2020-2021 Undergraduate Catalog [ARCHIVED CATALOG]
Economics
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Faculty
Chair
David Mitch
B.A., The University of Chicago, 1973; M.A., 1974; Ph.D., 1982
Professors
Robert Carpenter
A.B., University of Michigan-Flint, 1986; M.A., Washington University, 1988; Ph.D., 1992
Dennis Coates
B.A., State University of New York at Albany, 1979; M.A., University of Arizona, 1982; M.A., 1983; Ph.D., University of Maryland, 1988
Thomas Gindling
B.A., Denison University, 1981; M.A., Cornell University, 1986; Ph.D., 1987
Douglas Lamdin
B.A., University of Maryland, Baltimore County, 1983; M.A., University of Maryland, College Park, 1985; Ph.D., 1991
Associate Professors
Salem Abo-Zaid
B.A., Ben-Gurion University, 2001; M.A., 2003; M.A., University of Maryland, College Park, 2008; Ph.D., 2011
Kathleen Carroll
B.A., Cleveland State University, 1972; Ph.D., The Johns Hopkins University, 1976
Lisa Dickson
B.A., College of William & Mary, 2000; M.S., University of Texas at Austin, 2002; Ph.D., 2005
Morgan Rose
B.A., University of Missouri-Columbia, 1994; M.A., 1996; M.A., Washington University, 2000; Ph.D., 2005
Christelle Viauroux
B.S., University of Toulouse (France), 1993; M.S., 1995; M.A., 1996; D.E.E.Q.A., 1997; Ph.D., 2001
Chunming Yuan
B.A., Central University of Finance and Economics (China), 1998; M.A., 2001, M.A., University of California, Los Angeles 2005, C.Phil., 2005, Ph.D., 2008
Assistant Professors
Michael Andrews
B.A., University of Maryland, 2011; B.S., University of Maryland, 2011; M.A., University of Iowa, 2014; Ph.D., University of Iowa, 2017
Maria Bernedo
B.S., Universidad Del Pacifico (Peru), 2003; M.S., Toulouse School of Economics (France), 2008; Ph.D., Georgia State University, 2016
Nicolas Castro Cienfuegos
B.S., Pontificia Universidad Catolica de Chile (Chile), 2009; M.A., 2009; M.A., The University of Chicago, 2013; Ph.D., 2019
Oleg Firsin
B.A., Saint Anselm College, 2009; M.P.P., College of William & Mary, 2011; Ph.D., Cornell University, 2018
Se Mi Park
B.S., Ewha Womans University, 2007; M.A., Sogang University, 2011; M.A., University of Colorado Boulder, 2013; Ph.D., 2017
Christine Yee
B.S., Massachusetts Institute of Technology, 2003; Ph.D., University of California, Berkeley, 2009
Affiliate Professor
Timothy Brennan
B.A., University of Maryland, College Park, 1973; M.A., University of Wisconsin, 1975; Ph.D., 1978
Lecturer and Accounting Program Coordinator
Suzann Medicus
B.S., University of Baltimore, 1977; M.B.A., Loyola University, 1981
Lecturers
MaryAnn Davenport
B.A., Notre Dame of Maryland University, 2004; M.S., Stevenson University, 2016
Audra Hennigan
B.S., University of Florida, 2002; M.A., 2002
Bing Ma
B.A., Central University of Finance and Economics (China), 1998; M.A., 2001; M.A., Brown University, 2002; C.Phil., University of California, Los Angeles, 2007
Mark Thomas
B.A., University of Maryland, Baltimore County, 1976; M.A., Michigan Sate University, 1983; Ph.D.,1996
Academic Advisor
Robert Pawloski
B.A., University of Maryland, Baltimore County, 1992
Emeritus Professors
Michael Bradley
A.B., Albion College, 1961; M.S., Cornell University, 1963; Ph.D., 1967
Scott Farrow
B.A., Whitman College, 1974; M.A., Washington State University, 1981; Ph.D., 1983
Marsha Goldfarb
B.A., Pembroke College, 1964; M.A., Northwestern University, 1966; Ph.D., 1968
David Greenberg
B.A., Southern Methodist University, 1962; Ph.D., Massachusetts Institute of Technology, 1966
Virginia McConnell
B.A., Smith College, 1969; Ph.D., University of Maryland, College Park, 1978
Alan L. Sorkin
B.A., The Johns Hopkins University, 1963; M.A., 1964; Ph.D., 1966
Wendy Takacs
B.A., Rutgers University, 1969; M.A., The Johns Hopkins University, 1971; Ph.D., 19763
Emeritus Associate Professor
Charles Peake
B.S., East Tennessee State University, 1956; M.S., University of Tennessee, 1957; Ph.D., University of Maryland, College Park, 1968
Emeritus Faculty
Hyman K. Cohen
B.A., University of North Carolina, 1948; J.D., University of Baltimore, 1954
Courses in this program are listed under ECON.
Economics is the study of the way decisions are made. Consumers, managers of firms, organizations and societies make the types of decisions that economists study. Financial economics is at the intersection of economics and financial institutions and markets.
Microeconomics is concerned primarily with the decisions and choices of individuals in markets for goods and resources, the determination of prices of goods and services in a market economy, and the way decision-makers respond to these prices and various economic incentives.
Macroeconomics focuses on the economy as a whole and focuses on the determination of aggregate output and employment, unemployment, inflation and interest rates.
The core theories of microeconomics and macroeconomics can be applied to specialized fields such as international trade, finance, regulation and tax and monetary policies.
Economics is a broad and challenging way of thinking. Theoretical reasoning and empirical testing of hypotheses are primary focuses of economics. Students of economics must understand abstract and logical thinking, as well as the necessary tools of mathematical and statistical analysis. The degree programs in economics and financial economics are designed to provide students with these skills.
Career and Academic Paths
A major in economics or financial economics is excellent preparation for graduate study in economics, public policy and finance; professional study in law, business and public administration; and employment in business or government. Graduates of the UMBC economics programs have earned M.B.A., M.A., Ph.D., and J.D. degrees at distinguished universities. They have pursued successful careers in business, law, finance, banking, government, and college teaching.
Academic Advising
Students who are interested in majors or minors offered by the economics department should contact the department for assistance in selecting an advisor. The advising process is designed to help students determine their field(s) of interest within economics and select courses relevant to their career path.
Major Programs
The Economics Department offers two degree programs, Economics, B.A. and Financial Economics, B.S. Students may choose only one of these majors.
Minor Programs
The Economics Department offers five minor programs: Economics Minor , Economic Policy Minor , Finance Minor , Global Economics Minor , and Mathematical and Quantitative Economics Minor . Each minor is available only to students who are not majors in the Economics, B.A. or Financial Economics, B.S. Students may not receive more than one minor from the Economics Department.
Certificates in Pre-Professional Studies
These certificates offer UMBC students the opportunity to prepare for careers in the public and private sectors. The program provides students with marketable analytical skills needed for such careers. Each certificate requires students to pursue a major in any field at UMBC while completing the courses for one of the certificates. The Accounting Certificate provides the students the specific coursework requirements to sit for the CPA exam in Maryland. Any one of the certificates is roughly equivalent to a concentration or a second major.
Accelerated Pathway Program - 5-year B.A./M.A. and B.S./M.A.
UMBC undergraduates are eligible to apply for a program combining a Economics, B.A. or Financial Economics, B.S. with an M.A. in Economic Policy Analysis (offered jointly by the departments of economics and public policy). Students in the accelerated pathway can obtain both a bachelor’s and master’s degree in as few as five years. Students should apply for admission to the accelerated pathway during their junior year. Students interested in pursuing the accelerated program should plan to complete ECON 490 and ECON 421 before the beginning of their senior year. Students admitted into the accelerated pathway receive undergraduate credit for graduate-level courses required in the M.A. program; these courses count toward both the M.A. and the 21 upper-level credits required for the Economics, B.A. or toward both the M.A. and the upper-level economics elective credits required for the Financial Economics, B.S. . The accelerated program is substantially less expensive than a traditional master’s program because students pay undergraduate tuition for graduate-level courses taken as undergraduates. For more information on the M.A. in Economic Policy Analysis, see the Graduate Catalog or visit our Web site at www.umbc.edu/economics. For more information about the combined program and for an application form, see the economics department graduate program director, e-mail econmasters@umbc.edu or visit our Web site.
Special Opportunities
The department awards several scholarships to qualified undergraduates. For more information about these opportunities, visit our Web site at www.umbc.edu/economics.
Student Organizations
The Economics Council of Majors brings economics majors together for job seminars, visits to local businesses, social events and an annual awards event. Omicron Delta Epsilon The campus also has a chapter of Omicron Delta Epsilon, the international honor society for economics students. Accounting Club Students interested in accounting or who are pursuing the pre-professional certificate in Accounting gather for social events, seminars and an annual awards event.
Students are qualified to enroll in the departmental honors program if they have completed a minimum of 60 credit hours of academic work with a GPA of 3.5 and have completed at least ECON 101, ECON 102, ECON 311 and ECON 312 with a minimum GPA of 3.5. Completion of the departmental honors program requires that students maintain a minimum overall GPA of 3.5 and a minimum GPA of 3.5 in economics courses. Four of the upper-level ECON course to complete the major must be designated as honors courses; Students must attain a minimum GPA of 3.75 in their upper-level honors courses. Interested students should contact their major advisor or the departmental honors advisor for complete information on departmental honors. Students in the Honors College may request an Honors section of a 400 level course with the permission of the instructor. Such courses typically require additional responsibilities on the part of the student.
Requirements for Departmental Honors in Economics
- Both of the following courses with a combined GPA of 3.5 or higher:
- ECON 311 - Intermediate Microeconomic Analysis
- ECON 312 - Intermediate Macroeconomic Analysis
- Both of the following courses with a combined GPA of 3.5 or higher:
- ECON 421 - Introduction to Econometrics
- ECON 490 - Analytic Methods in Economics
- Instead of taking ECON 490, students can take both of the following with a combined GPA of 3.5
- MATH 152 - Calculus and Analytical Geometry II
- Either MATH 215 - Applied Finite Mathematics or MATH 221 - Introduction to Linear Algebra
- One of the following:
- ECON 493 - Individual Research in Economics
- ECON 495 - Research Seminar
- One of the following:
- ECON 601 - Microeconomic Analysis
- ECON 602 - Macroeconomic Analysis
- ECON 611 - Advanced Economic Analysis I
- Student must graduate with an overall GPA of 3.5 or higher
ProgramsBachelor of ArtsBachelor of ScienceCertificateNon-DegreeCoursesEconomics
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