MASTER OF ARTS IN ECONOMICS
Chairperson: Dr. Victoria Mantzopoulos
Office: Briggs 243, McNichols Campus
Telephone: (313) 993-1056
Fax: (313) 993-1166
E-Mail: armstrov@udmercy.edu
Website:
http://liberalarts.udmercy.edu/programs/depts/econ/econ_p
rograms/grad/index.htm
A
master of Arts degree in Economics offers a student a
flexible program satisfying a wide range of needs, and
produces graduates capable of applied research and
progression to doctoral programs. Students have the ability to
learn and apply economics and financial principles to the U.S.
and international market and financial systems. Grounded in a
liberal arts foundation, the degree program also provides the
student with a deeper knowledge of history, institutions and
forces at work in the world economy. The flexibility of the
program allows the student to pursue or blend an applied
concentration which provides for a more academically
oriented program, or a theoretical concentration providing a
more practical orientation.
The Master of Arts degree in Economics program prepares
the student for career advancement in the private sector (nonprofit institutions, school systems, industry and financial
institutions) as well as in diverse levels of government. With
the progression of the globalization process, the demand for
more advanced knowledge and abilities in the field of
economics correspondingly increases. The Master of Arts
degree in Economics will enable the student to achieve a
higher level of sophistication that the business world is
demanding. The degree helps to prepare the student for
managerial advancement in the rapidly emerging international
sector of the economy.
Admission Requirements
In order to be admitted to the Master of Arts degree in
Economics, an applicant must meet entrance requirements of
UDM. The applicant must also have a baccalaureate or
advanced degree from a regionally accredited college or
university with a cumulative GPA of 3.0 or better. In certain
cases, additional prerequisites may be required.
Degree Requirements
To obtain a Master of Arts degree in Economics, a degree
candidate must successfully complete a minimum of 30 credit
hours of required graduate-level Economics courses. (A
student completing a B.A. in Economics or Financial
Economics from UDM may not repeat an equivalent graduate
course without the consent of the advisor or chairperson.)
Core Courses
ECN 5100 -Economic Analysis of Enterprise
ECN 5120 - Analysis of Economic Conditions
ECN 5150 - Quantitative Foundations
ECN 5400 - Financial Economics
ECN 5650 - Theory of International Trade
Elective Courses (Must choose 5)
ECN 5200 - Economic Policy
ECN 5210 - Labor Economics
ECN 5220 - Urban Economics and Planning
ECN 5300 - Economic Ideas in Perspective
ECN 5350 - Contemporary Economic Systems
ECN 5450 - Economics of the Public Sector
ECN 5460 - Money and Capital Markets
ECN 5480 - Business Forecasting
ECN 5640 - Practical Issues in Financial Economics
ECN 5660 - International Monetary Analysis
ECN 5700 - Economic Development
ECN 5750 - Resource Economics
ECN 5800 - Introduction to Econometrics
ECN 5810 - Advanced Money and Capital Markets
ECN 5850 - Seminar in Monetary and Fiscal Policy
ECN 5950 - Individual Readings and Research
ECN 5990 - Master's Thesis
For further information, please contact:
Dr. Victoria Mantzopoulos, Chair of Economics
Email: armstrov@udmercy.edu Phone: (313) 993-1056
Theresa Carson, Graduate Admissions Counselor
Email: carsonta@udmercy.edu Phone: (313) 993-3309
International Student Admission
Office of Admissions
Email: admissions@udmercy.edu Phone: 800-635-5020
University of Detroit Mercy
4001 W. McNichols Rd.
Detroit, MI 48221
Economics
2
Overall Course Descriptions
ECN 5100 Economic Analysis of Enterprises
Cr. 3
Microeconomics concerns itself with analyzing rational
decision-making processes by consumers, producers,
competitive firms, monopolistic competitors, oligopolists and
monopolistic enterprises. Decision-making processes aim at
value-maximization by consumers, factor efficiency and costminimization by producers, and profit maximization by sellers.
In addition to studying production, distribution and consumer
decision, Microeconomics also analyzes rational behavior of
factor suppliers whether they be providers of labor, raw
materials, parts or services for utility maximization by suppliers
and value-product optimization by factor employers. Diverse
aspects of buying and selling are then integrated into a general
equilibrium model for social optimality.
ECN 5120 Analysis of Economic Conditions
Cr. 3
The primary function of this course is to delve into economic
analysis to describe, explain and predict aggregate measures of
economic activities such as product,
employment/unemployment, inflation, international trade and
the balance of payments. The course constructs
macroeconomic models of the economy, based on theory, to
explain economic events. The models are then used to apply to
and evaluate policy alternatives and actions of governments in
their attempt to influence economic outcomes such as keeping
inflation in check while achieving fuller employment while
trading successfully with economies abroad.
ECN 5150 Quantitative Foundations of Economic
Analysis
Cr. 3
Sets, the axioms of algebra, equations, functions and series.
Compound interest. The fundamentals of differential and
integral calculus. The elements of linear algebra and linear
programming. The structure and reduction of mathematical
models in economics.
ECN 5200 Economic Policy
Cr. 3
An analysis of current economic and social problems, such as
the role of government in a market-oriented society,
externalities, market structure, regulation, anti-trust, and
globalization of business.
ECN 5210 Labor Economics
Cr. 3
Examines the following topics: determinants of the demand
for and supply of labor; the changing labor force; timeallocation models; wage structure; occupational, industrial and
geographical wage differentials; the wage-price unemployment
problem; the impact of unionism; the implications of wageprice policies; structural unemployment; the problems of
maintaining full employment.
ECN 5220 Urban Economics and Planning
Cr. 3
Application of economic analysis to urban goals, problems and
interactions. Course topics include: growth, income levels,
income distribution and stability in urban economy;
employment, poverty, and local finance; transportation,
housing, and land use; interactions and opportunity cost of
goals; problems and solution in terms of labor markets; the
price system; multipliers, and industrial and occupational mix;
interrelationships of physical planning and financial and
socioeconomic constraints; patterns of governmental support
for urban renewal and development.
ECN 5300 Economic Ideas in Perspective
Cr. 3
A critical overview of some of the most influential thinkers in
the history of economic doctrine.
ECN 5350 Contemporary Economic Systems
Cr. 3
An examination and comparison of the economic,
psychological, and philosophical arguments advanced as the
rationale for free enterprise, democratic socialist, fascist, etc.
systems of economic order.
ECN 5400 Financial Economics
Cr. 3
An introduction to the financial system, which precedes
courses in finance and economics. It is designed for three
groups of graduate students: those who have not had such an
introductory course, those who had such a course several years
ago and need a review and for those who have had such a
course but for one reason or another did not learn the material
well enough. Concepts such as financial intermediation,
money, credit, interest rates, valuation are covered in depth.
Cash and derivative markets as well as domestic and
international finance are grist for our mill. The roll of the
monetary authority (Federal Reserve) and its relationship to
the financial system is covered. Readings written by the author
are also supplied to see how problems arise in the system that
can seriously impair that system from optimized economic
welfare.
ECN 5450 Economics of the Public Sector
Cr. 3
The role of the public sector in a market-oriented economy.
Efficiency criteria in public decision-making, budgeting, setting
of priorities. Economic analysis of the incidence and economic
effects, particularly on resource allocation and income
distribution of major taxes, including their structures.
Problems of intergovernmental relations. Prerequisites:
ECN 5100 (Minimum Grade of C, May not be taken
concurrently)
ECN 5460 Money and Capital Markets
Cr. 3
A flow of funds approach to the study of financial institutions
and markets. Analysis of the nature and role of monetary and
non-monetary financial institutions. Effects of cyclical and
secular changes in business activity. Federal Reserve policies
and treasury operations in the financial markets. Inter-working
of financial and non-financial markets.
ECN 5480 Business Forecasting
Cr. 3
(Formerly ECN 520.) A study of the nature, techniques and
problems of business forecasting. Indicators of business
activity. Short-run econometric forecasting models and the
construction of aggregate forecasts and forecasts for major
Economics
3
sectors of the economy. Application of aggregate and sector
forecasts to particular industries and firms. Long-run
predictions. Prerequisites: ECN 5150 (Minimum Grade of C,
May not be taken concurrently)
ECN 5850 Seminar in Monetary and Fiscal Policy Cr. 3
A study of monetary and fiscal policies designed to achieve
maximum employment, price stability and economic growth.
International interrelationships.
ECN 5640 Practical Issues in Financial Economics Cr. 3
Acquaints students with various critical issues as applied to
present day conditions and economic development.
ECN 5950 Individual Readings and Research
Cr. 1
An intensive study of some special problems in the general
area of financial economics.
ECN 5650 Theory of International Trade
Cr. 3
An approach to the theory of international trade. Topics
examined include the determination of the amount and
composition of goods and services traded by nations, the
terms of trade and changes in the structure of world trade. The
impact of international trade on domestic stability, welfare and
development. International factor price equalization, location
theory and general methods of international economic
relations. Qualitative and quantitative trade barriers are also
analyzed. Prerequisites: ECN 5100 (Minimum Grade of C,
May not be taken concurrently) AND ECN 5120 (Minimum
Grade of C, May not be taken concurrently)
ECN 5990 Master's Thesis
Cr. 3
Optional Course. An intensive study of some special problems
in the general area of financial economics.
ECN 5660 International Monetary Analysis
Cr. 3
An analysis of monetary and financial problems, adjustment
mechanisms and policies of international trade. The foreign
exchange market, capital flows, the problem of international
liquidity. Particular, cyclical, secular and structural disequilibria
in balance of payments are examined as are gold movements
and the role of national central banks and international
monetary agencies. International Monetary Policy analyzes
issues, such as underdeveloped nations, debt forgiveness and
funding of Third World projects are discussed and the ethical
considerations of the human impact of international economic
trends are evaluated.
ECN 5700 Economic Development
Cr. 3
An examination of the fundamental problems of economic
development of nations and an analysis of the process of their
economic growth.
ECN 5750 Resource Economics
A study of the distribution of natural resources.
Cr. 3
ECN 5800 Introduction to Econometrics
Cr. 3
Ordinary least squares, multicollinearity, dummy variables,
specification error, autocorrelation and Durbin-Watson test;
heleroscedaticity problem; distribution lag model.
ECN 5810 Advanced Money and Capital Markets Cr. 3
Advanced course in money and capital market. This course
examines new processes and products in the financial system
such as securitization and financial derivatives.
Prerequisites: ECN 5460 (Minimum Grade of C, May not be
taken concurrently)