Economics

2011-12 General Catalog

401 Engineering 2
(831) 459-2743
http://economics.ucsc.edu

Program Description

An understanding of economics is a vital component of a liberal arts education and a necessity for anyone interested in such areas as business, environmental policy, welfare reform, unemployment, international competitiveness and trade, or transformations in the global economy.

The programs offered by the UCSC Economics Department are designed to acquaint students with the broad range of issues studied by economists and with the tools they use. The department offers the following majors:

Economics B.A.

Business management economics B.A.

Global economics B.A.

The department also offers the following combined majors:

Economics/Mathematics B.A.

Environmental studies/Economics B.A.

Latin American and Latino studies/Global economics B.A.

A minor in economics is also available.

The economics curriculum begins at the introductory level; no specific high school preparation is required. All economics majors study a substantial core of economic theory and mathematical and statistical methods, and then choose among a wide variety of upper-division electives.
Economics majors may combine their upper-division elective choices in a variety of ways to achieve specialization in a number of possible areas, including environmental economics, public policy, political economy, international economics, economic development, and quantitative methods.

General Requirements

Admission into an Economics Major and Minor

The Economics Department administers four undergraduate majors: economics, business management economics, global economics, and economics/mathematics. The admission requirements are the same for all four.

Students must take two courses prior to petitioning for entry to an economics major: Economics 1 (Introductory Microeconomics) and Economics 2 (Introductory Macroeconomics). Students who have a combined grade-point average (GPA) of 2.8 or better in Economics 1 and 2 will be admitted to the economics major upon applying. Courses for which the grade of W (withdraw) is given are not counted in the computation of the average grade for those two courses. If courses 1 and 2 are repeated, the department will only consider the grades from the first attempt in determining whether students qualify for admittance into the major. Students are encouraged to apply to the major as soon as they have satisfactorily completed these two courses. Equivalent courses may be taken at other universities or community colleges. Students should check on assist.org for already established equivalency agreements. Transfer students are strongly encouraged to have these requests reviewed by the department prior to matriculation at UCSC, since an offer of admission to UCSC does not automatically imply admission to the economics major.

Students may petition for admission to the major by filling the Petition for Major/Minor Declaration and the UCSC Academic Planning form and by supplying evidence of their grades in the two pre-major courses.

Students who have a GPA lower than 2.8 in Economics 1 and 2 are not eligible for admission to the major. Students not eligible for the economics majors may appeal by submitting a letter to the Economics Department. Appeals are rarely granted. The appeal letter must be filed no later than the third week of the fall quarter in the student’s junior year. Please check the department web site (http://econ.ucsc.edu) for guidelines on the appeal process.

Students are strongly encouraged to take courses 1 and 2 for letter grades. In the case of courses taken on a Pass/No Pass basis, the department will use unofficial grades assigned by the instructor but not reported to the Office of the Registrar, in its assessment of eligibility for the major.

The Economics Department offers a minor in economics. Students who have a combined GPA of 2.8 or better in Economics 1 and 2 are eligible to declare the minor in economics.

Major Disqualification Policy

Students are expected to maintain good academic standing in the major. Only courses with a grade of P or a letter grade of C or better will satisfy the major requirements. Students who fail any of the upper-division core courses (Economics 100A [or 100M], 100B [or 100N], and 113) twice will be disqualified from the major. Disqualified students will be notified no later than by the first day of instruction in the subsequent quarter following the disqualifying failure. The Office of the Registrar and the student’s college will be notified of the disqualification. Similar to the major admission appeals process, students may appeal their disqualification by submitting a letter to the Economics Department. This letter must explain the poor performance in upper division courses and the appeal must be filed no later than 15 days after the disqualification notification was mailed, or the 10th day of classes in the quarter of their disqualification, whichever is later.
Core Requirements for All Economics Majors

Economics 1 and 2, 11A, 11B, 100A (or 100M), 100B (or 100N), 113, and Applied Mathematics and Statistics 5 are required for all economics majors and are prerequisites for most upper-division courses. Students are urged to complete these courses as soon as possible. Students who are committed to the major early in their academic career, should plan to complete at least Economics 1, 2, 11A, 11B, and preferably 100A, 100B, and 113 by the end of their sophomore year. Students are also encouraged to choose the letter grade option when taking these courses.
.

Mathematics and Statistics Content Requirement

Mathematics: Successful completion of Economics 11A and 11B, also offered as Applied Mathematics and Statistics 11A and 11B, (or equivalent) is required of all economics majors and is prerequisite to Economics 100A (or 100M), 100B (or 100N), and 113. Therefore, students are advised to take Economics 11A and 11B or their equivalent as early as possible in their undergraduate career. Mathematics 11A-B and 22 or 23A, or 19A-B and 22 or 23A, are acceptable equivalents to Economics 11A and 11B. Students may also complete the mathematics requirement by taking Mathematics 11A or Mathematics 19A, and then Economics 11B or Applied Mathematics and Statistics 11B. Students planning to do graduate work in economics or business should seriously consider more intensive mathematical training; consult an adviser.

Statistics: Applied Mathematics and Statistics 5

Comprehensive Requirement

The comprehensive requirement may be satisfied in one of the following ways: 1) by passing the intermediate core courses with grades of C or better (Economics 100A or 100M, 100B or 100N, 113); 2) by completion of a senior thesis with consent of an instructor.

Note that item 2 (senior thesis) has been rare. Most students who write a senior thesis have already met the comprehensive requirement.

Disciplinary Communication (DC) Requirement

Students of every major must satisfy that major's upper-division Disciplinary Communication (DC) requirement. The DC requirement in economics is satisfied by completing ECON 197, Economic Rhetoric.

Minor Requirements

Students earn a minor in economics by completing all of the requirements for the major with the following differences:

The number of additional upper-division courses is reduced from five to three.
There is no comprehensive requirement.
Economics 191, 192, 193, 193F, 198, and 198F may not be used to meet minor requirements.

Independent Study

Students are encouraged to petition for independent study on topics of special interest to them. Economics 199, Tutorial, may be used as only one of the upper-division courses required for the major or minor.

Field-Study Program

The Economics Department offers its majors the opportunity to integrate their academic knowledge with career-related work. The field-study program places students in internships under the supervision of a faculty sponsor and a professional at the workplace. Students can select from a wide variety of field placements such as accounting firms, community non-profits, government agencies, brokerage firms, marketing agencies, banks, and businesses in Santa Cruz and beyond. Students apply for field study a quarter in advance. Participation in the field-study program requires at least junior standing, completion of courses 100A (or 100M), 100B (or 100N), and 113 as well as good academic standing. Students may earn a maximum of 10 academic credits and complete up to two quarters in a field placement. A field study requires 12 hours per week spent working on internship duties. Time spent toward the academic requirements set by the faculty sponsor is not included in the 12 hours spent at the field placement.

Along with the training and supervision by a professional at the workplace, students receive guidance from a faculty sponsor who directs their academic project. Students earn credit through the completion of this project and the job supervisor’s evaluation of performance. Economics field-study courses (193 and 198) do not satisfy any upper-division requirements for the major and are available as Pass/No Pass only.

Interested students should make an appointment or stop by the Economics Field Study office at 401A Engineering 2; or call (831) 459-5028; or e-mail econintern@ucsc.edu. Web address: http://econ.ucsc.edu.

Transfer Students

A student transferring to UCSC may fulfill some of the requirements for the major by completing equivalent courses, with a grade of C or better, at another recognized institution. Please refer to the section on Admission to the Major and Minor for specific admission requirements for the Economics majors. Students should check on assist.org for already established equivalency agreements between UC and the California community colleges. For courses not already articulated through assist.org, transfer students must present their Transfer Credit Summary (available on the student portal) and course syllabi or descriptions to an Economics Department adviser. The department approves courses applicable for economics prerequisites and major requirements. All transfer students must complete the senior comprehensive requirement at UCSC. Economics and global economics majors must take at least three of their upper-division economics electives at UCSC. Business management economics majors must take at least four of their upper-division economics electives at UCSC, one of which must be 101, 133, or 135. Courses taken for credit elsewhere may not be repeated for credit here.

Combined Majors

The Economics Department offers the following combined majors: economics/mathematics, environmental studies/economics, and Latin American and Latino studies/global economics. Requirements for these majors may be reviewed under their separate entries in this catalog.

Economics Program Description

Economics is the study of a vast range of human behavior and its social implications, ranging from how individuals and businesses make financial and consumption decisions to how society organizes production and makes allocation decisions over time and place.

Economics majors study a substantial core of economic theory and mathematical and statistical methods. Focusing on these two areas provides the foundation for graduate studies in economics. The required core courses may also be combined with electives in a general economics major program especially suitable for students who plan either to enter law school or to go into more specialized programs emphasizing areas such as applied economics, environmental economics, public policy, political economy, international economics, economic development, and quantitative methods.

Economics Major Requirements

Students who major in economics are required to take the following courses:

1Introductory Microeconomics: Resource Allocation and Market Structure

2Introductory Macroeconomics: Aggregate Economic Activity

11AMathematical Methods for Economists I (or equivalent)

11BMathematical Methods for Economists II (or equivalent)

100AIntermediate Microeconomics

(or 100M Intermediate Microeconomics, Math Intensive)

100BIntermediate Macroeconomics

(or 100N Intermediate Microeconomics, Math Intensive)

113Introduction to Econometrics

197 Economic Rhetoric

Applied Mathematics and Statistics 5 Statistics

and five additional upper-division economics courses, at least three of which must be selected from the following:

104Is There Truth in Numbers: The Role of Statistics in Economics

105Macroeconomic Theory

106Evolutionary Thought in the Social Sciences

114Advanced Quantitative Methods

120Economic Development

121Economic Growth

125Economic History of the U.S.

126Why Economies Succeed or Fail

128Poverty and Public Policy

130Money and Banking

137Performing Arts in the Public and Private Economy

140International Trade

141International Finance

142Advanced Topics in International Finance

143Policy Issues in the International Economy

148Latin American Economies

149The Economies of East and Southeast Asia

150Public Finance

152Setting Domestic Priorities

153Cost-Benefit Analysis

156Health Care and Medical Economics

159The Economics of Organizations

160AIndustrial Organization

160BGovernment and Industry

165Economics as an Experimental Science

166AGame Theory and Applications I

166BGame Theory and Applications II

169Economic Analysis of the Law

170Environmental Economics

171Natural Resource Economics

175Energy Economics

180Labor Economics

183Women in the Economy

184Labor Wars in Theory and Film

185The Value and Support of the Arts: Challenges and Opportunities in American Society

189Political Economy of Capitalism

190Senior Proseminar

Courses 191, 192, 193, 193F, 198, and 198F may not be used to meet major requirements. Either course 195 or 199 may be used to fill one of the five upper-division major requirements. Other electives are listed under the Business Management Economics program description.

Business Management Economics Program Description

The business management economics major provides students who are interested in careers in business or management with a foundation in economics and a selection of applied fields related to business management. Particular areas of strength of the program are accounting, finance, and technology management. This course of study prepares students for entrance into the business world or admission to graduate programs—either the master’s program in applied economics and finance at UCSC or graduate programs in business and management at other universities.

The program provides a business and management education embedded within a broader economics and liberal arts context and is closely related to the economics and global economics majors and the information systems management major.

The UCSC business management economics curriculum begins at the introductory level; no specific high school preparation is required. All majors study a substantial core of economic theory and mathematical and statistical methods, and they are then able to choose among a wide range of business and management electives.

This major has several important elements. First, it combines the strong analytic approach of economics with the technical aspects of management. Second, it recognizes that computing is intrinsic to business and is an essential skill for those who wish to enter this field. Students in this major gain knowledge about using computing as a tool of analysis for economic, statistical, and financial data. Third, the major offers field placements (arranged with the economics field-study program coordinator) which provide an excellent way to apply academic economics, business, and management to issues and problems in the real world; they provide marketable skills as well as important job contacts.

In cooperation with the UC Education Abroad Program (EAP), opportunities are available for students to take some business courses (taught in English) in Europe, Mexico, and Hong Kong. Students should ask the Economics Department for additional information about these programs.

Students who are committed to the major early in their academic career should plan to complete Economics 1, 2, 10A, 10B, 11A, 11B and preferably 100A, 100B, and 113 no later than the end of their sophomore year.

Business Management Economics Major Requirements

Introductory and core requirements. Students who major in business management economics are required to take the following courses:

1Introductory Microeconomics: Resource Allocation and Market Structure

2Introductory Macroeconomics: Aggregate Economic Activity

10AEconomics of Accounting (or equivalent, see under General Requirements)

10BEconomics of Accounting (or equivalent, see under General Requirements)

11AMathematical Methods for Economists I (or equivalent)

11BMathematical Methods for Economists II (or equivalent)

100AIntermediate Microeconomics

(or 100M Math Intensive Intermediate Microeconomics)

100BIntermediate Macroeconomics

(or 100N Math Intensive Intermediate Macroeconomics)

113Introduction to Econometrics

197 Economic Rhetoric

Applied Mathematics and Statistics 5 Statistics

Computer literacy requirement. Students must complete a minimum of two courses from the following list (with department approval, a student may substitute other computing courses):

Computer Engineering

12/LComputer Systems and Assembly Language

80NIntroduction to Networking and the Internet

Computer Science

10Introduction to Computer Science

12A/LIntroduction to Programming

5CIntroduction to Programming in C++ (formerly CMPS 60 N)

5JIntroduction to Programming in Java (formerly CMPS 60 G)

5PIntroduction to Programming in Python

80BSystems and Simulation

Technology and Information Management

50Business Information Systems

58Systems Analysis and Design

Linguistics

80GIntroduction to Unix

Economics

216Applied Econometric Analysis I (with permission of instructor)

Note: Students with no prior programming experience are encouraged to take Computer Science 5J and Computer Science 10 rather than Computer Science 12A/L.

Upper-division electives. Students are required to take six additional courses: four in business management and two other economics electives. Students must choose four courses from the following list; at least one of the four must be a course designated with an asterisk (*).

*101Managerial Economics

110Managerial Cost Accounting and Control

111AIntermediate Accounting I

111BIntermediate Accounting II

112Auditing and Attestation

115Introduction to Management Sciences

117ATax Factors for Individuals

117BTax Factors for Business and Investment

119Advanced Accounting

131International Financial Markets

*133Security Markets and Financial Institutions

*135Corporate Finance

136Business Strategy

138The Economics and Management of Technology and Innovation

139AEconomics of Electronic Commerce

139BE-Commerce Strategy

161AMarketing

161BMarketing Research

164Economics and the Telecommunications Industry

188Management in the Global Economy

194Advanced Topics in Management

Students must choose the remaining two courses from the upper-division economics electives listed for the economics major (see preceding page).

Courses 191, 192, 193, 193F, 198, and 198F may not be used to meet major requirements. Either course 195 or 199 may be used to fill one of the six upper-division major requirements.

Field study. One quarter of field study is strongly recommended. Placements and credit for course 193 or 198 are arranged through the economics field-study coordinator. See above under Field-Study Program description.

Global Economics Program Description

Global economics is an interdisciplinary major designed to prepare students to participate in the global economy; the program aims to deepen the student’s knowledge of economics within a culturally and linguistically diverse world. The major is particularly useful to students contemplating careers at home or overseas in international relations, in international business, or with international organizations. Hence the major requires overseas study, regional area study, and second-language proficiency in addition to the basic economics requirements.

The UCSC global economics curriculum begins at the introductory level; no specific high school preparation is required. The global economics major program is closely related to the economics major program. See above under the general economics program description for more information.

Global Economics Major Requirements

Introductory and core requirements. Students who major in global economics are required to take the following courses:

1Introductory Microeconomics: Resource Allocation and Market Structure

2Introductory Macroeconomics: Aggregate Economic Activity

11AMathematical Methods for Economists (or equivalent)

11BMathematical Methods for Economists (or equivalent)

100AIntermediate Microeconomics

(or 100M Math Intensive Intermediate Microeconomics)

100BIntermediate Macroeconomics

(or 100N Math Intensive Intermediate Macroeconomics)

113Introduction to Econometrics

197Economic Rhetoric

Applied Mathematics and Statistics 5 Statistics

Students are strongly recommended to complete courses 100A (or 100M), 100B (or 100N), and 113 prior to study abroad. In addition, majors must have language study, area study, and overseas study, as described below.

Courses 191, 192, 193, 193F, 198 and 198F may not be used to meet major requirements. Either course 195 or 199 may be used to fill one of the five upper-division major requirements.

Upper-division requirements. Five additional upper-division courses are required. Please see courses listed under the Economics and Business Management majors as well. These may include approved courses offered by other departments.

At least one of the five courses must be selected from the following three:

120Economic Development

140International Trade

141International Finance

In addition, at least one course must be chosen from the following departmental listings:

Economics

120Economic Development

126Why Economies Succeed or Fail: Lessons from Western and Japanese History

131International Financial Markets

140International Trade

141International Finance

142Advanced Topics in International Economics

148Latin American Economies

149The Economies of East and Southeast Asia

188Management in the Global Economy

Latin American and Latino Studies

140Rural Mexico in Crisis

168Economic History of Latin America

169Latin American Industrialization in a Global Perspective: Past, Present, Future

Politics

140BComparative Post-Communist Politics

176International Political Economy

Sociology

163Global Corporations and National States

167Development and Underdevelopment

The other three required upper-division electives are determined by the student’s interests. See advisers for details.

The global economics major has three additional elements:

Foreign Language Study: The global economics major requires a foreign language since students who plan to work in the larger world must have fluency in a language other than English. This language should be relevant to their regional area of interest. Students can meet this requirement by completing two years of university-level language courses or by demonstrating an equivalent level of competence through a recognized language test.
Area Study: The major requires students to take two additional courses selected from the offerings of departments other than economics in order to learn about the history, political economy, or culture of some other part of the world. These can be lower- or upper-division courses; the courses should focus on the area of the student’s language study and overseas study. The Economics Department provides a list of approved courses; substitute courses are welcomed when they are part of the student’s overseas program or from other UCSC departments, but must be approved by the adviser for the global economics major.
Study Abroad: All students are required to spend at least one term abroad in an approved course of study in their regional area of concentration; students may also choose a year-long program. Typically, a student will do this through the UC Education Abroad Program (EAP). Numerous overseas study sites are available through EAP. Students desiring to fulfill their required study abroad through EAP must apply directly to the EAP office for the selected program and are subject to the admission requirements determined by UC EAP. In countries and at universities where EAP programs are not available, students may make their own arrangements for study with the permission of the director of the program. Students may use the time abroad to further their language study, to meet the area study course requirements, to meet some of the upper-division economics course requirements, or to take courses unrelated to the major. Students who are not accepted to an overseas program or who cannot meet the language or area course requirements are advised to complete the general economics major as an alternative.

Combined Economics/Mathematics Program Description

The major in Economics and Mathematics is designed to meet the needs of undergraduate students who plan to pursue doctoral study in economics or business, or who wish to pursue a career as an actuary or other professional requiring a sophisticated understanding of economics and mathematics. The major combines the main undergraduate content of both Economics and Mathematics within a programmatic structure that joins the two disciplines. It provides a coursework combination required to prepare for an economics doctoral (Ph.D.) program, or for a group of technically demanding professional careers.

Economics/Mathematics Major Requirements

In addition to completing the University’s general education requirements, students must complete 17 courses: 12 required (60 credits) and 5 electives (25 credits). The required courses include:

Economics Required Courses

1 Introductory Microeconomics: Resource Allocation and Market Structure

2 Introductory Macroeconomics: Aggregate Economic Activity

100A or 100M Intermediate Microeconomics

100B or 100N Intermediate Macroeconomics

113 Introduction to Econometrics

197 Economic Rhetoric

Applied Mathematics and Statistics 5, Statistics

Economics elective courses

(choose three from the following list)

101 Managerial Economics

104 Is There Truth in Numbers: The Role of Statistics in Economics

114 Advanced Quantitative Methods

115 Introduction to Management Science

120 Economic Development

125 Economic History of the U.S.

126 Why Economies Succeed or Fail

128 Poverty and Public Policy

130 Money and Banking

131 International Financial Markets

133 Security Markets and Financial Institutions

135 Corporate Finance

136 Business Strategy

137 Performing Arts in the Public and Private Economy

138 Economics and Management of Technology and Innovation

139A Economics of Electronic Commerce

139B E-Commerce Strategy

140 International Trade

141 International Finance

142 Advanced Topics in International Finance

148 Latin American Economies

149 The Economies of East and Southeast Asia

150 Public Finance

160A Industrial Organization

161A Marketing

164 Economics and the Telecommunications Industry

165 Economics as an Experimental Science

169 Economic Analysis of the Law

170 Environmental Economics

171 Natural Resource Economics

175 Energy Economics

180 Labor Economics

183 Women in the Economy

184 Labor Wars in Theory and Film

188 Management in the Global Economy

189 Political Economy of Capitalism

Mathematics required courses

Mathematics 19A Calculus for Science, Engineering, and Mathematics

Mathematics 19B Calculus for Science, Engineering, and Mathematics

Mathematics 21 Linear Algebra

Mathematics 22 Calculus of Several Variables or 23A-B, Multivariable Calculus

Mathematics 100 Mathematical Proof

Mathematics 105A Real Analysis

Mathematics electives

(choose two from the following list)

Mathematics 106 Systems of Ordinary Differential Equations

Mathematics 107 Partial Differential Equations

Mathematics 114 Introduction to Financial Mathematics

Mathematics 117 Advanced Linear Algebra

Mathematics 145/L Chaos Theory

Mathematics 194 Senior Seminar

Applied Mathematics and Statistics 114 Introduction to Dynamical Systems

Applied Mathematics and Statistics 131 Introduction to Probability Theory

Applied Mathematics and Statistics 132 Statistical Inference

Applied Mathematics and Statistics 147 Computational Methods and Applications

Applied Mathematics and Statistics 162 Design and Analysis of Computer Simulation Experiments

Comprehensive Requirement

In addition to successfully completing program requirements, students need to satisfy the comprehensive requirement for this major; this can be satisfied by one of the following options:

Mathematics 194 or 195;
by passing the three intermediate core courses with grades of C or better: (Economics 100A or 100M, 100B or 100N, and 113); or
by completion of a senior thesis in economics with consent of an instructor: (Economics 195, Senior Thesis).

Disciplinary Communication (DC) Requirement

Students of every major must satisfy that major's upper-division Disciplinary Communication (DC) requirement. The DC requirement in economics is satisfied by completing ECON 197, Economic Rhetoric.

Major Admission Requirements

Although there are no specific requirements, high school students are encouraged to take four years of high school mathematics and an economics class. Transfer students are encouraged to complete as many lower-division (mathematics and economics) courses as they can at their junior college.

The admission requirements for the economics/mathematics major are the same as for the other economics major programs.

Major Disqualification Policy

Students are expected to maintain good academic standing. Only courses with a grade of P or a letter grade of C or better will satisfy the major requirements. Students who fail any of the upper-division core courses (Economics 100A (or 100M), 100B (or 100N), and 113; and Mathematics 100 and 105A) twice will be disqualified from the major. Students who are disqualified will be notified no later than the first day of instruction in the subsequent quarter, as well as the student’s college and the Office of the Registrar.

Students may appeal their disqualification by submitting a letter to the Economics Department. This appeal must be filed no later than 15 days after the disqualification notification was mailed, or the 10th day of classes in the quarter of their disqualification, whichever is later.

Additional Preparation for the Major

Students interested in the combined major must meet a minimum GPA requirement in Economics 1 and 2. Transfer students should check assist.org for agreements with California community colleges about economics and mathematics courses. Students who have met all articulations before transferring will need at least six economics and four to five mathematics classes at UCSC to complete the major.

Honors in the Major

The Economics Department considers for honors and highest honors students who have completed a major program with superior or exceptional work. Honors decisions are made by the department's Honors and Scholarship Committee.

At the end of each quarter, faculty teaching the upper-division core courses submit to the department a list of students in their respective classes whose performance is at the honors level. At the time of graduation, all students who received an honors designation in one or more of these courses are reviewed by the department’s honor committee, narrative evaluations are included; the committee reviews all files. The faculty committee looks for a record of excellence in courses offered towards the major, with a strong performance in the upper-division core (theory and econometrics—courses 100A/M, 100B/N, and 113) being a necessary condition for honors. Although a GPA is not computed for the economics courses, in general highest honors are awarded to students who have received a grade of at least an “A” throughout their economics program. Honors are awarded to students who have no more than two courses with grades of less than an “A-.” Students who have completed a portion of the major at another institution may be asked to submit a transcript for evaluation.

Students interested in being reviewed for honors may request that the department conduct a review, and such requests are always granted.

In general, honors have been awarded to between 10 and 15 percent of each year’s graduating class.

Graduate Programs

Master’s Program in Applied Economics and Finance

The master of science (M.S.) program in applied economics and finance is designed for students who wish to supplement their undergraduate work in economics with analytical graduate training that prepares them for careers in business, government, international and domestic banking, consulting firms, and nonprofit organizations. The program is unique in its focus on graduate-level economics training for practical application and its emphasis on communication skills. The curriculum stresses the application of micro and macro concepts, statistical techniques, finding and using data sources, working out substantial practical applications, developing writing and reporting skills, and presenting material orally before an audience. The program differs from typical master of business administration (M.B.A.) programs by preparing students to meet the increasing technical demands of private- and public-sector employers through comprehensive course work in economic analysis.

The Economics Department has restructured the M.S. program in Applied Economics and Finance into a one-year program. However, the department is not accepting applications for fall 2012. If you would like to be included on a mailing list to receive information concerning when new applications might be accepted, please send your name and contact information to econ_grad_coor@ucsc.edu.

Ph.D. Program in Economics

The Ph.D. program in economics provides students with training in modern microeconomics, macroeconomics, and econometrics, combined with specialized training in the fields of international finance and international trade and options to pursue specializations in economic development, monetary economics, applied microeconomics, experimental economics, and other areas. The core emphasis of the program is on international finance and international, and the program offers more intensive course work in these areas, as well as greater faculty depth in various aspects of international economics, than do traditional Ph.D. programs in economics that offer international economics as a single subfield. However, the department is also home to a large number of internationally recognized faculty whose work is outside of international and who regularly supervise Ph.D. students. Graduates of the program have conducted research on a wide variety of topics; examples include monetary economics, experimental economics, environmental economics, and economic growth and development as well as international economics.

Courses and Program Requirements

Courses and Program Requirements
Year	Fall	Winter	Spring
1st (frsh)	204A Advanced Micro Theory	204B Advanced Micro Theory	204C Advanced Micro Theory
	205A Advanced Micro Theory	205B Advanced Micro Theory	205C Advanced Micro Theory
	210B Math Methods Econ Analysis	211B Advanced Econometrics	211C Advanced Econometrics
	211A Advanced Econometrics		212 Empirical Project
			Micro and Macro Prelim Exams
2nd (soph)	220A Development Economics: Theory and Cases	220B Development Economics: Theory and Cases	221B Advanced Monetary Economics II
		221A Advanced Monetary Economics I
	240A Advanced International Trade	240B Advanced International Trade	240C Advanced International Trade
	241A Advanced International Finance	241B Advanced International Finance	241C Empirical Applications
	212 Empirical Project	243* History of International Economy	Trade and Finance Field Paper
3rd (jr)	295A Directed Reading	295B Directed Reading	295C Directed Reading
	296A Third-Year Seminar	296B Third-Year Seminar	296C Third-Year Seminar
	Qualifying Exam (QE)
4th (sr)	298 Dissertation Research	298 Dissertation Research	298 Dissertation Research
	297A Independent Study	297B Independent Study	297C Independent Study
			Last quarter to challenge QE without academic probation

*ECON 243 is not offered every year; it may be taken in the 2nd or 3rd year. ECON 220A, 220B, 221A, 221B not necessarily offered every year.

Course requirements are satisfied by a letter grade of B or better or a grade of S (satisfactory). A letter grade of C in a course is not satisfactory for meeting a course requirement for the Ph.D. program.

Preliminary Requirements

Preliminary examinations are given in two parts: one test in micro theory and one test in macro theory. Students are expected to pass both examinations before the beginning of their second year. Preliminary examinations are currently offered in June and September, although scheduling is subject to change.

In the spring quarter of the first year and again in the fall quarter of the second year, each student must enroll in Economics 212. An econometrics paper is due at the end of the first full week of fall quarter of the second year. A field paper (in finance or trade) is due by the end of June in the second year of the program. The graduate handbook of the department details the evaluation procedure for the econometrics and the field papers.

Students who do not pass both preliminary examinations, the econometrics paper, and the field paper requirements will not be allowed to continue in the Ph.D. program.

Qualifying Examination

Advancement to candidacy for the Ph.D. degree requires completion with satisfactory grades or better of the required coursework, preliminary examinations, the econometrics paper, the field paper, and the oral examination. The oral examination is taken after all other requirements have been completed. A student cannot advance to candidacy before clearing any incomplete grades from their record.

Dissertation

The final requirement for the Ph.D. degree is acceptance of the student’s dissertation under the rules of the Academic Senate. A three-member dissertation advisory committee, headed by the student’s research adviser, evaluates the dissertation for the department. The dissertation advisory committee must be approved by both the Economics Ph.D. Committee and the Graduate Council. The committee may require a formal public defense of the dissertation.

[Return to Top]

Revised: 8/13/12