The Graduate School Bulletin
Department of Economics
462 Bryan Building
(336) 334-5463
Department of Economics Homepage
Admissions Information
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Faculty
Overview
Requirements for the Master of Arts in Applied Economics
Financial Economics Concentration
Requirements for the Master of Arts / Doctor of Philosophy in Economics
Requirements for the Doctor of Philosophy in Economics
ECO Economics Courses
Faculty
Professors
Stuart D. Allen, Ph.D.
Macroeconomics, monetary economics (Head of Department).
Albert N. Link, Ph.D.
R&D, innovation and science policy, productivity analysis.
John L. Neufeld, Ph.D.
Energy economics, microeconomics, economic history.
David Ribar, Ph.D.
Labor economics, demographic economics, applied econometrics, microeconomics.
Christopher J. Ruhm, Ph.D.
Labor and health economics, applied microeconomics (Jefferson-Pilot Excellence Professor).
Associate Professors
Peter M. Bearse, Ph.D.
Econometrics, public economics.
Stephen P. Holland, Ph.D.
Natural resources and environmental economics, industrial organization.
Stephen Layson, Ph.D.
Microeconomic theory, economics of crime.
Dennis P. Leyden, Ph.D.
Public finance, economics of public education, public choice.
Donald L. McCrickard, Ph.D.
International trade and finance, macroeconomics.
Kenneth A. Snowden, Jr., Ph.D.
Economic history, financial economics, macroeconomics (Director of Graduate Study).
Assistant Professors
Charles Courtemanche, Ph.D.
Health economics, microeconomics.
Christopher Swann, Ph.D.
Labor economics, applied economics.
Instructor
Michelle E. Sheran, Ph.D.
Labor economics, applied microeconomics.
Overview
The Department of Economics offers the Master of Arts in applied economics, the Doctor of Philosophy in economics and an innovative, combined program that leads to both a Master of Arts and a Doctor of Philosophy in economics. The M.A. and Ph.D. programs are distinct, professionally-oriented, terminal degree programs; however, the curricula are closely integrated and mutually support the M.A./Ph.D. degree track. The department’s faculty has an established national reputation for scholarship in applied microeconomic research; its graduate programs are specially focused on developing the theoretical and econometric tools required to formulate and interpret quality empirical research and the data handling and communication skills required to conduct and disseminate the outcomes of that research.
The M.A. in applied economics requires 33 hours of course work, including a research capstone course, and is designed for students who seek careers in business, finance, or government as economists, forecasters, policy analysts, economic researchers, or managers with strong quantitative skills. Students who expect to work in the financial sector may elect to complete the financial economics concentration offered within the M.A. program. Excellent training is also provided for students who wish to enter the Ph.D. program at UNCG or to pursue additional graduate education at other institutions.
The Ph.D. in economics is offered to superior applicants who seek careers in academic departments with a strong focus on public policy and applied microeconomics, in nonacademic research organizations, in business and financial institutions, and in agencies of federal, state and local governments. The program is structured to develop the theoretical, quantitative, and statistical skills that are required to perform and interpret economic analyses on a wide range of policy-oriented issues. The program’s focus on applied microeconomics and its highly structured curriculum represents an innovative alternative to more traditional doctoral programs in economics that are generally broader in scope and more flexible in structure. Our doctoral program is specifically designed to train students in the fields of labor, health, and public economics (including the economics of education, science, and technology policy, and urban economics).
Students with a completed master’s degree in Economics may enter the Ph.D. program directly. All other students enter the Ph.D. program by applying to the combined M.A./Ph.D. in Economics. Students with a baccalaureate degree may apply directly to the combined M.A./Ph.D. or at any time while enrolled in our M.A. degree program, providing them the opportunity to begin earning a high-quality, innovative terminal M.A. degree before deciding whether to pursue doctoral training.
Mission Statement
The Department of Economics supports the teaching, research, and service missions of the University and the Bryan School of Business and Economics. The Department’s undergraduate courses and programs prepare students for the competitive global marketplace, career and professional development, and graduate education. Its innovative graduate programs, the M.A. in Applied Economics and the Ph.D. in Economics with a focus on applied microeconomics, provide students with a mastery of advanced empirical and analytical methods so they can conduct high-quality research and contribute to the knowledge base in business, government, non-profit, and research settings. The Department conducts high-quality nationally recognized research that supports its academic programs, promotes economic understanding, and fosters economic development in the Triad and the state.
Requirements for the Master of Arts in Applied Economics
The Department of Economics offers a graduate program of study leading to a Master of Arts degree in applied economics. The 33 hour program combines core knowledge in economic theory and econometrics, specialized applied research methods, advanced electives, and the choice of a capstone research seminar focused on either public policy or forecasting. The M.A. in applied economics with a concentration in financial economics incorporates course work in finance and related areas.
Core Knowledge Requirement (18 hours)
ECO 619 Mathematical Economics (3)
ECO 641 Microeconomics I (3)
ECO 642 Microeconomics II (3)
ECO 643 Econometric Methods (3)
ECO 644 Econometric Theory (3)
ECO 646 Macroeconomics I (3)
Applied Research Methods (6 hours)
ECO 725 Data Methods in Economics (3)
ECO 731 Applied Policy Methods (3)
Electives (6 hours)
At least 3 hours must be earned with an advanced graduate economics course (ECO 730 or above). The remaining 3 hours may be earned with 500-, 600-, or 700-level economics courses or with approved graduate courses taken outside the department. Electives in economics include:
ECO 510 Law and Economics (3)
ECO 518 American Economic History: 1865 to Present (3)
ECO 523 Topics in Public Policy (3)
ECO 555 History of Economic Thought (3)
ECO 722 Time Series (3)
ECO 733 Special Topics in Applied Public Policy (2)
ECO 735 Labor Economics (3)
ECO 736 Public Economics (3)
ECO 737 Health Economics (3)
ECO 738 Topics in Economics (3)
ECO 739 Independent Field Course (3)
ECO 741 Advanced Mathematical Economics (3)
ECO 742 Advanced Microeconomic Theory (3)
ECO 743 Advanced Microeconomic Theory II (3)
ECO 745 Advanced Econometric Theory (3)
ECO 746 Advanced Econometric Theory II (3)
Research Seminar (3 hours) (Capstone Experience)
Students must take one of the following:
ECO 721 Empirical Microeconomics (3)
OR
ECO 723 Predictive Data Mining (3)
Qualifying Examinations
As a requirement for graduation each student must successfully complete two qualifying examinations—one in economic theory and one in econometrics. Both examinations are administered during the first two weeks of the spring semester, and students must pass each with a minimum grade of B- (2.7). Students who do not pass either or both examinations may retake the examination(s) one time.
Concentration in Financial Economics
To complete a concentration in financial economics, students must take ECO 722 and 3 credit hours from approved MBA finance or information systems courses as electives and ECO 723 to satisfy the research seminar requirement.
Requirements for the Master of Arts / Doctor of Philosophy in Economics
The Department of Economics offers an integrated program of study that leads to both a Master of Arts in applied economics and a Doctor of Philosophy in economics for well-qualified applicants with a baccalaureate degree in economics. Students may apply directly to the combined M.A./Ph.D. program or at any time while enrolled in the M.A. program. Within this 75 hour program the student completes all the requirements of the M.A. program (see above) and the requirements of the 60 hour Ph.D. program outlined below. Courses marked (*) below fulfill the requirements for the 33 hour M.A. degree program.
Economic Theory and Mathematical Economics Courses (18 hours)
*ECO 619 Mathematical Economics (3)
*ECO 641 Microeconomics I (3)
*ECO 646 Macroeconomics (3)
*ECO 741 Advanced Mathematical Economics (3) (M.A. elective)
*ECO 742 Advanced Microeconomic Theory (3) (substitutes for M.A. requirement ECO 642)
ECO 743 Advanced Microeconomic Theory II (3)
Econometrics Courses (12 hours)
*ECO 643 Econometric Methods (3)
*ECO 644 Econometric Theory (3)
*ECO 745 Advanced Econometric Theory (3) (M.A. elective)
ECO 746 Advanced Econometric Theory II (3)
Research Methods (9 hours)
*ECO 721 Empirical Microeconomics (4)
*ECO 725 Data Methods in Economics (3)
*ECO 731 Applied Policy Methods (3)
Empirical Field Courses (12 hours)
Students must complete at least 12 hours chosen from the following:
ECO 733 Special Topics in Applied Public Policy (3)
ECO 735 Labor Economics (1-4)
ECO 736 Public Economics (1-4)
ECO 737 Health Economics (1-4)
ECO 738 Topics in Economics (1-4)
ECO 739 Independent Field Course (1-4)
Supervised Independent Field Research (12 hours)
ECO 797 Seminar in Empirical Economics (6)
ECO 798 Seminar in Economic Research (6)
Comprehensive Examinations
As a requirement for the M.A. degree, students must successfully complete the comprehensive examination in economic theory and econometrics after their first semester of course work. That examination is described more fully in the description of the M.A. program.
For the Ph.D. degree, students are required to successfully complete a qualifying examination in economic theory and econometrics after completion of the Ph.D. core. The qualifying examinations are administered in the summer after completion of the first year of course work, and students who do not pass this examination may retake it once the following December.
Ph.D. students must also pass a written and oral preliminary examination administered by their dissertation committee before being admitted to candidacy for the doctoral degree and before registering for dissertation credit. The preliminary examination is administered after the student has completed the required field courses.
Dissertation Research (12 hours)
Each candidate for a doctoral degree must prepare and present a dissertation that reflects an independent investigation of an economic topic that is acceptable in form and content to the student’s advisory/dissertation committee and The Graduate School.
Requirements for the Doctor of Philosophy in Economics
The Department of Economics offers a 60 hour graduate program of study leading to a Doctor of Philosophy in economics for students who have earned a master’s degree in economics at UNCG or another institution. Up to 18 of the 60 hours may be accepted from UNCG’s M.A. in economics program or from a comparable master’s program. Students who enter the program with a master’s degree from another institution may be required to take additional courses if their prior degree does not adequately cover the required material in the core requirements of the UNCG M.A. program as stated above.
Core Courses in Microeconomic and Econometric Theory (9 hours)
ECO 741 Advanced Mathematical Economics (3)
ECO 742 Advanced Microeconomic Theory (3)
ECO 745 Advanced Econometric Theory (3)
Advanced Microeconomic and Econometric Theory Courses (6 hours)
ECO 743 Advanced Microeconomic Theory II (3)
ECO 746 Advanced Econometric Theory II (3)
Research Methods (9 hours)
ECO 721 Empirical Microeconomics (3)
ECO 725 Data Methods in Economics (3)
ECO 731 Applied Policy Methods (3)
Empirical Field Courses (12 hours)
Students choose 12 hours from the following courses, which may be repeated for credit.
ECO 733 Special Topics in Applied Public Policy (1-4)
ECO 735 Labor Economics (1-4)
ECO 736 Public Economics (1-4)
ECO 737 Health Economics (1-4)
ECO 738 Topics in Economics (1-4)
ECO 739 Independent Field Course (1-4)
Supervised Independent Field Research (12 hours)
ECO 797 Seminar in Empirical Economics (6)
ECO 798 Seminar in Economic Research (6)
Comprehensive Examinations
Students are required to successfully complete a qualifying examination in economic theory and econometrics after completion of the Ph.D. core. The qualifying examinations are administered in the summer after completion of the first year of course work, and students who do not pass this examination may retake it once the following December.
Students must also pass a written and oral preliminary examination administered by their dissertation committee before being admitted to candidacy for the doctoral degree and before registering for dissertation credit. The preliminary examination is administered after the student has completed the required field courses.
Dissertation Research (12 hours)
Each candidate for a doctoral degree must prepare and present a dissertation that reflects an independent investigation of an economic topic that is acceptable in form and content to the student’s advisory/dissertation committee and The Graduate School.
ECO Economics Courses
| 510 | Law and Economics (3:3) |
| Pr. 301 Applies economic theory to the analysis of law. Presents framework for analysis, examines property rights, studies public regulation, and examines anti-trust laws. | |
| 513 | Directed Studies in Economics I (1-3) |
| Pr. 21 semester hours of economics and permission of instructor Individual study of economic problems of special interest to the student. Regular conferences with instructor required. | |
| 517 | American Economic History: Colonial Times to 1865 (3:3) |
| Pr. 201 Evolution of the American economy through the Civil War. Emphasis on sources of economic growth and economic welfare. (Same as HIS 517) | |
| 518 | American Economic History: 1865 to Present (3:3) |
| Pr. 201 Evolution of the American economy from the Civil War to the present. Emphasis on economic performance through time measured against the goals of full employment, price stability, and rapid growth. (Same as HIS 518) | |
| 523 | Topics in Public Policy (3:3) |
| Pr. 301 Examination of market failure, public goods, economic efficiency, income incidence, allocative effects, and public policy. (Fall) | |
| 530 | Urban and Regional Economics (3:3) |
| Pr. 301 Application of the analytical tools of economics to explain the economic organization of cities, metropolitan areas, and larger regions and to deal with their economic problems. Problem areas analyzed include growth, poverty, housing, transportation. | |
| 553 | Economic Forecasting (3:3) |
| Pr. 351 Forecasting economic trends and fluctuations. Applications of regression analysis, exponential smoothing techniques, and Box-Jenkins procedures to forecast such economic variables as gross national product and unemployment levels. | |
| 555 | History of Economic Thought (3:3) |
| Pr. 201 or equivalent Main currents in the evolution of economic thought, with emphasis on the classical and neoclassical schools and developments in economic interrelations in a market system. | |
| 570 | Topics in Labor Economics (3:3) |
| Pr. 301 Advanced theory and research related to labor supply and demand theory, investments in human capital, job search, migration, unemployment, theories of discrimination, income distribution theory, and public policy. | |
| 575 | Industrial Organization and Public Policy (3:3) |
| Pr. 301 Theoretical and empirical study of firms relative to their rivals, suppliers, and customers. Use of theory and industry studies to understand the nature of competition and consequences of imperfect competition. | |
| 589 | Experimental Course |
| This number reserved for experimental courses. Refer to the Course Schedule for current offerings. | |
| 613 | Directed Studies in Economics II (1-3) |
| Pr. graduate admission and permission of the Director of Graduate Study in economics and the professor who will supervise the study Individual study of an advanced topic in economics. Regular conferences with the instructor are required. | |
| 619 | Mathematical Economics (3:3) |
| Pr. 301, 319 or equivalent Reviews statistics and probability, matrix algebra and optimization and introduces theory and applications in integral calculus and differential equations. | |
| 641 | Microeconomics I (3:3) |
| Pr. 301, 619, or permission of instructor Theory of consumer and firm behavior under certainty and uncertainty including exchange, production, income distribution, market structure and welfare economics. | |
| 642 | Microeconomics II (2:2) |
| Pr. 641 or permission of instructor Examination of market failures that can occur within competitive, decentralized market systems. Topics include market power, uncertainty, asymmetric information, externalities, and public goods. | |
| 643 | Econometric Methods (3:3) |
| Pr. 351, 619, or permission of instructor Introduction to advanced econometric applications. Topics include seemingly unrelated regressions, simultaneous equations, identification, two-stage least squares, probit, tobit, sample selection models; application to economic data using Stata or other software. | |
| 644 | Econometric Theory (3:3) |
| Pr. 643 or permission of instructor Theory of econometric models: topics include the standard linear model, classical assumptions, violations of assumptions, hypothesis testing, and corrective procedures; application to economic data using SAS or other statistical software. | |
| 646 | Macroeconomics (3:3) |
| Pr. 619, 641, or permission of instructor Advanced theory of aggregate economic activity. Economic models developed to explain economic growth, activity, and fluctuations based on classical, Keynesian, monetarist, and new classical schools of thought. | |
| 652 | Advanced Economic and Business Statistics I (1.5-3) |
| Pr. MBA 600, MBA 610, or permission of instructor Topics will include regression analysis, analysis of variance, and nonparametric tests. SAS is employed. | |
| 691 | Economics Internship (1-3) |
| Pr. permission of the M.A. Program Director Individual course of study consisting of an applied economics and/or data analysis component and written work that complements the program’s academic work. Supervised by faculty and an appropriate manager. May be repeated. Maximum of 3 credit hours may apply toward M.A. degree. | |
| 694 | Literature Review Seminar (2:2) |
| Pr. 644, 646, or permission of instructor Students present their proposed research project, write a literature review, and present their on-going research. | |
| 695 | Seminar and Research in Economics II (4:4) |
| Pr. permission of Director of Graduate Study Supervised independent research culminating in the completion of an economic research paper or project. (Graded on S-U basis) | |
| 699 | Thesis (1-6) |
| 711 | Experimental Course |
| This number reserved for experimental courses. Refer to the Course Schedule for current offerings. | |
| 712 | Directed Studies in Economics III (1-3) |
| Pr. permission of Director of Graduate Study Individual study of an advanced topic in economics. Regular conferences with the instructor are required. May be repeated for credit. | |
| 721 | Empirical Microeconomics (1-4) |
| Pr. 641, 643, 644, or permission of instructor Examines empirical investigations of advanced microeconomic theory including experimental and nonexperimental designs and natural experiments. Applications vary by semester but are typically drawn from labor, health, public and financial economics. May be repeated for credit. | |
| 722 | Time Series and Forecasting (1-4) |
| Pr. 643, 644, 646, or permission of instructor Students learn to analyze and forecast time series data. Topics include stochastic linear difference equations, tests for trends and stationarity, and ARIMA modeling. Application to economic data emphasized. May be repeated for credit. | |
| 723 | Predictive Data Mining (1-4) |
| Pr. 643 and 644 or permission of instructor Provides a working knowledge of statistical tools important to the emerging and practically relevant field of predictive data mining and the discovery of patterns in big data sets. May be repeated for credit. | |
| 725 | Data Methods in Economics (3:3) |
| Pr. 721 or permission of instructor Advanced techniques in data preparation; topics include data formats, error checking, merging data, large data sets, and missing observations. Students work extensively with SAS and STATA in the UNIX environment. | |
| 726 | Data Project in Economics (3:3) |
| Coreq. 725 or permission of instructor A supervised empirical project. Students identify research questions, develop empirical models and assemble data, test models and their predictions, and present results and interpretations orally and in writing. | |
| 731 | Applied Policy Methods (3:3) |
| Pr. 642 and 644 or permission of instructor Provides applied foundation for policy study with emphasis on an economic efficiency perspective including history of policy analysis, market and government failure, and alternative methods for policy analysis. | |
| 732 | Appraising Economics (2:2) |
| Pr. 642 and 644 or permission of instructor Examines historical and methodological issues in applied economics research. Topics include the limitations of theoretical and empirical analysis, the question of progress in economics, and alternative approaches to economic analysis. | |
| 733 | Special Topics in Applied Public Policy (2:2) |
| Pr. 731 or permission of instructor Application of economic theory and policy evaluation tools to a specific public policy issue. May be repeated for credit when topic varies. | |
| 735 | Labor Economics (1-4) |
| Pr. 641 and 642, or permission of instructor Examines the operation of the labor market, its institutions, and labor market policies. Topics include labor supply and demand, returns to education, family and household economics, wage inequality, and unions. May be repeated for credit. |
|
| 736 | Public Economics (1-4) |
| Pr. 641 and 642, or permission of instructor Examines the market for health services and the production of health. Topics include the demand and supply for health care professionals, health insurance and financing, and regulation of medical markets. May be repeated for credit. |
|
| 737 | Health Economics (1-4) |
| Pr. 742 and 745, or permission of instructor Examines the market for health services and the production of health. Topics include the demand and supply for health care professionals, health insurance and financing, and regulation of medical markets. May be repeated for credit. |
|
| 738 | Topics in Economics (1-4 |
| Pr. 641 and 643 or permission of instructor Application of economic theory and econometrics to a specific topic in public, labor, or health. May be repeated for credit. |
|
| 739 | Independent Field Course (1-4) |
| Pr. 641 and 642, or permission of instructor Examines the market for health services and the production of health. Topics include the demand and supply for health care professionals, health insurance and financing, and regulation of medical markets. May be repeated for credit. |
|
| 741 | Advanced Mathematical Economics (3:3) |
| Pr. 619, 641, or permission of instructor Mathematical concepts and techniques that are used in advanced economic theory. Material includes sets and functions, constrained and unconstrained programming, and difference and differential equations. | |
| 742 | Advanced Microeconomic Theory (3:3) |
| Coreq. 741 or permission of instructor Examines decision making by households and firms with an emphasis on the meaning and empirical interpretation of theoretical models. Topics include duality theory, general equilibrium, and welfare economics. | |
| 743 | Advanced Microeconomic Theory II (3:3 |
| Pr. 742 or permission of instructor Examines decision making under uncertainty and in strategic environments, covering probability and risk, expected utility, a brief discussion of complete information games, and more intensively, incomplete information games. |
|
| 745 | Advanced Econometric Theory (3:3) |
| Coreq. 741 or permission of instructor Presents fundamental concepts in statistics and least squares estimation and inference within single-equation linear models, instrumental variable approaches, and multivariate regression contexts. Concludes with introduction to nonlinear regression. Includes lab. | |
| 746 | Advanced Econometric Theory II (3:3) |
| Pr. 745 or permission of instructor Advanced methods in microeconometric analysis Covers linear models for panel data with unobserved heterogeneity, M-estimators, maximum likelihood, generalized methods of moments, and discrete response models. Includes lab. |
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| 754 | Applied Theory I: Game Theory (2:2) |
| Pr. 742 or permission of instructor Examines decision making under uncertainty and in strategic environments, covering probability and risk, expected utility, complete information games, and, more intensively, dynamic games and games of incomplete information. | |
| 755 | Applied Theory II: Economics of Information (2:2) |
| Pr. 742 or permission of instructor An examination of adverse selection and moral hazard in labor, insurance, and credit markets. Students learn the impact of information imperfections on individual choice, equilibrium, welfare, and regulation. | |
| 756 | Applied Theory III: Intertemporal Economics (2:2) |
| Pr. 742 or permission of instructor Examines concepts and tools required to build and understand dynamic economic models; theory is applied to topics including job search, human capital formation, savings decisions, and related policy issues. | |
| 757 | Applied Theory IV: Public Goods (2:2) |
| Pr. 742 or permission of instructor Analysis of public goods, non-market decision-making, and the implications for public policy. Emphasis on constraints imposed by such decision-making on policy and evaluation of policies under alternative normative criteria. | |
| 758 | Applied Theory V: Directed Study (2:2) |
| Pr. 742 and permission of Director of Graduate Study A faculty-directed, independent study of applied theory for a topic particularly related to a student’s primary field of interest. May replace ECO 755, 756, or 757. | |
| 761 | Advanced Econometrics I (2:2) |
| Pr. 745 or permission of instructor Advanced methods in microeconometric analysis. Covers M-estimators, maximum likelihood, generalized methods of moments, and discrete response models. | |
| 762 | Advanced Econometrics II (2:2) |
| Pr. 745 or permission of instructor Advanced methods in microeconometric analysis. Covers linear models for panel data with unobserved heterogeneity, count data, and duration analysis. | |
| 763 | Applied Econometrics (1-4) |
| Pr. 745 or permission of instructor Advanced methods in microeconometric policy evaluation. Issues include sample attrition, stratified sampling, and weighting procedures. Applications include estimating treatment effects, dealing with self-selection, and using duration analysis. Includes lab. May be repeated for credit. | |
| 797 | Seminar in Empirical Economics (3-6) |
| Pr. permission of Director of Graduate Study A supervised seminar in which students formulate a major empirical research project and identify, collect, and assemble the data required to pursue that research. May be repeated for credit. | |
| 798 | Seminar in Economic Research (3-6) |
| Pr. permission of Director of Graduate Study A supervised research seminar in which students complete an extensive review of the literature in their chosen area of research specialization. May be repeated for credit. | |
| 799 | Dissertation (1-12) |
| 801 | Thesis Extension (1-3) |
| 802 | Dissertation Extension (1-3) |
| 803 | Research Extension (1-3) |