Department of Economics
University of Maryland
College Park, MD 20742

Master of Sciences
Program in Applied Economics

Dr. John Straub, Program Director

Dr. Amanda Kerr, Associate Director

College Park location
1102 Morrill Hall
Program Coordinator:
Kaitlyn Walker
(301) 405-3557

Washington, DC location
1400 16th Street, NW
Suite 140
Washington, DC 20036
Program Coordinator:
Herman Byrd
(202) 525-4308


We offer exactly the same curriculum in both the Washington, DC and College Park versions of our STEM-designated Master of Science 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 operates on a 12-week quarter term-based academic calendar.  The College Park program is on a traditional 15-week semester-based academic calendar.  In Washington, DC, the courses are accelerated 12-week courses that require more work per week than the standard 15-week versions of the same courses in College Park.

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 prefer.  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 Economic Analysis by completing just the first 5 "core" courses of the program.

Mode of Instruction (In-person versus online)
     Our program is fundamentally an in-person program.  Enrollments permitting, we sometimes offer 2 sections of the core courses when we offer them in DC.  The 1st section is taught in person.  The 2nd section of a core course in DC is "mostly online."  The midterm and final exams of our "mostly online" sections must be taken in person in our Washington, DC location.  But all other class meetings are online. 
     With only rare exceptions, all sections of all courses in the College Park version of our program are usually taught in person.

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

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

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

You can also watch an informational video about our program's curriculum. 

Course Descriptions

Core Courses

ECON 641 - Microeconomic Analysis
Prerequisite: Admission to the Master of Science 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.

Fall 2023 (CP) - Kerr (in person)
Fall 2023 (DC) - Finkle (in person)
Spring 2023 (DC) - Finkle (in person)
Fall 2022 (CP) - Finkle (in person)
Fall 2022 (DC) - Chang (in person)
Spring 2022 (DC) - Goodman (in person)
Fall 2021 (CP) - Finkle (section 1 - in person), Chang (section 2 - in person)
Fall 2021 (DC) - Belenkiy
(section 1 - in person), Zimmerman (section 2 - online)
Spring 2021 (DC) - Finkle (section 1, online), Goodman (section 2, online)

ECON 642 - Topics in Applied Macroeconomics
Prerequisite: Admission to the Master of Science 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.

Fall 2023 (CP) - Caines (in person)
Summer 2023 (DC) - Kovanen (in person)
Winter 2022/23 (DC) - Kovanen (in person)
Fall 2022 (CP) - Caines (in person)
Summer 2022 (DC) - Kovanen (in person)
Winter 2021/22 (DC) - Kovanen (section 1, in person), Cuba-Borda (section 2, online)
Fall 2021 (CP) - Ohlmacher (section 1, in person), Caines (section 2, in person)
Summer 2021 (DC) - Kovanen (section 1, online), Ohlmacher (section 2, online)

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.

Fall 2023 (DC) - Danesh (in person)
Fall 2023 (CP) - Straub (in person)
Spring 2023 (DC) - Straub (in person)
Fall 2022 (CP) - Dar (in person)
Fall 2022 (DC) - Straub (in person)
Spring 2022 (DC) - Silverman (section 1, in person)
Fall 2021 (CP) - Straub (section 1, in person), Hisnanick (section 2, in person)
Fall 2021 (DC) - Danesh (section 1, in person), Rumbaugh (section 2, online)
Spring 2021 (DC) - Straub (section 1, online), Zhang (section 2, online)

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.

Summer 2023 (DC) - Belenkiy (in person)
Spring 2023 (CP) - Abbasi (in person)
Winter 2022/23 (DC) - Vlaicu (in person)
Summer 2022 (DC) - Abbasi (in person)
Spring 2022 (CP) - Abbasi (in person), Hegland (in person)
Winter 2021/22 (DC) - Vlaicu (in person), Belenkiy (online)
Summer 2021 (DC) - Belenkiy (online), Vlaicu (online)
Spring 2021 (CP) - Abbasi (online)

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.

Fall 2023 (DC) - Rowe (in person)
Fall 2023 (CP) - Zhang (in person)
Spring 2023 (DC) - Yi (in person)
Fall 2022 (CP) - Zhang (in person)
Fall 2022 (DC) - Tello-Trillo (in person)
Spring 2022 (DC) - Yi (section 1, in person), Zhang (section 2, online)
Fall 2021 (CP) - Zhang (in person)
Fall 2021 (DC) - Yi (section 1, in person), Tello-Trillo (section 2, online)
Spring 2021 (DC) - Tello-Trillo (section 1, online), Yi (section 2, online)

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.

Fall 2023 (DC) - Krestel (in person)
Spring 2023 (CP) - Krestel (in person)
Spring 2023 (DC) - Choi (in person)
Fall 2022 (DC) - Zer Boudet (in person)
Spring 2022 (CP) - Choi (in person)
Spring 2022 (DC) - Zer Boudet (online)
Fall 2021 (DC) - Zer Boudet (online)

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.

Summer 2022 (DC) - Kleiner (in person)
Summer 2021 (DC) - Petek (online)
Summer 2020 (DC) - Petek (online)
Summer 2019 (DC) - Petek (in person)

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.

Summer 2023 (DC) - Kawano (in person)
Spring 2023 (CP) - Zhang (in person)
Winter 2022/23 (DC) - Rowe (in person)
Summer 2022 (DC) - Rowe (in person)
Spring 2022 (CP) - Heggeness (in person)
Winter 2021/22 (DC) - Kawano (in person)
Summer 2021 (DC) - Monarrez (online)

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.

Spring 2023 (CP) - Ovadia (in person)
Spring 2023 (DC) - Grana (in person)
Spring 2022 (CP) - Ovadia (in person)
Spring 2022 (DC) - Grana (in person)
Spring 2021 (DC) - Ovadia (online)
Fall 2020 (DC) - Ovadia (online)

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.

Fall 2023 (DC) - Paek (in person)
Spring 2023 (CP) - Paek (in person)
Fall 2022 (DC) - Chugh (in person)
Spring 2022 (DC) - Burk (in person)
Spring 2021 (CP and DC) - Burk (online)
Fall 2019 (DC) - Burk (in person)

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.

Fall 2023 (CP) - Kim (in person)
Winter 2022/23 (DC) - Dockins and Griffiths (in person)
Fall 2022 (CP) - Kim (in person)
Winter 2021/22 (DC) - Dockins and Griffiths (in person)
Fall 2021 (CP) - Kim (in person)

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.

Fall 2023 (CP) - Payson (in person)
Spring 2023 (DC) - Payson (in person)
Fall 2022 (CP) - Payson (in person)
Spring 2022 (CP) - Payson (in person)
Fall 2021 (DC) - Loungani (in person)
Spring 2021 (CP) - Payson (online)
Spring 2021 (DC) - Herskowitz and Palloni (online)

ECON 677 - International Trade and Applications
Prerequisite: ECON 641 and ECON 644

Students will analyze the causes and consequences of international trade. The course will cover a set of conceptual tools that are useful for understanding “globalization” and the usage of these tools to address interesting and important questions about how countries, firms, and workers respond to international trade.

Summer 2023 (DC) - Tello-Trillo (in person)
Spring 2023 (CP) - McDonald (in person)
Winter 2022/23 (DC) - Tello-Trillo (online)
Summer 2022 (DC) - Belenkiy (in person)
Spring 2022 (CP) - Roch (online)
Winter 2021/22 (DC) - Tello-Trillo (online)
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.

Fall 2023 (CP) - Cuba Borda (in person)
Fall 2023 (DC) - Rumbaugh (in person)
Spring 2023 (DC) - Gholizadeh (in person)
Fall 2022 (CP) - Reyes-Heroles (in person)
Fall 2022 (DC) - Gholizadeh (in person)
Fall 2021 (CP) - Gholizadeh (in person)
Fall 2021 (DC) -
Gholizadeh (in person)

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.

Summer 2023 (DC) - Vilán (in person)
Spring 2023 (CP) - Stuermer (in person)
Winter 2022/23 (DC) - Burk (in person)
Summer 2022 (DC) - Vilán (in person)
Spring 2022 (CP) - Stuermer (in person)
Winter 2021/22 (DC) - Burk (in person)
Summer 2021 (DC) - Vilán (online)

ECON 687 - Economics Applications of R Programming
Prerequisite: ECON 645

Students will build on the data analysis and econometric skills learned in the Empirical analysis sequence of ECON 643, 644, and 645. The STATA skills acquired in that sequence, such as basic data manipulation and econometric estimation, will be extended to the R programming language. The fundamentals of more advanced scientific programming--objects, data structures, loops, functions, simulation, parallel computing--will be introduced with applications to economics and the social sciences. Additional emphasis is placed on good coding practices and tools for version control and collaboration such as Git and R Markdown.

Fall 2023 (CP) - Krestel (in person)
Fall 2023 (DC) - Adams (in person)
Spring 2023 (DC) - Krestel (in person)
Fall 2022 (CP) - Huh (online)
Fall 2022 (DC) - Adams (in person)
Spring 2022 (DC) - Verani (in person)
Fall 2021 (CP) - Huh (online)
Fall 2021 (DC) - Adams (in person)