1996-97 Graduate
Student Handbook
(For very detailed, but somewhat outdated, information about our Ph.D. program requirements)
Thank you for your interest in the Economics graduate program at the University
of Minnesota. We will welcome your application if our program seems suited to
your background and interest. Here are some features of our program to keep in
mind as you decide whether or not to apply:
- We do not have a master's program; we offer a master's
degree, but only for students in a doctoral program, and we admit
students only for the doctoral program.
- Normally we consider applicants only with GRE-quantitative scores above 750,
though particularly strong credentials of other kinds (e. g., research papers,
strong letters of evaluation from professors familiar with top-rated US graduate
programs, grades) can offset a lower score. We do not require the GRE economics
test and do not penalize for low grades in that test, though we are naturally
interested to learn of high grades.
- Applicants who have not done their undergraduate work in an English-speaking
country are required to take the Test of English as a Foreign Language (TOEFL).
The minimum score for a financial aid applicant is 600 or 250 on the computerized version. One with at least 4 years of financial support from some source external to the University of Minnesota needs a TOEFL score of 550 or 213 on the computerized version.
- Decisions on admission or financial aid will await GRE and, when applicable,
TOEFL scores. Because some of these decisions are made in January, and the rest
in March, you will need to take the examinations early.
- The University of Minnesota program builds on rigorous mathematical
foundations; it is among the most abstract and mathematical graduate programs in
economics offered. The minimum mathematical prerequisites (multivariable calculus
and linear algebra) are barely enough to survive first year theory courses, and
the student who enters with only that must spend considerable time and energy to
extend his or her mathematical background. Real analysis, or any course in
abstract mathematics which teaches the skills needed to construct a careful
proof, is particularly helpful. A course in mathematical statistics is not
required for admission, but avoids delay in getting access to econometrics
courses after enrollment.
I will be happy to answer specific questions that you might have about our
program. My e-mail address is econdgs@socsci.umn.edu.
If you will be in the Twin Cities, I would also be happy to meet with you to
answer questions.
Best wishes for success in your graduate career.
Sincerely,
Edward Foster
Professor and Director of Graduate Studies
Return to
Table of Contents
The graduate program in economics at the University of Minnesota
is a strong one according to studies on the quality of graduate education in
the United States done by the American Council on Education and others. It
ranks among the top 10 programs in the country. The strength of Minnesota's
program is its emphasis on a thorough grounding in economic analysis.
Our program is relatively difficult, but we provide the student with
considerable help, including an able and accessible faculty, adequate study
facilities, a pleasant (although in the winter cool) community, and excellent
library and computer facilities. To enable us to provide this help, we try to
limit each year s entering class to about 15 students. In recent years, more
than half of our students have come from other countries, and about one fifth
have been women.
The typical student devotes most of the first year to two basic analysis
sequences: microeconomics (Economics 8101, 8102, 8103) and macroeconomics
(Economics 8104, 8105, 8106). These courses provide the foundation for later
work in economic theory and in applied fields. Even in the applied fields our
courses emphasize the analysis of problems.
This emphasis on analysis makes our program inappropriate for most students who
want a terminal master's degree. Because the first year is devoted largely to
economic theory, combining theory with training in any of the applied fields of
economics requires two years in the program even for an M.A. We admit only
students who appear to be qualified for the Ph.D.
The emphasis on analysis from the beginning of the program demands that the
entering student have considerable mathematical skills. A thorough
understanding of multivariate calculus and elementary linear algebra is a
minimal requirement. Thorough understanding includes the ability to use the
concepts of those fields independently as well as the ability to follow the
reasoning of others who use those concepts. A student will almost never be
admitted to the program unless it is clear from the application materials that
he or she has this understanding. Additional mathematical preparation is
preferable; perhaps the most useful mathematics course is an introduction to
real analysis, which for many students provides the first systematic
introduction to rigor in mathematical proofs. Familiarity with concepts of
statistics is also valuable.
To help students prepare for their first year economic theory courses, the
Department of Economics, jointly with Applied Economics, offers a math
refresher course. It meets daily from mid-August to mid September, prior
to the start of the fall quarter. This is a no-credit, no-fee course.
Previous students have found the course to be very valuable. It is
particularly helpful to students who have not had a course in real analysis.
Return to
Table of Contents
A first-year Ph.D. student who has an assistantship typically takes three
courses each quarter. Otherwise the normal load is four courses. These
courses usually include microeconomic and macroeconomic theory and (depending
on a student's level of preparation and assistantship obligations) one or two
courses in statistics, mathematics, or econometrics.
In the second year, the typical student takes courses in specialized fields and
may take additional work outside the department in mathematics, statistics, or,
less commonly, business or one of the other social sciences. The typical
second-year student writes at least one, and preferably two of the preliminary
examinations. In the third year, a student typically completes course work and
preliminary exams and explores thesis subjects. Work on the thesis occupies
the fourth year and usually the fifth. While working on their theses, students
participate in research workshops in which they and faculty contribute to and
learn from each other's research. Currently, workshops are organized in
applied microeconomics, econometrics, macroeconomics and money, mathematical
economics, and labor and development.
When the thesis is near completion, the student, aided by the department's
placement efforts, explores the job market.
Return to
Table of Contents
Most of our graduates seek, and find, academic employment, and many of our
foreign students return to academic or government posts in their home
countries. Some of our graduates are employed by state or federal government
agencies, the Federal Reserve System, international organizations (the World
Bank and the International Monetary Fund), private consulting firms, and other
private-sector firms.
The academic placement record has been good in recent years. In the past three
years, among the universities in which new graduates obtained appointments are
the
following*: Columbia University, Cornell University, Northwestern University,
University of Pennsylvania, Queens University, Stanford University, SUNY-Albany,
Syracuse University, University of North Carolina-Chapel Hill, University of
Toronto, University of Virginia, University of Western Ontario.
* Some appointments were for post-doctoral research.
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Table of Contents
Last year there were approximately 400 applicants to our program and 51 were
accepted. We offered financial support -- departmental assistantship and
Graduate School or department fellowships -- to 41 applicants. Other students
admitted are generally those whom we believe to be worthy of support,
regardless of whether they apply for it and of whether we can afford to offer
it. Therefore, the table below, describing our aid offers over the past few
years, also tells something about the likelihood of admission.
Although there are eligibility restrictions on some fellowships, we generally
award assistantships and fellowships competitively to those we predict will
perform best. We do not have a rigid formula for the award of aid. Offers of
support depend on the admissions committee's evaluation of applicants' grades,
courses taken, letters of recommendation, quality of undergraduate schools, and
scores on the Graduate Record Examination (GRE), particularly the quantitative
and verbal sections.
Even though we have no precise formula for the award of aid, the following
table suggests the nature of the competition faced by American and Canadian
students if they apply here. From 1993-95 we offered fellowships or
assistantships to 58 applicants from American and Canadian colleges or
universities whose grading systems can be placed on a four-point scale (i.e.
A=4.0, A-=3.67, B=3.00, and so forth.) The table below shows the distribution
of these students by undergraduate grade point average and GRE quantitative
aptitude test score.
This table applies only to American and Canadian applicants. It is
impossible to give comparable information for applicants from other countries.
In evaluating their applications we try to take into account that grading
practices vary considerably from country to country, and that for students
whose native language is not English, GRE's are in part a test of facility with
English, rather than of basic aptitude.
1993-95 Aid Offers (U.S.A. and
Canada)
Quantitative GRE
Undergraduate
G.P.A.
(A=4.0) |
750 - 800 | 700 - 740 | below
700 | TOTAL |
|---|
| 3.8 -
4.0 | 23 | 5 | 1 | 29 |
|---|
| 3.6
-
3.79 | 16 | 3 | 0 | 19 |
|---|
| 3.4
-
3.59 | 8 | 2 | 0 | 10 |
|---|
| below
3.4 | 0 | 0 | 0 | 0 |
|---|
| TOTAL | 47 | 10 | 1 | 58 |
|---|
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Table of Contents
Normally, students who fulfill the criteria for satisfactory progress are
offered part-time assistantships or comparable support by the department for
the following year, through their fourth year of graduate study and possibly
through their fifth year. In general, the departmental criteria for
satisfactory progress toward the Ph.D. are:
First year: The student must take at least eight one quarter courses
(there are three quarters in the academic year) that are approved by the
student's adviser and earn a grade point average of at least 3.20 in the
economics component of these courses. (An A is 4.00, an A- 3.67, a B+ 3.33, a
B 3.00, and so forth.)
Second year: The student must pass the written preliminary examinations
in economic theory by June of the second year.
Third year: The student must pass all preliminary examinations
by June of the third year.
A teaching assistantship (TA) is the most common job for a student with
departmental support. The typical assignment for a first-year TA is to conduct
discussion sections for an introductory undergraduate course or to grade papers
for undergraduate courses. More advanced graduate students often teach
undergraduate courses. A half-time appointment from September 16 to June 15
requires approximately 20 hours of work per week. During 1995-96, half-time TA
appointments pay $9,110 and $9,828, the higher pay going to
advanced students with more demanding jobs. These appointments also carry a
full tuition scholarship and health insurance coverage. Some summer employment
may be available from the
department.
Jobs as research assistants (RAs) on faculty projects are also available; these
usually go to students already enrolled in the program. The department also
has close working relationships with the research department of the Minneapolis
Federal Reserve Bank . During a typical year, two of our graduate students
work
there as research assistants. Departmental, University, and outside
thesis-writing fellowships support some advanced students.
Return to
Table of Contents
We normally consider applications for Fall admission only, because not enough
courses start in other terms to provide an adequate program.
If you decide to apply for admission, please note that the Department of
Economics and the Graduate School play separate roles in admission and
financial aid decisions. The department awards assistantships and departmental
fellowships and makes recommendations to the Graduate School regarding
admission and the awarding of Graduate School Fellowships. The Graduate School
is formally responsible for admission. Although the department tries to
keep track of applications that are delayed for one reason or another, and
tries to take appropriate steps to prevent mix-ups, we are not infallible.
Application processing may be delayed considerably if you send materials to the
wrong place.
The following materials should be sent to:
Graduate School Admissions
Graduate School
309 Johnston Hall
101 Pleasant Street S.E.
University of Minnesota
Minneapolis, Minnesota 55455
a) The Graduate School (ivory color) application for admission.
b) One official copy of your transcript from each undergraduate or
graduate institution you have attended.
Note: The Graduate School will not act on your application unless the
transcripts accompanying it are "official." Official transcripts "bear the
original signature of the registrar and impression seal of the issuing
institution." If your school does not issue official transcripts, the Graduate
School's instructions for completing admission applications indicate what you
should send as a substitute.
c) The application fee.
d) Scores on the Test of English as a Foreign Language (TOEFL) if English is not
your native language.
Send the following materials to:
Director of Graduate Studies
Department of Economics
1035 Management and Economics Building
271 19th Avenue South
University of Minnesota
Minneapolis, Minnesota 55455
a) Copies of your transcripts (they need not be official) or a record of
the courses you have completed and the grades you received. You should also
provide a list of the topics covered and the textbooks or other readings
used
in your advanced courses in economics, mathematics and statistics.
b) The names of three people who will write letters of recommendation for you.
They should be familiar with your work and able to appraise your probability
of success in our program. It would be helpful if they compare you with past
students who have been successful in our program or a similar one. Their
letters should be sent to the Director of Graduate Studies, Department of
Economics, preferably on the forms provided with your application packet.
c) Your scores on the Graduate Record Examination General Test.
If you have not already taken this examination and your school cannot provide
information on how to do so, write for details to Graduate Record Examinations,
Educational Testing Service, Box 955, Princeton, New Jersey 08540.
Although not required, if you have taken the Graduate Record Examination
Subject Test in Economics, we would appreciate receiving your scores.
Since the Educational Testing Service is sometimes slow in sending GRE scores
to universities, we will accept a photocopy of the score notification
you receive.
d) The (green) departmental application form.
Return to
Table of Contents
Offers of admission and aid are made independently.
Admission deadlines.
Complete applications will be reviewed by our admissions committee. Some decisions will be made in mid March, but others won't be made until mid April or later, since we are aiming for a target class size, and those on a waiting list will not be considered, unless there are openings remaining.
(Complete means that all items identified above have been received by
the Graduate School and the department). Although the Graduate School deadline
for fall admission is July 15, after April you risk rejection by the department
because the entering class may already be full.
Financial Aid Deadlines.
An applicant who wishes to be considered for assistantship aid should submit all application materials--those required by the department and those required by the Graduate School--by February 1. For an improved chance of financial aid, an applicant should submit all materials by January 1, so she or he can also be considered as a nominee for a Graduate School fellowship. A later application has a lower probability of success because those applications will be considered only for an assistantship, not for a fellowship.
Return to
Table of Contents
Ph.D. Degree in Economics
Each beginning student is assigned temporary faculty adviser with matching
interests. The initial adviser will not necessarily be the adviser during the
entire period of study. We urge students to select permanent advise as soon as
they decide definitely on their fields of specialization, usually toward the
end of their second year of study.
There is a seven-quarter minimum residence requirement for the Ph.D. A
student's formal course program must be approved by his or her adviser and the
director of graduate studies and must meet the minimum requirements of the
University of Minnesota Graduate School, described in its Bulletin. The
basic requirements are that the student pass the preliminary examinations in
microeconomic and macroeconomic theory, and two fields selected by the student,
after having completed the relevant course sequences; demonstrate competence in
econometrics through course work, an exam, or a research paper; complete
courses in one or more supporting fields; and complete an acceptable thesis.
The thesis model is an article in one of the leading research journals. To
help pass the examinations, we offer courses in economic theory and the various
fields. Workshops and courses in special topics help students select thesis
topics and get a more specific idea of the nature of acceptable thesis
research.
Graduate Courses in Economics
Click here for the University of Minnesota's on-line Graduate School Bulletin
(1996-1999)
OR
Click here to go directly to descriptions of graduate level economics courses 
After the first year, a student's program of course work is selected in
accordance with the area of specialization. The second-year program usually is
geared toward passing the preliminary written examinations in the chosen
fields.
Preliminary examinations are offered twice a year, usually in September before
classes begin and in the spring. Each student must pass four written
examinations, including one each in microeconomic and macroeconomic theory.
Preparation for the theory exams includes the micro theory sequence (8101-2-3)
and the macro theory sequence (8104-5-6) plus one to three months of
independent study. The two additional examinations usually are selected from
among the following fields, although examinations in other fields may be
offered if a student petitions the graduate faculty.
*Econometrics
Economic development
Financial economics
*Game Theory
Industrial organization
International trade
Labor economics
Mathematical economics
Monetary economics
*Public economics
*Starting in 1996, students will be allowed or required to write a paper,
together with course completion, to demonstrate competence in this field rather
than write a preliminary examination.
Students have been allowed three to four hours to write each examination. Each
examination is prepared and graded by a faculty committee whose members do not
know which students are taking the exam.
Copies of old examinations in each field are available in the Graduate Studies
Office. Two- or three-quarter course sequences help students prepare for
examinations. Students may take the examination in a given field no more than
three times, and there is also a limit on the total number of examination
attempts.
Although the preliminary examinations are rigorous and require considerable
preparation, all but a small number of students eventually pass, most within 36
months of initial enrollment. This reflects the Department's traditional view
that the principal
function of the preliminary examinations is standard-setting, while screening
is the function of the Department's selective admissions policy. Moreover,
prelim preparation is a critical phase of the educational process at Minnesota,
and effective preparation requires more cooperation among students than would
occur if students were competing for a limited quota of passing grades.
Supporting Program
The supporting program broadens students' understanding of economics and
equips them with special skills and knowledge. It consists of a minimum of 18
credits in graduate-level courses, approved by the student's adviser and the
director of graduate studies. Courses typically involve a combination of
economics, mathematics, and statistics. Courses in the fields in which the
student writes preliminary examinations may not be used for the supporting
program requirements. Students may take a minor program, as described in the
Graduate School Bulletin, in lieu of the supporting program. The minor
program is selected with the approval of the minor department or
departments.
Graduate-level work completed elsewhere may be used to satisfy part of the
supporting program and other requirements.
Preliminary Oral Examination
This examination is scheduled after the student has passed the written
preliminary examinations and has completed all or most of the courses for the
supporting program or minor. A five-member committee, appointed by the
Graduate School, conducts the exam. The committee includes the student's
adviser and one or two examiners from fields covered by the student's
supporting program or minor. At the student's option, the questions asked by
economists on the committee may deal with the subject of either the student's
preliminary examination fields or a paper written by the student in the area of
her or his proposed research. Recently, all have elected to be examined on
proposed thesis research.
Thesis and Final Oral Examination
The purpose of the thesis is to provide evidence that the candidate is
capable of conducting independent research in a professionally accepted manner.
The thesis should be concerned with a significant problem, involve analysis
rather than mere compilation of data, and be sufficiently limited in scope to
permit a thorough analysis. In many respects the thesis should be comparable
to a high-quality journal article. Candidates are encouraged to keep the
central core of the thesis short--less than 50 pages. If necessary, it can be
supplemented by appendices of supporting material. The thesis must display a
fair degree of literary skill and familiarity with the relevant literature and
sources of data.
When the thesis is completed, it is submitted for approval to a three member
faculty committee, which includes the student's adviser. When approved, it is
defended at the final oral examination.
Return
to Table of Contents
M.A. Degree in Economics
The following supplements the requirements for the master's degree listed in
the Graduate School Bulletin . We do not encourage a student seeking a
terminal M.A. to enter our program, but this degree is often awarded en route
to the Ph.D.
a) A student may elect to earn an M.A. with or without thesis. No foreign
language is required. One year of calculus at the college level is a formal
requirement for the degree. However, because standards for the M.A. and the
Ph.D. are the same, this level of mathematical training is not adequate for
admission.
b) The minimum course and residence requirements specified by the Graduate
School must be satisfied. The courses listed in M.A. programs must be
approved by the student's adviser and the director of graduate studies. These
courses usually must include the economic theory sequences 8101, 8102, 8103
and 8104, 8105, 8106. Successful completion of the economic theory
examination for majors is accepted as fulfilling this requirement, although
the minimum credit restriction also must be met.
c) Students normally satisfy the Plan B project requirements by completing
papers in regular or independent study courses listed in their M.A. programs.
Papers normally require approximately 120 hours of work. Students may
substitute written preliminary examinations (but not those in economic theory)
for these papers. Each written preliminary examination is regarded as the
equivalent of 60 hours of work on research papers.
d) A written final examination is required; either the micro- or macro-economic
theory preliminary exam may meet this requirement. Return to Table of Contents
NAME
| THESIS
TITLE
|
Fernando Enrique Alvarez
|
Two
Essays on the Economic Theory of Fertility
|
Donna
Lynn Boswell | A Dynamic Stochastic Model of Medical
Care Use and Work Absence |
Steven David
Gjerstad | Price Formation in Double
Auctions |
Osamu Ishimoto | Essays in
Equilibrium Theory: Extensions of Walrasian
Equilibria |
Jae-Young Kim | Five Essays
on the Analysis of Economic Time Series |
Thanh Trung
Le | Taxation in an Endogenous Growth
Model |
H. Reiju Mihara | Arrow's
Theorem, Turing Computability, and Oracles |
Yong Nam
Song | Inferring the Value of Walking Time from Parking
Rent Data in a Diffused CBD Model |
Efthymios G.
Tsionas | Asset Returns in General Equilibrium with
Scale-Mixture-of-Normals Endowment Processes |
Marcelo Luis
Veracierto | Essays on Job Creation and Job
Destruction |
Richard Stewart Vogel | A
Contribution to the Theory of Uncertain Preferences and Intransitive
Choice |
Yu-Lin Wang | The Resource
Allocation Effects of Deposit Insurance: A Pilot Study |
Kam
Chau Wong | Economic Equilibrium Theory: A Computability
Viewpoint |
Return
to Table of Contents
Correspondence with
faculty
Beth Allen, Carlson Professor; Ph.D., University of California-Berkeley,
1978
Teaching areas: Economic Theory; Information and Uncertainty; Game
Theory; Mathematical Economics; Finance; Industrial Organization
Current Research: Economics of information and uncertainty; game
theory
Recent Publications: "Bertrand-Edgeworth Duopoly with
Proportional Residual Demand" (with Martin Hellwig), International Economic
Review, Volume 34, Number 1 (February 1993), 39-60.
"Choosing R & D Projects: An Informational Approach," American Economic
Review , Volume 81, Number 2 (May 1991), 257-261.
"Information as an Economic Commodity," American Economic Review, Volume
80, Number 2 (May 1990), 268-273.
Andrew Atkeson, Associate Professor; Ph.D., Stanford University, 1988
Teaching Areas: International Economics; Growth and Development; Monetary Economics
Current Research: International Economics; Growth and Development; Monetary Economics
Recent Publications: "International Lending with Moral Hazard and Risk of Repudiation", Econometrica, 1991.
"On Efficient Distribution with Private Information", (with Robert E. Lucas Jr.), Review of Economic Studies 59, pp.427-453, 1992.
"Efficient Unemployment Insurance", (with Robert E. Lucas, Jr.), Journal of Economic Theory, 1995.
"Money and Exchange Rates in the Grossman-Weiss-Rotemberg Model" (with
Fernando Alvarez), Journal of Monetary Economics, forthcoming.
V.V. Chari, Professor; Ph.D., Carnegie-Mellon University, 1981
Teaching Areas: Macroeconomics; Public Finance; Development Economics
Current Research: Macroeconomic theory; Fiscal and monetary policy;
financial intermediation
Recent Publications: "Optimal Fiscal Policy in a Business Cycle Model",
(with Lawrence J. Christiano and Patrick J. Kehoe), Journal of Political
Economy, Volume 102, Number 4 (1994), 617-652.
"Sustainable Plans and Mutual Default," (with Patrick J. Kehoe), Review of
Economic Studies, Volume 60, (1993), 175-195.
"Sustainable Plans and Debt," (with Patrick J. Kehoe), Journal of Economic
Theory, Volume 61, Number 2 (December 1993), 230-261.
"Sustainable Plans," (with Patrick J. Kehoe), Journal of Political
Economy, Volume 98, Number 4 (August 1990), 783-802.
"Banking Panics, Information, and Rational Expectations Equilibrium," (with Ravi
Jagannathan), Journal of Finance, Volume XLIII, Number 3 (July 1988),
749-763.
John S. Chipman, Regents' Professor; Ph.D., Johns Hopkins
University, 1951
Teaching Areas: Econometrics; International Trade; Welfare Economics
Current Research: Theoretical and econometric research in international
trade; history of utility theory
Recent Publications: "Hicksian Welfare Economics," in The Legacy of
Hicks (edited by Harald Hagemann and O. F. Hamouda). London: Routledge,
1995, 96-146.
"The Stolper-Samuelson Theorem and the Problem of Aggregation,'' in The
Stolper-Samuelson Theorem: A Golden Jubilee (edited by Robert M. Stern and
Alan V. Deardorff). Ann Arbor: University of Michigan Press, 1994, 235-270.
"The Measurement of Aggregate Welfare" (with James C. Moore), in Models and
Measurement of Welfare and Inequality (edited by Wolfgang Eichhorn).
Berlin, Heidelberg, New York: Springer-Verlag, 1994, 552-592.
Roger D. Feldman, Blue Cross Professor of Health Insurance; Ph.D.,
University of Rochester, 1976
Teaching Areas: Health Economics; Labor Economics; Human Capital and
Human Resources
Current Research: Employer-sponsored group insurance; health insurance
markets; consumer behavior and consumer choice; economic models of physician
and hospital behavior
Ed Foster,
Professor; Ph.D., Massachusetts Institute of Technology,
1961
Teaching Areas: Public economics; cost-benefit analysis; environmental
economics.
Current Research: Evaluation of projects that span generations.
John Geweke ,
Professor; Ph.D., University of Minnesota, 1975
Teaching areas: Econometrics; Macroeconomics
Current Research: Bayesian inference in econometrics; time series
analysis; computational approaches to the solution and estimation of dynamic
models
Recent Publications: "Priors for Macroeconomic Time Series and
Their Application," Econometric Theory 10, March 1994.
"Bayesian Inference in Econometric Models Using Monte Carlo
Integration," Econometrica 57: 1317-1340, November 1989.
Gautam Gowrisankaran , Assistant Professor, Ph.D., Yale University,
1995
Teaching Areas: Industrial Organization, Microeconomics, Computational
Methods, Applied Econometrics
Current Research: Applied Microeconomics, Industrial Organization, Game
Theory, Computational Economics, Health Economics
Recent Publications: Endogenous Horizontal Mergers in Infinitely
Repeated Markov-Perfect Games," forthcoming.
"Dynamic Equilibrium in the Hospital Industry," (with Robert Town),
forthcoming.
Thomas J. Holmes, Associate Professor; Ph.D., Northwestern University, 1985
Teaching Areas: Industrial Organization; Applied Microeconomics
Current Research: Industrial Organization
Recent Publications: "On the Turnover of Business Firms and Business
Managers," (with James A. Schmitz, Jr.), Journal of Political Economy,
103, 1005-1038, October 1995.
"Managerial Tenure, Business Age and Small Business Turnover,"
(with James A. Schmitz, Jr.), Journal of Labor Economics, 14, 79-99,
January 1996.
"Advance-Purchase Discounts and Monopoly Allocation of Capacity," (with Ian
Gale), American Economic Review, 83, 135-146, March 1993.
Leonid Hurwicz, Professor of Economics; Regents' Professor Emeritus of
Economics; LL.M., Warsaw University, Poland, 1938
Teaching Areas: Theory; Welfare Economics; Public Economics; Mechanisms
and Institutions;
Mathematical Economics
Current Research: Comparison and analysis of systems and techniques of
economic organization; welfare economics; game-theoretic implementation of
social choice goals; modeling economic institutions
James Jordan, Professor; Ph.D., Northwestern University, 1975
Teaching Areas: Theory; Mathematical Economics
Current Research: Decentralization theory; learning dynamics;
accounting information systems
Recent Publications: "Convergence to Rational Expectations in a
Stationary Linear Game", Review of Economic Studies, 59, 109-123,
1992.
"Bayesian Learning in Normal Form Games Games and Economic Behavior, 3,
60-81, 1991.
Michael Keane, Professor; Ph.D., Brown University, 1990
Teaching Areas: Labor Economics; Econometrics
Current Research: Human Capital Investment; Effects of Transfer
Programs on Labor Supply; Computationally Intensive Methods in Econometrics;
Dynamic Models of Choice Behavior
Recent Publications: "A New Idea for Welfare Reform,"Federal Reserve
Bank of Minneapolis Quarterly Review, forthcoming.
"Decision Making Under Uncertainty: Capturing Dynamic Processes in Turbulent
Consumer Goods Markets," (with T. Erdem), Marketing Science,
forthcoming.
"A Computationally Practical Simulation Estimator for Panel Data,"
Econometrica, 62:1, 95-116, 1994.
"The Solution and Estimation of Discrete Choice Dynamic Programming Models by
Simulation," (with K. Wolpin), Review of Economics and Statistics, 76:4,
648-72, 1994.
Timothy J. Kehoe, Professor; Ph.D., Yale University, 1979
Teaching Areas: General Equilibrium Theory; International Trade; Public
Finance
Current Research: Intertemporal general equilibrium theory and applied
general equilibrium modeling
Recent Publications: "Modeling North American Economic Integration,"
(with Patrick J. Kehoe), Kluwer Academic Publishers, forthcoming.
"Debt Constrained Asset Markets," (with David K. Levine), Review of Economic
Studies, 60:865-888, 1993.
"In Search of Scale Effects in Trade and Growth" (with David K. Backus, and
Patrick J. Kehoe), Journal of Economic Theory; 58:377-409, 1992.
"On Characterizing Equilibria of Economies with Externalities and Taxes as
Solutions to Optimization Problems" (with David K. Levine and Paul M. Romer),
Economic Theory , 2: 43-68, 1992.
Yuichi Kitamura, (on leave 1996-97) Assistant Professor; Ph.D., Yale
University, 1993
Teaching Areas: Econometrics; Macroeconomics; Financial Economics
Current Research: Time series analysis; macroeconometrics; econometrics
in finance
Recent Publications: "Empirical Likelihood Methods with Weakly Dependent Processes," Annals of Statistics, forthcoming.
"An Information-Theoretic Alternative to Generalized Method of Moments Estimation" (with M. Stutzer), Econometrica, forthcoming.
" Estimation of Cointegrated Systems with I(2) Processes," Econometric Theory,
11, 1-24, 1995.
"Efficient IV Estimation in Nonstationary Regression: An Overview and
Simulation Study," (with P.C.B. Phillips), Econometric Theory, 11,
1095-1130.
"Fully Modified IV, GIVE and GMM Estimation with Possibly Non-Stationary
Regressors and Instruments," (with P.C.B. Phillips), Journal of
Econometrics,
forthcoming.
Nobu Kiyotaki, Associate Professor Ph.D., Harvard
University, 1985
Teaching Areas: Macroeconomics; Monetary Theory
Current Research: Macroeconomics; Monetary Theory
Recent Publications: "Toward a Theory of International
Currency," (with K. Matsuyama and A. Matsui), Review of Economic Studies,
forthcoming.
"A Contribution to the Pure Theory of Money," (with Randall Wright),
Journal of Economic Theory, 53 (1991), 215-235.
"On Money as a Medium of Exchange," (with Randall Wright), Journal of
Political Economy, 97 (1989), 927-54.
"Multiple Expectational Equilibria under Monopolistic Competition,"
Quarterly Journal of Economics, 103 (1988), 695-713.
Andrew McLennan, Associate Professor; Ph.D., Princeton University, 1982
Teaching Areas: Game Theory; Mathematical Economics; Microeconomics
Current Research: Mathematical Economics; Game Theory
Recent Publications: "Stationary Markov Equilibria," (with D.
Duffie, J. Geanakoplos, and A. Mas-Colell, Econometrica, 1994.
"Sequential Bargaining as a Non-cooperative Foundation for Walrasian
Equilibrium," (with Hugo Sonnenschein), Econometrica, 1991.
"Consistent Conditional Systems in Non-cooperative Game Theory,"
International Journal of Game Theory, 1989.
Antonio Merlo, Assistant Professor: Ph.D., New York University, 1992
Teaching Areas: Applied Econometrics; Public Economics; Bargaining
Theory; Political Economy
Research Areas: Applied Econometrics; Public Economics; Bargaining
Theory; Political Economy; Experimental Economics
Recent Publications: "Bargaining over Governments in a Stochastic
Environment," Journal of Political Economy, forthcoming.
"Political Collusion and Corruption in a Representative Democracy," (with
Gianluigi Galeotti), Public Finance, supplement to vol. 49, 232-243,
1995.
"A Stochastic Model of Sequential Bargaining with Complete Information," (with
Charles Wilson), Econometrica, Vol. 63, 371-399, 1995.
"Theory and Misbehavior of First-Price Auctions: Comment," (with Andrew
Schotter), American Economic Review, Vol. 82, 1413-1425, 1992.
Matt Mitchell , Assistant Professor; Ph.D., University of Rochester, 1997
Teaching Areas: Industrial Organization; Applied Microeconomics
Current Research: Industrial Organization; Econometrics; Applied Microeconomics
Recent Publications: "The Scope and Organization of Production," University of Rochester Manuscript, October, 1996.
"Bayesian Learning from Others in Competitive Equilibrium," University of Rochester Manuscript, January, 1996.
Lee Ohanian, Assistant Professor: Ph.D., University of
Rochester, 1993
Teaching areas: Macroeconomics
Current Research: Macroeconomics, Applied Econometrics, International
Economics
Recent Publications: "The Macroeconomic Effects of War Finance in the
U.S.", American Economic Review, forthcoming.
"Postwar British Economic Growth and the Legacy of Keynes", (with Thomas
Cooley), Journal of Political Economy, forthcoming.
"The Cyclical Behavior of Prices" (with Thomas Cooley), Journal of Monetary
Economics, 28, 25-60, 1991.
Edward C. Prescott , Regents' Professor: Ph.D., Carnegie-Mellon University,
1967
Teaching Areas: Macroeconomics; Development
Current Research: Organizations in general equilibrium; Theory of
international income differences; Banking in applied general equilibrium
Recent Publications: "An Equilibrium Analysis with Idle Resources and
Varying Capital Utilization Rates," (with T.F. Cooley and G.D. Hansen),
Economic Theory. 6(1), 33-50, June 1995.
"Economic Growth and Business Cycles," (with T.F. Cooley, Chapter 1 in T.F.
Cooley, ed.,) Frontiers of Business Cycles, Princeton University Press, 1
-38, 1995.
"Barriers to Technology Adoption and Development," (with S. Parente) Journal
of Political Economy, 102, 298-321, April 1994.
Marcel K. Richter, Professor; Ph.D. Massachusetts Institute of
Technology, 1959
Teaching Areas: Theory; Mathematical Economics
Current Research: Rational Choice Theory; General Equilibrium Theory
Recent Publications: "Stochastic Rationality and Revealed Stochastic
Preference," in Preferences, Uncertainty, and Optimality," John S.
Chipman, et al., eds., forthcoming.
"Revealed Preference Theory," in The New Palgrave: A Dictionary of Economic
Theory and Doctrine, John Eatwell, Murray Milgate and Peter Newman, eds.,
1988.
Richard Rogerson, Professor; Ph.D., University of Minnesota,
1984
Teaching Areas: Macroeconomics; Labor Economics
Current Research: Macroeconomics; Labor Economics
Recent Publications: "Homework in Macroeconomics: Household
Production and Aggregate Fluctuations" (with Jess Benhobib and Randall Wright),
Journal of Political Economy, 99, 1166-1187, 1991.
"New Estimates of Intertemporal Substitution: The Effect of Corner Solutions
for Year Round Workers" (with Peter Rupert), Journal of Monetary Economics,
27 , 255-269, 1991.
Vernon
Ruttan, Regents' Professor; Ph.D., University of Chicago, 1952
Teaching Areas: Technology, Growth and Development
Current Research: Economics of Agricultural Development; Technical
Change; Research Policy
Recent Publications: "Induced Innovation, Evolutionary Theory
and Path Dependence: Sources of Technical Change", Economic Journal 107
(September 1997): 1520-1529.
"The New Growth Theory and Development Economics: A Survey," The
Journal of Development Studies, Vol. 35 (December 1998):1-26.
"The Transition to Agricultural Sustainability," The Proceedings of
the National Academy of Science, Vol. 96 [11]:5960-5967, 1999.
Simran Sahi, Assistant Professor; Ph.D., University of
Pittsburgh, 1992
Teaching Areas: International Trade; International Finance;
Microeconomics; Macroeconomics
Current Research: International Trade and Finance
Manuel S. Santos, Professor; Ph. D., University of Chicago, 1984
Teaching Areas: Applied Macroeconomics; Development Economics
Current Research: General Equilibrium Models; Computation; Economic Growth
Recent Publications: "Smoothness of the Policy Function in Discrete-Time Economic Models," Econometrica, 59, no.5, pp. 1365-1382,1991.
"On Endogenous Growth with Physical and Human Capital," (with J. Caballe), "Journal of Political Economy, 101, no. 6, pp. 1042-1067, 1993.
"Rational Asset Pricing Bubbles" (with M. Woodford), Econometrica, 65, no.1, pp. 19-57, 1997.
"Analysis of a Numerical Dynamic Programming Algorithm Applied to
Economic Models", (with J. Vigo), Econometrica, forthcoming.
Craig Swan, Professor; Ph.D., Yale University, 1970
Teaching Areas: Macroeconomics; Housing Policy
Current Research: Housing and Mortgage Markets
Recent Publication: "Demography and the Demand for Housing: A
Reinterpretation of the Mankov-Weil Demand Variable," Regional Science and
Urban Economics, 25, 41-58, 1995.
Jan Werner, Associate Professor; Ph.D., University of Bonn, Germany,
1985
Teaching Areas: Microeconomic Theory, Mathematical Economics; Financial
Economics
Current Research: General Equilibrium Under Uncertainty; Financial
Markets
Recent Publications: "Arbitrage and Existence of Equilibrium in
Infinite Asset Markets," The Review of Economic Studies, 62, 1995.
"Portfolio Characterization of Risk Aversion," Economics Letters, 45,
1994.
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Table of Contents
Minneapolis and St. Paul combine the benefits of a small town--gracious homes,
tree-lined streets, uncrowded lakes and parks--with the cultural and
recreational offerings of a large urban area. The Minneapolis campus, where
the Department of Economics is located, is near downtown Minneapolis. There is
good public transportation. Near the University, where many students reside,
are small shops, inexpensive restaurants, bookstores and theaters.
For more detailed information on the Twin Cities, click on one of these:
Minneapolis
St. Paul
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The Twin Cities are the cultural center of a five-state area. The nationally
acclaimed Guthrie Theater, a number of community theaters, the University's own
theater, and national touring companies provide year-round entertainment.
The musical environment is outstanding. Orchestra Hall and the Ordway Music
Theatre host internationally known conductors and performers. In addition to
classical music programs, there are pop, jazz and rock concerts. The Twin
Cities are home to the Minnesota Orchestra, the St. Paul Chamber Orchestra and
the Minnesota Opera.
The University's Northrop Auditorium offers an annual dance series that
features dance groups from around the country. Movie theaters in the area hold
regular film festivals. The Walker Art Center and the Minneapolis Institute of
Arts display both permanent collections and special exhibits. There are
numerous outdoor festivals during the year. Most notable are St. Paul's Winter
Carnival, the Minneapolis Aquatennial, Riverfest, the Renaissance Festival, and
the Minnesota State Fair (one of the country's largest).
Many of the activities noted here are available to students at a discount.
Nearly all are accessible by public transportation.
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The University's Big Ten teams and the Cities' professional baseball, football
and basketball teams provide a year-round schedule of spectator sports.
Intramural sports at the University offer ample opportunity for students to
participate in team sports; the economics department regularly fields teams in
basketball and soccer.
The Cities offer miles of bicycle paths, hiking and cross-country ski trails,
and easily accessible golf courses and tennis courts. The area abounds with
lakes for swimming, boating, and ice-skating. Hunting, fishing and camping
facilities are plentiful and inexpensive throughout Minnesota.
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DEPARTMENT OF
ECONOMICS
General Information
Click here for Department
History.
For general information about the department, see the department's home
page.
Department of
Economics
Application Materials
For more information or to have application
materials sent to you, send your request to:
Director of Graduate Studies
Department of Economics
1035 Management and Economics Building
271 19th Avenue South
University of Minnesota
Minneapolis, Minnesota 55455
You may also click here
econdgs@socsci.umn.edu to request information by electronic
mail.
Click here to download and print the departmental application for admission.
Click here to download and print the departmental recommendation form. NOTE: You will need three(3) copies of the recommendation form.
UNIVERSITY OF MINNESOTA GRADUATE SCHOOL
General Information
For general information about the University of Minnesota's Graduate School, see
the Graduate School's home page. University of Minnesota Graduate
School
Click here to download the Graduate School Application for Admission
If you have questions regarding Graduate School admission requirements, or would
like to check on the status of your application to the Graduate School, you may
contact them directly at gsadmit@maroon.tc.umn.edu.
HOUSING INFORMATION
Housing Services
If you would like information regarding accommodations, both on and off campus,
please direct your inquiries to:
Housing Services
Comstock Hall-East
210 Delaware Street SE
University of Minnesota
Minneapolis, MN 55455-0307
ph: (612) 624-2994
fax: (612) 624-6987
To correspond by e-mail, send your message to: housing@tc.umn.edu.
Como Student Community Cooperative
University of Minnesota student families, with or without children, or single
parents who have 50 percent or greater legal custody of minor children are
eligible. A marriage certificate or custody document is required. Extended
family members are not eligible for University student family housing (mothers,
fathers, sisters, brothers, adult children, etc.).
For more information and/or an application, send your requests to:
Como Student Community Cooperative
University of Minnesota Student Family Housing
1024 27th Avenue SE
Minneapolis, MN 55414
(612) 378-2434
OFFICE OF THE
REGISTRARClass Schedule
Click here to see the University of Minnesota's Class Schedule
Acceptance of an offer of financial support (such as a graduate scholarship, fellowship, traineeship, or assistantship) for the next academic year by a prospective or enrolled graduate student completes an agreement that both student and graduate school expect to honor. In that context, the conditions affecting such offers and their acceptance must be defined carefully and understood by all parties.
Students are under no obligation to respond to offers of financial support prior to April 15; earlier deadlines for acceptance of such offers violate the intent of this Resolution. In those instances in which a student accepts an offer before April 15, and subsequently desires to withdraw that acceptance, the student may submit in writing a resignation of the appointment at any time through April 15. However, an acceptance given or left in force after April 15 commits the student not to accept another offer without first obtaining a written release from the institution to which a commitment has been made. Similarly, an offer by an institution after April 15 is conditional on presentation by the student of the written release from any previously accepted offer. It is further agreed by the institutions and organization subscribing to the above Resolution that a copy of this Resolution should accompany every scholarship, fellowship, traineeship, and assistantship offer.
The Council of Graduate Schools Resolution can be downloaded via this link. Council of Graduate Schools Resolution
Click here for test dates and registration information on the paper and pencil GRE.
Click here for test dates and registration information on the computer-based GRE.
For more information about TOEFL programs and services, use one of the
following:
Mail:
TOEFL Services
P.O. Box 6151
Princeton, NJ 08541-6151
USA
Phone: 609-771-7100
Fax: 609-771-7500
E-mail: toefl@ets.org
Internet Gopher:
gopher.ets.org
Web page: click here
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