The Master of Science in Economics
The Master of Science in Economics program emphasizes the development of applied economics concepts, theory, and applications. Program entrants can matriculate as one-year, full-time, in-residence students, or as part-time students who work during the day. The program is flexible enough to be done over three years allowing working professionals the opportunity to increase their human capital while maintaining their careers. All classes occur during the evening. Program entry points are in late August (Fall Term) or early March (Spring Term). The priority application deadline is 45 days prior to start of one of the program entry terms.
The goal of the program is to create a professional economist. This is a person who can speak and write the language of economics, is able to manipulate economic models, collect the relevant data to conduct empirical studies, and is proficient at communicating the results of their analysis to other economists as well as to the general public. While these should be the goals of any master’s level program in economics, our program goes farther. We add a forecasting component: graduates will be able to design economic forecast models, program them on a computer, and present the results to a public audience.
Full-time students are potentially eligible to work at CLU’s Economic Research and Forecast Center (CERF) where they work alongside supervising faculty and have the opportunity to participate in economic analysis.
M.S. Economics program graduates will be well prepared to accept jobs in the economics, banking, corporate finance, public finance, money management, marketing, and real estate fields, where they will be particularly strong in data analysis and empirical computations including model design, database design, statistical estimation, and forecasting.
Key Program Components
Knowledge of economic theory guides applied economic data analysis. It allows the researcher to ask the appropriate questions. The program includes extensive theoretical training in microeconomics, macroeconomics, international trade and finance, development economics, and financial economics.
Applied economic data analysis requires extensive knowledge of economic data, statistical/econometric training, and familiarity with a moderate level of computer programming. The program includes a four-course sequence dedicated to econometrics, data, and computer software. Each course builds on the previous course(s). By the end of the program, the student can write a computer program that builds an economic forecast model and computes the forecast. Completing such a task requires the joint integration of economic theory, statistics/econometrics, data knowledge, and computer programming that makes most other empirical projects seem easy by comparison.
Admission Requirements
- Bachelor’s degree with demonstrated quantitative ability
- Calculus: One course required; one year recommended
- Statistics: One course required; one year recommended
- Econometrics: One course recommended
- Computer Programming: Some familiarity and a willingness to learn required
- Grade Point Average (GPA) of 3.0 or higher (or equivalent)
- GRE of 1000 or GMAT of 5001
- Two letters of recommendation
- Statement of Purpose
- International applicants must provide evidence of English language proficiency
- TOEFL of 570/230/89; or
- IELTS 6.5; or
- Successful completion of the highest level of an English language program recognized by CLU
- Work experience preferred but not required
1 | GRE/GMAT may be waived, depending upon candidate's academic background. |
Requirements for the Master of Science in Economics
The curriculum includes a total of 12 graduate courses (36 credits). All courses are offered in 11-week terms.
Required Courses
(36 Credits)
ECON 510 | Econometrics 1 | 3 |
ECON 511 | Econometrics 2 | 3 |
ECON 512 | Econometrics 3 | 3 |
ECON 513 | Economic Modeling | 3 |
ECON 520 | Microeconomic Theory - Part 1 | 3 |
ECON 521 | Microeconomic Theory - Part 2 | 3 |
ECON 530 | MacRoeconomic Theory - Part 1 | 3 |
ECON 531 | MacRoeconomic Theory - Part 2 | 3 |
ECON 540 | Development Economics | 3 |
ECON 541 | International Economics | 3 |
ECON 542 | Operations Research | 3 |
ECON 543 | Finance | 3 |
Total Hours | 36 |
Courses
ECON 510. Econometrics 1. (3).
The first econometrics course will provide a
thorough review of the classical regression
model. Some instruction will occur in the
computer lab, where students will be instructed
how to run regressions using actual data. Problem
sets and a practical regression-based project
will be assigned to each student.
ECON 511. Econometrics 2. (3).
This class will build on the classical regression
model. Students will learn cross-sectional and
panel techniques. The use of instrumental and
dummy variables will be discussed. Problem sets
and a practical regression-based group project
will be required.
ECON 512. Econometrics 3. (3).
The third econometrics course will emphasize
time-series methods. We will begin with the
serial correlation violation of the classical
model. Then we will turn our attention to
univariate and multivariate times-series
econometrics. Students will spend time in the
computer lab where they will apply the techniques
they learn to the data. They will complete
problem sets and complete a project using
time-series econometric methods.
ECON 513. Economic Modeling. (3).
The modeling class will be a very practical
hands-on class where the end goal is familiarity
with constructing models of economic activity.
This course will take place in the computer lab.
We start with study of important data
distinctions. Students will have access to the
Center for Economic Research and Forecasting
(CERF) database system. Forecast theory will be
studied, including concepts such as model
specification and forecast errors. Study of the
modeling environment will include the model
object, model structure, and practical
forecasting considerations. Students will be
assigned problem sets and a modeling project.
ECON 520. Microeconomic Theory - Part 1. (3).
This course introduces students to
microeconomics, the study of allocating limited
resources. The theories economists use to
describe economic behavior will be extensively
studied. The class will have two sections:
Consumer Theory and Production Theory. Because
microeconomics is a math intensive course
students will be expected to know calculus. This
is a tools class and no project will be required.
Students will have extensive problem sets.
ECON 521. Microeconomic Theory - Part 2. (3).
This course is a continuation of microeconomics
I. The purpose of the course is to combine
consumer and producer theory into a general
equilibrium framework. This course will study
theories that analyze consumers and producers in
a market economy.
ECON 530. MacRoeconomic Theory - Part 1. (3).
This course will establish the core macroeconomic
theoretical foundation for the program. It will
include study of the traditional static Keynesian
model. The remainder of the course will be spent
on the infinite horizon representative agent
model. Using this model, we will study fiscal
policy. Policy implications for the various
models will be a key part of the course. Class
participation, problem sets, and a project will
be required. Prerequisite: ECON 521.
ECON 531. MacRoeconomic Theory - Part 2. (3).
This class continues the macroeconomic theory
curriculum that was begun in Economics 530. The
course will study monetary theory and policy, and
current policy topics. The monetary theory and
policy portion of the course will consist of the
study of: money supply, money demand, interest
rate theories, the costs and benefits of sound
money policies, the theory of monetary policy,
transmission mechanisms, and monetary policy
strategies. Then the course will delve into
current economic policy topics, where the topic
may change over time. Students will be expected
to participate in class discussions. The course
will include a project.
ECON 540. Development Economics. (3).
This course will study the importance of economic
growth, its persistence, and its variance. Topics
will include economic development models, a
history of development, income inequality,
poverty, and markets.
ECON 541. International Economics. (3).
This course will study Topics in International
Economics, including International Finance and
Trade Theory. However, the class is a topics
class, and we will spend significant resources
analyzing topics that are currently important.
The world is undergoing rapid change, resulting
in rapid change in international relationships.
This will provide an abundance of interesting and
important topics. Additional readings will be
assigned as appropriate.
ECON 542. Operations Research. (3).
Operations Research will focus on linear
programming and game theory. The theory behind
linear programming will be revealed and a large
variety of practical examples will be presented.
Students will use the technique to solve
practical problems on their own using computers
at labs on campus. We will generalize the method
to include non-linear programming, again with
practical examples. Then we will study game
theory. Game theory is one of the primary tools
economists use to study strategic choices. One of
many examples is pricing and entry behavior in
oligopolistic markets. Finally, we will relate
game theory with linear programming as it is the
case that certain types of games can be solved
using linear programming. This is a tools class
and no project will be required. Students will
have extensive problem sets.
ECON 543. Finance. (3).
This course is an introduction to and study of
the theory and practice of financial economics
and financial engineering. Topics include an
overview of financial markets and instruments,
mechanics of derivative contracts, fundamentals
of interest rates and discounting, principles of
valuation, and applications to hedging and risk
management.
ECON 590. Independent Study. (1-4).