Quantitative analysis

For Evidence-Based Decisions

Courses Descriptions

Courses in Graduate Programs in Applied Economics offer exactly the same curriculum in both the WDC and the UMCP formats. All courses are 3-credit masters-level courses. The UMCP and the WDC formats use different academic calendars. The UMCP format uses the traditional semester-based academic calendar. The WDC format’s academic calendar is on a quarter term system. A 3-credit course offered during the accelerated 12-week term requires more work per week than a 3-credit course offered during the standard 16-week semester. Full-time enrollment for a 12-week term is 6 credits (two 3-credit courses) whereas full-time enrollment for a 16-week semester is 9 credits (three 3-credit courses). Course syllabi may be viewed at the Department of Economics’ website, click here.

ECON641 Microeconomic Analysis. Prerequisite: Admission to the Master of Professional Studies Program in Applied Economics. This course covers microeconomic analysis applied to public policy problems with an emphasis on practical examples and how they illustrate microeconomic theories. Policy issues such as pollution, welfare and income distribution, market design, industry regulation, price controls, tax policy, and health insurance are used to illustrate the abstract principles of microeconomics.

ECON642 Topics in Applied Macroeconomics. Prerequisite: Admission to the Master of Professional Studies Program in Applied Economics. In this course, focus is on applied macroeconomic models used by federal agencies to explain and predict economic behavior. Course emphasizes macroeconomic data: NIPA accounts, GDP, construction and application of CPI, labor force data, and economic indicators. Students will also study a selected set of current macroeconomic topics including models of economic growth, economic fluctuations, monetary policy, the Great Recession, inflation, and financial markets.

ECON643 Empirical Analysis I: Foundations of Empirical Research. Prerequisite: Admission to the Master of Professional Studies Program in Applied Economics. Fundamental aspects of data management and interpretation emphasizing sampling, descriptive statistics, index numbers and construction of aggregated variables. Students will learn basic probability theory and statistics. The course will include an introduction to simple regression analysis using STATA statistical software.

ECON644 Empirical Analysis II: Introduction to Economic Models. Prerequisite: ECON 643. An introduction to econometric methods with applications to public policy analysis. Primary focus on application and interpretation of multiple regression analysis.

ECON645 Empirical Analysis III: Econometric Modeling and Forecasting. Prerequisite: ECON 644. Refinements and generalizations of multiple regression analysis. Topics can include: panel data methods, instrumental variables, quasi-experimental methods, time series analysis, limited dependent variables, and sample selection corrections.

ECON670 Financial Economics. Prerequisite: ECON 641 and ECON 644 (can be taken concurrently with ECON 644). This course applies microeconomic theory and applied econometric techniques to the study of financial institutions and markets for financial assets. Students will learn how economists model and estimate the value of financial assets. The economic and empirical models are of interest to public policy makers and private wealth managers. Specific topics can include financial intermediation, the regulation of financial institutions, risk management, portfolio theory, the capital asset pricing model and the efficient markets hypothesis.

ECON671 Economics of Health Care. Prerequisite: ECON 641 and ECON 645 (can be taken concurrently with ECON 645). This course is an examination of the structure, conduct, and performance of the health care market including physician services, the pharmaceutical industry, the hospital market, and health insurance using quantitative and analytic economic tools. Special emphasis is on regulatory response to market imperfections.

ECON672 Program Analysis and Evaluation. Prerequisite: ECON 641 and ECON 645. This course examines various methods of program evaluation including randomized and nonrandomized (retrospective) evaluations. The focus is on evaluation design and implementation including needs assessment, process evaluation, and cost benefit analysis.

ECON673 Information, Game Theory and Market Design. Prerequisite: ECON 641 and ECON 644 (can be taken concurrently with ECON 644). This course focuses on strategic decision-making and the theory and practice of market design. Topics include experimental economics, spectrum auctions, labor markets, electricity markets, and environmental auctions.

ECON674 Economic Analysis of Law. Prerequisite: ECON 641 and ECON 644 (can be taken concurrently with ECON 644). This course applies microeconomic theory to the analysis of legal rules and institutions. Topics include property rights, externalities, contract theory, bargain theory, remedies, industrial organization, patents, damages, and antitrust.

ECON675 Environmental Economics. Prerequisite: ECON 641 and ECON 645 (can be taken concurrently with ECON 645). This course develops a framework for an economic assessment of environmental problems and policy design with respect to market failures and the valuation of environmental resources. Focus is on policy issues, economic incentives, and instruments and valuation of nonmarket goods.

ECON676 Economic Development. Prerequisite: ECON 641, ECON642 and ECON 644 (can be taken concurrently with ECON 644). The course will focus on the consequences of poverty and poor institutions for the behavior and welfare of individuals, households, firms and the aggregate economy in developing countries. Theoretical models and empirical evidence will be used to understand the intended and unintended consequences of policies designed to enhance economic development.

ECON683 International Macroeconomics and Finance. Prerequisite: ECON 642 and ECON 644 (can be taken concurrently with ECON 644). Economic analysis of international macroeconomic issues and policy. Topics can include the study of exchange rates, balance of payments, international financial markets, international business cycles, contagion, and the roles played by international economic institutions.

ECON684 Applied Time Series Analysis and Forecasting. Prerequisite: ECON 642 and ECON 645. Students will learn the theory of stationary processes and how it applied to econometric techniques for estimation and forecasting based on time series data. The techniques will be applied in macroeconomic, financial and business applications.

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