Department of Economics
University of Maryland
College Park, MD 20742

Master of Professional Studies
Program in Applied Economics

Dr. John Straub, Program Director
Straub@econ.umd.edu

College Park location
1102 Morrill Hall
Program Coordinator:
Hardeep Chowdhary
(301) 405-3557
CPmasters@econ.umd.edu

Washington, DC location
1400 16th Street, NW
Suite 140
Washington, DC 20036
Program Coordinator:
Eileen Kramer
(202) 525-4308
DCmasters@econ.umd.edu

Courses

We offer exactly the same curriculum in both the Washington, DC and College Park versions of our program.  All courses are 3-credit masters-level courses.  Details of any course will vary depending on the instructor, but the fundamental content and level of rigor for any course is the same whether taught in Washington, DC or College Park. 

The Washington, DC and College Park versions of our program are on different academic calendars.  The Washington, DC program's academic calendar is on a quarter-system.  The College Park program is on a traditional semester-based academic calendar.  In Washington, DC, the courses are accelerated 12-week 3-credit courses that require more work per week than the university's standard 15-week 3-credit courses.

Students can complete the DC-based version of our program in as little as 15 months by taking 2 courses per quarter.  Students are also free to pursue the degree at a slower pace if they wish.  Full-time students in College Park complete the degree in 2 academic years.  Students in College Park or Washington, DC can earn a Graduate Certificate of Economics Analysis by completing just the first 5 "core" courses of the program.

Standard course sequences for students in each version of our program are provided in the next 2 links.  Individual course descriptions are provided below. 

Standard Course Sequences

Washington, DC Program: Quarter-based Academic Calendar (15-month plan)

College Park Program: Semester-based Academic Calendar (2 academic years)

Course Descriptions

Core Courses


ECON 641 - Microeconomic Analysis
Prerequisite: Admission to the Master of Professional Studies Program in Applied Economics

This course covers microeconomic analysis applied to public policy problems with an emphasis on practical examples and how they illustrate microeconomic theories.  Policy issues such as pollution, welfare and income distribution, market design, industry regulation, price controls, tax policy, and health insurance are used to illustrate the abstract principles of microeconomics.

Syllabi
Fall 2017 (CP) - Finkle
Fall 2017 (DC) - Epstein
Spring 2017 (DC) - Epstein
Fall 2016 (CP) - Finkle
Fall 2016 (DC) - Epstein
Spring 2016 (DC) - Straub


ECON 642 - Topics in Applied Macroeconomics
Prerequisite: Admission to the Master of Professional Studies Program in Applied Economics

In this course, focus is on applied macroeconomic models used by federal agencies to explain and predict economic behavior.  Course emphasizes macroeconomic data:  NIPA accounts, GDP, construction and application of CPI, labor force data, and economic indicators.  Students will also study a selected set of current macroeconomic topics including models of economic growth, economic fluctuations, monetary policy, the Great Recession, inflation, and financial markets.

Syllabi
Winter 2017/2018 (DC) - Bresnahan
Fall 2017 (CP) - Barry
Summer 2017 (DC) - Aladangady
Winter 2016/2017 (DC) - Bresnahan
Fall 2016 (CP) - Barry


ECON 643 - Empirical Analysis I:  Foundations of Empirical Research
Prerequisite: Admission to the Master of Professional Studies Program in Applied Economics

Fundamental aspects of data management and interpretation emphasizing sampling, descriptive statistics, index numbers and construction of aggregated variables. Students will learn basic probability theory and statistics. The course will include an introduction to simple regression analysis using STATA statistical software.

Syllabi
Fall 2017 (CP) - Straub
Fall 2017 (DC) - Gregory
Spring 2017 (DC) - Straub
Fall 2016 (CP) - Straub
Fall 2016 (DC) - Gregory


ECON 644 - Empirical Analysis II:  Introduction to Economic Models
Prerequisite: ECON 643

An introduction to econometric methods with applications to public policy analysis. Primary focus on application and interpretation of multiple regression analysis.

Syllabi
Summer 2017 (DC) - Belenkiy
Spring 2017 (CP) - Steinbaum
Winter 2016/2017 (DC) - Vlaicu
Summer 2016 (DC) - Belenkiy


 
ECON 645 - Empirical Analysis III:  Econometric Modeling and Forecasting
Prerequisite: ECON 644

Refinements and generalizations of multiple regression analysis. Topics can include: panel data methods, instrumental variables, quasi-experimental methods, time series analysis, limited dependent variables, and sample selection corrections.

Syllabi
Fall 2017 (DC) - Tello-Trillo
Fall 2017 (CP) - McGraw
Spring 2017 (DC) - Tello-Trillo
Fall 2016 (DC) - Tello-Trillo


Field Courses

 
ECON 670- Financial Economics

Prerequisite: ECON 641 and ECON 644 (can be taken concurrently with ECON 644)

This course applies microeconomic theory and applied econometric techniques to the study of financial institutions and markets for financial assets. Students will learn how economists model and estimate the value of financial assets. The economic and empirical models are of interest to public policy makers and private wealth managers. Specific topics can include financial intermediation, the regulation of financial institutions, risk management, portfolio theory, the capital asset pricing model and the efficient markets hypothesis.

Syllabi
Spring 2017 (CP) - Dasgupta
Spring 2017 (DC) - Dasgupta
Fall 2016 (DC) - McAdams


ECON 671 - Economics of Health Care
Prerequisite: ECON 641 and ECON 645 (can be taken concurrently with ECON 645)

This course is an examination of the structure, conduct, and performance of the health care market including physician services, the pharmaceutical industry, the hospital market, and health insurance using quantitative and analytic economic tools.  Special emphasis is on regulatory response to market imperfections.

Syllabi
Fall 2017 (CP) - TBA
Summer 2017 (DC) - Richard
Winter 2016/2017 (DC) - Richard
Summer 2016 (DC) - Richard


ECON 672 - Program Analysis and Evaluation
Prerequisite: ECON 641 and ECON 645

This course examines various methods of program evaluation including randomized and nonrandomized (retrospective) evaluations. The focus is on evaluation design and implementation including needs assessment, process evaluation, and cost benefit analysis.

Syllabi
Summer 2017 (DC) - Hsu
Summer 2016 (DC) - Nunn
Winter 2015/2016 (DC) - Nunn


ECON 673 - Information, Game Theory and Market Design
Prerequisite: ECON 641 and ECON 644 (can be taken concurrently with ECON 644)

This course focuses on strategic decision-making and the theory and practice of market design.  Topics include experimental economics, spectrum auctions, labor markets, electricity markets, and environmental auctions.

Syllabi
Spring 2018 (CP) - Ovadia
Fall 2017 (DC) - Ovadia
Spring 2016 (DC) - Higgins and Stocking


ECON 674 - Economic Analysis of Law
Prerequisite: ECON 641 and ECON 644 (can be taken concurrently with ECON 644)

This course applies microeconomic theory to the analysis of legal rules and institutions.  Topics include property rights, externalities, contract theory, bargain theory, remedies, industrial organization, patents, damages, and antitrust.

Syllabi
Spring 2017 (CP) - Barry
Fall 2016 (DC) - Burk


ECON 675 - Environmental Economics
Prerequisite: ECON 641 and ECON 645 (can be taken concurrently with ECON 645)

This course develops a framework for an economic assessment of environmental problems and policy design with respect to market failures and the valuation of environmental resources.  Focus is on policy issues, economic incentives, and instruments and valuation of nonmarket goods.

Syllabi
Winter 2017/2018 (DC) - Dockins and Griffiths
Fall 2017 (CP) - Kim
Winter 2016/2017 (DC) - Dockins and Griffiths
Spring 2015 (DC) - Dockins and Griffiths


ECON 676 - Economic Development
Prerequisite: ECON 641, ECON642 and ECON 644 (can be taken concurrently with ECON 644)

The course will focus on the consequences of poverty and poor institutions for the behavior and welfare of individuals, households, firms and the aggregate economy in developing countries. Theoretical models and empirical evidence will be used to understand the intended and unintended consequences of policies designed to enhance economic development.

Syllabi
Spring 2017 (CP) - Ouattara
Spring 2017 (DC) - Troland
Spring 2016 (DC) - Goldston


ECON 683 - International Macroeconomics and Finance
Prerequisite: ECON 642 and ECON 644 (can be taken concurrently with ECON 644)

Economic analysis of international macroeconomic issues and policy. Topics can include the study of exchange rates, balance of payments, international financial markets, international business cycles, contagion, and the roles played by international economic institutions.

Syllabi
Fall 2017 (CP) - TBA
Fall 2017 (DC) - Epstein
Spring 2017 (DC) - Epstein
Fall 2016 (DC) - Epstein
Spring 2016 (DC) - Epstein


ECON 684 - Applied Time Series Analysis and Forecasting
Prerequisite: ECON 642 and ECON 645

Students will learn the theory of stationary processes and how it applied to econometric techniques for estimation and forecasting based on time series data. The techniques will be applied in macroeconomic, financial and business applications.

Syllabi
Spring 2018 (CP) - TBA
Winter 2017/2018 (DC) - Burk
Summer 2017 (DC) - Teixeira Ferreira
Winter 2016/2017 (DC) - Burk
Summer 2016 (DC) - Epstein