Department of Economics
PATRICK CONWAY, Chair
John S. Akin, Health Economics, Public Finance, Human Resources
Gary A. Biglaiser, Microeconomic Theory, Industrial Organization
Patrick J. Conway, Economic Development, International Economics
Richard T. Froyen, Macroeconomics, Monetary Policy
Eric Ghysels, Econometrics, Finance
Donna B. Gilleskie, Health Economics, Econometrics, Labor
David K. Guilkey, Econometrics
Steven S. Rosefielde, Comparative Economic Systems
John F. Stewart, Industrial Organization
Helen V. Tauchen, Applied Microeconomics
Anusha Chari, International Finance, Open-Economy Macroeconomics
Neville R. Francis, Macroeconomics, Time Series
Lutz A. Hendricks, Macroeconomics, Human Capital, Economic Growth, Wealth Inequality
Jonathan B. Hill, Time Series Econometrics, Econometric Theory
Brian McManus, Empirical Industrial Organization, Applied Microeconomics, Public Economics
Peter Norman, Microeconomics, Public Economics
William R. Parke, Econometrics
Sergio O. Parreiras, Game Theory, Microeconomics
Boone A. Turchi, Demography
Saraswata Chaudhuri, Econometrics
Clement Joubert, Labor, Development, Applied Econometrics
Klara Peter, Labor, Development, Applied Microeconomics, Public Policy
Toan Phan, International Macroeconomics, Macroeconomics
Andrew Yates, Environmental Economics
Michael D. Aguilar, Financial Econometrics, Applied Macroeconomics, Econometric Theory
Rita A. Balaban, Applied Microeconomics, Economic Education
Burton B. Goldstein, University Entrepreneur in Residence
Stephen W. Lich-Tyler, Labor Economics, Public Economics, Applied Microeconomics, Household and Family Economics
Jeremy Petranka, Game Theory, Conflict Theory, Political Economics, Industrial Organization, Microeconomic Theory
Geetha Vaidyanathan, Macroeconomics, Statistics, Monetary Economics, International Economics
Dennis R. Appleyard
Stanley W. Black
William A. Darity Jr.
Alfred J. Field Jr.
James W. Friedman
A. Ronald Gallant
Dell B. Johannesen
James L. Murphy
Ralph W. Pfouts
Michael K. Salemi
Vincent J. Tarascio
James A. Wilde
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). 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 15 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:
• 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 early in the semester. 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 the Economics Department or other sponsors for the first five years of the program. 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.
Graduate standing in economics or permission of the director of graduate studies in economics is required for all courses numbered 700 or higher.
Courses for Graduate and Advanced Undergraduate Students
400 Elementary Statistics (3). Comprehensive introduction to statistics, including descriptive statistics and statistical graphics, probability theory, distributions, parameter estimation, hypothesis testing, simple and multiple regression, and use of powerful statistical estimation software.
410 Intermediate Theory: Price and Distribution (3). Prerequisite, MATH 231 or STOR 113. The determination of prices and the distribution of income in a market system. Students may not receive credit for both ECON 310 and 410.
420 Intermediate Theory: Money, Income, and Employment (3). Prerequisite, ECON 410. An introduction to contemporary macroeconomic concepts and analysis. Topics include the level, fluctuations, and growth of national income, and monetary and fiscal policies designed to achieve economic goals. Students may not receive credit for both ECON 320 and 420.
423 Financial Markets and Economic Fluctuations (3). Prerequisite, ECON 420. An examination of financial institutions and markets, their role in economic conditions, and the use of macroeconomic policies in affecting those conditions. Students may not receive credit for both ECON 320 and 423.
430 Economic Development of the United States (3). Prerequisites, ECON 410 and 420. Students may receive credit for either ECON 330 or 430 but not for both. This course parallels ECON 330 but is designed for students with a higher level of theoretical preparation.
434 History of Economic Doctrines (3). A survey of the fundamental forms of economic thought from the scholastics through Keynes.
440 Analysis of Public Finance (3). Prerequisite, ECON 410. Application of economic analysis to the taxing and spending functions of government. Students may not receive credit for both ECON 340 and 440.
445 Industrial Organization (3). Prerequisite, ECON 410. Theoretical and empirical development of structure-conduct-performance relationships in the industrial sector; description and analysis of United States industry. Students may not receive credit for both ECON 345 and 445.
450 Health Economics: Problems and Policy (3). Prerequisite, ECON 410. Permission of the instructor for students lacking the prerequisite. Economic analysis applied to problems and public policy in health care.
454 Economics of Population (3). Prerequisite, ECON 310 or 410. Permission of the instructor for students lacking the prerequisite. Analysis of economic-demographic interrelations including demographic analysis, population and economic growth and development, economic models of fertility and migration, and population policy.
455 Environmental Economic Theory (3). Prerequisite, ECON 410. A rigorous economic analysis of environmental issues, with particular emphasis on the problem of designing appropriate institutions and regulations under private information and the interaction between economic and ecological systems. Topics include emission fees and marketable permits, pollution models, carbon regulation, and ecosystem service markets.
460 International Economics (EURO 460, PWAD 460) (3). Prerequisite, ECON 410. An introduction to international trade, the balance of payments, and related issues of foreign economic policy.
461 European Economic Integration (3). Prerequisite, ECON 410. Permission of the instructor for students lacking the prerequisite. Economic and political aspects of European economic integration, the EC customs union, barriers to integration, convergence vs. divergence of inflation rates and income levels, enlargement of the EC.
465 Economic Development (3). Prerequisite, ECON 410. Permission of the instructor for students lacking the prerequisite. An introduction to the economic characteristics and problems of the less developed countries and to the theories and policies applicable to the developing economy.
468 Principles of Soviet and Post-Soviet Economic Systems (3). Prerequisite, ECON 310 or 410. Study of the principles, design, organization, and performance of state-controlled economies relying on planning or regulated markets, with an emphasis on continuity and post-communist transition.
469 Western and Asian Economic Systems (ASIA 469) (3). Prerequisite, ECON 310 or 410. Policy seminar on the systemic factors distinguishing Western economies from their rivals in the former Soviet bloc and Asia, focused on conflict resolution and global integration.
480 Labor Economics (3). Prerequisite, ECON 410. An introduction to the field of labor economics with emphasis on how the interactions between firms and workers influence wages, employment, unemployment, and inflation. Students may not receive credit for both ECON 380 and 480.
485 Economics of Sports (3). Prerequisites, ECON 400 and 410. Applies microeconomic techniques to professional and amateur sports through the examination of real-world issues and problems. Employs statistical analysis to test some of the theoretical predictions of the models in the sports literature.
490 Special Topics (1–3). Topic varies from semester to semester. Permission of the instructor.
491 Seminar in Economics (1–3). Detailed examination of selected problems in economics and a critical analysis of pertinent theories. Permission of the instructor.
495 Research Course (1–3). Topic varies from semester to semester. Permission of the instructor.
510 Advanced Microeconomic Theory (3). Prerequisite, ECON 410. A treatment of topics in microeconomic theory not normally covered in ECON 410.
511 Game Theory in Economics (3). Prerequisites, ECON 410 and MATH 233. Permission of the instructor for students lacking the prerequisites. Topics in noncooperative and cooperative game theory are covered, along with a selection of applications to economics in areas such as industrial organization, international trade, public finance, and general equilibrium.
520 Advanced Macroeconomic Theory (3). Prerequisite, ECON 420. This course will emphasize theoretical and empirical topics such as growth, labor search, Phillips curves, stagflation, and optimal government policy.
540 Advanced Public Finance (3). Prerequisite, ECON 440. Selected topics in taxation, public expenditures, and governmental transfer programs.
545 Advanced Industrial Organization and Social Control (3). Prerequisite, ECON 445. Theory of market failure and its relationship to antitrust and regulatory policy; exploration of empirical literature of industrial organization; current issues in social control.
560 Advanced International Economics (3). Prerequisite, ECON 460. Analysis and interpretation of selected problems and policy issues. Content varies, but attention is given to such topics as trade barriers, trade patterns, floating exchange rates, and international monetary policy.
570 Economic Applications of Statistical Analysis (3). Prerequisite, ECON 400. Statistical methods in the construction, estimation, testing, and application of linear economic models; computer programs and interpretation of their output in empirical analysis of common economic theories.
575 Econometric Topics: Applied Time Series Analysis and Forecasting (3). Prerequisites, ECON 400, 410, 420, and 570. Permission of the instructor for students lacking the prerequisites. Econometric techniques for time series data. Topics include ARMA models, forecasting, nonstationarity, conditional heteroskedasticity, and multiple equation models.
580 Advanced Labor Economics (3). Prerequisite, ECON 480. A theoretical and empirical analysis of current social problems involving individuals and their jobs. Included are such topics as poverty, discrimination, and working conditions.
586 Economics of the Family (3). Prerequisite, ECON 410. Permission of the instructor for students lacking the prerequisite. Analyzes the family with respect to the marriage market; divorce; reproductive behavior; the baby black market; intra-family allocation of goods, time, and power; labor supply; migration; and family policy.
590 Special Topics (1–3). Topic varies from semester to semester.
595 Research Course (1–3). Topic varies from semester to semester.
596 Independent Study (1–3). Topic varies from semester to semester.
691H Honors Course (3). Permission of the instructor. Readings in economics and beginning of directed research on an honors thesis. Required of all candidates for graduation with honors in economics.
692H Honors Course (3). Prerequisite, ECON 691H. Permission of the instructor. Completion of an honors thesis under the direction of a member of the faculty. Required of all candidates for graduation with honors in economics.
698 Philosophy, Politics, and Economics II: Capstone Course (PHIL 698, POLI 698) (3). See PHIL 698 for description.
Courses for Graduate Students
Graduate standing in economics or permission of the director of graduate studies in economics is required for all courses numbered 700 or higher.
700 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.
710 Advanced Microeconomic Theory I (3). Pre- or corequisites, ECON 410 and 700. Consumer and producer theory, expected utility, perfect competition and monopoly, introduction to general equilibrium and welfare economics.
711 Advanced Microeconomic Theory II (3). Prerequisite, ECON 710. General equilibrium and welfare economics, game theory and oligopoly, information economics.
720 Advanced Macroeconomic Theory I (3). Prerequisite, ECON 420. Keynesian and classical equilibrium models; the neo-Keynesian synthesis; monetarist and other alternative analytic frameworks.
721 Advanced Macroeconomic Theory II (3). Prerequisite, ECON 720. Growth models, general equilibrium approach to monetary theory; input-output; disequilibrium theory; extensions of Keynesian and classical models.
770 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.
771 Econometrics (3). Prerequisite, ECON 770. 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.
799 Experimental (1–3). Varied.
806 Seminar in Teaching Methods in Economics (3). 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.
810 Game Theory I (3). Prerequisite, ECON 710 and 711. Permission of the instructor for students lacking the prerequisites. 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.
811 Game Theory II (3). Prerequisite, ECON 810. Permission of the instructor for students lacking the prerequisite. This course is a continuation of ECON 810. Topics covered will be chosen from those listed, but not covered in ECON 810.
820 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.
821 Monetary Policy (1–3). Prerequisite, ECON 720. Permission of the instructor for students lacking the prerequisite. Optimal policy under uncertainty, financial intermediation and monetary control, channels of monetary influence, monetary policy and inflation, rules versus authority.
840 Advanced 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.
841 Advanced Public Finance: Revenues (3). Prerequisite, ECON 840. Permission of the instructor for students lacking the prerequisites. Criteria for judging tax structures, incidence and impact of taxation, user charges and debt finance, intergovernmental coordination, and macroeconomic effects.
845 Advanced Business Organization and Social Control (3). 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.
846 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.
850 Health Economics (3). Prerequisites, ECON 710 and 771. Permission of the instructor for students lacking the prerequisites. 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.
851 Health Economics for Developing Countries (3). Prerequisites, ECON 710 and 771. Permission of the instructor for students lacking the prerequisites. 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.
855 Economics and Population (3). 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.
860 Theory of International Trade (3). Graduate standing in economics or permission of the instructor. The theory of international values; comparative advantage and the gains from trade; commercial policy.
861 International Monetary Economics (3). 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.
865 Economic Development: Theory and Policy (3). 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.
866 Selected Topics in Economic Development and Development Planning (3). Prerequisite, ECON 865. Examination of various topics in economic progress of the less developed countries, with special emphasis on the role of international issues.
867 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.
868 Socialist Economic Thought in Historical Perspective (3).
870 Advanced Econometrics (3). Prerequisites, ECON 770, 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.
871 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.
872 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.
873 Microeconomics (3). Prerequisite, ECON 870. 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.
876 Advanced Topics in Empirical Finance (3). Prerequisite, ECON 871. This course will cover a selected list of current empirical research topics in finance and related econometric methods.
877 Foundations for Continuous Time Asset Pricing (3). Prerequisites, STOR 634 and 635. This course introduces students to mathematical foundations and economic interpretation of the main probabilistic tools (stochastic calculus, martingale methods) in continuous time finance.
880 Labor Economics I (3). Prerequisite, ECON 710. Permission of the instructor for students lacking the prerequisite. 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.
881 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.
890 Seminar (1–21). Permission of the instructor. Individual research in a special field under direction of a member of the department.
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.
896 Independent Study (1–3). Varied.
899 Experimental (1–3). Varied.
900 Dissertation Workshop: Topics in Economics (1–3). 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.
910 Dissertation Workshop in Microeconomic Theory (1–3). 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.
920 Dissertation Workshop in Macroeconomics (1-3). 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.
958 Seminar in Population (3). Graduate standing in economics required. For advanced population students, this course addresses the newest and most advanced economic demography literature.
960 Dissertation Workshop in International and Development Economics (1–3). 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.
966 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.
968 Seminar in Soviet Economics (3). 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.
970 Dissertation Workshop in Econometrics and Financial Econometrics (1–3). 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.
971 Research in Econometrics (3). The course introduces students to theoretical and applied research topics in econometrics. May be repeated for credit.
981 Seminar in Labor (1–3). The course introduces students to research topics in labor economics. May be repeated for credit.
985 Dissertation Workshop in Applied Microeconomics (1–3). 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.
990 Special Topics (1–3).
992 Master's Paper (3).
993 Master's Thesis (3).
994 Doctoral Dissertation (3).