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New Brunswick Undergraduate Catalog 2020-2022 Programs of Study and Courses for Liberal Arts and Sciences Students Programs, Faculty, and Courses Economics 220 Certificate Programs  

Certificate Programs


GENERAL INFORMATION ON CERTIFICATES IN ECONOMICS 

The Department of Economics has six different certificate programs. Five of these programs are concentrations for declared economics majors or students who complete the quantitative economics minor, while the other one is open to nonmajors. The certificates for economics majors are in financial economics, global economics, public policy economics, economic theory, and computational economics and data analytics. These certificates are meant to provide economics majors with an incentive to plan and organize their thinking and course selection along several specific career paths. There are specific grade requirements, including a minimum overall grade-point average (GPA) of 3.0 to receive the certificate, and a minimum B grade for all courses taken to satisfy the certificate requirements.

These certificates are uniform in requiring four courses from a select list of mainly upper-level economics electives, including a core course for the certificate, which may be a specific course or one course from a short list of courses. In the latter situation, other courses in the core list may also be used to satisfy the overall course requirement for the certificate. Note that the certificate in economic theory has some additional course requirements outside of economics.

A certificate program open to nonmajors is the certificate in quantitative economics (CQE). This certificate entails significant coursework in mathematics, statistics, and computer science, as well as in economics.

Certificates are noted on the student's transcript at graduation and may be listed on a CV or résumé as an additional credential. Details on all of the certificate programs follow.

Certificate in Financial Economics: This concentration provides students with a deep background in the institutions, theory, quantitative practice, and history of the important field of financial economics. Students completing this certificate are well prepared for a career in Wall Street or for graduate study in economics, quantitative finance, or financial engineering. Besides the normal core courses for the economics major, students take four of the following courses as part of the seven electives required for the major. One of these is a required core course. In addition, students matriculating in fall 2019 or later must take either 01:220:400, 444, or 481 as one of their electives to complete the certificate.

Core:
220:413  Financial Economics 

Electives (three courses):
220:400  Advanced Time Series and Financial Econometrics
220:414  Economics of Capital Markets
220:415  Portfolio Theory
220:421  Economic Forecasting and Big Data
220:444  Financial and Monetary History of the United States 
220:481  Economics of Uncertainty
220:484  Market Discipline 

Certificate in Global Economics: This concentration is for students with an interest in global economic issues, including the international business cycle, long-term economic growth, balance of payments issues, integration of international markets, and economic development. This certificate is a good preparation for employment in the Federal Reserve System or other central banks and in international organizations such as the IMF, the World Bank, and the UN, and for graduate study in international relations, public policy, or economics. Besides the normal core courses for the economics major, students take four courses, including one core course, as part of the seven electives required for the major.

Core: One of the following courses:
220:300  International Economics
220:435  International Trade
220:436  International Finance and Macroeconomics

Electives: Three of the following courses, with the option of including an additional course from the core list above. Note that only two of the three core courses may be used for credit toward the economics major, and this general rule applies to the certificate as well. Also, only one 300-level course, either 220:300 or 220:307, may count toward the certificate.

220:307  Economics of Globalization: A Historical Perspective
220:400  Advanced Times Series and Financial Econometrics
220:401  Advanced Cross-sectional and Panel Econometrics
220:439  Economic Development
220:443  European Economic History
220:449  Transition Economics
220:470  Economic Growth
220:477  Economics of Population
220:495  Economics of Natural Resources and Sustainable Development

Certificate in Public Policy Economics:
The certificate in public policy economics is intended for students with an interest in working on fundamental policy issues related to labor, health, taxation, the environment, economic equality, gender, and other microeconomic issues. Employment in state and federal government agencies, in nonprofit or nongovernmental policy organizations, or graduate study in economics or public policy, are likely career paths. Besides the normal core courses for the economics major, students take four of the electives listed below as part of the seven electives required for the major. One of these is a required core course.

Core: One of the following courses:

220:402  Labor Economics
220:417  Health Economics
220:460  Public Economics

Electives:
Three of the following courses, with the option of including additional courses from the core list above. At least two of these courses must be 400 level.
220:305  American Economic History
220:331  Economics of Crime
220:401  Advanced Cross-sectional and Panel Econometrics
220:403  Special Topics in Labor Markets
220:432  Environmental Economics
220:438  Education Economics
220:463  Economics of Taxation
220:464  Personal Economics and Public Policy
220:475  Women, Men, and the Economy

Certificate in Economic Theory:
The certificate in economic theory is appropriate for students with a strong mathematical preparation who wish to deepen their understanding of microeconomic theory. This track is particularly recommended for students who would like to be better prepared for graduate study in economics. Students are advised to fulfill the major Calculus I requirement with 01:640:151 rather than 01:640:135. Besides the normal core requirements, students take Calculus II (640:152), Linear Algebra (640:250), and the sequence of Mathematical Theory of Probability (640:477) and Mathematical Theory of Statistics (640:481), or the sequence of Theory of Probability (960:381) and Theory of Statistics (960:382). The 477/481 math sequence or the 381/382 statistics sequence can substitute for 960:285 in the major core. For the seven electives for the major, students must take at least four courses, including one core course. With instructor approval, appropriate courses in the economics Ph.D. program may be used as electives as well. Students who aspire to enroll in a Ph.D. program in economics are encouraged, though not required for the certificate, to take additional mathematics courses, including Multivariable Calculus (640:251), Elementary Differential Equations (640:252), and Real Analysis (640:300 and 640:311). There are specific grade requirements, including a minimum overall GPA of 3.0 to receive the certificate, and a minimum B grade for all courses taken to satisfy the certificate requirements.

Core: One course from the following:

220:481  Economics of Uncertainty
220:482  Game Theory and Economics

Electives:
Three courses from the following, with the option of including an additional course from the core list above:
220:327  History of Economic Thought
220:410  Advanced Macroeconomic Theory
220:441  Industrial Organization
220:480  Behavioral and Experimental Economics
220:483  Economics of Information
220:485  Advanced Microeconomic Theory
220:486  Operations Research I
220:487  Operations Research II
220:489  Topics in Advanced Economic Theory

Certificate in Quantitative Economics: The certificate in quantitative economics (CQE) is intended to enhance economics education for exceptional students in a cost-effective manner. Building on the existing major requirements, the certificate will be awarded to students who complete additional courses in mathematics, statistics, and computer science. The certificate is available to both economics majors and minors.

Requirements

The CQE will be overseen by a faculty adviser appointed by the undergraduate director. Interested students should meet with the adviser as early as possible. Students will continue to meet with the adviser each semester to review their progress. To receive the certificate, students must maintain a B average in the economics major/minor and in the additional certificate courses.

1. Mathematics: Calculus for Mathematical and Physical Sciences (640:151,152) or Honors Calculus (640:191,192) or equivalent (Note: 640:135 will be accepted in place of 640:151 but 640:136 does not satisfy the prerequisite for 640:251 Multivariable Calculus. Students must take 640:152 [or 192].)

2. Linear Algebra (640:250)

3. Multivariable Calculus (640:251 or Honors 640:291)

4. Statistics: Theory of Probability (960:381) and Theory of Statistics (960:382) or Mathematical Theory of Probability (640:477) and Theory of Statistics (640:481); students considering a minor in math should normally take these courses.

Note: The two-course sequence (960:381-382 or 640:477,481) will substitute for the normal economics statistics requirement.

5. Computer Science:
    01:198:111  Introduction to Computer Science
    01:198:212  Data Structures

6. Economics: All four of the following courses:
    01:220:102  Introduction to Microeconomics
    01:220:103  Introduction to Macroeconomics
    01:220:230  Intermediate Microeconomic Analysis
    01:220:322  Econometrics

    (Intermediate Macroeconomic Analysis (220:321) is not a requirement for the CQE, but it is a prerequisite for some of the economics courses a student might wish to take for the CQE.)

Two courses from the following, at least one of which must be 400, 401 or 421:
    01:220:400  Advanced Time Series and Financial Econometrics*
    01:220:401  Advanced Cross-sectional and Panel Econometrics*
    01:220:420  Computational Methods for Research in Economics*
    01:220:421  Economic Forecasting and Big Data*
    01:220:481  Economics of Uncertainty
    01:220:482  Game Theory and Economics
    01:220:483  Economics of Information
    01:220:485  Advanced Microeconomic Theory
    01:640:485  Introduction to Mathematical Finance

    (*Indicates that the course requires Intermediate Macroeconomic Analysis [220:321] as a prerequisite.)

Certificate In Computational Economics and Data Analytics: This concentration certificate provides students with a deep background in advanced tools for analysis of economic data, including traditional regression methods commonly used in economics, as well as more computationally intensive methods, such as machine learning. Students completing this certificate will be well prepared for positions in a wide range of business and government organizations where high throughput analysis of incoming data is valued. The certificate is also an excellent preparation for graduate study in economics or decision sciences, particularly for areas where computational modeling of economic decision-making and analysis of data from decision-making is the focus. Students can choose from advanced econometrics and theory courses in economics. Students planning to pursue this certificate should have a strong aptitude and interest in both econometrics and economic theory, and are recommended to complete econometrics (01:220:322) and calculus II (01:640:136 or 152) as early as possible.

A total of four courses, each with a grade of B or better, are required, as well as an overall GPA of at least 3.0. This certificate may be completed either through selection of appropriate electives, as part of the major in economics, or by completing three additional courses beyond those required for the minor in quantitative economics.

Required

01:220:420  Computational Methods for Research in Economics

Data Methods electives (at least one from this list):
01:220:421  Economic Forecasting and Big Data
01:220:422  Advanced Cross-Sectional and Panel Econometrics
01:220:423  Advanced Time Series and Financial Economics
01:220:424  Advanced Analytics for Economic Data

Economic Theory electives (at least one from this list):
01:220:480  Behavioral and Experimental Economics
01:220:481  Economics of Uncertainty
01:220:482  Game Theory and Economics
01:220:483  Games, Markets, and Information
01:220:485  Advanced Microeconomic Theory
01:220:488  Networks and Complexity in Economics

 
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