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Academics

Program

Purdue Quad

Students take a minimum of 15 courses (30 credit hours), of which 14 credit hours are covered by Required Courses.  Students specialize in at least one of four areas by earning at least 8 credit hours in that area.  Students have the option of pursuing more than one specialization, such as obtaining specializations in both financial economics and business and data analytics.  Other courses can be taken as free electives. The program can be completed in as little as two academic years (20 months). Students begin the program in August or January. Courses usually last eight weeks. Students have the option to study part-time or full-time.

Courses

The credits for each course are reported in parentheses.

Required Core Courses: Theoretical and Applied Concepts

Econometrics I (ECON 56200)

This masters-level course in econometrics covers the tools that will enable students to conduct empirical analysis using economics data. The course examines the statistical techniques used in testing economic theories, estimating casual effects, and making predictions. Emphasis is placed on estimating a single equation (e.g., a demand function) and the problems associated with such estimation. As part of the course, students will estimate equations using STATA, a statistical software package.

Intermediate Economics I (Micro) (ECON 51100)

This is a course in Microeconomics at an intermediate level. It is designed to provide an introduction to elements of microeconomic theory which are applicable to a range of decision-making and policy problems in public and private sectors. In this course, we will develop and apply some of the basic theories of consumer and producer behavior and strategic interactions in markets. You will learn how to approach issues from an economic perspective and gain an understanding of the microeconomic tools that will be used in subsequent courses.

Intermediate Economics II (Macro) (ECON 51200)

This course examines how the US economy functions and develops a theoretical framework permitting an analysis of the forces affecting national income, employment, unemployment, interest rates, and the rate of inflation. Emphasis is placed upon the role of government fiscal and monetary policy in promoting economic growth and stable prices. Throughout the semester we will discuss both the theory and the empirical evidence on aggregate macroeconomic measures; consumption, savings, and investment; labor supply and demand; employment and unemployment; economic growth; money and banking; and macroeconomic stabilization techniques.

Econometrics II (ECON 59000)

This course begins by reviewing basic concepts in probability, mathematical statistics and linear algebra. The purpose of this review is to provide a suitable foundation so that the student can obtain a better and more rigorous understanding of the linear regression model, its representation and assumptions, procedures for estimation and properties associated with the familiar OLS estimator.  Once the mathematical preliminaries have been reviewed, we move on and apply what we have learned to the linear regression model. We discuss estimation and prediction, establish properties such as efficiency, unbiasedness, consistency and convergence in mean square. We conclude the course by going beyond linear models, specifically considering a few nonlinear models appropriate for modeling binary outcomes.

Specialization I: Business and Data Analytics

Financial Econometrics (ECON 57300)

This course offers an introduction of basic principles of econometric analysis that will help students understand finance theories and their empirical applications. It will also equip students with appropriate statistical techniques for doing applied financial research. The statistical techniques are particularly well suited for analyzing financial time-series data.

Microeconometrics (ECON 57400)

This masters-level course in econometrics covers several empirical methods commonly used in applied microeconometric analysis including matching methods, instrumental variables estimation, fixed effects estimation, and regression discontinuity designs. Emphasis is placed on the identification strategy used to obtain an estimate of the casual effect when the researcher can only use observational data. Effective data visualization is also emphasized.

Game Theory (ECON 51000)

Game theory is a popular subject and became a powerful tool for analyzing strategic interactions between players or decision making units. Players are decision making units, e.g., individuals, firms, workers, managers, countries, etc. The main goal of this course is to provide a basis for a good understanding of the logical mechanics and to provide a good intuition. The course concentrates on strategy and econ-related applications that relate to Firm Behavior in Markets and different types of Market Structures. Therefore, the game theoretic decision making concepts will be applied to topics such as: Entry, R&D, Patent Races, Mergers, Cartel, Collusion, Advertisement, Auctions, Dynamic Games, New Product Introductions, etc. 

Specialization II: Financial Economics

Financial Econometrics (ECON 57300)

This course offers an introduction of basic principles of econometric analysis that will help students understand finance theories and their empirical applications. It will also equip students with appropriate statistical techniques for doing applied financial research. The statistical techniques are particularly well suited for analyzing financial time-series data.

Behavioral Economics (ECON 58500)

This course explores human economic behavior, with a strong emphasis on laboratory and field experiment methodology used in behavioral economics research. Topics considered include behavior in markets for financial assets and auction markets, and behavior in social dilemmas that arise when people try to provide public goods voluntarily or increase economic surplus through trust. Students will also study how people bargain with and exhibit social preferences towards others. Decision-making and anomalies for risky uncertain choices will also be covered.

International Economics (ECON 59000)

This course covers topics in international trade with a focus on trade policy. The course opens with presenting main questions in international trade that are crucial to the welfare of nations in the 21st century. In order to address these key questions, the course covers selected topics in international trade theory with a focus on their applications in real-world policy debates.

Specialization III: Public Economics and Policy

This course will explore the determinants of market and firm structure, firm conduct, and market performance in imperfectly competitive markets, and different approaches to regulating such markets. Emphasis is placed on using basic economic models of firm and industry behavior to explain and analyze real-world markets.

This course is designed to give the student an understanding of both legal and economic principles and the relationship between them. It will also show the student how to access various data bases, Lexis/Nexis, to get a formal statement of the law and how the laws have actually been interpreted and enforced. Finally, through the use of economic analysis, the student will acquire the tools to predict the likely outcomes of particular laws and how they will affect their family and business decisions.

Personnel Economics applies the tools of economic theory to human resource management. While traditional labor market models focus on the broadly defined demand and supply in the market for labor, personnel economics focuses on individual incentives in the employer/employee relationship. The topics to be covered in this course will include: How to motivate employees to put forth their "best" effort; What incentives various compensation schemes generate; How to minimize potential problems with information asymmetries between employer and employee; How to find the best "match" between employer and employee; and What contracts are most attractive to employees and maximize profit. The course provides the tools of economic logic that will allow you to evaluate proposals for labor policies on a firm-specific level and, to some extent, on a national level.

Specialization IV: Advanced Theory (requires on-campus period)

Course Schedule

Subject to Change

Purdue Fountain

Representative curriculum for 2-year program, Fall start:

1st Semester:

  • Intro in Statistics for Economists (1 credit) - required
  • Intro to Math for Economists (2 credits) – required 
  • Econometrics I (3 credits) or Personnel Economics (2 credits) – optional

2nd Semester:

  • Intermediate Economics I (Microeconomics - 3 credits)
  • Suggested: Intermediate Economics II (Macroeconomics - 3 credits)

 

Representative curriculum for 2-year program, Spring start:

1st Semester:

  • Intro in Statistics for Economists (1 credit) – required
  • Intro to Math for Economists (2 credits) – required
  • Suggested: Intermediate Economics I (Micro)

2nd Semester:

  • Econometrics I (3 credits)
  • Elective options

Students will have to take all core courses (14 credits) and 8 credits from one specialization area. The remaining 8 credits can be taken from  any specialization area or the set of elective courses.

Elective Options: 

Additional elective from the Management and Organizational Behavior and Human Resources departments will be communicated during the registration process.

Following (8-week) Modules:

Take 17 credit hours, of which 8 credit hours have been chosen from the same Specialization Area. 

For a 2-year schedule, students take approx. 6 credit hours of elective courses each semester and approx. 4 credit hours during the summer after their first and second academic years. For the 3-year schedule, students take 4-5 credit hours each semester. Students interested in pursuing PhD studies on completion of the master degree take all advanced theory courses on campus. Given each semester is divided into two eight-week modules and 2-credit elective courses span each module, students opting for a 3-year schedule typically do not take more than one course at a time. 

MS Econ Online Course Offerings AY 2019-2021