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Undergraduate Record 2010-2011 [ARCHIVED RECORD]
Economics
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Prerequisites for Major
1. Coursework at the University
Complete at least two graded economics courses at the University.
2. Economics GPA
Achieve an economics GPA of at least 2.3 for all economics courses completed.
The economics major GPA is a weighted measure of all Economics courses taken at the University with the following exceptions:
a. Grades received in courses taken outside the University’s Economics Department, such as transfer courses or direct credit courses offered through study abroad programs, are not included in the economics GPA.
b. If a student is granted economics elective credit for a course taken in another school or department at the University of Virginia, the grade received in that course is not included in the student’s economics GPA.
c. HIUS 2061 is cross-listed as ECON 2060 and is, in fact, the same course as ECON 2060. A grade in HIUS 2061, therefore, would be included in the economics GPA.
d. If a student fails a course and then retakes it, both grades – the failing grade and the grade received on the retake – enter into the computation of the economics GPA. If a student has taken and passed a course, grades received on any subsequent retake(s) are not included in the student’s economics GPA.
e. Students declaring the Economics major before Fall 2010 who complete more than the minimum number of economics elective courses for the degree may compute their economics GPA using the elective courses with the highest grades that simultaneously satisfy all degree and concentration requirements. The extra courses such students complete will not be included in the economics GPA.
f. If a student takes an economics course that the University considers equivalent to a transfer course or a course in another department for which the student has already received credit, that course does not count in the student’s UVa GPA. It also does not count in the student’s economics GPA, although the grade maybe used to meet other Economics Department declaration prerequisites.
3. Microeconomics
Complete one of the following courses—ECON 2010, ECON 3010 (or ECON 3110)—with a minimum grade of C+.
a. Students who have AP or transfer credit for ECON 3010 at the time that they matriculate at the University are exempt from this prerequisite.
b. Students who matriculate at the University of Virginia with AP or transfer credit for ECON 2010 and complete ECON 3010 (or ECON 3110) may not subsequently meet this prerequisite by taking ECON 2010. Students in this situation who fail to satisfy this prerequisite on their first attempt are permitted to retake ECON 3010 (or ECON 3110) once. Those who fail to get a grade of at least C+ in two attempts are not eligible to declare an economics major.
c. Students who entered with AP credit for ECON 2010 and satisfied the prerequisite by taking ECON 2010 at the University before Fall 2009 are exempt from the provisions of 2(b).
d. Students who take ECON 2010 at the University of Virginia and fail to satisfy this prerequisite may not retake ECON 2010 to meet it.
e. Students who take both ECON 2010 and ECON 3010 (or ECON 3110) at the University of Virginia and still fail to satisfy this prerequisite may not retake courses to meet it; they are not eligible to declare an economics major.
f. Students declaring in the 6th semester must have either completed or be registered for ECON 3010/3110
g. Students declaring after their 6th semester must have already completed ECON 3010/3110.
4. Calculus
Complete calculus through calculus II (MATH 1220, MATH 1320, or APMA 1110) with a minimum grade of C+ in the calculus II course.
a. Students who twice fail to obtain a grade of at least C+ in these courses, whether in the same or different courses, are ineligible to declare the economics major. Students considering the concentration in financial economics or graduate work in economics are encouraged to take MATH 1310 and MATH 1320 (or APMA 1110 and APMA 2120) instead of MATH 1210 and MATH 1220.
b. A grade of C+ or above in MATH 2310, MATH 2315, or APMA 2120 will be accepted in lieu of calculus II to fulfill the prerequisite. However, rule 3a still applies.
c. Students who matriculate at the University with AP or transfer credit for one of these courses are exempt from this prerequisite.
d. Students who took MATH 1220, or MATH 1320, APMA 1110 before Fall 2009 and obtained a C or above are exempt from this prerequisite.
5. Statistics
Complete one of the following courses—STAT 2120, MATH 3120, STAT 3120, APMA 3110, APMA 3120 or ECON 3710—with a minimum grade of C+.
a. Students who twice fail to obtain a grade of at least C+ in the statistics courses listed above, whether in the same or different courses, are ineligible to declare the economics major.
b. Students who matriculate at the University with transfer credit for one of the preceding courses or a grade of 5 on the AP test in Statistics are exempt from this prerequisite. Students who want to be exempted based on their AP test score must show proof in the form of a high school transcript or ETS score report when they declare their major.
c. Students who completed ECON 3720 or ECON 4720 before Fall 2008 with a grade of C or higher are exempt from this prerequisite.
d. Students who completed STAT 2120, MATH 3120, STAT 3120, APMA 3110, APMA 3120, ECON 3710 before Fall 2009 and obtained a C or above are exempt from this prerequisite.
e. Students declaring in the 6th semester must have either completed or be registered for ECON 3720, ECON 4720, or STAT 3220
f. Students declaring after their 6th semester must have already completed ECON 3720.
Major Requirements
Completion of the Economics major requires a total of 28 hours in economics. These requirements differ based upon your declaration date as specified below.
Required Courses
Complete five required courses—ECON 2010, ECON 2020, ECON 3010 (or ECON 3110), ECON 3720 (or STAT 3220 or ECON 4720), and ECON 3020.
a. Students entering the University with ECON 3010 or 3020 on their transcript are exempt from ECON 2010 or 2020, respectively.
b. Students who declared an economics major before February 1, 2010 are exempt from the ECON 3720 (or STAT 3220 or ECON 4720) requirement.
c. ECON 2010, ECON 2020, ECON 3010 (or 3110), and ECON 3720 (or STAT 3220 or ECON 4720) must be completed by the end of the sixth semester. ajors who fail to do so will be dropped from the major. [Students who declared an economics major before February 1, 2010 are exempt from the ECON 3720 (or STAT 3220 or ECON 4720) portion of this requirement.]
Elective Courses
- Students must earn 12 hours of elective credit in economics courses, at least six hours of which must be in courses numbered 4000 or above, and no more than three hours at the 2000 level.
- Students who declared an economics major before February 1, 2010 must complete a total of 15 hours of elective credit, at least six hours of which must be in courses numbered 4000 or above, and no more than three hours at the 2000 level.
GPA
- Students must achieve at least a 2.0 economics GPA in order to graduate.
- Students who finish their sixth semester with an economics GPA below 2.0 will be dropped from the major.
Declaring the Major
1. Review your transcript to make sure you have completed all the prerequisites. If any prerequisites are in progress, you are not yet eligible to declare.
2. Pick up a Declaration of Major form from the College of Arts and Sciences, and fill in all courses taken and currently enrolled.
3. Sign up for an appointment with the Undergraduate Secretary, Kathryn Snow, at the Economics Department, in Monroe Hall, Room 253. There is a sign up form on the door of her office. During your appointment, Ms. Snow will review your prerequisites and assign you a major advisor.
4. Meet with your new advisor to make preliminary decisions about the economics electives to take to complete the major and get his or her signature on the declaration form.
5. Return the yellow copy to Monroe 237 and take the original (white) copy to the College of Arts and Sciences in Monroe 101(or your school of enrollment, if not Arts and Sciences), where it is entered into your student record.
Important: You are not declared until you have completed all five steps. Important Policies
- No transfer course taken after matriculation at the University may be used to satisfy any of the five prerequisites for declaring the major, with one exception. If a student has post-matriculation transfer credit for the statistics prerequisite, he or she may meet the statistics prerequisite by taking ECON 3720 (or STAT 3220 or ECON 4720) and obtaining a grade of C+ or above.
- Transfer students must meet all prerequisites. They cannot automatically enroll in the major. Third-year transfer students considering the economics major are strongly advised to contact the Director of Undergraduate Studies before selecting courses.
- No course taken credit/no credit may be used to satisfy major, minor, or concentration requirements.
Concentrations in Economics
Students with questions about prerequisites for declaring the economics major should contact the Director of Undergraduate Studies Concentration in Financial Economics
Goals
The concentration aims to provide an academic grounding in financial markets and financial decision making – to teach you how economic theory and econometric methods can be combined to analyze economic phenomena in general and in particular the core issues in financial decision-making. The finance concentration is the most technically challenging of the departments concentrations. It requires a high level of mathematical and econometric knowledge. Students should be very comfortable applying the tools of calculus to applied problems. Students are also expected to be comfortable with computer programming.
Structure
The concentration is composed of two parts. Students first take a core set of economics courses as well as COMM 201 (financial accounting). These courses provide a broad background in financial economics. These courses have long been offered in the economics department and are taught at a level accessible to all economics majors.
The second part is the preparation for and completion of the capstone course, ECON 4360: Empirical Finance. The pre-requisite for this course is ECON 4720: Introduction to Econometrics. ECON 4720 is needed because ECON 4360 will rely heavily on econometric tools. Half of ECON 4360 will teach students the theoretical basis of the stochastic discount factor (SDF) methodology for pricing assets. The second part of the class will teach students how to use the General Method of Moments (GMM) econometric framework for estimating and testing the validity of a variety of SDF models.
Who should take the Finance Concentration?
The concentration should be of interest to a variety of students. Those who plan to go on to Ph.D. level work in either economics or finance, or masters level work at quantitative finance MBA programs, will benefit from the advanced financial theory and econometric tools we learn and apply. Those who do not have plans for further post graduate study, but who are intellectually curious about finance, will find their curiosity sated. Students heading for quantitative Wall Street jobs will benefit from studying the formal modeling and econometric methods.
Notes on Coursework
Completing the concentration requires that one plan in advance. Because COMM 2010 is generally taken by pre-Commerce students, first and second year students are given priority in registering for the class. You may find it impossible to register for COMM 2010 if you wait until your third year to take it. ECON 4720 must be completed before starting ECON 4360. Since ECON 4360 is typically offered in the fall semester only, ECON 4720 must be completed in the 3rd year or earlier. While linear algebra is not required for the concentration, concepts of linear algebra appear (and are taught) in the context of ECON 4720 and ECON 4360. Students may benefit from taking MATH 3351 beforehand, though this is not required.
Prerequisites for Declaring the Concentration
1. Students entering the University in or after Fall 2009 must complete one course from the following list: ECON 3710, ECON 3720, STAT 3120, STAT 3220, APMA 3110, or APMA 3120. Students who entered the University before Fall 2009 may also meet this requirement by completing STAT 2120.
2. Complete ECON 4720 (Introduction to Econometrics) with a grade of B or better before beginning the fall semester of the student’s last year.
Requirements for Completing the Concentration
In addition to meeting the ordinary requirements for the major, students must:
1. Complete ECON 3030 (Money and Banking)
2. Complete ONE of the following:
· ECON 4340 (Theory of Financial Markets)
· ECON 4350 (Corporate Finance)
· ECON 4370 (Behavioral Finance)
· COMM 3720 (Corporate Finance—McIntire School of Commerce).
Only Commerce school students are permitted to use COMM 3720 to meet this requirement. Students in other schools, such as the College of Arts and Sciences, do not have this option.
3. Complete ECON 4360 (Empirical Finance)
4. Complete COMM 2010 (Financial Accounting—McIntire School of Commerce)
COMM 2010 does not count as an economics elective. Economics elective courses such as ECON 4720, ECON 3030, etc., taken to meet finance concentration requirements can be counted as electives towards meeting major requirements.
For more information on the concentration in financial economics, contact Chris Otrok at otrok@virginia.edu.
Concentration in International Economics
The international economics concentration is designed for ambitious majors with a keen interest in global economic policy. The core course requirements, ECON 3720 (or ECON 4720 or STAT 3220) and ECON 4210 develop basic literacy in empirical techniques and international economic theory. International finance, ECON 4220, is strongly recommended as the monetary complement to ECON 4210, though it is not currently required due to scheduling constraints. The remaining course electives allow students to specialize further in economic development (through ECON 4610 and/or 4230) and/or a particular geographic area (i.e. ECON 3630, 3650, 4410, 4660 or 5352). Please note that no more than one area studies can count towards the concentration. Many students combine the international concentration with a study abroad program or with the Foreign Affairs major. Recent graduates have gone on to work for international governmental and non-governmental organizations, master’s degree programs in international studies or public policy, law school, and business school.
Economics majors may declare a concentration in international economics when they are enrolled in or have already completed ECON 3720 (or STAT 3220 or ECON 4720).
To complete the concentration, students meet the ordinary requirements for the major and complete:
1. ECON 4210, and
2. Any three of the following: ECON 4220, ECON 4610, ECON 4230, or an area studies course within the department (ECON 3630, 3650, 4410, 4660, or 5070).
For more information on the concentration in international economics, contact Emily Blanchard at blanchard@virginia.edu.
Concentration in Public Policy
Economics is highly relevant for public policy as well as private business decisions. Among the topics of interest in microeconomics are the wide range of effects of specific taxes, expenditure programs and regulations. The courses in the public policy concentration apply general theoretical models for explaining how individuals and organizations respond to changes in their circumstances to predict the qualitative effects of existing and proposed government programs, and they introduce empirical evidence on the quantitative magnitudes of these effects. The concentration also develops the abilities of its students to critically evaluate arguments for particular government actions. It provides majors with the type of training that will enable them to compete successfully for the best junior analyst positions in governments, public policy research firms, and other organizations and for admission into the leading graduate programs in public policy. It should also appeal to students with a strong interest in public policy who intend to pursue careers in related areas such as law. To declare a concentration in public policy before his or her last year at the University, an economics major must have completed 1. ECON 3010 (or 3110) with a grade of B or better, and 2. ECON 3720 ( or STAT 3220 or ECON 4720) and 3. ECON 4310 To declare the concentration in the second-to-last semester at the University, a major who has satisfied the microeconomics requirement must have completed, or be enrolled in, ECON 4310 To graduate with the concentration, a major must meet the ordinary requirements for the major and complete 1. ECON 4310 2. ECON 4880, and 3. At least two of the following courses: ECON 3040, 3050, 3330, 4080, 4150, 4160, 4180, 4200, 4210, 4220, 4230, 4330, 4420, 4430, and 4610 For more information on the concentration in public policy, contact Ed Olsen at eoo@virginia.edu. Requirements for Minor
Prerequisites
Achieve an economics GPA of at least 2.3 for all economics courses completed.
The economics major GPA is a weighted measure of all Economics courses taken at the University with the following exceptions:
a. Grades received in courses taken outside the University’s Economics Department, such as transfer courses or direct credit courses offered through study abroad programs, are not included in the economics GPA.
b. If a student is granted economics elective credit for a course taken in another school or department at the University of Virginia, the grade received in that course is not included in the student’s economics GPA.
c. HIUS 2061 is cross-listed as ECON 2060 and is, in fact, the same course as ECON 2060. A grade in HIUS 2061, therefore, would be included in the economics GPA.
d. If a student fails a course and then retakes it, both grades – the failing grade and the grade received on the retake – enter into the computation of the economics GPA. If a student has taken and passed a course, grades received on any subsequent retake(s) are not included in the student’s economics GPA.
e. Students declaring the Economics minor before Fall 2010 who complete more than the minimum number of economics elective courses for the degree may compute their economics GPA using the elective courses with the highest grades that simultaneously satisfy all degree requirements. The extra courses such students complete will not be included in the economics GPA.
f. If a student takes an economics course that the University considers equivalent to a transfer course or a course in another department for which the student has already received credit, that course does not count in the student’s UVa GPA. It also does not count in the student’s economics GPA, although the grade maybe used to meet other Economics Department declaration prerequisites.
Microeconomics
Complete both ECON 2010 and ECON 3010 (or ECON 3110). At least one of the two must be completed with a minimum grade of C+.
A. Students who have AP or transfer credit for ECON 3010 at the time that they matriculate at the University are exempt from this prerequisite.
B. Students who matriculate at the University of Virginia with AP or transfer credit for ECON 2010 and complete ECON 3010 (or ECON 3110) may not subsequently meet this prerequisite by taking ECON 2010. Students in this situation who fail to satisfy this prerequisite on their first attempt are permitted to retake ECON 3010 (or ECON 3110) once. Those who fail to get a grade of at least C+ in two attempts are not eligible to declare an economics minor.
C. Students who take ECON 2010 at the University of Virginia and fail to satisfy this prerequisite may not retake ECON 2010 to meet it.
D. Students who take both ECON 2010 and ECON 3010 (or ECON 3110) at the University of Virginia and still fail to satisfy this prerequisite may not retake courses to meet it; they are not eligible to declare an economics minor.
E. Students who declare an economics minor before February 1, 2010 are exempt from the C+ minimum grade prerequisite.
F. ECON 2010 and ECON 2020 are the only courses for the minor that may be taken outside the University after matriculation.
Macroeconomics
Complete ECON 2020.
Calculus
Complete one of the following courses—APMA 1090, MATH 1210, or MATH 1310—with a minimum grade of C+.
A. Students who twice fail to obtain a grade of at least C+ in these courses, whether in the same or different courses, are ineligible to declare the economics minor.
B. Students who matriculate at the University with AP or transfer credit for one of these courses are exempt from this prerequisite.
C. Students who complete one of the following courses—APMA 1090, MATH 1210, or MATH 1310—before Fall 2009 need only to have achieved a passing grade.
Statistics
Complete one of the following courses—ECON 3710, STAT 2120, MATH 3120, STAT 3120, APMA 3110, or APMA 3120—with a minimum grade of C+.
A. Students who twice fail to obtain a grade of at least C+ in the statistics courses listed above, whether in the same or different courses, are ineligible to declare the economics minor.
B. Students who matriculate at the University with transfer credit for one of the preceding courses or a grade of 5 on the AP test in Statistics are exempt from this prerequisite.
C. Students who complete one of the following courses—ECON 3710, STAT 2120, MATH 3120, STAT 3120, APMA 3110, or APMA 3120—before Fall 2009 need only to have achieved a passing grade.
Course Requirements
Required Courses
The student must complete all the prerequisite courses for declaring a minor.
Elective Courses
The student must complete an additional 9 credits of ECON electives.
1. Of the economics elective credits used to calculate the economics GPA, at least six must be earned in courses numbered above 2999.
2. All nine of the elective credits in economics must be earned at the University and taken for a grade with the following exception: Three elective credits may be earned through pre-matriculation transfer credit.
3. No course taken outside the University after matriculation can be counted towards the nine hours of elective credit.
GPA
Students must have a cumulative economics GPA of at least 2.0 to graduate with the minor. See the prerequisites section under “The Major in Economics” for details on computing the economics GPA. Declaring the Minor
College rules require that the minor be declared by the end of the add period in the semester before graduation, ordinarily the seventh semester. Under some circumstances this deadline may be extended until early in the semester in which you intend to graduate.
1. Review your transcript to make sure you have completed all the prerequisites.
2. Bring your current VISTAA form to the Undergraduate Secretary at the Economics Department.
3. Bring your completed Minor Declaration Form (.pdf, 47KB) to the Undergraduate Secretary, Kathryn Snow at the Economics Department, in Monroe Hall, Room 253 during her drop-in hours:
o Monday 1:30-4:00
o Tuesday 10:30 - 12:00 and 1:30 -4:00
o Wednesday 10:30 - 12:00 and 1:30 -4:00
o Thursday 1:30-4:00
o Friday - By Appointment
4. The student takes the original form to the College of Arts and Sciences (or your school of enrollment, if not Arts and Sciences), where it is entered into your student record.
Distinguished Majors Program
The Distinguished Majors Program brings the best undergraduates together in their fourth year to learn from each other, enter the intellectual life of the Department of Economics, discover the nature of research in economics, and write a thesis. Applications are due in March of the student’s third year. Applicants should have a strong overall academic record, with a cumulative grade point average in economics that is at least 3.6 at the time of application. Specific requirements of the program include: 1. Every student who begins the program in the fall semester of 2010 or later must take ECON 3720 (or STAT 3220 or ECON 4720) before entering the program. Students who will begin the program in the fall semester of 2009 must either 1) take ECON 3720 (or STAT 3220 or ECON 4720) before entering the program; or 2) take ECON 4720 in the fall semester of 2009. 2. Each student must take the Distinguished Majors Seminar (ECON 4990) in the fall of the fourth year. 3. Each student will complete a DMP thesis (ECON 4999), independent research under the supervision of an economics faculty member. The thesis is due in April. Department recommendations for Distinction, High Distinction, and Highest Distinction will be based on: 1. quality of the thesis 2. overall work in the Distinguished Majors Program 3. overall work in economics, and 4. overall college record. Contact Information
The Department of Economics is located in Monroe Hall. The mailing address is P.O. Box 400182, Charlottesville, VA 22904-4182. The department’s web address is www.virginia.edu/economics. If you have further questions about undergraduate study in economics, please contact the Director of Undergraduate Studies. |
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