Twin Cities campus
 
Twin Cities Campus

Applied Economics M.S.

Applied Economics
College of Food, Agricultural and Natural Resource Sciences
Link to a list of faculty for this program.
Contact Information
Department of Applied Economics Graduate Program, 231 Ruttan Hall, 1994 Buford Avenue, Saint Paul, MN 55108-6040 (612-625-3777; fax: 612-625-6245)
  • Program Type: Master's
  • Requirements for this program are current for Spring 2023
  • Length of program in credits: 30
  • This program does not require summer semesters for timely completion.
  • Degree: Master of Science
Along with the program-specific requirements listed below, please read the General Information section of this website for requirements that apply to all major fields.
The MS degree in applied economics prepares students for employment opportunities in the public and private sectors and for further graduate study. This rigorous but flexible program includes core coursework in economic theory and quantitative methods and offers opportunities for specialized coursework and research in all the fields of study offered by the program.
Program Delivery
  • via classroom (the majority of instruction is face-to-face)
Prerequisites for Admission
The preferred undergraduate GPA for admittance to the program is 3.00.
Other requirements to be completed before admission:
Coursework covering: i) principle and intermediate microeconomic and macroeconomic theory, ii) univariate and multivariate differential and integral calculus, and iii) introductory statistics
Special Application Requirements:
Applicants must submit scores from the General Test of the GRE, three letters of recommendation from persons familiar with the applicant's scholarship and research potential, a complete set of college or university transcripts, and a clearly written statement of academic and career interests, goals, and objectives, and a diversity statement. For complete application instructions, visit the website: https://apec.umn.edu/graduate/admissions. Students should apply by the December 10 deadline to ensure priority consideration for admissions and funding.
Applicants must submit their test score(s) from the following:
  • GRE
International applicants must submit score(s) from one of the following tests:
  • TOEFL
    • Internet Based - Total Score: 79
    • Internet Based - Writing Score: 21
    • Internet Based - Reading Score: 19
  • IELTS
    • Total Score: 6.5
  • MELAB
    • Final score: 80
The preferred English language test is Test of English as Foreign Language.
Key to test abbreviations (GRE, TOEFL, IELTS, MELAB).
For an online application or for more information about graduate education admissions, see the General Information section of this website.
Program Requirements
Plan A: Plan A requires 20 major credits, 0 credits outside the major, and 10 thesis credits. The final exam is oral.
Plan B: Plan B requires 30 major credits and 0 credits outside the major. The final exam is oral. A capstone project is required.
Capstone Project:30 total credits including 24-26 credits of coursework and 4-6 APEC 8793 project credits. Complete a capstone project demonstrating an understanding of the theoretical or empirical tools of economics. Take a final oral exam.
This program may be completed with a minor.
Use of 4xxx courses towards program requirements is not permitted.
A minimum GPA of 3.00 is required for students to remain in good standing.
Coursework offered on both the A-F and S/N grading basis must be taken A-F.
Required Coursework (11 to 14 credits)
Econometrics (3 to 4 credits)
Select APEC 5031 (3 credits) or APEC 8211 and APEC 8212 (4 credits total) in consultation with the advisor.
APEC 5031 - Methods of Economic Data Analysis (3.0 cr)
or APEC 8211 - Econometric Analysis I (2.0 cr)
APEC 8212 - Econometric Analysis II (2.0 cr)
Macroeconomic Theory (3 or 4 credits)
Select APEC 5032 (3 credits), or ECON 8105 AND ECON 8106 (4 credits), or APEC 8213 AND APEC 8214 (4 credits)
APEC 5032 - Economic Data Analysis for Managerial and Policy Decisions (3.0 cr)
or ECON 8105 - Macroeconomic Theory (2.0 cr)
ECON 8106 - Macroeconomic Theory (2.0 cr)
or APEC Doctoral Level Options
APEC 8213 - Econometric Analysis III (2.0 cr)
APEC 8214 - Econometric Analysis IV (2.0 cr)
Microeconomics Theory (3 to 4 credits)
Select APEC 5151 (3 credits) or APEC 8001 and APEC 8002 (4 credits total) in consultation with the advisor.
APEC 5151 - Applied Microeconomics: Firm and Household (3.0 cr)
or APEC 8001 - Applied Microeconomic Analysis of Consumer Choice and Consumer Demand (2.0 cr)
APEC 8002 - Applied Microeconomic Analysis of Production and Choice Under Uncertainty (2.0 cr)
Seminars (2 credits)
Take the following seminars:
APEC 8901 - Graduate Seminar: MS & PhD (1.0 cr)
APEC 8902 - Graduate Research Development Seminar (1.0 cr)
Elective Coursework (9 to 13 credits)
Plan A students select at least 9 credits, and Plan B students select at least 13 credits from the following, in consultation with the advisor. At least 3 credits must be APEC, ECON, or STAT courses. STAT 5021 cannot be applied to this requirement.
APEC 5xxx
APEC 8xxx
ECON 5xxx
ECON 8xxx
STAT 5xxx
STAT 8xxx
Plan Options
Plan A
Thesis Credits
Take 10 masterís thesis credits.
APEC 8777 - Thesis Credits: Master's (1.0-18.0 cr)
-OR-
Plan B
Plan B Project (4 to 6 credits)
Take 4 to 6 credits in consultation with the advisor.
APEC 8793 - Master's Paper: Plan B Project (1.0-6.0 cr)
Joint- or Dual-degree Coursework:
MS-Applied Economics/MBA Students may take a total of 18 credits in common among the academic programs.
Program Sub-plans
A sub-plan is not required for this program.
Students may not complete the program with more than one sub-plan.
Integrated BS-Agricultural Food Business Management/MS-Applied Economics
The department offers an integrated Bachelor of Science-Agricultural Food Business Management and Master of Science-Applied Economics program. The integrated BS-AFBM/MS-APEC program offers students the opportunity to earn a bachelorís degree and a masterís degree in five years. The integrated program emphasizes education in applied economics and provides preparation for students wishing to pursue a career in agribusiness. Students can complete a Plan A option, which balances coursework and research development, or a Plan B option that focuses more on coursework. The integrated program offers streamlined admission from the undergraduate program to the graduate program (GRE is not required); flexibility in fulfilling required courses for both degrees in the senior year; and eligibility for teaching and research assistantships. The BS-AFBM and MS-APEC degrees must be completed in their entirety, with no courses shared between them. The graduate degree cannot be earned before the undergraduate requirements are satisfied. Admitted students who decide not to complete the MS degree are permitted to count credits originally planned for the graduate program toward their BS-AFBM technical electives.
Students pursuing the integrated degree may apply between 9 and 16 graduate-level (5xxx-level and above) credits taken during the integrated senior year toward MS degree requirements. Students must spend a minimum of two semesters as a graduate student after the completion of their undergraduate degree.
Integrated BS-Applied Economics/MS-Applied Economics
The department offers an integrated Bachelor of Science-Applied Economics and Master of Science-Applied Economics program. The integrated BS-APEC/MS-APEC program offers students the opportunity to earn a bachelorís degree and a masterís degree in five years. The integrated program emphasizes education in applied economics and provides preparation for students wishing to pursue a career in applied economics. Students can complete a Plan A option, which balances coursework and research development, or a Plan B option that focuses more on coursework. The integrated program offers streamlined admission from the undergraduate program to the graduate program (GRE is not required); flexibility in concurrently enrolling in undergraduate-level and graduate-level courses in the senior year; and eligibility for teaching and research assistantships. The BS-APEC and MS-APEC degrees must be completed in their entirety, with no courses shared between them. The graduate degree cannot be earned before the undergraduate requirements are satisfied. Admitted students who decide not to complete the MS degree are permitted to count credits originally planned for the graduate program toward their BS-APEC technical electives.
Students pursuing the integrated degree may apply between 9 and 16 graduate-level (5xxx-level and above) credits taken during the integrated senior year toward MS degree requirements. Students must spend a minimum of two semesters as a graduate student after the completion of their undergraduate degree.
 
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APEC 5031 - Methods of Economic Data Analysis
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Statistical and econometrics techniques for applied economists. Theory and application of multivariate regression model using data sets from published economic studies. Emphasis on use of statistical techniques to understand market behavior. prereq: APEC 3001, Math 1142 or Math 1272, Stat 3001 or Sco 2550 or grad student or instructor consent
APEC 8211 - Econometric Analysis I
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
Asymptotic theory, theory and application of linear models. Reproducibility of econometric research will be emphasized. prereq: ApEc 5031 or equiv OR Ph.D. student OR instr consent
APEC 8212 - Econometric Analysis II
Credits: 2.0 [max 4.0]
Typically offered: Every Fall
Correlated errors, linear probability models, instrumental variables, and panel data. Resampling and randomization inference prereq: 8211 or equiv or instr consent
APEC 5032 - Economic Data Analysis for Managerial and Policy Decisions
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Statistical and econometric methods for the analysis of large data sets to support managerial and policy decisions. Methods for organizing, accessing, and ensuring the quality of data. Estimation techniques include panel data methods, limited dependent variable models, and time series analysis. Clarity of reporting and design of procedures for maintaining and updating data estimates. prereq: 5031 or instr consent
ECON 8105 - Macroeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Dynamic general equilibrium models: solving for paths of interest rates, consumption, investment, prices. Models with uncertainty, search, matching, indivisibilities, private information. Implications for measurement and data reporting. Overlapping generations and dynasty models. Variational and recursive methods. This seven-week course meets with 4165. prereq: 5152 or equiv, Math 2243, Math 2263 or equiv or instr consent
ECON 8106 - Macroeconomic Theory
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
Dynamic general equilibrium models: solving for paths of interest rates, consumption, investment, prices. Models with uncertainty, search, matching, indivisibilities, private information. Implications for measurement and data reporting. Overlapping generations and dynasty models. Variational and recursive methods. This seven-week course meets with 4166. prereq: 8105
APEC 8213 - Econometric Analysis III
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
Theory of M-estimation, generalized method of moments, and maximum likelihood. Quantile regression, discrete choice models, and quasi-maximum likelihood in the linear exponential family. Censoring and selection bias. prereqs: ApEc 5031 or equiv OR Ph.D. student OR instr consent
APEC 8214 - Econometric Analysis IV
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Every Spring
Principles and methods of causal inference. Rubin potential outcomes framework, treatment effect concepts, matching, instrumental variables, and regression discontinuity designs. prereqs: ApEc 5031 or equiv OR Ph.D. student OR instr consent
APEC 5151 - Applied Microeconomics: Firm and Household
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Quantitative techniques for analysis of economic problems of firms and households. Links between quantitative tools and economic analysis Regression analysis, mathematical programming, and present value analysis. prereq: (APEC 3001, Math 1142 or Math 1272, and Stat 3011 or Sco 2550) or equiv or grad student or instr consent
APEC 8001 - Applied Microeconomic Analysis of Consumer Choice and Consumer Demand
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8001/Econ 8001/Econ 8101
Grading Basis: A-F or Aud
Typically offered: Every Fall
Consumer behavior/demand. Introduction to welfare analysis. General equilibrium analysis in pure exchange economy. Part of four-course sequence (APEC 8001-8004). prereq: [[5151 or ECON 3101 or ECON 5151 or intermediate microeconomic theory], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8002 - Applied Microeconomic Analysis of Production and Choice Under Uncertainty
Credits: 2.0 [max 2.0]
Course Equivalencies: ApEc 8002/Econ 8002/Econ 8102
Grading Basis: A-F or Aud
Typically offered: Every Fall
Production, competitive markets, and choice under uncertainty. Technology and production, cost minimization and profit maximization, production duality, efficiency and technical change, general equilibrium of production. Part of four-course sequence (APEC 8001-8004). prereq: [[8001 or ECON 8001 or ECON 8101], [[MATH 2243, MATH 2263] or equiv]] or instr consent
APEC 8901 - Graduate Seminar: MS & PhD
Credits: 1.0 [max 1.0]
Grading Basis: S-N or Aud
Typically offered: Every Fall
Attendance and active participation in applied economics research seminars. Effective research methods. Research topics and observe professional methods of research presentations.
APEC 8902 - Graduate Research Development Seminar
Credits: 1.0 [max 1.0]
Grading Basis: S-N or Aud
Typically offered: Every Fall & Spring
Faculty, students, outside speakers present research ideas/results, which participants critique. Topics vary according to interests of speakers. prereq: ApEc MS student or ApEc PhD student
APEC 8777 - Thesis Credits: Master's
Credits: 1.0 -18.0 [max 50.0]
Grading Basis: No Grade
Typically offered: Every Fall, Spring & Summer
(No description) prereq: Max 18 cr per semester or summer; 10 cr total required [Plan A only]
APEC 8793 - Master's Paper: Plan B Project
Credits: 1.0 -6.0 [max 6.0]
Grading Basis: S-N or Aud
Typically offered: Every Fall, Spring & Summer
Students work under guidance of adviser to complete their Plan B Paper project. prereq: Agri/ApEc MS student or ApEc MS student