MS in Econometrics and Quantitative Economics

Use economic theory, mathematics, and statistical inference to quantify economic phenomena that impacts economic policymaking. Advance your knowledge of five important econometric techniques—experiments, regression, instrumental variables, regression discontinuity and differences-in-differences—all of which are in constant use by applied economists and in high demand on the job market.

• Apply advanced econometric techniques and numerical methods to real-world data in Empirical Methods of Financial Economics (ECO 528). In this class you will:
  • Construct efficient financial portfolio using historical stock data collected from online sources
  • Test CAPM models (capital asset pricing models) using historical stock data from CRSP database (Center of Research in Stock Prices)
  • Use economic data provided by FRED (economic database hosted by Federal Reserve at St. Louis) to analyze their inter-relationships
  • Calculate various VaR (Value at Risk) measures using current asset prices
• Learn the core analytical tools that economists use to model the behavior of consumers, firms and markets in Computational Econometrics (ECO 582)
• Use consumer theory to assess whether the Consumer Price Index accurately measures inflation in Microeconomic Theory (ECO 505). You will:
  • Apply models of supply and demand to analyze how government policies like taxes, quotas and price controls affect the functioning of markets
  • Use the Lerner Index to measure the degree of market power in an industry based on the price elasticity of demand
  • Study how firms use sales strategies like price discrimination to increase their profits

Experience a diverse learning environment, with Economics graduate students representing five continents and over 35 countries.

Expand your world view and prepare to work in the world market and global systems by choosing the International Economics Focus. 

• Gain in-depth understanding of international trade models and real-world trade policy issues in International Economics (ECO 535) including tariffs, quotas, voluntary export restraints, export subsidy, countervailing duty, dumping, antidumping, free trade areas, customs unions and regional trade integration
• Analyze data from The World Bank's World Development Indicators and St Louis Fed's FRED data in International Finance (ECO 536) to learn the balance of payment patterns
• Study trade issues and policies in Topics in International Trade (ECO 595) covering topics such as the world economic crises, the issues of global trade imbalance, the U.S. current account deficit, international borrowing and lending, cases of trade disputes, economic globalization, global outsourcing, trade and environmental policies, Brexit and the future of the European Union (EU)

Rise to the challenge by gaining experience and leadership skills in some of the hundreds of University at Buffalo extracurricular and governance organizations, civic groups and volunteer activities. Network with your peers in the Economics Graduate Student Association, International Clubs and Computational Science Club.

Prove your abilities and make powerful industry connections through leadership positions in regional and national professional organizations such as:

• American Economic Association
• National Association for Business Economics

Participate in UB's REALM Program (Real Experience and Leadership Mentoring), a full-day career shadowing experience for students who are interested in learning about leadership in the context of a professional setting. Students shadow a professional in their chosen field for a day and learn what skills have made them successful, followed by a networking reception.

Work independently or with faculty members on major research projects, helping them identify issues and produce groundbreaking and publication worthy scholarly and applied research. Examples of recent faculty research projects include:

• Alex Anas, Frank H. and Josephine L. Goodyear Professor of Economics and the 2016 winner of the Walter Isard award for scholarly achievements in the field of Regional Science, has developed the Regional Economy, Land Use and Transportation Model which has been applied to the analysis of transportation and economic development policies using data from the Chicago, Los Angeles and the Paris metropolitan areas.
• Isaac Ehrlich, SUNY and UB Distinguished Professor of Economics, and researchers in UB's Center of Excellence on Human Capital, Technology Transfer, and Economic Growth and Development have played a major role in budget negotiations and in determining how much the state has to spend. Developing this forecast is aligned with the mission of the center, which was created in part to conduct applied research addressing regional economic development issues and challenges facing the New York State economy.

Network with international scholars as they present groundbreaking research at the UB Economics Seminar Series. Recent presenters include:

• Andrew Shephard, University of Pennsylvania, Optimal Taxation, Marriage, Home Production and Family Labour Supply
• Terry Sicular, University of Western Ontario, Changing Trends in China’s Inequality:  Key Issues and Main Findings
• Shing-Yi Wang, University of Pennsylvania, Wharton School, Property Rights, Land Misallocation and Agricultural Efficiency in China”
• Devin Bunten, Federal Reserve Board of Governors, Neighborhood Goes: The Effects of Gentrification on Individuals and Communities
• Kegon Tan, University of Rochester,  Bequest Motives and the Social Security Notch
• Lefteris Tsoulfidis, University of Macedonia, Greece, The Great Recession, Economic Policies and the Greek Economy
• Michael Lovenheim, Cornell University, The Effect of State Funding for Postsecondary Education on Long-Run Student Outcomes
• Federico Rossi, London School of Economics, Parents, Schools and Human Capital Differences Across Countries
• Sean Fahle, University at Buffalo, Economics Department, Why do People Leave Bequests?
• Chad Stecher (RPI), Is Quality Contagious? The Role of Physical Networks in Promoting Quality HIV Care
• Nicola Bianchi, Northwestern University, Kellogg School, The Indirect Effects of Educational Expansions: Evidence from a Large Enrollment Increase in STEM Majors

Collaborate with classmates on applied group projects, research papers, academic competitions, in student organizations and volunteer opportunities in the community.

Examples include team-based research projects on topics such as:

• How does the 4%-rule fare in the new environment?
• Technical analysis of optimal rules for investing in IPOs in the short term
• Do stock market and oil prices always move together?

Review data in detail, observe patterns, perform advanced calculations and draw logical conclusions. Compile, analyze, and report data to explain economic phenomena and forecast market trends, applying mathematical models and statistical techniques.

Examples of applied learning:

• Use S&P Capital IQ database to organize data and analyze financial markets to develop a simulated portfolio and report on its market performance
• Gain in-depth understanding of the core analytical tools that economists use and apply them to the analysis of supply and demand, consumer and producer behavior, competitive markets, monopoly, and pricing with market power in Microeconomic Theory (ECO 505)
• Use U.S. Census and other data in Urban Economics (ECO 521) to explore differences among metropolitan areas, such as in segregation by income or race, travel times to work, housing prices and the percentage of housing prices that are attributable to land and to residential structures
• Analyze data and identify current issues in the U.S. labor market using the Current Population Survey in Labor Economics (ECO 543); use statistical software such as Stata to apply empirical methods to study labor market issues

Gain insight into the demands and expectations of employers including the ability to be dependable, punctual, dressing properly, being polite and displaying self confidence. Improve your skills through credit-bearing and, in some cases, paid internships. Students displaying knowledge, professionalism and a solid work ethic are oftentimes offered full-time positions.

Below are just a few of the organizations that regularly seek UB student interns:

• M&T Bank
• Merrill Lynch
• City of Buffalo
• Erie County
• CitiGroup
• KeyBank

Acquire the knowledge and skills to initiate, plan, execute, control and close the work of a team to achieve specific goals and meet specific success criteria at the specified time. Negotiate reasonable and achievable deadlines and milestones across teams and stakeholders. In short, deliver projects that meet the organization’s goals on time and on budget.

Choose to complete a research or academic project to showcase your ability to design, manage, operate, and report on a project, as both technical and project management skills are typical required for professional employment.

Master advanced analytical and scientific software, database user interface and query software, advanced spreadsheet software, development environment software and the ability to manipulate big data.

Superior technology skills are expected by employers and are developed in all of this graduate program’s courses. For example:

• Work with real-world data sets and apply time series techniques to various forecasting problems in Economic Fluctuation and Forecasting (ECO 561); use the advanced computer software MATLAB to program and analyze various economic series such as stock exchange volume, retail sales, housing starts and employment index
• Learn to analyze data and create reports using the government's Current Population Survey in Econometrics 1 and 2 (ECO 580 and 581). Estimate causal effects using econometric models and interpret the results using linear regression and non-linear regression models; use statistical software such as Stata for estimation

Enhance your ability to author effective critical communication pieces through required class projects, research papers, poster presentations and articles submitted for review and publication by professional organizations. Practice professional presentation skills in seminar classes before you take the stage at regional and national conferences.

Masters and Doctoral students participate in the Economics Seminar Series where they are listening to presentations, providing feedback and expanding their professional network. Recent guests include:

• Francesco Agostinelli, University of Pennsylvania - It Takes a Village: The Economics of Parenting with Neighborhood and Peer Effects
• Jonathan Hall, University of Toronto - When Safety Messages Make Us Less Safe: Evidence from Traffic Fatality Messages
• Yongmiao Hong, Cornell University - Solving Euler Equations via Two-Stage Nonparametric Penalized Spines
• Yang Song, Colgate University - Centralized College Matching Mechanisms, Stability, and Student Welfare