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Plans of Study & Courses

Advising | UMCP Format | WDC Format | Course Descriptions

Advising & Academic Director

Mentoring and advisement is an essential part of the program. Students meet with faculty and the program director to ensure that educational goals are being met. Prospective students are urged to consult with Dr. John Straub, Executive Director, via email: straub@econ.umd.edu.

UMCP Format: Plans of Study

The UMCP format for the 30-credit MPS in Applied Economics may be completed in 24 months. Students register for five core courses (15 credits) and five field courses (15 credits). Full-time students complete three courses over the course of three semesters (fall, spring, fall) with the final course taken in the last spring semester. The UMCP format for the five course (15-credit) GC in Economic Analysis may be completed in 15 months.

The UMCP format may be taken part-time and students should note if a course has a pre-requisite or co-requisite. A minimum 3.0 GPA is required to maintain good academic progress for graduation. Students are responsible for keeping track of their progress and should review their academic record to ensure accuracy. Visit Semester Calendars & Deadlines to determine the semester schedule start and end dates as well as deadlines for cancellation or withdrawal.

Courses are offered as follows: ECON641, 642, 643, and 645 are offered every fall. ECON644, 670, and 674 are offered every spring. Field courses are not offered in every term. Three field courses may be offered in the fall and two field courses may be offered in the spring.

UMCP Format: Plans of Study
GC / MPS Course Core Courses Pre-requisites
GC & MPS ECON641 Microeconomics  
GC & MPS ECON642 Macroeconomics  
GC & MPS ECON643 Empirical Analysis I  
GC & MPS ECON644 Empirical Analysis II ECON643
GC & MPS ECON645 Empirical Analysis III ECON644
Choose 5 of the field courses below
MPS ECON670 Financial Economics ECON641 and ECON644
(can be taken concurrently with ECON644)
MPS ECON671 Economics of Health Care ECON641 and ECON645
(can be taken concurrently with ECON645)
MPS ECON672 Program Evaluation ECON641 and ECON645
MPS ECON673 Game Theory & Market Design ECON641 and ECON644
(can be taken concurrently with ECON644)
MPS ECON674 Economic Analysis of Law ECON641 and ECON644
(can be taken concurrently with ECON644)
MPS ECON675 Environmental Economics ECON641 and ECON645
(can be taken concurrently with ECON645)
MPS ECON676 Economic Development ECON641, ECON642 and ECON644
(can be taken concurrently with ECON644)
MPS ECON683 International Macroeconomics ECON641, ECON642 and ECON644
(can be taken concurrently with ECON644)
MPS ECON684 Applied Time Series ECON642 and ECON645

WDC Format: Plans of Study

The WDC format for the 30-credit MPS in Applied Economics may be completed in 15 months. Students register for five core courses (15 credits) and five field courses (15 credits). Full-time students complete two courses over the course of five 12-week terms. The WDC format for the five course, 15-credit GC in Economic Analysis may be completed in 9 months.

The WDC format may be taken part-time and students should note if a course has a pre-requisite or co-requisite. Students may begin the WDC format in either term I or III. A minimum 3.0 GPA is required to maintain good academic progress for graduation. Students are responsible for keeping track of their progress and should review their academic record to ensure accuracy.

Students should visit Term Calendars & Deadlines to determine the term schedule start and end dates as well as deadlines for cancellation or withdrawal. In a 12-week term, students complete course work in 11 weeks; week 12 is reserved for finals. Term I = Fall; Term II = Winter; Term III = Spring; Term IV = Summer. Students in the WDC format may begin enrollment in either term I or III.

Courses are offered as follows: ECON641, 643 and 645 are offered every term I and III. ECON642 and 644 are offered every term II and IV. Field courses are not offered every term. For field courses—ECON670, 674, 676, 683, and 673: only three or four will be offered in any given I/III term. For field courses—ECON672, 684, 671, and 675: only two or three will be offered in any given II/IV term.

WDC Format: Plans of Study
GC / MPS Course Core Courses Pre-requisites
GC & MPS ECON641 Microeconomics  
GC & MPS ECON642 Macroeconomics  
GC & MPS ECON643 Empirical Analysis I  
GC & MPS ECON644 Empirical Analysis II ECON643
GC & MPS ECON645 Empirical Analysis III ECON644
Choose 5 of the field courses below
MPS ECON670 Financial Economics ECON641 and ECON644
(can be taken concurrently with ECON644)
MPS ECON671 Economics of Health Care ECON641 and ECON645
(can be taken concurrently with ECON645)
MPS ECON672 Program Evaluation ECON641 and ECON645
MPS ECON673 Game Theory & Market Design ECON641 and ECON644
(can be taken concurrently with ECON644)
MPS ECON674 Economic Analysis of Law ECON641 and ECON644
(can be taken concurrently with ECON644)
MPS ECON675 Environmental Economics ECON641 and ECON645
(can be taken concurrently with ECON645)
MPS ECON676 Economic Development ECON641, ECON642 and ECON644
(can be taken concurrently with ECON644)
MPS ECON683 International Macroeconomics ECON641, ECON642 and ECON644
(can be taken concurrently with ECON644)
MPS ECON684 Applied Time Series ECON642 and ECON645

Course 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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