either theory examination the second time, that student is terminated from the economics PhD program; a third attempt is not allowed.*
*Consent to take any examination may be denied to students whose cumulative grade-point average for all courses taken for credit in the Economics Department is below 3.0 (B).
Final Examination
After the student’s admission to candidacy, the degree of PhD in economics is recommended by the department for the student who has completed an approved program of study, submitted a dissertation acceptable to the advisory committee and passed a final oral examination in defense of the dissertation.