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Ahead of the Curve: Data Scien..

Mtsu’s economics ph.d. program earns first u.s. ne..., ‘mtsu on the record’ hears stu.., mtsu’s economics ph.d. program earns first u.s. news and world report ranking.

• by Jimmy W. Hart
• 19 April 2022
• Campus Community

MTSU’s economics graduate program within the Jennings A. Jones College of Business has made the U.S. News and World Report ranking of top U.S. programs for the first time.

MTSU’s program is ranked No. 134 on the list of the nation’s 139 top programs for 2022. Tied for the top ranking was Harvard University, Massachusetts Institute of Technology (MIT) and Stanford University. The other Tennessee universities making the list are Vanderbilt University (No. 30) and University of Tennessee-Knoxville (No. 79).

The full list can be found at https://bit.ly/3EEBT33 .

Jones College Dean David Urban applauded the ranking, saying it was the result of the hard work by the Department of Economics and Finance to address concerns cited in the college’s accreditation review several years ago. AACSB , the premier accrediting body in business education, said the faculty teaching in the program did not have enough publications in journals that would be widely recognized as “A” or “B” journals.

Dr. David Urban

“Implementing the changes required by the 2016 AACSB review team was not easy, but whatever pain we endured to make those changes has paid off, as the recognition by U.S. News and World Report shows,” said Urban, noting that a failure to address the concerns could have led to a recommendation for the program to be discontinued.

Associate professor Stuart Fowler , interim chair of the Department of Economics and Finance, called the ranking “remarkable” and praised the work of economics faculty as well as the leadership of economics professor Adam Rennhoff , graduate program director.

“The U.S. News ranking is not a niche ranking. It is a ranking on the overall program and not limited to, for example, online programs or the cost of the program,” Fowler noted. “The (U.S. News) survey is based on questionnaires that were sent to department heads and directors of graduate studies in economics. The questionnaire is a true peer evaluation. Our graduate program now has verified national prominence and … is achieving regional dominance.”

Dr. Stuart Fowler

Dr. Adam Rennhoff

Urban said Jones College was able to attract additional research-oriented faculty following the 2016 accreditation review and “increased the rigor of the academic qualification standards for faculty teaching in the Economics Ph.D. program.”

“The AACSB review team in 2021 noted quite a turnaround in the quality of scholarship produced by the faculty teaching in the program: 40 of the 58 journal articles (69 percent) published since the 2016 review by faculty who are active in the Economics Ph.D. program were in journals ranked in the A*, A, and B categories on the ABDC journal list,” Urban noted.

For more information about the graduate program through the Department of Economics and Finance, visit https://mtsu.edu/programs/economics-phd/ or contact Rennhoff at [email protected] or 615-898-2931.

— Jimmy Hart ( [email protected] )

Jimmy W. Hart

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Program rankings

The following organizations rank graduate economics programs using various approaches:

• US News and World Report 2023 Best Economics Schools
• US News and World Report Ranking of the Best Global Universities for Economics and Business
• RePEc Ranking of Institutions
• Tilburg University Top 100 Worldwide Economics Schools Research Rankings
• National Academies of Sciences, Engineering, and Medicine 2011 Ranking

Academic research evaluating economics programs

• Amir, Rabah and Malgorzata Knauff. 2008. " Ranking Economics Departments Worldwide on the Basis of PhD Placement ." Review of Economics and Statistics , 90 (1), pp. 185-90.
• Grijalva, Therese C. and Clifford Nowell. 2008. " A Guide to Graduate Study in Economics: Ranking Economics Departments by Fields of Expertise ." Southern Economic Journal , 74 (4), pp. 971-96.
• Kalaitzidakis, Pantelis, Theofanis P. Mamuneas, and Thanasis Stengos. 2011. " An Updated Ranking of Academic Journals in Economics ." The Canadian Journal of Economics , 44(4):1525-1538.
• McPherson, Michael A. 2012. " Ranking US Economics Programs by Faculty and Graduate Publications: An Update Using 1994-2009 Data ." Southern Economic Journal , 79 (1): 71-89.  

Graduate degrees in economics

Understanding the job market.

Department of Economics

Economics ph.d. program jumps 5 places in u.s. news rankings.

Posted by Elizabeth TeSelle on Tuesday, March 29, 2022 in Uncategorized .

The Vanderbilt Ph.D. program in Economics took a large leap this year in the U.S. News and World Report rankings –from 35th to 30th.   This is a significant increase, which can be attributed to our fine placement record over the past few years.

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The doctoral program in Economics at Harvard University is one of the leading programs in the world. Supported by a diverse group of faculty who are top researchers in their fields and fueled by a vast array of resources, the PhD program is structured to train and nurture students to become leading economists in academia, government agencies, the technology industry, finance and banking, and global policy organizations.

Harvard University and the Department of Economics are regularly ranked amongst the top programs in the world, and the consistency of success among our graduates is inspiring. We have educated several foreign heads of state, Nobel Prize Winners, Clark Medal Winners, MacArthur Fellowship Recipients - many of whom have returned to Harvard to offer their expertise and brilliance in shaping and nurturing our students.  Learn more about where we place our  graduates  and explore our  Program  to find out if a PhD in Economics is a good fit for you. 

Program Requirements

As a PhD student in the Economics program, students will spend the first two years in the program engaged in rigorous coursework designed to develop a foundational understanding of economics. In the following years, students transition to research under the guidance of strong faculty mentorship and participate in field workshops. In the final year, students conduct independent research and complete a dissertation.

The department of Economics at Harvard University is committed to seeking out and mentoring scholars who wish to pursue a rigorous and rewarding career in economic research. Our graduates are trailblazers in their fields and contribute to a diverse alumni community in both the academic and non-academic sectors. We invite you to learn more and apply to the PhD program in Economics. 

Financial Support

Students have access to a variety of funding and financial support opportunities.

• Research Funding
• Teaching Fellowships and assistants
• Additional external and internal resources

Learn more about financial support

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Ph.D. in Economics

The Ph.D. program at Berkeley is designed for students interested in pursuing advanced study and conducting original research in Economics. The Ph.D. degree is awarded in recognition of the recipient's qualifications as a general economist and of the ability to make scholarly contributions in fields of specialization.

In advancing to the Ph.D. degree, students pass through two major stages:

• Preparation for candidacy typically takes two to three years. During the first two semesters, students take courses to achieve competence in econometric methods, methods of economic history and fundamentals of microeconomic and macroeconomic theory. During the next two years, students prepare for examination in two fields of specialization of their choosing, prepare a dissertation prospectus, and take an oral examination. When these steps are completed, students are advanced to candidacy.
• Completion of a dissertation after advancing to candidacy typically takes one to two years. The dissertation must be based on original research and represent a significant contribution to the body of Economic knowledge.

The entire process takes approximately five to six years, although some students are able to complete the program in less time. Below is an overview of the program requirements by year and other pertinent information.

The UC Berkeley College of Letters & Science   provides students helpful resources, links, and tools for successfully completing the Ph.D. in Economics.

ECONOMICS GRADUATE STUDENT SERVICES

The economics student services mission is to advise our students holistically by providing a high standard of service in a supportive and collaborative environment.  professional and peer advisors work as a team to provide accurate information in a timely manner.  we partner with faculty to assist students in engaging with the campus and the global economic community.  we value fairness, diversity, and the important roles our students, faculty, and staff in the department of economics play at the university of california, berkeley..

If you or someone you know is experiencing financial, food, housing or other basic needs challenges - you can find support and services at:  http://tinyurl.com/UCB-BNC-C19 .

Meet the members of the Economics Graduate Student Services advising team!

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PhD in Economics At a Glance

• 45 credit hours of course work, completed in as little as 2.5 years.
• Study diverse theoretical perspectives, including post-Keynesian, intuitionalist, evolutionary, and feminist economics.
• Tailor your field coursework to best match your research interests.
• Designated as a STEM degree program 
• Program Director: Professor Nathan Larson .

Tailor Your Degree to Your Research Interests

Offering a combination of rigorous technical training and a focus on policy-relevant research, our PhD in Economics will prepare you for careers in academics, research, and government. Our students master economic theory, statistical methods, and applied field knowledge. Then, through the dissertation-writing process, they develop the ability to formulate and empirically answer economic questions.  

• Diverse Perspectives : In addition to a strong foundation in macro and micro theory and econometrics, students learn a more diverse perspective on economics through required courses in economic thought and economic history, as well as optional courses in heterodox theoretical models of economics, including post-Keynesian, intuitionalist, evolutionary, and feminist economics.
• Flexibility : Students choose four applied field courses that best fit their research interests. The department offers a wide selection of concentrations, including courses in development, gender, international, labor, macro/monetary, and other applied micro topics.
• Preparation : Students must successfully pass one comprehensive exam at the end of their first year and produce a journal-quality research paper by the end of their third year. The third-year paper typically serves as a key component of the dissertation, giving students an advanced start on the dissertation writing process.

See complete Admissions and Program Requirements .

Faculty Dedicated to Your Success

At AU, you will take classes from and work with a diverse group of esteemed economists and highly cited scholars who are engaged with practitioners and policymakers around the world. Their wide-ranging research and publications , along with the variety of methodological approaches they use, create a rich environment for innovations in theory and empirical studies. 

Our research centers, including the Program on Gender Analysis in Economics and Infometrics Institute , host guest scholars and research projects, further enhancing the opportunities for graduate students. By working as research assistants and teaching assistants, PhD students gain valuable experience and mentorship in an academic setting.  

Throughout their third year and into the fourth, students work closely with a faculty member of their choosing on their third-year paper and dissertation proposal, eventually adding other experts to their dissertation committee to gain additional insights and expertise. Through this process, students develop lasting collegial, and productive relationships with faculty, classmates and economists at DC-area institutions, often co-authoring and publishing.  

Launch Your Career Amongst Top Economists 

The Washington metropolitan area employs over one-third of all economists in the country. The array of intellectual and professional opportunities offered by the nation's capital make American University the ideal place to study economics. The department's strategic partnerships and our faculty's relationships with nearby institutions will help you make the best use of those opportunities.

Internship and employment opportunities:

• The World Bank 
• International Monetary Fund
• Research institutes
• Think Tanks and NGOs
• US Treasury, Labor, and Commerce Departments 

Economics PhD graduates are well qualified for careers in academia, government agencies, and international organizations. Our students receive career mentorship and placement services that lead to careers in public policy, academia, and government, both domestically and abroad.

Many of our graduates go on to academic posts at universities such as the Saint Louis University, the University of Vermont, University of Wisconsin-La Crosse, and Franklin College. Domestically, graduates have served in congress and government agencies, including the Bureau of Economic Analysis, the Department of Commerce, and the Department of Labor. Our alumni working outside of the US have founded research institutions and consulted for major organizations such as CGIAR-CIP and the United Nations. 

Read more career information about AU economics alumni.

See the 2017-8 list of job market candidates .

News & Notes

See schedule and abstracts for the 2024  Third Year Paper Conference , April 3 in Kreeger.

IMPA hosts a colloquium on  Inequality and the Macroeconomy: Academic and Policy Challenges   at Kreeger, April 17, noon–3:00.

Research Seminar Series Wednesdays at noon.

• PhD candidate Amy Burnett Cross received an EHA Dissertation Fellowship from the EHA Committee on Research in Economic History
• PhD student Danielle Wilson was awarded an Economic History Association grant for archival research on Mexican Railroads.
• PhD student Aina Puig's short essay, " The Unequal Effect of Interest Rates by Race, Gender, " was published in the San Francisco Fed's Economic Letter.
• Professor Bernhard Gunter and PhD students Bong Sun Seo & Farah Tasneem were awarded the  International Award for Excellence for their article on the change in labor force participation rates during periods of globalization and marginalization. 

Student Spotlights

More about Aina

San Francisco Federal Reserve Board’s essay contest  called for papers studying economic impacts of gender and racial inequalities. As a winner, Aina’s paper will be published in the Federal Reserve Board’s Economic Letter and will have the opportunity to participate in a 6-week summer research program.

Aina’s paper focused on the impact of monetary policy, through interest rates, on spending patterns among types of U.S. households—those with mortgages, those with women versus men as head of household, and those headed by White versus Black people. By building on her interest in macroeconomic inequality topics with direct policy implications, she intended (and continues to intend) to fill a gap in the literature, adding to the income inequality narrative by bringing gender and racial inequalities to the forefront of discussion.

Through this project, she was able to not only establish the impact of monetary policy shocks on consumption patterns, but also inform the Federal Reserve Board of these distributional impacts. When discussing her research, Aina states that “promoting equal opportunity and understanding the different impacts of policies can help policymakers create policies that promote economic growth while benefitting all groups’ well-being in society.”

Her interest in analyzing inequality topics through lens of distributional effects of macroeconomic policies came to life during her research for this paper and “ties directly into [her] plans for [her] dissertation…, a good starting point for [her] future research.”

Vasudeva Ramaswamy

More about Vasudeva

Economics PhD candidate Vasudeva Ramaswamy credits American University with helping him zero in on his area of research interest and for equipping him with the tools to explore and contribute to his field. 

During his time at AU, Vasu spent two summers working with the World Bank, studying the impact of agricultural aggregators in East Africa — specifically, how they provided income and security to farmer communities. 

Vasu’s dissertation considers the effects of the Federal Reserve Bank’s actions on household inequality. Who gains and who loses when the Fed increases (or decreases) interest rates? And how do these effects propagate through the economy? Because business income and profits play a key role in household inequality, Vasu looks at how businesses respond to the actions of the Fed. 

After he earns his PhD, Vasu says he would love to be able to continue researching the importance of economic heterogeneity in monetary policy transmission. “I am particularly grateful for AU’s faculty, who are leading experts in their field and approachable and encouraging as mentors,” he adds. “I am equally grateful for the rest of my PhD cohort, who are a brilliant and motivated group. I am learning from them continually.”

Elissa Cohen

More about Elissa

Economics PhD candidate Elissa Cohen received an NSF grant to pursue her research about assumptions people make about risk and, building off an idea from a previous project, Elissa continues her interest in the Value of Statistical Life in this one to question the validity of how VSL is used and estimated. In doing so, she contributes to development of a more complete theory of how perceptions of risk guide decision making.

Elissa asks three questions: (1) Is the construct validity of the VSL consistent across measurement approaches? (2) Do people value the mitigation of varying types of fatality risk differently across domains? (3) Do people accurately comprehend the probability of death in a given setting?

To answer these questions, Elissa uses discrete choice experimental (DCE) designs, self-report surveys, and machine learning techniques to evaluate the validity of the VSL as an assessment how people’s risk assessment shapes behavior.

This research improves the understanding of how people perceive fatality risk across domains and how perceptions impact choices about risk exposure. With this research comes the potential to reshape how regulatory agencies construct their aggregated VSL estimates for future cost-benefit analyses, influencing policy decisions and allocation of scarce federal resources.

As she thinks about impact and the research space she can contribute to and develop, Elissa comments, “AU has definitely helped me refine the types of questions I am interested in answering…. I see myself continuing to explore and test feedback loops between emergent human behaviors and macro-level policy decision-making.”

Amy Burnett Cross

More about Amy

Amy Burnett Cross has been selected as one of the three NBER Pre-Doctoral Fellows in the Gender in the Economy program to support her dissertation research on the influence of military policy on the sorting of women into occupations. Through this research, she is able to include her knowledge from AU’s Program on Gender Analysis in Economics as well as her understanding that by bringing more insight from conservative institutions into her research realm, she could enhance the policy space of gender equity.

As she continues her career, Amy desires to conduct research that is directly applicable to policymakers, and through her research on this project, Amy has the chance to do this in addition to engaging with economic history and begin to invest more time in the historical arc of military policy and gender dynamics.

She has three focuses for her dissertation project: (1) evaluate the impact of lifting the ban on women in combat (in 2013) on civilian occupational desegregation; (2) measure the extent to which gender desegregation of the Army (in 1977) signaled a shift in the appropriate role of civilian women at work; and (3) assess whether the structure of the U.S. draft in WWI (in 1917) contributed to the development of the male breadwinner norm.

Amy’s work aims to provide evidence that policy changes can influence social norms constraining women’s work and occupational segregation, particularly in discovering how policies regarding women’s participation in the military go on to influence gender gaps in civilian labor market outcomes. In doing so, Amy also seeks to contribute to the research of information asymmetry as a cause for occupational segregation—does military gender desegregation function as a reduction of information asymmetry?

With the support and accommodation of her peers, professors, and advisor, Mary E. Hansen, Amy has been able to focus on her academic excellence and develop close friendships and bonds during her journey at AU. In discussing her work in gender economics and the community at American University, Amy offered, “AU attracts women economists and I have found some truly excellent ones here.”

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Ph.D. in Economics

The Ph.D. program in the Department of Economics at Columbia University trains students to do cutting edge research in economics.  Students in our program do research in all major areas of economics including microeconomics, macroeconomics, econometrics, international economics, labor economics, public finance, industrial organization, development economics, and urban economics.  Our department provides strong training both in theoretical economics and in applied and empirical economics.  The Ph.D. program is primarily designed for students that are interested in pursuing a career in teaching and research within academia but is also useful for student interested in certain positions within governments, research organizations, or private businesses.

The first two years of our Ph.D. program is largely devoted to rigorous coursework. After the second year, however, students devote most of their time to their own research under the supervision of faculty advisors. Students in our program generally complete their Ph.D. in 5 or 6 years.

Admission to the Ph.D. program is highly selective.  We receive approximately 1,000 applications each year for an incoming class of roughly 25 students.  We place a high value on attracting the very best minds, and recruiting members of groups who will both enhance the diversity of research in the field and contribute to the diversity of the university’s academic and professional community.

The Ph.D. program has a long and illustrious history.  Alumni of the program include some of the most distinguished economists of the last century – including Nobel Prize winners Kenneth J. Arrow, Milton Friedman, Simon Smith Kuznets, and William S. Vickrey.

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Doctoral Program

The Ph.D. program is a full time program leading to a Doctoral Degree in Economics.  Students specialize in various fields within Economics by enrolling in field courses and attending field specific lunches and seminars.  Students gain economic breadth by taking additional distribution courses outside of their selected fields of interest.

General requirements

Students  are required to complete 1 quarter of teaching experience. Teaching experience includes teaching assistantships within the Economics department or another department .

University's residency requirement

135 units of full-tuition residency are required for PhD students. After that, a student should have completed all course work and must request Terminal Graduate Registration (TGR) status.

Department degree requirements and student checklist

1. core course requirement.

Required: Core Microeconomics (202-203-204) Core Macroeconomics (210-211-212) Econometrics (270-271-272).  The Business School graduate microeconomics class series may be substituted for the Econ Micro Core.  Students wishing to waive out of any of the first year core, based on previous coverage of at least 90% of the material,  must submit a waiver request to the DGS at least two weeks prior to the start of the quarter.  A separate waiver request must be submitted for each course you are requesting to waive.  The waiver request must include a transcript and a syllabus from the prior course(s) taken.  

2.  Field Requirements

Required:  Two of the Following Fields Chosen as Major Fields (click on link for specific field requirements).  Field sequences must be passed with an overall grade average of B or better.  Individual courses require a letter grade of B- or better to pass unless otherwise noted.

Research fields and field requirements :

• Behavioral & Experimental
• Development Economics
• Econometric Methods with Causal Inference
• Econometrics
• Economic History
• Environmental, Resource and Energy Economics
• Industrial Organization
• International Trade & Finance
• Labor Economics
• Market Design
• Microeconomic Theory
• Macroeconomics
• Political Economy
• Public Economics

3.  Distribution

Required:  Four other graduate-level courses must be completed. One of these must be from the area of economic history (unless that field has already been selected above). These courses must be distributed in such a way that at least two fields not selected above are represented.  Distribution courses must be passed with a grade of B or better.

4.  Field Seminars/Workshops

Required:  Three quarters of two different field seminars or six quarters of the same field seminar from the list below.   

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Rankings of Doctoral Programs in Economics

There are numerous rankings of Economics Ph.D. programs available.

U.S. News and World Report

According to the 2017 rankings released by U.S. News and World Report , Iowa State University's graduate program in Economics was ranked 28th among public universities and tied for 53rd overall. This ranking was two slots higher than the previous ranking.

National Research Council

One recent assessment resulted from a comprehensive survey of doctoral programs undertaken by the National Research Council (“ A Data-Based Assessment of Research-Doctorate Programs in the United States (2010) ”).  The NRC’s program assessment methodology and results are somewhat complex, but one synthesis of their findings  places our program within the top 30 Economics Ph.D. programs in the U.S .; and among the top 10 in public universities.

Research Papers in Economics (RePEc)

RePEc , sponsored by the Research Division of the Federal Reserve Bank of St. Louis, is a comprehensive database of research papers in economics.  The information in the database is used to rank the research productivity of registered authors based on a variety of metrics.  Authors’ rankings, in turn, are used to rank the institutions with which they are affiliated for academic departments of both economics and agricultural economics .

American Economic Association

Links to other rankings of graduate programs in economics are provided on the American Economic Association website .

Econphd.net

By field of specialization, a ranking by econphd.net places our department 4th in the “subdiscipline” of Resource and Agricultural Economics.   This subdiscipline is further partitioned according to JEL descriptors into two parts:  Resource and Environmental Economics, in which we rank 8th; and Agricultural Economics, in which we rank 1st overall.

Journal Articles Ranking Economics Programs

• Based on faculty productivity, “ A Guide to Graduate Study in Economics: Ranking Economics Departments by Fields of Expertise, ” by T.C. Grijalva and C. Nowell, Southern Economic Journal, 2008: 74(4), pp. 971-96.  According to this study, our program ranks 31st overall (15th among public universities) and 1st overall in the field of Agricultural and Natural Resource Economics.
• A more recent ranking of economics programs, see " Ranking U.S. Economics Programs by Faculty and Graduate Publications: An Update Using 1994 - 2009 Data, " by M. A. McPherson, Southern Economic Journal, 2012:  79 (1), pp. 71-89.

Purdue’s Daniels School offers a PhD in Economics which develops core competencies in microeconomics, macroeconomics and econometrics, while allowing students to choose specialized study in a variety of different fields. The Economics PhD is well-suited for those interested in rigorous application of mathematical tools to better understand decisions made by individuals and firms, and to evaluate economic policies.

By collaborating with renowned faculty in the areas of econometrics, experimental and behavioral economics, industrial organization, international trade, labor economics, macroeconomics, and public economics, our doctoral students go on to conduct frontier research at leading universities, shape public policy and influence business strategy.

Grounded in a strong methodological and quantitative orientation, our PhD program broadens students’ understanding of economic issues, provides an opportunity for individualized research and specialization, and sharpens critical thinking skills.

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If you would like to receive more information about doctoral study in Economics, please fill out the form and an Admissions Specialist will be in touch to connect you with a department representative!

Contact us for more information [email protected]

Program Details

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Prospective Ph.D. Information

Northwestern's Ph.D. program in Economics owes its international reputation to an outstanding faculty, a well-organized program of study, extensive student-faculty interaction, and an excellent record of recruiting, training, and placing talented graduate students.

In addition, the Department of Economics and the Finance Department in the Kellogg School of Management offer a joint full-time Ph.D. program in Financial Economics .  

Program details

Students generally complete the Ph.D. program in four to six years. Please note that the department does not admit students for a terminal MA degree. An MA degree is only available to Economics Ph.D. students who have successfully completed the first year of the doctoral program, and to students enrolled in other doctoral programs at Northwestern.

The Ph.D. program has approximately 120 students in residence and an average entering class of 25 each year.

The department actively supports the placement of Ph.D. graduates in positions at prestigious universities, government agencies and private corporations. See where past graduates have been placed.

Application details

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Our fields of study:

• Development Economics
• Econometrics
• Economic History
• Health Economics
• Financial Economics
• Industrial Organization
• Labor and Public Economics
• Macroeconomics
• Microeconomic Theory

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Curriculum and Thesis

In their first and second years, PhD students are required to complete a series of core classes, coursework in their major and minor fields of study, and an advanced research methods course before proceeding to the thesis-writing stage.

Core courses

Students must satisfy the requirements in at least 10 of 12 half-semester first-year core courses (14.384 and 14.385 are considered second-year courses). The requirements can be met by earning a grade of B or better in the class or by passing a waiver exam.

Waiver exams are offered at the start of the semester in which the course is offered and graded on a pass-fail basis. Students who receive a grade of B- or below in a class can consult the course faculty to determine whether to take the waiver exam or re-take the course the following year. These requirements must all be satisfied before the end of the second year.

Course list

• 14.121: Microeconomic Theory I
• 14.122: Microeconomic Theory II
• 14.123: Microeconomic Theory III
• 14.124: Microeconomic Theory IV
• 14.380: Statistical Methods in Economics
• 14.381: Estimation and Inference for Linear Causal and Structural Models
• 14.382*: Econometrics
• 14.384*: Time Series Analysis (2nd year course)
• 14.385*: Nonlinear Econometric Analysis (2nd year course)
• 14.451: Dynamic Optimization Methods with Applications
• 14.452: Economic Growth
• 14.453: Economic Fluctuations
• 14.454: Economic Crises

*Courses 14.382, 14.384, and 14.385 are each counted as two half-semester courses.

Most students will also take one or more field courses (depending on whether they are waiving core courses) during their first year. Feel free to ask your graduate research officer, field faculty, and advanced students for advice on how you structure your first-year coursework.

Second year students must also successfully complete the two-semester course 14.192: Advanced Research Methods and Communication. The course, which is graded on a pass-fail basis, guides students through the process of writing and presenting the required second-year research paper.

Major field requirement

By the end of year two, PhD students must complete the requirements for two major fields in economics. This entails earning a B or better in two designated courses for each field. Some fields recommend additional coursework or papers for students intending to pursue research in the field.

Major fields must be declared by the Monday following the spring break of your second year. Your graduate registration officer must approve your field selections.

Minor field requirement

PhD students are also required to complete two minor fields, taking two courses in each field and earning a grade of B or better. Your graduate registration officer must approve your field selections.

Minor coursework is normally completed by the end of year two, but in some cases students can defer the completion of one field until after general exams. Students must consult with their graduate registration officer before making a deferment.

Options for minor fields include the eleven economics major fields, plus computation and statistics (from the interdisciplinary PhD in Economics and Statistics).

Students who wish to satisfy one of the minor field requirements by combining two courses from different fields–for example, environmental economics and industrial organization II–can petition the second-year graduate registration officer for permission.

At least one minor field should be from the department’s standard field list.

The fields in which the Department offers specialization and the subjects that will satisfy their designation as a minor field are given in the chart below. Some fields overlap so substantially that both cannot be taken by a student. In any event, the same subject cannot be counted towards more than a single minor field. Students must receive the approval of their Graduate Registration Officer for their designated major and minor fields.

List of fields

• Development
• Econometrics
• Industrial organization
• International
• Macroeconomics
• Organizational
• Political economy
• Public finance
• Computation and statistics (minor only)

Subjects satisfying major and minor requirements

Advanced economic theory.

Minor: Any subset adding up to two full semesters from 14.125, 14.126, 14.127, 14.130, 14.137, 14.147, 14.160, 14.281 and Harvard Ec 2059. Major: At least two of 14.125, 14.126, 14.281, and Harvard Ec 2059. Recommended for major: 14.126, 14.281, and at least one of 14.125, 14.127, 14.130, 14.147, and Harvard Ec 2059.

Econometrics and Statistics

Minor: 14.382 in addition to one of 14.384 or 14.385. Major: Any one of 14.386, 14.387, 14.388 in addition to one of 14.384 or 14.385. Recommended for major: 14.384 and 14.385. *Dual PhD in Economics and Statistics has an additional requirement of 14.386.

Economic Development

Major and minor: 14.771 and 14.772 or 14.773

Minor: Any two of 14.416J, 14.440J, 14.441J, 14.442J, 14.448. Major: 14.416J and 14.441J

Industrial Organization

Minor: 14.271 and 14.272 or 14.273. Major: 14.271 and 14.272 or 14.273. Recommended for major: 14.271, 14.272, and 14.273.

International Economics

Major and minor: 14.581 and 14.582

Labor Economics

Major: 14.661 and 14.662A. Minor: Two subjects chosen from 14.193, 14.661, and 14.662

Monetary Economics

Major and minor: Two subjects chosen from 14.461, 14.462, and 14.463

Organizational Economics

Major and minor: 14.282 and one of 14.283-284, 14.441J, or an approved substitute

Political Economy

Major and minor: 14.770 and 14.773

Public Economics

Major and minor: 14.471 and 14.472

General exams

MIT requires doctoral candidates to complete an advanced course of study that includes general exams at its completion. Beginning in 2019-20, the Economics Department will operationalize this requirement to include successful completion of: the core and other required courses; course exams and other requirements of courses in each of a student’s two major and two minor fields; the written research paper and oral presentation components of 14.192. Students may present for the general exams while having one remaining minor field to complete. The faculty will review these components together with the candidate’s overall course record to determine whether students have passed the general exam requirement and can proceed to the thesis writing stage.

Typical course schedule

Math Camp begins on the second Monday in August.

Fall Semester

14.121/14.122 (Micro Theory I/II) 14.451/14.452 (Macro Theory I/II) 14.380/14.381 (Statistical Method in Economics & Applied Econometrics) Field Course (major or minor)

Spring Semester

14.123/14.124 (Micro Theory III/IV) 14.453/14.454 (Macro Theory III/IV) 14.382 (Econometrics) Field Course (major or minor)

2-3 Field Courses 14.192 (Advanced Research and Communication) 14.384  or  14.385 (Advanced Econometrics)

3 Field Courses 14.192 (Advanced Research and Communication)

Years 3 and up

Field workshop Field lunch Thesis writing

Upon satisfying the core and field requirements, PhD candidates embark on original research culminating in a completed dissertation. A PhD thesis normally consists of three research papers of publishable quality. The thesis must be approved by a student’s primary and secondary thesis advisors, and by an anonymous third reader. These three faculty members will be the candidate's thesis committee and are responsible for its acceptance. Collaborative work is acceptable and encouraged, but there must be at least one paper in the dissertation without a co-author who was a faculty member when the research started.

Criteria for satisfactory progress

Third-year students.

• Meet regularly with their advisor
• Participate consistently in their primary field advising lunch, their primary field workshop, and the third-year student research lunch
• Complete their third-year paper
• Participate in third-year meetings organized by the thesis graduate research officer

Students should present on their research in progress at least once in both the third-year student research lunches and their field advising lunch. Presentations provide opportunities for early and broad feedback on research ideas and the chance to develop oral presentation skills. Research ideas or early stage work in progress is encouraged and expected.

Fourth-year and later students

• Participate consistently in their primary field advising lunch and their primary field workshop
• Present at least once per year in their field advising lunch or field workshop. A presentation each semester in the field advising lunch is strongly recommended by most fields; consult your advisors for more information

Satisfactory progress toward a dissertation will be evaluated based on progress assessments by the student’s primary advisor, regular participation in the lunches and workshops, and field lunch or workshop presentations that show continued progress.

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Eric yde presents at assa annual meeting, friday, january 19, 2024.

New Research from Diego Briones: Learning from the PSLF Waiver

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2021 Summer Paper Award Winners

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Jiafeng Wu Presents at 2021 SEA Conference

Wednesday, december 1, 2021.

Fifth-year student Jiafeng Wu presented his paper, "Price and Efficiency in a Market for Generic Drugs in China," at the Models of Modern Markets session of the 91st SEA Annual Meeting. 

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The Economics Department Welcomes Its 2021-23 Bridge Fellows

Yutong Chen Presents at 2021 SEA Conference

Brett Fischer Wins UEA's Best Student Paper prize

Friday, may 7, 2021.

Brett Fischer presents at NTA Annual Conference

Friday, january 15, 2021.

PhD candidate Brett Fischer presented his paper, "No Spending without Representation: School Boards and the Racial Gap in Education Finance," at the National Tax Association's 2020 Annual Conference, as part of a panel on education finance.

Daniel Harper Coauthors Paper Published in JEBO

Thursday, january 14, 2021.

Yen Ling Tan Coauthors Paper Presented at ASSA

UVA Grad Students Present at SEA

Winners of Snavely Outstanding Summer Paper Award

Tuesday, october 6, 2020.

Moogdho Mahzab Selected for 7th Lindau Meeting on Economic Sciences

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Diego Legal-Canisa Presents JMP at Conferences in the UK and Mexico

Friday, may 1, 2020.

Devaki Ghose Wins Graduate Student Award at EIIT Conference

Yooseon Hwang Awarded 2020 Arts, Humanities and Social Sciences (AHSS) Summer Research Fellowship

Wednesday, april 22, 2020.

Yooseon Hwang has been awarded a 2020 Arts, Humanities and Social Sciences (AHSS) Summer Research Fellowship for her research on how traffic congestion and environmental amenities affect home prices. Congratulations!

Haruka Takayama Hasegawa Wins an All-University Graduate Teaching Award

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Wednesday, march 25, 2020.

Hundanol Kebede presents at PACDEV

Friday, march 20, 2020.

School Boards and the Racial Gap in Education Finance

Thursday, march 19, 2020.

Amzad Hossain Presents Paper on Effects of Gender Matches in Higher Education

Friday, march 6, 2020.

PhD Candidates Present at SEAS

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Ramiro Burga Presents Paper on Bilingual Education at APPAM Conference

UVA Alum Jose Fernandez Elected President of the American Society of Hispanic Economists

Tuesday, november 26, 2019.

The announcement, made on Twitter, can be found here:  https://mobile.twitter.com/ASHE_ASSA/status/1197849863582552069  .

Current and Former UVA Econ Students at UEA Conference

Monday, october 21, 2019.

White Rock Falls Hike

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Alex Gross Presents at 46th Annual EARIE Conference

New Graduate Economics Club Committee Members

Thursday, september 26, 2019.

2019 Orientation of New Students

Friday, september 20, 2019.

Diego Legal-Cañisá Presents at 9th European Search & Matching Network Conference

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Emily Cook Presents at IIOC, SOLE

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Sarah Turner and PhD Candidate Emily Cook Publish Article on Effects of Universal College Testing

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Diego Legal-Cañisá Presents Research on Consumer Bankruptcy at NAMSES

Macro Grad Students Successfully Complete the ERC

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Alex Gross Presents at IIO Conference

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1st year student Mrithyunjayan Nilayamgode presents at NEUDC and SEA conferences

Wednesday, march 27, 2019.

Joaquin Saldain Wins Tipton Snavely Award for Outstanding Summer Research

Thursday, march 14, 2019.

Diego Legal-Cañisá, Participant in the new Initiative for Computational Economics (nICE)

December Workshop on Introduction to Machine Learning Taught by Visiting Faculty from BITS India

Friday, january 18, 2019.

Ben Hamilton Finds Conference Presentations Good Preparation for Job Market

Tuesday, december 11, 2018.

Ben Hamilton Finds Conference Presentations Excellent Preparation for the Job Market

Megan Miller Presents at 111th Annual National Tax Association Conference in New Orleans

Tuesday, november 27, 2018.

Cailin Slattery Presents at 74th Congress of the International Institute of Public Finance

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CAILIN SLATTERY PRESENTS JMP AT UEA MEETING

Diego Legal-Cañisá at the Becker-Friedman Institute's Macro Financial Modeling Summer Session

4th Year Moogdho Mahzab leads Impact Evaluation Training in Bangladesh

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Haruka Takayama Hasegawa Recognized for Contributions to VISA Program

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Dan Savelle Presents at EARIE'S Rising Stars Session

Devaki Ghose, Invited to International Econ Program at Dartmouth

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Econ Grads Soccer Match, a Yearly Tradition

Welcome to Our New Graduate Students

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Amzad Hossain Wins Global Infectious Disease Fellowship

Wednesday, july 11, 2018.

Dan Savelle Selected to Present at ZEW Conference

PHD CANDIDATE EMILY COOK PUBLISHES ARTICLE WITH PROFESSORS CILIBERTO (UVA) AND WILLIAMS (UNC)

Saturday, july 7, 2018.

Melissa Moore Elected VP of Graduate School of Arts & Sciences Council

Wednesday, june 20, 2018.

4TH YEAR DEVAKI GHOSE, PRESENTS AT CEP IN GENEVA

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ECON Grads at the 6th Lindau meeting on Economic Sciences

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Aaron Phipps presents at the APPAM on July 13, 2017

Thursday, july 13, 2017.

"The Role of Production Uncertainty in Teacher Performance Pay: Theory and Experimental Evidence", presented at the International Conference of the Association for Public Policy Analysis and Management (APPAM) on July 13

16th CEPR Postgraduate conference at Nottingham

Thursday, may 4, 2017.

Devaki Ghose presents her paper "Identifying the Role of Vertical Linkage in Agglomeration: Empirical Evidence from India" on Thursday, May 4th, 2017 in University of Nottingham, UK.

Three UVA ECON Grads Publish Paper with Prof. Steve Stern (Stony Brook)

Friday, january 13, 2017.

Variation in mental illness and provision of public mental health services

Midwest Macro conference: Jorge Miranda-Pinto

Wednesday, november 23, 2016.

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An Update on the U.S. Economy and Monetary Policy

It is a real pleasure to welcome you to the Federal Reserve Bank of Cleveland. I thank the National Association for Business Economics, its Cleveland Chapter, Team NEO, David Altig, and Bill Koehler for the opportunity to speak with you about the economy. Dave and I go back a long way – perhaps too long for me to admit to. We worked together when we were both research directors, Dave at the Atlanta Fed and me at the Philadelphia Fed. Dave is a first-rate economist, so I know he will keep me on my toes as he moderates this session.

Before we get into today’s question and answer portion, I thought it would be helpful to frame the discussion by offering a few brief remarks about the economy and monetary policy. I will start by reminding everyone that what I say today will be my views and not necessarily those of the Federal Reserve System or of my colleagues on the Federal Open Market Committee.

Economic Developments

Substantial progress has been made on the inflation front since inflation peaked in 2022, in the range of 7 to 9 percent, depending on the measure. But inflation is still above our 2 percent objective. PCE inflation is now running about 2-1/2 percent, whether it is measured year-over-year or over the past six months, annualized. And core PCE inflation is running about 2-3/4 percent, measured year-over-year, and near 3 percent, annualized, over the past six months. The monthly inflation readings in January and February came in firmer than the readings over the second half of last year and are a good reminder of what we already knew: that the disinflation process will not be a smooth path back to 2 percent.

In my view, the inflation picture has not changed very much since the start of the year, because I had already thought that the pace of disinflation would slow down this year. I continue to think that the most likely scenario is that inflation will continue on its downward trajectory to 2 percent over time. But I need to see more data to raise my confidence. Some further monthly readings will give us a better sense of whether the disinflation process is stalling out or whether the start-of-the-year readings reflect a temporary detour on the downward path back to price stability. I do not expect I will have enough information by the time of the FOMC’s next meeting to make that determination.

A remarkable thing about the disinflation is that it has occurred in the midst of strong labor markets and economic growth. While the broader tightening in financial conditions over time has led to some moderation in the growth of output and employment, both have remained stronger than expected. That relatively strong demand confronts a supply side of the economy that is healing. Supply chain disruptions and bottlenecks have improved over the past three years and the labor market is normalizing. People have returned to the labor force over time, and immigration has also increased the supply of labor. With imbalances between supply and demand in both product markets and labor markets easing, inflation has been easing as well. Now that pressures on supply chains are approaching normal and the labor market is coming into better balance, we are not likely to get as much help on inflation from the supply side as we saw last year.

The Economic Outlook

I have revised up my projection of growth for the year based on the incoming economic information, including the official statistics and also the reports we receive from our directors and regional contacts, which are forward looking. In the most likely scenario, I still expect growth to moderate compared to last year’s very rapid pace. But instead of the economy growing under trend this year, I now expect it will grow a bit above my 2 percent estimate of trend growth. I expect the labor market to continue to come into better balance this year, with a slight uptick in the unemployment rate from its current very low level. And I expect further progress on inflation but at a slower pace than we saw last year. If the economy evolves as expected, then in my view it will be appropriate for the FOMC to begin reducing the fed funds rate later this year, as inflation continues on its downward path toward 2 percent, and labor markets and economic growth remain solid. These reductions should be viewed as a normalization of policy back to a neutral level as the economy returns to price stability and maximum employment. But, of course, the actual path of policy will depend on how the economy actually evolves.

My forecast is similar to the median among the FOMC participants in the Summary of Economic Projections that were released after our March meeting, 1 except that I see somewhat higher inflation this year. In my projection, I have also raised my estimate of the longer-run federal funds rate to 3 percent compared with 2.5 percent, which had been my estimate for some time. I raised my estimate to reflect the continued resilience in the economy despite high nominal interest rates and higher model-based estimates of the equilibrium interest rate, r-star.

I have been discussing my view of the most likely scenario, but there are several risks to the forecast, including continued heightened geopolitical tensions, slow growth of the Chinese economy, potential deterioration in conditions in commercial real estate markets, renewed stresses in financial markets, and, on the upside, the possibility of stronger than expected productivity growth.

Monetary Policy

At its meeting two weeks ago, the FOMC decided to keep the target range of the fed funds rate at 5-1/4 to 5-1/2 percent and reiterated that it does not expect it will be appropriate to reduce the target range until the Committee has gained greater confidence that inflation is moving sustainably toward 2 percent.

With inflation now moving closer to our goal, the risks to achieving both parts of our dual mandate have become more balanced. When we were tightening policy, we needed to focus on the inflation part of our mandate, because inflation was so high and the labor market was strong. Now, risk management with respect to both parts of our mandate will need to be the hallmark of monetary policy decisions going forward. If year-ahead inflation expectations continue to decline, maintaining the current level of the nominal fed funds rate for too long would effectively be a tightening in our policy stance, which would pose an increasing risk to the maximum employment part of our mandate. On the other hand, moving rates down too soon or too quickly without sufficient evidence to give us confidence that inflation is on a sustainable and timely path back to 2 percent would risk undoing the progress we have made on inflation. At this point, I think the bigger risk would be to begin reducing the funds rate too early. And with labor markets and economic growth both being very solid, we do not need to take that risk.

Our current monetary policy stance puts us in a good position for managing risks that could manifest themselves on either side. If the labor market deteriorates, we can move rates down sooner and more quickly than in our baseline. Rather than view this as a normalization, the intention would be to return to an accommodative stance of monetary policy to support the economy. On the other hand, if inflation appears to be stalling at a level above our goal, we can hold our restrictive stance for longer than in the baseline.

In contrast to where we are now, our policy was not well positioned when we started our tightening cycle because the policy rate was so low and inflation was moving up persistently. We needed to raise rates fairly aggressively. At this point, we are seeking to calibrate our policy well to economic developments so we can avoid having to act in an aggressive fashion. Indeed, if the economy evolves as I expect, I anticipate that we will be able to move rates down gradually as inflation and inflation expectations move down, allowing us to continue to manage the risks to both sides of our mandate.

But let me reiterate: the actual path of policy will depend on how the economy actually evolves. The FOMC’s job continues to be to assess the implications of economic and financial developments for the outlook and risks around the outlook and, given that assessment, to calibrate monetary policy so that inflation returns sustainably to our 2 percent goal and labor markets remain healthy.

This concludes my brief prepared remarks. I look forward to our discussion.

• See Summary of Economic Projections, March 20, 2024. ( https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20240320.pdf ) Return to 1

Suggested Citation

Mester, Loretta J. 2024. “An Update on the U.S. Economy and Monetary Policy.” Speech, National Association for Business Economics, Cleveland Association for Business Economics, and Team NEO, Cleveland, OH.

• The Graduate School >
• Graduate News >
• UB schools among the best in U.S. News & World Report’s Best Graduate Schools rankings

UB schools among the best in U.S. News & World Report’s Best Graduate Schools rankings

Photo: Douglas Levere

By David J. Hill

Release Date: April 9, 2024

BUFFALO, N.Y. – Several schools within the University at Buffalo, New York’s flagship, are ranked among the top nationwide in U.S. News & World Report’s Best Graduate Schools rankings , released this morning.

The School of Pharmacy and Pharmaceutical Sciences is among the top 20 in the country, coming in at No. 19 overall and 18th among public universities.

“This achievement is a testament to our relentless pursuit of groundbreaking research, transformative discoveries, and unwavering commitment to the success of our students,” said Gary Pollack, PhD, dean of the School of Pharmacy and Pharmaceutical Sciences. “Our top 20 ranking reaffirms our steadfast commitment to cultivating the next generation of pharmacy and pharmaceutical science leaders who will push the boundaries of scientific inquiry, drive innovation in patient care, and elevate the standards of pharmaceutical research on a global scale.”

The School of Social Work is once again in the top 25, coming in at 24th nationally and No. 13 among public universities.

The School of Nursing’s Doctor of Nursing Practice (DNP) program moved up 11 spots to 34th in the country and No. 24 among public universities. In addition, the nursing anesthesia program was ranked 22nd.

“We are immensely proud to rank among the best DNP programs in the United States,” says School of Nursing Dean Annette Wysocki, PhD. “Our commitment to exceptional nursing education cultivates discipline of the mind to educate highly discerning nurse practitioners, who are indispensable in addressing the nation’s critical shortage of primary care providers. Quality nursing education remains paramount in safeguarding the health and wellness of our community.”

UB’s Graduate School of Education moved up four spots to No. 54 in Best Education Schools. Among public universities, the Graduate School of Education ranks 42nd. “Our steady climb in the rankings over the years is a testament to the hard work and high-quality research of GSE faculty,” says dean Suzanne Rosenblith, PhD.

The School of Public Health and Health Professions moved up four spots, to No. 46 nationally and No. 29 among public universities. Its programs in occupational therapy (41) and physical therapy (74) were also ranked, as was biostatistics (22).

Meanwhile, the School of Law moved up 17 places to No. 108 among Best Law Schools nationwide and 56th among public universities.

The School of Management’s MBA program came in at No. 74 in Best Business Schools and 38th among public universities, making it the highest rated business school within SUNY.

In addition, UB’s graduate programs in audiology (22) and speech language pathology (32) were also ranked this year.

Media Contact Information

David J. Hill Director of Media Relations Public Health, Architecture, Urban and Regional Planning, Sustainability Tel: 716-645-4651 [email protected]

Department of Economics

Best paper award for professor giovanni ricco.

Professor Giovanni Ricco has received a prestigious American Economic Journal Best Paper 2024 Award Link opens in a new window for a paper published in the American Economic Journal: Macroeconomics .

The awards are made annually to the best paper published in each of the four American Economic Journals – Applied Economics, Macroeconomics, Economic Policy and Microeconomics - in the previous three years. The winning papers are chosen by the journals’ Boards of Editors from those nominated by AEA members.

Professor Ricco’s paper was published in 2021 and is co-authored with Professor Silvia Miranda-Agrippino, Research Economist at the Federal Reserve Bank of New York

In The Transmission of Monetary Policy Shocks Silvia Miranda-Agrippino and Giovanni Ricco study widely used instruments for the identification of monetary policy disturbances, show how the use of these instruments is behind the empirical puzzles reported in the literature, and propose a new high-frequency instrument for monetary policy shocks that accounts for informational rigidities.

Commenting on his award, Professor Ricco said it was a complete surprise but a very welcome one.

Head of Department Ben Lockwood said: “On behalf of all in Warwick Economics I’d like to congratulate Giovanni on his ‘best paper’ award. It is a significant achievement for him personally and an important accolade for the Department."

• The Transmission of Monetary Policy Shocks Silvia Miranda-Agrippino and Giovanni Ricco, American Economic Journal: Macroeconomics 2021, 13(3): 74–107. https://doi.org/10.1257/mac.20180124
• Full text versions of the four winning articles are available at https://www.aeaweb.org/about-aea/honors-awards/aej-best-papers Link opens in a new window .

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• Economic News

US Economy News Today: Federal Reserve Officials Double Down on Murkier Forecasts

Taylor Tompkins has worked for more than a decade as a journalist covering business, finance, and the economy. She has logged thousands of hours interviewing experts, analyzing data, and writing articles to help readers understand economic forces. She is the Economics Editor for news at Investopedia.

Welcome to Investopedia's economics live blog, where we explain what the day's news says about the state of the U.S. economy and how that's likely to affect your finances. Here we compile data releases, economic reports, quotes from expert sources and anything else that helps explain economic issues and why they matter to you.

Today, small businesses are feeling pessimistic about the economy and we look ahead to tomorrow's inflation report.

Bostic Says Disappointing Data Prompted Him to Pull Back Rate Cut Projections

A day before the release of fresh inflation data, Atlanta Fed President Raphael Bostic said the spate of inflation data already released in 2024 had prompted him to lower his forecast for rate cuts to only one.

Bostic said last week he had lowered his forecast to just one rate cut in 2024 , likely coming in the fourth quarter, compared with the Federal Reserve’s projections of three rate cuts. 

In an interview with Yahoo Finance, Bostic pointed to disappointing inflation data this year as his motivation to adjust his forecast back from two rate cuts. Depending on the data, he could continue to pare back his forecast. 

“Given that the U.S. economy has been so robust and so strong and so resilient, I can’t take off the possibility that rate cuts may even have to move further out,” Bostic said.

After falling dramatically in 2023, progress on inflation is beginning to stall before it hits the target of 2%, and market watchers will be looking at Wednesday’s Consumer Price Index for more signals on price pressures. 

Bostic said in talking with business contacts in his southeastern region, demand was slowing and the labor force was stabilizing, giving him confidence in the overall path of the economy. Another encouraging sign was that businesses believed they had less leeway to pass costs on to their customers.

“Most of them are feeling like they have less pricing power than they had a year ago or 18 months ago. Their ability to pass through price increases, they tell me, is much weaker than it was before,” Bostic said.

-Terry Lane

Why Half Of The New US Manufacturing Jobs in the Next Decade Could Go Unfilled

The U.S. manufacturing industry could need as many as 3.8 million jobs between 2024 and 2033 as significant investment continues to drive growth. However, according to a recent report from Deloitte and The Manufacturing Institute, 1.9 million of these jobs could be left vacant if employers don’t focus on workforce challenges.

The U.S.  manufacturing  sector faces a skills gap and a tight  labor market  despite its substantial post-pandemic rebound, the report said. Attracting and retaining talent was found to be the biggest business challenge for 65% of manufacturers surveyed.

Leaving these positions unfilled could result in decreased productivity and efficiency within the manufacturing industry. It could also increase workloads for existing employees, potentially causing burnout and higher turnover rates. Additionally, the lack of skilled workers could hinder innovation and growth, making it difficult for manufacturers to stay competitive in the market.

Read more about how manufacturing and the broader economy would be impacted by these unfilled jobs here .

-Kathleen Marshall

Half of Households Are Struggling to Keep Up Housing Costs

Half of U.S. homeowners and renters said they struggle to pay housing costs as elevated home prices, rents, and borrowing costs have strained budgets, according to a report by online real estate brokerage Redfin ( RDFN ). 

Redfin reported 49.9% of survey respondents said they sometimes, regularly, or greatly struggle to afford housing payments and many are making sacrifices to cover costs. 

The study found more than one-third (34.5%) indicated they decided to cut back on vacations in order to pay housing bills. Almost one-quarter (22%) skipped meals, while about one-fifth worked extra hours (20.7%) or sold their belongings (20.6%). Others noted they borrowed from family or friends (17.9%), dipped into retirement savings (17.6%), or passed on or delayed medical care (15.6%).

Read more about where homeowners are cutting back to pay housing bills here .

-Bill McColl

What to Expect From Tomorrow's Inflation Report

The Bureau of Labor Statistics is set to deliver another round of mixed signals about the course of inflation on Wednesday when it publishes the official report for the  Consumer Price Index  for March.

The consensus forecast among economists is for the CPI, a measure of the cost of living, to have risen 3.5% since last March, an acceleration from the 3.2% annual inflation rate in February, according to a survey of economists polled by the Dow Jones Newswires and the  Wall Street Journal .

"Inflation’s stickiest components—housing and other services—continue to see strong price growth, propping up inflation even as certain goods prices cool," wrote Kayla Bruun, senior economist at decision intelligence company Morning Consult.

However, it’s also expected to show a cooling of  “core” inflation , an important measure that excludes prices for food and energy, and which is closely watched by central bankers at the Federal Reserve who set the nation’s monetary policy.

Read more about the implications of the inflation data here .

Kashkari Reiterates Two-Rate-Cut Forecast After Comments Last Week

Citing the need to keep public expectations for inflation in check, Minneapolis Fed President Neel Kashkari told a university audience that the Federal Reserve was committed to bringing inflation down to the 2% target.

Last week, Kashkari said despite projections of three rate cuts this year, persistent inflation may keep the Federal Reserve from cutting rates at all in 2024 , spooking investors and sparking a stock selloff.

In the question and answer session Monday night at the University of Montana, Kashkari said he did expect two interest rate cuts in 2024, but emphasized that the public must feel confident inflation is returning to 2% before cutting rates.

“We have to go all the way, because if we stop short, then you all are going to say that maybe they will stop short next time, and that undermines confidence in the Fed,” Kashkari said. “So we do need to get it all the way back down and my colleagues and I are committed to do so.”

Kaskhari was asked about his comments last week, which he said were misconstrued by social media reaction. His comments came as recent data has shown that progress on inflation may be stalling , raising questions over whether the Federal Reserve would act on its projections of three rate cuts. 

Kashkari said he wasn’t trying to make news in the interview and only restated what he had previously said, which was that his “base case” would be two interest rate cuts this year unless inflation continues to move sideways, leaving open the possibility the Fed wouldn’t cut rates at all.

“There was nothing new in what I said, but for some reason, people paid more attention last week, I don’t know why,” he said. 

Small Business Optimism Falls to Lowest Levels Since 2012 on Sales Worries 

With inflation pressures continuing to mount, small business owners' sentiment about the economy in March was at its lowest levels in more than a decade, the National Federation of Independent Business (NFIB) monthly survey showed. 

The NFIB’s Optimism Index fell almost a full point to 88.5 in March, its lowest level since December 2012 and the 27th straight month the index came in below its 50-year average.  

“The small business sector is showing signs of a potential slowdown in economic activity with net sales expectations falling eight points, the main contributor to the decline in last month’s Index,” said the NFIB report from Chief Economists William C. Dunkelberg and Holly Wade, executive director of the group’s research center.

Small businesses still see inflation as their top challenge, with 25% pointing to it being the most important problem. Similarly, the number of owners raising their average selling prices jumped seven percentage points to 28%. 

With higher prices continuing to frustrate small businesses, the NFIB said it was unlikely that the Federal Reserve would move to cut inflation-fighting interest rates from their 23-year high at its next two meetings. Only 4% of respondents to the survey said financing and interest rates were the biggest problems in their small business. 

Jason Fochtman/Houston Chronicle via Getty Images

Yahoo Finance. “ Atlanta Fed President Rafael Bostic discusses rate outlook: Yahoo Finance Live .”

Federal Reserve Bank of Minneapolis. “ Neel Kashkari town hall at the University of Montana .”

National Federation of Independent Business. “ SMALL BUSINESS ECONOMIC TRENDS March 2024 .”

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UM School of Nursing rises in US News’ best graduate schools list

Daily Record Staff // April 9, 2024 //

Both UMSON’s Doctor of Nursing Practice (DNP) and its Master of Science in Nursing (MSN) programs climbed in the rankings among all schools surveyed, DNP tied at No. 8 (up from No. 15 last year) and MSN at No. 20 overall (up from 25 last year). Among public schools of nursing, the DNP program is tied at No. 4 and the MSN is ranked No. 9. (Photo courtesy of UM School of Nursing)

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Best Undergraduate Economics Programs

The undergraduate economics program rankings were based solely on peer assessment surveys. To appear on these surveys, undergraduate economics programs must have awarded a medium to large number of bachelor's degrees in economics. Read the methodology »

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Harvard University

Cambridge, MA

• #1 in Economics  (tie)
• #1 in economics  (tie)

Harvard University is a private institution in Cambridge, Massachusetts, just outside of Boston. This Ivy League school is the oldest higher education institution in the country and has the largest endowment of any school in the world.

(fall 2022)

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Massachusetts Institute of Technology

Though the Massachusetts Institute of Technology may be best known for its math, science and engineering education, this private research university also offers architecture, humanities, management and social science programs. The school is located in Cambridge, Massachusetts, just across the Charles River from downtown Boston.

Princeton University

Princeton, NJ

The ivy-covered campus of Princeton University, a private institution, is located in the quiet town of Princeton, New Jersey. Princeton was the first university to offer a "no loan" policy to financially needy students, giving grants instead of loans to accepted students who need help paying tuition.

Stanford University

Stanford, CA

The sunny campus of Stanford University is located in California’s Bay Area, about 30 miles from San Francisco. The private institution stresses a multidisciplinary combination of teaching, learning, and research, and students have many opportunities to get involved in research projects.

University of California, Berkeley

Berkeley, CA

The University of California, Berkeley overlooks the San Francisco Bay in Berkeley, Calif. Students at this public school have more than 1,000 groups to get involved in, including more than 60 fraternity and sorority chapters.

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University of Chicago

Chicago, IL

The University of Chicago, situated in Chicago’s Hyde Park community, offers a rich campus life in a big-city setting. Since 1987, the private institution has hosted the University of Chicago Scavenger Hunt, a four-day event that is regarded as the largest scavenger hunt in the world.

Yale University

New Haven, CT

Yale University, located in New Haven, Connecticut, offers a small college life with the resources of a major research institution. Yale students are divided into 14 residential colleges that foster a supportive environment for living, learning and socializing.

Columbia University

New York, NY

• #8 in Economics  (tie)
• #8 in economics  (tie)

Columbia University has three undergraduate schools: Columbia College, The Fu Foundation School of Engineering and Applied Sciences (SEAS), and the School of General Studies. This Ivy League, private school guarantees students housing for all four years on campus in Manhattan’s Morningside Heights neighborhood in New York City.

University of Pennsylvania

Philadelphia, PA

Founded by Benjamin Franklin, the University of Pennsylvania is a private institution in the University City neighborhood of Philadelphia, Pennsylvania. Students can study in one of four schools that grant undergraduate degrees: Arts and Sciences, Nursing, Engineering and Applied Sciences, and Wharton.

Northwestern University

Evanston, IL

• #10 in Economics
• #10 in economics

Northwestern University is a private school in Evanston, Ill., about 30 minutes outside of Chicago. Undergraduate students have about 100 options for majors or can design their own non-traditional degree program.

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Albion College

• in Economics
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Founded in 1835, Albion College is a private institution. The school has 68.2% of its classes with fewer than 20 students, and the student-faculty ratio at Albion College is 12:1.

Allegheny College

Meadville, PA

At Allegheny College in northwest Pennsylvania, students can choose from about 30 majors and must complete and present a capstone project their senior year. William McKinley, the 25th president of the United States, attended Allegheny College in the 1800s, but legend has it that he was expelled for shoving a cow into the school’s bell tower.

American University

Washington, DC

Students at American University benefit from the school's location in the political hub of the nation. Washington, D.C., is a playground for the politically and socially oriented with its countless museums, restaurants, clubs and year-round events. The university, located in a suburban pocket of northwest Washington, is close to a stop on the D.C.-area Metrorail transit system. Rides downtown take about 15 minutes. Students at American have been rated among the most politically active in the nation, and there are more than 270 student clubs and organizations on campus. The school also has a sizable Greek system, with more than 25 fraternities and sororities.

Amherst College

Amherst, MA

Amherst College, a private school in Amherst, Massachusetts, is known for its rigorous academic climate. Because Amherst is a member of the Five Colleges consortium, students can also take courses at Smith College, Mount Holyoke College, Hampshire College and the University of Massachusetts—Amherst.

Appalachian State University

Appalachian State University is a public school tucked in the Blue Ridge Mountains of North Carolina. Students at Appalachian have many programs, sports, and clubs to choose from, including the Appalachian Popular Programming Society, which plans campus events. 

Arizona State University

Arizona State University’s Tempe campus offers more than 200 research-based programs in the arts, business, engineering and more. The campus is located just outside of Phoenix, in the suburb of Tempe, Arizona.

Auburn University

Auburn, Alabama, has been ranked one of the best places to live, and life at Auburn University can be similarly enjoyable for students. Football is a particularly big attraction in the fall, as fans support the Auburn Tigers with the help of school mascot Aubie the Tiger. The Tiger sports teams compete in the NCAA Division I Southeastern Conference, and the influx of football fans makes Auburn the fifth-largest city in the state on game days. Pep rallies are held in the downtown Toomer's Corner, and the area is covered in toilet paper by fans after every big victory. There are more than 500 student organizations on campus, and about 6,000 students are involved in the school's Greek system. Auburn freshmen ease into the college transition through Camp War Eagle, a two-day, overnight summer orientation program. Transition help continues on Hey Day, an annual effort to get students to wear name tags and say hello to one another. Freshmen do not have to live on campus; in fact, a dorm room isn't even guaranteed. Because of space restraints, first-year students are awarded on-campus living assignments on a first-come, first-served basis.

Barnard College

Women at Barnard College can experience two extremes of education—a small, liberal arts school and a large, coeducational Ivy League institution—all the while enjoying an urban lifestyle in New York City. Barnard is an all-female college in Manhattan with a partnership with the school across the street, Columbia University. Barnard women can take classes, play sports and join organizations at Columbia University-—and Columbia students have the same opportunities at Barnard. The two schools are joined in an athletic consortium, and compete in the NCAA Division I Ivy League Conference. The school’s own mascot is a dancing Barnard Bear named Millie. Barnard College has about 80 of its own student organizations, though Columbia students often join, too. The Barnard Student Government Association does not recognize on-campus sororities, but women can join Columbia’s Greek organizations. Students call the school’s location in the Morningside Heights neighborhood of the Upper West Side home, as nearly 95 percent live on campus. Freshmen are not required to live on campus, but 98 percent choose to do so. The school’s Urban New York program takes first-semester students to free events around the city, and all Barnard women get student discounts on tickets to nearby on- and off-Broadway shows, various sporting events and concerts. Barnard students also have year-round opportunities for internships in New York City, organized through the Career Development office.

Bates College

Lewiston, ME

Bates College is located in Lewiston, Maine and was the first coeducational college in New England. The private school’s unique academic calendar includes a five-week spring term, during which students can study a single subject or partake in an off-campus program.

Baylor University

The student community at Baylor University is bound together largely by religion and service. The Waco, Texas, school is a private, Baptist institution, and its student body is particularly active in volunteerism. Each semester, students donate a collective 12,000 hours of time to service projects through a one-day program called Steppin’ Out. Students can volunteer year-round through the school’s Urban Missions, which coordinates service projects in the local community, and Global Missions, which sends students abroad. The student body is also active in faith-based activities. Each year, students lead Be The Change, a week of speakers, breakout sessions and events that give religion a global focus. Freshmen are required to live on campus and must also take two semesters of Chapel, attending worship services every Monday and Wednesday. Students and faculty gather daily for a campus prayer at noon, and weekly for free ice cream floats during "Dr Pepper Hour."