Applied Economics

The Masters Degree in Applied Economics provides students with a solid understanding of the fundamental tools of economic analysis that are employed to conduct rigorous study of economic issues and economic policies. The program is structured so that a full-time student, with the necessary preparatory background, can complete the course of study in one calendar year by taking the appropriate courses during the academic year and the subsequent summer. The program also accommodates part-time students who are able to satisfy the program requirements in as little as two years.

The focus of the program is applied economics. This focus contrasts with that of alternative professional degrees, such as an MBA, which provide the relevant training for a career in business or management. The program's focus on applied economics also is distinct from that of a masters degree in economics, which is frequently considered a stepping stone to a PhD in Economics and concentrates on contributions to academic research.

The Georgetown Masters Degree Program in Applied Economics begins by introducing students to the tools of microeconomics and macroeconomics. A key objective of the program is to provide the students with a solid foundation in microeconomic and macroeconomic theory. But the ability to follow and develop economic arguments, and to supplement existing evidence with additional research, also requires the capacity to understand empirical analyses. Accordingly, the students also study econometric techniques and data analysis. These courses provide the students with the ability to comprehend the empirical analyses pertinent to the discussion of economic issues and equip them with the skills to undertake original research projects and data analysis.

After completion of these core courses, the participants in the program study the application of these tools of economic study to a range of contemporary economic problems. This material is covered in a range of elective courses focusing on more specialized areas of economics.

While part of our program focuses on the fundamental aspects of economics, the Masters Degree Program in Applied Economics is also attractive to those with undergraduate degrees in economics. First,the professors teaching the required courses in micro and macro economics supplement their course readings with more advanced material to accommodate students with a background in economics, exposing these students to material that they were not likely to have covered in their undergraduate courses. Second, the range of elective courses offered is such that students are able to avoid repeating courses they took as undergraduates. Moreover, these elective courses are typically taught by practitioners who have a different focus than that typically encountered in undergraduate programs.

As the leading academic institution in Washington, D.C., Georgetown University is uniquely able to provide this training with the appropriate input from academics and practitioners actively involved in these debates. A distinguishing feature of our program is the involvement of Georgetown senior faculty in the teaching of the core courses. Our faculty includes leading scholars in macroeconomics, microeconomics, and econometrics, and thus students in the Applied Economics program are taught the fundamentals of economic analysis from leading experts. Moreover, the program is able to draw on the large community of economists in the Washington, D.C. area to act as instructors of the specialized classes. The unique combination of academics and practitioners who participate as instructors in the Applied Economics program at Georgetown University provides a high intellectual return for the students.

To complete the Applied Economics Program, students are required to successfully complete 10 courses (30 credits) offered in the program.

The program commences with a mandatory, two-week course on mathematical methods conducted in August, shortly before the formal program begins in the fall semester. The objective of this course is to review the basic techniques used in theoretical and empirical economics. No credits are granted for this course.

Full-time students take four required core courses – microeconomics, macroeconomics, econometrics, and data analysis – in the fall semester. These core courses are prerequisites for subsequent elective courses in areas of applied economics where the fundamental skills acquired in the core courses are employed. The elective courses represent areas of application in applied economics covering a large range of topics.

Students complete the minimum of 30 course credits by taking the four required courses and six elective courses. The four core courses are taught each fall, and the elective courses are taught in the spring and summer terms.

A full-time student should be able to complete the 30 course credits in one year. By taking the appropriate core courses in consecutive fall semesters, a part-time student should be able to finish in two years. Both approaches involve taking courses in the summer sessions.

The fall semester at Georgetown University generally runs from late August to mid-December. The spring semester begins in early January and ends in early May. The summer term for the Applied Economics Program starts in mid-May and ends in mid-August.

In addition to the four required core courses, students take six elective courses in their spring and summer semesters. The following electives are typically offered:  

• Microeconometrics  
• Macroeconometrics 
• Industrial Organization
• Empirical Industrial Organization
• Decision and Game theory
• Public Economics 
• International Trade 
• Health Economics 
• Energy Economics and Policy 
• Development Economics 
• Labor Economics 
• Environmental Economics 
• Monetary Theory and Policy 
• International Finance
• Open Economy Macroeconomics 
• Financial Economics
• Law and Economics 
• Behavioral Economics and Finance
• Business and Public Sector Forecasting
• Program Evaluation

The core courses are generally taught by full-time faculty members in the Department of Economics. Elective courses are typically taught by economists with academic expertise and professional experience in the relevant fields.

Typically, full-time students take the four core courses in the fall semester, three elective courses in the spring semester and three courses in the summer semester, although some students take four elective courses in the spring semester and two in the summer semester. Part-time students have a variety of options, but typically take two core courses (microeconomics and macroeconomics are recommended) in their first fall semester, two elective courses in the first spring semester, one or two elective courses in the summer semester, the two remaining core courses in their second fall semester, and the rest of their elective courses in the second spring and summer semesters.

Classes meet for two and a half hours each week during evenings, late afternoons or weekends, to meet the needs of part-time and full-time students. 

CORE COURSES

• ECON 551-MICROECONOMICS
• ECON 552-MACROECONOMICS
• ECON 553-ECONOMETRICS
• ECON 554-DATA ANALYSIS

ELECTIVE COURSES

The Applied Economics Program typically offers the following elective courses in the spring and summer semesters: 

• Microeconometrics  
• Macroeconometrics 
• Industrial Organization
• Empirical Industrial Organization
• Decision and Game theory
• Public Economics 
• International Trade 
• Health Economics 
• Energy Economics and Policy 
• Development Economics 
• Labor Economics 
• Environmental Economics 
• Monetary Theory and Policy 
• International Finance
• Open Economy Macroeconomics 
• Financial Economics
• Law and Economics 
• Behavioral Economics and Finance
• Business and Public Sector Forecasting
• Program Evaluation

Elective courses are generally taught by economists who work in government, international organizations, think tanks, consulting firms or other research positions in the Washington, D.C. area. These faculty members are highly experienced professionals who have deep expertise in the substantive areas in which they offer courses.

The elective courses typically entail textbook readings, readings from professional and academic journals, review of policy papers, and significant empirical work.

• Application Form
• Non-refundable Application Fee. The application fee for the 2017 academic year is $90 ($140 for the Special Master's in Physiology program). The fee can be paid by Visa or MasterCard only.
• Academic Statement of Purpose. An academic statement of purpose should be prepared and submitted online with the application. The personal statement should address your intellectual interests, academic and professional objectives, and proposed topic(s) of graduate study. The length of the personal statement is generally 500 words, but some programs have different or additional guidelines for submission of the statement of purpose. 
• Official Transcripts
• Three official recommendations are required by the Graduate School unless your program only mandates two. These recommendations must be from persons in positions to appraise the applicant's potential for graduate study.
• the receipt of a bachelor's or advanced degree from an accredited institution of higher education in the United States or from a university where English is the primary language of instruction. The degree does not have to be earned by the time of application but will need to be conferred by the start of the semester to which the applicant is applying. (Please note that applicants receiving degrees at universities in U.S. territories, such as Puerto Rico, are required to submit the TOEFL or IELTS unless the primary language of instruction at the institution is English.)
• submission of an official Test of English as a Foreign Language (TOEFL) score report with a minimum score of 550 (paper-based test) or 80 (internet test). Many departments and programs require submission of a TOEFL score of 600 (paper-based test) or 100 (internet test) or higher.
• submission of an official International English Language Testing System (IELTS)Academic Module score report with a minimum score of 7.0. Some departments and programs require submission of an IELTS score of 7.5.
• Proof of English Language Proficiency
• Resume
• Supplementary Application Form
• Entrance Examination Requirements - Official Test Results (GRE)

Scholarships

• Assistantships: stipends provided in return for service in teaching, research, or other matters of an academic nature
• Fellowships: stipend without a work obligation
• Scholarships: tuition grants
• Fulbright Scholarship Program (Visiting Scholar Program) 
• International Education Financial Aid (IEFA)