Department of Economics

Professors Emeriti	Sophia Aguirre; Ernest Zampelli
Associate Professor	Richard Gallenstein; Gianfranco Piras
Ordinary Clinical Professor	Martha Cruz, Chair
Lecturers	Celeste Torio Celis; Benjamin Allen; Eugenio Diaz-Bonilla; Guillermo Rivero Figueroa; Sonia M. Runde; Behdad Nowroozi; Luanne Zurlo; Helga Treichel; Olga Uritskava; Meaza Demissie; Christian Domaas, Ismael Arciniegas.

The Department of Economics takes a holistic approach to the study of economics in a global setting. Through research and rigorous engagement of economic theory and empirical analysis, it seeks to contribute to the advancement of economic science, of economic policies, and of economic development.

The Department of Economics offers two Master’s programs:

Applied Economics, 1-year full time (option for 1.5 years full time; part-time students accepted).

Integral Economic Development Management (IEDM), 1-year full time (**This program is closed to new students**).

The Department also offers a 5-year option (Bachelor/Master’s) for CUA students.

Our master's program provides hands-on experience and fosters an integrated and dynamic framework of economic analysis that can more accurately measure outcomes, produce a better understanding of complex systems, motivate more effective development interventions, foster a more appropriate engagement of emerging new technologies, and achieve more effective and sustainable outcomes.

The focus on international development, environment/climate change, artificial intelligence, behavioral economics, data analytics in our graduate program brings a global perspective to our teaching and research.

Applying for Admission

Prospective students may apply online. In addition to the completed application and fee, graduate applications should include GRE/GMAT scores, official transcripts from all previous institutions of higher learning, a statement of purpose detailing motivation and plans for pursuing graduate study, and three letters of recommendation. International applicants who have not pursued a previous higher education degree in an English- speaking country also need to submit English examination scores (TOEFL or IELTS Exam).

A summary of each program is presented below. More information is available at the section of graduate programs at the department website.

Program in Applied Economics

The Department of Economics at the School of Arts and Sciences offers a degree of Master of Arts in Applied Economics. The M.A. in Applied Economics offers a hands-on experience and a dynamic framework for economic analysis, aiming to improve understanding of complex systems, inform effective policies, and achieve sustainable outcomes while considering human dignity and the common good. The M.A. in Applied Economics is STEM designed, which offers international students up to three years of Optional Practical Training (OPT) permit.

Students in the program will learn to:

1) More accurately create, analyze, and measure outcomes of economic activity.

2) Produce a better understanding of complex systems.

3) Motivate more effective economic policies and interventions.

4) Foster a more appropriate engagement of emerging new technologies.

5) Achieve more effective and sustainable outcomes that take into account the dignity of the human person and the pursuit of the common good of society.

6) This innovative program is applicable to different activities of the private sector, public sector, non-for-profit sector, international organizations. It also provides excellent foundations for doctoral studies. Our advantageous location in Washington, D.C., is proximate to entities such as the World Bank, IDB, OAS, federal government agencies, private corporations and nonprofit organizations. Enrolling in the Applied Economics program will allow you to learn and experience firsthand a broad array of practices in both the public and private sector through interaction with high-profile individuals engaged in successful initiatives.

Undergraduate Requirements

Introduction to Macroeconomics (ECON 101)

Introduction to Microeconomics (ECON 102)

Statistics (ECON 223)

Coursework -- Required courses (30 credits)

Core Courses (9 credits)

ECON 571 Advanced Macroeconomics

ECON 572 Advanced Microeconomics

ECON 573 Econometrics

Electives (21 credits; choose seven electives)

The following is a list of courses students can choose from, not all courses are offer every semester.

ECON 540 Economic Development
ECON 574 Environment and Economics
ECON 575 Energy and the Environment
ECON 576 Technology and Economics
ECON 577 Urban Economics
ECON 578 Sustainable Finance and Impact Investing
ECON 570 Big Data for Economics
ECON 579 Cryptoeconomics and Blockchain
ECON 585 Ethical Challenges of AI
ECON 562 Survey Design
ECON 522 Politics and Development
ECON 521 Global Agriculture and Food Security
ECON 553 International Organizations and Development
ECON 554 Program Management
ECON 555 Data analysis
ECON 556 Softwares for visualization and data analysis
PSY 301 Psychology of Work (Partnership with Psychology)
PSY 313 Leadership in Organizations (Partnership with Psychology)
PSY 374 Personality Psychology (Partnership with Psychology)
DA 501 Introduction to Data Science and Python (Partnership with Computer Science)
DA 515 Introduction to Machine Learning (Partnership with Computer Science)
DA 503 Data Visualization with Tableau (Partnership with Computer Science)
DA 423 Business Data Analytics (Partnership with Computer Science)

Good Standing

Students are required to maintain a minimum average GPA of 3.0 per semester. Students who fall short of this minimum will receive a warning letter; students who fail to reach the minimum GPA in two consecutive semesters may be dismissed from the program unless extenuating circumstances are documented.

Program in Integral Economic Development Management (**This program is closed to new students**)

The Department of Economics at the School of Arts and Sciences offers a degree of Master of Arts in Integral Economic Development Management (IEDM), the first to create and implement an integrated perspective to measure and evaluate the impact and effectiveness of development programs, while taking into account the social dimension of every person.

Students graduating from the program will have developed: 1) an understanding of the role that cultures and institutions play in the development process, 2) the management skills necessary to design, implement, manage, and evaluate development programs that will achieve integral economic development and build strong institutions (families, communities, etc.) capable of supporting successful development initiatives, and 3) an integrated perspective on economic development — one that takes into account the dignity of the human person, the good of the family, and the good of the community as foundational principles of economic development.

The program is designed to help students who wish to work at private or public organizations in economic development at national or international level. It will provide them with the management skills necessary to build and support strong institutions, but also focus on the context of social development.

Undergraduate Requirements

Introduction to Macroeconomics (ECON 101)

Introduction to Microeconomics (ECON 102)

Statistics (ECON 223)

Coursework

Required courses (36 credits)
Core Courses (20 credits)	IEDM 501 Accounting and Finance Concepts and Applications IEDM 543 Applied Econometrics IEDM 510 Foundations of an Ethical Integral Social and Economic Development IEDM 540 Integral Economic Development IEDM 562 Survey Design IEDM 546 Neuroeconomics IEDM 547 Computer Lab
Aspects of Integral Development (6 credits; choose two electives)	IEDM 520 The Politics of Development Policy IEDM 521 Global Agriculture and Food Security IEDM 522 Development of Energy and Environment IEDM 523 Global Educations and Community Development Policies IEDM 524 Global Health
Management of Development Concentrations (6 credits)	The student will be required to choose between the public or private concentration courses
Public Sector	IEDM 551 Public Financial Management IEDM 552 International Organizations and Development
Private Sector	IEDM 561 Managing Not-for-Profits IEDM 550 Program Management
Project (3 credits)	IEDM 697A – Project Guidance (1) IEDM 697B – Project Guidance (2)
Writing (1 credit)	IEDM 502–Grant Research and Writing for International Development

Additional Requirements: Leaders in Development Seminar

This requirement is obtained by the successful completion of the IEDM 530 and IEDM 531 Leaders in Development Seminar.

Career Placement Readiness Workshop

This non-credit course will prepare students to seek professional employment in the areas of Integral Economic Development. Offered to students for two semesters in the program.

Second Language Proficiency

Students must prove proficiency in a second language. It is obtained by the successful completion of a language proficiency examination approved by The Catholic University of America or an equivalent examination that has been approved by the department, or, by documenting studies performed in another language.

Applied Research Project

(Serving as Comprehensive Examination - Please see guidelines)

While working on their Applied Research Projects, students must be enrolled in IEDM 697A (1 credit) or IEDM 697B (2 credits). Permission to present the Applied Research Project requires registration for IEDM 698 - Comprehensive Examination. Students are required to present an Applied Research Project based on a proposal previously approved by a faculty committee. Students who fail must retake the examination in a subsequent term. Candidates who fail the examination three times are no longer eligible to receive a Master's degree.

The requirements for the IEDM Applied Research Project indicate the minimum number of credits required for completion of degree requirements, but students may take IEDM 697A (Project Guidance, 1 credit) and IEDM 697B (Project Guidance, 2 credits) as needed to accrue additional credits if they need additional time to complete their project. IEDM 697A and IEDM 697B are graded on a Pass/Fail basis and do not count towards GPA.

Good Standing