MASTER ARTS IN ECONOMICS ILADES /GEORGETOWN UNIVERSITY GEORGETOWN UNIVERSITY. The Graduate School

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1 MASTER OF ARTS IN ECONOMICS ILADES /GEORGETOWN UNIVERSITY GEORGETOWN UNIVERSITY The Graduate School E C O N O M I C S A N D B U S I N E S S D E P A R T M E N T U N I V E R S I D A D A L B E R T O H U R T A D O

2 contents LETTER FROM THE DIRECTOR_03 GENERAL DESCRIPTION OF THE PROGRAM_04 PARTICIPATING INSTITUTIONS_05 ACADEMIC CALENDAR_06 GENERAL PROGRAM_07 AREAS OF SPECIALIZATION_08 COURSE CONTENT_9 TUITION AND FINANCIAL AID_10 GRADUATION REQUIREMENTS_11 PROFILE OF ADMITTED STUDENTS_12 PLACEMENT_13 FACULTY AND STAFF_14 APPLICATION PROCEDURES_15

3 LETTER FROM THE DIRECTOR Dear Master of Arts Candidate: In today s competitive working environment, the success of any professional employed as an economist greatly depends on the best available education. In response to this demand for topnotch training, Universidad Alberto Hurtado offers the ILADES/Georgetown University Graduate Program in Economics. This Program offers both the Master of Arts in Economics from Georgetown University and the Magister en Economia from Universidad Alberto Hurtado. The program is designed for College graduates interested in furthering their careers in the private or public sectors, the academic realm, or the international organizations. The program offers adequate preparation for the wide range of careers open to professional economists in the academic, business, and government sectors. The academic excellence of the faculty, the intellectual environment created by seminars, conferences, and other activities, along with the continuous academic exchange with other highly regarded national and international institutions makes the program one of the most prestigious in Latin America, and therefore an excellent option for graduate studies. Besides the benefits associated with obtaining a degree from a North American university, students receive the additional benefits of the agreement made with Georgetown University. As a student simultaneously enrolled at both Georgetown University and Universidad Alberto Hurtado, an individual has access to the libraries of both institutions, which includes a complete online catalogue of magazines and journals provided by Georgetown University. Additionally, upon successful completion of the Master of Arts Program, students interested in pursuing a Ph.D. in Economics may do so at Georgetown University, obtaining several benefits. The graduates of the Master's program are allowed to skip the first year of the Ph. D. Program and the prelim examinations. Also, the top three students of each graduating class are automatically admitted into the second year of the program and are considered for academic scholarships. Eighteen generations of students from different Latin American countries have completed the rigorous and demanding two-year program. Today, many graduates of the ILADES/Georgetown University Graduate Program in Economics hold important positions in both the private and public sectors in their respective countries, and several have pursued Ph.D. Programs at top universities in the United States and Europe. The Department's faculty and graduates have long been involved in leading developments in research and teaching and in governmental economic policies. The program is designed to continue this tradition, by providing its students with rigorous analytical and practical training. You are invited to participate in this experience, which, as proven by the professional success of more than 250 graduates, guarantees a process of personal growth benefiting you, your loved ones, and society in general. If you require more information beyond the contents of this booklet, please do not hesitate to contact us. Eduardo saavedra Ph.D. 3

4 GENERAL DESCRIPTION OF THE PROGRAM The Master of Arts in Economics is a four-semester program. Classes begin in August of each year coinciding with the academic year at Georgetown University. As previously mentioned, the program offers both the Master of Arts in Economics from Georgetown University and the Magister en Economia from Universidad Alberto Hurtado. The Program consists of core courses in microeconomic theory, macroeconomic theory, and econometrics intended to familiarize the student with the fundamentals of economics and modern quantitative techniques. Students could either complete the General Program or choose an area of specialization in Public Economics or Business Economics. In the General Program, students may choose from a wide range of optional or elective courses. In the field of Public Economics, students are trained in techniques and theory of modern economics and its application to the social and economic challenges faced by Latin-American countries. Students learn how to design and implement sectoral and global policies to allocate fiscal resources in an efficient and effective way with the aim of overcoming poverty and increasing availability and quality of social services. This area of specialization offers a series of courses in theory and design of public policy related to education, health, social security, decentralization, infrastructure, income distribution, poverty, and related topics. The ILADES/Georgetown University Graduate Program in Economics is open to college graduates interested in Economics and Social Issues with a background in mathematics and statistics. The program is offered at Universidad Alberto Hurtado in Santiago, Chile. The students enrolled in the program are considered regular students of Georgetown University, with the corresponding rights and obligations. Students who complete the M. A. in Economics may enter the Ph.D. Program at Georgetown University with advanced standing. Accepted students skip one full year of studies in the Ph.D. Program and the prelim examinations. The top three students of each class are admitted directly to the second year and are automatically considered for academic scholarships. The specialization in Business Economics aims to satisfy the growing demand in the private sector for professionals that are not only capable of making decisions in a rapid and effective manner, but also capable of successfully facing the challenges of incorporating Latin America in highly competitive international markets. This field of study prepares students to understand the organization and functioning of markets, and the State s role in regulation and its effect on performance. Furthermore, students are trained to evaluate, quantitatively and qualitatively, different investment alternatives and to predict market behavior. 4

5 Universidad Alberto Hurtado is a Jesuit University founded in 1997 by the Latin American Institute of Doctrine and Social Studies (ILADES) and the Center for Educational Research and Development (CIDE). ILADES has more than 30 years of experience in research and graduate education in Social Sciences and Economics, while CIDE is a Latin American referent in educational research. The university is part of a network of more than 200 Jesuit universities in 65 countries worldwide. Since the 16th Century the Jesuit tradition has made important societal and cultural contributions, constantly striving for excellence, intellectualism, creativity, and a sense of responsibility for the world on a local and global level. Being part of this large network of universities reports many benefits, such as student exchange opportunities, important contacts, and graduate studies contributing to personal and professional growth. PARTICIPATING INSTITUTIONS The Department of Economics and Business Administration at Universidad Alberto Hurtado has the largest percentage of faculty members possessing a Ph.D. compared to all the academic departments at the Chilean universities. Most of the faculty members possess a degree from highly ranked North American and European universities. Since 1987, the department offers the joint Master of Arts in Economics program that has been shaping elite economists, currently employed mostly in the Latin American countries. From 1995 to 2002, the Department offered an MBA program in conjunction with Loyola College in Maryland. This program was later replaced by a new program, which is supported by six North American universities, namely Notre Dame, Loyola Chicago, Loyola Marymount, Santa Clara, Loyola Maryland, and Marquette. Since 1998 the Department has also offered a B.A. in Economics and Business Administration. Furthermore, the Department made significant contributions in applied research in various areas of public policy, such as Social Policy, Poverty and Income Distribution, Regulation and Competition in Utilities, and Natural Resources and Environmental Economics. La Universidad Jesuita de Chile GEORGETOWN UNIVERSITY The Graduate School Georgetown University, founded in 1789 and located in Washington, D.C., USA, is one of the oldest and most prestigious universities in the United States, offering both undergraduate and postgraduate programs. The Master of Arts in Economics presented here is offered by the Graduate School of Arts and Sciences and represents the only M.A. in the area of economics offered abroad by Georgetown University. 5

6 ACADEMIC CALENDAR 1 st Semester 2 nd week of August - 2 nd week of December 2 nd Semester 2 nd week of March - 2 nd week of July 3 rd Semester 2 nd week of August - 2 nd week of December 4 th Semester 2 nd week of March - 2 nd week of July An optional one-week mathematics refresher course is offered during the first week in August at no additional cost to the student. 6

7 GENERAL PROGRAM T Students must complete 12 courses and a thesis to receive the Master of Arts in Economics. These include 7 mandatory courses and 5 elective courses. Additionally, during the last semester, students must complete a thesis seminar. 1 st Semester 2 nd Semester 3 rd Semester 4 th Semester Microeconomics I Microeconomics II Macroeconomics I Macroeconomics II Econometrics I Econometrics II Thesis Seminar Ethics and Economics Thesis Research s Economics of Social Policy Economics of Health and Education Public Finance Regulation Industrial Organization Financial Economics International Macroeconomics International Trade Monetary Economics Labor Economics Natural Resources and Environmental Economics Topics in Advanced Econometrics Contract Theory 7

8 AREAS OF ESPECIALITATION PUBLIC ECONOMICS 1 st Semester 2 nd Semester 3 rd Semester 4 th Semester Microeconomics I Macroeconomics I Microeconomics II Macroeconomics II Thesis Seminar Econometrics I Econometrics II Thesis Research Ethics and Economics Economics of Social Policies Economics of Health and Education s Public Finance Regulation Industrial Organization Financial Economics International Macroeconomics International Trade Monetary Economics Labor Economics Natural Resources and Environmental Economics Topics in Advanced Econometrics Contract Theory BUSINESS ECONOMICS 1 st Semester 2 nd Semester 3 rd Semester 4 th Semester Microeconomics I Macroeconomics I Microeconomics II Macroeconomics II Thesis Seminar Econometrics I Econometrics II Thesis Research Ethics and Economics Industrial Organization Regulation s Economics of Social Policies Economics of Health and Education Public Finance Financial Economics International Macroeconomics International Trade Monetary Economics Labor Economics Natural Resources and Environmental Economics Topics in Advanced Econometrics Contract Theory 8

9 COURSE CONTENTS MICROECONOMICS I: Consumer and Demand Theory; the Firm; Competitive Markets; Externalities and Public Goods; Monopoly; General Equilibrium. MICROECONOMICS II: Uncertainty; Static, dynamic, and non-cooperative games with complete and incomplete information; Information Economics: Moral Hazard and Adverse Selection and Signaling. MACROECONOMICS I: Complete review of macroeconomic models; Business Cycle Analysis; Dynamic Stochastic General Equilibrium (DSGE) Models; Neoclassical and Endogenous Growth Theory. FINANCIAL ECONOMICS: Demand for Financial Assets: Choice Theory, Portfolio Theory, Mean-Variance Analysis, Consumption-based Models of Valuation; Supply of Financial Instruments: Optimal design of Financial Instruments, Signaling, Incentives; Equilibrium and Information: Efficient Market Hypothesis; Rational Expectation Models, Speculation; Financial Intermediaries. MONETARY ECONOMICS: Monetary Aspects in the Functioning of the Economy; Theoretic Discussion of Money; Monetary Policy Design and Implementation; Effects and Mechanisms of Monetary Policy; Financial Institutions and Capital Markets; Sources of Inflation. MACROECONOMICS II: Basic Inter-temporal Optimization: Intertemporal Models of Savings and Investment; Macroeconomic Topics (Inflation, Unemployment, etc.); Open Economy Macroeconomics. ECONOMETRICS I: Basic Probability Concepts; Statistical Inference; Fundamentals of Classic Econometrics; Simple Linear Regression; Multiple Linear Regression; Deviations from the Multiple Regression Model: Detection and Solutions. ECONOMETRICS II: Estimation of Simultaneous Equations; Time Series Models; VAR, Unit Roots; Cointegration and Nonlinear Models; Discrete Variables; Non-linear Time Series Analysis; Semi-Parametric Methods, Montecarlo and "Bootstrap" Methods; Bayesian Methods; Panel Data ECONOMICS OF SOCIAL POLICIES: General Design of Social and Welfare Policies; Poverty, and Wealth/Income Distribution; Human Capital Theory; Evaluation of Social Policy. Pension Systems: Organization, Comparative Evaluation, and Process Reform in Pension Systems. ECONOMICS OF HEALTH AND EDUCATION: Health Economics: Demand, Access, Private Expenditures in Health Services; Education Economics: Access, Equal Opportunity, Equity and Efficiency in Education. INDUSTRIAL ORGANIZATION: Theory of the Firm; Standard Market Structures: monopoly and monopolistic competition; Tacit Collusion and Dynamic Competition; Mergers and Vertical Control; Barriers to Entry, limit prices and predation; Empirical IO; Sunk Costs and Industry Structure; Research and Development. REGULATION: The Regulatory Environment and Institutions; Traditional Regulation Models; The New Economics of Regulation; Vertically Related Markets; Auction Theory and Monopoly Rights; The Political Economy of Regulation; Privatization and Regulation; Regulation of Specific Markets: Electricity, Telecommunications, Financial Institutions, etc. LABOR ECONOMICS: Supply and Demand of Labor, Dynamic and Static Models; Human Capital and Wage Structure in the Life Cycle; Compensating Wage Differentials and Discrimination; Search Theory. PUBLIC ECONOMICS: Government : Role in a Market Economy; Theory of Public Goods and Empirical Evidence of Provision; Principles of Taxation; Optimal Tax Systems; Tax Reform; Public Choice Theory; Fiscal Decentralization and institutions ; Fiscal Policy and Development. INTERNATIONAL TRADE: Topics in Trade: Innovation, Growth, Cycles; Causes and Consequences of Trade; Trade Policy; Regional Blocks. INTERNATIONAL MACROECONOMICS: Determination of Principle Macroeconomic Variables in the context of an Open Economy; External Sector Restrictions on Traditional Instruments of Macroeconomic Policy; Exchange Policy; Topics: Exchange Bands, Capital Flow, etc. NATURAL RESOURCES AND ENVIRONMENTAL ECONOMICS: Economic Goods and Resources; Economy of Pollution; Optimal use of Renewable and Non-renewable Resources; Economic Valuation of Natural Resources. TOPICS IN ADVANCED ECONOMETRICS: Dynamic Panel Models; Discrete Dependant Variables; Generalized Method of Moments Estimation; Duration Models; Calibration; Non-parametric Methods; Introduction to Bayesian Econometrics. CONTRACT THEORY: Moral Hazard, Adverse Selection, Nature of the Firm and Shareholders, Financial Contracts and Corporate Finance, Economic Rationale of Public Firms, The Hold Up Problem, Implicit Contracts. 9

10 TUITION AND FINANCIAL AID TUITION The ILADES/Georgetown University Graduate Program has an annual cost of US$9,000 (a total of US$18,000 for the two years). This constitutes the only payment necessary for the students to complete their studies at the institution. FINANCIAL AID A variety of international organizations offer scholarships for postgraduate studies, such as the OAS, the IADB, the Ford Foundation, the USAID, and the Konrad Adenauer Foundation, among others. In the past, the Konrad Adenauer Foundation has offered scholarships to outstanding applicants. For more information, those interested should personally contact the local Foundation office. In the cases of the OAS, the IADB, the Ford Foundation, and the USAID, more information, including application requirements and deadlines, can be obtained on the organizations websites. It is recommended that applicants inquire about financial support from their place of employment and from other private and public institutions that have provided support to students in the past. Furthermore, it is recommended that applicants explore a variety of options for financing their education in order to ensure possibility of enrollment if accepted into the program. The ILADES/Georgetown University Master in Arts program also offers scholarships directly to qualified applicants. The granting of these scholarships is based on previous academic performance and is contingent upon continued satisfactory performance in the program. For Chilean students, CORFO is supporting an educational credit system administered by private banks. For public employees, Universidad Alberto Hurtado has recently signed an agreement with MIDEPLAN to grant Presidente de la Repú'9cblica Scholarships. LIVING EXPENSES Applicant should also consider the costs of living in Santiago. These include rent, transportation, and food at a minimum of US$450 per month. 10

11 GRADUATION REQUIREMENTS 1. Satisfactory completion of the 12 courses corresponding to the program chosen with a minimum overall GPA of 3.0 (equivalent to a grade B according to Georgetown University s grade scale): 6 core courses 5 electives 1 course in Ethics and Economics GRADUATION REQUIREMENT 2. Successful completion of a Thesis Seminar 3. Completion of a thesis providing an original contribution to the discipline and showing profound knowledge of the relevant literature and available sources of information. The thesis will be guided by one of the Program professors and should be completed during the student s fourth semester. 4. Passing grades for comprehensive exams in Microeconomic and Macroeconomic Theory. LIBRARIES All course materials will be available to students, who will have access to the city s best libraries, the library at Universidad Alberto Hurtado, and online access to the Georgetown University Library network. LANGUAGE REQUIREMENTS Courses are offered in Spanish, although occasionally there may be a course offered in English. However, most of the course material is only available in English. It is therefore required that students have an intermediate to advanced knowledge of both languages. 11

12 PROFILE OF ADMITTED STUDENTS Since 1987, eighteen generations of students have been accepted into the ILADES/Georgetown University Master of Arts in Economics program. The basic profile of these 301 students is as follows: Quantity Percent Economists % Engineers % Business Administration 10 3 % Other 12 4 % Quantity Percent Women % Men % Quantity Percent Argentina % Bolivia % Chile % Colombia 13 4 % Ecuador 13 4 % Perú % Other % Quantity Percent 21/23 años % 24/26 años % 27/29 años % 30/35 años % 35/40 años 5 2 % 12

13 PLACEMENT Since 1989, 16 generations of students have completed the Master of Arts in Economics of Georgetown University. Since 2000, students also receive a Master degree from Universidad Alberto Hurtado. The Program s graduates have successfully pursued careers in the private and public sectors of their respective countries, many of them attaining positions of high level responsibility. While some students have chosen to further their education, completing Doctorate degrees, others have pursued careers in research and education. The distribution of current occupations held by the program graduates is as follows: Quantity Percent Public Sector 90 38% Private Sector 48 20% Universities 46 19% Central Banks 19 8% International Organizations 14 6% Higher Education 23 10% 13

14 FACULTY & STAFF FACULTY EDUARDO SAAVEDRA Ph.D. in Economics, Cornell University, Director, Graduate Program in Economics. Teaching Area: Industrial Organization, Microeconomics, Regulation Research: Regulation of Basic Services, Public Policy, and Industrial Organization CLAUDIO AGOSTINI Ph.D. in Economics, University of Michigan, Teaching Area: Microeconomics, Public Finance Research: Public Finance, Tax Policy, Industrial Organization OSVALDO FERREIRO Ph.D. in Statistics, University of Wisconsin-Madison, Teaching Area: Econometrics and Mathematical Economics Research: Information Technologies JULIO PEÑA Ph.D. in Economics, University of London (QMC), Teaching Area: Natural Resources and Environmental Economics, Industrial Organization Research: Natural Resources, Regulation, and Applied Industrial Organization MARCELA PERTICARA Ph.D. in Economics, Texas A&M University, Teaching Area: Microeconometrics, Labor Economics, Social Policy Research: Labor Economics, Income Distribution, Poverty MANUEL WILLINGTON Ph.D. in Economics, University of Pennsylvania, Teaching Area: Microeconomics, Contract and Incentive Theory Research: Contract Theory, Regulation of Basic Services, Industrial Organization ASSOCIATED RESEARCHERS PABLO GONZÁLEZ Ph.D. (c) in Economics, Texas A&M University. Research: Monetary Economics, International Macroeconomics LECTURERS CRISTIÁN AEDO Ph.D. in Economics, University of Minnesota, INACAP Teaching Area: Econometrics, Social Policies ALBERTO ARENAS Ph.D in Economics, University of Pittsburgh. The Chilean Treasury. Teaching Area: Pension Systems CÉSAR CALDERÓN Ph.D in Economics, University of Rochester. Central Bank of Chile. Teaching Area: Macroeconomics, Econometrics CARLOS CHAVEZ Ph.D in Economics, University of Massachusetts. Universidad de Concepción. Teaching Area: Environmental Economics CARLOS GARCÍA Ph.D in Economics, UCLA. Central Bank of Chile. Teaching Area: International Macroeconomics VERONICA VARGAS Ph.D. in Economics, University of Greiffwald. Independent Consultant Teaching Area: Health Economics JOSÉ TOMÁS MOREL Master in Economics, Georgetown University. Ministry of Economy, Chile. Teaching Area: Applied Industrial Organization ANDREA TOKMAN Ph.D. in Economics, University of California at Berkeley. Central Bank of Chile Teaching Area: Education Economics ROBERT HUSSEY Ph.D. in Economics, Duke University Research: Applied Macroeconomics, International Finance KATIA MAKHLOUF Master of Arts in Economics, Georgetown University, Coordinator, Master of Arts in Economics. Research: Social Policies ALFONSO SALINAS Ph.D. in Economics, Cambridge University, Research: Ethics

15 APPLICATION PROCEDURES ACADEMIC REQUIREMENTS Applicants must possess a Bachelor of Arts Degree (B.A.), or equivalent, with a compatible background for graduate studies in Economics: Knowledge of Economics and Statistics Knowledge of Differential Calculus and Linear Algebra REQUIRED DOCUMENTS Application for Admission (Attached). Two letters of recommendation (Attached), in sealed envelopes, from professors or others in the academic realm who know the applicant well. University diploma- original or a notarized copy endorsed by the Chilean Consulate in the applicant s country of residence. Official Academic Transcript indicating courses taken, grades, and the corresponding grade scale. Alternatively, a copy authenticated by the Chilean Consulate in the applicant s country of residence may be used. Detailed Curriculum Vitae/Resume. Note from a medical doctor stating the applicant is in good health. Two passport photos. Mail all application materials to: GRADUATE PROGRAM IN ECONOMICS ILADES/GEORGETOWN UNIVERSITY UNIVERSIDAD ALBERTO HURTADO ERASMO ESCALA 1835 SANTIAGO - CHILE ACADEMIC REQUIREMENTS All application materials must be received by April 30th of each year, to begin their studies in August of the same year. For applicants seeking scholarships from international organizations, applications should be submitted before October of the previous year. Most international organizations realize their selection process between October and December of each year and the student is required to submit a letter of acceptance in order to qualify for the scholarship. ADDITIONAL INFORMATION For additional information regarding the application and selection process applicants should contact the University directly at economia@uahurtado.cl On our web page, there is also information regarding visa requirements, airlines, living arrangements, health insurance, etc. Applicants should not hesitate in contacting us with any questions and/or concerns. Please visit our webpage or ILADES/GEORGETOWN UNIVERSITY PHONE: 56 (2) FAX: 56 (2) ecoadmi@uahurtado.cl economia@uahurtado.cl 15