The M.S. in Economics is an innovative two-year program, recognized as a STEM degree, emphasizing frontier training in econometrics and quantitative economics.
The distinguishing features of the program, relative to the Masters in Applied Economics program, are:
(1) the more extensive training in economics permitted by the degree requirement of 45 credits rather than 30 credits, and
(2) the specifically required 15 credits of coursework in intensively quantitative courses.
The program is structured such that a full-time student, with the necessary preparatory background, can complete the course of study in two academic years by taking the appropriate courses during the fall and spring terms.
The Masters of Science (M.S.) Degree Program in Economics offers intensive training in the more technical areas of economics, with a strong focus on the quantitative and empirical aspects. This is recognized in the designation of the degree as a Master of Science (hence a STEM degree) rather than a Master of Arts.
The M.S. program focuses on quantitative and applied economics. Its distinguishing features, relative in particular to the Master in Applied Economics program, are: (1) the more extensive training in economics permitted by the degree requirement of 45 credits rather than 30 credits, and (2) the specifically required 15 credits of coursework in quantitative courses. The program is structured such that a full-time student, with the necessary preparatory background, can complete the course of study in two academic years by taking the appropriate courses during the fall and spring terms.
The M.S. program begins by introducing students to the tools of microeconomics and macroeconomics. A key objective is to provide the students with a solid foundation in microeconomic and macroeconomic theory. However the ability to follow and develop economic arguments, and to supplement existing evidence with additional research, also requires the capacity to understand empirical analyses. Accordingly, the students also study econometric techniques and data analysis. These two courses provide the students with the ability to comprehend the empirical analyses pertinent to the discussion of economic issues and equip them with the skills to undertake original research projects and data analysis. The four core courses may also be prerequisites for the subsequent elective courses.
The elective courses offered in the program, both the quantitative and the applied, are very rigorous. They typically entail the use of relatively advanced textbooks and readings of articles published in professional journals. They generally cover both theoretical and empirical research and analysis, both classic articles and work that is closer to modern frontiers. In many courses, considerable emphasis is given to work currently being conducted by practicing professionals in the respective fields. Students are often required to conduct empirical work as a component of their graded course assignments. They typically write papers and give presentations in addition to exams and fulfilling assigned homework.
A distinguishing feature of the program is the involvement of Georgetown senior faculty in the teaching of the core courses. Our faculty includes leading scholars in macroeconomics, microeconomics, and econometrics, and thus students in the M.S. Economics program are taught the fundamentals of economic analysis from leading experts. Moreover, the program is able to draw on the large community of economists in the Washington, D.C., area to act as instructors of the specialized classes. The unique combination of academics and practitioners who participate as instructors in the M.S. Economics program at Georgetown University provides a high intellectual return for the students.
Course of Study
To complete the M.S. in Economics, students are required to successfully complete 15 courses (45 credits) offered in the program, of which 5 are electives courses in quantitative economics. There is no thesis option or requirement. There is also no required internship component, although students are free to participate in internships or other employment.
The program begins with a mandatory, intensive, two-week course on calculus, linear algebra, probability and statistics (our "math camp") conducted in August, shortly before the formal program begins in the fall semester. The objective of math camp is to review the basic techniques used in economics and econometrics. No credits are granted for this course.
Full-time students take four required core courses – microeconomics, macroeconomics, econometrics, and data analysis – in the fall semester of the first year. These core courses are prerequisites for the subsequent elective courses where the fundamental skills acquired in the core courses are employed. The electives cover a large range of quantitative and applied topics.
Students complete the required 45 credits by taking the four core courses, five electives in quantitative economics, and six electives in applied economics. The four core courses are taught in the fall of the first year, while the electives are taught in the remaining terms. A full-time student will typically take the four core courses in the fall term of the first year, four elective courses each in the spring term of the first year and the fall term of the second year, and three elective courses in the spring term of the second year. Courses are not available in the summer semester. The program can also accommodate part-time students.
The core courses are generally taught by full-time faculty members in the Department of Economics. Elective courses are typically taught by economists with academic expertise and professional experience in the relevant fields.
The fall semester at Georgetown University generally runs from late August to mid-December. The spring semester begins in early January and ends in early May. Classes meet for two and a half hours each week during evenings, late afternoons or weekends, to accommodate the needs of part-time and full-time students.
Econ 554-Data Analysis
Elective courses are taught either by full-time faculty members in the Department of Economics or by economists who work in government, international organizations, think tanks, consulting firms or other research positions in the Washington, D.C. area. These instructors are highly experienced professionals who have deep expertise in the substantive areas in which they offer courses.
The program typically offers the following elective courses in the spring term of the first year, and in the fall and spring terms of the second year:
Empirical Industrial Organization (ECON-582)
Decision and Game Theory (ECON-567)
Program Evaluation (ECON-568)
Business and Public Sector Forecasting (ECON-583)
Advanced Microeconomics (ECON-591)
Advanced Macroeconomics (ECON-592)
Financial Econometrics (ECON-593)
A course is considered as quantitative if it focuses on the rigorous use of mathematical or statistical methods for modeling economic processes, for economic decision making, or for inference based on economic data. Examples include Mathematical Economics, Decision and Game Theory, and Microeconometrics. Before the beginning of each academic year, the Program Director and the Masters Program Committee will evaluate whether a course will be qualified as quantitatively based on its syllabus.
Applied Economics Courses
Political Economy (ECON-555)
Insurance Markets (ECON-570)
Experimental Economics (ECON-590)
Labor Economics (ECON-561)
Industrial Organization (ECON-562)
Public Economics (ECON-563)
International Trade (ECON-576)
International Finance (ECON-577)
Behavioral Economics (ECON-585)
Environmental Economics (ECON-564)
Law and Economics (ECON-565)
Health Economics (ECON-566)
Energy Economics (ECON-569)
Financial Economics (ECON-571)
Monetary Theory and Policy (ECON-572)
Development Economics (ECON-578)
Open-Economy Macroeconomics (ECON-579)
Labor Markets and Policies (ECON-588)
Economics of Aging (ECON-589)
Academic Statement of Purpose;
2 Recommendations (one must be academic);
Entrance Examination Requirements - Official Test Results (GRE);
Foreign Applicant Entrance Examination (TOEFL or IELTS);
Official Transcripts of Academic Coursework and Degrees Earned;
Supplemental Application Materials: CV/Resume;
Supplementary Application Form.
For more information on application procedures please visit: http://grad.georgetown.edu/admissions/application-procedures/