James Wilson Department of Economics

Dynamics Building, 2015 Ivy Road
University of Virginia
P.O. Box 400182
Charlottesville, VA 22904-4182
(434) 924-3177
www.virginia.edu/economics

Degree Requirements

Doctor of Philosophy The degree of Doctor of Philosophy is not given when a course of study or term of residence is completed, but only when the faculty is satisfied that the candidate possesses mature scholarship and thorough knowledge in the field of economics. Students are not regarded as candidates for this degree until their applications have been formally approved by the Dean of the Graduate School and the Faculty of the Department of Economics.

In addition to completing the general requirements for the degree of Doctor of Philosophy, prospective candidates must pass a preliminary comprehensive examination, which consists of a six-hour part on economic theory and two three-hour parts on each of two fields of concentration. The student is required to complete the preliminary examination within seven semesters after entering the graduate program. A dissertation proposal should be presented to the faculty within three semesters of completing the preliminary examination. The Ph.D. dissertation must be written, approved, and defended within seven years of matriculation in the program.

A detailed statement of departmental requirements for the Ph.D. may be obtained from the department secretary.

Master of Arts The candidate must complete 24 credits of course work, including Price Theory (ECON 701), the Theory of Money and Income (ECON 702) and Econometrics (ECON 771 or772), and must write and defend a thesis. As an alternative, the student may complete the first two semesters of the Ph.D. program and pass the preliminary comprehensive examination on core economic theory and econometrics. All requirements must be completed within five years of matriculation.

The Tipton R. Snavely Prize of $3,000 is awarded triennially to the graduate student submitting the most meritorious dissertation for the Ph.D. degree in Economics.

The Thomas Jefferson Center for Studies in Political Economy, established in 1957, facilitates research activities in the department of economics. Specific activities of the center have included the sponsorship of visiting scholars and professors, the sponsorship of lectures and seminars, the award of fellowships, and the publication of research results.

The Tipton R. Snavely Graduate Economics Library is a collection of scholarly books and academic journals in a study area for use by graduate students.

Course Descriptions

BACK TO TOP

ECON 507 - (3) (IR)
British Economic History Since 1850
Prerequisite: Instructor permission.
Studies the structure, performance, and policy in the British economy since 1850, focusing on the causes and consequences of Britain’s relative economic decline.

ECON 509 - (3) (Y)
Introduction to Mathematical Economics I
Prerequisite: One semester of calculus plus one additional semester of college mathematics or instructor permission.
Studies topics in univariate and multivariate calculus and linear algebra. Includes applications to the theory of economic statics.

ECON 510 - (3) (Y)
Introduction to Mathematical Economics II
Prerequisite: ECON 509 or instructor permission.
Studies topics in the theories of difference and differential equations and dynamic optimization. Includes applications to the theory of economic dynamics.

ECON 520 - (3) (IR)
Special Topics in Economics
Prerequisite: Graduate standing and instructor permission.
Graduate students combine course work in an upper-level undergraduate economics course with additional special assignments. Because topics vary with instructor, this course may be repeated for credit.

ECON 572 - (3) (Y)
Introductory Econometrics
Prerequisite: ECON 371 or the equivalent and one semester of calculus.
Meets concurrently with ECON 372. The application of statistical methods to the testing and estimation of economic relations; the development of the linear regression model including hypothesis testing, specification, instrumental variables, generalized least squares; and introduces identification and estimation of simultaneous equation models.

ECON 701 - (3) (Y)
Microeconomic Theory I
Prerequisite: Graduate standing or instructor permission.
Studies the theory of consumer and producer choice. Includes partial equilibrium analysis of competitive and imperfectly competitive markets.

ECON 702 - (3) (Y)
Macroeconomic Theory I
Prerequisite: Graduate standing or instructor permission.
Introduces macroeconomic theory, emphasizing economic growth and the business cycle.

ECON 703 - (3) (Y)
Microeconomic Theory II
Prerequisite: ECON 701 or instructor permission.
Studies general equilibrium analysis, welfare economics, externalities, and public goods.

ECON 704 - (3) (Y)
Macroeconomic Theory II
Prerequisite: ECON 702 or instructor permission.
Studies advanced topics in the theory of money and income.

ECON 771 - (3) (Y)
Econometrics I
Prerequisite: Graduate standing or instructor permission.
Studies the concepts and basic techniques of probability theory and statistical inference.

ECON 772 - (3) (Y)
Econometrics II
Prerequisite: ECON 771 or instructor permission.
Development of the linear and non-linear regression models including hypothesis testing, specification, instrumental variables, generalized least squares, and asymtotic distribution theory. Includes an introduction to identification and estimation of simultaneous equation models.

ECON 791, 792 - (3) (Y)
Guided Study in Economic Theory and Policy
Prerequisite: Instructor permission.
Studies selected topics in economics.

ECON 801 - (3) (Y)
Microeconomic Theory III
Prerequisite: ECON 703 or instructor permission.
Studies advanced topics in microeconomic theory such as uncertainty, imperfect information, imperfect competition, game theory, capital theory and dynamic analysis.

ECON 803 - (3) (Y)
Advanced Economic Theory I
Prerequisite: ECON 703 or instructor permission.
Studies advanced topics in economic theory. Specific topics vary from year to year. Recent examples are models of Bayesian learning, the economics of uncertainty, and game theory.

ECON 804 - (3) (Y)
Advanced Economic Theory II
Prerequisite: ECON 703 or instructor permission.
Studies advanced topics in economic theory. Specific topics vary from year to year. Recent examples are models of financial intermediation, endogenous growth, and alternatives to expected utility theory.

ECON 805 - (3) (IR)
American Economic History
Prerequisite: Graduate standing or instructor permission.
Studies the economic evolution of the United States.

ECON 806 - (3) (IR)
Topics in Economic History
Prerequisite: ECON 805 or instructor permission.
Studies selected topics in economic history.

ECON 811 - (3) (IR)
Foundations of Modern Economic Thought
Prerequisite: Graduate standing or instructor permission.
Studies the development of classical economic thought from Adam Smith to Karl Marx.

ECON 812 - (3) (IR)
Seminar in the History of Economic Thought
Prerequisite: ECON 701 or instructor permission.
Studies topics in the history of economic thought.

ECON 815 - (3) (Y)
Economics of Labor Markets
Prerequisite: ECON 703 and 772 or instructor permission.
Introduction to labor economics, including economic aspects of employment, wages, schooling, labor unions, and discrimination.

ECON 816 - (3) (Y)
Seminar in Labor Economics and Development
Prerequisite: ECON 815 and 772.
Studies advanced topics in labor economics, emphasizing applications to developing countries. Cross-listed as ECON 852.

ECON 817 - (3) (Y)
Industrial Organization I
Prerequisite: ECON 703 or instructor permission.
Studies the industrial structure of the economy and its effects on allocation of resources.

ECON 818 - (3) (Y)
Industrial Organization II
Prerequisite: ECON 817 or instructor permission.
Advanced study of selected problems in industrial organization.

ECON 821 - (3) (Y)
International Trade Theory
Prerequisite: ECON 703 or instructor permission.
Studies the theory of international trade and analysis of the economic effects of tariffs, quotas, and other departures from free trade.

ECON 822 - (3) (Y)
International Finance
Prerequisite: ECON 702 or instructor permission.
Topics include the balance of payments, long-term and short-term capital movements, the international money market, international monetary standards, international equilibrium and the mechanism of adjustment, exchange variations, and the objectives of international monetary policies.

ECON 831 - (3) (Y)
Public Economics I
Prerequisite: ECON 703 or instructor permission.
Topics include the justifications for government activities; principles of program analysis; illustrative theoretical and empirical analysis of expenditure programs; and theories of political processes.

ECON 832 - (3) (Y)
Public Economics II
Prerequisite: ECON 703 or instructor permission.
Studies the foundations of excess burden, incidence analysis, and optimal taxation; studies of taxation; general equilibrium analysis for tax policy; and the study of tax reform.

ECON 833 - (3) (Y)
Theory of Financial Markets
Prerequisite: ECON 771 or instructor permission.
Studies the theory and operation of financial markets.

ECON 834 - (3) (Y)
Derivative Securities
Prerequisite: ECON 701, 771 or instructor permission.
Studies the theory of options pricing and other derivative assets.

ECON 835 - (3) (Y)
Monetary Economics I
Prerequisite: ECON 704 or instructor permission.
Studies selected monetary topics, emphasizing theoretical issues.

ECON 836 - (3) (Y)
Monetary Economics II
Prerequisite: ECON 704 or instructor permission.
Studies selected monetary topics, emphasizing empirical issues.

ECON 851 - (3) (Y)
Topics in Growth Theory
Prerequisite: ECON 704 or instructor permission.
Studies the issues related to economic development, emphasizing endogenous growth models. Topics include human capital, R & D, learning by doing, fiscal policy, trade, and financial development.

ECON 852 - (3) (Y)
Economics of Underdeveloped Areas
Cross-listed as ECON 816.

ECON 871 - (3) (Y)
Cross Section Econometrics
Prerequisite: ECON 772 or instructor permission.
Studies econometric tools for the analysis of cross-section and qualitative data.

ECON 872 - (3) (Y)
Time Series Econometrics
Prerequisite: ECON 772 or instructor permission.
Studies econometric techniques for the analysis of economic time series.

ECON 882 - (3) (Y)
Experimental Economics
Prerequisite: ECON 701 or instructor permission.
Analysis of the use of laboratory methods to study economic behavior. Topics include experimental design, laboratory technique, and nonparametric analysis of data. Emphasizes using controlled observations to evaluate alternative economic theories and policies. Applications include bargaining, auctions, oligopoly, asymmetric information, voting, public goods, financial markets, and tests of expected utility and game theories.

ECON 891 - (3) (Y)
Applied Microeconomics Workshop
Prerequisite: Third-year status or instructor permission.
Studies Current research in applied microeconomics.

ECON 892 - (3) (Y)
Macroeconomics Workshop
Prerequisite: Third-year status or instructor permission.
Studies current research in macroeconomics.

ECON 893 - (3) (Y)
Economic Theory Workshop
Prerequisite: Third-year status or instructor permission.
Studies current research in economic theory.

ECON 894 - (3) (Y)
International Trade and Development Workshop
Prerequisite: Third-year status or instructor permission.
Studies current research in finance.

ECON 895 - (3) (Y)
Public Economics Workshop
Prerequisite: Third-year status or instructor permission.
Studies current research in public economics.

ECON 896 - (3) (Y)
Econometrics Workshop
Prerequisite: Third-year status or instructor permission.
Studies current research in econometrics.

ECON 897 - (1-12) (S-SS)
Non-Topical Research, Preparation for Research
For master’s research, taken before a thesis director has been selected.

ECON 898 - (1-12) (S-SS)
Non-Topical Research
For master’s thesis, taken under the supervision of a thesis director.

ECON 995 - (3) (SI)
Selected Research Problems in Economics I
Advanced research into specific economic problems under detailed faculty supervision.

ECON 996 - (3) (SI)
Selected Research Problems in Economics II
Continuation of ECON 995.

ECON 997 - (1-12) (S-SS)
Non-Topical Research, Preparation for Doctoral Research
For doctoral research, to be taken only in the first semester after passing a field exam, and before a dissertation director has been selected.

ECON 998 - (1-12) (S-SS)
Non-Topical Research
For doctoral research, taken under the supervision of the second reader or prospective second reader.

ECON 999 - (1-12) (S-SS)
Non-Topical Research
For doctoral dissertation, taken under the supervision of the first reader or prospective first reader.