UWM Home PageUWM Graduate School UWM logo Grad School graphic
Quick Links


Prospective Students


Contact Information

Phone: (414) 229-4811
Fax: (414) 229-3860
E-mail: bahmani@uwm.edu

Request Information

Economics

School/College: College of Letters and Science

Degrees Conferred:

  • M.A. in Economics
  • Ph.D. in Economics

Contents

Overview

The Department of Economics offers graduate programs of study designed to prepare students for careers in education and for careers in administrative and research positions in government, industry and labor. The programs are built upon a solid core of training in economic theory and in quantitative analysis, with area concentrations in econometrics, economic growth and development, industrial organization, international economics, labor economics and human resources, mathematical economics, monetary theory and policy, and urban and regional economics.

Graduate Faculty

Go back to the top

Distinguished Professors
Bahmani-Oskooee, Mohsen, Ph.D., Michigan State University
Heywood, John, Ph.D., University of Michigan
Professors
Arora, Swarnjit S., Ph.D., State University of New York at Buffalo
Bose, Niloy, Ph.D., Virginia Polytechnic Institute and State University
Kim, Sunwoong, Ph.D., Massachusetts Institute of Technology
Mohtadi, Hamid, Ph.D., University of Michigan
Peoples, James H., Ph.D., University of California-Berkeley
Associate Professors
Adams, Scott, Ph.D., Michigan State University
Chakrabarti, Avik., Ph.D., University of Michigan
Drewianka, Scott, Ph.D., University of Chicago
Kishor, N.Kundan, Ph.D., University of Washington
Lei, Vivian, Ph.D., Purdue University
McGinty, Matthew, Ph.D., University of California-Santa Cruz
Murshid, Antu, Ph.D., Rutgers University
Neumann, Rebecca, Ph.D., University of Colorado
Vesely, Filip, Ph.D., Purdue University
Assistant Professors
Goh, Chuan, Ph.D., University of California at Berkeley.
Grant, Laura, Ph.D., University of California-Santa Barbara
Kroeger, Sarah, Ph.D., Boston University
Lazkano, Itziar, Ph.D., University of Calgary, Canada.
Song, Suyong, Ph.D., University of California-San Diego
Thompson-Ferguson, Owen, University of Massachusetts-Amherst

Master of Arts in Economics

Go back to the top

Admission

An applicant must meet Graduate School requirements plus these departmental requirements to be considered for admission to the program:

  1. An undergraduate major in economics and one semester of calculus. Alternatively, adequate preparation at the undergraduate level equivalent to two semesters of coursework in intermediate economic theory, one semester of statistics, and one semester of calculus.
  2. Submission of scores on the Graduate Record Examination General Test or equivalent quantitative courses is recommended. Test of English as a Foreign Language exam is required for applicants whose native language is not English.
  3. Two letters of recommendation from persons familiar with applicant's scholastic achievement and potential.

Applicants may be admitted with specific program-defined course deficiencies provided that the deficiencies amount to no more than two courses.

The student is expected to satisfy deficiency requirements within three enrolled semesters. The deficiencies are monitored by the Graduate School and the individual graduate program unit. Deficiencies in economic theory are made up through Economics 301 (Intermediate Price Theory) and 302 (Intermediate Income Theory); in statistics through Economics 210 (Economic Statistics); and in calculus through Math 211.

Major Professor as Advisor

The student must have a major professor to advise and supervise the student's studies as specified in Graduate School regulations. In Economics the newly admitted master's student is advised by the Graduate Study advisor.

Option A: Thesis Option
Credits and Courses

Minimum degree requirement is 30 graduate credits, 6 of which may be taken in Economics 990 (Graduate Thesis), for the completion of an acceptable thesis. Econ 701 (Economic Theory: Microeconomics), 702 (Economic Theory: Macroeconomics), 703 (Econometrics), and 790 (Research Seminar for M.A. Students) are required. In addition, the student must select one area of concentration offered by the Department and must take at least two semesters in this concentration in courses numbered 700 or above (except Economics 990, 991 and 999) or take Economics 506 and 606.

A concentration on Latin America is available. A student with previous interest and commitment in Latin American studies, who is able to demonstrate—through examination—good reading ability and fair conversational ability in Spanish or Portuguese, is permitted to select this concentration under Option A. Requirements for this concentration are Econ 774, 775, and 778 as well as 3 credits in Interdisciplinary Seminar on Latin America plus a graduate course in Latin America in some field other than economics.

Thesis

An acceptable thesis must be written on the student's area of concentration.

Comprehensive Examination

The student must pass a final oral examination in defense of the thesis.

Time Limit

The student must complete all degree requirements within five years of initial enrollment.

Option B: Non-Thesis Option
Credits and Courses

Minimum degree requirement is 30 credits of graduate work, including Econ 701 (Economic Theory: Microeconomics), 702 (Economic Theory: Macroeconomics), 703 (Econometrics), and 790 (Research Seminar for M.A. Students). The student must select one area of concentration offered by the Department and must take at least two courses in this concentration in courses numbered 700 or above, or take Economics 506 and 606. The student also must select any two courses numbered 700 or above (except Economics 734,990, 991, and 999) in other areas of economics.

Thesis

No formal thesis is required. The student must submit a master's paper instead of a thesis.

Time Limit

The student must complete all degree requirements within five years of initial enrollment.

Doctor of Philosophy in Economics

Go back to the top

Admission

An applicant must meet Graduate School requirements plus these departmental requirements to be considered for admission to the program. A master's degree is not prerequisite for admission to the Ph.D. program in economics.

  • An undergraduate major in economics with a grade point average (both overall and in economics) of 3.0 (4.0 scale) and one semester of calculus or adequate preparation at the undergraduate level equivalent to two semesters of coursework in intermediate economic theory, one semester of statistics, and one semester of calculus.
  • An applicant having a master's degree in economics or graduate coursework in economic theory must have a graduate grade point average of at least 3.33 (4.0 scale).
  • Submission of scores on the Graduate Record Examination General Test and Subject Test or equivalent quantitative courses is recommended. Test of English as a Foreign Language exam is required for applicants whose native language is not English.
  • Two letters of recommendation from persons familiar with applicant's scholastic achievement and potential.
Reapplication

A student who is in the master's program must formally reapply for admission to Graduate School before continuing toward the Ph.D. To receive doctoral student status, a student must complete the master's degree or obtain a waiver of this requirement from the admissions committee, the graduate study advisor, and the Department Chair. The waiver must be obtained before the student completes 27 credits in the M.A. program.

Major Professor as Advisor

The student must have a major professor to advise and supervise the student's studies as specified in Graduate School regulations. In Economics, the newly admitted Ph.D. student is advised by the Graduate Study advisor.

Course of Study

Minimum degree requirement is 54 credits beyond the bachelor's degree, at least 27 of which must be earned in residence at UWM. Of the total credits required, a minimum of 42 must be taken in the field of economics, including 12 credits in Econ 801, 802, 803, and 804; 12 credits in quantitative theory; a total of 15 credits in two areas of concentration; and 3 cr of research skills as detailed below. An additional 9 to 12 credits may be chosen either in a minor field outside the Department or in electives either in or outside the Department, as follows.

Minor field or electives: This requirement may be satisfied in one of two ways:

  1. Minor field: 9 to 12 credits in a single department other than Economics; courses planned with a professor in the minor department and the examination, if required, is administered by the minor department.
  2. Electives: 9 to 12 credits in courses from any departments, including Economics, but no more than 6 credits in any one department other than Economics; courses are to be planned with the approval of the Graduate Study advisor and no examination is required.
Research skill

Research skill requirements are individually assigned by the graduate study advisor. Research skill requirement is fulfilled through courses in computer science, mathematics, statistics, mathematical economics (700 level or above), or econometrics (700 level or above).

Residence

The student must meet minimum Graduate School residence requirements. The Ph.D. student meets the continuous portion of the residence credit requirement by completing 8 to 12 credits in each of two consecutive semesters, exclusive of summer sessions. Residence credit is not earned at the master's level or prior to award of the master's degree.

Doctoral Preliminary Examination

The student must pass doctoral preliminary examinations for formal admission to candidacy for the degree. The examinations are given in sections covering economic theory and the student's two areas of concentration. Students must take the sections in economic theory first.

Students may attempt any prelim exam twice. Any student failing a prelim exam twice may appeal to the Graduate Faculty for permission to take the exam for a third time if:

  1. The student's request is accompanied by letters of support from at least two members of the faculty and where one of the faculty is a member of the prelim committee awarding the failing grade, and
  2. The student is still able to satisfy the time limits outlined below. (Note: These conditions must be met before an appeal can be considered by the Graduate Faculty. Satisfaction of these conditions in no way obligates the Graduate Faculty to grant any appeal.)

Students may not take the field exams until they have passed both theory exams. A section is also included covering the minor if there is one; this section is administered by the department concerned.

The schedule specifying the time at which these examinations are taken is as follows:

  1. A doctoral student with an M.A. in Economics from UWM must attempt both theory prelims at the conclusion of 2 semesters or 12 credits (whichever happens last) and must pass both theory prelims prior to the start of the 5th semester or at the conclusion of 24 credits (whichever happens last).
  2. A doctoral student with an M.A. in Economics from another institution must attempt both theory prelims at the conclusion of 3 semesters or 24 credits (whichever happens last) and must pass both theory prelims prior to the beginning of the 6th semester or at the conclusion of 36 credits (whichever happens last).
  3. A doctoral student without an M.A. in Economics must attempt both theory prelims at the conclusion of 5 semesters or 36 credits (whichever happens last) and must pass both exams prior to the beginning of the 8th semester or at the conclusion of 48 credits (whichever happens last).
Dissertation

The candidate must write a dissertation which demonstrates ability to formulate a research topic and pursue independent and original investigation.

Dissertation Defense

The candidate must, as the final step toward the degree, pass an oral examination in defense of the dissertation.

Time Limit

All degree requirements must be completed within ten years from the date of initial enrollment in the doctoral program.

See the doctoral requirements for additional information.

Courses

Go back to the top

Courses numbered 300-699 are Undergraduate/Graduate. Courses numbered 700 and above are Graduate only.

310 Research Methods for Economics. 3 cr. U/G.
Statistical research methods, especially cross-section and time-series regression, applied to evaluation of empirical literature and a directed research project. Not open for cr to students who have cr in Econ 513(531). Prereq: jr st; Econ 210(P) or cons instr.
411 Economic Forecasting Methods. 3 cr. U/G.
Economic time series, analysis, forecasts. Trends, seasonality, cycles, smoothing procedures. Simulation models; sample survey methods. Extensive applications using macro and financial data. Forecasting software use. Prereq: jr st; Econ 210(P).
413 Statistics for Economists. 3 cr. U/G.
Elements of probability; joint marginal and conditional distributions; measures of central tendency and dispersion, calculus of expectations; central limit theorem. Estimation and testing of economic relations. Prereq: jr st; Econ 210(P); Math 211(P) & cons instr, or Math 231(P). Math 232(R) & 233(R).
415 Economics of Employment and Labor Relations. 3 cr. U/G.
Analysis of wage setting, labor markets, human capital and collective bargaining. Study of labor standards, regulation and the role of unions and government. Prereq: jr st; Econ 103(P).
426 Public Economics. 3 cr. U/G.
Economic analysis of government and policy, including taxation and expenditures, policy responses to market failures, redistributional programs, and related topics. Prereq: jr st; Econ 104(P) & 301(P).
432 (452) Industrial Organization. 3 cr. U/G.
Economic analysis of asymmetric information, barriers to competitive entry, licensing, pricing practices/transactions costs; application to markets for insurance, computers, health care, used cars, food. Prereq: jr st; Econ 301(P).
447 (451) Labor Economics. 3 cr. U/G.
The economics of unions, minimum wage, poverty and welfare programs; influence of international trade on domestic labor markets. Study of labor supply and labor demand. Prereq: jr st; Econ 301(P).
448 (478) Economics of Human Resources. 3 cr. U/G.
The economics of education, training, discrimination, and workplace incentives. Study of hiring, promotion, and job search. Prereq: jr st; Econ 103(P) or cons instr.
448 (478) (effective 05/19/2014) Economics of Human Resources. 3 cr. U/G.
The economics of education, training, discrimination, and workplace incentives. Study of hiring, promotion, and job search. Prereq: jr st; Econ 103(P) or cons instr.
450 (221) Health Economics. 3 cr. U/G.
Efficiency of medical care, health insurance and access to care, alternative models of health care delivery, health behaviors and public policy. Prereq: jr st; Econ 103(P).
454 International Trade. 3 cr. U/G.
Why countries trade; who wins, who loses; facts about world trade; political economy of trade. Balance of payments, Asian crisis, European Union, American wage dispersion. Prereq: jr st; Econ 301(P).
455 International Finance. 3 cr. U/G.
International monetary system; spot and foreign exchange markets; balance of payments; international adjustment mechanisms; international finance policy; history and institution. Prereq: jr st; Econ 302(P).
458 Selected Topics in Economics: (Subtitled). 3 cr. U/G.
Variable content course designed to focus on special topics not normally discussed in detail in other existing courses. Retakable w/chg in topic. Prereq: jr st & cons instr.
497 Study Abroad: (Subtitled). 1-12 cr. U/G.
Designed to enroll students in UWM sponsored program before course work level, content, and credits are determined and/or in specially prepared program course work. Retakable w/chg in topic. Prereq: jr st; acceptance in Study Abroad Prog.
506 Mathematical Economics I. 3 cr. U/G.
Mathematical techniques used in economic analysis, including calculus and matrix algebra. Applications include optimizing behavior of firms and consumers. Prereq: jr st; Econ 301(P); Math 211(P) & cons instr, or Math 231(P). Math 232(R) & 233(R).
525 (effective 05/19/2014) The Economics of Water. 3 cr. U/G.
Comprehensive development of water resource economics for engineers, scientists, and economists; analysis of the public and private sector economics of water resources. Prereq: jr st; Econ 103(P); Math 231(P); a statistics course; or cons instr.
525 The Economics of Water. 3 cr. U/G.
Comprehensive development of water resource economics for engineers, scientists, and economists; analysis of the public and private sector economics of water resources. Prereq: jr st; Econ 103(P); Math 231(P); a statistics course; or cons instr.
606 Mathematical Economics II. 3 cr. U/G.
Difference and differential equations applied to economic variables such as human capital, consumption, learning, energy use, and pollution. Essential preparation for graduate work. Prereq: jr st; Econ 506(P).
701 Economic Theory: Microeconomics. 3 cr. G.
Conventional theory of the behavior of firms, consumers, and markets; partial and general equilibria. Prereq: grad st; Econ 301(P). Econ 506(R).
701 (effective 09/02/2014) Economic Theory: Microeconomics. 4 cr. G.
Conventional theory of the behavior of firms, consumers, and markets; partial and general equilibria. Prereq: grad st; Econ 301(P). Econ 506(R).
702 (effective 09/02/2014) Economic Theory: Macroeconomics. 4 cr. G.
Aggregative economic analysis, problems of aggregation and significant aggregates; national income, flow-of-funds, and input-output. Prereq: grad st; Econ 302(P). Econ 506(R).
702 Economic Theory: Macroeconomics. 3 cr. G.
Aggregative economic analysis, problems of aggregation and significant aggregates; national income, flow-of-funds, and input-output. Prereq: grad st; Econ 302(P). Econ 506(R).
703 (effective 09/02/2014) Econometrics. 4 cr. G.
Regression theory, generalized least squares, heteroscedasticity, autocorrelation, multi-colinearity, distributed lags, and discrete variable models, system of equations. No cr for students who have grad cr in Econ 513. Prereq: grad st
703 Econometrics. 3 cr. G.
Regression theory, generalized least squares, heteroscedasticity, autocorrelation, multi-colinearity, distributed lags, and discrete variable models, system of equations. No cr for students who have grad cr in Econ 513. Prereq: grad st
706 Mathematical Economics. 3 cr. G.
Mathematical analysis of modern economic problems; dynamic input-output system, stability analysis, general equillibrium analysis, optimizing theory including linear and non-linear programming, activity analysis and turnpike theory, and mathematical growth models. Prereq: grad st; Econ 506(P) & 606(P).
708 Industrial Organization I. 3 cr. G.
Exploration of the relationship between industrial structure and market performance. Topics covered include r&d, advertising and government regulations.Prereq: grad st; Econ 301(P), 302(P) & 506(P), or cons instr.
709 Industrial Organization II. 3 cr. G.
Evaluation of the economic impact of the anti-trust laws. Topics covered include horizontal restraint, vertical restraint, patent, and mergers. Prereq: grad st; Econ 301(P), 302(P), & 413(P).
710 (effective 05/19/2014) Applied Econometrics. 3 cr. G.
Specification, estimation and testing of economic theory. Application of distributed lags, autoregressive models, system of equations, discrete choice models and cointegration principles. Prereq: grad st; Econ703(P).
710 Applied Econometrics. 3 cr. G.
Specification, estimation and testing of economic theory. Application of distributed lags, autoregressive models, system of equations, discrete choice models and cointegration principles. Prereq: grad st & Econ 513(531)(P).
712 Urban Economic Theory. 3 cr. G.
Trends in U.S. urbanization and suburbanization. Studies of urban household and firm behavior. General equilibrium analytical and simulation models of urban structure. Prereq: grad st; Econ 301(P).
713 Regional Economic Theory. 3 cr. G.
Location theory and land-use patterns, regional social accounts and input-output models, shift-share analysis, regional econometric model, and growth policies. Prereq: grad st; Econ 301(P) or cons instr; Econ 413(431)(R).
731 Money, Income, and Prices. 3 cr. G.
Analysis of the demand for money by monetary theorists. Integration of theories into general equilibrium macro-models. Prereq: grad st; Econ 302(P). Econ 702(R).
734 (635) Foundation of Econometric Methods. 3 cr. G.
Statistical and econometric methods for econometrics research. Asymptotic theory; maximum likelihood, generalized method of moments estimation; classical linear regression model; non-linear and multivariate regression models. Prereq: grad st; Econ 413(431)(P) & 506(P) or cons instr.
735 Econometric Methods I. 3 cr. G.
Review of statistical inference, asymptotic distribution theory, multivariate regression model and its extension, and use of prior information; estimation and testing of econometric models. Prereq: grad st; Econ 734(635)(P) or cons instr.
749 Urban Public Finance. 3 cr. G.
Analysis of state and local government expenditures and revenues; demand for urban services, costs of supplying them, and methods of financing them. Prereq: grad st; Econ 301(P).
751 Labor Economics I. 3 cr. G.
Human capital investments: determinants of earnings (education, experience, incentives, discrimination, unions, compensating differentials); public sector labor markets; issues of retirement and aging. Prereq: grad st; Econ 701(C).
752 Labor Economics II. 3 cr. G.
Income distribution and inequality; migration and immigration; fertility, family structure, human capital and labor supply; unemployment and job search; selection bias; specialization and work organization. Prereq: grad st; Econ 701(C).
753 Collective Bargaining. 3 cr. G.
Economic and behavioral theories of collective bargaining, bargaining structure, impasses and truces, union effects, management goals, terms of the agreement and national policy. May not be substituted for Econ 751 or 752 in meeting the concentration req of the Econ MA Non-thesis option or in preparing for Ph D prelims. Prereq: grad st; Ind Rel 701(R).
755 Comparative Labor Markets and Employment Relations. 3 cr. G.
Labor market institutions, practices and performance. The U.S. is compared with western europe, japan and elsewhere. May not substitute for Econ 751 or 752. Prereq: grad st; Econ 210(P) & 415(451)(P) or cons instr.
774 Economic Development - Theory. 3 cr. G.
Theories relating to production, distribution, and capital formation in less-developed nations. Prereq: grad st; Econ 301(P) & 302(P).
775 Economic Development - Policy. 3 cr. G.
Planning, case studies, and empirical analysis of less-developed nations. Prereq: grad st; Econ 301(P) & 302(P).
790 Research Seminar for M.A. Students. 3 cr. G.
Basic research methods and guidance in developing a research proposal and writing a formal research paper. Prereq: grad st
801 Advanced Microeconomic Theory I. 3 cr. G.
Decision-making under risk and over time, general equilibrium and welfare, market failure, and applications, including demand systems, household production, interpersonal economics, and hedonic pricing. Prereq: grad st; Econ 701(P) & 506(P). Econ 606(R).
802 Advanced Macroeconomic Theory I. 3 cr. G.
Money, credit, and governmental operations in aggregative analysis; critical study of some aggregative and analytical systems. Prereq: grad st; Econ 702(P).
803 Advanced Microeconomic Theory II. 3 cr. G.
Theory of the firm, imperfect competition, game theory, asymmetric information, transaction costs and applications including matching/search, factor markets, contract theory, mechanism design and specialization. Prereq: grad st; Econ 506 (P) & 701(P); Econ 606 (R).
804 Advanced Macroeconomic Theory II. 3 cr. G.
New growth theories, new Keynesian theories, role of information in macro models, and financial markets and macro economy. Prereq: grad st; Econ 802(P).
806 Mathematical Economics. 3 cr. G.
Applications of dynamic optimization technique to modern economic problems; optimal economic growth, optimal pricing, optimal stabilization policies, etc. Prereq: Econ 706(P).
831 Monetary Theory and Policy. 3 cr. G.
Study of money, credit, and liquidity as related to income, employment, and prices. Study of goals and effectiveness of monetary and banking policy. Prereq: grad st; Econ 701(P). Econ 702(C) or cons instr.
835 Econometric Methods II. 3 cr. G.
Identification problem, econometric model building, and simultaneous equation techniques such as two- and three-stage least squares and full- and limited-information maximum likelihood methods. Prereq: grad st; Econ 735(P).
871 The Pure Theory of International Trade. 3 cr. G.
Examines for both static and growing economies the impact of trade upon relative prices of goods and factors of production. Prereq: grad st; Econ 701(P).
872 Money in the International Economy. 3 cr. G.
Examines the theory and measurement of the balance of payments, appropriate policies for internal and external balance, the problems of making international payments and the issue of exchange rate flexibility. Prereq: Econ 702(P) & 455(576)(P).
888 Candidate for Degree. 0 cr. G.
Available for graduate students who must meet minimum credit load requirement. Fee for 1 cr assessed. Prereq: grad st.
905 Seminar: Banking and Monetary Theory: (Subtitled). 3 cr. G.
Consideration of the relationship between monetary policy and short-run fluctuations and long-run economic trends. May be retaken with change in topic to 6 cr max. Prereq: grad st; Econ 831(P) or cons instr.
915 Seminar: Econometric Methods: 3 cr. G.
Selected advanced topics in econometric methods and their application to current economic problems. Retakable w/chg in topic to 6 cr max. Prereq: grad st; Econ 835(P).
931 Seminar: Regulated Industries: 3 cr. G.
Research in the field of public utilities and other regulated industries, with emphasis on changing the emerging transportation problems. Retakable w/chg in topic to 6 cr max. Prereq: grad st; Econ 701(P).
947 Seminar: Public Finance: 3 cr. G.
Advanced study of public finance problems and literature. Research. Retakable w/chg in topic to 6 cr max. Prereq: grad st; Econ 701(P) & 702(P).
974 Seminar: Economic Development and Growth: (Subtitled). 3 cr. G.
Analysis of advanced topics relating to the process of economic development and theory of growth. Retakable w/chg in topic to 6 cr max. Prereq: grad st; Econ 774(P) & 775(P).
990 Graduate Thesis. 1-3 cr. G.
Reserved for research in connection with doctoral thesis. Retakable as necessary to fulfill thesis requirements. Prereq: grad st; cons major prof.
991 Workshop in Economic Research: (Subtitled). 2-3 cr. G.
Individual research and group discussion of selected problems in economic theory and its applications. Retakable with change in topic to 9 cr max. Prereq: grad st & cons instr.
999 Independent Work. 1-3 cr. G.
Retakable w/chg in topic to 9 cr max. Prereq: grad st; cons instr.

Page last updated on: 01/29/2014