Required Courses
The following core courses are required to complete the Ph.D. In addition, Ph.D. students will select and complete two fields, each of which consists of two 7000-level courses.
ECON 6100. Mathematical Methods for Economics. Three credits. Preparation for core courses in economics. Covers all essential mathematical methods, including basic matrix algebra, exponential and logarithmic functions, the basics of differential calculus, unconstrained optimization, constrained optimization subject to equality and inequality constraints, comparative statics, and the Envelope theorem.
ECON 6105 Advanced Mathematical Methods for Economics. Three credits. Prerequisite: ECON 6100 or equivalent as determined by instructor. Covers methods of dynamic optimization including calculus of variations, optimal control, and dynamic programming and the mathematical prerequisites of these methods such as integration, difference and differential equations, and advanced matrix algebra. Covers basics of mathematical statistics. Computer applications emphasized.
ECON 6110. Macroeconomics I. Three credits. Prerequisites: ECON 6100 must be taken concurrently unless otherwise approved by the instructor. This course serves as the first semester core course in macroeconomic theory designed for students who wish to pursue a Ph.D. in economics. The course provides broad exposure to many of the dominant theories surrounding modern macroeconomics. The first part of the course is concerned with long-run economic growth. Topics include exogenous and endogenous growth theory, overlapping generations models, and the neoclassical growth model. The second part focuses on short-run economic fluctuations. Topics include real business cycle theory, traditional Keynesian theories, and New Keynesian models featuring rational expectations. Mathematical models are used to address competing theories, so comfort with multivariate calculus and linear algebra is essential.
ECON 6120. Microeconomics I. Three credits. Prerequisites: ECON 6100 must be taken concurrently unless otherwise approved by the instructor. This course serves as the first semester core course in microeconomic theory designed for students who wish to pursue a Ph.D. in economics. The first part of the course develops the theory of consumer choice, with extensions including the labor supply model, intertemporal choice, and choice under uncertainty. The second part models the theory of the firm in both perfectly competitive and monopoly industry settings. Mathematical models are used to derive the theories, so comfort with multivariate calculus and linear algebra is essential.
ECON 6620. Econometrics I. Three credits (same as FIN 6620). Prerequisites: ECON 4620 or equivalent. This is an applied course in ordinary least squares regression analysis, covering the problems of specification, multicollinearity, heteroskedasticity, autocorrelation, and endogeneity. Students will learn to use SAS statistical software as a tool for manipulating data, for conducting forecasts, for carrying out Monte-Carlo simulations, and for performing statistical inference.
ECON 6630. Econometrics II. Three credits. Prerequisite: ECON 6620 or permission of instructor. Emphasizes methods of time series analysis, including Box-Jenkins methods, general to specific modeling, volatility models, vector autoregressions, unit roots and cointegration, unobserved component and state space models, and neural networks. Integrates practical applications in various computing environments, including SAS, RATS, and Matlab.
ECON 6660/7660. History of Economic Thought. Three credits. Prerequisites: Graduate status and proficiency in reading and writing English. This seminar course examines the history of western economics beginning with the ancient Greeks, including the medieval scholastics, the early modern mercantilists, and selected thinkers from classical liberal economics, socialism, the historical and institutionalist schools of economics, neoclassical economics, and contemporary economics.
ECON 7100. Advanced Mathematical Methods for Economics. Three credits. Prerequisites: students must have passed the course ECON 6100 or equivalent as determined by the instructor. Covers methods of dynamic optimization, including calculus of variations, optimal control, and dynamic programming, and the mathematical prerequisites of these methods, such as integration, difference and differential equations, and advanced matrix algebra. The course also covers the basics of mathematical statistics. Computer applications are an integral part of the course.
ECON 7110. Macroeconomics II. Three credits. Prerequisites: ECON 6100 and 6110. This course serves as the second semester core course in macroeconomic theory designed for students who wish to pursue a Ph.D. in economics. The purpose of the course is to study modern intertemporal macroeconomics. The course develops discrete-time dynamic optimization techniques and examines the role of fiscal and monetary policies in centralized and decentralized economics and their welfare implications. Additionally, the course reviews recent developments in economic growth theory and international macroeconomics. Even though the focus of the course is quantitative, developing intuition about macroeconomic dynamics will be stressed.
ECON 7120. Microeconomics II. Three credits. Prerequisites: ECON 6100 and 6120. This course serves as the second semester core course in microeconomic theory designed for students who wish to pursue a Ph.D. in economics. The course examines oligopolies and pricing strategies with game theory, general equilibrium including the incorporation of public goods and externalities, and information economics with asymmetric information in principle-agent models. Mathematical models are used to derive the theories, so comfort with multivariate calculus and linear algebra is essential.
ECON 7130. Microeconomics III. Three credits. Prerequisite: ECON 7120. This course serves as the third semester course in microeconomic theory designed for students who wish to pursue a Ph.D. in economics. The course covers advanced methods used in practical applications in microeconomics. Topics include the set theory approach to cost and production with an emphasis on measurement methods for productivity and efficiency, multi-factor productivity and index numbers, and applications of game theory to issues in law and economics, political economy, and finance. Familiarity with calculus, linear algebra, and game theoretic analysis of basic strategies in oligopoly is expected.
ECON 7600. Instructional Development and Practice in Economics. Three credits. Prerequisites: students must have passed Ph.D. qualifying exams in microeconomics and macroeconomics. This course is conducted in a workshop atmosphere where students present key economic concepts, use new technology, organize and structure courses and individual classes, use assessment tools, and deal with conflict in the classroom. The course is designed to prepare students to teach undergraduate classes in economics.
ECON 7630. Econometrics III. Three credits. Prerequisites: ECON 6620 and 6630 and students must have passed Ph.D. qualifying exams in microeconomics and macroeconomics. This is the third course in the econometrics sequence with an emphasis on nonlinear estimation methodology for cross-section and panel data. It includes discussion of various qualitative and limited dependent variable models, including those for discrete responses, censored and truncated data, sample selection problems, treatment effects, and duration analysis. Incorporates practical applications in SAS, STATA, and other computing environments.