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A Ph.D. in Economics requires 72 credit hours in 500-level courses with a B average with not
more than 24 units of readings (597) and research (598) combined. In rare cases, a 400-level
course, usually offered by other departments, may qualify; written permission of the Director
of Graduate Studies is required. After consultation with the Director of Graduate Studies
and his written permission, a student may substitute some units of readings or research for
regular class credits.
Students may transfer up to 24 units of graduate work completed elsewhere but are advised to make such a transfer only after consultation with the Director of Graduate Studies.
The 72 hours must include:
1. theory: 12 hours of graduate economic theory (501, 502, 503, 504);
2. quantitative methods: 6 hours of quantitative methods: math and statistics (511, 512);
3. Econometrics: 3 hours of econometrics (513);
4. field courses: eight field courses (24 hours) beyond the courses listed under (1) - (3),
with at least two courses in two fields and at least one course each in two other fields.
Most of these courses should be taken in the second year.
Students occasionally may place out of a required course if there is sufficient evidence of
comparable previous course work in the respective area. Written permission of the Director
of Graduate Studies is required.
Prelim exams must be passed in theory (micro and macro, see 6 below).
Student must pass two fields (see 7 below). Fields typcially require two to three advanced graduate courses. THe department expects to offer approximately
six fields every year.
If appropriate, and with the permission of the Director of Graduate Studies, another field
may be substituted. In particular the Finance field, offered in the graduate program of the
Business School, may be chosen.
1.1.4 Paper and Presentation Requirement:
At least two papers, one each in the second and third year, and four advanced oral presentations (see 8 below).
Students must regularly attend seminars delivered by outside speakers in their second, third, fourth, and fifth year of residence (see 9 below).
The student must write and present a Dissertation Proposal (see 10 below).
The student must write a Dissertation, have it accepted by a Dissertation Committee, and pass an Oral Defense of the dissertation (see 11 below).
The Department requires two semesters of teaching experience. Students demonstrate competence in teaching by serving as teaching assistants or by teaching a course, usually in the night or summer school and by giving several presentations of advanced material (see 8). Students entering in 2004 or later will also have to fulfill a Graduate School teaching requirement (copies of the requirement are available from the Graduate Secretary). By the time student set up their Proposal (see 10), they will have had taught at least one course on their own and made at least four presentations of advanced material (see 8).
The graduate program in Economics is a Ph.D. program. We rarely admit students seeking
a terminal M.A. degree except when they are participating in a special joint program such
as the interdisciplinary M.A/J.D. degree program in Law and Economics or the B.A./M.A.
program.
The requirements for an M.A. degree in Economics include the prelim examination (with
an M.A. pass or better) and 30 hours of B average graduate work (400 or 500-level courses) in
economics or other approved courses with at least 15 hours of 500-level courses in Economics
including Macroeconomics I (501), Microeconomics I (503), and Introduction to Econometrics
(513).
There are two ways of obtaining the M.A. degree in addition to the 30 hours plus prelim
pass option: (1) by completing 27 hours of B average graduate work and writing an M.A.
Essay; or (2) by completing 24 units of B average graduate work and writing an M.A. Thesis.
Students writing an M.A. Essay sign up for Econ 598 for 3 units of credit although the
Department may allow 6 units. The credit is not for just the writing of the Essay—the credit
is for the research, and what the research is worth determines the amount of credit.
The Masters Thesis must be written in conformity with the rules of the Graduate School (see pp. 25-26 of the Graduate School of Arts and Sciences, Bulletin), with a public oral
examination. The student will have a committee of no less than three professors who will
examine him/her about the thesis. A Thesis Title Scope and Procedure form must be filled
out about six months before the thesis is presented and sent to the Graduate Dean. *Note that M.A. candidates do not qualify for financial support.
For Ph.D. students, the M.A. degree in Economics is awarded along the way to the Ph.D. degree. They are encouraged to file for the M.A. degree as soon as they have fulfilled all requirements since this may influence their University College or Summer School compensation.
Summer Before the First Year
August – Mathematics Review and Statisctics Review
Year 1 (Also see Section 4)
Core Courses:
Fall Semester / Spring Semester
501 Macro I / 502 Macro II
503 Micro I / 504 Micro II
511 Quant Meth I / 513 Econometrics
512 Quant Meth II
Summer after the First Year
June: Theory Prelims / August: Retake Theory Prelims if necessary.
Year 2
Field Courses / Second Year Paper / Fulfill workshop requirements.
Year 3
More Field Courses / Third Year Paper and Presentation
/ Fulfill workshop requirements / Dissertation Proposal.
Year 4
Prepare and Present Job Market Paper / Finish and Defend Dissertation
/ Fulfill workshop requiremetns.
Most students will not finish their degree in four years, but in five years. In some cases, a sixth year will be necessary. Students should be aware that finishing
early will serve as an important signal in the job market and should stive to fnish as early as possible. In addition, typically the department funds students through their fifth year of residence.
All funding for a particular student depends on maintaining “good academic standing” with
the Department and the Graduate School. The next paragraph defines that term and clarifies
the timing of funding decisions.
Passing prelims, completing classwork for fields, and writing and presenting second and third year papers are the requirements for good academic standing in the first three years of graduate studies. These requirements, however, are not sufficient for good academic standing in later years of the program. We expect our students to be engaged in research that will lead to a dissertation.
To remain in good academic standing, and therefore receive funding in year five, a student must complete a successful dissertation proposal by the end of the seventh semester of residence in the program. (note: The Department starts working on its funding decisions for the following academic year in February)
A student in any year beyond the fifth technically is no longer in good academic standing and, with teh exception of rare cases, wil not be funded by the Department. Such a student is still encouraged to stay in residence, use departmental resources, finish the dissertation wit the assistance of the dissertation advisors, and enter the job market with the help of the Department.
3.2 Types of Academic Year Financing
There are four types of financing available: Tuition Scholarships, Fellowships, Assistantships, and Senior Teaching Assistantships.
Tuition Scholarships: Tuition scholarships are awarded by the Graduate School (upon recommendation by the Department) and are based solely on satisfactory academic performance. Awards are made for up to 4 Senior Teaching Assistantships courses (12 hours of credit) per semester. Most students who are in ‘good standing’ will receive a tuition scholarship. These awards are non-taxable scholarships (see 3.6).
Fellowships: Fellowships are awarded by the Graduate School on the basis of merit.
They are considered to be a taxable stipend by the IRS (see 3.6). Fellowship awards are
made by the Department with the concurrence of the Dean of the Graduate School. They
do not require specific duties. Fellowships are made with the expectation that the student
will devote all of her/his time to courses or research.
Currently, the following fellowships are available within the University:
1. University Fellowships (UF) are generally available only to first year students. They are
awarded to students who have superior academic performance and recommendations
(2The Department starts working on its funding decisions for the following academic year in February.) before coming to Washington University. They do not require any duties except to
maintain a B average in the first year courses.
2. The Chancellor’s Graduate Fellowship;
3. The John Stuart Mill Fellowship;
4. The Mr. and Mrs. Spencer T. Olin Fellowship for Women in Graduate Study;
5. Dissertation Fellowships (DF): The Graduate School and the Center in Political Economy offer Dissertation Fellowships. All students are encouraged to apply for these attractive
fellowships which free the student of TA or other departmental duties. These
fellowships make it much easier for the student to complete a dissertation on time and
free departmental resources for the support of other students. Almost all awards are
for one year and are not renewable. It is expected that the student will complete the
dissertation by the end of the award period.
Applications are due by February 24th of the Spring semester before the academic
year for which they expect funding. The application has to be accompanied by an brief
description of the student’s dissertation research and a confidential letter of recommendation
from the student’s advisor. Applications for Graduate School Fellowships must
be made through the Director of Graduate Studies. Applications for Political Economy
Fellowships must be made to the Director of the Center in Political Economy. To be
eligible for DFs a student must have passed the Oral Proposal before February 28th.
6. Continuing Fellowships (CF): Students who will not have proposed by February 28th
but foresee a proposal in the near future can apply only for a CF which is funded at
a somewhat lower level than a DF. When the student finishes her/his proposal, the
Graduate School will immediately adjust the stipend to a DF level. In particular, a
student who will propose during the Spring semester will receive full DF funding; a
student who will propose in August or early September will receive almost full DF
funding. Otherwise there is no difference between the two fellowships. The same
application rules and deadlines apply
Assistantships: Assistantships are awarded by the Department with the concurrence of the Dean of the Graduate School. They are made on the basis of academic standing and teaching or research abilities. During the semester, the student will have an average of 15 hours of duties per week.
1. Departmental Teaching Assistantship (TA): TAs generally grade papers and hold office
hours to help instructors. They may also be asked to lecture once or twice during the
semester, run review or help sessions, write exams, prepare material for the course,
and perform other duties that the instructor assigns. Students may be assigned a class
in University College for which they will have sole responsibility. Each student must
have supervised teaching experience.
2. Research Assistantship (RA): RAs are expected to help a professor with (possibly
joint) research. This form of support often is considered attractive due to the research
orientation and possible connection with a student’s thesis. Students should consult
with faculty about the availability of Research Assistantships.
Senior Teaching Assistantships (STA): Students who have superior teaching abilities
can be appointed to teach regular classes in the College of Arts and Sciences. Such an
assignment carries more responsibilities and somewhat higher remuneration than Teaching
Assistantships or Research Assistantships. A Senior Teaching Assistantship requires the
approval of the department, the Dean of the Graduate School, and the Dean of the College
of Arts and Sciences.
NOTES:
1. Students who receive full funding from Washington University through a fellowship
or assistantship are expected not to “moonlight” — at Washington University or outside— during the academic year. It should be obvious that the current remuneration
of at least $17,250 for not more than 15 hours per semester week is attractive, and the
department expects you to study or do research during the remaining time.
2. Students who win external fellowships are allowed to supplement cost-of-living stipends with their regularly awarded university funding, such that the combined income for cost-of-living is up to 125% of the amount they would normally be receiving from Washington University (for students who would ordinarily be receiving a TAship, the supplement to their external funding would be in the form of a partial TAship, for whihc a proportioned amount of teaching would be expected).
The department offers numerous Summer Research Fellowships. Students apply for these funds with a proposal due towards the end of February.3 The research can involve assistance to a faculty member. There are also teaching positions available in the Summer School.
The Center for New Institutional Social Sciences offers summer support to students who commit to obtain a Certificate in Institutional Social Sciences. For more information on this attractive funding option, consult the website http://cniss.wustl.edu.
All summer support is available only to second-year through fifth-year students in residence at Washington University. The department discourages students who will take a permanent job in the fall from applying for summer funding.
3.4 The Federal Work Study (FWS) Program
American graduate students are eligible for support under the federally sponsored Federal Work Study (FWS) program if they meet certain federally defined criteria of financial need. When such students are appointed to teaching and research assistantships (based on their academic qualifications and merits), FWS funds can be used to provide a substantial portion of their stipends.
All American students must complete and submit the Family Financial Planning Statement (FFPS) in order to determine their eligibility for FWS support. Please cooperate with the Department and the Graduate School by providing detailed information on your financial circumstances. Failing to fill out the FFPS can jeopardize your ‘good standing’ in the Department. Eligibility for FWS support does not affect the likelihood of support or the size of awards.
1. Most students are awarded tuition scholarships as long as they are in good standing
until they have 72 hours of graduate credit.
(3 Each year, a letter requesting the proposal and spelling out the rules will be mailed to graduate students.)
2. First-year students’ financial support are University Fellowships and/or Tuition Remission.
There are no Teaching Assistantships or Research Assistantships awarded to
first year students.
3. From the second year on, students in good standing generally serve as departmental
TAs or as RAs; some may also discharge their TA duties by teaching in University
College or by serving as a Senior Teaching Assistant. These students cannot take more
than three courses per semester.
For one of these years, qualifying students can be funded by a DF or CF (see Section
3.2 for details).
Students, not funded through the department, sometimes find teaching positions in the
area (e.g., at SLU, UMSL, Webster University, Meramec College, Maryville University, or
SIU-Edwardsville).
The following information is given with the usual caveat: while we believe that it is correct, we cannot guarantee that this, in fact, is the case. Consult with a tax accountant and/or lawyer for further information.
Teaching and research stipends to advanced-degree candidates are taxable income. But graduate students enrolled in advanced-degree programs are exempt from social security tax.
Graduate students may be exempt from taxes on amounts received as scholarships for tuition and for related educational expenses (not including room and board), as described in Sections 117(a) and 117(b) of the IRS Code. However this exemption does not apply to any assistantship or scholarship that represents payment for teaching, research, or other services.
Tuition scholarships, fellowships, and assistantships are awarded independently and by
separate criteria. Tuition scholarships are awarded by the Graduate School of Arts and
Sciences based only on satisfactory academic achievement. Fellowship and teaching/research
assistantship appointments are made by the Department with concurrence by the Dean of
the Graduate School on the basis of performance in teaching and research and on academic
requirements. A graduate student at Washington University may have a tuition scholarship
even if he/she does not hold a teaching or research appointment.
Thus, we believe that, under the existing tax laws, tuition scholarships at Washington
University are not taxable.
Accordingly, Washington University does not report tuition scholarships to the IRS as income received by the student. If a student gets a W2-form from the University, the amount of the tuition scholarship should not be included on the form.
We expect students entering the program to have at least two (or more) semesters of calculus
(equivalent to Math 131 and Math 132 at Washington University), a semester of matrix or
applied linear algebra (equivalent to Math 309), and a semester of statistics. Even students
with this background must take the math review course in August. This is not a remedial
calculus review. Rather it is designed to introduce students to topics in mathematics – including
linear algebra, basic topology, and constrained maximization – that they are unlikely
to have had in even three or more semesters of college mathematics.
Course decisions for first year students are:
(a) whether to ask to be excused from Econ 511 and/or Econ 512 and which math courses to
take instead. A few students may have had sufficient previous course work in mathematics
or statistics to warrant not taking one or both quantitative methods courses. They may
request a written waiver from the instructor of the corresponding course to be submitted to
the Director of Graduate Studies and take a math course instead.
(b) whether to take a fourth course in the Spring semester and, if so, which one.
Even students who do not intend to do advanced work in theory or econometrics may
benefit from a linear algebra course, say, Math 429 in addition to Econ 511.
Grades of A, B, C, F, I, N, and S are given in graduate courses.
5.1 The Interpretation of Grades
A — Outstanding. The quality of the work is distinctly superior.
B — Good. Performance is satisfactory and represents the academic attainment in the
course expected of candidates for a graduate degree.
C — Conditional. The quality of performance in this instance falls short to that which
is regarded as satisfactory at the graduate level. Units of credit with a grade of C
must be matched by an equivalent number of credits with a grade of A in order to be
counted toward the requirements for any graduate degree.
F — Failure. The course will not count for credit toward a graduate degree.
I — Incomplete. A grade of I is recorded when otherwise satisfactory work in a course or
seminar is not completed. The Graduate School may not allow students with more
than 9 units of Incompletes or no grades reported to register for courses. Funding may
also be suspended. Students with a grade of I must file a “Plans for an Incomplete
Course” for stating the requirements to remove the I and a date when the work will
be completed. The form is signed by both the student and the instructor. It is a good
strategy for a student to complete – by the end of a particular semester – all course
work for courses which have been taken in the semester preceding the current one.
N — No grade has been reported by the instructor. The course will not count towards
graduate credit.
S — An S may replace an I when all work has been completed but a letter grade has not
yet been assigned. The course will count as credit toward a graduate degree.
5.2 Grade Point Average Requirement
For both the M.A. and Ph.D. degree you must have a 3.0 grade point average. The calculation
of the average is based on:
A+, A – 4.0 A- – 3.7 B+ – 3.3 B – 3.0
B- – 2.7 C+ – 2.3 C – 2.0 C- – 1.7
5.3 Grades and Prospects of Passing Prelims
A — A student performing at this level should normally be expected to pass prelims.
B+ — Indicates good performance most likely at a level needed to pass prelims.
B — Indicates that the faculty believes that there is potential for the student to pass prelims
but some improvement is likely to be necessary.
B- — Indicates a marginal performance and signals problems for the prelims.
C — Indicates a performance that is below the level acceptable for either a Ph.D. or an
M.A. degree. A student with a C in a theory class should not expect to pass the theory
prelims.
1. Theory examinations are given in late June to all first-year students. This prelim
consists of two five-hour exams — one on Micro and the other on Macro. Both exams
must be taken. All students are expected to stay in residence between the end of spring
classes and the June prelims in order to study.
2. There will be four possible grades: Distinction, Ph.D. Pass, M.A. Pass and Fail. The exams will be graded anonymously by a committee consisting of the first-year instructors. The committee will issue one grade. The theory examinations will concentrate on applications of the theory. While the main input for the committee’s decision will be the results of the theory examination, the committee will include first-year course grades to supplement this information in cases a positive decision cannot be based on the results of the examinations alone. The committee usually meets by early July.
3. One retake of the theory examinations is permitted. Students must retake the exam(s) in which they fail to obtain a Ph.D. Pass. The retake examinations will be scheduled to take place several days before the beginning of the Fall semester. It is expected that students who do not pass the prelims in June will spend July and August in residence studying for the August exam. Foreign students are strongly advised not to plan to leave the country during this summer because reentry into the U.S. will require a letter from the Department assuring funding for the entire second year. Because second year funding is contingent on passing prelims, the Department’s letter may not be accepted by all consular officers. In exceptional cases, the faculty may come to the conclusion that retaking the exams is counter-productive. The Director of Graduate Studies will inform the respective student of the faculty’s opinion and discuss other options.
4. Students must receive Distinction or a Ph.D. Pass to continue in the Ph.D. program. Students who receive an M.A. pass may elect to stay at Washington University for the Fall semester of the second year to complete the requirement for an M.A. degree. Tuition remission usually is granted. Students who fail the prelims must leave the program.
Students must pass two fields. Typically, to pass a field requires a B or better
in at least two approved field courses. Specific field requirements are established by the faculty members in a particular field. Students should work with the faculty member(s) representing a field in their dissertation committee to establish whether they have satisified field requirements.
The fields regularly offered in the department and the associated faculty members are the following:
Applied Microecnomics (Lee Benham, Marcus Berliant, Sebastian Galiani, Pamela Jakiela, Juan Pantano, Bruce Petersen, Robert Pollak);
Behavioral and Experimental Economics (Pamela Jakiela, David Levine);
Econometrics (James Morley, Robert Parks, Werner Ploberger)
Economic Growth and Development Economics (Costas Azariadis, Michele Boldrin, Sebastian Galiani, Sukkoo Kim, Rody Manuelli, Douglass North, Raul Santaeulalia-Llopis, Yongs Shin, Ping Wang);
Economic History (Sukkoo Kim, Douglass North);
Economic Theory (Marcus Berliant, Haluk Ergin, Stephanie Lau, David Levine, John Nachbar, Norman Schofield);
Labor Economics (Juan Pantano, Robert Pollak);
Macro and Monetary Economics (Gaetano Antinolfi, Costas Azariadis, Michele Boldrin, Steve Fazzari, Rody Manuelli, James Morley, Raul Santaeulalia-Llopis, Yongs Shing, Ping Wang, Murray Weidenbaum, Steve Williamson).
With permission of the Director of Graduate Studies, other fields in and outside Economics can be taken. Students have to get, in writing, the field requirements from the faculty teaching in the corresponding area tand have the requirements approved by the Director of Graduate Studies, before these requirements are fulfilled, in particular, before enrolling in courses. Any student interested in taking Finance or another field in the Business School should contact one of the faculty members in the corresponding area.
We recommend that a graduate student think about fields during the first year. Graduate students may consult the Director of Graduate Studies about teh availability of the shosen courses and appropriate alternatives if needed.
The student should realize that courses cannot be offered each semester in all fields. Course offerings depend on student interest and faculty availability. It is useful if students correctly inform the Chair about their interest in particular courses. Fields with relatively large enrollments will skip at most one semester and begin the sequence again. For any field, students are encouraged to contact any member of the field committee early and discuss possible choices.
7.1 Requirements for the Advanced Macroeconomics Field
Field Committee: Gaetano Antinolfi, Steve Fazzari and James Morley.
Required:
Econ 586, Seminar in Macro and Monetary Economics
Econ 518B, Seminar on Applied Econometrics II.
Students interested in macro economics are strongly encouraged to take additional courses
offered in the area, such as Econ 5875, Financial Markets, Institutions and Regulatory
Change or other courses taught by visiting faculty. Students in this field must also regularly
attend research seminars in macro and monetary economics presented in the department and
at the Federal Reserve Bank of St. Louis.
7.2 Requirements for the Econometrics Field
Field Committee: Edward Greenberg, James Morley, Robert Parks, and Fredric Raines.
Students are strongly advised to take Math 493 and Math 494 instead of Econ 512 if
they decide early enough that they wish to take a field in Econometrics. In that case, they
will be permitted to take Econ 513 if they have taken Math 493 and are taking Math 494
concurrently.
Required:
Econ 513, Elements of Econometrics
At least two others from the following options:
Econ 514, Advanced Topics in Econometrics
Econ 515, Bayesian Econometrics
Econ 518A, Seminar in Applied Econometrics I (Cross Section Analysis)
Econ 518B, Seminar in Applied Econometrics II (Time Series Econometrics)
Additional courses and courses that may substitute for those mentioned above may sometimes
be offered by the Business School or the Department of Mathematics. Such courses
should be approved in writing prior to registration by Professor Greenberg if they are to be
offered as a substitute for a course on the above list.
7.3 Requirements for the Economic History Field
Field Committee: Sukkoo Kim, Douglass North, and John Nye.
Students must take at least two graduate level economic history courses, Econ 527, Graduate
Seminar in Western Economic History, Econ 528, Graduate Seminar in American Economic
History, or Econ 529, Topics in New Institutional Economics. Students must receive
an A- or better on course grades. Alternatively, student submits an essay, a paper, or
writes an exam approved by the committee. Students are expected to know European and
American Economic history, and participate in regular Economic History lunches with the
expectation that they make at least one or two presentations before the formal proposal.
Students are strongly encouraged to find a secondary specialization in applied economics
or econometrics.
7.4 Requirements for the Economic Theory Field
Field Committee: Gaetano Antinolfi, Marcus Berliant, Stephanie Lau, John Nachbar, Wilhelm
Neuefeind, Robert Parks, and Norman Schofield.
Because of recent changes in the faculty on the field committee for this field, we are
unable to come up with a fixed list of courses which can be taken to fulfill the requirements.
If you want to take this field, contact Marcus Berliant, John Nachbar, or Wilhelm Neuefeind
to discuss available classes.
In general, meco 690, Game Theory (offered in the Business School) is a good course to
take and seems to be offered reasonably often.
Students are strongly advised to take mathematics courses beyond Econ 511. At least
two courses are advised. Options outside the department include:
Math 411, Advanced Calculus I
Math 412, Advanced Calculus II
Math 417, Introduction to Topology and Modern Analysis I
Math 429, Linear Algebra
Math 451, Measure Theory and Functional Analysis I (Note that Math 417 will probably
be waived as a prerequisite for this course if you ask.)
Math 452, Measure Theory and Functional Analysis II
7.5 Requirements for the Industrial Organization Field
Field Committee: Lee Benham, Charles Moul, and Bruce Petersen.
A minimum of two courses should be taken from the following three:
Econ 555, Economics of Industrial Organization I,
Econ 5552, Theory of the Firm,
Econ 5553, Topics in Empirical Economics
or another relevant course, to be approved by Professor Petersen.
Students are strongly advised to take at least one other course which is complementary
to an active research area within the field. These courses would include:
meco 690, Game Theory or meco 691, Information Economics (both offered by the
Business School)
Students interested in writing a dissertation in the area are expected to actively participate
in the Industrial Organization Workshop. Students who expect to write an empirically
oriented dissertation should develop appropriate econometric skills.
7.6 Requirements for the Labor Economics Field
Field Committee: Donald Nichols, Robert Pollak, and Fredric Raines.
Required:
Econ 582 Seminar on Work, Family, and Public Policy
Econ 583, Labor Economics I
7.7 Requirements for the Political Economy Field
Field Committee: Marcus Berliant, Robert Parks, and Norman Schofield.
Required:
Econ 545, Social Choice and Welfare
At least one other from the following courses:
Econ 543, Public Economics
PS 505, Seminar in Theories of Individual and Collective Behavior
PS 507, Seminar in Positive Political Theory: Game Theory and Bargaining
PS 578, Seminar in International Relations: International Political Economy
Other courses as offered from time to time in the Business School etc., at the discretion
of the field organizer. A student is expected to attend the Political Economy seminar each
week.
7.8 Requirements for the Public Finance Field
Field Committee: Marcus Berliant, Robert Parks, and Paul Rothstein
Required:
Econ 543, Public Economics
Econ 544, Taxation
Econ 546, Topics in Empirical Public Finance
Students must develop strength in the tools of advanced economic modeling that complement
their research interests.
For empirical research, options include:
Econ 518A, Seminar in Applied Econometrics I
Econ 518B, Seminar in Applied Econometrics II
For theoretical work, options include:
Econ 545, Social Choice Theory
meco 690, Game Theory (offered in the Business School)
Econ 506, Topics in Advanced Economic Theory (whether 506 A or B does not matter).
Those students interested in writing a dissertation in public finance should also consider
taking Pol Sci 5071, Seminar in Political Theory: Game Theory and Bargaining Theory.
The material covered in this course is increasingly useful to public finance.
Finally, students should keep in mind the need to show broad interests and strong technical
training through the choices of supplementary courses and a second field. In particular,
Public Finance and Political Economy are somewhat too closely tied to meet these goals.
We suggest that students interested in these areas take the courses relevant to their research
but choose only one as a field.
Students must write at least one paper, not to exceed 20 pages, double spaced. The paper
can develop a new research idea, but at a minimum will review a part of the literature
in an active research area. Students are strongly encouraged to think about new research
directions that could be pursued in the area studied and to report any results in their paper.
Copies of the papers will be retained in the student’s file. Papers submitted as part of the
requirement for a course can, with the agreement of the course instructor, be used as a
second-year paper. Acceptance of the paper for the course does not imply acceptance as a
second-year paper, and vice versa.
Rules and Timing of Paper:
1. A brief abstract (maximum of one page, double spaced) will be submitted to the
Director of Graduate Studies no later than February 1st of the second year. Students
should be in contact with a faculty member who serves as an advisor for the paper.
The name of that advisor should be included in the abstract. Students may ask the
Director of Graduate Studies for assistance in finding an advisor. Students should
expect to receive, within two weeks, comments on the abstract from the advisor and
the Director of Graduate Studies who will assign a second reader based on the abstract.
Suggestions from students will be considered.
2. By March 15, the student turns in a first version of the paper to the advisor and
the second reader, who, within two weeks, will make suggestions for improvements if
needed. The final draft of the revised paper and an abstract are due on May 1st of the
second year.
The student writes a third-year paper and makes a presentation, preferably in one of the regular workshops. The paper should clearly attempt to go beyond a literature review.
There is an expectation of original research. The third-year paper may or may not lead to
a dissertation but it should be aimed toward publication.
A recommended timetable follows:
1. Nov. 15: Together with the first version of the Abstract, students file a “statement of intention” with the Director of Graduate Studies. This statement indicates the areas of interest of the student and indicates the faculty member who is being or will be consulted for this paper. Students should expect a quick response from the Director of Graduate Studies.
2. Dec. 15: Students submit a final abstract to their primary faculty reader. The faculty reader certifies to the Director of Graduate Studies that the abstract has been received, discussed with the student, and approved. The Director of Graduate Studies follows up with the faculty reader if certification has not been made by Dec. 31. The student should be kept informed.
3. March 1: First draft of paper due to faculty reader – with a copy of the paper going to the Director of Graduate Studies. By March 15, the reader certifies to the Director of Graduate Studies that the draft is received and returns comments for revision to the student.
4. April 1 to 15: Third-year paper presentations. Students who have presented their paper at a departmental seminar or a conference have fulfilled the presentation requirement.
5. May 1: Final draft of paper due to faculty reader. Reader prepares brief report (one or
two paragraphs) and sends this report to the Director of Graduate Studies by May 31
who follows up with faculty members if reports are not received.
A student who performs satisfactorily in courses and whose papers were accepted can
expect to continue in the program with funding. If a student’s paper is not accepted, the
student can petition the Director of Graduate Studies for the right to resubmit another
paper no later than September 1st of the following year. If deadlines for papers are not met,
funding can be discontinued.
8.3 Oral Presentation Requirement
The Graduate School requires students entering in 2004 or later to have given a minimum of four public oral presentations of their work – by the time they schedule their proposal. Thus the proposal itself and the defense do not count. This puts more weight on the third year paper presentation, informal student seminars, formal department seminars and workshops, and conference participation. The annual Graduate Student Research Symposium also counts.
Note that the students are responsible to assemble the evidence on a form available from the Graduate Secretary and to hand it in at the time they schedule their proposal. For students who entered the program before 2004 the Department requires four presentations which can include the proposal and the required public presentation of the job-market paper. At the time the defense is scheduled, evidence of these presentations must be presented.
8.4 Teaching Requirement
The Graduate School refers to the oral presentation requirement described in the previous
section as advanced teaching requirement. Graduate students entering in 2004 or later are
also required to accumulate a minimum of fourteen units of teaching experience at the basic
level. There are many ways in which these units could be obtained, such as giving an actual
lecture in an undergraduate class, conducting discussion sections, or conducting formal help
sessions.
A unit of teaching may be de ned as an hour spent communicating with a group of
students or scholars. As such, holding one-on-one oce hours, grading exams, or note-taking, while often part of Teaching Assistanship duties, would not count toward the formal
accumulation of teaching units.
Workshops are one of the most important ways through which ideas are exchanged in the
profession. On the job market, the ability to give a good seminar is fundamental.
All students in the second, third, fourth, and fth year of the program must enroll in a
workshop every semester. Workshops that qualify to satisfy this requirement are the Money
and Macroeconomics Workshop (Econ 5991 and 5992), the Economic Theory Workshop
(Econ 5993 and 5994), the Seminar on Work, Family, and Public Policy (Econ 582 and
582A), and Seminar in Macro and Monetary Economics (Econ 5861 and 5862).
The requirement consists of three credits per year. Two semesters of workshop partic-
ipation will provide three credits. Instructions for workshop enrollment are available from
the Graduate Secretary.
The transition from taking courses and passing exams to doing original research and writing
a dissertation is often a dicult one. The Department's paper and workshop requirements,
and the oral proposal are designed to help students successfully make this transition.
At the time of the dissertation proposal the student also assembles the dissertation com-
mittee, even though a formal committee does not have to be appointed for the proposal
itself. It is important to know that Washington University allows students to select non
tenure-track members of the faculty, for example adjunct professors, only as co-chairs. The
student must have a chair or co-chair of the dissertaion committee selected from the members
of the tenure-track or tenured faculty.
The Department requires that students present a written dissertation proposal. The student must complete and present the proposal by the end of the seventh semester in residence. Note that in addition to the department deadline there is a Graduate School dealdline: for students to be eligible for a Graduate School Dissertation Fellowship in the following year, the proposal has to be presented before February 28. The proposal will only occur during the regular academic year, see (10.4) below. If a student believes that there is a convincing reason to schedule a proposal for a summer, she/he should petition the Director of Graduate Studies. Approval of such a petition is by no means guaranteed.
The candidate prepares a ten page,4 double spaced, typewritten proposal in consultation with one to three faculty members of his/her choosing who constitute an informal thesis committee. It should include brief but clear statements of the problem to be investigated; relate to previous work in the area and explain how the proposed research might improve upon it; indicate the data sources the candidate plans to use, the methods of analysis of the data including the treatment of anticipated difficulties, and perhaps some preliminary examples of the analysis; offer a commentary on the usefulness and significance of the possible results of the dissertation; and give criteria to be used to determine when the problem is considered solved. This ten page paper is to be a summary of work that has already been completed and NOT the first ten pages the student has ever written on the topic.
10.3 Scheduling the Oral Proposal
Once the candidate’s written proposal has received the approval of the informal committee, the candidate must prepare the paper in accordance with the guidelines available from the Graduate Secretary. He/she submits the paper to the Graduate Secretary for duplication and asks to schedule an oral proposal. Copies of the proposal will be distributed to faculty and made available to interested graduate students prior to the oral exam. To allow for review of the proposal, the oral proposal will not be scheduled earlier than two weeks following the submission of the written proposal.
A specific examining committee is not appointed for the oral proposal. In effect, the entire faculty is the examining committee, and hence the proposal will only occur during the regular academic year. At least five faculty members must be present including the three faculty members who will serve on the formal dissertation advisory committee. All graduate students are invited to the oral proposal. The candidate will first give a ten-minute summary of the proposal. Following this, faculty and students are free to question or comment as in any seminar.
When discussion has ceased or when, in the chairperson’s (Director of Graduate Studies or Department Chair if present) opinion, it has proceeded long enough, the candidate and all other students present will be asked to leave. After deliberation, the faculty attending will vote on whether the candidate shall be permitted to proceed with her/his research.
An affirmative vote by a majority of the faculty present will indicate that if the candidate completes the research proposed and if the execution is of acceptable quality, the dissertation should be accepted. Specifically, an affirmative vote means approval of the proposed dissertation topic and the proposed methods. The vote further indicates the committee’s belief in the (An appendix with details which are not necessary to follow the body of the paper may be attached.) candidate’s ability to complete the dissertation. After a positive vote, a dissertation advisor and a formal Dissertation Committee will be appointed by the chairperson. If it is felt that the candidate will be unable to complete the proposed dissertation research in a reasonable time, or if completed more or less as planned the research will not constitute a dissertation of acceptable quality (see 11), the faculty cannot pass the student on the oral proposal. In the latter case, the candidate must prepare another proposal and again follow the procedures described above.
On occasion, the faculty may decide that the proposal be accepted subject to revision which may entail changes in scope or methods. Suggested revisions usually are not major; serious deficiencies in the proposal would result in a negative vote. If the revisions are not acceptable to the student, the candidate elects to retake the proposal.
The dissertation, according to the Graduate School Bulletin, “must be based upon an original
investigation which results in a contribution to knowledge.”
In the following, the steps a student has to take for completing the dissertation requirements
are listed in approximate chronological order.
The Dissertation Title Scope and Procedure form (available from the Graduate Secretary) must be filed with the Graduate School not later than December 1 of the year preceding the calendar year in which all requirements for the degree will be completed. It should be filed shortly after the student passes the oral proposal.
The candidate has to agree with the members of the Dissertation Committee about the
approximate date for the defense and a date at which the candidate provides a copy of
the thesis to each of the committee members allowing for enough time for them to read the
thesis, and, then, state in the Thesis Approval Form (available from the Graduate Secretary)
that he/she considers the thesis acceptable and that it can be sent to the Graduate School immediately after the defense unless a substantive difficulty is discovered and a change is
requested by another faculty member during the defense.
Following the approval of the dissertation by the dissertation committee, the defense date is set by the Graduate Secretary in cooperation with the candidate. This date is to be set at least 21 days prior to the defense date. The defense will only occur during the regular academic year, see (10.4) for the rationale. If a student believes that there is a convincing reason to choose a defense date in the summer, she/he should petition the Director of Graduate Studies. Approval of such a petition will only be granted in exceptional cases.
At least 21 days prior to the defense date, the candidate must submit to the Graduate Secretary fourteen copies of a vita and of a thesis abstract approved and initialed by the dissertation advisor. The candidate also submits six bound copies of the dissertation.
The Department designates the Chair of the Oral Examination Committee and selects four members of this committee; generally these are the three members of the Dissertation Committee and one additional faculty member. The Dean will select the remainder of the (In case the dissertation is not yet bound, it can be made available to all members of Committee at least two weeks before the scheduled date of the defense.) Oral Examination Committee – two faculty members from other departments or divisions. The Department can submit recommendations for these outside readers.
In the rare event that – during the defense – a substantive difficulty in the thesis is discovered or a change is requested by a member of the Oral Examination Committee not on the Dissertation Committee, the Oral Examination Committee postpones any final decision until the necessary changes have been made and then reconvene to complete the defense.
After the dissertation is approved and the oral is passed, the candidate should get the following forms from the Graduate Secretary: the Doctoral Dissertation Agreement; the Survey of Earned Doctorates; and the Academic Job Survey; fill them in and return the originals, plus one copy of each, to the Graduate Secretary along with the following items: three unbound copies of the dissertation; the thesis abstract; two copies of the short title; three additional copies of the dissertation’s title page.
The department places great importance on helping its graduate students obtain professional
positions. A faculty member is designated as Placement Officer to work with students in the
job market. The Department sends out a summary of research and teaching interests of its
students to academic and non-academic institutions. We will work hard to help you obtain
the best available position for which you qualify.
To go on the job market with the support of the department, the student must have:
1. successfully proposed;
2. submitted a job market paper to their dissertation advisor and the Placement Director
by September 1st;
3. scheduled at least two public presentations of the job market paper prior to December
1st;
4. no more than one I (incomplete).
The organization of the first presentation is the collective responsibility of the students in the job market. Faculty will most likely not attend this presentation. The second presentation is a dress rehearsal for the job market talk, with students and faculty attending.
After approval by the dissertation advisor, the student’s dossier, including the job market paper and paper presentation schedule will be submitted to the Placement Officer who decides by September 15 whether the student will be included in the job market package the department sends out.
Students complete a curriculum vita and arrange to have at least three letters of recommendation
written on their behalf. These letters are mailed out to parties requesting them.
Students use Job Opportunities for Economists (JOE) as a valuable source of information on
positions available. The students generally attend one or two conventions at which they are
interviewed by prospective employers and then may be invited to visit and give seminars.
NOTE: Students should know that the market heeds the signal sent by a completed
dissertation. Therefore, the dissertation defense preferably should have been scheduled
(but not necessarily occurred) at the time of the AEA meetings. Students should
remember that the final draft of the dissertation must be approved by the dissertation
committee at least three weeks prior to defense date.
By the beginning of the third year, the student should have developed contacts with at least
one faculty member with whom the student regularly discusses development of the student’s
work and progress in the program in general. If a student has been unable to develop such a
relationship, the student should contact the Director of Graduate Studies who will assist the
student in finding such a mentor for the rest of the student’s graduate study. The mentor is
expected to be a member of the future dissertation committee, but this can change.
By October 1 of the third year, the student should provide a brief statement about her/his progress, fields of interest, and intended dissertation field to the Director of Graduate Studies.
Students should be aware that some external professional activity is appropriate. The meetings of local associations, Missouri Valley, Illinois Economic Association, Midwest Economic Association, are within their easy reach. Other conferences should be considered.
Participation in conferences as a discussant can and conference presentations do substitute
for some of the four required public presentations (see 8). The Department will usually subsidize
the travel costs for students who present papers at acceptable conferences. Students
must request travel funding from the office manager in advance to qualify for a subsidy.
Because the budget is allocated on a first-come-first-served basis, students should request
funds as soon as their papers are accepted for presentation.
It is appropriate for students to know about the process of journal submissions. See“The Young Economist’s Guide to Professional Etiquette,”Journal of Economic Perspectives, Vol. 6, No. 1, Winter 1992. The following booklet is also strongly recommended for the student’s perusal: A Guide for the Young Economist: Writing and Speaking Effectively about Economics by William Thomson, MIT Press 2001.
Since writing is the backbone of any academic success, it is expected that students will write about 50 to 100 pages (including class papers) each semester. It is very important that students work hard to acquire the habit to write regularly.
Graduate students often face significant stress during their studies. Support from family,
friends, and faculty is often very helpful. In addition, the Student Counseling Service provides
counseling services for graduate students. The office is located in Karl Umrath Hall, Room
216, extension 5-5980. Students are encouraged to call or visit the office to learn more about
how the Student Counseling Service can provide assistance.
GSA is a peer-elected group of economics graduate students whose primary aim is to enhance economics students' graduate experience by assuming responsibility for a number of
departmental organizational tasks.
All graduate students in the department are required to contribute time and e ort to
extra-curricular departmental events and tasks. GSA members occupy the special role of
facilitating and directing such efforts.
Specically, GSA duties include:
1. Organization of the annual Douglass North Honorary Lecture, including choice of
speaker.
2. Organization of the annual student-run conference.
3. Organization of biannual departmental picnics.
4. Organization of biweekly \unocial socials" at Blueberry Hill.
5. Organization of holiday parties.
6. Distribution of oce assignments.
7. Serving as a formal liaison between students and faculty.
8. Welcoming incoming and prospective students and o ering them help and direction as
needed.
9. Maintaining the GSA website.
GSA members meet once per month for dinner to discuss upcoming events and any
other issues. Generally, one or more members assume primary responsibility for each of the
aforementioned tasks. These members are then responsible for: planning the event, enlisting
volunteers from among graduate students and faculty members for any necessary assistance,
and ensuring general graduate student participation in the event.
At the start of each academic year, each class chooses one member to represent them
in GSA for one year. (To share duties, rst years may choose two members per semester).
Each class is responsible for deciding how to elect their representative. At the rst GSA
meeting, a president, treasurer and secretary for the year are chosen by newly elected GSA
members from among newly elected and previous year's GSA members. (As such, president,
treasurer and secretary may or may not overlap with current year representatives).
Benefits to GSA membership include: 1st choice of office space, a gift of two books once
per semester, dinner during meetings, a \night out" provided by the department once per
year and a "thank you" lunch with the director of graduate studies at the Whitmore House
once per year.
The graduate program in Economics attracts a substantial number of foreign students. In
addition to the usual problems of adjusting to the graduate program, foreign students may
face special problems of adjusting to language and customs.
Most foreign students enter with TOEFL scores in the 600 range. Our experience is that
these students’ spoken and written English, speed of reading English, and ability to take
lecture notes in English are often below the level that would permit them to compete on
equal terms with students whose native language is English.
In such cases, it is the responsibility of foreign students to improve their English. The
English Language Program (ELP) offers intensive English instruction. Some of the courses
are available over the summer, and foreign students having difficulty with English are urged
to participate in the English program during the summer preceding and possibly following
their first year. It may be possible that tuition for these courses will be subsidized by the
Department.
The Department expects that foreign students will improve their English to the point that they can serve as Department TAs during their second year in residence and can teach competently in University College (night school) by their third year in residence. Failure to develop proficiency in English sufficient to perform the duties of a TA will jeopardize continued financial support as well as progress toward completion of the degree.
Currently, all students whose native language is not English must take an exam in teaching
competency. This exam usually takes place soon after the student arrives on campus, in
the summer before the first year of classes. The exam is jointly administered by ELP and
the Economics department. Recommendations from ELP, derived from the results of these
exams, have to be followed. If the recommendation requires to take additional ELP courses,
the Graduate School usually pays the tuition.
One reason foreign students often fail to improve is that they “stick together” and talk mainly to others in their native language. It is important that foreign students mingle with American students and speak mainly English outside of class. Our office assignments make this easy; they intentionally mix foreign and American students. Foreign students are encouraged to join in “study groups” with American students, to attend picnics and other departmental functions, and to generally “mix” with the other students.
The Teaching Center may also be able to provide advice to a TA who encounters problems with undergraduate students or the faculty she/he is assigned to.
15.2 Cultural Differences and Gifts
There are many customs here that differ from those to which some of our foreign students are accustomed. For example, some foreign students are used to giving gifts to faculty members. This is not customary here and even considered inappropriate.
In some Asian countries, teachers and their assistants seem to receive more respect than is customary in the U.S. Students assigned to TA duties should be aware of this difference: an American undergraduate student usually does not show disrespect when he/she is not deferential to a TA. Please talk to us if there are problems for you.
Washington University encourages interdisciplinary research and teaching. For some time,
the Department of Economics has supported these efforts by offering the possibility to qualify for a joint degree in Economics and Systems Science or aquire a Ph.D. in Economics concurrently with a degree in Law.
To be eligible for such an interdisciplinary program, applicants are expected to have
particularly strong credentials in economics as well as in the other discipline. For instance,
to be admitted to the Joint Doctoral Degree Program in Economics and Systems Science
applicants need a particularly strong mathematical training. In addition, undergraduate
intermediate theory courses in micro- and macro-economics (equivalent of Econ 401-402 )
are prerequisites for the program.
An applicant interested in obtaining a joint degree or dual degree should contact the Director of Admissions or if that person is unavailable, the Director of Graduate Studies before a formal application is made. An assessment of the feasibility of the applicant’s plans will be made. Often a joint or dual degree is not necessary. Students may be more successful if they take classes or a field (see section 7) in another discipline. In addition, a graduate student may get a dissertation adviser from other parts of the university to combine the best of several disciplines into a student’s work.
Note: that, for a joint or dual degree, a successful applicant will have to be admitted into two graduate programs at Washington University.
A description of graduate courses is supplied below. Some of these courses are offered
regularly (every year), whereas other courses are o ered every few years. The department is
also continuously expanding its course o ering, and many of the courses listed below will be
substantially di erent the next time they are o ered. Thus, it is useful to plan ahead and
contact faculty members to get more information about when speci c courses will be offered.
17.1 First-year Graduate Courses
501 Macroeconomics I. The rst of a two semester sequence on graduate macro theory.
The focus is on determination of aggregate income, employment, and prices with emphasis
on static theory and the microfoundations of macroeconomics, including consumption and
investment behavior, static models of income and price determination, problems of unem-
ployment and in
ation, and alternative theories of the roles of scal and monetary policy. 3
class hours a week. Credit 3 units.
502 Macroeconomics II. The second in a two-semester sequence on graduate macro the
ory. Dynamic problems are emphasized, particularly stability analysis, formal models of
the business cycle, the role of macroeconomic policy in dynamic and stochastic models, and
models of economic growth. 3 class hours a week. Credit 3 units.
503 Microeconomics I. The rst of a two-semester graduate sequence in microeconomic
theory. First semester considers production and costs, supply of output and demand for in-puts, demands for nal products, choice under uncertainty, introduction to market structure
and game theory, time and capital. 3 class hours a week. Credit 3 units.
504 Microeconomics II. The second of a two-semester graduate sequence in microeconomic theory covering Arrow's impossibility theorem; general equilibrium in complete and
incomplete markets; Pareto welfare and core theory; aggregate demand. Non-cooperative
game theory; games with asymmetric information, and mechanism design. 3 class hours a
week. Credit 3 units.
511 Quantitative Methods in Economics I. Study of those topics of mathematics of special usefulness in economic research. Selection and ordering of topics will vary with level
of student preparation but will usually include the following: Vectors, matrices, lines mappings; their manipulation and elementary properties; elementary topology, and elements of
multidimensional calculus. 3 class hours a week. Credit 3 units.
512 Quantitative Methods in Economics II. Introduction to mathematical statistics designed to provide a background for the study of econometrics. Selection of topics will usually
include the following: probability introduction to distribution theory, including limiting distributions and distributions of quadratic terms, Bayes Theorem, and hypothesis testing. 3
class hours a week. Credit 3 units.
513 Introduction to Econometrics. Classical multiple regression analysis and an introduction to generalizations useful in empirical research in economics, including a framework
for dealing with problems of multicollinearity, speci cation error, heteroskedasticity, serial
and contemporaneous correlation, identi cation and consistent estimation in simultaneous
equation models. 3 class hours a week. Credit 3 units.
5161 Applied Econometrics. Introduction to econometrics as it is applied in microeconomics and macroeconomics (modular). Topics related to the analysis of microeconomic
data include maximum likelihood estimation and hypothesis testing; cross-section and panel
data linear models and robust inference; models for discrete choice; truncation, censoring
and sample selection models; and models for event counts and duration data. Topics related
to the analysis of macroeconomic data include basic linear and nonlinear time series models;
practical issues with likelihood-based inference; forecasting; structural identi cation based
on timing restrictions and heteroskedasticity; and computational methods for hypothesis
testing and model comparison. Prerequisite: Econ 512.
17.2 Advanced Graduate Corses
506 Topics in Advanced Economic Theory. The application of modern mathematical eco
nomics to the existence of a general equilibrium, the equivalence of competitive equilibrium
and Pareto optimality, and problems in welfare economics, economic dynamics and uncertainty. 3 class hours a week. Credit 3 units.
506A Topics in Advanced Economic Theory I. Topics covered are chosen by the instructor from competitive general equilibrium and/or decision theory. 3 class hours a week. Credit 3 units.
506B Topics in Advanced Economic Theory II. Topics covered are chosen by the instructor from game theory and information economics. 3 class hours a week. Credit 3 units.
508 Mathematics for Economics. Elementary set theory and point set topology. Continuous functions: Weierstrass Theorem; Intermediate Value Theorem. Linear spaces and elementary linear algebra. Calculus of a single variable; Mean Value Theorem. Calculus of several variables; Inverse and Implicit Function Theorems. Convexity; separation theorems. Unconstrained optimization. Constrained optimization; Kuhn-Tucker Theorem. Credit 3 units.
5101 Dynamic Optimization in Economics. This course develops the basic theoretical
structure and tools for the optimal control of dynamic economic systems. This structure
is used to investigate the controllability of macroeconomic models of business cycles and
growth. Applications to both deterministic and stochastic systems are considered. The relevance of optimal control theory for economic problems of instrument instability, the nature
of the policy maker's welfare function, the time horizon of control, end-period constraints,
autoregressive behavior, and time varying structures are explored. 3 class hours a week.
Credit 3 units.
514 Advanced Topics in Econometric Theory. Asymptotic distribution theory and approximations, estimation under quadratic loss, preliminary-test estimators, small sample properties of estimators used in simultaneous equation models, and other topics in current econometric research. 3 class hours a week. Credit 3 units.
5141 Advanced Microeconometrics. The focus of the class is in identifying causal relations in social sciences. We revisit the linear model, its asymptotic properties and the usual tests of hypothesis researchers conduct in assessing the model. We also study robust inference; bootstrap methods; M-estimators and models with generated regressors; instrumental variables estimators; GMM and system linear estimators; models for panel data with emphasis in non-linear models; instrumental variables for non-linear models; semi-parametric and non-parametric estimators; models for sample selection and attrition and standard methods commonly used in the evaluation of program and policies: Randomized trials; randomized inference; matching methods; regression discontinuity design; di erence-in-Di erences and establishing bounds of parameters. We will emphasize the theory of each topic and we will also illustrate them discussing applications from papers published in the recent literature.
515 Bayesian Econometrics. Survey of Bayesian statistical inference and its application to econometric models. Topics include an introduction to Bayesian inference and computations; applications to time series, discrete choice, regime-switching, SUR systems, and simultaneous equations. 3 class hours a week. Credit 3 units.
516 Macroeconomic Models and Forecasting. This course will introduce various methods used in forecasting economic variables. These methods include judgmental forecasts and forecasts from econometric and ARIMA models. 3 class hours a week. Credit 3 units.
517 Applied Microeconometrics: Identi cation and Causality in Empirical Models. Econometric methods used to solve estimation and measurement problems that arise in real-world applied microeconomic problems. These include applications of regression analysis, instrumental variables estimators, panel data models, discrete choice models and duration analysis. We will emphasize both econometric theory and applications. We will also focus on how institutions and theory inform empirical speci cation, paying careful attention to identi cation of causality and structural relationships.
518A Seminar in Applied Econometrics I: Cross Section and Panel Data. Survey and
application of econometric techniques and problems associated with the use of survey and
panel data characterized by large numbers of micro observations, di use information sets,
and qualitative responses. Topics include properties of binary and mixed binary-continuous
independent variables; treatment of unobservables; error component models; sample selectivity bias; heterogeneity and state dependence; Markov and semi-Markov models; limited
dependent variable functions; conditional, multinomial, and simultaneous logit models; and
path analysis. Students will undertake applied microeconometric projects utilizing the National Longitudinal Survey, Michigan Panel on Income Dynamics, and other panel data sets
currently available at Washington University. 3 class hours a week. Prerequisite Econ 513.
Credit 3 units.
518B Seminar on Applied Econometrics II: Time Series Analysis and Macroeconometrics.
Survey of time series econometric techniques, with applications in macroeconomics, international nance, and nance. Topics include ARMA models, the Box-Jenkins methodology,
and forecasting; VARs and impulse response functions; time trends, unit roots, and structural breaks; spurious regressions; trend/cycle decomposition methods, including Kalman
ltering; spurious cycles; cointegration; ARCH models of volatility, and Markov-switching
models. 3 class hours a week. Prerequisite Econ 513. Credit 3 units.
519 Empirical Research Seminar. Seminar to exchange ideas and improve the quality of
empirical research. Each student will present research to the seminar at least once during
the semester. The instructor and other students will comment on the technique and results
of the work presented. Students are encouraged to present their own research, but students
early in their graduate studies may present empirical work from relevant literature in an
area of their interest. Students with interests in empirical topics in both macro and microeconomics are welcome in the seminar. Credit 3 units.
520 The Economic History of the United States. The development of the American Economy from about 1800 with special emphasis on the contribution of the "New Economic History" which is concerned with the closer application of economic theory and econometrics to historical problems. 3 class hours a week. Credit 3 units.
521 Economic Theory in Historical Perspective I. History of economic thought in its relation to the general background of economic and intellectual development. 3 class hours a week. Credit 3 units.
522 Economic Theory in Historical Perspective II. Selected topics in the history of economic thought with special emphasis on their relation to the general background of economic and intellectual development. 3 class hours a week. Credit 3 units.
525 Keynes and Post-Keynesian Economics. The historical and intellectual forces that made for the "revolution" in economic thought in the 1930s and the loss of the "revolutionary" insights in the 1950s and early '60s. The emergence of critiques of the neo-classical system. The main lines of "Post-Keynesian Economics" as an alternative to the neo-classical synthesis. The relation between Post-Keynesian economics and the economics of Marx, Schumpeter, and American institutionalism, and the implications of Post-Keynesian analysis for economic policy in advanced capitalist economies. 3 class hours a week. Credit 3 units.
526 Economic History and Development. The course provides a theoretical foundation for the study of economic history and development. While the emphasis of the course is on a theory of institutional (political and economic) change, some attention is given to theorizing about demographic change and changes in the stock of knowledge. The focus of course is to theorize about the evolution of constraints that are typically held constant in the standard literature of the economist. 3 class hours a week. Credit 3 units.
527 Graduate Seminar inWestern Economic History. Identical with International Studies
5271. Emphasis is on description and explanation of the industrialization of Britain and the Continental powers. Various arguments regarding development and economic growth are reexamined from the perspective of recent work of the New Economic History, stressing increased use of formal economic reasoning and econometric tests. 3 class hours a week. Credit 3 units.
528 Graduate Seminar in American Economic History. Explores the causes and consequences of industrialization in America from the perspective of recent developments in economic history. The course emphasizes the applications of explicit economic models and quantitative methods to history. 3 class hours a week. Credit 3 units.
529 Topics in the New Institutional Economics. Focus on methodological principles
underlying research in the New Institutional Economics (NIE) and their implications for
improving our understanding of economies over time. Topics will include relationship of the
NIE to conventional economic theory, criticisms of the standard behavioral assumptions, the
role of transaction costs, the importance of force, the evolution of institutions, the signi cance
of time, and extensions of this work to economic history, political economy, and development.
531 Program Evaluation. We will study the econometric methods that are used to solve estimation and measurement problems that arise in the evaluation of program and policies. Although we will cover econometric methods, the focus of the class will be on applications. These include applications of regression analysis, matching techniques, randomized experiments and quasi-experiments, instrumental variables estimators, regression discontinuity designs and panel data models.
532 Monetary Theory. Theoretical and empirical analysis of the supply and demand for
money and the channels through which monetary forces a ect income and prices. Alternative perspectives on the in
suence and modelling of monetary in
uences{including income-
expenditure, monetarist, and new classical approaches. Topics related to the conduct of
monetary include intermediate targets, alternative operating procedures for controlling the
money supply, and reforms to enhance the e ectiveness of monetary policy. 3 class hours a
week. Credit 3 units.
533 Topics in Monetary Theory, Institutions and Policy. Emphasis is upon the United States banking and nancial institutions. The basic question asked is what di erence do the institutional arrangements make in determining system behavior. Problems of Central Banking and developments in monetary theory. 3 class hours a week. Credit 3 units.
537 Economic Analysis of Choices Under Uncertainty. The evolution of economic theories that deal with choices under uncertainty from Bernoulli to Tversky, the empirical evidence that has helped shape the theory, and several applications of the theory. 3 class hours a week. Credit 3 units.
542 Growth Theories and Growth Models. This is a course in growth theory, which
means it is a course about coherent mathematical formalizations of how some people think
economic growth has come around. There are too many theories, though, and most of them
have little to do with anything we have ever observed in human history. Some theories are
elegant and parsimonious, even beautiful, but they belong to the science ction section: they
talk about the economic growth that could have possibly happened on some planet, but did
not happen on ours. One should learn about their existence, and make a memo to never
again walk along those paths to try understanding economic growth on planet Earth. Other
theories, e.g. those assuming exogenous growth, are really not theories but useful accounting
frameworks from where one should start asking the modeling questions.
The course is structured along a "history of economic thought" line: it begins with the
classical economists (Ricardo, Malthus and Marx) as they had theories about the necessary
absence of economic growth in the long run, and it ends with the current theories about
increasing returns, widespread externalities and the weightless economy. The approach is
fairly rigorous, but it assumes that participants read the original articles/books and go
through the proofs themselves. As we go along we try to separate good theories from bad
theories and, more important, we try to separate theories from models, the latter being
theories that have some qualitative and quantitative consistency with observed facts. It is
models, at the end, that we want to learn about.
543 Public Economics. Topics in welfare economics and public choice including classical welfare theorems, market failure and externalities, cost bene t analysis, public goods, Lindahl equilibrium, Coase's theorem, voting models of allocation, and other topics as time and interest allows. 3 class hours a week. Credit 3 units.
544 Taxation. An economic analysis of principles and approaches to taxation, with emphasis on the major forms of taxation employed in the federal and state-local tax structures. Specific problems relating to eciency, equity, shifting, and incidence are among the topics covered. 3 class hours a week. Credit 3 units.
545 Social Choice and Welfare. Introduction to social choice theory which studies the aggregation of individual preferences in economic, political and social contacts, in an attempt to provide an integrated framework with which to evaluate collective decision making. Applications of the theory in the formal modelling of economic and political choice. 3 class hours a week. Credit 3 units.
5451 Public Finance. The study of fundamental forms of market failure that provide the economic rationale for government action. The rst third of the class examines market failure when an economy contains externalities and public goods and the general nature of public policies that address these issues. The second third addresses particular public policies, with a focus on their intended and unintended consequences and their costs. The final third addresses taxation. Topics include the measurement and evaluation of tax burdens, the federal personal income tax, tax evasion, and proposals for fundamental tax reform. We use a small amount of microeconomic theory and elementary calculus (all of which we review) to reveal the common core of ideas behind these discussions, but the focus of the course is on applications.
547 Empirical Public Finance. The course will consider empirical and institutional aspects of public nance. Topics in local public nance, such as intergovernmental relations,
the Tiebout hypothesis, and property taxation will be studied from an applied point of view.
Topics in national public nance include the personal income tax, corporate taxation, social
security, and tax reform. Public de cits and debt will be examined, as will applied general
equilibrium models.
549 Economic Instability and Policy Since World War II. The theory section will examine the relative merits and shortcomings of the neo-classical synthesis (including its dynamic extensions) and various alternatives, primarily Keynesian, formulations, with emphasis on the Financial Instability Hypothesis. The examination of economic behavior will focus on both statistics and institutional evolution as evidence for theories. Current policy critique will focus on the amalgam of structural and aggregative policies that developed since the Roosevelt Era. The Alternative Policy Strategy section will build an integrated approach to economic policy. 3 class hours a week. Credit 3 units.
550 Industrial Organization. Survey of theoretical and empirical relationships between market share, rm conduct and industry performance. Topics include causes and implica- tion of concentration, entry deterrence, product di erentiation, advertising and innovation. Analysis uses game theory, cross-section econometrics and industry studies. Antitrust and regulatory policy responses also considered. 3 class hours a week. Credit 3 units.
551 Seminar in Political Economy. Collective decision-making in organizations, organization design, links between markets and government, collective preferences, institutions, democracy and deliberation, constitution design.
555 Economics of Industrial Organization I. Survey of theoretical and empirical relationships between the structure of industry, rm conduct and industry performance. Topics include causes of concentration, static and dynamic models of price and output determination under imperfect competition, theories of entry barriers and entry deterrence, and innovation. Key focus of the course is the linkage between theory and empirical testing. 3 class hours a week. Credit 3 units.
5551 Economics of Industrial Organization II. Focus on economics and politics of regulation from theoretical and empirical perspectives. Concepts of strategic behavior, imperfect information and agency theory used to examine various regulatory issues and the incentives created by regulatory policy; evaluation of empirical papers which analyze the e ects of regulation in di erent industries. Study of the impacts of political forces on the development, design and implementation of regulatory policy. Econ 555 is strongly recommended. 3 class hours a week. Credit 3 units.
5552 Theory of the Firm. This course examines the theory and evidence concerning the organization of rms and markets. We begin with the Ronald Coase paper on "Theory of the Firm" and follow the subsequent literature of various schools, including the works of Oliver Williamson, Armin Alchian, and Harold Demsetz. This course will focus heavily on research strategies to improve our knowledge of the institutions of market exchange. 3 class hours a week. Credit 3 units.
5553 Topics in Empirical Industrial Organization. This course will focus upon empirical research investigating the relationships between the structure of industry, rm conduct, and industry performance. Topics will include the study and inference of rm costs, tests for market power and collusion, and the study of industries with di erentiated products. Special attention will be paid to the actual implementation of relevant econometric techniques.
5554 Firms, Markets, and Institutions. We begin with the Ronald Coase paper on "Theory of the Firm" and follow the subsequent literature of various schools, including the works of Oliver Williamson, Armin Alchian, and Harold Demsetz. This course will focus heavily on research strategies to improve our knowledge of the institutions of market exchange. 556A Seminar in Public Policies and Regulation. Public enterprises, regulation and intervention in public utility and other selected markets. 3 class hours a week. Credit 3 units.
559 Event Study Methodology. Accounting announcements, regulations, and economic events will be studied to assess their effects on firms' value and the economy. Both traditional and modern event analyses will be studied using the CRSP data base. Credit 3 units.
560 Location Theory and Regional Economic Growth. Analysis of the principal theories of the spatial di erentiation of economic activity with special reference to di erential changes in output over time. Application to problems of urban decentralization, urban housing quality, di erential growth in population and earnings in subnational economies and depressed regions. 3 class hours a week. Credit 3 units.
561 Problems and Policies in Urban and Regional Development. Theories of regional growth and change, with special reference to analytical systems for analysis. De nition and analysis for regions of various scales, but especially metropolitan areas. Also includes interregional and intra-regional analysis. Critical evaluation of regional development policy. 3 class hours a week. Credit 3 units.
562 The Economics of Technological Change and Dynamics. Exploration of the large and growing literature using a variety of models that illuminate di erent features of technology and its application by industrial enterprises. New concepts such as the technological trajectory and theories of evolutionary change complement standard neoclassical analysis; the role of governmental and other institutional features of the environment analyzed to help understand the possibilities for public policy as well as the choices that private agents make in terms of organization. Applications to the telecommunications, electronics, semiconductor, computer, and the pharmaceutical industries. 3 class hours a week. Credit 3 units.
565 Research Workshop in Energy and Environment. Growth and change in energy markets and industrial organization, interrelation of energy resources and environment, input- output relations technology. Substitutions, foreign trade, public policies and regulation. 3 class hours a week. Credit 3 units.
568 Research Seminar in Health Economics. Introduction to research that uses economics
to explore health and medical care. Overview of the major topics in health economics, including adverse selection, moral hazard, asymmetric information, health insurance, health
outcomes and treatment e ects, hospital organization, and Medicare/caid. Students will develop the ability to critique current research and policy proposals in the eld. This objective
will be accomplished through in-depth discussions of journal articles and a research project.
571 Topics in Economic Development I. (Identical with International Development 571.)
Study of the determinants of growth in population and per capita income, with special emphasis on conditions in the underdeveloped countries. 3 class hours a week. Credit 3
units.
572 Topics in Economic Development II. Problems of industrialization, trade, and industrial development programming in underdeveloped economics. 3 class hours a week. Credit
3 units.
575 Theory of International Trade. Modern theories of international trade: small countries in international trade, factor price equalization, applications of international trade to welfare economics and equilibrium theory (existence, stability, and comparative statics). 3 class hours a week. Credit 3 units.
577 International Finance and Open Economy Macroeconomics. Balance of payments
accounting, balance of payments adjustment mechanisms, international liquidity problems,
analysis of current international economic policies and international aspects of national economic policies. Extension of macroeconomic analysis to the open economy. 3 class hours a
week. Credit 3 units.
581 Seminar in Growth and Development. This course is designed to explore the frontier
of contemporary issues in economic growth and development. Topics are chosen by instructor
from empirical and theoretical research in the areas. Issues to be studied vary, but may
include the foundation of modern theory, the dynamic process of industrial transformation,
technological progress, human and physical capital accumulation, nancial development, as
well as the role of government and institutional factors in advancing a market economy.
Student participation in discussing and presenting research papers in the areas as well as in
composing proposals of a workable research project is essential.
582 Seminar on Work, Family, and Public Policy. This course examines various topics in labor economics and the economics of the family, including but not limited to, the allocation of time, family bargaining, and the economics of health. The course meets once a week (every Monday, 12:00 - 1:30) for both the fall and spring semesters. To receive credit, students are required to attend all course meetings for both semesters. The course will be integrated with a biweekly workshop series. Thus, there will an outside speaker every other Monday. Students will be expected to read and report on papers in the literature. Students will also be expected to write a paper and present it during the spring semester.
582A Seminar on Work, Family and Public Policy I. This course is a continuation of
Econ 582, which examines various topics in labor economics and the economics of the family,
including but not limited to, the allocation of time, family bargaining, and the economics
of health. The course meets once a week (every Monday, 12:00 - 1:30) for both the fall and
spring semesters. To receive credit, students are required to attend all course meetings for
both semesters. The course will be integrated with a biweekly workshop series. Thus, there
will an outside speaker every other Monday. Students will be expected to read and report
on papers in the literature. Students will also be expected to write a paper and present it
during the spring semester.
583 Labor Economics I. The course proceeds in four parts. First, a number of main themes in labor economics is covered, including labor demand, labor supply, and life-cycle models. The second section is a chronology of the female labor supply literature, which traces the development of research on women's labor supply from the early 1960's to the present. The third section is an economic analysis of unions, collective bargaining, and strikes. The final section is a detailed analysis of an assortment of recent papers, which represent the best current research in labor economics. 3 class hours a week. Credit 3 units.
584 Topics in Labor Economics II. Course will examine three topics in labor economics: human capital (including the demand for education and the determinants of earnings); economics of the family (including models of the marriage market and bargaining models of marriage); formation of preferences (including "habit formation" and "rational addiction"). All three topics are closely associated with Gary Becker. Course will examine his contributions and the view of his critics. Credit 3 units.
585 Economic Seminar. Presentation of selected papers before the seminar audience.
Topics are chosen by the instructor. Presentation of the student's own work is strongly
encouraged. 3 class hours a week. Credit 3 units.
586A Seminar in Macroeconomics. Topics chosen by instructor from modern empirical and theoretical research papers in macroeconomics. Student participation in class discussions of research papers is essential. Topics vary, but may include the link between capital markets, consumption and investment, imperfect competition and macroeconomic fluctuations, real business cycles models, and post-Keynesian macroeconomics. 3 class hours a week. Credit 3 units.
586B Seminar in Macro and Monetary Economics. Covers recent research in new classical and new Keynesian economics with emphasis on the use of stochastic macro methods and general equilibrium theory. Also covered are recent advances in microeconomic foundations for monetary theory, including application of formal economic aggregation theory to aggregate over monetary assets and economic agents. Monetary aggregates, money demand functions, and money supply functions are thereby derived directly from microeconomic theory. 3 class hours a week. Credit 3 units.
586C Topics in Monetary Economics and Macroeconomics. This is a one-semester course on models of nancial intermediation and monetary economics. The aim of the course is to present an overview of the literature to allow interested students to pursue research on the subject. Topics include optimal lending contracts, money search, models of banking and bank runs.
5875 Financial Markets, Institutions, and the Regulatory Challenge. Graduate students
will attend the same lectures and complete the same assignments as the advanced undergraduates in Econ 4875. Graduate students will read additional papers, write referee reports
on these papers, and practice discussing them in academic-conference style to develop these
important professional skills.
588 Seminar in Political Economy. Modern democratic theory, applying social choice and game theory to the analysis of democratic political systems. 3 class hours a week. Credit 3 units.
589 Seminar in Dynamic Economics. The purpose of this seminar is to expose advanced graduate students to people doing cutting-edge research in broadly-de ned dynamic economics. Outside visitors and department sta will lecture and lead discussions on a variety of current research topics including macroeconomic theory, nancial markets and scal policy, money and monetary policy, asset pricing, international nance, growth and business cycles, development macroeconomics and other areas of interest. Prerequisites are Econ 501 and 502 or their equivalent.
17.3 Readings and Research Courses
597 Readings in Economics. Individual programs of intensive readings for Ph.D. candidates
in Economics. Hours and credit to be arranged.
598 Research in Economics. Independent research for Ph.D. candidates in Economics.
Hours and credit to be arranged.
599 Workshop in Economics. Supervised dissertation research for Ph.D. candidates in
Economics. Presentations by faculty and visitors on their current research. Hours and credit
to be arranged.
5991 Money and Macroeconomics Workshop. This is a two-semester workshop covering
contemporary topics in money and macroeconomics with presentations by economics department faculty and scholars from other institutions. Students are expected to participate in
the seminar discussion and may be asked to read research papers and present their contents
to the class. Credit 3 units.
5992 Money and Macroeconomics Workshop. This is a two-semester workshop covering
contemporary topics in money and macroeconomics with presentations by economics department faculty and scholars from other institutions. Students are expected to participate in
the seminar discussion and may be asked to read research papers and present their contents
to the class. This is to be used when graduate students have accumulated a total of 72 units
of study. Audit only. Credit 0 units.
5993 Economic Theory Workshop. This is a two-semester workshop covering contemporary topics in economic theory with presentations by economics department faculty and
scholars from other institutions. Students are expected to participate in the seminar discussion and may be asked to read research papers and present their contents to the class.
Credit 3 units.
5994 Economic Theory Workshop. This is a two-semester workshop covering contemporary topics in economic theory with presentations by economics department faculty and
scholars from other institutions. Students are expected to participate in the seminar discussion and may be asked to read research papers and present their contents to the class.
This number is to be used by graduate students who have reached the maximum of 72 units.
Credit 0 units. Audit only.