Department of Economics (GRAD)
The graduate program in the Department of Economics prepares students for teaching and research careers in the fields of econometrics, financial econometrics, health economics, industrial organization, international finance, international trade, labor economics, microeconomic theory, quantitative macroeconomics. During the first year of the program, students concentrate on the core areas of econometrics, macroeconomics, and microeconomics. Later, each student chooses a field of specialization. The department's objective is to provide students both with broad training in economics and econometrics and in a chosen field of specialization.
A number of students supplement their study in economics at UNC–Chapel Hill with work in finance, statistics, mathematics, biostatistics, urban and regional studies, computer science, and operations research, along with courses at Duke University and North Carolina State University. Strong offerings in these and other related areas enhance the overall graduate training offered to students.
Fellowships and Assistantships
The department offers several fellowships and a number of research and teaching assistantships. All applicants to the Ph.D. program are considered for financial support, and most students enrolled in the Ph.D. program receive a stipend, tuition assistance, and health insurance from the Department of Economics or other sponsors for the first five years of the program. Detailed information regarding the fellowships, assistantships, and instructorships may be obtained on the graduate program web page in the department's website.
Master of Science
The Economics Department Master of Science (M.S.) degree is intended to complement Ph.D. programs from our and other departments. Students can obtain an M.S. while working toward a Ph.D. in economics or they may pursue an M.S. if they decide to leave the Ph.D. program early or they do not meet the requirements. In addition, students from other graduate programs at UNC–Chapel Hill may pursue an M.S. in economics while completing the Ph.D. in the other program. Note that our economics graduate program does not include separate M.S.- and Ph.D.-level courses. Thus, any student pursuing an M.S. through our program must have the background and qualifications to successfully complete Ph.D.-level course work. For these reasons, only applications from UNC–Chapel Hill graduate students currently enrolled in another primary degree program will be considered. The master's program does not consider candidates outside of these circumstances. Master's and doctoral students take the same courses in the first year; therefore, master's students must have competitive backgrounds similar to our doctoral students to do well in the courses.
The master's degree requires the following coursework:
|ECON 710||Advanced Microeconomic Theory I||3|
|ECON 720||Advanced Macroeconomic Theory I||3|
|ECON 700||Basic Quantitative Techniques||3|
|One course in econometrics:||3|
|Introduction to Econometric Theory|
|Two courses in a specialized field||6|
|A research course:|
|ECON 992||Master's (Non-Thesis)||3|
Courses are to be selected in consultation with, and with the approval of, the director of graduate studies and the faculty in the field of specialization. In addition to coursework, a master of science student writes a research paper under the direction of the faculty advisor. The Graduate School Handbook describes the general requirements for the master's examinations and for the papers.
Doctor of Philosophy
A doctoral candidate must complete 15 Ph.D.-level courses and two semesters of the doctoral dissertation course (ECON 994). Unless otherwise specified by the faculty in the specialized field, at least 12 of the 15 courses must be from the Department of Economics. All courses must be approved by the director of graduate studies.
Courses in the Fundamentals of Economics
The following seven courses or their equivalents are required:
|ECON 710||Advanced Microeconomic Theory I||3|
|ECON 711||Advanced Microeconomic Theory II||3|
|ECON 720||Advanced Macroeconomic Theory I||3|
|ECON 721||Advanced Macroeconomic Theory II||3|
|ECON 700||Basic Quantitative Techniques||3|
|ECON 770||Introduction to Econometric Theory||3|
Courses in the Field of Specialization within Economics
Each student selects a field of specialization. At least three (3) courses in the field of specialization are required. Current examples of field of specialization courses are available on the web page Field Specialization Requirements. Notice that these are only examples and new fields of specialization can be created by students under the supervision of a faculty member.
Courses in Supporting Fields
The remaining courses are supporting courses chosen by the student in consultation with the director of graduate studies and other faculty members. The supporting courses may be within the field of specialization or in areas that complement the field of specialization.
Doctoral Exams and Dissertation
Students must pass qualifying exams in econometrics, macroeconomics, and microeconomics. Students are also required to produce and pass a field paper. The qualifiers are taken in May and August of the student's first year. Students have three opportunities to pass each of the exams they take.
The Graduate School Handbook describes the requirements for the doctoral oral exam, doctoral dissertation, and final oral defense of the dissertation. The doctoral oral exam includes an evaluation of the thesis prospectus.
The general regulations of The Graduate School apply to students receiving graduate degrees in economics from the University of North Carolina at Chapel Hill.
Gary A. Biglaiser, Microeconomic Theory, Industrial Organization
Anusha Chari, International Finance, Open-Economy Macroeconomics
Luca Flabbi, Labor Economics, Development Economics, Applied Econometrics
Jane Cooley Fruehwirth, Social Economics, Economics of Education, Public Economics
Neville R. Francis, Macroeconomics, Time Series
Eric Ghysels, Econometrics, Financial Econometrics
Donna B. Gilleskie, Health Economics, Applied Econometrics, Labor Economics
Peter Hansen, Econometrics, Time Series, Financial Econometrics
Lutz A. Hendricks, Macroeconomics, Human Capital, Economic Growth, Wealth Inequality
Jonathan B. Hill, Econometric Theory, Time Series Econometrics, Statistics
Brian McManus, Empirical Industrial Organization, Applied Microeconomics, Public Economics
Steven S. Rosefielde, Comparative Economic Systems
Jonathan Williams, Applied Econometrics, Industrial Organization, Applied Microeconomics
Andrew Yates, Environmental Economics
Fei Li, Applied Microeconomic Theory, Industrial Organization, Labor Economics
Peter Norman, Microeconomics, Public Economics
Sergio O. Parreiras, Game Theory, Microeconomics
Klara Peter, Labor Economics, Development Economics, Applied Microeconomics, Public Policy
Valentin Verdier, Econometrics
Andrii Babii, Econometrics
Jaden Chen, Microeconomic Theory
Marco Duarte Filho, Industrial Organization, Antitrust Economics
Qing Gong, Public Economics, Health Economics
Andrés Hincapié, Labor Economics, Health Economics, Entrepreneurship
Désiré Kédagni, Econometrics, Causal Inference, Development Economics
Jacob Kohlhepp, Labor Economics, Microeconomic Theory
Stanislav Rabinovich, Macroeconomics, Labor Economics
Can Tian, Macroeconomics, Searching and Matching Theory
Paige Weber, Environmental Economics, Industrial Organization
Christopher Handy, Applied Econometrics
Robert McDonough, Applied Econometrics, Labor Economics
Christopher Roark, Macroeconomics, Finance, Economics Education
Michelle Sheran-Andrews, Microeconomics, Labor Economics, Economic Statistics
Kalina Staub, Labor Economics, Gender Economics, Economics Education, Family Economics
Geetha Vaidyanathan, Macroeconomics, Statistics, Monetary Economics, International Economics
Dennis R. Appleyard
Stanley W. Black
William A. Darity Jr.
Alfred J. Field Jr.
A. Ronald Gallant
Dell B. Johannesen
James L. Murphy
Michael K. Salemi
Helen V. Tauchen
James A. Wilde
Graduate standing in economics or permission of the director of graduate studies in economics is required for all courses numbered 700 or higher.
Topics from real analysis, linear algebra, calculus, convex analysis, nonlinear programming, dynamic programming.
Covers mathematical bases for economic analysis. Proofs, real analysis, functional analysis, convexity, fixed points, and modularity.
This course offers a graduate level introduction to decision theory, general equilibrium and game theory.
This course covers basic game theory and information economics. It covers games in normal and extensive form. Topics include repeated games, Bayesian games, dynamic games of incomplete information, mechanism design, and contracting.
Macroeconomic models and solution methods. Overlapping generations, growth models in discrete and continuous time, endogenous growth, stochastic growth, heterogeneous agents with incomplete markets.
Growth models, general equilibrium approach to monetary theory; input-output; disequilibrium theory; extensions of Keynesian and classical models.
Probability theory, expectation, conditional expectation, modes of convergence, limit and interchange theorems, and the asymptotics of maximum likelihood, generalized method of moments and efficient method of moments.
Standard first year course in econometric theory and methods. Topics include least squares and maximum likelihood, asymptotic theory, classic inference, GMM, seemingly unrelated regression, endogeneity bias, and multi-stage least squares.
This course covers concepts and methods used in economic research with an emphasis on empirical applications. Topics include the basic single equation regression model, multiple equation models, discrete and categorical dependent variables, instrumental variables and longitudinal data. Permission of the instructor required.
Covers skills in lecturing, encouraging student participation and active learning, writing exams, planning and evaluating courses. Students design and teach a module that includes class discussion and hands-on learning. Targeted to beginning teaching assistants.
Doctoral candidacy in economics or permission of the instructor. Covers skills in lecturing, encouraging student participation and active learning, writing exams, planning and evaluating courses. Students design and teach a module that includes class discussion and hands-on learning. Targeted to those teaching independent sections.
Noncooperative games in strategic and extensive form, with perfect and imperfect information. Other topics from: information economics, mechanism design, auctions, repeated games, bargaining, bounded rationality, learning, evolutionary games, cooperative games.
This course focuses on econometric testing of macroeconomic theories. Topics will vary from year to year, but will include for example, modern theories of short-run fluctuations: sources of business cycle and the evolution of income, employment, interest rate, and prices, monetary and fiscal policy theories in the presence of real and nominal rigidities.
This course covers topics in macroeconomics such as economic growth, human capital, wealth inequality, and trade. The precise topics depend on the instructor.
Analysis of market failure and reasons for public spending, cost-benefit analysis and program budgeting, public decision making, redistribution and fiscal equity, intergovernmental transfers.
Criteria for judging tax structures, incidence and impact of taxation, user charges and debt finance, intergovernmental coordination, and macroeconomic effects.
Permission of the instructor. Extensive readings in the literature are required. Emphasis is placed upon the role of economic analysis in dealing with problems in this field.
This course covers theoretical industrial organization (IO). Topics typically covered include: price discrimination, product bundling, foreclosure analysis, vertical relations between firms, two-sided markets, dynamic games, and markets with switching costs and network effects.
This course covers empirical methods in industrial organization (IO), and is typically presented as the first part of a two-course empirical IO sequence. Topics typically covered include: demand estimation, information issues, vertical relations between firms, and productivity.
This course covers empirical methods in industrial organization (IO), and is typically presented as the second part of a two-course empirical IO sequence. Topics typically covered include: static games of complete and incomplete information, dynamic demand, dynamic games, and auctions.
Measurement and modeling of the demand for medical care, the demand for and supply of health insurance, and the incorporation of health, medical care, and health insurance in determining both short and long run labor supply.
Major topics are: how health and development are related, the demand for health services, cost-benefit and cost-effectiveness analysis, and methods for financing health care in developing, resource-constrained nations.
This course explores the economics of health care markets with a focus on supply-side actors, such as insurers, hospitals and physicians, and drug manufacturers. We will cover an assortment of topics in health economics and analyze them using tools from applied microeconomics and industrial organization.
Analysis of economic-demographic interrelationships including: population and economic development; population, environmental decay, and zero population growth; models of fertility, migration, and spatial organization; population policy. (Not regularly offered.)
Graduate standing in economics or permission of the instructor. The theory of international values; comparative advantage and the gains from trade; commercial policy.
Graduate standing in economics or permission of the instructor. Analysis of the international monetary system; exchange rates; the process of adjustment in the balance of payments.
Permission of the instructor. Intensive study of the development processes and problems of the less developed countries, with emphasis on theories of growth and development, internal and external policies, and planning strategies.
ECON 870 constitutes a one-semester treatment of the fundamental theory of econometrics. Topics covered include asymptotic distribution theory, linear and nonlinear models, specification testing techniques, and simultaneous equations models.
Advanced introduction to time series analysis. Covers stationarity, ergodicity, autoregressive and moving average models, unit roots and spurious regression, vector autoregressive models, cointegration, structural breaks/parameter instability and models with time-varying parameters.
Density estimation, nonparametric regression, neural nets, nonlinear regression, generalized method of moments, seminonparametric time series, estimating stochastic differential equations and nonlinear latent variables.
Limited dependent variable models such as binary outcome models, multinomial outcome models, and censored and truncated outcome models. Count data models. Duration models. Panel data analysis.
This course will cover a selected list of current empirical research topics in finance and related econometric methods.
This course introduces students to mathematical foundations and economic interpretation of the main probabilistic tools (stochasatic calculus, martingale methods) in continuous time finance.
Analysis of short- and long-run aspects of supply and demand of labor, including empirical analysis of labor force behavior of males, females, blacks, and whites. Microeconomic effects of marriage, fertility, mobility on labor supply, and macroeconomic effects of unemployment on inflation.
This course covers a range of topics in labor economics, with a unifying theme of understanding how economics informs policies for alleviating inequality. Topics include social interactions, education, early childhood intervention, and discrimination.
The course covers specific topics in labor economics by paying particular attention to dynamic considerations. The focus is on two groups of contributions, organized by methodology: The first group emphasizes search frictions in the labor market; the second uses discrete choice models to treat labor market dynamic. Specific topics covered in the course include: equilibrium unemployment, returns to Schooling, gender differentials, household interaction.
Search frictions have long been recognized as a reason for the existence of labor and capital unemployment. It is also a leading explanation for the price and wage dispersion, a standard tool in monetary economics. This course covers a number of widely used models of search frictions, and discusses how they relate to imperfect information about individual or match-specific characteristics and or coordination problems.
Permission of the instructor. Individual research in a special field under direction of a member of the department.
Students complete a pre-approved internship under the direction of a faculty member and the director of graduate studies. A paper summarizing the research work is required.
Permission of the instructor. Discussion of current research with topics varying from year to year. Oral and written reports on dissertation research. May be repeated for credit.
The main course objective is to formally practice communication (verbally and written) of research methods and findings. The course also provides professional development designed to formally prepare students for the economics job market. These course activities provide students with professional competencies and connections and help them envision their future with clarity and confidence. Targeted to those in their last year of doctoral studies that are seeking employment.
Permission of the instructor. Discussion of current research in microeconomic theory and industrial organization. Oral and written reports on dissertation research. May be repeated for credit.
Permission of the instructor. Discussion of current research in macroeconomics and monetary economics. Oral and written reports on dissertation research. May be repeated for credit.
Graduate standing in economics required. For advanced population students, this course addresses the newest and most advanced economic demography literature.
Permission of the instructor. Discussion of current research in international and development economics. Oral and written reports on dissertation research. May be repeated for credit.
This course is an introduction to the literature and research methods of economic development and transition economies. May be repeated for credit.
Permission of the instructor. Studies of selected problems of the Soviet economy and related aspects of Soviet economic thought. Seminar members are expected to present reports on assigned research topics.
Permission of the instructor. Discussion of current research in econometrics and financial econometrics. Oral and written reports on dissertation research. May be repeated for credit.
The course introduces students to theoretical and applied research topics in econometrics. May be repeated for credit.
The course introduces students to research topics in labor economics. May be repeated for credit.
Permission of the instructor. Discussion of current research in applied microeconomics. Student presentations of dissertation and other research. Oral and written reports on dissertation research.
Department of Economics