Evening MBA

Economics

More than a monetary discipline, economics is a powerful tool for understanding society and the drive to maximize well-being. Microeconomics examines this drive at the level of individuals, households, and firms. Macroeconomics examines the larger system that affects how individuals and companies make choices by looking at the performance, structure, and policies of a national or world economy.

The University of Chicago has led the way in developing many of the ideas that explain how agents and economies operate and where they will go in the future. At Chicago Booth, you will learn many of the economic concepts pioneered at Chicago, such as the general equilibrium models of foreign trade; consumption as a function of permanent income; the economics of human capital, information, incentives, invention, and innovation; and the monetary approach to international finance. Through the study of these and other ideas, you will gain an understanding of the deeper principles and fundamentals that govern business.


Co-curricular ActivitiesYou'll have the chance to explore activities outside the classroom in numerous ways that will also allow you to build new skills, relationships, and networks. These include:

 

 

 

  • Becker Brown Bag Series - The Becker Brown Bag Series was created to provide an informal setting in which prominent economists can present cutting-edge research and engage MBA students in discussion.
  • Myron Scholes Global Markets Forum - The Myron Scholes Global Markets Forum brings business leaders, policy makers, and distinguished academics together to address the Chicago community on topics of current interest.
  • Annual Business Forecast - Held in cities around the world, Chicago Booth professors and alumni, who represent some of the best minds in business, take a look at what they see as the trends shaping the coming year. Read coverage of one of last year's events.
  • Annual Conference on Chicago Economics - Hosted by the Becker Center on Chicago Price Theory, the conference provides a forum for top economists, policy makers, and business leaders to discuss important economic questions. Learn more about the conference.
  • Applied Economics Workshop - New applied research in microeconomics and related fields is presented by Chicago faculty and PhD students, as well as invited speakers. See past topics.

You’ll have the option of taking courses that address your individual career choices. Samples include:

  • Macroeconomics - This course analyzes the economic performance of the US and other national economies. How the government and its policies shape the rules of the game for business activity and influence the economic performance of businesses and nations are stressed. Specific topics include measuring national economic performance, the determinants of productivity and output growth, consumption and investment, labor markets and unemployment, inflation and monetary policy, taxes and government spending, and economic fluctuations.
  • Microeconomics - This course will provide students with an understanding of the basics of microeconomic theory and their application to business decisions. Topics include: the theory of consumer choice and demand; production and the behavior of firms; market power and market structure; the efficiency of competitive markets; factor markets; externalities; the economics of information, and behavior under uncertainty.
  • Money and Banking - This course examines the role of money and credit in the economy, with an eye toward understanding government regulation of financial markets and Central Bank operations. The economics of the financial system with a special emphasis on the theories and history of payment and credit instruments and the management of risk by financial intermediaries is considered. Building on the foundations of money and credit, we will investigate the macroeconomic consequences of government involvement in financial markets, and the policies of the Federal Reserve in particular - from promoting financial stability to the management of the business cycle.
  • International Financial Policy - This course will help students develop an understanding of issues in international macroeconomics that are important for managers operating in the global marketplace. It will cover theories of the determination of exchange rates and interest rates, the management of foreign exchange risk, international capital flows, debt and currency crises, international monetary and exchange rate regimes, the roles of the international financial institutions in developing countries, and other characteristics of international financial markets.
  • Advanced Microeconomic Analysis - Topics to be covered include supply and demand, consumer behavior, capital markets, cost and production, competitive markets, and choices under uncertainty. The emphasis of the course will be on understanding the basic principles of microeconomic theory and learning how to use these principles to analyze real world problems.
  • Sports Analytics - This course uses data and analytical methods from statistics, economics, finance, and psychology to evaluate various elements of the business of sports. The course is designed to help students learn how to apply economic models and statistical methods to real-world problems drawn from the world of sports. The emphasis will be two-fold. First students will be exposed to and learn how to apply methods and principles that are useful for a wide range of problems outside the world of sports (e.g., how to evaluate models and test hypotheses, how to use market based data and evidence, how to organize and interpret data). Second, students will learn how these tools can be applied in the sports context and the approaches used in the rapidly growing sports analytic industry.
  • Housing and the Economy - Housing contributes over 16% to US GDP and is the largest asset on the household sector’s balance sheet, while the mortgage market constitutes the second-largest US credit market, just behind treasuries and well ahead of corporate debt. In this course, we study the economic forces driving housing and mortgage markets and their interactions with the wider macro economy.

You’ll study with professors who conduct groundbreaking research and are recognized around the world for pioneering many of the economic concepts that govern business and public policy.

Gary S. Becker

Gary S. Becker, University Professor of Economics and of Sociology, won the 1992 Nobel Prize in Economic Sciences "for having extended the domain of microeconomic analysis to a wide range of human behavior and interaction, including non-market behavior." He also is the Rose-Marie and Jack R. Anderson Senior Fellow at the Hoover Institution, a research associate of the Economics Research Center at the National Opinion Research Center, and an associate member of the Institute of Fiscal and Monetary Policy for the Ministry of Finance in Japan.

Marianne Bertrand

Marianne Bertrand, Chris P. Dialynas Distinguished Service Professor of Economics, is an applied microeconomist who has done work on racial discrimination, CEO pay and incentives, and the effects of regulation on employment, among other topics in labor economics and corporate finance.

Dennis W. Carlton

Dennis W. Carlton, David McDaniel Keller Professor of Economics, focuses his research on microeconomics, industrial organization, and antitrust. He has published more than 100 articles and two books, including one of the leading textbooks in industrial organization. He has served as an advisor on antitrust matters to the Department of Justice, the Federal Trade Commission, and to private clients.

A. Kerem Cosar

A. Kerem Cosar, assistant professor of economics, studies international trade and macroeconomics. His research interests include labor market effects of globalization, economic geography, and firm-level empirical analysis of international trade. In this recent research, he used spatial data from Europe to quantify the effects of borders and distance on competition and market shares.

Steven J. Davis

Steven J. Davis, William H. Abbott Professor of International Business and Economics and Deputy Dean for Faculty, is an applied economist with research publications on employment and wage behavior, worker mobility, job loss, the effects of labor market institutions, business dynamics, industrial organization, economic fluctuations, national economic performance, public policy, and other topics.

Austan D. Goolsbee

Austan D. Goolsbee, Robert P. Gwinn Professor of Economics, has served as an economic advisor to president Barack Obama, and has been named one of the 100 Global Leaders for Tomorrow by the World Economic Forum, a Switzerland-based group that builds partnerships between business and society. He studies the internet, the new economy, government policy, and taxes.

Veronica Guerrieri

Veronica Guerrieri, professor of economics, studies macroeconomics, search theory, labor and financial market frictions, dynamic contracting, and growth theory. "Coming from Europe, the malfunctioning of labor markets has always attracted my attention," she says. "My research explores frictional labor markets and other market imperfections."

Kinda Cheryl Hachem

Kinda Cheryl Hachem, assistant professor of economics, studies macroeconomics, banking, and the interactions therein. Prior to earning her PhD in economics from the University of Toronto, she worked as an economist in the Bank of Canada’s monetary and financial analysis arm.

Chang-Tai Hsieh

Chang-Tai Hsieh, Phyllis and Irwin Winkelried Professor of Economics, conducts research on growth and development. He has been a visiting scholar at the Federal Reserve Banks of San Francisco, New York, and Minneapolis, as well as the World Bank's Development Economics Group, and the Economic Planning Agency in Japan.

John Huizinga

John Huizinga, Walter David "Bud" Fackler Distinguished Service Professor of Economics, conducts empirical studies in macroeconomics and finance - both domestic and international - and also studies econometric theory. His research has appeared in numerous journals, including Econometrica, the Journal of Econometrics, and the Journal of Monetary Economics.

Erik Hurst

Erik Hurst, V. Duane Rath Professor of Economics and the John E. Jeuck Faculty Fellow, studies macroeconomic policy, consumption, time use, entrepreneurship, and household financial behavior. His research on "Measuring Trends in Leisure," which appeared in the Quarterly Journal of Economics in 2007, was written up in the New York Times, the Washington Post, and the Economist.

Loukas Karabarbounis

Loukas Karabarbounis, assistant professor of economics, is a macroeconomist with research interests in international finance, business cycles, labor markets, fiscal policy, and political economy. At Chicago Booth, he teaches macroeconomics for MBA students.

Anil K Kashyap

Anil K Kashyap, Edward Eagle Brown Professor of Economics and Finance and Charles M. Harper Faculty Fellow, focuses his research on banking, business cycles, corporate finance, price setting, and monetary policy. His research has won him numerous awards, including a Sloan Research Fellowship, the Nikkei Prize for Excellent Books in Economic Sciences, and a Senior Houblon-Norman Fellowship from the Bank of England.

Randall S. Kroszner

Randall S. Kroszner, Norman R. Bobins Professor of Economics, served as a governor of the Federal Reserve System from March 2006 until January 2009. During his time as a member of the Federal Reserve Board, he chaired the committee on Supervision and Regulation of Banking Institutions and the committee on Consumer and Community Affairs. In these capacities, he took a leading role in developing responses to the financial crisis and in undertaking new initiatives to improve consumer protection and disclosure, including rules related to home mortgages and credit cards, and was director of NeighborWorks America. 

Kevin M. Murphy

Kevin M. Murphy, George J. Stigler Distinguished Service Professor of Economics, is the first professor at a business school to be chosen as a MacArthur Fellow. He was selected for "revealing economic forces shaping vital social phenomena such as wage inequality, unemployment, addiction, medical research, and economic growth." In 2007, Murphy and fellow faculty member Robert Topel won the Kenneth J. Arrow Award for the best research paper in health economics.

Brent Neiman

Brent Neiman, associate professor of economics and Neubauer Family Faculty Fellow, conducts research on international macroeconomics and trade and is a faculty research fellow at the National Bureau of Economic Research. He previously served as the staff economist for international finance on the White House Council of Economic Advisers and has worked at the Federal Reserve Bank of Chicago, at McKinsey and Company, and at the McKinsey Global Institute.

Matthew J. Notowidigdo

Matthew J. Notowidigdo, Neubauer Family Assistant Professor of Economics, studies labor economics, public finance, and health economics. His dissertation studies the economics of local labor markets, focusing on how social insurance and housing prices affect the incentives to migrate following local labor demand shocks. His recent work explores how employers evaluate workers with long unemployment spells. 

Ralph Ossa

Ralph Ossa, associate professor of economics and Neubauer Family Faculty Fellow, focuses his research on international trade. He is a former postdoctoral research associate at Princeton University, a visiting fellow at Harvard University, and a tutorial fellow and teaching assistant at the London School of Economics, where he earned a teaching prize for teaching assistants. From 2003 to 2007, he worked as a research assistant at the Centre for Economic Performance in London. 

Emily Oster

Emily Oster,Associate Professor of Economics, studies development economics and health economics. She has worked on issues of gender inequality in the developing world, including the impacts of television on women’s status (“The Power of TV: Cable Television and Women's Status in India”) and on HIV in Africa (“HIV and Sexual Behavior Change: Why not Africa?”). Her current work focuses on demand for, and response to, information about medical conditions. 

Canice Prendergast

Canice Prendergast, W. Allen Wallis Professor of Economics and Booth Faculty Fellow, is widely published, with work appearing in the Economic Journal, the Journal of Labor Economics, the American Economic Review, the Journal of the Japanese and International Economics, and the European Economic Review. Articles on his recent research have appeared in Fortune Magazine, the Financial Times, the Economist, and Der Speigel

Zheng Michael Song

Zheng Michael Song, assistant professor of economics, studies macroeconomics, Chinese economy, and political economy. His most recent publications include “Growing like China,” which was coauthored with Kjetil Storesletten and Fabrizio Zilibotti.

Lars Stole

Lars Stole, David W. Johnson Professor of Economics, studies strategic pricing, contracts and incentives theory, industrial economics, and game theory. Stole's research has appeared in the American Economic Review, Econometrica, the Review of Economic Studies, and the RAND Journal of Economics to name a few. 

Chad Syverson

Chad Syverson, J. Baum Harris Professor of Economics, researches several topics including the interactions of firm structure, market structure, and productivity. His work has been published in several top journals and has earned several National Science Foundation Awards, Olin Foundation Grants, and a Brookings Dissertation Fellowship.

Richard H. Thaler

Richard H. Thaler, Ralph and Dorothy Keller Distinguished Service Professor of Behavioral Science and Economics, studies behavioral economics and finance as well as the psychology of decision making, which lies in the gap between economics and psychology. His latest book, Nudge, has found favor in influencing political thinkers in both the United States and England.

Robert H. Topel

Robert H. Topel, Isidore Brown and Gladys J. Brown Distinguished Service Professor in Urban and Labor Economics, conducts research on many areas of economics, including labor economics, industrial organization and antitrust, business strategy, health economics, energy economics, national security economics, economic growth, and public policy. He is the director of the George J. Stigler Center for the Study of the Economy and the State and codirector of the Energy Policy Institute at Chicago. 

Joseph S. Vavra

Joseph S. Vavra, assistant professor of economics, studies macroeconomics and monetary economics, labor, and computational economics. In his recent research he argues that monetary policy is less effective during volatile recessions, and he has also tried to explain the dynamics of consumption during the Great Recession.

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