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Economics

Emeriti: (Professors) Takeshi Amemiya, Theodore Anderson, Masahiko Aoki, Kenneth J. Arrow, Paul A. David, Victor R. Fuchs, John G. Gurley, Peter J. Hammond, Donald Harris, Bert G. Hickman, Lawrence J. Lau, Ronald I. McKinnon, Roger G. Noll, Nathan Rosenberg, Thomas Sargent, David A. Starrett, Joseph E. Stiglitz

Honorary Emerita: (Professor) Anne O. Krueger

Chair: Lawrence Goulder

Professors: Kyle Bagwell, B. Douglas Bernheim, Michael J. Boskin, Timothy F. Bresnahan, Lawrence Goulder, Avner Greif, Robert E. Hall, Han Hong, Caroline Hoxby, Matthew O. Jackson, Peter Klenow, Mordecai Kurz, Jonathan Levin, Thomas E. MaCurdy, Paul R. Milgrom, John H. Pencavel, Monika Piazzesi, Joseph Romano, K. Martin Schneider, Ilya Segal, John B. Shoven, Robert Staiger, John B. Taylor, Frank Wolak, Gavin Wright

Associate Professors: Liran Einav, Muriel Niederle, Luigi Pistaferri

Assistant Professors: Ran Abramitzky, Manuel Amador, Nicholas A. Bloom, Giacomo DeGiorgi, Doireann Fitzgerald, Kyna Fong, Peter R. Hansen, Matthew Harding, Nir Jaimovich, Seema Jayachandran, Jakub Kastl, Fuhito Kojima, Aprajit Mahajan, Kalina Manova, Petra Moser, Michele Tertilt

Acting Assistant Professor: Anamarie Pieschacon

Senior Lecturer: Geoffrey Rothwell

Lecturers: Marcelo Clerici-Arias, Maria Fitzpatrick, Ward Hanson, Hamilton Helmer, Damon Jones, F. Victor Stanton, Faye Steiner, Mark Tendall

Courtesy Professors: Anat Admati, Lawrence Baker, David Baron, Jay Bhattacharya, Jeremy Bulow, Walter Falcon, John Ferejohn, Alan Garber, Judith Goldstein, Ilan Guttman, Stephen Haber, Peter Blair Henry, Saumitra Jha, David Kreps, N. Grant Miller, Rosamond Naylor, Maria Ogneva, Bruce Owen, A. Mitchell Polinsky, Peter C. Reiss, D. John Roberts, James Strnad, Alan Sykes, Barry Weingast, Robert Wilson

Instructor: Alexander Gould

Visiting Professors: Suzi Kerr, Nathan Nunn

Visiting Associate Professor: Yadira Gonzalez de Lara

Mail Code: 94305-6072

Phone: (650) 725-3266

Web Site: http://economics.stanford.edu

Courses offered by the Department of Economics are listed under the subject code ECON on the Stanford Bulletin's ExploreCourses web site.

The department's purpose is to acquaint students with the economic aspects of modern society, to familiarize them with techniques for the analysis of contemporary economic problems, and to develop in them an ability to exercise judgment in evaluating public policy. There is training for the general student as well as for those who plan careers as economists in civil service, private enterprise, teaching, or research.

The department's curriculum is an integral part of Stanford's programs in International Relations, Public Policy, and Urban Studies.

The faculty interests and research cover a wide spectrum of topics in most fields of economics, including behavioral economics, comparative institutional analysis, econometrics, economic development, economic history, experimental economics, industrial organization, international trade, labor, macro- and microeconomic theory, mathematical economics, environmental economics, and public finance.

Mission of the Undergraduate Program in Economics

The mission of the undergraduate program in Economics is to acquaint students with the economic aspects of modern society, to familiarize them with techniques for the analysis of contemporary economic problems, and to develop in them an ability to exercise judgment in evaluating public policy. The program introduces students to macro- and microeconomic theory, teaches them to think and write clearly about economic problems and policy issues and to apply the basic tools of economic analysis. The undergraduate major provides an excellent background for those who plan careers in government and private enterprise as well as those pursuing graduate degrees in professional schools or in the field of economics.

LEARNING OUTCOMES

The department expects undergraduate majors in the program to be able to demonstrate the following learning outcomes. These learning outcomes are used in evaluating students and the department's undergraduate program. Students are expected to demonstrate:

  1. understanding of core knowledge within Economics.
  2. ability to analyze a problem and draw correct inferences using qualitative and/or quantitative analysis.
  3. ability to write clearly and persuasively and communicate ideas clearly.
  4. ability to evaluate theory and critique research within the discipline.

Graduate Programs in Economics

The primary objective of the graduate program is to educate students as research economists. In the process, students also acquire the background and skills necessary for careers as university teachers and as practitioners of economics. The curriculum includes a comprehensive treatment of modern theory and empirical techniques. Currently, 20 to 25 students are admitted each year.

Graduate programs in economics are designed to ensure that students receive a thorough grounding in the methodology of theoretical and empirical economics, while at the same time providing specialized training in a wide variety of subfields and a broad understanding of associated institutional structures. Toward these ends, the program is arranged so that the student has little choice in the curriculum at the outset but considerable latitude later on.

Students admitted to graduate standing in the department are expected to have a strong background in college-level economics, mathematics, and statistics. Preparation ordinarily consists of a college major in economics, a year-long calculus sequence that includes multivariate analysis, a course in linear algebra, and a rigorous course in probability and statistics.

GRADUATE FIELDS

A. ECONOMIC DEVELOPMENT

To receive credit for this field, students must complete two courses from 214, 216 and 217, and submit a paper from one of these courses. Students wishing to do research in the field are advised to take courses in international economics, such as 266, and in comparative institutional analysis.

B. ECONOMIC HISTORY/INSTITUTIONS

The requirement for the field is one research paper on a subject approved by one of the faculty teaching any of the following courses: 224, 225, 226, 227, 228, 229.

C. MONETARY THEORY AND ADVANCED MACROECONOMICS

Requirements for this field are completion of two courses from 233, 234, and 235.

D. PUBLIC FINANCE

To receive credit for the field, students must complete 241 and 242 by passing the final examinations, and submit an acceptable research paper on a topic approved by the instructor for either course. Students may take Public Finance as a field and still count 243 and/or 244 toward satisfying their distribution requirements.

E. ECONOMICS OF LABOR

To receive credit for this field, students must complete two courses from 246, 247, and 248.

F. ECONOMICS OF INDUSTRY

To receive credit for the field, students must complete 257 and 258 and submit one research paper, the subject of which has been approved in advance by one of the faculty teaching 257, 258, or 260.

G. INTERNATIONAL ECONOMICS

To receive credit for this field, students must complete 265 and 266. Taking one or more of 267, 268, or 269 is recommended. A research paper from any of these courses must also be submitted.

H. ECONOMETRICS

A student may satisfy the requirements for the econometrics field by completing the requirements of one of two subfields:

H-1: Theoretical Econometrics: To receive credit in the theoretical econometrics subfield, students must complete 273A and 273B.

H-2: Applied Econometrics: To receive credit in the applied econometrics subfield, students must complete 273A and either 274 or 275. Students must also complete a course or set of courses that is empirically oriented. The last requirements must be approved by the Director of Graduate Study in consultation with the instructor of 274 or 275.

I. MICROECONOMIC THEORY

To receive credit for this field, students must complete two courses from the following: 280, 281, 282, 283, 284, 286, 287, 289, 291.

J. ENVIRONMENTAL ECONOMICS

To receive credit for this field, students must complete 250 and 251. Students can petition to substitute another environment/natural resource course (e.g., MS&E 248) for either of these.

OTHER PROGRAMS

Other programs leading to dual degrees may be arranged. For example, the Ph.D. in Economics combined with one or two years of study in the School of Law, leading to the nonprofessional Master of Legal Studies (M.L.S.) degree. A dual degree program does not permit counting any courses toward both the Economics and the Law degrees. For more information, see http://www.law.stanford.edu/program/degrees.

FELLOWSHIPS AND ASSISTANTSHIPS

The department awards a number of fellowships for graduate study. Many first-year and a few second- or third-year students are typically awarded full fellowships, including a stipend and tuition. All students whose records justify continuation in the program may be assured support for the second through fourth years in the form of employment as a teaching or research assistant. These half-time appointments provide a stipend and tuition allowance. Entering students are not normally eligible for research or teaching assistantships.

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