Doctor of Philosophy
(for a detailed discussion, read our Ph.D. Program Requirements; the following is a user-friendly summary)

The Ph.D. program includes required preparation in economic theory and quantitative methods of analysis, and the choice of two elective fields from: advanced economic theory, development economics, econometrics, economic history, environmental economics, finance, industrial organization, international economics, labor economics, monetary economics, and public finance. Persons contemplating the Ph.D. should prepare themselves by studying economics, mathematics, and mathematical statistics through intermediate levels. Each year about eight to twelve students start the Ph.D. program. Some of these students subsequently elect to complete the M.A. rather than to continue in the Ph.D. program. Five to seven Ph.D.s are awarded annually.

Admission
The best procedure for applying is via the Graduate School's online application system (alternatively, use the "Applications Forms" link in the list on the left). Requests for admissions materials can also be made via email (vandygrad@vanderbilt.edu).

You will need the following to complete your application: three letters of recommendation (to be submitted electronically), official transcripts (two originals each), official GRE scores, and official TOEFL scores (required for international applicants only). Official GRE and TOEFL scores must be current with ETS: within five years for the GRE and within 2 years for the TOEFL. Our application deadline is January 15th. Applications without official transcripts and test scores as of January 16th will not be considered for admission. Please be aware that applicants are admitted for the Fall semester only.

Applicants should have a bachelor's degree and a strong undergraduate record including training in economics, statistics, and mathematics. Applicants are judged on their Graduate Record Examination scores; their records in calculus, statistics, and intermediate microeconomic and macroeconomic theory; their overall undergraduate records; letters of reference, and their statements of purpose.

Support
Tuition for 2007-08 is $17,208 per semester for a normal load of twelve credit-hours, or $1,434 per semester hour. Financial aid based on academic merit is awarded to many Ph.D. students. These awards provide a ten-month stipend in addition to a full tuition waiver and health insurance, and may be renewed for four years. For 2007-08, the stipend is $14,500. Starting with Summer 2001 we have operated a summer research grants program, where students can receive support for research they propose (these grants are awarded on a competitive basis). In Summer 2007, three awards in the neighborhood of $3,500 were made.

During the first year, students on aid have no teaching responsibilities. Thereafter, aid recipients work twenty hours per week as teaching assistants (although funding in later years is not guaranteed, it is very rare for students who are making adequate progress to be denied four years of funding). Applicants with outstanding records will be considered for Harold Stirling Vanderbilt Scholarships, which provide a supplementary stipend in addition to a regular scholarship or fellowship award, or for University Graduate Fellowships. Several of these awards are currently held by economics Ph.D. students. Through a grant from the Danforth Foundation, the Graduate School also awards several four-year fellowships to minority graduate students in arts and science disciplines. For further information, see the Graduate School's web page entitled Fees and Financial Support.

Core Courses and the First Two Years
The core courses emphasize thinking about and analyzing economic problems. We have modified the traditional approach used by many programs by increasing the number of microeconomic theory and macroeconomic theory courses to three of each (the third courses are normally taken in the second year of study, along with field courses). This allows more in-class examples and discussion of the topics in each of the two theory sequences. A typical program for the first two years (most students are teaching or research assistants after their first year) would appear as follows.

Program Requirements
Doctoral candidates must complete 72 semester hours of graduate study (approximately 48 hours of which is course work in the Department), minus any approved hours of transfer credit. Candidates must complete at least one year of formal course work (24 semester hours) in residence at Vanderbilt (the semester hours not in formal course work consist of research hours). Students may take courses outside the Department of Economics as part of the 72 hours required for the degree if permitted by the Director of Graduate Studies and approved by the Graduate School. Students must pass written examinations in microeconomic and in macroeconomic theory, complete at least two fields, pass an oral qualifying examination, and demonstrate scholarship in a dissertation. The program can be completed in four years.

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