Graduate Program Description
The Graduate Program in Economics at the University of Pennsylvania is a Ph.D. program (only students who intend to obtain the Ph.D. are admitted). It is large, with entering class sizes of 20-25, and currently has over 100 active students.
The primary goal of the program is to produce outstanding research economists. The program is designed to ensure that students acquire a thorough knowledge of economic theory, econometric methods, and the structure of modern economies, before beginning their own research under faculty supervision. While the program covers all major areas of economics, it has particular strengths in microtheory (especially game theory), empirical microeconomics, and modern macroeconomics.
The University of Pennsylvania requires that Ph.D. Candidates complete 20 course units (equal approximately to 20 courses), of which a maximum of 8 may be transferred from other institutions. The Graduate Group in Economics requires that students complete at least 16 courses in economics or related fields. Some of these course units may be earned by attending and participating in workshops. After 2 years in the program, students are expected to begin their dissertations. The median length of time required for completion of the required program is 5.25 years, but both shorter and longer periods are possible.
Proficiency is crucial for successful completion of the first year of study in the Department of Economics at the University of Pennsylvania. Broadly speaking, familiarity with two years of mathematics at the undergraduate level is a minimal level of preparation.
A minimal level of preparation consists of two years of mathematics courses in college, including courses in multivariable calculus, probability theory and statistics, and linear algebra. An excellent level of preparation consists of additional courses in real analysis, point-set topology, and measure-theoretic probability theory.
Students may meet the mathematics requirement in one of two ways:
- By passing the courses Econ 897 and 898 with grades of A or B, or
- By passing written waiver examinations covering the material in these courses.
Students must meet the Economics 897 requirement by the end of August before they begin their first year of study. Upon admission to the program, students receive a sample 897 waiver exam, which enables them to judge their level of preparation and competence. Most take Econ 897 in the special mathematics institute during the second half of July and in August before they officially begin the program.
Students must also pass either Econ 898 or the 898-waiver examination, which is given prior to the beginning of the Fall semester. Roughly three-fourths of incoming students take Econ 898 during their first fall semester. In exceptional cases (such as a student whose undergraduate major was mathematics), this requirement may be waived altogether by the Chair of the Graduate Group.
Preliminary Examinations in Economic Theory and Econometrics
At the end of the first year, usually in May, students take preliminary examinations in economic theory and econometrics. Preparation for these exams is provided during the first year of study by enrollment in 2 courses in microeconomic theory (701 and 703), 2 courses in macroeconomic theory (702 and 704), and 2 courses in econometrics (705 and 706). Econ 701, 703, and 705 are offered during fall semester. Econ 702, 704, and 705 are offered spring semester. For more information see course descriptions.
While the preliminary examinations are based primarily on the content of Econ 701-706, to some extent they also test the students' ability to use the course material in dealing with economic problems. They are written examinations that are graded by a committee of faculty members which includes, among others, those responsible for teaching 701-706. The identities of students are not revealed to examiners until the grading process in completed. A student who fails a preliminary examination in May is entitled to take the examination a second time at the end of August. Any student who fails an examination a second time is not allowed to proceed with the Ph.D. program, but under certain circumstances may be permitted to pursue a Master's degree.
The Empirical Economics Requirement
The Empirical Economics requirement must be satisfied by the end of a student's second year in residence. It is intended to ensure that every student is acquainted with some real economic institutions and with how economic data are analyzed. The requirement is satisfied by passing a course (with a grade of B or higher) approved for this purpose, with the agreement of the instructor. The list of approved courses is announced at the beginning of each year.
Fall 2009
Econ 712 - Quantitative Macro Economics - Jeremy Greenwood
Econ 712 - Social Insurance - Hanming Fang
Econ 712 - Topics in Policy Evaluation - Petra Todd/Kenneth Wolpin
Econ 714 - Quantitative Macro Theory - Jesus Fernandez-Villaverde
Econ 721 - Econometrics III: Advanced
Spring 2009
Econ 712 - Empirical Methods with Applications - Kenneth Wolpin
Econ 712 - Macro with Financial Frictions - Harold Cole
Econ 712 - Consumption and Saving - Dirk Krueger
Econ 722 - Econometrics IV: Advanced - Frank Schorfheide
Econ 751 - Public Economics II - Antonio Merlo
Econ 781 - Empirical Methods Industrial Organization - Elena Krasnokutskaya Econ
792 - Economics of Labor - Kenneth Wolpin
Fall 2008
Econ 712 - Topicis in Advanced Economics (Actual Course TitleTBA) - Iourii Manovskii Econ Econ 714 - Quantitative Macro Econ Theory - Jesus Fernandez-Villaverde
Fall 2007
Econ 714 - Quantitative Macro Theory - Jesus Fernandez-Villaverde
Fall 2006
Econ 714 - Quantitative Macro Theory - Rios-Rull
Spring 2006
Econ 722 - Econometrics IV: Adv - Diebold Econ 751 - Public Economics - II - Merlo
Fall 2005
Econ 714 - Quantitative Macro Theory - Rios-Rull Econ 792 - Economics of Labor - Wolpin
Spring 2005
ECON 781 - Empirical IO - Krasnokutskaya
ECON 722 - Econometrics IV: Advanced Time Series - Diebold
ECON 751 - Public Economics II: Political Economy - Merlo
Fall 2004
ECON 714 - Quantitative Macro Theory - Rios-Rull
ECON 730 - International Trade Theory- Policy - Yeaple
ECON 792 - Labor Economics - Todd
Spring 2004
ECON 781 - Empirical IO - Krasnokutskaya
ECON 712 - Topics - Krueger
ECON 751 - Public Economics II: Political Economy - Merlo
Fall 2003
ECON 714 - Quantitative Macro Theory - Rios-Rull
ECON 792 - Labor Economics - Todd
ECON 712 (003) - Topics in Macroeconomics- Knowles
Spring 2003
ECON 781 - Empirical IO - Miravete
ECON 712 - Topics in Macro Public Finance- Fernandez-VIllaverde
ECON 722 - Econometrics IV: Advanced Time Series - Diebold
ECON 751 - Public Economics II: Political Economy - Merlo
In previous years, the Empirical requirement was fulfilled by the following courses:
Spring 2002
ECON 714 - Quantitative Macro Theory
ECON 751 - Macro Policy
ECON 760 - Development Economics: Basic Micro Topics
ECON 781 - Empirical Methods in Industrial Organization
ECON 793 - Economics of Labor II
Fall 2002
Econ 714 - Quantitative Macro Theory
Econ 792 - Labor Economics
The Upper Level Course Requirement
The Graduate Group in Economics offers many upper level courses in various fields. Besides providing an introduction to the various subdisciplines of economics, these courses bring students up to the research frontier. Courses offered change over time, reflecting the interests of the faculty and trends in the profession. All Ph.D. students must pass four 700 level Econ courses (above 706, and excluding 7x9 which are workshops) with a grade of A- or higher.
An important component in years three and above is workshop participation. Students are required to register in two semesters of the Department workshops, and present work in at least one of them. In addition, there are student workshops: the longstanding shadow and twilight workshops in which students present to their peers their own nearly completed research, and new "bag lunch" workshops in econometrics and international economics in which more tentative ideas and developments in these fields are presented.
Starting in the third year of residence, students are expected to engage in a major piece of original research, suitable for publication in a scholarly journal. By the end of their third year, all students are required to have a faculty advisor within the Graduate Group and are required to have completed a research paper, approved by two members of the Graduate Group. The paper may be in any area, and the ideas explored in it will often be the genesis of at least one paper in the thesis. This requirement ensures that students become familiar at an early stage with research practice, from the process of generating an idea through its implementation via model building, written exposition, mathematical word processing, and the seminar presentation.
Taking into account all of these various requirements, a typical program for the first two years of graduate study might be:
- First Year
- Fall Term
- Microeconomic Theory I (701)
- Microeconomic Theory II (703)
- Econometrics I: Fundamentals (705)
- Mathematics for Economists (898)
- Spring Term
- Macroeconomic Theory I (702)
- Macroeconomic Theory II (704)
- Econometrics II: Methods & Models (706)
- Fall Term
- Second Year
- Fall Term
- Empirical Economics Course
- 2 or 3 electives
- Spring Term
- 3 or 4 electives
- Fall Term
Note: A student who holds a research or teaching assistantship may not take more than three courses per term.
Starting in the third year of residence, students are expected to engage in a major piece of original research, which is suitable for publication in a scholarly journal. All students are required to have a faculty advisor within the Graduate Group by the end of their third year in residence. The role of the faculty advisor is to help the student make the transition from coursework to research and identify suitable dissertation topics. Often the faculty advisor is the major advisor for the dissertation.
Active participation in workshops often leads students to formulate their own research topics and stimulates them to engage in independent research. For these reasons, workshop participation is required for at least two semesters. In addition, students are required to present one research paper in a workshop by the end of their fourth year in residence.
By the end of their fourth year in residence, students must have completed either a written dissertation proposal or a paper that will form one chapter of the dissertation. In addition, students are required to present one research paper in a workshop by the end of the fourth year in residence.
The dissertation is typically supervised by one major advisor, and it must be defended before a committee of three members of the faculty. Usually, students will consult with several members of the department during the dissertation stage of the program, and normally they will be expected to present a major piece of work during the fourth or fifth year of the program.
In recent years, students have typically presented theses which consisted of one large paper or two or three smaller papers. In order to participate in the job market, students must have brought their research on at least one part of their dissertation to a stage in which a polished paper is ready for presentation at other universities and at institutions by October of the fourth or fifth year in the program. Students are encouraged to develop a working relationship, at least a year in advance, with the faculty members they expect to provide references for them.
The Graduate Group in Economics does not offer a special program for the A.M. degree and does not accept students who seek only this degree. Ph.D. students may apply for the A.M. degree after passing eight courses, writing a satisfactory research paper, and demonstrating proficiency in economic theory, statistics, and other areas of economics deemed appropriate by the Director of the Graduate Group. Prospective applicants should consult the Director of the Graduate Group for more information.
updated: 6/14/2007
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