Index
Index
Economics............................................................................................................. 1
Economics
The School of Analytics, Finance, and Economics offers graduate programs in economics that lead to
both master’s and doctoral degrees. The master’s degrees are designed to be 12-16 month programs in
which the student takes courses in theory as well as an applied specialization. The doctoral program is
built around a core of courses in microeconomics, macroeconomics and econometrics, and allows the
student to specialize in two fields. The coursework towards the doctoral degree is expected to take three
years and the writing of a dissertation one year.
Admission
The overall scholastic record and potential of the applicant for admission is more important than prior
preparation in specific areas of economics. While undergraduate programs in economics are desirable,
the program is open to students whose undergraduate program was in other fields, especially quantitative
fields like math or statistics. However, if a student has not taken intermediate level microeconomics,
macroeconomics, and statistics, remedial work may be required before the student can take the required
courses for the graduate degree.
Application is done online: gradschool.siu.edu/apply/. Additional information about the graduate programs
in economics is available online at https://business.siu.edu/academics/schools/afe/econ/.
This program requires a nonrefundable $65 application fee that must be submitted with the application for
admission to graduate study in economics. Applicants must pay this fee by credit card.
Although the Graduate Record Examination (GRE) is not officially required for admission, the economics
program uses the GRE in funding decisions. Students who seek funding from the program should take
the GRE exam. Information on testing dates and locations may be obtained at ets.org. Scores should
be sent to Southern Illinois University Carbondale marked “Attention: School of Analytics, Finance, and
Economics.” All exam scores must be received before admission.
Evaluations of applicants are based on information from the application form, three letters of
recommendation, transcripts, and other information.
Applicants not admitted to the graduate programs in economics who meet the Graduate School
requirements may register for remedial courses as nondeclared students. Such persons may be
considered for admission to the program at a later date, based on their performance in such remedial
courses. This option is not available to international students.
Foreign applicants whose native language is not English must take the Test of English as a Foreign
Language (TOEFL) or another equivalent test. The graduate programs in economics require that the
applicant achieve a 550 paper score or a 220 computer score or an 80 Internet-based score or above
for admission to the graduate program. The TOEFL must be taken no more than 24 months prior to the
date for which admission is sought. For information concerning TOEFL testing dates and locations, visit
ets.org.
A student with a master’s degree must meet Graduate School admission requirements with a graduate
grade point average of 3.25 (A = 4.0) or better. A student with a bachelor’s degree must meet Graduate
School admission requirements with an undergraduate grade point average of 2.7 or better. After meeting
these requirements the bachelor’s degree student will be initially admitted as a master’s in Economics
student. Upon passing the qualifying exam, taken after the first year of graduate study, the student will be
The master’s degree in Economics program is intended to serve as a terminal degree. A student with a
bachelor’s degree must meet Graduate School admissions requirements with a grade point average of
2.7. Application for entry to the master’s degree in Economics program should be made at the Graduate
School website, gradschool.siu.edu.
Those students who plan to receive the Master’s degree in Economics as a terminal degree are required
to have the following courses:
Research Requirements
A Master of Arts in Economics degree will be awarded upon completion of a research paper and
the course and hour requirements. The research paper is counted as three credit hours as ECON
598. For electronic submission requirements, please go to gradschool.siu.edu/current-students/thesis-
dissertation-researchpaper/etd-overview.php. Here you will find detailed information concerning the
electronic submission requirements. One copy is to be submitted to the School of Analytics, Finance,
and Economics prior to graduation. Under this option, the student must take an additional graduate level
course for three credit hours, as the research paper only constitutes three of the necessary 30 credit
hours.
A Master of Science in Economics degree will be awarded upon completion of a master’s thesis
and the course and hour requirements. The thesis shall be supervised by a committee of at least three
members of the graduate faculty and will be counted for six credit hours as ECON 599. (Thus the thesis
In the student’s first year (Fall/Spring) of graduate work, they will be required to take the following
courses:
At the end of the first year (June), the student will take qualifying examinations over microeconomic
theory and macroeconomic theory. A student will be allowed at most two attempts at passing each
qualifying exam.
Fields of Specialization
A student is required to take two specialized fields in economics. In addition, the student is required to
pass a written examination (after completion of the appropriate course work for credit) in one specialized
field at the end of the second year. The School of Analytics, Finance, and Economics offers the following
fields of specialization: economic development, international economics, monetary theory and policy, and
finance. A student will be allowed to take a field exam at most two times.
Dissertation
Upon successful completion of the coursework and passing of the qualifying and field examinations,
a student will then be admitted to candidacy for the Ph.D. in Economics degree. This will normally
occur after the third year of work. Following this, the candidate, in consultation with their dissertation
chairperson, will form a dissertation committee and develop a proposal. After the proposal is approved,
the student must complete a dissertation based on original research and successfully defend the
dissertation before the faculty.
The student is required to submit their dissertation electronically to the Graduate School. For electronic
submission of dissertations, please go to gradschool.siu.edu/thesisdissertation-research paper/etd-
guidelines. Here the student will find frequently asked questions, as well as information from UMI
(University Microfilm International) regarding electronic submission requirements. One copy of the
dissertation is to be submitted to the School of Analytics, Finance, and Economics prior to graduation.
Differential Tuition
The College of Business and Analytics has a differential tuition surcharge of 15 percent of applicable
tuition for graduate College of Business and Analytics majors. The differential tuition surcharge will be
assessed at the in-state tuition rate and will be capped at 15 credit hours per semester.
Economics Courses
ECON416 - Financial Economics Study the role of money within the financial system, and the role of
the financial system itself in providing risk-sharing, liquidity and information services. An examination
of the bond market, interest rates and the concepts of risk, liquidity, information costs, taxation and
investment maturity. A detailed examination of financial markets, e.g., the markets for stocks, foreign
exchange, and market for financial derivatives. Finally, a more detailed account of why and how financial
institutions and instruments evolve. This course includes a research project in which students formulate a
research question, review literature related to the question, gather relevant data, and provide a research
conclusion using tools learned in this and other courses. The student will communicate their research
findings via a written paper and, if possible, via an oral presentation. Prerequisite: ECON 315 or 341 or
consent of instructor. Credit Hours: 3
ECON429 - International Trade and Finance Analysis of the pattern and volume of world trade and
capital flows; effects of trade and payments on the domestic economy; problems and methods of
adjusting to change in the balance of payments. This course includes a research project in which students
formulate a research question, review literature related to the question, gather relevant data, and provide
a research conclusion using tools learned in this and other courses. The student will communicate their
research findings via a written paper and, if possible, via an oral presentation. Prerequisite: ECON 340
and 341 or consent of instructor. Credit Hours: 3
ECON440 - Price, Output, and Allocation Theories A systematic survey of theories of product prices,
wage rates, rates of production and resource utilization under conditions of competition, monopolistic
competition, oligopoly and monopoly markets. Emphasis is on developing analytical tools useful in the
social sciences. Not open to students who have had Economics 340. Prerequisite: ECON 240 or consent
of instructor. Credit Hours: 3
ECON450 - History of Economic Thought An analytical study of the development of economic ideas,
with special reference to historical and societal context, central thrust, and impact. Such benchmark
figures as Smith, Marx, Marshall, Veblen, and Keynes are highlighted and major schools of economic
thought are identified. Prerequisite: ECON 240 and 241; or 113; or consent of instructor. Credit Hours: 3
ECON465 - Mathematical Economics I A systematic survey of the fundamental mathematical tools for
economic analysis. Topics include functions and their properties, including derivatives and integrals. The
focus is on calculus techniques for optimization and comparative statics analysis. Prerequisite: ECON 340
or 440, and MATH 140 or consent of instructor. Credit Hours: 4
ECON474 - Economic Strategies for Business This course will be concerned with broad principles
of microeconomics that underlie all business decision-making. The main topics discussed may include
the firm's costs, pricing and research and development decisions under different market structures, price
discrimination, strategies of different business practices, information, advertising, decision-making over
time, and decision-making under symmetric information. Prerequisite: ECON 240 or its equivalent or
consent of instructor. Credit Hours: 3
ECON479 - Problems in Business and Economics Application of economic theory and tools of analysis
to practical business problems. Cost and demand functions, and forecasting are analyzed from a policy
standpoint. Prerequisite: ECON 208 and ECON 240 or consent of instructor. Credit Hours: 3
ECON500 - Economics Seminar A study of a common, general topic in the field of economics with
individual reports on special topics. Special approval needed from the instructor. Credit Hours: 3
ECON501 - Economics Readings Readings from books and periodicals in economics. Master's degree
students limited to a total of six hours. Special approval needed from the instructor and chair. Credit
Hours: 1-21
ECON502 - Readings in Resource Economics (See FOR 590). Credit Hours: 1-4
ECON511 - Advanced Mathematical Economics A continuation of topics in 465 with more emphasis
on proofs. Topics include economic applications of integration, differential equations and real analysis.
Prerequisite: ECON 465 or consent of instructor. Credit Hours: 3
ECON520A - Development Theory and Policy The two parts deal with the macroeconomic and
microeconomic aspects of development economics, respectively. 520A topics include theories of
development, structural change, income inequality, natural resources, open economy shocks, and the
political economy of development. Credit Hours: 3
ECON520B - Economic Development Theory and Policy The two parts deal with the macroeconomic
and microeconomic aspects of development economics, respectively. 520B topics include theories and
case studies of famine and famine prevention, gender and development, economics of child labor, and
informal credit markets and microfinance. Prerequisite: ECON 465 and ECON 540A or their equivalent or
consent of instructor. Credit Hours: 3
ECON530 - Foreign Trade This course covers the determinants of the pattern of trade and possible
gains from trade, under both perfect and imperfect competition. It also examines trade policy issues such
as optimal tariffs and the relative merits of alternative trade policies. A number of specific topics are also
covered, for example: foreign direct investment, trade and the environment, and fair trade. Prerequisite:
ECON 465 and ECON 540A or their equivalent or consent of instructor. Credit Hours: 3
ECON533 - Public Finance Theory and Practice Historical development of public finance theories with
analysis of their policy implications. Prerequisite: ECON 330 or consent of instructor. Credit Hours: 3
ECON534 - Economics of Taxation This course examines from a theoretical and applied point-of-view,
various economic aspects of taxation. Other government revenue sources may also be analyzed such as
inter-governmental grants and debt. Emphasis is on application of microeconomic theory to problems in
taxation. Usual topics include: equity in taxation, shifting and incidence of taxes, excess burden of taxes,
other economic effects of taxes, tax reform, debt. Prerequisite: ECON 330 and ECON 340, or ECON 440,
or consent of instructor. Credit Hours: 3
ECON540A - Microeconomic Theory I The course provides the basic theoretical knowledge necessary
for microeconomic research in business and government. Prerequisite: ECON 340 or ECON 440 or
consent of instructor AND MATH 150 or its equivalent or consent from the Director of Graduate Studies in
the Economics Department. Credit Hours: 3
ECON541B - Macroeconomic Theory II Continuation of 541A. Analyzes the ideas of New Classical and
New Keynesians on the determination of national income. Focuses on the impact of rational expectations
and the natural rate hypotheses on the effectiveness of macroeconomic policy. Also included are recent
developments in the area of business cycles. Prerequisite: ECON 541A. Credit Hours: 3
ECON541C - Macroeconomic Theory III Recent developments and major issues in contemporary
macroeconomic theory. Focuses on incorporating uncertainty, stochastic tools and dynamic analysis into
macroeconomic theory. Prerequisite: ECON 541B. Credit Hours: 3
ECON542A - Industrial Organization I A study of the variety of forms of competition among firms.
Topics include theories of the firm, oligopoly theory, theories of entry, product differentiation and
innovation. Prerequisite: ECON 440 and ECON 441. Credit Hours: 3
ECON542B - Industrial Organization II A survey of government policy toward industry. Topics include
antitrust: mergers, concentration and unfair trade practices, regulation of public utilities, peak load pricing,
product, safety and environmental regulation. Prerequisite: ECON 440 and ECON 441. Credit Hours: 3
ECON545 - Resource Economics A survey of theoretical and institutional aspects of energy production,
distribution, consumption and regulation. Topics covered include cartel theory, history of energy use,
theory of resource exhaustion, models of energy demand and supply, past and current policy issues, and
environmental protection. Prerequisite: ECON 440 or consent of instructor. Credit Hours: 3
ECON552 - Seminar in Economic Thought An exploration of the basic philosophic assumptions which
underlie the various types of economic thought with special emphasis upon the historical development of
the premises of modern day economic theories. Credit Hours: 3
ECON567B - Econometrics II Further topics in the theory and application of single equation econometric
models including model specification, data problems, large sample results, non-spherical disturbances,
heteroscedasticity and autocorrelation. Topics in time series analysis include unit root tests and ARIMA
model building. Prerequisite: ECON 465 and ECON 567A or consent of instructor. Credit Hours: 3
ECON567C - Econometrics III Topics covered are systems of regression equations; models for panel
data; simultaneous equations models; time series models; VAR; causality, cointegration, error correction
model among others; and estimation and inference in models with discrete and limited dependent
variables, i.e., Probit and Logit models, censored regression models and Tobit analysis. Prerequisite:
ECON 567B or consent of instructor. Credit Hours: 3
ECON575A - Econometric Theory I Topics include: probability theory; asymptotic theory; linear
regression; likelihood ratio, Lagrange multiplier, and Wald tests; stochastic processes; ARIMA models;
unit root tests, cointegration, spurious regression, and spurious trend; ARCH models; VAR models; and
other topics to be determined by the instructor. Prerequisite: ECON 567B or consent of instructor. Credit
Hours: 3
ECON580B - Welfare Measurement A study of the theory and methods of constructing economic
measures of price, quantity and other welfare indicators. Prerequisite: ECON 540A, ECON 540B and
ECON 465 or consent of instructor. Credit Hours: 3
ECON598 - Research Paper Preparation of a research paper for a Master's degree. Special approval
needed from the instructor. Credit Hours: 1-3
ECON599 - Thesis Minimum of four hours to be counted toward a Master's degree. Graded S/U only.
Credit Hours: 1-6
ECON600 - Doctoral Dissertation Hours and credit to be arranged by director of graduate studies.
Graded S/U only. Credit Hours: 1-16
ECON601 - Continuing Enrollment For those graduate students who have not finished their degree
programs and who are in the process of working on their dissertation, thesis, or research paper. The
student must have completed a minimum of 24 hours of dissertation research, or the minimum thesis, or
research hours before being eligible to register for this course. Concurrent enrollment in any other course
is not permitted. Graded S/U or DEF only. Credit Hours: 1
ECON699 - Postdoctoral Research Must be a Postdoctoral Fellow. Concurrent enrollment in any other
course is not permitted Credit Hours: 1
Economics Faculty
Becsi, Zsolt, Associate Professor, Ph.D., University of Wisconsin-Madison, 1991; 2003. Public finance,
macroeconomics.
Dai, Chifeng, Associate Professor, Ph.D., University of Florida, 2003; 2005. Industrial organization, public
economics, law and economics, and applied econometrics.
Gilbert, Scott, Associate Professor, Ph.D., University of California-San Diego, 1996; 1999. Econometrics,
applied macroeconomics.
Kebede, Hundanol, Assistant Professor, Ph.D., University of Virginia, 2020; 2021. International
economics, development economics.
Emeriti Faculty
Färe, Rolf, Professor, Emeritus, Docent, University of Lund, Sweden, 1976; 1978.
Grabowski, Richard, Professor, Emeritus, Ph.D., University of Utah, 1977; 1979.
Mitchell, Thomas M., Associate Professor, Emeritus, Ph.D., Brown University, 1984; 1983.
Myers, John G., Professor, Emeritus, Ph.D., Columbia University, 1961; 1977.
Primont, Daniel, Professor, Emeritus, Ph.D., University of California, Santa Barbara, 1970; 1978.
Sharma, Subhash C., Professor, Emeritus, Ph.D., University of Kentucky, 1983; 1983.