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28 Hillhouse Avenue, 203.432.3575 http://economics.yale.edu M.A., M.Phil., Ph.D.

Chair Tony Smith

Director of Graduate Studies Yuichi Kitamura (30 Hillhouse Ave., 203.432.3699, [email protected] )

Professors Joseph Altonji, Donald Andrews, Konstantinos Arkolakis, Orazio Attanasio, Dirk Bergemann, Steven Berry, Xiaohong Chen, Ray Fair, Howard Forman ( Public Health ), John Geanakoplos, Pinelopi Goldberg, Philip Haile, Marina Halac, Gerald Jaynes, Amit Khandelwal, Yuichi Kitamura, Alvin Klevorick, Samuel Kortum, Giovanni Maggi, Costas Meghir, Robert Mendelsohn ( School of the Environment ), A. Mushfiq Mobarak ( Management ), Giuseppe Moscarini, Kaivan Munshi, William Nordhaus, Gerard Padró i Miquel, Rohini Pande, Benjamin Polak, Mark Rosenzweig, Larry Samuelson, Katja Seim ( Management ), Tony Smith, Philipp Strack, Aleh Tsyvinski, Edward Vytlacil, Fabrizio Zilibotti

Associate Professors , José-Antonio Espín-Sánchez , Mira Frick, Zhen Huo, Mitsuru Igami, Ryota Iijima, Ilse Lindenlaub, Michael Peters, Nicholas Ryan

Assistant Professors Lauren Bergquist, Max Cytrynbaum, Eduardo Davila, Charles Hodgson, John Eric Humphries, Yusuke Narita, Cormac O’Dea, Winnie van Dijk

Fields of Study

Fields include microeconomics, macroeconomics, econometrics, labor, public finance, industrial organization, international trade and finance, financial economics, environmental economics, economic development, economic history, political economy, and behavioral economics.

Special Requirements for the Ph.D. Degree

Exceptions to the requirements described below may be obtained only by vote of the Economics faculty and will be granted only in recognition of extenuating circumstances.

Prior to Registration for the Second Year

(1.1) Students must have taken for credit and passed at least six economics graduate courses. With the permission of the director of graduate studies (DGS), courses in related fields can be used to fulfill this requirement. (Courses in the International and Development Economics master’s program do not satisfy this requirement.) (1.2) Students who earn a grade of HP- or better in each of the four first-year courses in microeconomics and macroeconomics may proceed directly to the second year. In June and August of each year, the department will give waiver exams in micro and macro, written and graded to the extent possible by a committee of faculty who have taught the first-year courses in the previous year. First-year students who do not earn a grade of HP- or better in each of the first-year micro or macro courses must either take and pass the corresponding exam in June or take the exam in June and then (in the event of failure) take and pass the exam in August in order to continue in the program. A student who obtains an HP- or better in one term of a sequence, but not the other, must take (and retake, if necessary) only the waiver exam corresponding to the term in which they failed to obtain an HP- or better. Students who have not passed all the required examinations prior to the second year of study may register as master’s candidates for the following fall term for the purpose of completing enough courses to be eligible for the Master of Arts degree.

Exceptionally well prepared incoming students may petition the DGS and the faculty in the field to take the waiver exam before their first year, with an eye toward placing out of either one or both terms of either of the first-year micro or macro courses. Incoming students taking the waiver exam will be exempt from the corresponding course only if their performance is an exemplary (rather than marginal) pass.

Prior to Registration for the Third Year

(2.1) Students must have met the Graduate School’s requirement of Honors in two courses. (2.2) Students must have taken at least fourteen term courses in economics and have received a grade of at least a P- in each of them. With the permission of the DGS, courses in related fields and independent reading courses can be used to fulfill this requirement. Workshops may not be used to satisfy it. (2.3) Students must have received an average of at least HP in the courses they have taken. The admissibility of courses for this requirement is the same as for the fourteen-course requirement, (2.2). Grades within the Economics department include pluses and minuses. The grade average is computed as follows. A failure counts as a zero, a P- as a 1, a P as a 2, a P+ as a 3, an HP- as a 4, and so on up to a 9 for an H+. The arithmetic average of these numbers must be at least 4.5. (2.4) All students must have submitted a draft of their empirical paper, discussed in (3.3) below. (2.5) All students must make their first attempt at each of two qualifying examinations by June 30 of their second year in the program. The examinations test a student’s general analytic ability in economics and knowledge of two fields chosen by the student. Fields are typically drawn from microeconomics, macroeconomics, econometrics, labor, public finance, industrial organization, international trade and finance, financial economics, environmental economics, economic development, economic history, political economy, and behavioral economics. Students may request examination in a special field designed in consultation with Economics department faculty. The choice of fields must be approved by the DGS. Students may list two preferred examiners in each field. The DGS’s office strives to satisfy these preferences subject to faculty availability and the number of students making similar requests. The nature and content of the field qualifying exams will be determined by the faculty in the field (i.e. these exams might require written work, depending on the field). If a student fails a field qualifying exam in the spring of the second year, the student must either retake the exam in that field or may take an exam in a different field. In either case, the student must pass this second attempt, whether in the same field or not, in the fall of the third year to remain in the program.

Admission to Candidacy

The Economics department adheres strictly to the Graduate School requirement that students be admitted to candidacy prior to registration for the fourth year of study. Students are recommended to the Graduate School for admission to candidacy by vote of the Department of Economics faculty after having completed requirements (2.1), (2.2), and (2.3) above, the Graduate School’s prospectus requirement, and the following additional requirements. (3.1) Students must have completed two one-term prospectus workshops, one in each term of the third year. All prospectus workshops have the word “prospectus” in their title. If students can find no prospectus workshop corresponding to their interests, they may substitute other workshops to meet this requirement. In order for two workshops to count toward the prospectus requirement, students must make a presentation in each workshop and present original work in one of them. This stipulation applies even if a workshop is not labeled as a prospectus workshop. If students can find no workshop whatsoever in their area of interest, they may substitute an independent study course guided by a faculty member, provided the independent study leads to a dissertation prospectus that is accepted. (3.2) Students must receive a grade of HP- or better in ECON 551 (Econometrics II) or ECON 552 (Econometrics III). More advanced courses may be substituted for these with permission of the DGS. (3.3) Students must receive a grade of Satisfactory on an empirical paper, which is evaluated by a faculty adviser or an instructor of ECON 556 . In the paper, the student should (a) specify an economic model useful for the investigation of an interesting economic problem, (b) select data and econometric methods appropriate to the question, (c) conduct proper statistical analysis, and (d) interpret the results in an intelligent way. The department’s posted description of the empirical paper requirement should answer any questions about it. The paper may be written in the course ECON 556 or independently with the help of a faculty adviser, the standards for a satisfactory paper being the same in both cases. The paper is not expected to be of publishable or nearly publishable quality but should demonstrate facility in the application of econometric methods to an economic question. Note: Jointly authored papers will not be accepted. (3.4) Students must complete with a grade of at least HP- a term of economic history, drawn from a list of courses approved by the DGS and the economic history instructors. (3.5) Students must pass two field qualifying examinations given by committees of faculty members. These exams are discussed in (2.5) above.

Additional Requirements

(1) All students must give a dissertation prospectus to their advisory committee by the second Friday in May of their third year. (2) Students must provide, via email, the names of their advisory committee consisting of two members to the DGS’s office by February 1 of the third year. The student should indicate which faculty member is the main advisor for the purpose of reviewing their annual DPR (Dissertation Progress Report). (3) In each academic year after the second, all students must regularly attend at least two workshops. At least one of them must be an “informal” prospectus workshop lunch or reading group, and at least one must be a “formal” research workshop. Each student must present at least once a year in one or other of the workshops that they regularly attend in the third and fourth years. (4) Third-year students who have not yet satisfied the empirical paper requirement must submit an empirical paper by February 1.

The Dissertation

The dissertation should make an original contribution to economics that demonstrates the student’s mastery of relevant resources and methods. Although the dissertation may cover several related topics, it should have a unifying theme. The dissertation may consist of one or more than one essay. The dissertation is guided by a committee of two advisers, at least one of whom must be a member of the Economics department. The second adviser need not be from the Economics department or even from Yale University. Second advisers from outside the Yale Economics department must be approved by the DGS. The two advisers serve as readers. After the student has completed a first draft of the dissertation, the DGS appoints a third reader. The student and the committee may recommend third readers, but the choice remains with the DGS, since the third reader serves as an independent referee.

Collaborative Work in the Dissertation

The Economics department’s objective regarding collaboration is to achieve a reasonable compromise between two goals. While the department wishes to encourage collaborative research among students and between students and faculty, a dissertation should demonstrate the student’s ability to do independent research. The dissertation committee and the DGS must approve the inclusion of collaborative work in the dissertation, and students must acknowledge and describe any collaboration in the preface to the dissertation.

Expiration of Admission to Candidacy

Advancement to candidacy expires ten years after the date it is granted, if no dissertation has been submitted and approved in the intervening period.

Normal Sequence of Studies

What follows in the next three paragraphs are recommendations, not requirements.

During the fall term of the first year, students usually take ECON 500 (General Economic Theory: Microeconomics), ECON 510 (General Economic Theory: Macroeconomics), ECON 550 (Econometrics I). In the following spring, they usually take ECON 501 (General Economic Theory: Microeconomics), ECON 511 (General Economic Theory: Macroeconomics), ECON 551 (Econometrics II). Students who are well prepared in econometrics may take an advanced econometrics course instead of ECON 550 in the fall of the first year after consulting the DGS and an appropriate econometrics faculty member.

Students typically also take a course in economic history in either the fall or spring term, that would satisfy the economic history requirement, (3.4) above, if a grade of at least HP- were obtained. Taking the history course in the spring may be more appropriate for students concerned about making the transition to graduate school in the fall.

During the second year, students normally take ECON 556 and satisfy the empirical paper requirement. Students also take economics courses in specialized fields, such as economic theory, macroeconomics, econometrics, labor, public finance, industrial organization, international trade and finance, financial economics, environmental economics, economic development, economic history, political economy, and behavioral economics. These courses serve as preparation for the qualifying examinations and allow students to identify potential areas of study for dissertation research. As they identify an area, students should locate a faculty adviser to advise them about their studies. Students may also take courses related to economics from other departments.

The third year is normally devoted to finding a dissertation topic and to beginning research on it. In this year, students are expected to make the transition from being a taker of classes to a participant in research. Important elements in achieving this transition are thinking critically about material learned, reading widely, choosing research topics that are feasible and of interest to the student, and gaining contact with faculty. Students should expect to take the initiative in making such contact.

Combined Ph.D. Degrees

A combined degree results in the award of one Ph.D. with two departments named. It is not two separate degrees, and the student is not expected to fulfill all the requirements of both departments.

Purpose Combined degrees are intended to provide a sufficiently broad training program for a student wishing to complete an interdisciplinary dissertation.

Who designs a combined degree program Combined degree programs are designed on an ad hoc basis by the student, the DGSs of the two departments, and the appropriate associate dean of the Graduate School.

Timing Most combined degrees are proposed by students during the summer after the first year of study. Students are not given extra time or funding to complete combined degrees. In particular, students must advance to candidacy by the end of their third year of study.

Degree of integration A combined program should synthesize the knowledge and methods of the two departments into a single study. Ideally the dissertation should be equally strong in both fields. For example, a dissertation with the first half focused on economics and the second half focused on political science would not be acceptable.

Administrative requirements An ad hoc combined degree program is established in the following steps.

A program is initiated by writing of a pre-prospectus by the student. This document describes how and why the two fields are to be integrated.
The student recruits a faculty dissertation adviser from each department and obtains their approval of the pre-prospectus, perhaps modified in response to their advice.
The student recruits two other faculty members to serve on the dissertation committee, one from each department.
The student discusses the requirements for a combined degree with both departmental DGSs.
The student prepares a comprehensive study plan that contains a list of courses and examinations agreed on by both DGSs and approved by both departments. The goals of the course selection are to give some breadth of knowledge of both fields and prepare the student to complete the dissertation. A key to success in combined programs is not to require too many courses and to focus on preparation for dissertation research. Requirements include successful completion of ECON 500 , ECON 501 , ECON 510 , and ECON 511 with grades of at least HP-; please see (1.2) for a complete description of the requirement. Normally the two departments administer qualifying examinations. This procedure may require the production of examinations that both departments evaluate simultaneously. The plan of study should contain the following: (a) a cover sheet for approvals by both dissertation advisers, both DGSs, and the appropriate associate dean of the Graduate School, (b) an introduction where the student explains the rational for proposing the ad hoc combined degree, and (c) a term-by-term timeline listing all classes, teaching, and required examinations.
Both departments must accept the dissertation prospectus.
The plan of study is a contract, and the student must receive written permission in advance from both DGSs and the appropriate associate dean of the Graduate School for any changes to the plan.
Once everyone agrees and the plan of study is approved, the combined program is recorded in Banner.

Funding and teaching The department that first admitted the student is the “primary department.” The student’s funding is from the primary department, as is the teaching expectation. Ideally students should obtain teaching experience from both departments.

Master’s Degrees

M.Phil. The M.Phil. degree is awarded to students in the Ph.D. program upon completion of all the requirements for advancement to candidacy for a doctorate in economics except the prospectus and prospectus workshop requirements.

M.A. Students who withdraw from the Ph.D. program may be eligible to receive the M.A. degree if they have met the requirements and have not already received the M.Phil. degree. For the M.A., students must successfully complete at least eight term graduate courses in the Department of Economics. At least six of these courses must be Ph.D. courses in the Department of Economics (not courses from the International and Development Economics master’s program). The average grade of all the graduate courses taken that are listed or cross-listed by the Department of Economics must be at least a High Pass, and at least two of these grades must be Honors. Students must complete at least two of the three first-year two-course sequences in microeconomics, macroeconomics, or econometrics. In computing the grade average, the relevant grades are those reported to the registrar and so do not include pluses or minuses. A Fail counts as a zero, a Pass counts as a 1, a High Pass counts as a 2, and an Honors counts as a 3. To say that the average grade must be High Pass means that the arithmetic average of these numbers must be at least 2. Candidates in combined programs will be awarded the M.A. only when the master’s degree requirements for both programs have been met.

J.D./M.A. Degree Program Students working toward a J.D. in the Law School may earn an M.A. degree in Economics. The degree requirements that apply to these students are the same as those described above. Students wishing to join this J.D./M.A. joint-degree program must apply for separate admission to the Economics graduate program; applicants should submit scores from the GRE General Test. Students admitted to this program pay three years of tuition to the Law School and one year of tuition to the Graduate School. The Graduate School does not offer fellowship support to J.D./M.A. candidates.

The M.A. in International and Development Economics is described under International and Development Economics .

ECON 500a and ECON 501b, General Economic Theory: Microeconomics Staff

Introduction to optimization methods and partial equilibrium. Theories of utility and consumer behavior production and firm behavior. Introduction to uncertainty and the economics of information, and to noncompetitive market structures. MW 10am-11:20am

ECON 510a and ECON 511b, General Economic Theory: Macroeconomics Staff

Analysis of short-run determination of aggregate employment, income, prices, and interest rates in closed and open economies. Stabilization policies. TTh 10am-11:15am

ECON 520a, Advanced Microeconomic Theory I Ernesto Rivera Mora and Di Pei

A formal introduction to game theory and information economics. Alternative non-cooperative solution concepts are studied and applied to problems in oligopoly, bargaining, auctions, strategic social choice, and repeated games. TTh 1pm-2:15pm

ECON 521b, Advanced Microeconomic Theory II Marina Halac and Kai Hao Yang

Contracts and the economics of organization. Topics may include dynamic contracts (both explicit and implicit), career concerns, hierarchies, Bayesian mechanism design, renegotiation, and corporate control. TTh 8:45am-10am

ECON 522a, Microeconomic Theory Lunch Staff

A forum for advanced students to critically examine recent papers in the literature and present their own work. HTBA

ECON 525a, Advanced Macroeconomics I Zhen Huo and Ilse Lindenlaub

Heterogeneous agent economics, investment, scrapping and firing, nonquadratic adjustment costs, financial constraints, financial intermediation, psychology of decision making under risk, optimal risk management, financial markets, consumption behavior, monetary policy, term structure of interest rates. TTh 1pm-2:15pm

ECON 526b, Advanced Macroeconomics II Michael Peters

Macroeconomic equilibrium in the presence of uninsurable labor income risk. Implications for savings, asset prices, unemployment. TTh 1pm-2:15pm

ECON 530a, General Equilibrium Foundations of Finance and Macroeconomics

The course gives a careful mathematical description of the general equilibrium underpinnings of the main models of finance and the new macroeconomics of collateral and default. Part I is a review of Walrasian general equilibrium, including the mathematical techniques of fixed points and genericity, both taught from an elementary point of view. Part II covers general equilibrium with incomplete markets (GEI). Part III focuses on the special case of the capital asset pricing model (CAPM), including extensions to multi-commodity CAPM and multifactor CAPM. Part IV focuses on the Modigliani-Miller theorem and generic constrained inefficiency. Part V describes collateral equilibrium and the leverage cycle. Part VI covers default and punishment and adverse selection and moral hazard in general equilibrium. Part VII describes monetary equilibrium. HTBA

ECON 538a, Microeconomic Theory Workshop Staff

Presentations by research scholars and participating students. HTBA

ECON 540a, Student Workshop in Macroeconomics Staff

A course that gives third- and fourth-year students doing research in macroeconomics an opportunity to prepare their prospectuses and to present their dissertation work. Each student is required to make at least two presentations per term. For third-year students and beyond, at least one of the presentations in the first term should be a mock job talk. HTBA

ECON 542a, Macroeconomics Workshop Staff

A forum for presentation and discussion of state-of-the-art research in macroeconomics. Presentations by research scholars and participating students of papers in closed economy and open economy macroeconomics and monetary economics. HTBA

ECON 545a, Microeconomics Michael Boozer

A survey of the main features of current economic analysis and of the application of the theory to a number of important economic questions, covering microeconomics and demand theory, the theory of the firm, and market structures. For IDE students. MW 2:30pm-3:45pm

ECON 546a, Growth and Macroeconomics Ana Fieler

This course presents a basic framework to understand macroeconomic behavior and the effects of macroeconomic policies. Topics include consumption and investment, labor market, short-run income determinations, unemployment, inflation, growth, and the effects of monetary and fiscal policies. The emphasis is on the relation between the underlying assumptions of macroeconomic framework and policy implications derived from it. TTh 9am-10:15am

ECON 547b, Social Networks and Economic Development Kaivan Munshi

The objective of this course is to study the emerging literature on social networks and economic development. Both theoretical and empirical research papers are covered, at a level that is suitable for the advanced undergraduate or graduate student. The course is divided into three sections: (1) Labor Markets and Migration: how community networks support their members in the labor market and how they support their spatial and occupational mobility during the process of development; (2) Commitment: how communities use social ties to solve commitment problems in developing economics, both in theory and in practice; (3) Inter-Group Interactions: community networks do not operate independently, and a nascent literature is starting to investigate the nature of these group interactions. Time permitting, we examine the role played by networks in the diffusion of information at the end of the course. Prerequisites: intermediate microeconomics, introductory econometrics, and data analysis. Students are expected to be familiar with calculus, basic microeconomics, and basic econometrics. MW 4pm-5:15pm

ECON 548b / PLSC 721b, Political Economy of Development Rohini Pande and Gerard Padro

This course analyzes empirically and theoretically the political, institutional, and social underpinnings of economic development. We cover an array of topics ranging from power structures to corruption, state capacity, social capital, conflict, democratization, and democratic backsliding. We focus on recent advances to identify open areas for further research. W 1pm-3:30pm

ECON 549b, Economic Development Policy in the Twenty-First Century Pinelopi Goldberg and Amit Khandelwal

The twenty-first century presents new challenges for the global economy including rising global and within-country inequalities, slowing globalization, the deployment of new technologies, and climate change. This course examines the design of economic policy to meet these challenges. Some of the questions we analyze include: What is the future role of manufacturing versus services in economic development? How large are the distortions caused by unequal access in labor markets for women? Why do firms in developing economies remain small, and what are their constraints on growth? Which policies distort and which improve the allocation of a country's resources? Although these topics appear disparate, the course provides a unifying framework to tackle them. Specifically, we adopt a markets-based approach that views economic development through the functioning of markets. Emphasis is placed on learning how to draw implications for economic policy from state-of-the-art research in economics. F 9am-11:30am

ECON 550a, Econometrics I Donald Andrews

Probability: concepts and axiomatic development. Data: tools of descriptive statistics and data reduction. Random variables and probability distributions; univariate distributions (continuous and discrete); multivariate distributions; functions of random variables and transformations; the notion of statistical inference; sampling concepts and distributions; asymptotic theory; point and interval estimation; hypothesis testing. MW 8:30am-9:50am

ECON 551b, Econometrics II Staff

Provides a basic knowledge of econometric theory, and an ability to carry out empirical work in economics. Topics include linear regression and extensions, including regression diagnostics, generalized least squares, statistical inference, dynamic models, instrumental variables and maximum likelihood procedures, simultaneous equations, nonlinear and qualitative-choice models. Examples from cross-section, time series, and panel data applications. MW 8:30am-9:45am

ECON 552b, Econometrics III Yuichi Kitamura

The treatment of the subject is rigorous, attentive to modern developments, and proceeds to research level in several areas. Linear models from core curriculum. Topics include linear estimation theory, multiple and multivariate regressions, Kruskal’s theorem and its applications, classical statistical testing by likelihood ratio, Lagrange multiplier and Wald procedures, bootstrap methods, specification tests, Stein-like estimation, instrumental variables, and an introduction to inferential methods in simultaneous stochastic equations. TTh 1:15pm-2:30pm

ECON 553a, Econometrics IV: Time Series Econometrics Staff

A sequel to ECON 552 , the course proceeds to research level in time series econometrics. Topics include an introduction to ergodic theory, Wold decomposition, spectral theory, martingales, martingale convergence theory, mixing processes, strong laws, and central limit theory for weak dependent sequences with applications to econometric models and model determination. ThF 2:30pm-5:30pm

ECON 554b, Econometrics V Xiaohong Chen

The first half of this course is about nonlinear parametric models. Specification, estimation, and testing within the Likelihood and Generalized Method of Moments frameworks. First-order asymptotics for both smooth and non-smooth objective functions. Efficiency and robustness. A short account of high-order asymptotics for smooth problems. The second part is on nonparametric and semiparametric methods. Nonparametric estimation by kernels, series, splines, and other methods. Bias reduction and bandwidth selection. The course of dimensionality and additive models. Specification and estimation of semiparametric models. U-statistics and asymptotic properties. Efficiency and adaptation. Th 3pm-5:30pm

ECON 556a, Topics in Empirical Economics and Public Policy Charles Hodgson, Yusuke Narita, and Joseph Altonji

Methods and approaches to empirical economic analysis are reviewed, illustrated, and discussed with reference to specific empirical studies. The emphasis is on learning to use methods and on understanding how specific empirical questions determine the empirical approach to be used. We review a broad range of approaches including program evaluation methods and structural modeling, including estimation approaches, computational issues, and problems with inference. Open only to doctoral students in the Department of Economics. Exceptionally, doctoral students from other departments may take the course for credit if a faculty member, normally from their department, can supervise and grade their term paper. MW 10:30am-11:50am

ECON 558a, Econometrics Michael Boozer

Application of statistical analysis to economic data. Basic probability theory, linear regression, specification and estimation of economic models, time series analysis, and forecasting. The computer is used. For IDE students. TTh 2:30pm-3:45pm

ECON 559b, Development Econometrics (IDE) Michael Boozer

MW 2:30pm-3:45pm

ECON 565b / CPSC 563b, Algorithms for Convex Optimization Nisheeth Vishnoi

Convex optimization has played a major role in the recent development of fast algorithms for problems arising in areas such as theoretical computer science, discrete optimization, and machine learning. The approach is to first formulate the problem as a continuous (convex) optimization problem, even if the problem may be over a discrete domain, adapt or develop deterministic or randomized continuous-time dynamical systems to solve it, and then design algorithms for the problem via appropriate discretizations. The goal of this course is to design state-of-the-art algorithms for various classical discrete problems through the use of continuous optimization/sampling. The algorithmic applications include maximum flow in graphs, maximum matching in bipartite graphs, linear programming, submodular function minimization, and counting problems involving discrete objects such as matroids. We present approaches gradient descent, mirror descent, interior-point methods, and cutting plane methods. Prerequisite: CPSC 365 or permission of the instructor. S&DS 630 and a solid background in calculus, linear algebra, probability, and algorithms are recommended. T 9:25am-11:15am

ECON 568a, Econometrics Workshop Staff

A forum for state-of-the-art research in econometrics. Its primary purpose is to disseminate the results and the technical machinery of ongoing research in theoretical and applied fields. HTBA

ECON 570a, Prospectus Workshop in Econometrics Staff

A course for third- and fourth-year students doing research in econometrics to prepare their prospectus and present dissertation work. HTBA

ECON 581b, American Economic History Jose-Antonio Espin-Sanchez

This course examines both the long-term factors (such as industrialization and the development of markets) and the epochal events (such as the Revolution, Civil War, and Great Depression) that have shaped the development of the American economy. The objectives of this course are to familiarize students with the major topics and debates in American economic history. Prerequisites: concurrent enrollment in or successful completion of ECON 501 and ECON 510 . TTh 8:30am-9:45am

ECON 588a and ECON 589a, Economic History Workshop Staff

A forum for discussion and criticism of research in progress. Presenters include graduate students, Yale faculty, and visitors. Topics concerned with long-run trends in economic organization are suitable for the seminar. Special emphasis given to the use of statistics and of economic theory in historical research. HTBA

ECON 600a, Industrial Organization I Charles Hodgson and Steven Berry

Begins by locating the study of industrial organization within the broader research traditions of economics and related social sciences. Alternative theories of decision making, of organizational behavior, and of market evolution are sketched and contrasted with standard neoclassical theories. Detailed examination of the determinants and consequences of industrial market structure. TTh 10:30am-11:50am

ECON 601b, Industrial Organization II Philip Haile and Katja Seim

Examination of alternative modes of public control of economic sectors with primary emphasis on antitrust and public utility regulation in the U.S. economy. Public policy issues in sectors of major detailed governmental involvement. MW 1:15pm-2:30pm

ECON 606a, Prospectus Workshop in Industrial Organization Staff

For third-year students in microeconomics, intended to guide students in the early stages of theoretical and empirical dissertation research. Emphasis on regular writing assignments and oral presentations. HTBA

ECON 608a, Industrial Organization Seminar Staff

For advanced graduate students in applied microeconomics, serving as a forum for presentation and discussion of work in progress of students, Yale faculty members, and invited speakers. HTBA

ECON 630a and ECON 631b, Labor Economics Staff

Topics include static and dynamic approaches to demand, human capital and wage determination, wage income inequality, unemployment and minimum wages, matching and job turnover, immigration and international trade, unions, implicit contract theory, and efficiency wage hypothesis. TTh 9am-10:15am, M 1:15pm-2:15pm

ECON 638a, Labor and Population Workshop Staff

A forum primarily for graduate students to present their research plans and findings. Discussions encompass empirical microeconomic research relating to both high- and low-income countries. HTBA

ECON 640a, Prospectus Workshop in Labor Economics and Public Finance Staff

Workshop for students doing research in labor economics and public finance. HTBA

ECON 670a / MGMT 740a, Financial Economics I Stefano Giglio

Current issues in theoretical financial economics are addressed through the study of current papers. Focuses on the development of the problem-solving skills essential for research in this area. W 4pm-7pm

ECON 674a, Financial Crises Gary Gorton

An elective doctoral course covering theoretical and empirical research on financial crises. The first half of the course focuses on general models of financial crises and historical episodes from the nineteenth and twentieth centuries. The second half of the course focuses on the recent financial crisis. Prerequisites: MGMT 740 and 741 (doctoral students in Economics may substitute the core microeconomics sequence), and permission of the instructor. HTBA

ECON 678a / MGMT 762a, Macro Finance Alp Simsek

T 4:10pm-7:10pm

ECON 679a, Financial Economics Student Lunch Staff

This workshop is for third-year and other advanced students in financial economics. It is intended to guide students in the early stages of dissertation research. The emphasis is on presentation and discussion of materials presented by students that will eventually lead to dissertation topics. Open to third-year and advanced Ph.D. students only. HTBA

ECON 680a, Public Finance I Orazio Attanasio

Major topics in public finance including externalities, public goods, benefit/cost analysis, fiscal federalism, social insurance, retirement savings, poverty and inequality, taxation, and others. Applications are provided to crime, education, environment and energy, health and health insurance, housing, and other markets and domains. The course covers a variety of applied methods including sufficient statistics, randomized control trials, hedonic models, regression discontinuity, discrete choice, spatial equilibrium, dynamic growth models, differences-in-differences, integrated assessment models, applied general equilibrium, event studies, firm production functions, learning models, general method of moments, and propensity-score reweighting estimators. MW 9am-10:15am

ECON 706a, Prospectus Workshop in International and Spatial Economics Staff

This workshop is for third-year and other advanced students in international economic fields. It is intended to guide students in the early stages of dissertation research. The emphasis is on students’ presentation and discussion of material that will eventually lead to the prospectus. HTBA

ECON 720a, International Trade I Costas Arkolakis and Lorenzo Caliendo

The first part of this course covers the basic theory of international trade, from neoclassical theory where trade is the result of comparative advantage (Ricardo, Heckscher-Ohlin) to the “New Trade Theory” where trade is generated by imperfect competition and increasing returns to scale. Particular emphasis is placed on the implications of the different theories concerning the aggregate gains or losses from trade and the distributional implications of trade liberalization. The second part of the course explores new advances in the field. It covers the Eaton-Kortum (2002) and Melitz (2003) models; extensions of these models with many countries, multiproduct firms, and sectors; methods of quantitative trade analysis to revisit classic questions (gains from trade, distributional effects of trade, trade policy); and new advances in dynamic trade theory. MW 1pm-2:15pm

ECON 721b, International Trade II Amit Khandelwal and Samuel Kortum

The course covers empirical topics in international trade with particular emphasis on current research areas. Topics include tests of international trade theories; studies of the relationship between international trade, labor markets, and income distribution; recent trade liberalization episodes in developing countries; empirical assessment of various trade policies, such as VERs and Anti-Dumping; productivity (and its relation to international trade liberalization); and exchange rates, market integration, and international trade. Methodologically, the course draws heavily on empirical models used in the fields of industrial organization and to a lesser degree labor economics; taking these courses is thus recommended though not required. Th 2:30pm-5pm

ECON 724a, International Finance Staff

A study of how consumers and firms are affected by the globalization of the world economy. Topics include trade costs, the current account, exchange rate pass-through, international macroeconomic co-movement, multinational production, and gains from globalization. Prerequisite: intermediate macroeconomics or equivalent. M 4pm-7pm

ECON 728a / MGMT 521a, Workshop: International Trade Staff

Workshop/seminar for presentations and discussion on topics in the field of international trade. HTBA

ECON 730a, Economic Development I Mark Rosenzweig and Kaivan Munshi

Development theory at both aggregate and sectoral levels; analysis of growth, employment, poverty, and distribution of income in both closed and open developing economy contexts. MW 4pm-5:30pm

ECON 731b, Economic Development II Lauren Bergquist

Analysis of development experiences since World War II. Planning and policy making across countries and time. Models of development, growth, foreign trade, and investment. Trade, capital, and technology flows and increasing interdependence. The political economy of policy making and policy reform. MW 9am-10:15am

ECON 732b, Advanced Economic Development Michael Boozer

Examines the models of classical and modern economists to explain the transition of developing economies into modern economic growth, as well as their relevance to income distribution, poverty alleviation, and human development. TTh 2:30pm-3:45pm

ECON 733a, Urban and Environmental Economics Mushfiq Mobarak and Costas Arkolakis

A Ph.D. field course covering latest research topics in urban economics and in environmental and energy economics. Topics include the links between urban planning and city productivity and livability, infrastructure investments in electrification and water management, managing externalities, environmental regulation, and the effects of climate change in cities and in rural areas. Prerequisites: First-year Ph.D. economics courses in microeconomics, macroeconomics, and econometrics (or equivalent), or instructor permission. MW 9am-10:20am

ECON 750a, Trade and Development Workshop Staff

A forum for graduate students and faculty with an interest in the economic problems of developing countries. Faculty, students, and a limited number of outside speakers discuss research in progress. HTBA

ECON 756a, Prospectus Workshop in Development Staff

Workshop for students doing research in development to present and discuss work. HTBA

ECON 794b, International Trade Policy Giovanni Maggi

Theoretical and empirical research in international trade policy. The course focuses on welfare analysis of trade policies under perfect completion and under oligopoly; the political economy of trade policy; and the economics and political economy of international trade agreements. Prerequisites: ECON 500 and 501 . TTh 1:15pm-2:30pm

ECON 899a or b, Individual Reading and Research Staff

By arrangement with faculty. HTBA

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Yale Economic Growth Center

Support for Graduate Students

EGC provides fellowship awards, research funding, and in-kind support for securing external funding to students pursuing their PhD in economics at Yale focused on topics in international development and trade.

EGC Research Awards

EGC aims to support Yale doctoral student research in international development and trade through a number of grant opportunities. A description of the various funding sources are below. Please allow up to 5 business days for a response to your application. For all opportunities, use the grant application templates provided here:

Grant guidelines and application instructions
Budget Template

1. Sylff Research Awards

Research grants of up to $40,000 per student are available from the Ryoichi Sasakawa Young Leaders Fellowships Fund (Sylff) Research Fund. The award competition is open to all Yale Economics PhD students. To learn more about the separate Sylff Fellowship Program at EGC, click here .

The Deadline for Spring 2024 Applications: April 1st

2. Evenson Fund Travel Research Awards

EGC awards research grants to support data collection and travel to less developing countries to graduate students and new faculty in the Yale economics department in honor and memory of Professor Robert E. Evenson. To learn more about the life of Professor Evenson and the Evenson Fund, click here .

3. EGC PhD Dissertation Research Grant

EGC awards funding of up to $25,000 for Yale PhD students on research related to themes of international development in pursuit of their dissertation requirements. This grant may be accessed in combination with other funding sources at EGC.

4. EGC Secondary Data Acquisition Grant

EGC is able to provide funds to PhD students from across Yale to acquire secondary data focused on research topics in international development.

Learn about past research award recipients.

External Research Funding

EGC provides in-kind support to PhD students applying to external entities for research funds that would be administered at Yale, such as to the opportunities below:

Weiss Fund for Research in Development Economics. Students working in Development Economics, broadly defined, are eligible for support through the Weiss Fund for Research .
The Abdul Latif Jameel Poverty Action Lab (J-PAL) offers travel grant and pilot funds through sponsorship by Yale faculty who are J-PAL affiliates. A recent example is a call for proposals through the Governance Initiative .

In-kind support for grant applications typically includes:

Budget preparation
Review of proposal documents and coordination with FRMS and OSP entities to meet Yale proposal submission requirements.
Coordination with implementing partners for required inputs.

If you are planning to apply to one of these or another external grant opportunity and would like support from EGC, please email [email protected] , ideally at least 4 weeks before the sponsor deadline.

PhD Fellowship Awards

The ryoichi sasakawa young leaders fellowship fund (sylff) .

Sylff Fellowship Awards are made each year to outstanding economics PhD students in development economics and trade. The fellowship awards will be allocated by the Sylff Committee, which will meet each year to determine the recipients of these fellowships for the following academic year. These awards will be in the form of a full or partial tuition award to the Yale Graduate School, plus up to $2000 in funds for the purchase of data or other justified expenses related to the student’s dissertation research. For more information on the program and current and past fellows, please visit:

The Sylff Fellowships at Yale University

Carlos F. Diaz-Alejandro Memorial Fund

The Carlos F. Diaz-Alejandro Memorial Fund was established in 1986 in memory of Professor Diaz, who was a Yale Economic Professor specializing in Latin American economies. The fund aims to assist Latin Americans to pursue graduate and post-doctoral work in Economics at Yale.

Who is Eligible to Apply?

If you have completed your undergraduate degree (bachelor's or equivalent) or will have completed it prior to your intended matriculation date at Yale, you may apply to the Graduate School of Arts and Sciences (GSAS).

A Master's degree is not required to apply for a PhD at Yale, although some programs give preference to applicants with post-baccalaureate training. Consult your program of interest directly for information on how it evaluates applications.

We value diversity of all kinds at the Graduate School, and we encourage students from all backgrounds to apply if Yale is a good fit for your intellectual and professional goals. All are welcome to apply, without regard to citizenship or immigration status, socioeconomic level, race, religion, gender identification, sexual orientation, disability, etc.

Requirements for All PhD and Master's Degree Applicants

You will need to provide the following with your application for admission:

A statement of academic purpose. You will find the prompt for the statement of purpose in our Application Question FAQs .
A list of all the prior colleges or universities you have attended, accompanied by unofficial transcripts from each school. Unofficial transcripts should be uploaded with your application. Official or paper transcripts are not needed at this time.
Three letters of recommendation. Enter the names of your recommenders directly in the application and they will receive a link to upload a letter on your behalf.
$105 application fee or fee waiver.
Standardized tests . GRE requirements vary by program. TOEFL or IELTS are necessary for most non-native English speakers.
Resume/CV .
Some programs have additional requirements, such as a writing sample . You can find information about any specific requirements on the program's website.

Where Do I Begin?

Decide whether you will apply for a PhD or a terminal Master’s (MA, MS) in one of the programs available at the Graduate School of Arts and Sciences . (Note that you will earn one or more Master's degrees en route to a PhD.) Learn about the program: its faculty, course offerings, and resources. Read the faculty's research publications. If you can identify and articulate why the program is a good fit for you and show how your preparation and interests align well with it, you will have a strong application.

A note to students applying to one of Yale’s professional schools or programs:

If you are applying for a PhD in Architecture, Environment, Investigative Medicine, Law, Management, Music, Nursing, or Public Health; for an MS in Public Health; or for an MA in Music, be sure to use the Graduate School of Arts and Sciences PhD/Master's application.
If you are applying for any other degree at one of the University’s professional schools (Art, Architecture, Divinity, Drama, Environment, Global Affairs, Law, Management, Medicine, Music, Nursing, and Public Health), visit that school’s website for further instructions. Those programs have separate admissions policies and processes that are administered by the professional schools, not GSAS.

Application deadlines vary by program, so please see Dates & Deadlines for information about your program of interest.

All new students matriculate in the fall. The admissions process begins nearly a year in advance of matriculation.

Some PhD and Master’s degree programs require Graduate Record Examination (GRE) scores. Check your program's standardized testing requirement before you apply.

In addition, applicants whose native language is not English may need to take an English Language test (TOEFL or IELTS).

The application for Fall 2024 entry is closed. The application for Fall 2025 entry will be available starting in mid-August 2024.

Be sure to complete and submit the application before your program's application deadline.

Your application fee or an approved fee waiver is due upon submission of your application.

Your letters of recommendation do not need to be received before you will be able to submit your application. However, since programs begin reviewing applications shortly after the respective application deadline, please be sure that your letters of recommendation are submitted promptly.

What Happens After I Submit My Application?

The faculty admissions committee in each department and program begins reviewing applications shortly after their application deadline. Led by the director of graduate studies (DGS) or director of graduate admissions (DGA), the committee will recommend students for admission to the Graduate School. Once confirmed by the deans of the Graduate School, the admissions office will release final decisions to applicants.

Unlike undergraduate admissions, the admissions office and staff of the Graduate School maintain the application, the application process, and other administrative transactions, but the admissions staff does not review applications or make admissions decisions. That responsibility is handled by the faculty of each department or program.

Most admissions decisions are provided between February and early March. You will receive an email notification when your admissions decision is available.

If you are accepted for admission, you will need to decide if you wish to accept our offer by April 15. We abide by Council of Graduate School's April 15 Resolution , regarding graduate financial support.

Ready to apply? Begin your application today.

PhD/Master's Applicants

Why Choose Yale Graduate School?
Dates and Deadlines
Standardized Testing Requirements

Non-Degree Program Applicants

Looking for non-degree programs? In some cases, it is possible to enroll at the Graduate School as a non-degree student. Non-degree students receive a transcript and many of the benefits of being a Yale student, but do not earn a degree upon completion of their enrollment. We offer three types of non-degree programs.