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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.

Program Design  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, General Economic Theory: Microeconomics   Eduardo Davila

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. TTh 8:30am-9:50am

ECON 510a, General Economic Theory: Macroeconomics   Fabrizio Zilibotti

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   Mira Frick

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. F 9:30am-12:30pm

ECON 522a, Microeconomic Theory Lunch   Staff

A forum for advanced students to critically examine recent papers in the literature and present their own work. T 12pm-1pm

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. MW 1pm-2:30pm

ECON 538a, Microeconomic Theory Workshop   Staff

Presentations by research scholars and participating students. W 2:30pm-3:50pm

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. Th 12pm-1pm

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. T 2:30pm-3:50pm

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 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 556a, Topics in Empirical Economics and Public Policy   Yusuke Narita, Charles Hodgson, and Max Cytrynbaum

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 10am-11:20am

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 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. M 2:30pm-3:30pm

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. M 12pm-1pm

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. Th 12pm-1pm

ECON 600a, Industrial Organization I   Philip Haile and Charles Hodgson

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 9am-10:20am

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. Th 12pm-1pm

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. T 2:30pm-3:45pm

ECON 630a, Labor Economics   Costas Meghir

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 10:30am-11:50am

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. Th 3pm-4:30pm

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

Workshop for students doing research in labor economics and public finance. T 12pm-1pm

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. T 11:35am-12:50pm

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. T 12pm-1pm

ECON 720a, International Trade I   Amit Khandelwal and Costas Arkolakis

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 1:10pm-2:25pm

ECON 724a, International Finance   Ana Fieler

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. W 2:30pm-3:50pm

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. W 4pm-6:30pm

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

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. M 2:30pm-3:50pm

ECON 756a, Prospectus Workshop in Development   Staff

Workshop for students doing research in development to present and discuss work. M 12pm-1pm

ECON 899a, Individual Reading and Research   Staff

By arrangement with faculty. HTBA

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Download 2022-2023 Graduate PDF

• Undergraduate Program

Studying how initial resources, incentives, and constraints influence decision-making and the outcomes that these decisions produce

Welcome to the Yale Economics Program

Thanks for your interest in the economics major at Yale! Many people think economics is the study of phenomena such as recessions and inflation, and perhaps of financial markets as well. While these themes are important, there is so much more to the economics discipline.

For example, are you interested in understanding…

• What interventions help poor people to attain more prosperous outcomes?
• How national health reform is affecting the nation’s health and wealth?
• How international trade affects the environment?
• How the economic system interacts with political institutions?
• Why there are gender and racial wage gaps?

Then come explore economics at Yale. Learn more about our courses and requirements . 

DUS & Registrar

[email protected]

Office Address

115 Prospect St., Room 334 (Rosenkranz Hall)

Office Hours

Tue 2:45-4:00 -- please email to reserve a time slot.

NOTE 1: Office hours should be used only for non-routine consultations. Routine consultations (including on double majors) and specific questions are best handled by email.

NOTE 2: During teaching breaks (including the summer break) the DUS will not be available to communicate with students. Please contact the Economics Registrar if you have pressing questions.

[email protected]

(203) 432-3574

28 Hillhouse Ave, room A101A

• Requirements
• Courses Taken Outside of Yale
• Related Course Credit
• Senior Essay
• Double Majors
• Forms and Documents
• Frequently Asked Questions
• Opportunities
• Peer Mentors
• Student Resources
• Women in Economics

Peer Mentors meet with prospective and current majors to provide advice and information regarding Economics.

Congratulations to the 2024 Undergraduate Senior Prize Winners!

Many people think economics is the study of phenomena such as recessions and inflation, and perhaps of financial markets as well.

Why Choose Yale Economics?

Economics PhD Acceptance Rates 2024: Do You Stand a Chance?

Are you considering applying to Economics PhD programs in 2024? If so, you must be aware of the fierce competition and ever-decreasing acceptance rates in this field. Economics continues to be a popular choice for individuals seeking advanced study and a promising career path. However, as the number of applicants continues to rise, the acceptance rates at top-tier universities seem to plummet. Gaining admission requires a comprehensive understanding of the factors that influence your chances. It is crucial to make well-informed decisions throughout the application process to maximize your opportunities. In this blog post, we will delve into the world of economics PhD acceptance rates, providing you with valuable insights and guidance to help you determine if you stand a chance in this highly competitive landscape. Whether you are a recent graduate, a working professional looking to advance your career, or an aspiring economist searching for answers, stay tuned as we explore the trends, challenges, and strategies that may shape your journey toward a successful application.

Pursuing Excellence in Economics PhD Programs

Economics PhD programs are renowned for their competitive nature, attracting a broad pool of highly qualified candidates from around the globe. These programs are rigorous and demanding and seek to cultivate a deep understanding of complex economic phenomena and equip students with the tools necessary to conduct original research. Applicants often face intense competition with the number of available spots being significantly smaller than the pool of individuals seeking admission.

Unveiling the Competitiveness and Globalization of Economics PhD Programs

Economics PhD acceptance rates vary widely across institutions, but overall, they tend to be quite competitive. According to the National Science Foundation , the acceptance rate for doctoral programs in economics at top universities in the United States hovers around 10-15%.

Current trends in admissions reflect an increasing emphasis on quantitative skills and research experience . Applicants who have completed advanced coursework in mathematics or statistics, or who have substantive research experience, particularly if it has led to a publication, often have a competitive edge. There is also an increasing trend of students entering these programs with a master’s degree already in hand.

Another key trend is the growing internationalization of these programs. Universities are drawing applicants from across the globe, leading to an increasingly diverse cohort of doctoral students in economics. This trend not only reflects the global nature of economic challenges but also enriches the academic discourse within these programs.

Evaluating Your Suitability

When assessing your suitability for an economics PhD program, universities take into account numerous factors, among which your Graduate Record Examinations (GRE) scores and Grade Point Average (GPA) play a significant role. These quantitative measures offer admissions committees a snapshot of your academic abilities and potential for success in a rigorous program.

As a rule of thumb, competitive programs often expect a minimum GPA of 3.5 and high percentile GRE scores, particularly in the quantitative section. For instance, the Graduate School at Harvard University confirms that successful applicants to their economics PhD program typically score above the 95th percentile in the quantitative section of the GRE.

The PhD in economics at Berkeley states that recent admits have a major GPA of 3.8 or higher. Their quantitative GRE score is 165 or higher. Moreover, the school notes that students typically achieve A- grades or higher in intermediate-level theory courses such as microeconomics, macroeconomics, and econometrics. Preference is given to those who have taken honors or mathematical track versions of these courses.

At Duke , students who matriculated in 2023 had a verbal GRE verbal score of 159, a quant score of 166, and a GPA of 3.6. Penn writes that admits have a GRE quant score that is 164 or higher.

Based on the data for the Department of Economics at Brown University, the acceptance rate for the class starting in 2020 was approximately 8%. This percentage was drawn from a pool of roughly 750 applications, out of which about 60 were admitted. However, this rate varied according to different GRE scores. Particularly, applicants with a GRE score below 165 had a significantly lower acceptance rate of about 4%.

Although Yale ‘s Department of Economics website explicitly states that there is no required minimum for GRE scores, it does provide insight into the average scores of admitted students in recent years: Verbal 159, Quantitative 165, and Analytical 4.2.

Despite these numbers, it is also important to note that these are not hard and fast rules. The American Economic Association emphasizes that strong letters of recommendation and relevant research experience can offset weaker areas in an application.

If your numbers fall below the threshold of economics PhD acceptance rates, some areas to potentially improve could be to retake the GRE after thorough preparation, undertake additional coursework to boost your GPA or gain relevant research experience to strengthen your overall application.

The Real Impact of a Master’s Degree on Admission Chances

When applying for PhD programs in Economics, many applicants believe that holding a master’s degree can have a significant impact on their admission chances. This belief stems from the notion that a master’s degree provides a valuable platform for producing high-quality research, which is highly regarded by admissions committees. Demonstrating the ability to contribute to the field is a primary expectation of PhD programs, and a master’s degree can serve as evidence of this capability.

Moreover, a master’s degree can also be seen as offering opportunities for obtaining strong recommendation letters from professors who can attest to the applicant’s readiness for rigorous doctoral study and therefore enhance the admission chances of master’s degree holders applying to economics PhD programs.

While this can be true, the reality is not as straightforward. According to data from the Council of Graduate Schools, there is not a direct correlation between holding a master’s degree and an increased likelihood of PhD acceptance. While a master’s degree can provide students with a deeper understanding of the field and advanced research skills, these benefits do not necessarily guarantee an edge in the highly competitive PhD application process.

Universities carefully assess each application in a comprehensive manner, taking into account various factors including academic accomplishments, research background, letters of recommendation , and personal statements. This suggests that by 2024, possessing solely a master’s degree may not significantly enhance the likelihood of being admitted to a PhD program .

Ultimately, prospective PhD applicants in 2024 should focus on building a robust profile encompassing strong academic records, relevant research experience, and compelling personal narratives, rather than relying solely on a master’s degree for admission.

Decoding Economics PhD Acceptance Rates: Unveiling Trends across Institutions and Years

Acceptance rates vary from year to year, reflecting changes in the academic landscape and student preferences. Some of the most competitive universities, such as Harvard and MIT, demonstrate consistently low acceptance rates due to the large number of high-caliber applicants they attract annually.

For example, Harvard’s economics PhD program has historically accepted around 5% of its applicants, a figure that’s remained relatively stable over the past decade. On the other hand, smaller or less renowned institutions might exhibit higher acceptance rates. For instance, the University of Nebraska-Lincoln has an acceptance rate of about 40%, driven by its smaller applicant pool.

However, while these figures indicate the competitiveness of these programs, they don’t necessarily reflect the overall quality of education or the potential outcomes for graduates. Therefore, when contemplating the pursuit of a PhD program in economics, it is imperative to go beyond mere acceptance rates and take into account other significant factors that bear influence.

Enhancing Your PhD Application: The Importance of Quality Research Experience and Strong Recommendations

Gaining a depth of research experience and strong letters of recommendation are crucial aspects that can significantly enhance your PhD application, making you stand out in the increasingly competitive landscape of 2024.

For research experience, consider engaging in projects that align with your intended field of study. This could be undergraduate research, independent studies, or working as a research assistant. Being credited on a published paper can provide a significant boost, but it’s not solely about the volume of research conducted. The depth and quality of your work are equally important. Your research should also demonstrate your ability to think critically about research problems, develop hypotheses, design experiments, and draw compelling conclusions.

When it comes to recommendations, choose professors or supervisors who know you well and can speak to your skills and potential as a researcher. A glowing letter from a professor who has worked closely with you can carry more weight than a lukewarm letter from a big name.

Ways to strengthen your application and stand out from other applicants

To bolster your application and distinguish yourself from other candidates in the economics PhD acceptance rates, consider emphasizing your unique skill sets and experiences. For instance, showcasing proficiency in technical skills such as statistical analysis software (like STATA, R, or Python) or mathematical modeling can demonstrate your readiness to engage in high-level economic research.

If you have a specific area of interest, such as labor economics or development economics, aligning your research experience, coursework, or future research goals with this specialization can also make your application more compelling.

Furthermore, articulating a clear, thoughtful, and original research proposal in your statement of purpose can significantly enhance your application. This proposal, ideally aligned with the research interests of faculty members at the institution you’re applying to, indicates your potential to contribute significantly to the field.

Lastly, consider undertaking professional experiences that align with your academic pursuits. For example, internships at economic research firms, governmental agencies, or industry positions that require a strong foundation in economics can demonstrate your ability to apply theoretical knowledge in a practical context.

Remember, a PhD in economics is not just an academic endeavor, but a platform for impacting economic thought and policy, so any evidence of your ability to contribute in this way can strengthen your application.

Deciphering Myths: Understanding and Navigating the Landscape of Economics PhD Acceptance Rates

Often, the domain of Economics PhD admissions is shrouded in myths and misconceptions that can cloud the judgment of aspiring scholars. One such myth is the belief that a flawless academic record is the sole determinant of success. While a strong academic standing is undeniably important, admissions committees also place significant emphasis on research experience, recommendation letters, and a well-articulated statement of purpose that presents a clear vision of your research interests and goals.

Another pervasive myth is that applicants must hold a bachelor’s degree in economics to be considered for admission. The truth is that many programs welcome candidates with diverse undergraduate backgrounds, valuing the unique perspectives and skills they bring.

Similarly, it is a common misconception that applicants must have extensive mathematical training. Although a basic understanding of calculus, statistics, and linear algebra is required, most programs do not expect applicants to be math wizards.

Lastly, there is a mistaken notion that gaining admission to top-tier programs is impossible without prior connections or a pedigree. In reality, admissions decisions are based on a holistic review of an applicant’s profile, not their connections or pedigree. It’s important to dispel these myths and understand the true nature of the admissions process to successfully navigate your way to a fruitful academic journey in economics.

Embracing Opportunities: The Advantages of Enrolling in Less Prestigious Economics PhD Programs

While it is certainly understandable to aspire to attend top-tier universities for your PhD in economics, it is equally important to recognize the potential benefits that less prestigious programs can offer.

Firstly, a less renowned program may provide a more intimate and supportive learning environment, allowing for closer mentorship and more individualized attention from professors. This can greatly enhance your learning experience and research progression.

Secondly, these programs might present more opportunities for you to lead or initiate research projects, as competition might be less intense compared to top-tier institutions. Such experiences can be invaluable in building your academic portfolio.

Lastly, less prestigious programs often harbor unique strengths or niche specializations that may align better with your research interests. These programs could provide you with unique perspectives and experiences that can make your research more distinctive. Therefore, rather than considering admission into a less prestigious school as a setback, view it as an opportunity to carve your unique path in the field of economics.

Making the Wise Choice: Starting Early and Seeking Guidance for Successful PhD Economics Admissions

It is essential to remember that a successful application to PhD programs in economics is not a product of rushed decisions or last-minute efforts. Instead, it is the result of meticulous planning, punctual execution, and thoughtful decision-making carried out well ahead of time. Initiating your application process early will afford you ample time to undertake in-depth research about various programs, understand their requirements, and tailor your application to best demonstrate your suitability. This practice can significantly boost your chances of admission by allowing you to present a well-rounded and thoughtfully curated application that reflects a sincere interest in the program and a clear understanding of its demands.

Furthermore, reaching out to mentors, alumni, or current students for their insights can be incredibly beneficial. Their firsthand experiences and perspectives can offer invaluable advice, expose you to different viewpoints, and help you avoid potential pitfalls.

By taking your time, starting early, and seeking input from others, you can significantly enhance your probability of securing admission to your desired PhD economics program.

In conclusion, the future of economics PhD programs is a competitive and rapidly evolving landscape. With an increasing number of applicants and declining acceptance rates, it is crucial to equip yourself with the necessary knowledge and strategies to stand out among the sea of applicants. From understanding the trends in acceptance rates to making informed decisions throughout the application process, these key insights can make all the difference in your journey toward a successful admission. As you consider your options for applying to economics PhD programs in 2024, remember that preparation is key. Don’t let the thought of intense competition discourage you; instead, use it as motivation to put your best foot forward and take advantage of every opportunity. If you find yourself feeling overwhelmed or seeking professional guidance, be sure to check out our comprehensive PhD application services. We are here to support you on your path toward achieving your academic and career goals in the field of economics. So don’t waste any time, take charge of your future today! Have questions? Sign up for a consultation . It’s FREE!

With a Master’s from McGill University and a Ph.D. from New York University, Philippe Barr is a former professor and assistant director of MBA admissions at Kenan-Flagler Business School. With more than seven years of experience as a graduate school admissions consultant, Dr. Barr has stewarded the candidate journey across multiple MBA programs and helped hundreds of students get admitted to top-tier graduate programs all over the world .

Follow Dr. Barr on YouTub e for tips and tricks on navigating the MBA application process and life as an MBA student.

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Application for admission to the Doctoral Program in Management is made through the Yale Graduate School.

Students take foundational PhD-level courses in their areas of specialization, and then choose from a course list that spans the university, drawing from some of the best academic departments in the world.

The program's small size allows senior faculty to take an active role in preparing each student for the job search.

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Doctor of Philosophy

The primary mission of the PhD program is to provide scholars with the disciplinary background and skills required to contribute to the development of our understanding of better ways of measuring, maintaining, and improving the public’s health. Examples of research conducted by PhD students includes but is not limited to: cancer epidemiology, clinical trials, cardiovascular disease, molecular epidemiology, vector-borne diseases, parasitology, mental health epidemiology and HIV/AIDS. Students are encouraged to work with faculty throughout the university since much of the work done in EPH is interdisciplinary.

How to Apply

Applications are submitted through the Graduate School of Arts and Sciences .

Select program: "Public Health" and your Concentration: Biostatistics (PhD or MS), Chronic Disease Epidemiology (PhD or MS), Environmental Health Sciences (PhD), Epidemiology of Microbial Diseases (PhD) or Epidemiology Infectious Disease (MS), Health Informatics (MS) Health Policy and Management (PhD) or Social and Behavioral Sciences (PhD).

The GRE and TOEFL code for Yale GSAS is: 3987. A writing sample is not required.

The deadline is December 15th.

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All PhD students are guaranteed five years of 12-month stipend and tuition support in the form of YSPH fellowships, teaching fellowships, traineeships and research assistantships. In addition to support for tuition and living costs, students receive a health award to covers the full cost of single-student Yale Health Plan Hospitalization/Specialty Coverage.

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PhD applicants are not required to secure a faculty mentor prior to applying to the program.

We expect applicants to provide information in their personal statement about the research they hope to conduct if admitted and to state the faculty in our department whose research aligns with their interests.

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The PhD program in Public Health enhances commitment its PhD students who identify as underrepresented minority students, first-generation college graduates and students from economically disadvantaged backgrounds by offering research awards to the top candidates admitted to the program. Each year a minimum of two PhD admitted students will be offered $2,000 each for research funds in addition to their financial aid package. Recipients have up to 2 years to spend these funds, which can be used for books, computers, software, conference travel, research travel or research supplies.

This funding is offered upon acceptance into the program. The criteria for the award is:

• Previous involvement in diversity-related initiatives in their community and/or volunteer activities helping underserved populations.
• Research interest in serving an underserved population

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Doctor of philosophy (phd) overview.