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Economics

Chair

  • John L. Solow

Professors

  • Rabah Amir (J. Edward Lundy Professor), John W. Fuller, Marlynne Beth Ingram (Henry B. Tippie Professor of Economics), Forrest D. Nelson (Henry B. Tippie Research Fellow), George R. Neumann (George Daly Professor of Economics), Raymond G. Riezman (C. Woody Thompson Professor), John L. Solow (Justice International Business Research Fellow), Anne Villamil (Henry B. Tippie Research Fellow), Nicholas Yannelis (Henry B. Tippie Research Professor of Economics)

Associate professors

  • Antonio Galvao Jr. (Henry B. Tippie Research Fellow), Martin Gervais (Leonard A. Hadley Research Fellow)

Assistant professors

  • Michael Yu-Fai Choi, David E. Frisvold, Ayca Kaya, Kyungmin "Teddy" Kim, Alexandre Poirier, Alice Schoonbroodt, Nicolas Ziebarth

Lecturers

  • Stacey L. Brook, Jennifer L. Fuhrman, Blake Whitten

Professors emeriti

  • William P. Albrecht, Carol C. Fethke, Gary C. Fethke, John F. Geweke, Hyman Joseph, Gerald L. Nordquist, Thomas F. Pogue, N.E. Savin, Calvin D. Siebert,
Undergraduate major: economics (B.A., B.S., B.B.A.)
Undergraduate minor: economics
Graduate degrees: M.A. in economics; Ph.D. in economics
Web site: http://tippie.uiowa.edu/economics/

Economics is the study of how societies allocate limited resources to achieve competing ends. Using both empirical and deductive methods, economics analyzes incentives, constraints, organizational forms, and market forces to understand patterns of production, exchange, and consumption of goods and services. It treats diverse issues such as wealth and poverty, government expenditures and taxation, prosperity and depression, inflation and unemployment, relations between management and labor, economic growth, environmental protection, health care delivery, the war on drug abuse, free trade versus protectionism, U.S. competitiveness in international markets, and the quality of American education.

The Department of Economics offers degree programs for undergraduates and for graduate students. It also partners with the Departments of Philosophy and Sociology to offer the undergraduate major in ethics and public policy, an interdisciplinary program administered by the Department of Philosophy (College of Liberal Arts and Sciences); see Ethics and Public Policy in the Catalog.

Undergraduate Programs of Study

  • Major in economics (Bachelor of Arts, Bachelor of Science, Bachelor of Business Administration)
  • Minor in economics

The Tippie College of Business and the College of Liberal Arts and Sciences offer the major in economics. Students may complete the major with their choice of three degrees. The Bachelor of Arts and Bachelor of Science are awarded by the College of Liberal Arts and Sciences; the Bachelor of Business Administration is awarded by the Tippie College of Business.

The B.A. in economics is designed to achieve a balance of economic theory, mathematical tools, and field applications. The B.S. maintains a similar balance but emphasizes development of analytical tools; it prepares students for graduate work in economics or related business and technical fields. The B.B.A. emphasizes economic foundations of business fields: accounting, finance, marketing, business law, and management.

Each program provides an excellent educational background for a variety of positions in business and government. Graduates find employment in banking, financial institutions, industrial firms, and trade organizations and in federal, state, and local government agencies dealing with economic policy, regulation, and analysis. Economics also provides excellent preparation for the study of law and for graduate study in fields such as business management, public administration, hospital and health administration, urban and regional planning, transportation, journalism, political science, and statistics.

All students majoring in economics choose one of three tracks: business economics, policy economics, or analytical economics. They complete three sets of requirements for the major: mathematics and statistics courses that provide the skills needed for understanding economic theory and data; economic theory courses that provide the tools needed for analyzing economic issues; and field courses that apply economic tools to business, social, or specialized analytical issues. The applied field course requirement varies, depending on the student's choice of track.

Bachelor of Arts, Bachelor of Science

The Bachelor of Arts with a major in economics requires a minimum of 120 s.h., including 32 s.h. of work for the major. The Bachelor of Science with a major in economics requires a minimum of 120 s.h., including 33-35 s.h. of work for the major.

The B.A. and B.S. programs focus on economic theory, mathematical tools, and field applications; the B.S. program also includes an emphasis on developing skill using analytic tools. Both programs offer good educational background for a variety of positions in business and government as well as for the study of law and for graduate study.

The economics major for the B.A. and B.S. requires a set of courses in mathematics and statistics (11 s.h. for B.A. students, 17-19 s.h. for B.S. students) and a set of courses in economic theory (6 s.h. for B.A. and B.S. students). It also requires a set of applied field courses (15 s.h. for B.A. students, 12 s.h. for B.S. students) in one of three tracks: business economics, policy economics, or analytical economics.

The analytical economics track is for students planning to earn a graduate degree in a discipline that is highly quantitative or who plan to pursue technical and/or analytical work in the public or private sector. The business economics track is designed for students who intend to work in the private sector. The policy economics track is for students interested in earning a degree in law or a graduate degree in a discipline that is not highly quantitative, or in seeking a decision-making position in the public or private sector.

All B.A. and B.S. students majoring in economics must complete the College of Liberal Arts and Sciences General Education Program.

Students must complete the economic theory courses 06E:104 (ECON:3100) Microeconomic Theory or 06E:106 (ECON:3140) Advanced Microeconomics, and 06E:105 (ECON:3120) Macroeconomics at The University of Iowa. They also must complete three of the applied field courses required for their track at Iowa.

Students should pay close attention to the order in which they take courses, since some courses are prerequisites for others; see "Prerequisites" below. For help in developing a study plan, visit the Department of Economics web site.

The economics major (B.A. or B.S.) requires the following course work.

Mathematics and Statistics Courses (B.A.)

Students earning a B.A. complete the following mathematics and statistics course work.

Both of these: 

06E:071 (ECON:2800) Statistics for Strategy Problems3 s.h.
22M:017 (MATH:1380) Calculus and Matrix Algebra for Business4 s.h.

One of these:

22S:008 (STAT:1030) Statistics for Business4 s.h.
22S:025 (STAT:1020) Elementary Statistics and Inference3 s.h.
Mathematics and Statistics Courses (B.S.)

Students earning a B.S. complete the following mathematics and statistics course work.

All of these:

06E:184 (ECON:4800) Introduction to Econometrics3 s.h.
22M:025 (MATH:1850)-22M:026 (MATH:1860) Calculus I-II10 s.h.

One of these:

22S:120 (STAT:3120) Probability and Statistics4 s.h.
22S:130 (STAT:3100)-22S:131 (STAT:3101) Introduction to Mathematical Statistics I-II6 s.h.

The department recommends that students planning to pursue a graduate degree in economics take 22S:130 (STAT:3100)-22S:131 (STAT:3101) rather than 22S:120 (STAT:3120). It also recommends that they take additional courses in mathematics, including 22M:027 (MATH:2700) Introduction to Linear Algebra, 22M:028 (MATH:2850) Calculus III, and 22M:100 (MATH:3600) Introduction to Ordinary Differential Equations.

Economic Theory Courses (B.A. and B.S.)

B.A. and B.S. students complete the following economic theory course work.

One of these:

06E:104 (ECON:3100) Microeconomic Theory3 s.h.
06E:106 (ECON:3140) Advanced Microeconomics3 s.h.

And:

06E:105 (ECON:3120) Macroeconomics3 s.h.
Applied Field Courses (B.A. and B.S.)

B.A. students complete a total of five applied field courses (15 s.h.) in their track; B.S. students complete a total of four applied field courses (12 s.h.) in their track.

Analytical Economics Track

Four (B.A. students) or three (B.S. students) of these:

06E:173 (ECON:3500) International Economics3 s.h.
06E:174 (ECON:3400) Monetary Economics3 s.h.
06E:175 (ECON:3300) Labor Economics3 s.h.
06E:176 (ECON:3420) Public Sector Economics3 s.h.
06E:177 (ECON:3310) Industrial Organization3 s.h.
06E:183 (ECON:3320) Natural Resource Economics3 s.h.
06E:187 (ECON:3850) Mathematical Economics3 s.h.
06E:188 (ECON:4200) Game Theory3 s.h.
06E:189 (ECON:3900) Topics in Analytical Economicsarr.

And (B.A. and B.S. students):

One additional economics course numbered 06E:111 (ECON:3160) - 06E:189 (ECON:3900)3 s.h.
Business Economics Track

Five (B.A. students) or four (B.S. students) of these:

06A:002 (ACCT:2200) Managerial Accounting3 s.h.
06E:111 (ECON:3160) Personnel Economics3 s.h.
06E:117 (ECON:3200) Money, Banking, and Financial Markets3 s.h.
06E:125 (ECON:3240) Global Economics and Business3 s.h.
06E:141 (ECON:3350) Industry Analysis3 s.h.
06E:143 (ECON:3355) Economic and Business Forecasting3 s.h.
06E:160 (ECON:3370) Household Finance3 s.h.
06J:048 (MGMT:2100) Introduction to Management3 s.h.
Policy Economics Track

Four (B.A. students) or three (B.S. students) of these:

06E:113 (ECON:3180) Health Economics3 s.h.
06E:119 (ECON:3220) Policy Analysis3 s.h.
06E:125 (ECON:3240) Global Economics and Business3 s.h.
06E:129 (ECON:3260) Economic Growth and Development3 s.h.
06E:133 (ECON:3330) Environmental and Natural Resource Economics3 s.h.
06E:135 (ECON:3340) Regional and Urban Economics3 s.h.
06E:145 (ECON:3750) Transportation Economics3 s.h.
06E:165 (ECON:3390) Sports Economics3 s.h.
06E:169 (ECON:3410) Topics in Policy Economicsarr.
06E:171 (ECON:4100) Antitrust Economics3 s.h.
06E:172 (ECON:3440) Law and Economics3 s.h.

And (B.A. and B.S. students):

One additional economics course numbered 06E:111 (ECON:3160) - 06E:189 (ECON:3900)3 s.h.

Prerequisites

Students must complete all of a course's prerequisites before they may register for the course.

Prerequisites for B.A. and B.S. Students

Prerequisites for most 100-level courses in economics: 06E:001 (ECON:1100) Principles of Microeconomics and 06E:002 (ECON:1200) Principles of Macroeconomics

Prerequisites for 06E:104 (ECON:3100) Microeconomic Theory: 06E:001 (ECON:1100) Principles of Microeconomics and 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business

Prerequisites for 06E:105 (ECON:3120) Macroeconomics: 06E:002 (ECON:1200) Principles of Macroeconomics and 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business

Prerequisites for courses numbered 06E:171 (ECON:4100) or above: 06E:104 (ECON:3100) Microeconomic Theory or 06E:105 (ECON:3120) Macroeconomics, or both, depending on the course

Additional Prerequisites for B.A. Students

Prerequisite for 06E:071 (ECON:2800) Statistics for Strategy Problems: 22S:008 (STAT:1030) Statistics for Business

Additional Prerequisites for B.S. Students

Prerequisite for 22S:120 (STAT:3120) Probability and Statistics and 22S:130 (STAT:3100) Introduction to Mathematical Statistics I: 22M:026 (MATH:1860) Calculus II or 22M:032 (MATH:1560) Engineering Mathematics II: Multivariable Calculus

Prerequisite for 06E:184 (ECON:4800) Introduction to Econometrics: 22S:120 (STAT:3120) Probability and Statistics or 22S:131 (STAT:3101) Introduction to Mathematical Statistics II


Bachelor of Business Administration

The Bachelor of Business Administration with a major in economics requires a minimum of 120 s.h., including 18 s.h. of work for the major. The program emphasizes economic foundations of business fields: accounting, finance, marketing, business law, and management. It provides good educational background for a variety of positions in business and government as well as for the study of law and for graduate study.

All students must complete the B.B.A. common requirements: the General Education courses, the prerequisites to the business core, and the business core; see "Common Requirements" in the Bachelor of Business Administration section of the Catalog.

The economics major for the B.B.A. requires a set of courses in mathematics and statistics, which students take as part of the B.B.A. common requirements, and a set of courses in economic theory (6 s.h.). It also requires a set of applied field courses (12 s.h.) in one of three tracks: business economics, policy economics, or analytical economics.

The analytical economics track is for students planning to earn a graduate degree in a discipline that is highly quantitative or who plan to pursue technical and/or analytical work in the public or private sector. The business economics track is designed for students who intend to work in the private sector. The policy economics track is for students interested in earning a degree in law or a graduate degree in a discipline that is not highly quantitative, or in seeking a decision-making position in the public or private sector.

Students may request permission to apply a limited amount of transfer credit or correspondence credit toward requirements for the major, but they should take the economic theory courses 06E:104 (ECON:3100) Microeconomic Theory or 06E:106 (ECON:3140) Advanced Microeconomics, and 06E:105 (ECON:3120) Macroeconomics at The University of Iowa.

Students should pay close attention to the order in which they take courses, since some courses are prerequisites for others; see "Prerequisites" below. For help in developing a study plan, visit the Department of Economics web site.

The economics major for the B.B.A. requires the following course work.

MATHEMATICS AND STATISTICS COURSES (B.B.A.)

Students take these courses as part of the B.B.A. common requirements.

06E:071 (ECON:2800) Statistics for Strategy Problems3 s.h.
22M:017 (MATH:1380) Calculus and Matrix Algebra for Business4 s.h.
22S:008 (STAT:1030) Statistics for Business4 s.h.
ECONOMIC THEORY COURSES (B.B.A.)

One of these:

06E:104 (ECON:3100) Microeconomic Theory3 s.h.
06E:106 (ECON:3140) Advanced Microeconomics3 s.h.

And:

06E:105 (ECON:3120) Macroeconomics3 s.h.
APPLIED FIELD COURSES (B.B.A.)

Students earning a B.B.A. complete a total of four applied field courses (12 s.h.) in their track.

Analytical Economics Track

Three of these:

06E:173 (ECON:3500) International Economics3 s.h.
06E:174 (ECON:3400) Monetary Economics3 s.h.
06E:175 (ECON:3300) Labor Economics3 s.h.
06E:176 (ECON:3420) Public Sector Economics3 s.h.
06E:177 (ECON:3310) Industrial Organization3 s.h.
06E:183 (ECON:3320) Natural Resource Economics3 s.h.
06E:187 (ECON:3850) Mathematical Economics3 s.h.
06E:188 (ECON:4200) Game Theory3 s.h.
06E:189 (ECON:3900) Topics in Analytical Economicsarr.

And:

One additional economics course numbered 06E:111 (ECON:3160) - 06E:189 (ECON:3900)3 s.h.
Business Economics Track

Four of these:

06E:111 (ECON:3160) Personnel Economics3 s.h.
06E:117 (ECON:3200) Money, Banking, and Financial Markets3 s.h.
06E:125 (ECON:3240) Global Economics and Business3 s.h.
06E:141 (ECON:3350) Industry Analysis3 s.h.
06E:143 (ECON:3355) Economic and Business Forecasting3 s.h.
06E:160 (ECON:3370) Household Finance3 s.h.
Policy Economics Track

Three of these:

06E:113 (ECON:3180) Health Economics3 s.h.
06E:119 (ECON:3220) Policy Analysis3 s.h.
06E:125 (ECON:3240) Global Economics and Business3 s.h.
06E:129 (ECON:3260) Economic Growth and Development3 s.h.
06E:133 (ECON:3330) Environmental and Natural Resource Economics3 s.h.
06E:135 (ECON:3340) Regional and Urban Economics3 s.h.
06E:145 (ECON:3750) Transportation Economics3 s.h.
06E:165 (ECON:3390) Sports Economics3 s.h.
06E:169 (ECON:3410) Topics in Policy Economicsarr.
06E:171 (ECON:4100) Antitrust Economics3 s.h.
06E:172 (ECON:3440) Law and Economics3 s.h.

And:

One additional economics course numbered 06E:111 (ECON:3160) - 06E:189 (ECON:3900)3 s.h.

Prerequisites

Students must complete all of a course's prerequisites before they may register for the course.

Prerequisites for most 100-level courses in economics: 06E:001 (ECON:1100) Principles of Microeconomics and 06E:002 (ECON:1200) Principles of Macroeconomics

Prerequisites for 06E:104 (ECON:3100) Microeconomic Theory: 06E:001 (ECON:1100) Principles of Microeconomics and 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business

Prerequisites for 06E:105 (ECON:3120) Macroeconomics: 06E:002 (ECON:1200) Principles of Macroeconomics and 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business

Prerequisite for 06E:071 (ECON:2800) Statistics for Strategy Problems: 22S:008 (STAT:1030) Statistics for Business

Prerequisites for courses numbered 06E:171 (ECON:4100) and above: 06E:104 (ECON:3100) Microeconomic Theory or 06E:105 (ECON:3120) Macroeconomics, or both, depending on the course


B.A. or B.S. with Teacher Licensure

Economics majors in the College of Liberal Arts and Sciences (B.A. and B.S. students) who are interested in earning licensure to teach in elementary and/or secondary schools must complete the College of Education's Teacher Education Program (TEP) in addition to the requirements for the major and all requirements for graduation. The TEP requires several College of Education courses and student teaching. Contact the Office of Education Services for details.

Students must satisfy all degree requirements and complete Teacher Education Program licensure before degree conferral.

Four-Year Graduation Plan

The following checkpoints list the minimum requirements students must complete by certain semesters in order to stay on the University's Four-Year Graduation Plan. (Courses in the major are those required to complete the major; they may be offered by departments other than the major department.)

Bachelor of Arts, Bachelor of Science

Before the fifth semester begins: 06E:001 (ECON:1100) Principles of Microeconomics and 06E:002 (ECON:1200) Principles of Macroeconomics, and the math component of quantitative courses required for major

Before the seventh semester begins: 06E:104 (ECON:3100) Microeconomic Theory and 06E:105 (ECON:3120) Macroeconomics; one 100-level economics course; and at least 90 s.h. earned toward the degree

Before the eighth semester begins: three 100-level economics courses and the statistics component of the quantitative course requirement

During the eighth semester: enrollment in all remaining course work in the major, all remaining General Education courses, and a sufficient number of semester hours to graduate

Bachelor of Business Administration

The following checkpoints are designed for students who enter the University as first-year pre-business students. In order to stay on the plan, students must maintain the grade-point average required for guaranteed admission to the Tippie College of Business and must apply for admission to the college by the established deadline.

Students must take 06B:100 (BUS:3000) Business Communication and Protocol during their first year after admission to the Tippie College of Business.

Before the third semester begins: 06E:001 (ECON:1100) Principles of Microeconomics or 06E:002 (ECON:1200) Principles of Macroeconomics, 22M:017 (MATH:1380) Calculus and Matrix Algebra for Business, and 22S:008 (STAT:1030) Statistics for Business, or equivalents

Before the fifth semester begins: 06A:001 (ACCT:2100) Introduction to Financial Accounting, 06A:002 (ACCT:2200) Managerial Accounting, and 06E:001 (ECON:1100) Principles of Microeconomics or 06E:002 (ECON:1200) Principles of Macroeconomics (whichever has not already been taken), or equivalents; all General Education requirements

Before the seventh semester begins: business core requirements, approximately half of the course work in the major (varies by major); and at least 90 s.h. earned toward the degree

During the eighth semester: all remaining course work in the major, and a sufficient number of semester hours to graduate

Honors in the Major (B.A., B.S.)

The department offers College of Liberal Arts and Sciences students the opportunity to graduate with honors in the economics major. Departmental honors students must be members of the University of Iowa Honors Program, which requires students to maintain a cumulative University of Iowa g.p.a. of at least 3.33 and to fulfill other requirements; visit Honors at Iowa to learn about the University's honors program. They also must complete 06E:104 (ECON:3100) Microeconomic Theory and 06E:105 (ECON:3120) Macroeconomics before the senior year. Interested students should consult the department's honors advisor by the second semester of their junior year.

Honors students typically register for 06E:194 (ECON:3999) Honors Seminar in the fall of the senior year. To graduate with honors in the major, they define and complete a research project under the guidance of a supervising faculty member, earning up to 6 s.h. in 06E:195 (ECON:4999) Honors Thesis in Economics. They present the thesis orally to a committee of three faculty members, typically the undergraduate honors advisor, the student's research supervisor, and a third faculty member agreed upon by the student and the honors advisor.

Honors in Business (B.B.A.)

The Tippie College of Business offers qualified B.B.A. students the opportunity to pursue honors study. For more information, see "Honors in Business" in the Bachelor of Business Administration section of the Catalog and visit the Tippie College of Business Honors Program web site.

Minor

The minor in economics requires a minimum of 15 s.h. in economics courses, including 12 s.h. taken at The University of Iowa in Department of Economics courses numbered 100 (3000) or above. Students must maintain a g.p.a. of at least 2.00 in the minor. Course work in the minor may not be taken pass/nonpass.

Courses for Nonmajors

Students in the College of Liberal Arts and Sciences may wish to use economics courses as part of other majors or the General Education Program. The introductory courses 06E:001 (ECON:1100) Principles of Microeconomics and 06E:002 (ECON:1200) Principles of Macroeconomics are approved for the Social Sciences area of General Education; they introduce the field of economics and the specialized topics of upper-division courses. The intermediate theory courses 06E:104 (ECON:3100) Microeconomic Theory and 06E:105 (ECON:3120) Macroeconomics provide a deeper foundation in the core theories and methods of the discipline. They serve as preparation for upper-division field courses or as terminal courses in an economics study plan.

Course work in economics can be related to majors in many other fields. For example, political science majors could elect 06E:119 (ECON:3220) Policy Analysis and 06E:125 (ECON:3240) Global Economics and Business; international studies majors, 06E:133 (ECON:3330) Environmental and Natural Resource Economics; pre-law students, 06E:171 (ECON:4100) Antitrust Economics and 06E:172 (ECON:3440) Law and Economics; mathematics and engineering majors, 06E:104 (ECON:3100) Microeconomic Theory and 06E:187 (ECON:3850) Mathematical Economics; and statistics majors, 06E:184 (ECON:4800) Introduction to Econometrics.

Undergraduate Economics Forum

Students are invited to join the undergraduate Economics Forum. The group sponsors programs to help students plan for careers or graduate study and holds social events, special lectures, and round-table discussions. It provides opportunities for students to meet other economics majors and department faculty members.

Graduate Programs of Study

  • Master of Arts in economics
  • Doctor of Philosophy in economics

The department partners with the College of Law to offer a joint degree program; see "Joint Ph.D./J.D." later in this section. It also participates in the M.B.A. program, which is offered by the Tippie School of Management; see Master of Business Administration Program in the Catalog.

Master of Arts

The Master of Arts is offered only to students working toward a Ph.D. in economics.

Doctor of Philosophy

The Doctor of Philosophy program in economics requires a minimum of 72 s.h. of graduate credit. The program provides rigorous training in economic theory, econometrics, and applied economics. It has six components: a coordinated sequence of core courses, a qualifying examination, a research paper, a set of major field courses, a dissertation proposal and comprehensive examination, and a dissertation. Requirements are as follows.

Core Sequence

First semester:

06E:200 (ECON:5000) Economic Analysis I3 s.h.
06E:203 (ECON:5100) Microeconomics I3 s.h.
06E:204 (ECON:5200) Macroeconomics I3 s.h.

Second semester:

06E:201 (ECON:5010) Economic Analysis II3 s.h.
06E:205 (ECON:5110) Microeconomics II3 s.h.
06E:206 (ECON:5210) Macroeconomics II3 s.h.

Third semester:

06E:221 (ECON:5800) Econometrics3 s.h.

Fourth semester:

06E:222 (ECON:5810) Applied Econometrics3 s.h.
Qualifying Examination

The qualifying examination is normally taken the summer after the first year.

Research Paper

The research paper is normally completed the summer after the second year.

Major Field Courses

Each student chooses a major study area in addition to the core courses. The requirement for the major area is a minimum of 24 s.h. of intensive study in a field and in courses that enable students to understand the relationship between their specialty and related fields.

Dissertation Proposal and Comprehensive Examination

Students must defend a dissertation proposal in a comprehensive examination within one year of completing the research paper requirement.

Dissertation

Submission of the completed dissertation and an oral defense of the dissertation research completes the Ph.D. program.

Admission

Applicants must meet the admission requirements of the Graduate College; see the Manual of Rules and Regulations of the Graduate College or the Graduate College section of the Catalog. Application deadline for admission and financial support is January 15 for fall semester entry.

Applicants must take the Graduate Record Examination (GRE) General Test and have their scores sent to the University. Those whose first language is not English and who do not hold a baccalaureate or advanced degree from an accredited college or university in the United States must take the Test of English as a Foreign Language (TOEFL) and have their scores sent to the University.

Applicants must submit a completed Application for Graduate Admission, official transcripts from all institutions they have attended, and all official test scores to the University of Iowa Office of Admissions. They must upload unofficial transcripts, statements of purpose, a résumé, and reference information to the Tippie College of Business Ph.D. applicant portal

Joint Ph.D./J.D.

The Department of Economics and the College of Law offer a joint Doctor of Philosophy/Juris Doctor program; for information about the J.D. degree, see "Juris Doctor" in the College of Law section of the Catalog. Separate application to each degree program is required. Applicants must be admitted to both programs before they may be admitted to the joint degree program.

Special Seminar

Each year the department offers a seminar program that brings eminent economists from other universities and from government agencies to The University of Iowa campus. Presentations by Department of Economics faculty members and students also are featured.

 

Courses

Primarily for Undergraduates

Students may take 06E:001 (ECON:1100) Principles of Microeconomics and 06E:002 (ECON:1200) Principles of Macroeconomics in either order or simultaneously. They are approved for the Social Sciences area of the College of Liberal Arts and Sciences General Education Program. 

06E:001 (ECON:1100) Principles of Microeconomics4 s.h.
Organization, workings of modern economic systems; role of markets, prices, competition in efficient allocation of resources and promotion of economic welfare; alternative systems; international trade. Requirements: B.B.A. students cannot use this course for General Education social sciences. GE: Social Sciences.
 
06E:002 (ECON:1200) Principles of Macroeconomics4 s.h.
National income and output, employment and inflation; money, credit; government finance; monetary, fiscal policy; economic growth, development; international finance. Requirements: B.B.A. students cannot use this course for General Education social sciences. GE: Social Sciences.
 
06E:029 (ECON:1300) First-Year Seminar1 s.h.
Small discussion class taught by a faculty member; topics chosen by instructor; may include outside activities (e.g., films, lectures, performances, readings, visits to research facilities).
 
06E:071 (ECON:2800) Statistics for Strategy Problems3 s.h.
Continuation of 22S:008 (STAT:1030); working knowledge of statistical techniques, scientific data‑based approach to problem formulation and solution, statistical techniques in the context of real data analysis, assessment of defects in statistical analyses, using data for making business decisions, choosing appropriate statistical procedures, developing skill in communicating statistical results to audiences without knowledge of statistics. Prerequisites: 22M:017 (MATH:1380) and 22S:008 (STAT:1030).
 
06E:104 (ECON:3100) Microeconomic Theory3 s.h.
Economic theory of the behavior of consumers, producers, and other economic agents; role of markets in coordinating economic activity, conditions that markets require for efficient allocation of resources; market imperfections; strategic behavior of economic actors. Prerequisites: 06E:001 (ECON:1100) and 22M:017 (MATH:1380).
 
06E:105 (ECON:3120) Macroeconomics3 s.h.
Measurement of macroeconomic indicators; economic growth and business cycles; use of macroeconomic models to study the role of government fiscal and monetary policies. Prerequisites: 06E:002 (ECON:1200) and 22M:017 (MATH:1380).
 
06E:106 (ECON:3140) Advanced Microeconomics3 s.h.
Mathematical treatment of the economic theory of the behavior of consumers, producers, and other economic agents; the role of markets in coordinating economic activity and the conditions required by those markets for an efficient allocation of resources; market imperfections; and the strategic behavior of economic actors. Prerequisites: 06E:001 (ECON:1100), and 22M:017 (MATH:1380) or 22M:025 (MATH:1850). Recommendations: 22M:025 (MATH:1850).
 
06E:111 (ECON:3160) Personnel Economics3 s.h.
Microeconomic analysis of labor markets, related institutions; labor supply decisions made by workers, labor demand decisions made by firms, market equilibrium; economic analysis of unions; returns to education; family decisions. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200).
 
06E:113 (ECON:3180) Health Economics3 s.h.
Structure of America's health care industry, economic analysis applied to its problems of production, pricing, distribution; cost‑effectiveness, financing of medical costs, role of government. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200).
 
06E:117 (ECON:3200) Money, Banking, and Financial Markets3 s.h.
Role of money, institutions in determination of income, employment, prices in domestic and world economy. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200).
 
06E:119 (ECON:3220) Policy Analysis3 s.h.
Economic functions of government in modern economies; economic decision making; budgetary processes; effects of government expenditures, taxation on allocation of resources, distribution of income, economic growth, stability. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200).
 
06E:125 (ECON:3240) Global Economics and Business3 s.h.
Modern theories of international trade and investment; role of tariffs and other restrictions of international trade; foreign exchange markets, international monetary arrangements, international economic policy. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200).
 
06E:129 (ECON:3260) Economic Growth and Development3 s.h.
Determinants of rising living standards; accumulation of physical and human capital; predictions of economic growth models compared to observed changes in living standards. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200).
 
06E:133 (ECON:3330) Environmental and Natural Resource Economics3 s.h.
Environmental and resource use problems; efficient mechanisms and other policies for environmental protection, management of common property resources. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200). Same as 102:135 (URP:3135).
 
06E:135 (ECON:3340) Regional and Urban Economics3 s.h.
Theory of location and regional development; central place theory; why cities exist and trade with one another; models of land use patterns, rents; empirical tests of models; policy applications. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200). Same as 102:134 (URP:3134).
 
06E:141 (ECON:3350) Industry Analysis3 s.h.
Structural evolution; imperfect competition, resource allocation; development of public policy on monopoly; selected industries. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200).
 
06E:143 (ECON:3355) Economic and Business Forecasting3 s.h.
How to develop and utilize forecasts; emphasis on modern statistical methods and software applied to quantitative forecasting problems; specific applications to business and economics include forecasting sales, market prices, inventory, macroeconomic factors (interest rates, exchange rates, levels of employment). Prerequisites: 06E:001 (ECON:1100), 06E:002 (ECON:1200), and 06E:071 (ECON:2800).
 
06E:145 (ECON:3750) Transportation Economics3 s.h.
Overview of transportation markets—intercity, rural, urban; transportation modes—rail, highway, air, water, pipeline, transit; issues in finance, policy, planning, management, physical distribution, and environmental, economic, and safety regulation. Recommendations: 06E:001 (ECON:1100) and 06E:002 (ECON:1200). Same as 044:133 (GEOG:3940), 102:133 (URP:3350).
 
06E:158 (ECON:3360) American Economic History3 s.h.
Requirements: 06E:001 (ECON:1100) and 06E:002 (ECON:1200) for economics majors; 06E:001 (ECON:1100) and 16A:061 (HIST:2261) for nonmajors. Same as 16A:144 (HIST:3360).
 
06E:160 (ECON:3370) Household Finance3 s.h.
Micro‑ and macroeconomic theory applied to economic decisions of families, households; practical and theoretical issues in income generation, spending and saving decisions, risk management and asset allocation, investments, and intergenerational wealth transfers. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200).
 
06E:165 (ECON:3390) Sports Economics3 s.h.
Theory and literature of economic issues in professional sports; issues such as relative advantages of large‑and small‑market teams, city subsidies for baseball and football stadiums, star players' true value to their teams; ideas from introductory economics (such as demand and cost curves) combined with additional economic theory, statistical evidence, and information about particular sports. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200).
 
06E:169 (ECON:3410) Topics in Policy Economicsarr.
Topics vary. Prerequisites: 06E:001 (ECON:1100) and 06E:002 (ECON:1200).
 
06E:171 (ECON:4100) Antitrust Economics3 s.h.
Topics in federal antitrust policy; merger policy, monopolization, predatory pricing, collusion, vertical restrictions, resale price maintenance, enforcement; case law, economics literature. Prerequisites: 06E:104 (ECON:3100) or 091:208 (LAW:8146).
 
06E:172 (ECON:3440) Law and Economics3 s.h.
Law examined through analytic tools of microeconomics; impact of legal rules on resource allocation, risk bearing, distribution of economic well‑being. Prerequisites: 06E:001 (ECON:1100).
 
06E:173 (ECON:3500) International Economics3 s.h.
Neoclassical model of international trade, imperfect competition and international trade and investment, role of trade barriers; regional trade agreements and the World Trade Organization. Requirements: 06E:104 (ECON:3100) and 06E:105 (ECON:3120), or graduate standing.
 
06E:174 (ECON:3400) Monetary Economics3 s.h.
Demand for and supply of money; money's role in economy; empirical studies of money's impact; problems with monetary control. Prerequisites: 06E:104 (ECON:3100) and 06E:105 (ECON:3120).
 
06E:175 (ECON:3300) Labor Economics3 s.h.
Labor supply and demand; investments in human capital, compensating wage differentials, discrimination, long‑term contracts, occupational choice, family decisions, unions, immigration. Prerequisites: 06E:104 (ECON:3100).
 
06E:176 (ECON:3420) Public Sector Economics3 s.h.
Economic functions of government; budgetary processes; effects of government expenditures, taxation on resource allocation, income distribution, economic growth and stability. Prerequisites: 06E:104 (ECON:3100) and 06E:105 (ECON:3120).
 
06E:177 (ECON:3310) Industrial Organization3 s.h.
Market structure; effects of business practices, informational problems on market structure; appraisal of antitrust policies, government regulation of business. Prerequisites: 06E:104 (ECON:3100).
 
06E:183 (ECON:3320) Natural Resource Economics3 s.h.
Economics of natural resources; interaction between economic theory, empirical evidence, and public policy; land, water, fish, trees, minerals; externalities. Prerequisites: 06E:104 (ECON:3100).
 
06E:184 (ECON:4800) Introduction to Econometrics3 s.h.
Single equation linear statistical models, estimation and hypothesis testing; serial correlation, heteroscedasticity, generalized least squares estimation; specification analysis; errors in variables; emphasis on interpretation, application of econometric models, methods, use of computers. Prerequisites: 22S:120 (STAT:3120).
 
06E:187 (ECON:3850) Mathematical Economics3 s.h.
Mathematical structure of economic principles, problems, systems; may include constrained optimization, choice under uncertainty, general equilibrium and welfare economics, dynamical systems and control theory, game theory. Prerequisites: 06E:104 (ECON:3100) and 06E:105 (ECON:3120).
 
06E:188 (ECON:4200) Game Theory3 s.h.
Basic concepts of game theory including dominance, backward induction, Nash equilibrium, evolutionary stability, commitment, credibility, asymmetric information, adverse selection, signaling; provides students with a working understanding of game theory; examples drawn from economics and politics. Prerequisites: 06E:104 (ECON:3100), 06E:105 (ECON:3120), and 22M:017 (MATH:1380).
 
06E:189 (ECON:3900) Topics in Analytical Economicsarr.
Topics vary. Prerequisites: 06E:104 (ECON:3100) and 06E:105 (ECON:3120).
 
06E:190 (ECON:3870) Federal Reserve Challenge3 s.h.
Experience doing what Federal Reserve economists do every day: study the real U.S. economy, make forecasts and policy recommendations, defend their views to academic and professional economists; development of analytical skills, teamwork, how to build presentations. Prerequisites: 06E:104 (ECON:3100) and 06E:105 (ECON:3120).
 
06E:191 (ECON:3871) Federal Reserve Challenge II0 s.h.
Participation in Federal Reserve Challenge after completion of 06E:190 (ECON:3870). Prerequisites: 06E:190 (ECON:3870).
 

For Advanced Undergraduates 

06E:192 (ECON:3872) Individual Study in International Economics1-3 s.h.
Basic economic theory used as foundation to examine international trade, macroeconomic policy, and financial market issues; focus on multinational firms that trade and/or produce across national borders and viewed within context of recent events.
 
06E:194 (ECON:3999) Honors Seminar1-3 s.h.
Research topics and methods in business. Requirements: honors standing. Same as 06B:194 (BUS:3999).
 
06E:195 (ECON:4999) Honors Thesis in Economics3 s.h.
Independent student project directed by faculty or staff advisor; culminates in thesis that conforms to University Honors Program guidelines; may include empirical research, library research, applied projects. Prerequisites: 06B:194 (BUS:3999) or 06E:194 (ECON:3999). Requirements: admission to the Tippie College of Business honors program.
 
06E:196 (ECON:4050) Readings and Independent Study in Economicsarr.
 
06E:199 (ECON:4900) Academic Internshiparr.
Participation in approved internship program (e.g., Washington Center Internships).
 

Primarily for Graduate Students

Qualified undergraduates may enroll in graduate-level courses with consent of the department chair. 

06E:200 (ECON:5000) Economic Analysis I3 s.h.
Basic metric topology, convex analysis, function spaces, measure theory and integration.
 
06E:201 (ECON:5010) Economic Analysis II3 s.h.
Behavior under uncertainty, macroeconomic models; dynamic programming, asset pricing, saving, consumption.
 
06E:203 (ECON:5100) Microeconomics I3 s.h.
Consumer choice theory, producer theory, choice under uncertainty, basic game theory. Offered fall semesters.
 
06E:204 (ECON:5200) Macroeconomics I3 s.h.
Economic growth, business cycles, money and inflation. Offered fall semesters.
 
06E:205 (ECON:5110) Microeconomics II3 s.h.
General equilibrium and welfare analysis, adverse selection, the principal‑agent problem, social choice, mechanism design. Offered spring semesters. Prerequisites: 06E:203 (ECON:5100).
 
06E:206 (ECON:5210) Macroeconomics II3 s.h.
Dynamic macroeconomic models; stochastic macroeconomics; time consistency equilibrium business cycle theory. Offered spring semesters. Prerequisites: 06E:204 (ECON:5200).
 
06E:211 (ECON:6850) Mathematical Economics I3 s.h.
Convex analysis in economic theory; ordinal and cardinal preference relations; quasiconcave, concave numerical representations; separation principle for convex sets—linear programming, concave programming; Brouwer fixed point theorem; existence of competitive equilibrium. Prerequisites: 06E:205 (ECON:5110).
 
06E:221 (ECON:5800) Econometrics3 s.h.
Statistical inference in single and multiple equation stochastic models, models with nonindependent or nonidentically distributed error structure, dynamic models; OLS, GLS, IV, ML estimation; asymptotic distribution theory; exact, asymptotic hypothesis tests. Prerequisites: 22S:154 (STAT:4101).
 
06E:222 (ECON:5810) Applied Econometrics3 s.h.
Empirical problems; multiple linear regression, nonlinear regression, maximum likelihood, hazard functions, univariate and multivariate time series, flexible functional forms. Prerequisites: 06E:221 (ECON:5800).
 
06E:223 (ECON:6800) Econometric Theory I3 s.h.
Inference from data and theory in economic models; emphasis on decision making and simulation methods. Prerequisites: 06E:222 (ECON:5810).
 
06E:235 (ECON:6500) International Trade Theory3 s.h.
The theory of international trade, including basic models of international trade; capital and labor mobility and trade; protection of international trade; the political economy of international trade; empirical applications of international trade.
 
06E:241 (ECON:6420) Macroeconomics III3 s.h.
Current research in macroeconomics; development of research topics with emphasis on theoretical and empirical analysis. Prerequisites: 06E:205 (ECON:5110) and 06E:221 (ECON:5800).
 
06E:245 (ECON:6400) Monetary Theory3 s.h.
Research at the frontier of monetary theory and policy; overlapping generations models, search models of money, representative agent monetary models, intermediation and banking theory, and financial contracts.
 
06E:250 (ECON:6300) Labor Economics3 s.h.
Problems and models, including intertemporal models of labor markets; uncertainty and labor market activity; retirement decisions, economic theories of fertility; economics of discrimination; job search models; economic models of unions; bargaining and strikes, public sector labor markets; determinants of income distribution; emphasis on empirical verification of theory. Prerequisites: 06E:205 (ECON:5110), and 06E:184 (ECON:4800) or 06E:221 (ECON:5800).
 
06E:271 (ECON:6310) Industrial Organization3 s.h.
The firm, monopolistic competition, oligopoly and workable competition; industrial organization, nature of equilibrium under uncertainty. Prerequisites: 06E:205 (ECON:5110) and 06E:211 (ECON:6850).
 
06E:299 (ECON:6900) Contemporary Topics in Economics3 s.h.
Topics not offered in other courses.
 
06E:300 (ECON:7950) Readings in Economicsarr.
 
06E:301 (ECON:7975) Thesis in Economicsarr.
 

Advanced Graduate Seminars 

06E:310 (ECON:7000) Seminar in Economic Theoryarr.
 
06E:311 (ECON:7010) Seminar in Economic Theory IIarr.
 
06E:321 (ECON:7870) Workshop in Microeconomics1 s.h.
 
06E:322 (ECON:7880) Workshop in Macro and Monetary Economics1 s.h.