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DEPARTMENT OF ECONOMICS

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Our world-class department owes its reputation to outstanding faculty dedicated to teaching and research, as well as engaged students who take advantage of learning opportunities in and beyond the classroom.

The Economics major and minor are open to all undergraduates. The Ph.D. program has 125 students in residence. 

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Our distinguished faculty includes fellows of the American Economic Association, members of the National Academy of Sciences and editors of the American Economic Review and other prestigious journals. Longtime faculty member Dale Mortensen was winner of the 2010 Nobel Prize for Economics.

Recent Publications

• Reputation Effects under Short Memories ( Harry Pei ,  Journal of Political Economy , Vol. 132, No. 2, March 2024)
• Robust Implementation with Costly Information ( Harry Pei   and  Bruno Strulovici , The Review of Economic Studies , January 2024)
• New Pricing Models, Same Old Phillips Curves?  ( Matthew Rognlie, Adrien Auclert, Rodolfo Rigato, and Ludwig Straub, The Quarterly Journal of Economics , Vol. 139, Iss. 1, February 2024 )
• Public Debt as Private Liquidity: Optimal Policy ( George-Marios Angeletos , Fabrice Collard, and Harris Dellas,  Journal of Political Economy , Vol. 131, No. 11, November 2023)
• Regret-Minimizing Project Choice ( Yingni Guo , Eran Shmaya,  Econometrica , Vol. 91, Iss. 5, September 2023)

BENJAMIN GOLUB AND MARCIANO SINISCALCHI ELECTED AS ECONOMETRIC SOCIETY FELLOWS

Harry Pei wins NSF CAREER Award

Harry Pei has received the prestigious Faculty Early Career Development (CAREER) Program Award from the National Science Foundation (NSF).

Pei   is an assistant professor of economics at the Weinberg College of Arts and Sciences whose research focuses on game theory.   He will receive $462,400 over five years from NSF’s Division of Social and Economic Sciences to hire and mentor research assistants.

Ryan Family gift for applied economics honors Northwestern President Emeritus Morton Schapiro

Created from the Ryan Family’s historic  $480 million gift ,  announced by the University in September 2021, the Morton Schapiro Center for Applied Economics will fuel innovative research made possible by the power of advanced computing and big data.

Economics Video Series

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Mar Reguant on machine learning and energy efficiency. 

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Seminar in Health/Education/Labor/Public Economics ("HELP")

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Aureo de Paula (UCL): TBA

Town Hall Meeting for Second Year Economics Graduate Students

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DGS Marciano Siniscalchi, and Associate Chair Ian Savage will cover important deadlines, degree requirements, and good-progress milesto...

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Gita Gopinath of the IMF to deliver Susan Bies Lecture on Economics and Public Policy

Nu economics tournament hosts seventh annual econ bowl for high school students across the country, ian savage led a congress-mandated review on retrofitting automatic shutoff valves on hazardous pipelines. the report offers crucial insights for pipeline safety., a study by elisa jácome finds over a 150-year period, immigrants have never been incarcerated at a greater rate than those born in the united states., harry pei awarded u.s. national science foundation's career award.

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Torben Andersen

• Finance - Professor, Nathan S and Mary P Sharp Professor
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George Marios Angeletos

• Economics - Professor, Stanley J. Gradowski, Jr. Professor of Behavioral Macroeconomics

Eric James Auerbach

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Data and Code for: Reshaping Adolescents’ Gender Attitudes: Evidence from a School-Based Experiment in India

Dhar, D. (Creator), Jain, T. (Creator) & Jayachandran, S. (Creator), ICPSR - Interuniversity Consortium for Political and Social Research, 2022

DOI : 10.3886/e149882v1 , https://www.openicpsr.org/openicpsr/project/149882/version/V1/view

Replication data for: If Technology Has Arrived Everywhere, Why Has Income Diverged?

Comin, D. (Creator) & Mestieri, M. (Creator), ICPSR - Interuniversity Consortium for Political and Social Research, 2018

DOI : 10.3886/e114122v1-141561 , https://www.openicpsr.org/openicpsr/project/114122/version/V1/view?path=/openicpsr/114122/fcr:versions/V1/LICENSE.txt&type=file

Replication Data for: 'Take-up and Targeting: Experimental Evidence from SNAP'

Finkelstein, A. (Creator) & Notowidigdo, M. J. (Creator), Harvard Dataverse, 2019

DOI : 10.7910/dvn/8awkil , https://dataverse.harvard.edu/citation?persistentId=doi:10.7910/DVN/8AWKIL

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Six Northwestern faculty named 2024 Guggenheim Fellows

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Six Northwestern faculty are among the 2024 Guggenheim Fellows  recently named by the John Simon Guggenheim Memorial Foundation. The faculty members are Mike Cloud, Nina Kraus, Chad Mirkin, Teri Odom, Krista Thompson and Petia Vlahovska.

This year, the foundation awarded 188 Guggenheim Fellowships to a diverse group of culture-creators working across 52 disciplines. Chosen through a rigorous application and peer review process from a pool of almost 3,000 applicants, the Class of 2024 Guggenheim Fellows was tapped on the basis of prior career achievement and exceptional promise. As established in 1925 by founder U.S. Senator Simon Guggenheim, each fellow receives a monetary stipend to pursue independent work at the highest level under “the freest possible conditions.”

Since its establishment, the foundation has awarded more than $400 million in fellowships to more than 19,000 fellows.

“Humanity faces some profound existential challenges,” said Edward Hirsch, award-winning poet and president of the John Simon Guggenheim Memorial Foundation. “The Guggenheim Fellowship is a life-changing recognition. It’s a celebrated investment into the lives and careers of distinguished artists, scholars, scientists, writers and other cultural visionaries who are meeting these challenges head-on and generating new possibilities and pathways across the broader culture as they do so.”

Mike Cloud is a painter and an associate professor of art, theory and practice in the Weinberg College of Arts and Sciences.

His artistic practice encompasses an expanded field of painting and image-making. He dissects photographic and painterly form, scrambling text and re-aligning content in a way that produces new breaks in legibility and new understandings.

A focus of his work is to examine paintings as objects within a system of objects. He uses marks, symbols, motifs, palettes and forms in an expressive technique that blurs and blends elements together into aesthetic compositions, while also interrogating the politics, contrivances and language of painting to locate his complicity in its system of functions.

His solo exhibitions include “Called Ahead” (2024) at Fahrenheit Madrid, Spain; “Tears in Abstraction” (2019) and “Bad Faith and Universal Technique” (2014) at Thomas Erben Gallery, New York; “The Myth of Education” (2018) at the Logan Center for the Arts in Chicago; and “Special Projects: Mike Cloud” (2005), MoMA PS1, New York.

He will use his Guggenheim Fellowship to develop “Holistic Abstraction,” a new body of research, writing and paintings inspired by ancient, classical and religious diagrams of the universe that present modes of abstraction that take a holistic view of artistic ambition.

Nina Kraus is a professor of neurobiology and otolaryngology and holds the Hugh Knowles Chair of communication sciences and disorders in the School of Communication and is the director of the Auditory Neuroscience Lab “Brainvolts” at Northwestern.

A scientist, inventor and amateur musician, her research is focused on the biology of auditory learning. She was among the first to discover that individual neurons change their firing patterns when sound-to meaning connections are made. Through auditory neuroscience, Kraus shows how our lives in sound impact our neurological health, changing the brain and affecting our interactions with others. 

An author of over 400 scientific publications, she also seeks to engage a broader audience through public lectures and writing. She is the author of the book “Of Sound Mind: How Our Brain Constructs a Meaningful Sonic World” (MIT Press, 2022). Pursuing connections across disciplines in science and the humanities, Kraus’ research is conducted beyond the laboratory and inside schools, community centers, athletic facilities and clinics to advocate for best practices in education, health and social policy. 

Kraus will use her Guggenheim Fellowship to write a book that asks what music can teach us about our biology.

Chad Mirkin

Chad A. Mirkin is the director of the International Institute for Nanotechnology and the George B. Rathmann Professor of Chemistry, Chemical and Biological Engineering, Biomedical Engineering, Materials Science and Engineering, and Medicine at Northwestern. He is a chemist and a world-renowned nanoscience expert, who is known for his discovery and development of spherical nucleic acids (SNAs) and SNA-based biodetection and therapeutic schemes, dip-pen nanolithography (and related cantilever-free nanopatterning and materials discovery methodologies), on-wire lithography and co-axial lithography and high-area rapid printing and contributions to supramolecular chemistry and nanoparticle synthesis.

He has authored over 870 manuscripts and over 1,200 patent applications worldwide (over 430 issued) and founded multiple companies. Mirkin has been recognized with over 250 national and international awards and served for eight years on the President’s Council of Advisors on Science and Technology and is one of a few scientists to be elected to all three U.S. National Academies and the American Academy of Arts and Sciences.

Mirkin will use the award to pursue groundbreaking research that will use nanotechnology to transform how vaccines are developed for treating deadly forms of cancer.

Teri W. Odom

Teri W. Odom is the Joan Husting Madden and William H. Madden, Jr. Professor of Chemistry and the chair of the department of chemistry in Weinberg College. She also is a member of the International Institute for Nanotechnology and Chemistry of Life Processes Institute.

A member of the National Academy of Sciences and the American Academy of Arts and Sciences, Odom is an expert in designing structured nanoscale materials with exceptional optical and physical properties. By controlling materials architectures over multiple length scales, Odom’s research group can transform ordinary materials into extraordinary ones. For example, her team has demonstrated that precious metals can be made even more precious by tuning their size and shape at the nanoscale.

Among her many achievements, Odom has pioneered a suite of multi-scale nanofabrication tools, which have resulted in flat optics capable of manipulating light at the nanoscale and beating the diffraction limit, plasmon-based nanoscale lasers that exhibit tunable color, and hierarchical substrates that show controlled wetting and super-hydrophobicity.

Odom will use her Guggenheim Fellowship in chemistry to design and develop structured color materials that can be used as nanoscale coatings for cooling surfaces, such as those on city buildings.

Krista Thompson

Krista Thompson is an art historian, curator and the Mary Jane Crowe Professor in Art History and director of graduate studies in art history in Weinberg, where she is a faculty affiliate in the department of Black studies . Thompson also is a faculty affiliate in the department of performance studies in the School of Communication.

Thompson’s research focuses on modern and contemporary art and visual culture of the African diaspora and Caribbean, with an emphasis on photography, photographic archives and lens-based practices. She is the author of “An Eye for the Tropics” (Duke University Press, 2006) and “Shine: The Visual Economy of Light in African Diasporic Aesthetic Practice” (Duke University Press, 2015).   Thompson is the co-editor (with Claire Tancons) of “En Mas’: Carnival and Performance Art of the Caribbean” (2015) and co-editor ( with Huey Copeland) of a series of articles on afrotropes published by Art Journal.

She will use her Guggenheim Fellowship to complete   a   book on Tom Lloyd, an African American artist who was among a wave of artists working with light and electronic technologies in the 1960s.  

Petia Vlahovska

Petia Vlahovska is a professor of engineering sciences and applied mathematics in the McCormick School of Engineering , where she directs the Complex Fluids and Soft Interfaces Lab.

An expert in fluid dynamics and soft matter, Vlahovska integrates theory and experiments in mathematical modeling of physical and biological systems leading to cutting-edge work on blood flow, biomembrane mechanics, electrohydrodynamics and active matter. In her studies of active fluids, Vlahovska was the first to examine the collective dynamics of “microrotors,” or dense suspensions of self-propelled, tiny rotating spheres.

Vlahovska also is interested in the membranes that encapsulate cells and play a central role in all living systems. Her work examines membranes’ non-equilibrium behavior, an emerging topic at the forefront of biophysics research.

The Guggenheim Fellowship will support Vlahovska’s efforts to harness active fluids for the engineering of micro-robotic systems mimicking the autonomous motility and responsivity of biological cells.

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Three McCormick Faculty Named 2024 Guggenheim Fellows

They are part of a diverse group of culture-creators this year working across 52 disciplines.

Three Northwestern Engineering faculty are among the  2024 Guggenheim Fellows  recently named by the John Simon Guggenheim Memorial Foundation. The faculty members are Chad Mirkin, Petia Vlahovska, and Teri Odom. 

This year, the foundation awarded 188 Guggenheim Fellowships to a diverse group of culture-creators working across 52 disciplines. Chosen through a rigorous application and peer review process from a pool of almost 3,000 applicants, the Class of 2024 Guggenheim Fellows was tapped on the basis of prior career achievement and exceptional promise. As established in 1925 by founder US Senator Simon Guggenheim, each fellow receives a monetary stipend to pursue independent work at the highest level under “the freest possible conditions.” 

Since its establishment, the foundation has awarded more than $400 million in fellowships to more than 19,000 fellows.

“Humanity faces some profound existential challenges,” said Edward Hirsch, award-winning poet and president of the John Simon Guggenheim Memorial Foundation. “The Guggenheim Fellowship is a life-changing recognition. It’s a celebrated investment into the lives and careers of distinguished artists, scholars, scientists, writers and other cultural visionaries who are meeting these challenges head-on and generating new possibilities and pathways across the broader culture as they do so.”

Along with Mirkin, Vlahovska, and Odom, Northwestern University faculty members honored were Weinberg College of Arts and Sciences associate professor of art, theory, and practice Mike Cloud; Nina Kraus , professor of neurobiology and otolaryngology and holder of the Hugh Knowles Chair of communication sciences and disorders in the School of Communication ; and Krista Thompson, Mary Jane Crowe Professor in Art History and director of graduate studies in art history in Weinberg.

Chad Mirkin

Chad A. Mirkin  is the director of the International Institute for Nanotechnology and the George B. Rathmann Professor of Chemistry, Chemical and Biological Engineering, Biomedical Engineering, Materials Science and Engineering, and Medicine at Northwestern.

He is a chemist and a world-renowned nanoscience expert, who is known for his discovery and development of spherical nucleic acids (SNAs) and SNA-based biodetection and therapeutic schemes, dip-pen nanolithography (and related cantilever-free nanopatterning and materials discovery methodologies), on-wire lithography and co-axial lithography and high-area rapid printing and contributions to supramolecular chemistry and nanoparticle synthesis.

He has authored over 870 manuscripts and over 1,200 patent applications worldwide (over 430 issued) and founded multiple companies. Mirkin has been recognized with over 250 national and international awards and served for eight years on the President’s Council of Advisors on Science and Technology and is one of a few scientists to be elected to all three US National Academies and the American Academy of Arts and Sciences.

Mirkin will use the award to pursue groundbreaking research that will use nanotechnology to transform how vaccines are developed for treating deadly forms of cancer.

Petia Vlahovska

Petia Vlahovska  is a professor of engineering sciences and applied mathematics in the McCormick School of Engineering, where she directs the Complex Fluids and Soft Interfaces Lab .

An expert in fluid dynamics and soft matter, Vlahovska integrates theory and experiments in mathematical modeling of physical and biological systems leading to cutting-edge work on blood flow, biomembrane mechanics, electrohydrodynamics and active matter. In her studies of active fluids, Vlahovska was the first to examine the collective dynamics of “microrotors,” or dense suspensions of self-propelled, tiny rotating spheres.

Vlahovska also is interested in the membranes that encapsulate cells and play a central role in all living systems. Her work examines membranes’ non-equilibrium behavior, an emerging topic at the forefront of biophysics research.

The Guggenheim Fellowship will support Vlahovska’s efforts to harness active fluids for the engineering of micro-robotic systems mimicking the autonomous motility and responsivity of biological cells.

Teri W. Odom

Teri W. Odom  is the Joan Husting Madden and William H. Madden Jr. Professor of Chemistry and the chair of the  department of chemistry  in Weinberg College, and (by courtesy) professor of materials science and engineering. She also is a member of the International Institute for Nanotechnology and Chemistry of Life Processes Institute .

A member of the National Academy of Sciences and the American Academy of Arts and Sciences, Odom is an expert in designing structured nanoscale materials with exceptional optical and physical properties. By controlling materials architectures over multiple length scales, Odom’s research group can transform ordinary materials into extraordinary ones. For example, her team has demonstrated that precious metals can be made even more precious by tuning their size and shape at the nanoscale.

Among her many achievements, Odom has pioneered a suite of multi-scale nanofabrication tools, which have resulted in flat optics capable of manipulating light at the nanoscale and beating the diffraction limit, plasmon-based nanoscale lasers that exhibit tunable color, and hierarchical substrates that show controlled wetting and super-hydrophobicity.

Odom will use her Guggenheim Fellowship in chemistry to design and develop structured color materials that can be used as nanoscale coatings for cooling surfaces, such as those on city buildings.

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Academic Catalog

2023-2024 Edition

Finance PhD

Degree requirements.

The following requirements are in addition to, or further elaborate upon, those requirements outlined in  The Graduate School Policy Guide .

Requirements can also be found in the Program Guidelines for Finance PhD students issued by the Kellogg School of Management.

While the goal of our doctoral program is the awarding of a PhD degree, a Master of Science (MS) degree may be awarded to currently enrolled, qualified Kellogg doctoral students. Students who are continuing for a PhD degree, or students who withdraw from the PhD program, may be considered for one of two MS degree options noted below.

• MS in Managerial Economics & Strategy – successfully completing the nine PhD course sequence in macroeconomics, microeconomics, and econometrics.
• MS in Finance – successfully completing the nine PhD course sequence in economics and the six PhD course sequence in finance.

Both MS degrees require that students be in good academic standing and have successfully completed the required coursework for each degree earning quality letter-graded courses (ABC, not P/NP or S/U) authorized for graduate credit with a cumulative 3.0 GPA across the sequences.

Total Units Required: 18

Students in the PhD program are required to take 18 courses or a minimum of 3 courses in fall, winter, and spring  quarters during years one and two. Required courses for the degree are listed below.

• Examinations:   Students are expected to demonstrate competence in economics and finance. (1) Economics: At the end of year one students must achieve a 3.0 GPA in the nine required courses in economics. (2) Finance: At the end of year two students must pass the preliminary (field) exams in the two core areas: asset pricing and corporate finance. Note: Preliminary exam waivers may be provided if students achieve a 3.6 GPA across the six-course Finance sequence. Oral examination of a dissertation prospectus (“proposal”) is presented to faculty by the end of fall quarter of the fourth year.
• Research/Projects:  Presentation of current research during PhD student seminars. Oral presentation of a research paper at the end of summer of the second year, at which time the performance on required courses in economics and finance, prelim exams and second-year paper are reviewed and students are passed into candidacy.
• PhD Dissertation:  Original and significant research; topic should be selected in second year or beginning of third year, in collaboration with the advisor or advisors; presentation of preliminary results at department seminars from the third year until completion of the program. 
• Final Evaluations:  Oral final examination on dissertation and submission of an approved dissertation.

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