2014-2015 Undergraduate Catalog [ARCHIVED CATALOG]
Economics
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Faculty
Chair
Michael Bradley
A.B., Albion College, 1961; M.S., Cornell University, 1963; Ph.D., 1967
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, 1983; Ph.D., 1988
Scott Farrow
B.A., Whitman College, 1974; M.A., Washington State University, 1981; Ph.D., 1983
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
William Lord
B.A., Indiana University, 1976; M.A., 1980; Ph.D., 1984
Virginia McConnell
B.A., Smith College, 1969; Ph.D., University of Maryland, College Park, 1978
David Mitch
B.A., The University of Chicago, 1973; M.A., 1974; Ph.D., 1982
Wendy Takacs
B.A., Douglass College, Rutgers University, 1969; M.A., The Johns Hopkins University, 1971; Ph.D., 19763
Associate Professors
Kathleen Carroll
B.A., Cleveland State University, 1972; Ph.D., The Johns Hopkins University, 1976
Assistant Professors
Matthias Cinyabuguma
M.A., University Catholique de Louvain (Belgium), 2000; M.A., Brown University, 2002; Ph.D., 2005
Lisa Dickson
B.A., College of William & Mary, 2000; M.S., University of Texas at Austin, 2002; Ph.D., 2005
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
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
Affiliate Professor
Timothy Brennan
B.A., University of Maryland, College Park, 1973; M.A., University of Wisconsin, 1975; Ph.D., 1978
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
Lecturer
Mark Thomas
B.A., University of Maryland, Baltimore County, 1976; M.A., Michigan Sate University, 1983; Ph.D.,1996
Emeritus Professor
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
Alan L. Sorkin
B.A., The Johns Hopkins University, 1963; M.A., 1964; Ph.D., 1966
Lecturer and Accounting Program Coordinator
Jeanne St. Martin
B.A., Connecticut College, 1977; M.B.A., University of New Mexico, 1981
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, Bachelor of Arts in Economics and Bachelor of Science in Financial Economics. Students may choose only one of these majors.
Certificates in Pre-Professional Studies in Accounting and Finance and Information System Auditing
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 pre-professional studies in accounting certificate provides the students the specific coursework requirements to sit for the CPA exam in Maryland. FIEC majors may not also earn a certificate in finance. Any one of the certificates is roughly equivalent to a concentration or a second major. For detailed information see accounting, finance and information systems auditing certificates.
Accelerated B.A./M.A. and B.S./M.A. Program
UMBC undergraduates are eligible to apply for a program combining a B.A. in Economics or B.S. in Financial Economics with an M.A. in Economic Policy Analysis (offered jointly by the departments of economics and public policy). Students in the combined B.A./M.A. or B.S./ M.A. program can obtain both a bachelor’s and master’s degree in as few as five years. Students should apply for admission to the B.A./M.A. or B.S./M.A. program 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 B.A. in Economics or toward both the M.A. and the upper-level economics elective credits required for the B.S. in Financial Economics. 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.
Honors Program
The departmental honors program in economics provides opportunities for qualified students to enrich their undergraduate studies and to receive recognition for academic excellence in economics. 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 minimum 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 courses to complete the major must be designated as honors courses; students will complete supplemental research in these courses under the guidance of the instructor. 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.
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.
ProgramsBachelor of ArtsBachelor of ScienceNon-DegreeCoursesEconomics
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