Graduate Courses and Activities
There are approximately 90 regular students in the Department and about 25 enter each year. Mostly, courses are small in size and are conducted in an informal manner. Reading courses which treat subjects that are not covered in the regular courses may be arranged with individual faculty members. In addition, students are encouraged to do independent work and to participate in one or more of the seminars sponsored by the Department. Students may also take courses in the Woodrow Wilson School or in other departments. In their third and fourth year the student's work is under the supervision of a thesis committee, usually consisting of two members of the faculty.
Faculty and students meet informally in the Department Common Room on a daily basis. In addition, a committee of graduate students meets regularly with the Chairman and the Director of Graduate Studies for the purpose of discussing the content of the academic program and the quality of instruction. Almost all of the faculty and graduate students live close to the University and come to the University almost every day.
In order to expose students to a variety of views, numerous paper and lectures are given during the year by economists from other universities.
Requirements
Graduate instruction in this Department is designed to lead to the degree of Doctor of Philosophy in Economics. The general purpose of the graduate program is to provide thorough training in both the techniques and applications of economic analysis. To be awarded a Ph.D. degree, students are required to pass a General Examination, submit an acceptable dissertation, and pass the Final Public Oral Examination. To be admitted to the General Examination, the student must first satisfy the departmental mathematics requirement, and pass courses in economic theory and econometrics. There is no language requirement.
A good grounding in mathematics is crucial for success in this Ph.D. program. This need is recognized by a mathematics requirement consisting of calculus and matrix algebra, roughly at the level of four terms of college mathematics, and their application in economic analysis. This requirement is met by passing a written examination. A semester course in mathematics for economists (S500) is offered annually by the Department; entering graduate students with inadequate preparation are advised to take this course.
To assist in gauging his progress and to test his competence in basic theoretical methods, the student takes preliminary examinations in the fall and spring of his or her first year. The coverage of these examinations is roughly that of the two year-long courses in economic theory offered by the Department; the student is examined on those concepts and methods from microeconomic and macroeconomic theory that should be part of the intellectual equipment of all economists.
The General Examination itself consists of a research paper and passing up to three special fields and/or four course examinations, which are normally chosen from among the following: (l) demography, (2) econometrics, (3) economic development, (4) financial theory, (5) industrial organization, (6) international economics, (7) labor economics and industrial relations, (8) mathematical economics, (9) monetary theory (10) political economy and (ll) public finance. In addition, examinations in other fields can be arranged to suit the programs of individual students. The student is advised to consult with the Director of Graduate Studies and appropriate members of the Department on the extent and coverage of the fields.
Upon passing the General Examination, the candidate is eligible for the Master of Arts degree in Economics. To obtain the degree of Doctor of Philosophy, the qualified candidate must also submit an acceptable written dissertation and pass a final public oral examination as provided in the general regulations of the University.
Research Facilities
The Department offers a variety of research programs in fields such as demography, economic development, econometrics, industrial relations, international finance and financial markets. These programs offer research facilities and financial support to interested students, often to sponsor work on the dissertation. Several specialized collections of books and materials are available. The student also has access to the University's extensive computer facilities, currently consisting of an IBM 3090, SUN and other workstations and personal computers. A variety of economic data is maintained on magnetic tape. Students are encouraged to make use of these and to learn FORTRAN programming as well as to make use of various applications programs. The Department also has a number of terminals attached to the mainframe as well as personal computers. In addition the University has a number of specialized programs closely related to economics, including the Woodrow Wilson School of Public and International Affairs (whose students prepare for careers in public service), the Political Economy Program, the Department of Statistics, the Office of Population Research, the Urban Program of the Woodrow Wilson School, and the Transportation Program in the School of Engineering.
Teaching by Graduate Students
A number of graduate students are hired by the Department each year to teach in undergraduate courses. The maximum teaching load is 6 hours/week and may involve teaching class sections, tutoring or grading. Being a teaching assistant is not only financially remunerative but a significant learning experience. Most teaching assistants have successfully completed their General Examinations.
Recent Ph.D's
Most, but not all, graduates accept teaching positions at colleges and universities. Recent Ph.D.'s have obtained positions at Harvard, MIT, Yale, Stanford, Chicago, Duke, INSEAD (France), IMF, the Federal Reserve Board and many other institutions.
Life in Princeton
For a community of about 25,000 residents, Princeton offers extensive cultural and recreational opportunities. These include a professional repertory company, a noted chamber orchestra, several concert series, visiting theatrical and dance productions, a variety of athletic facilities, etc. Princeton is about one hour from New York City and from Philadelphia. A bus leaves for New York every half hour during normal travel hours, and there is also good train service. Click here for transportation information. The climate is temperate though it can get quite cold at times in winter, and hot and humid in the summer.
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Cost of Living
The University makes every attempt to provide adequate and inexpensive housing for both single and married students within walking distance of the main campus, since the town can accommodate relatively few students near the campus at rates they can afford. Costs in l997-98 for the single student at the Graduate College or Annex include room rent of about $2,117 to $3,688 per year, and $2,407 to $3,086 for food, depending on the number of meals included in the contract. Married student housing rents range from $440 to $691 per month.
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Administrative Officers for l998-99
Chairman: Ben S. Bernanke
Director of Graduate Studies: Faruk Gul
Assistant Director of Graduate Studies: Alessandro Lizzeri
Director of Graduate Admission: Orley Ashenfelter