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Program requirements
First year
Second year
Third year
Fourth year and beyond
Grade point average (GPA)
Minor field requirement
Master's degree
Minors for students outside the Department of Economics
Major field requirements

August 2005

I. INTRODUCTION

PROGRAM GOALS

We expect graduates to be prepared for careers in economic research. Therefore, the Ph.D. program seeks to provide students with a solid understanding of economic theory, econometrics, and one or more fields of research within economics. First and second year courses provide training in basic theory and econometrics as well as exposure to work in various fields. Dissertation research during the third and fourth years of the program serves as a primary vehicle for developing research skills.

PROGRAM ORGANIZATION

The graduate program in economics is administered by the Graduate Admissions and Aid Committee and the Director of Graduate Studies. The Graduate Admissions and Aid Committee is responsible for admitting graduate students and allocating departmentally administered financial aid among both incoming and continuing graduate students. The Director of Graduate Studies monitors student progress in the graduate program and reviews departmental policy involving the graduate program.

The Graduate Advisor is the students' most important resource for information concerning the program. Any questions about the program should be initially directed to the Graduate Advisor, Ilona Loser, in the graduate office, 7234 Social Science.

SPECIFIC PROGRAM REQUIREMENTS

The graduate program contains a series of requirements. In most cases, the deadlines for satisfying these requirements occur at the end of semesters. Students who fail to meet specific deadlines receive sanctions. The least severe sanction is probationary status. Students on probation may not be nominated by the department for any fellowships, awards, or honors. Students who are significantly behind in the program may be given restricted status. Like students on probation, restricted students may not be nominated for awards, but in addition, restricted students are not allowed to serve as graders, teaching assistants or lecturers in the department unless all available positions have been offered to each non-restricted student seeking financial support. Students who are not on probation or restricted status are classified as students in good standing. Finally, students who fail to meet certain crucial deadlines will be terminated from the program.

Students placed on probation will remain so for at least the balance of the current semester. Students will be restored to good standing following this period if they are in compliance with all program requirements.

Students placed on restricted status will remain so for at least the balance of the current semester and one additional semester. Students will be restored to good standing following this period if they are in compliance with all program requirements.

The following section describes the sequence of the most important program requirements and the sanctions associated with failure to meet specific deadlines.

II. IMPORTANT STEPS IN THE PROGRAM

FIRST YEAR

In the first year of study students should take the core courses in economic theory and econometrics. These courses include:

703 - Mathematical Economics
709 - Economic Statistics and Econometrics I
710 - Economic Statistics and Econometrics II
711 - Economic Theory - Micro I
712 - Economic Theory - Macro I
713 - Economic Theory - Micro II
714 - Economic Theory - Macro II

Fall Semester: Economics 703, 709, 711, 712.
Spring Semester: Economics 710, 713, 714.

NOTE: Econ 703 reviews calculus and linear algebra and then covers Kuhn-Tucker optimization theory, elementary set theory, and elementary topology. Some students with exceptional math backgrounds may be exempt from this requirement. Faculty will review each student's mathematics background and make a recommendation as to whether the student should enroll in 703.

Most students satisfy the econometrics requirement through completion of Economics 709-710. Students with exceptional preparation in econometrics may be permitted to enroll in Economics 715-716 without completing 709-710.

Students who fail to complete the first year classes with an average grade of BC or better by the end of the second semester will be on probation.

In late July following the first year of study, all students must take the Microeconomics and Macroeconomics Preliminary Examinations. The examinations are drawn from material taught in the first year theory courses, but may include material not covered in the first year.

A student may pass micro, or macro, or both, or neither. The prelim committees may consider grades in the Advanced Microeconomics (711,713) or Advanced Macroeconomics (712,714) as well as exam performance when assigning prelim grades. Students who fail the micro and/or macro preliminary examinations will normally be allowed to re-take the relevant prelim(s) in January.

Students who fail to take either prelim exam during July following the first year will be on restricted status.

SECOND YEAR

By the end of the fourth semester, students should have

(1) Completed 703, 709, 711, 712, 710, 713, 714, 880.
(2) Passed both the Macro and Micro Preliminary Examinations.

Students who fail to complete these requirements by the end of their fourth semester will be terminated. (In rare cases, some students will be prepared to take the prelim exams without taking the first year classes. Student falling into this category may petition the Director of Graduate Studies for relief from the first year course requirements. )

During the second year, students are expected to choose a major field and take field classes. The Department offers major fields of concentration in: Advanced Microeconomic Theory, Econometrics, Industrial Organization, International Economics, Labor Economics, Macroeconomics and Monetary Economics, and Public Economics. Students must also enroll in a field workshop during the second year for at least 1 credit each semester. Students must enroll in Econ 880 (Quantitative Economic Policy) in the fall semester of their second year.

Further, students spend a portion of their second year of graduate study engaged in research activity in their major field. Students are required to report their findings in a field paper that is due at the beginning of their fifth semester.

THIRD YEAR

From the beginning of the fifth semester, students must enroll in their major field workshop every semester. Further, they must meet all requirements of the particular workshop. Students who fail to do so will be placed on probation.

The other requirements for third year students involve the field paper in which the student conducts original research and produces a paper of publishable quality. Students must also submit a three signature proposal. This proposal, which is produced in consultation with a major professor, contains a thesis plan including statement of problem, source materials, research methods, time line and a tentative outline of the dissertation. A three signature proposal should be viewed as an agreement by the faculty to supervise the student's dissertation. The exact requirements for each three signature proposal will be determined by the supervising faculty.

(1) Students should submit a field paper no later than the beginning of the fifth semester. This paper must be approved by the faculty in their major field. Students should consult with the field coordinator for specific deadlines concerning submissions of field paper drafts.

(2) Students who do not receive a passing grade on their field paper by October 15th of their fifth semester will be on probation.

(3) Students who do not receive a passing grade on their field paper by December 15th of their fifth semester will be placed on restricted status.

(4) Students who do not receive a passing grade on their field paper by May 1 of their sixth semester will be terminated.

(5) Students must complete a signed three signature proposal by March 15 of the sixth semester. Students who fail to meet this deadline will be placed on probation.

(6) Students who fail to complete a signed three signature proposal by July 15 of their sixth semester will be placed on restricted status.

FOURTH YEAR AND BEYOND

(1) Students who have failed to complete a signed three signature proposal by May 15 of their eighth semester will be terminated.

(2) Beginning in the eighth semester, each student must submit an annual satisfactory progress report to the Director of Graduate Studies on May 1. Satisfactory Progress Reports should contain the status of thesis chapters, expected date of graduation, and signatures from each member of the thesis committee. Students who do not file the report will be placed on probation.

(3) Students who fail to file satisfactory progress reports in two consecutive years will be terminated.

(4) Students should expect to defend their thesis in a final oral examination by August 30 of their 10th semester. The final oral examination provides an opportunity for the student to present the final draft of their work and for faculty examiners to assess the quality of the work. For specific information regarding the final defense you should consult with the Graduate Advisor. Students who fail to defend their dissertation by August 30 of the 10th semester will be placed on probation.

(5) Students who do not pass their final oral examination by August 30 of their 12th semester will be placed on restricted status.

(6) Students who do not pass their final oral examination within a 5 year period following the completion of all prelims (micro, macro, and the field paper) will be terminated.

Appeals/Waivers of Deadlines

Any student may petition the Director of Graduate Studies for a waiver of any penalty associated with failure to complete some aspect of the program.

III. OTHER PROGRAM REQUIREMENTS

Grade Point Average (GPA) - Both the Department of Economics and the Graduate School require that students maintain a cumulative grade point average of at least 3.0 (on a 4.0 scale). In computing GPA the Graduate School does not utilize plus or minus grades. The Department does recognize grades of plus and minus although they are not reported to the Graduate School. Departmental GPAs are used in departmental decisions concerning honors, awards, and standing in the program. Students failing to maintain a 3.0 GPA in the University or in the department will be placed on probation.

The following table shows the relation between the internal grading system used by the department and the grading system used by the Graduate School.

Department	University
A+ = 4.33	Shown on transcript as an A = 4.00
A = 4.00	Shown on transcript as an A = 4.00
A - = 3.67	Shown on transcript as an A = 4.00
AB = 3.50	Shown on transcript as an AB = 3.50
B+ = 3.33	Shown on transcript as a B = 3.00
B = 3.00	Shown on transcript as 3.00
B- = 2.67	Shown on transcript as 3.00
BC = 2.50	Shown on transcript as 2.50
C+= 2.33	Shown on transcript as 2.00
C = 2.00	Shown on transcript as 2.00
C - = 1.67	Shown on transcript as a C = 2.00

Minor Field Requirement - The Department requires that a minor field be completed as part of the Ph.D. program. This requirement is designed to provide greater breadth by exposing students to another body of knowledge and in some cases to provide greater depth by exposing students to a complementary field of inquiry. At the more practical level, the minor may serve as an alternative area for thesis research and as an additional teaching field for students taking academic positions.

Grades of B- or better must be received in courses used to fulfill the minor field requirements. In addition, the minor field must be completed in order to obtain dissertator status.

The Department of Economics is responsible for approving the minor. The minor should be coherent and demonstrate a focused effort in one or two concentrations. Minors may include course work outside the Department of Economics. For specific information on the minor students should consult the Graduate Advisor.

Dissertator Status - A student must pass the preliminary examinations, the field paper requirement, and complete their minor field course work before the Graduate School will grant a student dissertator status. Once a student obtains dissertator status, course load may not exceed 3 credits.

Oral Thesis Defense - The Graduate School has specific rules regarding the oral defense, and these rules create considerable paperwork. One month prior to a planned defense, students should consult with the Graduate Advisor for requirements and procedures related to the oral defense.

Graduate Student Representatives - Each year, graduate students will elect two representatives. These representatives will meet regularly with the director of graduate studies (under normal circumstances, about once a semester) to discuss the graduate program. Graduate students will also elect a representative to the TA review committee.

Master's Degree Route to the Ph.D. - Students may receive a master's degree after having successfully qualified in economic theory and completed the major field preliminary examination. Because special opportunities exist for students with a UW-Madison master's degree (for instance, eligibility for a particular fellowship or a higher pay rate for summer Federal internships), Ph.D. students are encouraged to obtain this degree.

Master's Degree in Economics for Students not seeking the Ph.D.
Students not seeking the Ph.D. may receive a Master's Degree by satisfying the following requirements.

(1) Admission as a Ph.D degree candidate by the Department of Economics Graduate Admissions and Aid Committee.

(2) Completion of 24 credits of graduate work in economics, including those specified under (3) and (4) below, with a grade point average of 3.0 or better. Work not taken in this Department must be approved by the Director of Graduate Studies. Students seeking a master's degree in conjunction with enrollment in a related graduate program must complete at least 18 credits in Economics which are not counted toward another degree.

(3) Completion of 6 credits of graduate economic theory with a grade of B- or better in each course.

(4) Completion of a graduate course in economic statistics (ordinarily Economics 709) with a grade of B- or better.

Prior to completing these requirements, students should see the Graduate Advisor and complete a Master's Request Form. The Department issues the Master of Science degree.

Minors for Students Outside the Department of Economics - Graduate students in other departments who seek a minor in Economics as part of their Ph.D. program should obtain the appropriate minor agreement forms from their department. As a rule, a set of four courses in Economics (12 credits) taken as a graduate student will be approved. At least one course should be in the theory sequence (711-714), along with three appropriate doctoral level courses at the 600-900 level. Not more than one course may be a reading course, workshop, or seminar. The minor field must be approved by the Director of Graduate Studies. Grades of B- or better are required for each of the four courses in the minor.

MAJOR FIELD REQUIREMENTS

2004-05
ECONOMETRICS

REQUIRED COURSES
Two courses are required for the Econometrics field. All students must take Economics 715 (Econometric Methods I), typically offered in the fall semester. The second course can be selected from one of the following: Economics 716 (Econometric Methods II), Economics 717 (Applied Econometrics I), Economics 718 (Applied Econometrics II), Economics 719 (Econometrics Statistics and Econometrics III) or Economics 836 (Applied Macroeconometric Analysis). The specific content of these courses will vary from year-to-year.

RECOMMENDED COURSES
Many students in econometrics have benefited from courses outside of the Economics department, primarily courses in the Mathematics and Statistics Departments. However, this is not required for specialization in the Econometrics field. Students should discuss course options with their advisor and/or the field coordinator.

PAPER REQUIREMENT
All students must complete an acceptable research paper. In accordance with the Graduate Program Guidelines, the paper must be completed by October 15 of the third year in order to remain in good standing. Students should select a faculty advisor to supervise their field paper by March of the second year, and should submit a first draft to their advisor by mid-summer. A committee of faculty members in the field will determine whether papers are acceptable.

The paper should be written as if it were submitted to a refereed economics journal. A passing field paper must be viewed as suitable for publication, possibly upon revision. Students will be expected to present field papers in the econometrics workshop.

WORKSHOP
The Economics 913-914 Workshop in Econometrics is required of all students in the third year and beyond. Requirements for the workshop will be discussed at the start of each semester. Third-year students will be expected to present their field papers. Fourth-year students (and above) will be expected to present a paper once during the year.

2004-05
INDUSTRIAL ORGANIZATION

REQUIRED COURSES
Two courses are required for the Industrial Organization field: Economics 761: Industrial Organization Theory, and Economics 762: Empirical Analysis of Industrial Organization and Public Policy. Economics 761 will be offered in the Fall and Economics 762 will be offered in the Spring.

RECOMMENDED COURSES
. Econ 809 which is a topics course sporadically taught by Ray Deneckere in the Spring semester.

. Economics 715 and 716 (mainly cross sectional econometrics). A thesis in empirical Industrial Organization should not be attempted without thorough econometrics training.

. Math Econ and Dynamic Programming.

PAPER REQUIREMENT
All students must complete an acceptable research paper by October 15th of their third year. A draft copy of the paper should be submitted ahead of this time (so that revisions can be made in light of comments given). A committee of faculty members in the field will determine whether papers are acceptable.

WORKSHOP
The Economics 903-904 Workshop on Industrial Organization is required of all students in the third year and beyond. To pass the workshop requires: 1) regular attendance; 2) certification by one industrial organization faculty member that satisfactory progress is being made in their dissertation research; and 3) a presentation.

2004-05
INTERNATIONAL ECONOMICS

The basic courses normally taken by majors in International Economics are Economics 871, 872, and 873 or 874. However, passing into the International Field requires only the successful completion of Economics 871 and 872, as well as the successful completion of the field paper. All students in the International Field are expected to enroll in Economics 977-978, Workshop in International Economics, during their third and subsequent years as graduate students.

ECONOMICS 871: Advanced International Trade. This is the core graduate introduction to the real or pure part of international economics. It covers general-equilibrium models of trade with perfect and imperfect completion, multinational firms, growth, and various forms of policy intervention, with an emphasis on theory but also considering the evidence. Typical enrollment: 15 graduate students. Prerequisites: Economics 711 and 713. Economics 871 need not be taken before 872, but should be taken before 873 or 874.

ECONOMICS 872: Advanced International Macroeconomics. This is the core graduate introduction to international finance and macroeconomic relations. It focuses on determinants of international balances, real and nominal exchange rates, real macroeconomic variables in open economies and on the behavior of international asset markets and asset prices. It surveys theoretical approaches and empirical evidence. Typical enrollment: 15 graduate students. Prerequisites: Economics 712 and 714. Economics 872 may be taken before 871, and should be taken before 873 or 874.

ECONOMICS 873: Topics in Advanced International Trade. This course covers current lines of new research in international trade. A sample of topics from recent offerings includes models of the political economy of protection, theories of international trade agreements, and trade and the environment. Prerequisites: 871 and 872. Typical enrollment: 6 to 10 graduate students.

ECONOMICS 874: Topics in Advanced International Macroeconomics. This course covers current lines of new research in international macroeconomics. Topics might include new open economy macroeconomic models, models of balance of payments crises, choice of exchange-rate regime, and empirical work on behavior of monetary and financial variables in advanced open economies or emerging markets. Prerequisites: 871 and 872. Typical enrollment: 6 to 10 graduate students.

ECONOMICS 977 - 978: Workshop in International Economics. Registration and participation in the weekly workshop and the lunch-time seminar is expected of all third year students and beyond and is welcomed for first year and second year students. Workshop presentations feature current research by students, faculty and visiting speakers. To receive credit, each student must make one presentation per year. This can be either a full seminar presenting original research, or a lunch-time presentation of a paper to be agreed on by the student and the participating faculty. Typical attendance: 15-20 students, 6-10 faculty.

INTERNATIONAL FIELD PAPER: To pass into the International Field, a student must successfully complete a field paper on a topic in international economics. To be acceptable as a field paper in the International Economics Field, the paper must be viewed by the International faculty as suitable for presentation in a full seminar for the International Workshop Series. Field papers in International are due at the end of August.

2003-04
LABOR ECONOMICS

1. Satisfactory performance (a grade of B or S or better) in Economics 750, Economics 751, and Economics 955/956 (Workshop in Labor Economics).

2. Completion of an original research paper suitable for publication. The paper may evolve from a course paper or may be done independently. A standard for fulfilling this requirement is that the paper be considered publishable, with allowance for revision, in a suitable journal. The evaluation of the paper is carried out by a faculty committee, which has at least one faculty member in the Labor field. Papers judged to be unacceptable but promising may be returned for revision, with final submission by the Friday before Thanksgiving.

Note: If Econ 751 is not offered in Spring 2005, Econ 742 (Brown) or Econ 762 (Carranza) will serve as a substitute course.

2004-05
MACROECONOMICS and MONETARY ECONOMICS

COURSES
The major field in Macroeconomics and Monetary Economics requires that students take four courses in macro and macro-related fields. Specifically, students are required to take one or two macro field courses and two or three courses in related fields. (When two macro field courses are offered, both are required.). The macro field courses are Economics 836 and Economics 879. Courses in related fields are determined on a case-by-case basis by the field coordinator.

FIELD PAPER
The field paper is to be written as if it were submitted to a refereed economics journal, and, to be acceptable, must viewed as suitable for publication, possibly after undergoing revision. The deadline for the first draft is specified on a year-by-year basis, but it is usually around June 15th. Three copies of the paper must be submitted to the field coordinator in macroeconomics. If the macro faculty feels that even after specified revisions the draft is unlikely to be an acceptable piece of research, the student will be so informed within three weeks. If the faculty feels that after specified revisions the draft may be an acceptable piece of research, the draft will be returned for specified revisions. In this case, the student will be assigned a primary faculty advisor to work with in revising the paper.

A revised version of the paper is due by the third Friday in August. The macro faculty as a whole, and not just the primary faculty advisor assigned to work with the student, will evaluate this paper. Once again, the faculty may decide that the paper is satisfactory, fail the student without giving the option to further revise the paper, or fail the student but allow further revisions. In the last case, an acceptable paper must be turned in no later than the Monday before Thanksgiving.

WORKSHOP
Economics 965-966: Workshop in Macroeconomics and Monetary Economics is required of all students in the third year and beyond. To pass the workshop requires regular attendance, at least one presentation on research work in progress, and certification by one of the faculty teaching macro that the student is making satisfactory progress in their dissertation research.

2004-05
MICROECONOMICS

REQUIRED COURSES
Two courses are required for the Advanced Microeconomics field: Economics 805, Advanced Microeconomic Theory I, typically offered in the fall semester, and Economics 806, Advanced Microeconomic Theory II, typically offered in the spring semester.

RECOMMENDED COURSES
Additional courses may be appropriate, depending upon one's area of research, and should be selected in consultation with the field coordinator. Possibilities include Economics 606 (Mathematical Economics II), Economics 607 (Mathematical Economics III), Economics 809 (Topics in Microeconomic Theory) or selected courses in economics or mathematics.

PAPER REQUIREMENT
All students must complete an acceptable research paper. In accordance with the Graduate Program Guidelines, the paper must be completed by October 15 of the third year in order to remain in good standing. The first draft of the paper should be submitted by the end of the fourth semester in order to allow ample time for revision. A committee of faculty members in the field will determine whether papers are acceptable and whether students should continue in the microeconomics field. Students will be expected to present successful field papers in the theory workshop or lunch.

WORKSHOP
The Economics 901-902 Workshop on Microeconomic Theory is required of all students in the third year and beyond. To pass the workshop requires: 1) regular attendance; 2) certification by one faculty member that satisfactory progress is being made in their dissertation research; and 3) a presentation in the workshop or in the theory lunch.

2004-05
PUBLIC ECONOMICS

COURSES
Graduate courses in Public Economics include: Economics 741: Theory of Public Finance I; Economics 742: Theory of Public Finance II; Economics 743: Taxation; Economics 744: Public Expenditure and Regulatory Analysis; Economics 745: State, Local and Intergovernmental Economics; Economics 746: Economics of Social Insurance; Economics 845/846: Topics in Public Finance; Economics 848: Seminar on Health Economics and Economics 968/969: Public Economics Workshop.

Economics 741 and 742 are required for a major in Public Economics.

FIELD PAPER
To complete the requirements for the public economics major, each candidate must submit a paper for review by members of the examining committee. The paper must demonstrate capacity to advance the state of knowledge on a specific and well-defined question in the field. That capacity will include an ability to identify a question of interest (for policy, theory, or empirical testing) and relevant parts of literature, and significant progress toward addressing the research question. Students will identify a primary faculty reader from the Public Economics faculty, who agrees to act as an advisor on the field paper.

QUALIFYING AS A PUBLIC ECONOMICS MAJOR
The Public Economics faculty will meet as a committee to consider all candidates wishing to qualify as Public Economics majors. Course grades in Public Economics courses and the performance on the field paper will be considered in determining whether students will qualify. A satisfactory mark from the primary reader of their field paper is a necessary, though not sufficient, condition for qualifying as a Public Economics major.

WORKSHOP
Majors will be required to register for and participate in the Economics 968-969: Public Economics Workshop for a minimum of two semesters

 

APPROVAL DEADLINES FOR MAJOR PROGRAM REQUIREMENTS

	Probation	Restricted	Terminated
Theory Prelims		(Must take) summer following 1st year	(Must pass) End of the 4th semester
Field Paper	Oct.15 of 5th semester	Dec. 15 of 5th semester	May 1 of 6th semester
Three Signature Proposal	March 15 of 6th semester	July 15 of 6th semester	May 15 of 8th semester
Defense of Thesis	August 30 of 10th semester	August 30 of 12th semester	Within 5 years of passing all prelims