The Economics/Econometrics pathway teaches students the theory, methods and tools to analyze economic data. Analytical techniques will include optimization, game theory, duality and dynamic optimization.
The pathway will provide the student with the skills needed to work with large data sets, to apply econometric techniques such as Ordinary Least Squares (OLS), Two-Stage Least Squares (2SLS), maximum likelihood estimation and the analysis of panel data. Students will learn how to use econometric packages such as SAS, STATA and SPSS. Students will gain hands-on experience working on policy questions using real data.
Prerequisites
Admission to Data Science graduate program
Students are required to have a background in economics in order to choose this pathway. Additionally, certain courses will have specific prerequisites. Contact the Graduate Program Director for additional information.
Courses
PUBL 604: Statistical Analysis
An introduction to the concepts and methods of descriptive and inferential statistical techniques. Bivariate and multivariate statistical techniques are discussed.
Note: Also listed as SOCY 604. Consent of instructor.
ECON 601: Microeconomic Analysis
A course in graduate-level microeconomic theory. This course presents the theory and analytical methods needed to bring economic analysis to bear on policy issues. Topics will include theories of consumer and firm behavior, market failure and the role of government in regulating the economy. Analytical techniques will include optimization, game theory, duality and dynamic optimization.
When Offered: Fall
Prerequisite: Prerequisites: ECON 311 and ECON 490 or equivalent.
ECON 602: Macroeconomic Analysis
This course covers both tools and models used in macroeconomics. The course focuses on static and dynamic analysis of the commonly used deterministic and stochastic models in the macroeconomics literature; both long-run models of economic growth and short-run models of economic fluctuations will be covered.
When Offered: Spring
Prerequisite: Prerequisites: ECON 312 and ECON 601 are recommended.
ECON 611: Advanced Econometric Analysis I
This course teaches basic econometric analysis and shows how it can be applied to examine policy issues. The course will provide the student with the skills needed to work with large data sets, to apply econometric techniques such as Ordinary Least Squares (OLS), Two-Stage Least Squares (2SLS), maximum likelihood estimation and the analysis of panel data. Students will be assigned problem sets that use data provided by the instructor and will learn how to use econometric packages such as SAS, STATA and SPSS.
When Offered: Fall
Prerequisite: STAT 351 or STAT 355, ECON 421 and ECON 490 or equivalents.
ECON 612: Advanced Econometric Analysis II
Students get hands-on experience working on policy questions using real data. Students will analyze a selected policy issue by applying econometric methods to data sets provided by the professor. For example, students may use current population surveys to examine the relationship between education and earnings. Students will learn to construct variables from raw data and apply appropriate econometric techniques to answer policy questions. May be repeated as ECON 613 – Advanced Topics in Econometric Methods with a different instructor.
When Offered: Spring
Prerequisite: ECON 611.
ECON 652: Economics of Health
This course is a general survey of the field of health economics. Topics to be covered include medical care price indices; analysis of the markets for insurance; physician services; hospital care and nurses; and discussion of current policy debates, including cost inflation, uninsured populations and new forms of insurance.
Career Outlook
According to Labor Insight, an employer-demand tool, both economic analysis and econometrics are among the top skills desired for employers who hire Economists in the Washington DC and Baltimore metropolitan area. Top employers include the US Government, Paypal, and Exelon. The Bureau of Labor Statistics (BLS) expects that the demand for employees with these skillsets will increase in the ten years. The mean salary for Economists with these skillsets is $116,870.
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