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University Bulletin: Graduate Programs The George Washington University  



Professors J.L. Gastwirth, A.M. Yezer, J.J. Cordes, J. Pelzman, B.L. Boulier, M.D. Bradley, S.C. Smith, P. Labadie, G.L. Kaminsky, D.O. Parsons, R.F. Phillips, M.O. Moore, N. Vonortas, F.L. Joutz, S. Joshi, A.S. Malik, J.E. Foster, V. Fon, A. Lusardi, B.R. Chiswick (Chair), B.S. Barnow

Associate Professors S.M. Suranovic, W.P. Mullin, R.M. Samaniego, C. Wei, M.X. Chen, T. Sinclair, A. Fostel, J.C. Shambaugh

Assistant Professors P. Carrillo, I.R. Foster, E.W.K. Hovander, R. Fishman, T. Moore, R.C. Jedwab, O. Timoshenko, B.D. Williams

Professorial Lecturers S.N. Kirby, R.S. Belous, D. Fixler, H. Hertzfeld, H. Stekler, F.D. Weiss, L. Clauser, N. Pham

Master of Arts in the field of economics- Prerequisite: (1) a Bachelor of Arts degree with a major in economics or with course work in economics that includes intermediate microeconomic and macroeconomic theory (equivalent to Econ 2101, 2102 or 6217-18); (2) an understanding of basic calculus, equivalent to Math 1231-32, and of basic statistics, equivalent to Stat 1111, 2112. Applications are accepted for the fall semester only.

Required: the general requirements stated under Columbian College of Arts and Sciences and 30 credit hours consisting of Econ 8301, 8305, and 8375; two courses chosen from Econ 8302, 8306, and 8376; and five additional 8000-level economics courses or courses approved by the student's M.A. advisor.

Doctor of Philosophy in the field of economics- The Ph.D. program involves study in two sequential units. Unit I includes satisfactory completion of required course work, and passing the General Examination. This first unit must be concluded within five years after entry into the program. Upon successful completion of Unit I, students are considered for admission to Unit II, the dissertation stage, which must be completed within five years after entry. In all cases, however, the student is expected to complete the doctorate within eight years after admission.

Students must meet the general requirements stated under Columbian College of Arts and Sciences. For Unit I, requirements include core theory and econometrics courses - Econ 8301, 8302, 8303, 8305, 8306, 8307, 8375, and 8376 - plus 24 additional credits of 8000-level (or approved 6000-level) course work and passing the General Examination.

General Examination: The General Examination consists of two preliminary examinations, one in microeconomic theory and one in macroeconomic theory, and two field examinations. Students must take the preliminary examinations by the end of their second semester in the program. Field examinations are given in econometrics, economic development, environmental and natural resource economics, health economics, industrial organization, international economics, international finance, labor economics, monetary theory and policy, public finance, and regional and urban economics.

To pass the General Examination, students must earn (a) a grade of "pass" or better in the preliminary examinations in microeconomic and macroeconomic theory and (b) a grade of "satisfactory pass" or better in one of the two field examinations and no grade below "bare pass." Two of the examinations, preliminary or field, may be taken a second time with the approval of the Department. No further opportunity to take the examinations is permitted. Substitution of a field examination (in an area not originally chosen by the student) to satisfy the requirements of the General Examination is equivalent to taking a field examination a second time. Students should consult with the professors responsible for their fields and notify the Department two months in advance of their intention to take the examinations. If such notification is not given sufficiently in advance, it may not be possible to sit for the examination.

For Unit II, the requirements include formulation of an acceptable dissertation proposal, completion of a dissertation that demonstrates the candidate's ability to do original research, and 24 credits of additional graduate course work, of which at least 12 credits must be dissertation research. Students, including those who have an accepted dissertation proposal, must enroll in a dissertation proposal seminar (Econ 8397) in the first semester after promotion to Unit II. Satisfactory performance in the seminar will be equivalent to 3 credits of Unit II course work. In cases where knowledge outside the discipline of economics is critical to the student's research field, up to 6 credits in Unit II may consist of required courses outside the Economics Department.

Departmental prerequisite: Courses at the 8000 level are specifically designed for economics graduate students and typically require knowledge of calculus and one or more of the core theory and econometrics courses. Less-well-prepared graduate students in other disciplines may register for 6000-level courses after having completed Econ 6217-18, or 6218 and 6219, or 2101 and 2102, or 2103 and 2104, unless the course description indicates that these prerequisites have been waived. Intermediate-level micro and macro courses taken elsewhere usually satisfy this requirement, but introductory or first-year courses do not. Graduate students in economics can take 6000-level courses only with permission of their advisor.

The green leaf indicates that the course addresses environmental, social or economic sustainability.
6214 Survey of Mathematical Economics (3) Fon
  For graduate students in fields other than economics. Differentiation, partial differentiation, and economic optimization problems; comparative statics; input-output analysis; difference, differential equations, and economic applications. Prerequisite: one semester of calculus and Econ 6217-18.
6217-18 Survey of Economics (3-3) Bradley, Fon, Joutz, Malik, Sinclair
  Intermediate-level microeconomic theory (Econ 6217) and intermediate-level macroeconomic theory (Econ 6218) for graduate students in fields other than economics. (Econ 6217 and 6218 -fall and spring)
6219 Managerial Economics (3) Staff
  Intermediate microeconomic theory, with emphasis on production and costs, market structure and pricing, risk analysis, and investment theory and capital budgeting. Credit can be earned for only one of Econ 6217 or 6219. (Fall and spring)
6237 Economics of the Environment and Natural Resources (3) Malik
Analysis of public policy problems relating to the environment and natural resources development and management. Prerequisite: Econ 6217. (Spring)
6239 Economics of Defense (3) Staff
  Economic analysis applied to national security planning and objectives. Analysis of defense establishment problems, including manpower, the defense industry base, procurement policy. (Spring)
6248 Health Economics (3) Staff
  Demand for medical care; organization of the health care delivery industry; policy issues on regulation, efficiency, and allocation of health care services. (Fall)
6250 Survey of Economic Development (3) J. Foster, Smith
  An introduction to economic problems faced by less developed countries. Emphasis placed on applications to policymaking and evaluation. (Spring)
6255 Economics of Technological Change (3) Vonortas
  Economics of research and development; innovation and growth; the role of government in the development and use of new technology. (Fall)
6269-70 Economy of China (3-3) Staff
  Econ 6269: Analysis of organization, operation, policies, and problems. Development of the economy since 1949. Econ 6270: Examination of critical problems of development. Prerequisite to Econ 6270: Econ 6269 or permission of instructor. (Academic year)
6271 Economy of Japan (3) Staff
  Analysis of Japanese economic institutions and their contribution to Japan's development. (Fall)
6280 Survey of International Economics (3) Chen, M. Moore, Suranovic, Timoshenko
  Introductory-level international trade and finance, primarily for Elliott School students. Topics include the economic effects of trade liberalization and protection, exchange rate determination, and macroeconomic policies in an open economy. Prerequisite: Econ 1011-12.
6283 Survey of International Trade Theory and Policy (3) Chen, M. Moore, Pelzman, Suranovic, Timoshenko
  For graduate students in fields other than economics. Survey of international economics and policy; application of comparative advantage and other arguments for trade; impact of trade on a domestic economy; new arguments for protectionism; regional trading blocs. (Fall and spring)
6284 Survey of International Macroeconomics and Finance Theory and Policy (3) M. Moore, Pelzman, Suranovic, Kaminsky
  For graduate students in fields other than economics. Open-economy macroeconomics; international finance; balance of payments accounting; exchange markets; alternative models of balance of payments determination and adjustment; behavior of flexible exchange rate systems. (Fall and spring)
6285-86 Economic Development of Latin America (3-3) Staff
  Econ 6285: Diversity of structures of Latin American economies; import substituting industrialization; inflation; problems of underemployment and income distribution. Econ 6286: Structure of trade; protection, exports, and economic development; regional and global economic integration; foreign investment, multinational enterprise, and technology transfer. (Academic year)
6290 Principles of Demography (3) Boulier
  Introduction to basic demographic perspectives and data; methods for analysis of population size, distribution, and composition; determinants and consequences of population trends. Departmental prerequisite waived. Same as Geog/ Soc 6290/Stat 6290. (Fall)
6291 Methods of Demographic Analysis (3) Boulier
  Basic methods for analysis of mortality, natality, and migration; population estimates and projections; estimation of demographic measures from incomplete data. Departmental prerequisite waived. Same as Geog/Soc 6291/Stat 6291. (Spring)
6292 Topics in International Trade (3) Staff
  Topics on international trade issues and policy. Primarily for master's students in programs other than economics. May be repeated for credit if topic differs. (Fall and spring)
6293 Topics in International Finance (3) Staff
  Topics on macroeconomic issues and policies in open economies, including exchange rate regimes, determinants of international capital flows, currency crises, financial contagion, current account sustainability and sovereign crises, fiscal problems, and macro-policies in emerging markets and mature economies. (Fall)
6294 Topics in Economic Development (3) Staff
  Topics on economic development issues and policy vary depending on faculty availability and interest. Primarily for master's students in programs other than economics. May be repeated for credit if topic differs. (Fall and spring)
6295 Special Topics (3) Staff
Topics vary, depending on current issues of interest and faculty availability. (Fall and spring)
6298 Reading and Research (3)
  Limited to master's degree candidates.
6998-99 Thesis Research (3-3)
8301 Microeconomic Theory I (3) Joshi, Fon
  Theory of unconstrained optimization; optimization subject to equality and inequality constraints, along with applications. Profit maximization, utility maximization and cost minimization, concave and quasi-concave functions, monotone comparative statics, duality theory, the envelope theorem and Le Chatelier principle, and the Kuhn-Tucker conditions. (Fall)
8302 Microeconomic Theory II (3) Joshi, Fon
  Expected utility theory, general equilibrium in a pure exchange economy and economy with production, welfare theorems and the core theory of the competitive firm in the short run and long run, monopoly and price discrimination, models of oligopoly. Prerequisite: Econ 8301. (Spring)
8303 Microeconomic Theory III (3) Joshi, Fon
  Theory of games, including Nash equilibrium and its refinements and comparative statics, evolutionary game theory, multistage games and subgame perfection, repeated games and oligopolistic supergames, static and dynamic Bayesian games, auction theory, and bargaining theory. Prerequisite: Econ 8302. (Spring)
8305 Macroeconomic Theory I (3) Bradley, Labadie, Joutz, Wei
  Alternative theories of income, employment, and the price level; impact of monetary and fiscal policy; role of expectations in the economy; and microfoundations of macroeconomic models and dynamic analysis. (Fall)
8306 Macroeconomic Theory II (3) Bradley, Labadie, Joutz, Wei
  Extensions of alternative models of income determination, economic growth, and the application of analytical frameworks to the U.S. and international economies. Prerequisite: Econ 8305. (Spring)
8307 Macroeconomic Theory III (3) Bradley, Labadie, Joutz, Samaniego
  Extensions to stochastic and dynamic general equilibrium frameworks, with emphasis on economic policy. Prerequisite: Econ 8306. (Fall)
8323-24 Monetary Theory and Policy (3-3) Labadie
  Theory of monetary policy within the framework of contemporary American central banking. (Academic year)
8341-42 Labor Economics (3-3) Chiswick, Parsons
  Theory of wages and employment, analysis of labor supply and demand. Analysis of unemployment; unions; wage regulation. (Academic year)
8345-46 Industrial Organization (3-3) Mullin
  Econ 8345: Economic theory and evidence regarding industrial market structure, conduct, and economic performance. Econ 8346: Economic issues in antitrust and government regulation of the U.S. economy. (Academic year)
8351 Development Economics I (3) J. Foster, Smith
Major analytic concepts, measures, theoretical models, and empirical methods of development economics. (Fall)
8352 Development Economics II (3) J. Foster, Smith
  Continuation of Econ 8351. In-depth examination of special research topics with emphasis on methods in applied microeconomics. (Fall and spring)
8357 Regional Economics (3) Yezer
Study of regional planning and growth models, including input-output, programming, and econometric models used by planning agencies; analysis of interregional production, trade, migration, firm location, and pricing models. (Fall)
8358 Urban Economics (3) Yezer
Analysis of spatial relationships among economic activities within an urban area including the urban land, labor, and housing markets; urban transportation models; fiscal relationships among jurisdictions. (Spring)
8363 Public Finance I (3) Cordes
  Theoretical and empirical analysis of the economic role of the public sector and the effects of public expenditures on resource allocation and income distribution. Topics include public goods, externalities, social insurance, and benefit-cost analysis. (Fall)
8364 Public Finance II (3) Cordes
  Theoretical and empirical analysis of the effects of taxes and transfers on the allocation of resources and income distribution. Topics include partial and general equilibrium models of tax incidence, effects of taxes on labor supply, saving, and portfolio choices of households and on investment and financing decisions of firms. (Spring)
8375 Econometrics I (3) Carilllo, Phillips
  Statistical foundations for econometrics; standard methods of estimation and inference for classical and generalized regression models. Same as Stat 8375. (Fall)
8376 Econometrics II (3) Phillips
  Topics may include asymptotic theory, statistical endogeneity, instrumental variables estimation, discrete and limited dependent variable models, and time-series models. Prerequisite: Econ 8375. Same as Stat 8376. (Spring)
8377 Econometrics III (3) Phillips, Trost
  Econometric methods for systems of equations and panel data, with additional topics that may vary from year to year. Prerequisite: Econ 8376.
8378 Economic Forecasting (3) Joutz
  Introduction to the theoretical and applied aspects of economic forecasting. Topics include the role of forecasting, univariate time-series analysis, single equation models, multiple series models, and evaluation of forecasts. Prerequisite: Econ 8375 or equivalent or permission of instructor. (Spring)
8379 Laboratory in Applied Econometrics (3) Sinclair, Joutz, Phillips
  Application of econometric theory and the use of econometric software; students are required to write an empirical research paper. The course usually deals exclusively with either micro or macroeconomic issues. May be repeated for credit provided the topic differs.
8381 International Trade Theory (3) Chen, Moore, Pelzman, Suranovic
  International trade theory, including alternative models of the gains from trade and evaluations of the new justifications for protectionism, and analysis of commercial policy, factor flows, and trade and investment with multinational corporations. Prerequisite: most sections require calculus or permission of instructor. (Fall)
8382 International Finance and Open-Economy Macroeconomics (3) Kaminsky, Shambaugh
  International finance, including alternative models of balance of payments behavior and adjustment, payments accounting, exchange markets, and alternative exchange-rate regimes. (Spring)
8383 International Financial Markets (3) Fostel, Kaminsky, Shambaugh
  Financial economics and international financial markets. Topics include standard asset pricing theory, uncertainty in open economy macroeconomics models, financial market micro-structure, and incomplete markets. (Fall)
8395 Advanced Special Topics (3) Staff
  Topics vary depending upon current interests and faculty availability. Open to graduate students in economics. May be repeated for credit.
8397 Dissertation Proposal Seminar (3) Staff
  Limited to Doctor of Philosophy candidates in Unit II. Critical analysis of current research. Formulation of a dissertation proposal and development of dissertation research strategies.
8998 Advanced Reading and Research (arr.) Staff
  Limited to students preparing for the Doctor of Philosophy general examination. May be repeated for credit.
8999 Dissertation Research (arr.) Staff
  Limited to Doctor of Philosophy candidates. May be repeated for credit.

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© 2013 University Bulletin
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Information in this bulletin is generally accurate as of fall 2012. The University reserves the right to change courses, programs, fees, and the academic calendar, or to make other changes deemed necessary or desirable, giving advance notice of change when possible.