Graduate Catalog
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Economics

WILLIAM T. SMITH, PhD
Chair
Room 400, Business Building
(901) 678-2785

ALBERT OKUNADE, PhD
PhD Program Coordinator
Room 450, Business Building
901) 678-2672
aokunade@memphis.edu

ANDREW HUSSEY, PhD
Master’s Program Coordinator
Room 423, Business Building
(901) 678-1487
ajhussey@memphis.edu

I. In the Department of Economics, qualified students may work toward the MA degree with a major in Economics or the PhD degree in Business Administration with a concentration in Economics.

NOTE: Every graduate student must comply with the general requirements of the Graduate School (see Admissions Regulations, Academic Regulations, and Minimum Degree Requirements) and the program requirements of the degree being pursued.

II. MA Degree Program

Program objectives are: (1) achievement of a solid foundation knowledge in economic theory and economic analysis; (2) acquisition of an advanced level of knowledge in either applied economics or academic economics; (3) acquisition of the quantitative skills to effectively address research problems and the ability to make significant professional contributions as a professional economist or within a functional area of business; and (4) ability to compete effectively for professional positions in the private or public sectors

A. Program Admission

  1. Satisfactory performance on the Graduate Record Examination (Satisfactory performance on the Graduate Management Admission Test may be acceptable with approval of the coordinator of the master's program.)
  2. Satisfactory undergraduate grade point average.

B. Program Prerequisites

Students should have successfully completed or complete ECON 3310, Microeconomic Theory; ECON 3320, Macroeconomic Theory; SCMS 2710 and 3711, Business Statistics I and II (SCMS 7020 is an acceptable substitute for SCMS 2710 and 3711); ECON 6810 or equivalent.

C. Program Requirements

Each candidate has the choice of taking a written, comprehensive examination or writing a thesis at the end of course work. Regardless of which option is chosen, 15 hours of the student’s course work must be devoted to the following: ECON 7120, 7300, 7310, 7320, and 7810.

  1. Examination Option: Each candidate must complete a minimum of 33 semester hours of graduate course work, exclusive of MA program prerequisite courses and MBA Essential Foundations courses. The 33 hours must include a minimum of 21 hours of approved course work in Economics. The remaining 12 hours, with approval of the department graduate advisor, may be taken in collateral courses. At least 24 hours must be in courses designated for graduate students (7000 level or above). Each candidate must pass a written examination in microeconomic theory and macroeconomic theory. A maximum of two attempts within a year of the first attempt is permitted.
  2. Thesis Option: Each candidate must complete a minimum of 30 semester hours of graduate course work, exclusive of MA program prerequisite courses, MBA Essential Foundations courses, and Thesis Hours. The 30 hours must include a minimum of 18 hours of approved course work in Economics. The remaining 12 hours, with approval of the department graduate advisor, may be taken in collateral courses. At least 21 hours must be in courses designated for graduate students (7000 level or above). Each student will register for at least 3 hours (and not more than 6 hours), write and defend a thesis under the guidance of a faculty committee. A student who fails to complete the thesis after having registered for the maximum degree credit allowable must register for thesis credit each academic semester until the thesis is completed. NOTE: Students electing to write a thesis should familiarize themselves with the Thesis/Dissertation Preparation Guide before starting to write.

D. Accelerated M.A. Program in Economics

This program permits outstanding undergraduate majors in Business Economics (B.B.A.) or Economics (B.A.) to begin coursework for the M.A. in Economics during their senior year.  Students interested in this accelerated program are encouraged to begin planning for it early in their undergraduate careers, in consultation with both their undergraduate advisor and the M.A. Coordinator of the Department of Economics.

To be accepted into the Accelerated M.A. Program, students must have a grade point average of at least 3.25, and must submit two letters of reference and a copy of their transcript to the Department of Economics.  Each applicant will also complete an interview with the M.A. Coordinator of the Department.

After being accepted into the program, the student will work closely with his or her undergraduate advisor and the M.A. Coordinator in order to develop a carefully tailored program of study so that he or she can begin work on the M.A. as they complete their undergraduate degree.

Students must also apply to the Graduate School for “combination status,” which allows them to take graduate courses in Economics.  To continue the Program once they have completed the B.B.A or B.A., students must apply for full admission into the Graduate School and into the M.A. Program in Economics.

Up to 9 hours of graduate coursework may be applied to both the Bachelor's and the M.A. degrees in Economics.

III. PhD Program

The objective of the PhD in Business Administration with a concentration in Economics is to prepare candidates for a successful academic or professional career in economics and business. Through an intensive, advanced level training in both economics theory and quantitative methods, students learn to conduct independent research and prepare for various responsibilities of a professional career. The Economics Department has an outstanding faculty with a strong orientation in applied as well as theoretical research. For admission, program content, and financial aid information, see the departmental website at: economics.memphis.edu/acad_index.html


ECONOMICS (ECON)

NOTE: Students taking Business courses will be charged an additional $30 per credit hour.

In addition to the courses below, the department may offer the following Special Topics courses:
ECON 6760–69. Special Topics in Economics. (1-3). Topics vary; may be repeated when topics change. PREREQUISITE: Permission of department chair.

ECON 7940-49–8940-49. Special Topics in Economics. (1-3). Special areas of economics not otherwise included in the curriculum. Consult the online class listings.


ECON 6410 - Development Econ Thght (3)
Integration of macro- and microeconomics; examines contribution of selected schools and writers to modern economic theory, including preclassical, classical, Marxian, neoclassical, and post-1914 contributions; focuses on theory of money, interest, and inflation.

ECON 6810 - Quant Economic Analysis (3)
Introduction to the application of mathematical tools in business and economics; review of matrix algebra, differential and integral calculus; optimization with and without constraints; comparative statistics.

ECON 7100 - Econ for Global Executive (3)
(7020). Concepts and tools of economic theory and their application to business and social issues in the context of a global economy; how decisions of firms, consumers, and governments interact to determine market outcomes; market structures, impact of international trade and currency markets on firms competing in a global economy.

ECON 7110 - Managerial Economics (3)
Economic rationale underlying key management decisions; managerial problems identified and examined in light of relevant economic concepts; remedial action plotted on basis of economic logic. PREREQUISITE: ECON 7100 or 7300 or equivalent or permission of instructor.

ECON 7120 - Adv Quant Econ Analysis (3)
Advanced mathematical methods used in economics, finance, accounting, and management science with specific applications to micro- and macroeconomics; topics include constrained, unconstrained, and dynamic optimization, comparative statistics, and optimal control. PREREQUISITES: ECON 6810 or permission of instructor.

ECON 7125 - Appl Stat Mthds for Bus & Econ (3)
Probability and statistical techniques used in economics, finance, accounting, and management science.

ECON 7126 - Economic Forecasting (3)
Statistical models for forecasting and measuring risk, growth, cyclical and seasonal patterns in business, and economic time series. PREREQUISITE: ECON 7100 or permission of instructor.

ECON 7130 - Industrial Organization (3)
How different types of markets work; nature of the firm; monopoly; monopolistic competition and product differentiation; oligopoly; repeated games and tacit collusion; entry, accommodation, and exit. PREREQUISITE: ECON 7310-8310 or permission of instructor.

ECON 7170 - Intnl Trade & Investmts (3)
Introductory survey of trade theory and international macroeconomics; traditional issues of international trade theory, including why countries trade, distributional effects, policies; basic concepts and issues in international macroeconomics, including balance of payments and international capital flows, exchange rates; effects of macroeconomic policies under alternative exchange rate regimes. PREREQUISITE: ECON 7010 or permission of instructor.

ECON 7172 - Intrnatnl Competitvness (3)
Meaning and measurement of international competitiveness; microeconomic and macroeconomic aspects; government policy implications; strategic intervention. PREREQUISITE: ECON 4350 or 7170 or permission of instructor.

ECON 7175 - Intnl Trade Theory/Pol (3)
Advanced treatment of the theory of international trade; the theory of comparative advantage, the Hecksher-Ohlin model, specific factors, returns to scale and product life-cycle hypotheses; applications of tariffs and commercial policies, international factor movements, and selected topics in international economic development. PREREQUISITE: ECON 7310-8310 or permission of instructor.

ECON 7176 - Intnl Monetary Thry/Pol (3)
Advanced treatment of open economy macroeconomics: determination of internal and external balance; balance of payments accounting; models of balance of payments adjustment, foreign exchange rate determination, and international capital flows; stabilization mechanisms and policies. PREREQUISITE: ECON 7320-8320 or permission of instructor.

ECON 7210 - Labor Economics (3)
Use of theory and statistical techniques to analyze determination of wage rates and employment and working conditions in labor markets under conditions of competition and collective bargaining. PREREQUISITE: ECON 7100 or 7300 or permission of instructor.

ECON 7300 - Econ Theory & Decisions (3)
Basic exposition of decision-making theories of consumers and firms under different market structures and informational settings. PREREQUISITES: ECON 6810 and 7010 or equivalents of both.

ECON 7310 - Adv Microeconomics I (3)
Economic models of consumers, firms, and markets; basic theories of the firm and consumer; choice under uncertainty; market structure and traditional models of imperfect competition. PREREQUISITE: ECON 3310 and 3320, or ECON 7300, or permission of instructor.

ECON 7312 - Econ Behavior & Org (3)
Models of real-world economic behavior and institutions; analysis of nature of modern corporation as an economic organization; focus on roles played by incomplete information, transactions costs, legal structure and evolution of differences in capabilities in shaping hierarchies, contractual arrangements, and other aspects of organizational relationships. PREREQUISITE: ECON 7300.

ECON 7313 - Econ Risk & Uncertainty (3)
Economics of risk and information: individual choice under uncertainty; mean-variance models and their relation to expected utility; stochastic dominance; applications to insurance, asset demands, capital budgeting, etc.; market equilibrium and information; adverse selection and signaling; moral hazard and incentives. PREREQUISITE: ECON 7310-8310 or permission of instructor.

ECON 7320 - Adv Macroeconomics I (3)
Microeconomic foundations of macroeconomic models; comparison and contrast of macroeconomic models, neoclassical and Keynesian, new neoclassical and neo-Keynesian. PREREQUISITE: ECON 3310 and 3320, or ECON 7300, or permission of instructor.

ECON 7322 - Monetary Theory & Pol (3)
Role of money in the macroeconomy: includes theory of financial structure, money creation and monetary control, theory of money demand; general equilibrium financial models: static analysis, short-run dynamics, monetary growth; rules versus discretion debate: optimal monetary policy, historical conduct of monetary policy. PREREQUISITE: ECON 3320, 7300, or 7320-8320, or permission of instructor.

ECON 7710 - Health Care Economics (3)
Applies basic economic concepts to analyze health care market and evaluate health policies; including distinctive economic characteristics of health, health care industry, and health care professionals; American system of health care; current health care policy issues such as health care reform, managed care, and manpower planning. PREREQUISITES: ECON 7010 or equivalent, or permission of instructor.

ECON 7711 - Appl Health Care Econ (3)
Uses economic theories and related methodologies to illuminate an array of health and health care issues. Evaluates theoretical and empirical problems in health and medical care. Covers the structure, conduct, and performance of markets for physicians, hospitals, pharmaceuticals, and long-term care. Covers health and health care policies of the US (local, state, federal) and select other countries. PREREQUISITE: ECON 7710 or permission of instructor.

ECON 7712 - Pharmaceutical Econ (3)
Methodology and case studies of pharmaceutical economics and quality of life aspects of medicinal intervention; emphasis on comparative pharmaceutical care systems and payment mechanisms of developed and developing countries. PREREQUISITE: ECON 7710 or permission of instructor.

ECON 7715 - Global Healthcare Economics (3)
Applies basic economic concepts toward understanding market economics, regulatory apparatus, and other strategic complexities in the biomedical industry and related markets; analysis of global healthcare issues and systems. PREREQUISITE: ECON 7100 or permission of instructor.

ECON 7720 - Econ Public Sector (3)
Emphasis on the production of public goods, financing of public goods, problems created by a federal fiscal system; current problems and policy decisions; public finance theory and policy will be analyzed.

ECON 7810 - Econometrics I (3)
Classical multivariate regression analysis and statistical inference under ideal and non-ideal conditions; theoretical foundations with emphasis on empirical implementation; estimation of models with categorical data, non-linearity, simple dynamics, or panel data. PREREQUISITE: ECON 7125-8125 or permission of instructor.

ECON 7811 - Econometrics II (3)
Estimation and statistical inference with a focus on microeconometric techniques; instrumental variables and simultaneous equations models; estimation of treatment effects; binomial and multinomial choice models; truncated or censored data and sample selectivity; regression discontinuity design; quantile regression. PREREQUISITE: ECON 7810-8810 or permission of instructor.

ECON 7900 - Research Practicum (1-6)
Practical demonstrations of and experience in the design, practice, and methodology of research in the field of economics. Required of all PhD students and recommended for all graduate assistants. May be repeated for a maximum of 6 credit hours. Grades of S, U, or IP will be given.

ECON 7901 - Teaching Practicum (1-6)
Practical demonstrations of and experience in the art of teaching economics topics. Required of all PhD students and recommended for all graduate assistants. May be repeated for a maximum of 6 credit hours. Grades of S, U, or IP will be given.

ECON 7910 - Prob In Economics (1-6)
Directed independent reading and research in an area selected by the student with the approval of the supervising faculty member and Faculty Director. Proposed plan of study must be approved prior to enrollment. Grades of A-F, or IP will be given.

ECON 7996 - Thesis (3-6)
Independent research for the master's degree. Grades of S, U, or IP will be given.

ECON 8120 - Adv Quant Econ Analysis (3)
Advanced mathematical methods used in economics, finance, accounting, and management science with specific applications to micro- and macroeconomics; topics include constrained, unconstrained, and dynamic optimization, comparative statistics, and optimal control. PREREQUISITES: ECON 6810 or permission of instructor.

ECON 8125 - Appl Stat Mthds for Bus & Econ (3)
Probability and statistical techniques used in economics, finance, accounting, and management science.

ECON 8126 - Economic Forecasting (3)
Statistical models for forecasting and measuring risk, growth, cyclical and seasonal patterns in business, and economic time series. PREREQUISITE: ECON 7100 or permission of instructor.

ECON 8130 - Industrial Organization (3)
How different types of markets work; nature of the firm; monopoly; monopolistic competition and product differentiation; oligopoly; repeated games and tacit collusion; entry, accommodation, and exit. PREREQUISITE: ECON 7310-8310 or permission of instructor.

ECON 8175 - Intnl Trade Theory/Pol (3)
Advanced treatment of the theory of international trade; the theory of comparative advantage, the Hecksher-Ohlin model, specific factors, returns to scale and product life-cycle hypotheses; applications of tariffs and commercial policies, international factor movements, and selected topics in international economic development. PREREQUISITE: ECON 7310-8310 or permission of instructor.

ECON 8176 - Intnl Monetary Thry/Pol (3)
Advanced treatment of open economy macroeconomics: determination of internal and external balance; balance of payments accounting; models of balance of payments adjustment, foreign exchange rate determination, and international capital flows; stabilization mechanisms and policies. PREREQUISITE: ECON 7320-8320 or permission of instructor.

ECON 8210 - Labor Economics (3)
Use of theory and statistical techniques to analyze determination of wage rates and employment and working conditions in labor markets under conditions of competition and collective bargaining. PREREQUISITE: ECON 7100 or 7300 or permission of instructor.

ECON 8310 - Adv Microeconomics I (3)
Economic models of consumers, firms, and markets; basic theories of the firm and consumer; choice under uncertainty; market structure and traditional models of imperfect competition. PREREQUISITE: ECON 3310 and 3320, or ECON 7300, or permission of instructor.

ECON 8311 - Adv Microecon II (3)
Continuation of ECON 7310-8310. Advanced development of theories of the consumer and firm; general equilibrium analysis and welfare economics; game theory, with applications to imperfect competition. PREREQUISITE: ECON 7310-8310 or permission of instructor.

ECON 8312 - Econ Behavior & Org (3)
Models of real-world economic behavior and institutions; analysis of nature of modern corporation as an economic organization; focus on roles played by incomplete information, transactions costs, legal structure and evolution of differences in capabilities in shaping hierarchies, contractual arrangements, and other aspects of organizational relationships. PREREQUISITE: ECON 7300.

ECON 8313 - Econ Risk & Uncertainty (3)
Economics of risk and information: individual choice under uncertainty; mean-variance models and their relation to expected utility; stochastic dominance; applications to insurance, asset demands, capital budgeting, etc.; market equilibrium and information; adverse selection and signaling; moral hazard and incentives. PREREQUISITE: ECON 7310-8310 or permission of instructor.

ECON 8320 - Adv Macroeconomics I (3)
Microeconomic foundations of macroeconomic models; comparison and contrast of macroeconomic models, neoclassical and Keynesian, new neoclassical and neo-Keynesian. PREREQUISITE: ECON 3310 and 3320, or ECON 7300, or permission of instructor.

ECON 8321 - Adv Macroecon II (3)
Seminar focusing on recent advances in macroeconomic theory; topics may include rational expectations and the policy effectiveness debate; economic dynamics and growth theory; asset-pricing models; neo-Keynesian models with imperfect competition and coordination failure. PREREQUISITE: ECON 7320-8320 or permission of instructor.

ECON 8322 - Monetary Theory & Pol (3)
Role of money in the macroeconomy: includes theory of financial structure, money creation and monetary control, theory of money demand; general equilibrium financial models: static analysis, short-run dynamics, monetary growth; rules versus discretion debate: optimal monetary policy, historical conduct of monetary policy. PREREQUISITE: ECON 3320, 7300, or 7320-8320, or permission of instructor.

ECON 8710 - Health Care Economics (3)
Applies basic economic concepts to analyze health care market and evaluate health policies; including distinctive economic characteristics of health, health care industry, and health care professionals; American system of health care; current health care policy issues such as health care reform, managed care, and manpower planning. PREREQUISITES: ECON 7010 or equivalent, or permission of instructor.

ECON 8711 - Appl Health Care Econ (3)
Uses economic theories and related methodologies to illuminate an array of health and health care issues. Evaluates theoretical and empirical problems in health and medical care. Covers the structure, conduct, and performance of markets for physicians, hospitals, pharmaceuticals, and long-term care. Covers health and health care policies of the US (local, state, federal) and select other countries. PREREQUISITE: ECON 7710 or permission of instructor.

ECON 8712 - Pharmaceutical Econ (3)
Methodology and case studies of pharmaceutical economics and quality of life aspects of medicinal intervention; emphasis on comparative pharmaceutical care systems and payment mechanisms of developed and developing countries. PREREQUISITE: ECON 7710 or permission of instructor.

ECON 8720 - Econ Public Sector (3)
Emphasis on the production of public goods, financing of public goods, problems created by a federal fiscal system; current problems and policy decisions; public finance theory and policy will be analyzed.

ECON 8810 - Econometrics I (3)
Classical multivariate regression analysis and statistical inference under ideal and non-ideal conditions; theoretical foundations with emphasis on empirical implementation; estimation of models with categorical data, non-linearity, simple dynamics, or panel data. PREREQUISITE: ECON 7125-8125 or permission of instructor.

ECON 8811 - Econometrics II (3)
Estimation and statistical inference with a focus on microeconometric techniques; instrumental variables and simultaneous equations models; estimation of treatment effects; binomial and multinomial choice models; truncated or censored data and sample selectivity; regression discontinuity design; quantile regression. PREREQUISITE: ECON 7810-8810 or permission of instructor.

ECON 8812 - Econometrics III (3)
New course description: Analysis and modeling of economic and financial time series with applications; ARMA and ARCH processes; causality, stationary and non-stationary processes, and cointegration; vector autoregressions, structural models and equilibrium correction models. PREREQUISITE: ECON 7810.

ECON 8900 - Research Practicum (1-6)
Practical demonstrations of and experience in the design, practice, and methodology of research in the field of economics. Required of all PhD students and recommended for all graduate assistants. May be repeated for a maximum of 6 credit hours. Grades of S, U, or IP will be given.

ECON 8901 - Teaching Practicum (1-6)
Practical demonstrations of and experience in the art of teaching economics topics. Required of all PhD students and recommended for all graduate assistants. May be repeated for a maximum of 6 credit hours. Grades of S, U, or IP will be given.

ECON 8910 - Prob In Economics (1-6)
Directed independent reading and research in an area selected by the student with the approval of the supervising faculty member and Faculty Director. Proposed plan of study must be approved prior to enrollment. Grades of A-F, or IP will be given.

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