The chief consideration in choosing a department at which to do graduate work in economics must be the quality of its faculty as economists and as teachers of economics. The Department of Economics at Chicago has always ranked among the handful of leading departments in the world. It has claimed a disproportionate share of the honors the economics profession can bestow.

Since 1969, when the Nobel Prize in economic sciences was first awarded, twenty-two recipients of that prize have been faculty, students, or researchers in the Department of Economics, Law School, or Graduate School of Business (GSB) at the University of Chicago, including Milton Friedman and George Stigler. Four Nobel laureates are currently members of the department: Gary S. Becker, Robert W. Fogel, Robert E. Lucas, Jr., and James J. Heckman. In addition, four of the six recipients of the American Economic Association's Walker Medal were members of the faculty (J. M. Clark, F. H. Knight, Jacob Viner, and T. W. Schultz). The John Bates Clark Medal has been awarded to five Chicago economists: Milton Friedman, Gary S. Becker, James J. Heckman, Steven Levitt, and Kevin M. Murphy. Since World War II, the department has had, relative to its size, a larger number of faculty than any other serving as presidents of the American Economic Association. Former faculty members and students currently hold leading positions as economists inside and outside academic life.

These honors are only one class of testimony to an accepted fact: Chicago is an unusually innovative department of economics. The proportion of new ideas in economics over the last forty years that have emanated from or become associated with Chicago is astonishing. Any definition of the "Chicago School" would have to find room for the following ideas (in chronological order from the 1940s to the present): the economic theory of socialism, general equilibrium models of foreign trade, simultaneous equation methods in econometrics, consumption as a function of permanent income, the economics of the household, the rationality of peasants in poor countries, the economics of education and other acquired skills (human capital), applied welfare economics, monetarism, sociological economics (entrepreneurship, racial discrimination, crime), the economics of invention and innovation, quantitative economic history, the economics of information, political economy (externalities, property rights, liability, contracts), the monetary approach to international finance, and rational expectations in macroeconomics. The unifying thread in all this is not political or ideological but methodological, the methodological conviction that economics is an incomparably powerful tool for understanding society.

Chicago is known for its leadership not only in using this tool but also in teaching its students how to use it. Chicago has more than its share of gifted teachers, but the two principal reasons for its excellence in teaching are the rigorous system of examinations in the first two years of graduate study and the so-called "workshop" (that is, seminar) system for advanced students. Both are unique to Chicago. In preparing for the examinations by taking courses and working together in study groups, graduate students at Chicago acquire an unmatched mastery of economics. The workshop system then guides them through their Ph.D. dissertations. There are eleven workshops and four working groups, in a wide variety of fields of research, meeting in small groups weekly to hear and discuss papers by students, faculty, and leading scholars from inside and outside Chicago. A vigorous placement effort, the wide contacts of a faculty central to the discipline and, above all, the high quality of the economists produced by this program assure students with degrees from Chicago the best academic or non-academic jobs that their efforts and abilities warrant. Chicago has an unexcelled Ph.D. program, with recent graduates employed at numerous top-ranked universities, private firms, and such agencies as the World Bank, the International Monetary Fund, and the Federal Reserve System.

The department has other noteworthy features. It is socially coherent and located in one place, making its twenty-nine faculty members accessible on a casual basis to the students and to each other. The economists at the Graduate School of Business (GSB), the Law School, and the Irving B. Harris Graduate School of Public Policy Studies (constituting together a first-rate economics department in their own right) have unusually close relations with the department physically and intellectually, greatly enriching the student experience. For example, Chicago's GSB is an international center for the study of, among other things, the mathematical theory of corporate finance, as the Law School is for the study of law and economics; both fields can be offered for examinations and dissertations in the department. The Journal of Political Economy, ranking second in circulation among American journals in economics only to the American Economic Review, is published at Chicago, as are Economic Development and Cultural Change, the Journal of Law and Economics, the Journal of Business, the Journal of Labor Economics, and the Journal of Legal Studies, all major journals in their fields of economics. The department is unusually cosmopolitan, with approximately 200 registered graduate students and approximately 485 undergraduate majors from all parts of the world, as well as an international faculty. It is said that the average location of the department is 20,000 feet over the South Atlantic, for a distinguished faculty is naturally involved in the world's thinking and the world's work. The result back home in Chicago, reinforced by the city's role as the air travel center of the United States, is a steady stream of return visitors from other universities, some for visits to a workshop and others for longer-term participation in the intellectual life of the department. Over the academic year more than a hundred outside speakers give papers in workshops. The Chicago student's exposure to new ideas when they are in fact still new is unequaled.

Admissions Requirements

The Department of Economics enrolls an entering class of approximately thirty to thirty-five graduate students every autumn. For admission to graduate study, a bachelor's degree (or equivalent) is required; for some international students this may mean a degree beyond the baccalaureate. This degree need not be in economics, although some background in Economics is desirable. There are no formal course requirements for admission, but a strong background in mathematics is important. At the Ph.D. level, the study of economics requires an absolute minimum of one year of college calculus and a quarter (or semester) each of both matrix algebra and mathematical statistics (that is, statistics using calculus, as distinct from introductory statistics for social science). Prospective students who lack this preparation and have remaining free time in their undergraduate schedules are urged to take some of these courses before beginning graduate study.

In addition, prospective students who plan to concentrate in Econometrics or Mathematical Economics are urged to take advanced courses in mathematics and statistics while they are undergraduates, and those who plan to concentrate in Economic History are urged to take advanced courses in history.

The program is designed as a Ph.D. program and there are no master's level courses or a self-contained master's program. The Department does not admit students who intend to do only a master's degree. Ph.D. students may apply for and receive a master's degree after completion of a set of courses and examinations taken as part of the doctoral program.

Admissions Procedure

Given the yearlong sequence of courses, students should plan to enter in the Autumn Quarter. The application deadline for both domestic and foreign students is December 28. There is a single application for both admission and financial aid. To request that an application packet be mailed to you, write to the Dean of Students, Division of the Social Sciences, The University of Chicago, 1130 E. 59th Street, Chicago, IL 60637, or email: ssd-admissions@uchicago.edu. To view the program brochure on line, visit: http://social-sciences.uchicago.edu/admissions/brochures/economics_brochure.html.

Applications may be completed online at: https://grad-application.uchicago.edu. To see the Guidebook for current students, which includes complete course descriptions and faculty bios, visit our website at: http://economics.uchicago.edu.

All applicants are required to submit scores from the Graduate Record Examination (GRE) General Test. Foreign applicants whose native language is not English should also submit scores from the Test of English as a Foreign Language (TOEFL). The University requires a minimum total score of 250 with at least 25 in each section (or, on the paper-based test, a minimum total score of 600 with at least 60 in each section).

Admissions and financial aid decisions are announced by late March.

Criteria for Admissions

The Committee on Admissions employs a number of criteria to evaluate each applicant: previous educational record, letters of recommendation, the applicant's scores on the Graduate Record Examination (GRE) General Test and on the Test of English as a Foreign Language (TOEFL), the compatibility of the applicant's research interests with the program strengths in the department, and any special factors that the applicant may bring to the committee's attention. The committee evaluates each applicant on the basis of all material available; no arbitrary cut-offs in terms of a student's grade point average or test scores are used. Applications must be complete for the January review, including scores from the GRE and TOEFL if appropriate. These exams should be taken no later than October. In deciding when to register for the GRE and TOEFL exams, applicants should particularly note our yearly cycle in order to assure that their applications receive full consideration.

Financial Aid

A number of merit-based University scholarships and fellowships are awarded each year for Ph.D. study in the Department of Economics. Unlike programs at some other universities, however, the department does not have teaching or research assistantships available to entering graduate students. Students admitted without financial assistance should plan to support themselves during their program. Unfortunately, it is not realistic to assume that satisfactory performance in the first year will guarantee subsequent scholarship aid, although the University is committed to rewarding truly outstanding performance when possible. Loan funds are available for U.S. citizens and permanent residents. Partial financial support in the form of part-time employment as teaching assistants, lecturers, and research assistants for department faculty members is an option for many advanced students.

Applicants with outstanding undergraduate records are urged to compete for national fellowships such as the National Science Foundation awards. A national award brings more than financial support; it is also a form of academic recognition for excellence. Students who enter national fellowship competitions but fail to receive awards in no way jeopardize their chances for University fellowship support.

The Department of Economics offers a program of study leading to the Ph.D. degree. The program includes courses and comprehensive examinations in the three core subjects: price theory; theory of income, employment, and the price level; and quantitative methods. In addition to the core, Ph.D. requirements include demonstration of competence in two specialized fields of concentration, courses in three elective fields for the general distribution requirement, a research paper, the approval of a thesis proposal, and the completion of the doctoral thesis.

The usual load is three courses per quarter for two years; this permits completion of nine courses during the regular academic year. The comprehensive examination for the core subjects is given in the Summer Quarter. An examination in each specialized field of concentration is given once a year.

Ph.D. students may request permission to choose electives outside the Department of Economics for field or general distribution requirements. Satisfactory grades on course work done at the graduate level at another institution may also be used to satisfy part of the course requirements for general distribution by petition to the Director of Graduate Studies.

With good preparation, students normally take five years to complete the Ph.D. Students who begin with the intention of obtaining the Ph.D. but who change their plans or fail to satisfy the Ph.D. requirements will in most cases find themselves eligible for the master's degree. (In addition, successful progress toward the Ph.D. degree normally results in a student meeting requirements for a master's degree as well.)

A program of a typical Ph.D. student consists of the following sequence:

First Year - Courses in price theory, the theory of income, and quantitative methods to prepare for the core examination.

First Summer - Core examination. (The department aims for an entering class of thirty to thirty-five students. About two-thirds pass the core examination on the first attempt during the summer after their first year of enrollment. Approximately 90 percent retaking part or all of the core examination pass on the second try. About 74 percent of students who enter the program ultimately earn a doctorate.)

Second Year - Courses in specialized fields* and participation in workshops. Certification in two specialized fields, one by exam and one by GPA or exam. Identification of a research paper topic. (*Specialized fields include capital theory; development, micro theory, and econometric methods; econometrics and statistics; economic history; financial economics; labor economics/human capital; industrial organization; mathematical economics; money, banking, and macroeconomic dynamics; public sector economics; and other as approved by the department.)

Third and Fourth Years - Completion of research paper, general distribution requirement, and participation in workshops. Decision on a thesis topic and presentation of a thesis seminar at which the department formally approves the topic. Admission to candidacy.

Fifth Year - Completion of the doctoral thesis and presentation of a public lecture at which the department formally approves the thesis.

Core Subjects
Price Theory
30100. Price Theory I [=LAWS 43611]
30200. Price Theory II [=LAWS 43621]
30300. Price Theory III

Theory of Income
33000. Theory of Income I
33100. Theory of Income II
33200. Theory of Income III

Quantitative Methods
30400. Introduction to Mathematical Methods in Economics
31000. Empirical Analysis I
31100. Empirical Analysis II
31200. Empirical Analysis III

Specialized Fields
Mathematical Economics
30500. Game Theory
30600. The Economics of Information [=GSBC 33911]
30700. Decision Theory
30800. Social Choice and Mechanism Design
30900. Advanced Auction Theory

Econometrics and Statistics
31700. Topics in Econometrics
31800. Advanced Econometrics

Economic History
32000. Topics in American Economic History
32100. Colonization, Servitude and Slavery: The Early American Experience
32200. Population and the Economy [=GSBC 33470]
32300. A Guide to Business Ethics [=GSBC 38114]
32400. Economics and Demography of Marketing [=GSBC 37104]

Money, Banking, and Macroeconomic Dynamics
33600. Money and Inflation
33701. Macroeconomic Dynamics
39600. Topics in Asset Pricing [=GSBC 35907]

Labor Economics/Human Capital
34201. Applied Price Theory
34300. Human Capital [=SOCI 30306]
34400. Job Mobility and Wage Determinants

Development, Micro Theory, and Econometric Methods
34600. Family, Firm & Collective Groups in General Equilibrium: Theory, Identification, & Estimation I
35000. Empirical Microeconomics

Public Sector Economics
36101. Economic Models of Politics
36200. Public Sector Economics
36301. Public Economics

Capital Theory (3 courses required for preliminary exam)
37501. Strategic Interaction in Macroeconomics
37600. Topics in Capital Theory I
37700. Topics in Capital Theory II

Financial Economics
38900. Theory of Financial Decisions I [=GSBC 35901]
39001. Theory of Financial Decisions II [=GSBC 35902]
39100. Asset Pricing [= GSBC 35904]
39400. Theory of Financial Decisions III [=GSBC 35903]
39700. Topics in Dynamic Asset Pricing [=GSBC 35909]

Industrial Organization
40101. Advanced Industrial Organization I [=GSBC 33921]
40201. Advanced Industrial Organization II [=GSBC 33922]
40301. Advanced Industrial Organization III [=GSBC 33923]
40400. Topics in Industrial Organization
40600 Topics in Market Design

Other Courses
35301. International Trade and Growth
40900. Topics in Contract Theory
42100. An Introduction to Doing Empirical Microeconomic Research
42300. Introduction to Doing Formal Economic Theory
49900. Individual Research (for Required Research Paper: to be arranged between individual faculty and students)

In addition to the courses noted on the preceding pages, the eleven workshops and four working groups listed below constitute a distinguishing feature of graduate study in economics at Chicago. Chicago faculty in economics and other academic units, graduate students in the department, and visitors present their latest research each week.

Active participation in the workshop program is expected of all post-core students.

50000. Workshop in Economic Theory
51000. Workshop in Empirical Economics
51400. Econometrics and Statistics Colloquium [=GSBC 41600]
51600 Workshop on Applied Dynamic Economics and General Equilibrium Theory
52100. Workshop in Economic History
53000. Workshop in Money And Banking
54300. Workshop in Applied Economics [=GSBC 33610]
58900. Workshop in Demography [=SOCI 60001]
59000. Workshop in Applications of Economics
59200. Workshop in Economic Policy and Public Finance
59300. Workshop in Applied Price Theory
60100. Economic Theory & Development Working Group
60200. Applied Micro Working Group
60300. Economic Dynamics Working Group
60600. Capital Theory Working Group

Organizations, Activities, and Opportunities for Graduate Students

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In addition to the formal admissions and degree requirements, courses, workshops, and faculty members, there are many complementary programs likely to be of interest to prospective students considering doctoral study in economics at Chicago.

The Political Economy Club
The Political Economy Club (PEC) is the organization run for and by graduate students in the Department of Economics. The PEC is in charge of organizing the department's social hours every other week (known colloquially as TGIFs) as well as special events during the year, such as the skit show and the spring picnic. The PEC also manages what students term a luxury lounge across from the economics computer lab; it's a place to hang out and relax, watch television or a video, or hold office hours.

Guest Lecture/Visit Series
Graduate students have also organized a Guest Lecture/Visit Series through which they invite prominent scholars around the country to speak about their current interests, discuss research agendas and ideas with economics students at Chicago, and simply be available to meet informally over the course of a day.

Math Camp
Prior to the official beginning of Autumn Quarter each year, the department sponsors an optional two-week, non-credit course on quantitative methods in economics. Known informally as Math Camp, this voluntary program for entering students introduces some basic mathematical concepts used in economic theory and core classes. In addition, the program serves effectively as an informal way for new students to get to know each other before the academic year begins.

Teaching
Teaching experience is not required to earn a doctorate in economics at Chicago, but economics graduate students have access to many paid jobs that are good opportunities to develop teaching skills. The College has a tutoring program that welcomes the assistance of graduate students to College students in economics and mathematics. In the Department of Economics, faculty and instructors hire teaching assistants for both graduate and undergraduate courses. Furthermore, the undergraduate program selects qualified advanced-year graduate students as lecturers; these lecturers lead independent sections of intermediate undergraduate economics classes. All lecturers are given training and feedback in the form of videotaped training sessions and two sets of student evaluations. Lecturers have found this to be an ideal first-time teaching experience that also enhances their standing in the competitive academic job market. The department takes pride in developing and recognizing top teaching skills-economics graduate students have been recipients of the Booth Prizes awarded by the University for excellence in teaching.

Each September, the University also offers a two-day program on teaching in the College. Faculty members and administrators provide information on the curriculum and culture of the College. They also discuss the instructor's role and ethical obligations and offer assistance with leading discussions and lecturing. This program is open to graduate students across all departments at Chicago.

Resources
In addition to normal sources of financial aid, which include fellowships and teaching opportunities, the department has special funds for travel to partially defray expenses associated with presenting a paper at professional conferences, gathering data in the field, acquiring data sets, and dissertation support.

Placement
The department is fully committed to the placement of its doctoral students in professional academic, nonacademic, and research positions in the United States and abroad. In addition to the efforts of individual faculty members on behalf of their own students, the department holds an initial informational session each October for all students on the job market, compiles a placement brochure and distributes it to more than 500 organizations nationally and internationally, responds to inquiries and posts job openings, and conducts mock interviews with students prior to the January American Economic Association meetings (the principal forum through which graduate students interview with prospective employers). Chicago-trained economists are highly sought after in the academic, private, and public sectors. Of those receiving a Ph.D. in 2000, 46 percent accepted academic appointments, 36 percent took private sector positions, and 18 percent were employed in the public sector. In recent years, University of Chicago economics graduates accepted assistant professor positions at leading research universities in numbers comparable to students at MIT and Harvard, and substantially greater than those at other top doctoral programs in economics.

Spouse Employment
The University of Chicago Employment Services offers assistance to the spouses/significant others of graduate students in finding employment on campus.

Department Relocation
In 2005, the Department of Economics will move from its long-standing home in the Social Science Research Building to space in the middle of the Main Quadrangles presently occupied by the Graduate School of Business (which is building a stand-alone complex for its faculty, research centers, and students). One of the primary objectives for the department in relocating is to have more and better space for its advanced graduate students; the University of Chicago recognized this important factor and has been generous in making allocations decisions that meet this need.

The Economics Faculty 2004-2005

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Alvarez, Fernando. Ph.D., University of Minnesota, 1994. Professor in Economics and the College and Co-Director of Graduate Admissions (at Chicago since 1996).

Recent Research: dynamic general equilibrium models applied to asset pricing, search and insurance.

Becker, Gary S. Ph.D., University of Chicago, 1955. John Bates Clark Medal Winner, 1967; Member, National Academy of Sciences since 1972; President, American Economic Association, 1987; Nobel Prize in Economic Sciences, 1992; National Medal of Science, 2000. University Professor in Economics, Graduate School of Business, and Sociology (at Chicago 1954-1957 and since 1970).

Recent Research: Investment in human capital; population change and economic growth; influence of social forces on the economy; the economics of the family; economics and politics.

Chiappori, Pierre-André. Ph.D., University Paris I, 1981. Professor in Economics and the College (at Chicago since 1997). On leave 2004-05.

Recent Research: Household economics; mathematical economics; risk and insurance; empirical applications of contract theory.

Evans, Thomas A. Ph.D., Clemson University, 2003. Lecturer of Social Sciences in the College (at Chicago since 2003).

Recent Research: Cause and effects of Federal spending, taxation, limitation, and representation within the Canadian political system.

Fogel, Robert W. Ph.D., Johns Hopkins, 1963. Member, National Academy of Sciences since 1973; Nobel Prize in Economic Sciences, 1993; President, American Economic Association, 1998. The Charles R. Walgreen Distinguished Service Professor of American Institutions; Director of the Center for Population Economics (at Chicago since 1981).

Recent Research: Long term factors in American economic growth with special emphasis on the use of intergenerational data sets in order to establish the relationship between the past and current behavior of households; the economics of mortality in North America; long-term changes in nutrition, labor welfare, and labor productivity.

Fox, Jeremy. Ph.D., Stanford University, 2003. Assistant Professor in Economics and the College (at Chicago since 2003).

Recent Research: Competition in labor and telecommunications markets.

Friedman, Milton. Ph.D., Columbia University, 1946. John Bates Clark Medal Winner, 1951; President, American Economic Association, 1967; Nobel Prize in Economic Sciences, 1976. The Paul Snowden Russell Distinguished Service Professor Emeritus in Economics (at Chicago since 1946).

Recent Research: Secular and cyclical changes in money and income, interest rate and the Gibson paradox; inflation.

Galenson, David W. Ph.D., Harvard University, 1979. Professor in Economics and the College (at Chicago since 1978).

Recent Research: The life cycles of human creativity.

Hansen, Lars Peter. Ph.D., University of Minnesota, 1978. Co-winner of the Frisch Prize Medal, 1984. The Homer J. Livingston Distinguished Service Professor of Economics and the College (at Chicago since 1982). On leave Autumn 2004.

Recent Research: Time series econometrics; quantitative analysis of dynamic equilibrium models; asset pricing.

Harberger, Arnold C. Ph.D., University of Chicago, 1950. The Gustavus F. and Ann M. Swift Distinguished Service Professor Emeritus in Economics (at Chicago since 1953).

Recent Research: The inflation syndrome; distributional weights, basic needs and other systematic ways of incorporating non-economic considerations into economic analysis, taxation and international capital flows; international comparisons of rates of return to capital.

Heckman, James J. Ph.D., Princeton University, 1971. John Bates Clark Medal Winner, 1983; Member, National Academy of Sciences since 1992; Nobel Prize in Economic Sciences, 2000. The Henry Schultz Distinguished Service Professor in Economics and the College; Director of the Economics Research Center, Department of Economics; and Director of the Center for Social Program Evaluation, Harris Graduate School of Public Policy Studies (at Chicago since 1973).

Recent Research: Evaluation of social programs; econometric models of discrete choice and longitudinal data; the economics of the labor market; alternative models of the distribution of income; public economics; regulation and policy reform of income inequality; the economics of the life cycle of skill formation; hedonic models and pricing of heterogeneous goods and characteristics; heterogeneity in general equilibrium models.

Hortaçsu, Ali. Ph.D., Stanford University, 2001. Assistant Professor in Economics and the College (at Chicago since 2001).

Recent Research: Industrial organization and applied microeconomics; applications in electricity industry restructuring, design of securities markets, online auctions, matching markets; competition in the mutual fund industry; vertical relationships and its effect on productivity and prices.

Levitt, Steven. Ph.D., Massachusetts Institute of Technology, 1994. John Bates Clark Medal Winner, 2004. Editor, Journal of Political Economy. The Alvin H. Baum Professor in Economics and the College (at Chicago since 1997).

Recent Research: Economic models of crime and corruption; the criminal justice system; abortion legalization; school choice.

Lima, Victor O. Ph.D., University of Chicago, 2001. Senior Lecturer of Social Sciences in the College (at Chicago since 2001).

Recent Research: monetary economics; social effects; unemployment effects of labor regulation.

Lucas, Robert E., Jr. Ph.D., University of Chicago, 1964. Member, National Academy of Sciences since 1981; Nobel Prize in Economic Sciences, 1995; President, Econometrics Society, 1997; President, American Economic Association, 2002. The John Dewey Distinguished Service Professor in Economics and the College and Co-Director of Graduate Placement (at Chicago since 1974).

Recent Research: Monetary theory; growth and development.

Mulligan, Casey. Ph.D., University of Chicago, 1993. Professor in Economics and the College (at Chicago since 1993).

Recent Research: Non-pecuniary incentives to save and work; how economy affects policy.

Murphy, Kevin M. Ph.D., University of Chicago, 1986. John Bates Clark Medal Winner, 1997. The George J. Stigler Professor in Economics, Graduate School of Business and the College (at Chicago since 1984).

Recent Research: Empirical analysis of inequality, unemployment, and relative wages; economics of growth and development.

Myerson, Roger B. Ph.D., Harvard University, 1976. The William C. Norby Professor in Economics and the College and Director of Graduate Studies (at Chicago since 2001).

Recent Research: Game theory; information economics; economic models of voting and politics.

Neal, Derek A. Ph.D., University of Virginia, 1992. Editor-in-Chief, Journal of Labor Economics. Professor in Economics and the College and Chairman of the Department of Economics (at Chicago 1991-1998 and since 2001).

Recent Research: Labor; black-white wage inequality.

Reny, Philip J. Ph.D., Princeton University, 1988. Associate Editor, Econometrica. Professor in Economics and the College (at Chicago since 1999).

Recent Research: Multi-Unit auction theory; equilibrium existence in discontinuous games; implementation theory.

Sanderson, Allen R. M.A., University of Chicago, 1970. Senior Lecturer of Social Sciences in the College; Senior Research Scientist at NORC (at Chicago since 1984).

Recent Research: The economics of sports; education and labor markets.

Schennach, Susanne M. Ph.D., Massachusetts Institute of Technology, 2000. Assistant Professor in Economics and the College (at Chicago since 2000).

Recent Research: Theoretical and applied econometrics; generalized empirical likelihoods; errors-in-variables.

Shimer, Robert. Ph.D., Massachusetts Institute of Technology, 1996. Editor, Journal of Political Economy. Professor in Economics and the College and Co-Director of Graduate Admissions (at Chicago since 2003).

Recent Research: Search theory; labor markets.

Sjaastad, Larry A. Ph.D., University of Chicago, 1961. Professor Emeritus in Economics and the College [at Chicago since 1962].

Recent Research: Commercial policy and macro-economic stability; exchange rate behavior in small countries; real exchange rate analysis.

Sonnenschein, Hugo F. Ph.D., Purdue University, 1964. President, Econometric Society, 1988-1989; Member, National Academy of Sciences since 1990. President and Trustee of the University, 1993-2000. The Adam Smith Distinguished Service Professor in Economics and the College and Co-Director of Graduate Placement (at Chicago since 1993).

Recent Research: Theories of consumer and firm behavior; general economic equilibrium; game theory; social choice.

Stokey, Nancy L. Ph.D., Harvard University, 1978. Editor, Journal of Political Economy; Member, National Academy of Sciences since 2004. The Frederick Henry Prince Distinguished Service Professor in Economics and the College (at Chicago since 1990).

Recent Research: Growth theory; economic dynamics; fiscal and monetary policy.

Syverson, Chad. Ph.D., University of Maryland, 2001. Assistant Professor in Economics and the College (at Chicago since 2001).

Recent Research: Market structure effects on productivity, prices, and firm survival; vertical integration, productivity, and market power; incumbent airlines' reactions to entry threats; competition in the mutual fund industry; incentives in residential real estate markets; economic density and efficiency.

Szentes, Balázs. Ph.D. Boston University, 2002. Assistant Professor in Economics and the College (at Chicago since 2002).

Recent Research: Noncooperative game theory; simultaneous multi-object auctions; mechanism design.

Telser, Lester G. Ph.D., University of Chicago, 1956. Professor Emeritus in Economics and the College (at Chicago since 1958).

Recent Research: Theory of competitive markets; game theory; theory of the core; economics of information; the Great Depression; German hyperinflation; electronic trading in futures markets.

Tolley, George S. Ph.D., University of Chicago, 1955. Professor Emeritus in Economics and the College (at Chicago 1950-1955 and since 1966).

Recent Research: Resources and environment; urban economics and regional economics; agriculture and development; monetary economics; tax and tax policy; finance.

Townsend, Robert M. Ph.D., University of Minnesota, 1975. The Charles E. Merriam Distinguished Service Professor in Economics and the College (at Chicago since 1985).

Recent Research: Contract theory; information economics; monetary economics; evaluation of financial systems.

Tsiang, Grace. Ph.D., University of Chicago, 1991. Senior Lecturer of Social Sciences in the College and Director of the Undergraduate Program in Economics (at Chicago since 1990).

Recent Research: Labor economics; economics of developing countries; human capital and spatial wage distributions.

Wilson, Andrea. Ph.D., Princeton University, 2003. Assistant Professor in Economics and the College (at Chicago since 2003).

Recent Research: Game theory; bounded rationality; reputation and communication games.

Visiting Faculty & Post-Doctorate Fellows 2004-05

Chernozhukov, Victor	Visiting Scholar, Massachusetts Institute of Technology
Cojoc, Doru	Instructor, University of Chicago
Cysne, Rubens P.	Visiting Scholar, Getulio Vargas Foundation
Hong, Han	Visiting Associate Professor, Duke University
Joshi, Shareen	Instructor, University of Chicago
Judd, Kenneth	Visiting Professor, Stanford University
Lazear, Edward	Visiting Scholar, Stanford University
Perry, Motty	Visiting Professor, The Hebrew University of Jerusalem
Pinheiro, Marcelo	Instructor, University of Chicago
Schorfheide, Frank	Visiting Scholar, University of Pennsylvania
Tanda, Paola	Visiting Scholar, Institute for Studies & Economic Analyses
Yoo, Oh Jong	Visiting Scholar, Halla University

Associated Faculty 2004-05

Carlton, Dennis W.	Graduate School of Business
Cochrane, John H.	Graduate School of Business
Conley, Timothy G.	Graduate School of Business
Constantinides, George M.	Graduate School of Business
Diamond, Douglas W.	Graduate School of Business
Fama, Eugene F.	Graduate School of Business
Harris, Milton	Graduate School of Business
Kaplan, Steven N.	Graduate School of Business
Meltzer, David Dr.	Harris Graduate School of Public Policy Studies
Meyer, Bruce	Harris Graduate School of Public Policy Studies
Petrin, Amil K.	Graduate School of Business
Philipson, Tomas	Harris Graduate School of Public Policy Studies
Piazzesi, Monika	Graduate School of Business
Sorensen, Morten	Graduate School of Business
Veronesi, Pietro	Graduate School of Business
Zingales, Luigi	Graduate School of Business

Chairman — Derek A. Neal
Executive Administrator — Don Dunbar
Director of Graduate Studies — Roger B. Myerson
Directors of Graduate Admissions — Fernando Alvarez & Robert Shimer
Student Affairs Administrator — Julie Less
Placement Directors — Robert E. Lucas, Jr. and Hugo Sonnenschein

For additional information, write to:

Department of Economics
The University of Chicago
1126 East 59th Street
Chicago, Illinois 60637
Fax: 773-702-8490

or visit: http://economics.uchicago.edu/about_literature_gradbrochure.shtml
The Web version of this brochure is updated periodically.

To request that application materials be mailed to you, write:

Admissions Office
Division of the Social Sciences
The University of Chicago
1130 East 59th Street
Chicago, Illinois 60637

or visit:
http://social-sciences.uchicago.edu/admissions/brochures/economics_brochure.html

You may apply online at https://grad-application.uchicago.edu.

In keeping with its long-standing traditions and policies, the University of Chicago, in admissions, employment, and access to programs, considers students on the basis of individual merit and without regard to race, color, religion, sex, sexual orientation, national or ethnic origin, age, disability, or other factors irrelevant to participation in the programs of the University. The Affirmative Action Officer (Administration 501, 773-702-5671) is the University's official responsible for coordinating its adherence to this policy, and the related federal and state laws and regulations (including Section 504 of the Rehabilitation Act of 1973, as amended).

The University of Chicago

Founded in 1890 by John D. Rockefeller, the University of Chicago is a private, nondenominational institution of higher learning and research. It has had a profound impact on American higher education and on research and public policy throughout the world. The University has achieved particular distinction through faculty scholarship, the training of graduate students, and an undergraduate education that emphasizes critical thinking and interdisciplinary exposure to the full range of intellectual discovery. As President Don Michael Randel observed in his inaugural address in October 2000, "A number of words and phrases recur through the eleven administrations and 108 years since that first faculty meeting (in 1892). They speak of the primacy of research, the intimate relationship of research to teaching, and to the amelioration of the condition of humankind, a pioneering spirit, the 'great conversation' among and across traditional disciplines that creates not only new knowledge but whole new fields of knowledge, the 'experimental attitude' and the intellectual freedom that makes this attitude possible, the intimate and essential relationship to the city of Chicago, and, fundamental to all this, a distinguished faculty committed to this spirit. At no other university is such a spirit so deeply and widely shared among faculty, students and alumni."

Today approximately 2,100 full-time instructional and research faculty members interact with about 13,000 students (4,100 in the undergraduate College, 3,000 across the four graduate divisions, and another 6,000 in the professional schools). Seventy-three Nobel laureates have been students, researchers, or on the faculty here; there are 133 Chicago faculty who are members of the American Academy of Arts and Sciences and 44 who are members of the National Academy of Sciences. More than 70 University alumni serve currently as presidents or provosts of colleges or universities throughout the United States.

The University's 211-acre campus is located in Hyde Park, a culturally rich, diverse residential community on Lake Michigan eight miles from the city center. More than half of the faculty and their families-and almost all students-live in the neighborhood. English Collegiate Gothic style sets the architectural tone for the design and early development of the campus. Several campus locations have been designated national historical landmarks, including Frank Lloyd Wright's Robie House and the site of the first controlled, self-sustaining nuclear reaction. The University features some of the finest cultural resources in the city, including Court Theatre, the Oriental Institute Museum, the Renaissance Society, the Robie House, Rockefeller Memorial Chapel, the David and Alfred Smart Museum of Art, and the University of Chicago Presents concert series.