Department of Economics
JOHN S. AKIN, Chair
Professors
John S. Akin (1) Health Economics, Public Finance, Human Resources
Gary A. Biglaiser (63) Microeconomic Theory, Industrial Organization
Patrick J. Conway (56) Economic Development, International Economics
Alfred J. Field, Jr. (6) Economic Development, International Economics
Richard T. Froyen (7) Macroeconomics, Monetary Policy
Eric Ghysels (86) Econometrics
David K. Guilkey (39) Econometrics
Eric M. Renault (90) Econometrics
Steven S. Rosefielde (26) Comparative Economic Systems
Michael K. Salemi (38) Macroeconomics, Monetary Economics
John F. Stewart (36) Industrial Organization
Helen V. Tauchen (40) Applied Microeconomics
Associate Professors
Donna B. Gilleskie (81) Health Economics, Econometrics
Lutz A. Hendricks (11) Macroeconomics, Human Capital, Economic Growth, Wealth Inequality
Peter Norman (95) Microeconomics, Public Economics
William R. Parke (65) Econometrics
Sergio O. Parreiras (89) Game Theory, Microeconomics
Boone A. Turchi (31) Demography
Assistant Professors
Sandra Campo-Manton (91) Applied Industrial Organization, Microeconomics
Anusha Chari (16) International Finance, Open-Economy Macroeconomics
Saraswata Chaudhuri (12) Econometrics
Neville R. Francis (92) Macroeconomics, Time Series
Jonathan B. Hill (10) Time Series Econometrics, Econometric Theory
Vijay Krishna (94) Economic Theory, Game Theory
Oksana M. Leukhina (82) Macroeconomics
Brian McManus (14) Empirical Industrial Organization, Applied Microeconomics
Sang Soo Park (15) Cross-Sectional Econometrics
Adjunct Professors
James J. Anton
Richard E. Bilsborrow
Peter A. Coclanis
Jennifer S. Conrad
Barry M. Popkin
Frank A. Sloan
H. Wilbert van der Klaauw
Adjunct Associate Professors
Scott A. Baker
Robert A. Connolly
Sally C. Stearns
Rachel A. Willis
Lecturers
Michael D. Aguilar, Financial Econometrics
Rita A. Balaban, Applied Microeconomics, Economic Education
Ralph T. Byrns, Monetary Theory, Financial Markets, Behavioral Economics
Burton B. Goldstein, University Entrepreneur in Residence
Stephen W. Lich-Tyler, Labor Economics, Public Economics, Applied Microeconomics, Household and Family Economics
John McCallie, Monetary Theory, International Economics
Geetha Vaidyanathan, Macroeconomics, Statistics
Professors Emeriti
Dennis R. Appleyard
Arthur Benavie
Stanley W. Black
William A. Darity Jr.
James W. Friedman
A. Ronald Gallant
James C. Ingram
David McFarland
James L. Murphy
Thomas J. Orsagh
Ralph W. Pfouts
Vincent J. Tarascio
Roger Waud
James A. Wilde
Xiaodong Wu
The graduate program in the Department of Economics prepares students for teaching and research careers in the fields of econometrics, financial econometrics, health economics, international trade and development, labor economics, microeconomic theory/industrial organization, and monetary and open economy macroeconomics. During the first year of the program, students concentrate on the core areas of econometrics, macroeconomics and microeconomics. Later, each student chooses two fields of specialization within those mentioned. The department's objective is to provide students both with broad training in theory and econometrics and with specialization in the major and minor fields.
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.
Master of Science
The focus of the graduate program in economics is on the doctorate offerings. Most of the students in the master's program have already been admitted to a Ph.D. or professional program at UNC-Chapel Hill.
The master's degree requires ECON 710, 720 and 700, one course in econometrics (ECON 771 or 870), two courses in a major field, three electives and a research course (ECON 992 for the M.S. degree). Courses are to be selected in consultation with, and with the approval of, the director of graduate studies and the faculty in the major field. A master of science student writes a research paper under the direction of the faculty advisor. Also, all candidates must pass a written exam in the major field, with the paper advisor responsible for the examination. The Graduate School Handbook describes the general requirements for the master's examinations and for the papers.
Doctor of Philosophy
Course Requirements. A doctoral candidate must complete fifteen Ph.D.-level courses plus two semesters of the doctoral dissertation course (ECON 994). Unless otherwise specified by the faculty in the major field, at least 12 of the 15 courses must be from the Economics Department. 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, 711, 720, 721, 700, 770 and one additional econometrics course.
Courses in the Major and Minor Fields within Economics. Each student selects a major and a minor field from among the following fields within economics:
• Econometrics
• Financial Econometrics
• Health Economics
• International Trade and Development
• Labor Economics
• Microeconomic Theory/Industrial Organization
• Monetary and Open Economy Macroeconomics
At least three courses in the major field and two courses in the minor field are required. One of the courses in the major field is usually a seminar course.
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. The supporting courses may be within the major or minor field or in areas that complement the major and minor fields.
Foreign Languages-Research Skill. Additionally, a student must demonstrate competence in one foreign language or fulfill a research skill requirement. Courses satisfying the research skills requirement are usually in econometrics, quantitative methods, mathematics, statistics or computer science.
Doctoral Exams and Dissertation. Students must pass qualifying exams in macroeconomics, microeconomics and the major field. The faculty in each field determines whether the major field qualifier is a four-hour written exam or a paper. The qualifiers are given in August and January of each academic year; major field papers are due during the week of written exams. The three-hour macroeconomics and microeconomics qualifying exams are first taken in August of the second year and the major field qualifier in August of the third year. The exams are also given in early January. Students have two chances to pass each of the exams and may petition the Appeals Committee for permission to take the macroeconomics or microeconomics qualifier for the third time.
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.
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 departmental or other University sources. Detailed information regarding the fellowships, assistantships, and instructorships may be obtained from the director of graduate studies in economics, or at www.unc.edu/depts/econ.
Courses for Graduates
Graduate standing in economics or permission of the director of graduate studies in economics is required for all courses numbered 700 or higher.
700 [210] BASIC QUANTITATIVE TECHNIQUES (3). Topics from linear algebra, calculus, linear and nonlinear programming, and the theory of difference and differential equations with applications to economics. Fall. Tauchen.
706 [207] GENERAL ECONOMIC THEORY (3). Prerequisite, graduate standing in a department other than economics. Theory of demand, production, market structures and economic welfare, national income accounts and theory of national income determination, unemployment, inflation. (Not regularly offered.)
710 [200] ADVANCED MICROECONOMIC THEORY I (3). Prerequisites or corequisites, ECON 410 and 700 or equivalent. Consumer and producer theory, expected utility, perfect competition and monopoly, introduction to general equilibrium and welfare economics. Fall. Krishna, Tauchen.
711 [201] ADVANCED MICROECONOMIC THEORY II (3). Prerequisite, ECON 710 or equivalent. General equilibrium and welfare economics, game theory and oligopoly, information economics. Spring. Biglaiser, Norman.
720 [202] ADVANCED MACROECONOMIC THEORY I (3). Prerequisite, ECON 420 or equivalent. Keynesian and classical equilibrium models; the neo-Keynesian synthesis; monetarist and other alternative analytic frameworks. Fall. Francis, Froyen, Leukhina, Salemi.
721 [203] ADVANCED MACROECONOMIC THEORY II (3). Prerequisite, ECON 720 or equivalent. Growth models, general equilibrium approach to monetary theory; input-output; disequilibrium theory; extensions of Keynesian and classical models. Spring. Francis, Leukhina, Salemi.
770 [271] INTRODUCTION TO ECONOMETRIC THEORY (3). 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. Fall. Parke, Renault.
771 [272] ECONOMETRICS (3). Prerequisite, ECON 770 or equivalent. One semester coverage of basic econometrics. Topics include regression under ideal and nonideal conditions, special models including simultaneous equations models, and applications and econometric computer programs. Spring. Guilkey.
799 EXPERIMENTAL (1–3).
806 [311] SEMINAR IN TEACHING METHODS IN ECONOMICS (3). Prerequisite, 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. Fall or spring. Conway, Salemi, Tauchen.
810 [221] GAME THEORY I (3). Prerequisite, ECON 710, 711 or permission of the instructor. 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. Fall or spring. Biglaiser, Parreiras, Krishna.
811 [225] GAME THEORY II (3). Prerequisite, ECON 810 or permission of the instructor. This course is a continuation of ECON 810. Topics covered will be chosen from those listed, but not covered in ECON 810. Fall or spring. Biglaiser, Krishna, Parreiras.
820 [281] MONETARY THEORY (3). Examination of theory and evidence on money demand, money supply and portfolio analysis. Barter versus monetary economics, portfolio school, monetarism, monetary theories of interest rate determination. Fall. Francis, Froyen, Hendricks, Salemi.
821 [282] MONETARY POLICY (1-3). Prerequisite, ECON 720 or permission of the instructor. Optimal policy under uncertainty, financial intermediation and monetary control, channels of monetary influence, monetary policy and inflation, rules versus authority. Spring. Francis, Froyen, Hendricks.
830 [235] GENERAL ECONOMIC HISTORY (3). Preindustrial societies, early stages in industrial growth, and growth of the world economy in the 19th century. (Not regularly offered.)
831 [236] MODERN ECONOMIC HISTORY (3). Prerequisite, ECON 830 or permission of the instructor. Economic change in modern Western societies. Comparative study of growth in Europe and North America. (Not regularly offered.)
840 [240] ADVANCED PUBLIC FINANCE: EXPENDITURE (3). Analysis of market failure and reasons for public spending, cost-benefit analysis and program budgeting, public decision making, redistribution and fiscal equity, intergovernmental transfers. (Not regularly offered.)
841 [241] ADVANCED PUBLIC FINANCE: REVENUES (3). Prerequisite, ECON 840 or permission of the instructor. Criteria for judging tax structures, incidence and impact of taxation, user charges and debt finance, intergovernmental coordination and macroeconomic effects. (Not regularly offered.)
845 [245] ADVANCED BUSINESS ORGANIZATION AND SOCIAL CONTROL (3). Prerequisite, 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. (Not regularly offered.)
846 [248] ECONOMIC REGULATION OF INDUSTRY (3). Economic regulation in theory and practice. Principles of optimal regulation are developed, and regulatory performance in various industries is appraised. Fall or spring. Biglaiser.
850 [250] HEALTH ECONOMICS (3). Prerequisites, ECON 710 and 771 or permission of the instructor. 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. Fall or spring. Akin, Gilleskie.
851 [255] HEALTH ECONOMICS FOR DEVELOPING COUNTRIES (3). Prerequisites, ECON 710 and 771 or permission. 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. Fall or spring. Akin.
855 [265] ECONOMICS AND POPULATION (3). Prerequisite, graduate standing in economics or permission of the instructor. 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.)
860 [261] THEORY OF INTERNATIONAL TRADE (3). Prerequisite, graduate standing in economics or permission of the instructor. The theory of international values, comparative advantage and the gains from trade, commercial policy. Fall or spring. Conway.
861 [262] INTERNATIONAL MONETARY ECONOMICS (3). Prerequisite, 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. Fall or spring. Conway, Chari.
865 [263] ECONOMIC DEVELOPMENT: THEORY AND POLICY (3). Prerequisite, 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. Fall or spring. Conway, Field.
866 [264] SELECTED TOPICS IN ECONOMIC DEVELOPMENT AND DEVELOPMENT PLANNING (3). Prerequisite, ECON 865 or equivalent. Examination of various topics in economic progress of the less developed countries, with special emphasis on the role of international issues. Fall or spring. Staff.
867 [267] COMPARATIVE ECONOMIC SYSTEMS (3). This course focuses on alternative theories of United States capitalism, French indicative planning, Yugoslavian worker-managed market socialism, Soviet central planning and the Chinese worker-controlled decentralized planning model. (Not regularly offered.)
868 [253] SOCIALIST ECONOMIC THOUGHT IN HISTORICAL PERSPECTIVE (3). (Not regularly offered.)
870 [273] ADVANCED ECONOMETRICS (3). Prerequisites, ECON 770, ECON 771 and MATH 547. 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. Fall. Campo-Manton, Chaudhuri, Guilkey, Parke, Renault.
871 [274] TIME SERIES ECONOMETRICS (3). Prerequisite, ECON 870. Covers stationary univariate and multivariate time series models, spectral analysis methods, nonstationary models with time trends, unit roots and cointegration, and special topics such as conditional volatility, the Kalman filter and changes of regime. Spring. Ghysels, Hill, Parke, Renault.
872 [275] NONLINEAR ECONOMETRIC METHODS (3). Prerequisite, ECON 870. Density estimation, nonparametric regression, neural nets, nonlinear regression, generalized method of moments, seminonparametric time series, estimating stochastic differential equations and nonlinear latent variables. (Not regularly offered.)
873 [276] CROSS SECTIONAL ECONOMETRICS (3). Prerequisite, ECON 870. Maximum likelihood methods for limited dependent variables. Longitudinal data models and methods. Hazard models. Multivariate models with limited dependent variables. Fall or spring. Guilkey.
876 [388] ADVANCED TOPICS IN EMPIRICAL FINANCE (3). Corequisites or prerequisites, ECON/BUSI 875 and ECON 871. This course will cover a selected list of current empirical research topics in finance and related econometric methods. Fall or spring. Ghysels.
877 FOUNDATIONS FOR CONTINUOUS TIME ASSET PRICING (3). Prerequisites, STOR 634 and STOR 635. This course introduces students to mathematical foundations and economic interpretation of the main probabilistic tools (stochasatic calculus, martingale methods) in continuous time finance. Fall or spring. Renault.
880 [291] LABOR ECONOMICS I (3). Prerequisite, ECON 710 or permission of the instructor. An analysis of the short- and long-run aspects of supply and demand of labor, including empirical analysis of the labor force behavior of males, females, blacks and whites. Topics include the microeconomic effects of marriage, fertility, and mobility on labor supply, as well as the macroeconomic effects of unemployment on inflation. Fall or spring. Staff.
881 [294] LABOR ECONOMICS II (3). Life cycle analysis of supply and demand for labor as a determinant of individual wages. Topics include an analysis of discrimination, union power, and governmental manpower policies on the distribution of earnings across the population. Fall or spring. Staff.
890 [399] SEMINAR. Prerequisite, permission of the instructor. Individual research in a special field under direction of a member of the department. Fall and spring. Staff.
892 RESEARCH PRACTICUM (1–3). 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. Fall and spring. Staff.
896 INDEPENDENT STUDY (1–3).
899 EXPERIMENTAL (1–3).
911 [300] SEMINAR IN MICROECONOMIC THEORY I (1–3). This course introduces students to the literature and research methods used in microeconomic theory. May be repeated for credit. Fall or spring. Biglaiser, Krishna, Norman, Parreiras.
920 [381] SEMINAR IN MONETARY ECONOMICS (3). Prerequisite, permission of the instructor. Advanced study of theoretical and applied topics in monetary economics. Fall or spring. Francis, Froyen, Hendricks, Leukhina, Salemi.
921 [301] SEMINAR IN MACROECONOMIC THEORY II (1–3). Graduate students examine current issues and literature with the purpose of initiating research projects in macroeconomics, monetary theory, and international finance. May be repeated for credit. Fall or spring. Francis, Froyen, Hendricks, Leukhina, Salemi.
931 [335] SEMINAR IN ECONOMIC HISTORY (1–3). The course introduces students to current problems and techniques of study and research in economic history. May be repeated for credit. (Not regularly offered.)
951 [355] RESEARCH IN HEALTH ECONOMICS (1–3). The course allows graduate students to become familiar with current issues and research topics in health economics. May be repeated for credit. Fall or spring. Akin, Gilleskie.
956 [341] RESEARCH IN PUBLIC FINANCE (1–3). This course introduces students to the literature and research methods used in applied microeconomics including public finance. May be repeated for credit. Fall or spring. Stewart, Tauchen, Turchi.
958 [365] SEMINAR IN POPULATION (3). Prerequisite, graduate standing in economics. For advanced population students, this course addresses the newest and most advanced economic demography literature. (Not regularly offered.)
960 [361] SEMINAR IN INTERNATIONAL ECONOMICS (3). Prerequisites, ECON 860 and 861 or equivalent. A directed reading and research course. Fall or spring. Conway, Chari..
966 [363] SEMINAR IN ECONOMIC DEVELOPMENT (1–3). This course is an introduction to the literature and research methods of economic development and transition economies. May be repeated for credit. Fall or spring. Conway, Field, Rosefielde.
968 [396] SEMINAR IN SOVIET ECONOMICS (3). Prerequisite, 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. (Not regularly offered.)
971 [371] RESEARCH IN ECONOMETRICS (3). The course introduces students to theoretical and applied research topics in econometrics. May be repeated for credit. Fall or spring. Campo-Manton, Chaudhuri, Ghysels, Guilkey, Hill, Park, Parke.
981 [391] SEMINAR IN LABOR (1–3). The course introduces students to research topics in labor economics. May be repeated for credit. Fall or spring. Staff.
985 [375] SEMINAR IN APPLIED MICROECONOMICS (3). Prerequisite, permission of the instructor. This course offers advanced graduate students the opportunity to begin to develop independent research in applied microeconomic fields. Fall or spring. Gilleskie.
990 SPECIAL TOPICS (1–3). Fall and spring. Staff.
992 [392] MASTER'S PAPER (3). Fall and spring. Staff.
993 [393] MASTER'S THESIS (3). Fall and spring. Staff.
994 [394] DOCTORAL DISSERTATION (3). Fall and spring. Staff.