The faculty in the Department of Economics, College of Business, offer programs leading to the M.S. and the Ph.D. degrees in Economics.
The faculty also participate in offering the professional program leading to the Master of Business Administration and the program leading to the Ph.D. degree in Business Administration. Further information concerning the degree programs in Economics can be obtained from the Director of Graduate Programs, Department of Economics.
Admission. See the general requirements for admission to the Graduate College. In addition, each applicant to either graduate program must submit three letters of recommendation from academic sources and test scores for the general aptitude portion of the Graduate Record Examination (GRE). Submission of scores from the GRE advanced test in economics is recommended. Applications should be received at the Department of Economics by March 1 if the student is seeking a graduate assistantship.
Students are expected to have demonstrated competency in economics at a minimum level through ECN 313 and 314 and in mathematics through MAT 271. Passing grades in the equivalents of these courses taken at other colleges are accepted as a demonstration of competency. Additional courses in calculus, linear algebra, and statistics are recommended before the first semester in the program.
Students with inadequate undergraduate preparation in economics or mathematics may be required to remove deficiencies before enrolling in graduate courses.
FIELDS OF STUDY
Graduate students may choose from several fields of study: econometrics, health economics, industrial organization, international economics, labor economics, macroeconomics, and public economics. The goal of the econometrics field is to provide students with the tools needed to empirically assess economic models using data obtained from observation of real world phenomena. Course work emphasizes applications as well as theory. The intent of the health economics field is to provide students with the tools needed to assess and critique the concepts, structures, functions, and values that characterize contemporary health care systems. Course work focuses on the economics of production and distribution of health care services, with special emphasis on the impact of regulation, competition, and economic incentives. Work in biostatistics can be included. The field of industrial organization is concerned with the theory and empirical evidence concerning the organization of firms and industries. Topics include the “law and economics” of monopoly, collusion, business pricing and marketing practices, corporate control, mergers and acquisitions. The international economics field examines both the theoretical and empirical literature associated with the determinants of comparative advantage, trade patterns and commercial policy effects on such patterns, the determinants of exchange rates and international financial flows, and effects of international linkages on the domestic economy. The labor economics field includes the study of labor force participation, unemployment, the role and effect of education and other personal variables on earnings, geographical and interfirm earning differentials, the demand for labor, discrimination, the role and economic effects of unions, personnel practices and policies, and similar topics. The intent of the macroeconomic field is to provide the student with tools needed to assess both theoretically and empirically modern macroeconomic models. Public economics is concerned with the positive and normative study of government’s effect on the economy. Course work focuses on evaluating the economic consequences of government policies and on the application of economics to political science. See the Department of Economics Graduate Student Handbook for specific field requirements.
MASTER OF SCIENCE
The M.S. degree program is designed to provide broad training in economics. The purpose is to equip the student with sufficient knowledge of economic analysis and techniques to undertake supervised research positions, to teach in two-year colleges, to assume business or government positions, or to undertake the more intensive and specialized work leading to the Ph.D. or J.D. degree.
Program of Study. See “Master’s Degrees” for general requirements. See the Department of Economics Graduate Student Handbook for specific requirements.
Course Load. Students are limited to 15 semester hours per semester.
Foreign Language Requirements. None.
Thesis Requirements. Students have the option of a nonthesis or thesis track. For the nonthesis track, students are required to conduct an applied research project under the supervision of a faculty member. The applied research project often is conducted in conjunction with an internship, and three hours of credit is granted for the project. For the thesis option, six semester hours of credit is granted for completion of the thesis.
Final Examinations. A final oral examination in defense of the thesis or applied research project is required.
DOCTOR OF PHILOSOPHY
The Ph.D. degree program is designed to provide the student with a more fundamental command of basic economic analysis and of the subject matter in several specialized fields. It is designed to qualify students for teaching at four-year institutions of higher education and for research positions in public agencies and private business organizations.
Program of Study. See “Doctor of Philosophy” for general requirements. In addition to completing 60 hours of credit beyond the bachelor’s degree (30 hours beyond the master’s degree) and 24 hours research dissertation credit, the Ph.D. student must accomplish five tasks:
See the Department of Economics Graduate Student Handbook for details concerning these tasks.
Qualifying Examinations. The student must demonstrate proficiency in economic theory and application by passing both the microeconomic and macroeconomic qualifying examinations. These examinations are given at the beginning of the fall semester of the second year of graduate study. The student must demonstrate proficiency in statistical and econometric analysis by passing ECN 525 and ECN 526.
Fields of Study. Students are required to present at least one primary field and one secondary field for the Ph.D. The primary field must be the one in which the comprehensive examination is taken; usually this is the field in which dissertation work is contemplated.
Comprehensive Examination. The comprehensive examination consists of a written research paper, a written examination, and an oral examination. The research paper consists of both a general and detailed literature review of the dissertation area as well as a description of the proposed dissertation topic. The written examination consists of questions designed to test the student’s knowledge of the proposed research area. Examination questions are designed to cause the student to examine the research topic in considerable depth and breadth. The oral examination consists of questions designed to test the student’s knowledge of the proposed research area. Examination questions are designed to expand on the written examination as well as to provide guidance on the dissertation research.
Dissertation Proposal Defense. Students prepare a preliminary draft of the dissertation proposal before taking the comprehensive examination. Upon passing the comprehensive examination, students submit a revised dissertation proposal to their supervisory committee that formalizes the research agenda and incorporates the supervisory committee’s suggestions. The dissertation proposal must be defended orally.
Admission to Candidacy. The student should apply promptly for admission to candidacy after passing the comprehensive field examination, oral examination, and the dissertation proposal defense.
Dissertation Requirements. A dissertation representing original research work of high quality, demonstrating the student’s proficiency in the field, is required.
Foreign Language Requirements. None.
Final Examinations. An oral examination in defense of the dissertation is required.
RESEARCH ACTIVITY
There is a strong commitment to professional research in the Department of Economics. Faculty are actively engaged in both applied and theoretical research in a variety of areas. Topics of recently published research include: optimal labor contracts and involuntary unemployment; efficient estimation with dynamic panel data; the effects of restructuring and privatization in Central and Eastern Europe; unemployment insurance programs; the economics of mob goods; the stability of long-run money demand; an empirical methodology for cointegrated systems; job search; labor market consequences of U.S. immigration; volatility in foreign exchange markets; equity control of multinational firms by less developed countries; optimal portfolios; the demand for insurance and insurable assets; wage uncertainty and competitive equilibrium in labor markets; exchange rate dynamics; real business cycle analysis; strategic information manipulation in duopolies; non-expected utility theory; comparative statics under uncertainty; the value of information in alternative economic environments; and an empirical examination of organization structure.
Research tools at ASU are excellent. The Hayden Library holds an extensive collection of works in economics and related areas. The Noble Science and Engineering Library is a designated U.S. Patent Depository. ASU has computer facilities that provide exceptional support for processing empirical research. A remote site terminal for both batch processing and time sharing is located in the College of Business.
Omnibus Graduate Courses: See omnibus graduate courses that may be offered.
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