Elective Requirement: Students need to take a total of eleven elective courses, at least four of which must be chosen from the list of economics courses announced by the Department at the beginning of each academic year.

All students are strongly advised that it is their responsibility to follow the announcements at that site.

Graduate programs in economics aim to train students in such a way to enable them to carry out independent research. For this purpose, the programs are designed to ensure that the students get a solid background in both economic theory and the techniques used in empirical research. While the Department offers both M.A. and Ph.D. degrees, the M.A. degree is considered, in principle, as an intermediate step that is passed en route to the Ph.D. The core requirements common to both programs leave little room for choosing the courses to be taken in the first year, but the students are offered considerable flexibility as to their choice of the fields of specialization later on.

Students admitted to graduate studies in the department are expected to have a strong background in undergraduate level economics and some training in mathematics and statistics. Sufficient (though not necessarily a pre-condition) background would consist of an undergraduate degree in Economics, or a year-long calculus sequence that includes multivariate analysis, a course in linear algebra, and a course in probability and statistics. (Also refer to the ``Graduate Admissions'' section in the introduction of this catalog for the general graduate admission requirements.)

The curriculum aims more toward preparing the students toward a Ph.D. degree. However, elective courses and a thesis study in the 2nd year gives the students the opportunity to over take practical training, preparing them for jobs in the government or private sector.

Prospective students must have completed Bilkent University's requirements for a Bachelor of Arts degree in Economics or approximately equivalent training. Since students will be required to take some of the same courses as the Ph.D. candidates, similar preparation in mathematics and statistics is generally expected. Degree requirements for Master of Arts in Economics are:

1. The core curriculum for Master of Arts in Economics degree must be successfully completed. The courses in the core curriculum for Master of Arts in Economics include the graduate level Microeconomic Theory (ECON 503-504), Macroeconomic Theory (ECON 505-506), Mathematics for Economists (ECON 515-516), Probability and Statistics (ECON 509-510) sequences, and Pro-Thesis Seminar (ECON 590) and the Master's Thesis (ECON 599) courses.
2. A Master's thesis must be submitted and successfully defended.
3. A grade point average of at least 3.00 must be maintained for the duration of Master's level work.

The Ph.D. program in economics is a program requiring the attainment of scientific competence in conformity with international scientific standards. Admission to the doctoral program is by written application and an evaluation by the department. It is expected that admitted students will be adequately prepared in calculus, linear algebra, and statistics. (Also refer to the ``Graduate Admissions'' section in the introduction of this catalog for the general graduate admission requirements.)

All students take a common core curriculum at the outset and later branch out in the desired fields of specialization. The fields may be chosen from fiscal economics, international economics, macroeconomics, mathematical economics, monetary economics, and econometrics. Well-prepared students should anticipate spending approximately two years in course work and another two years in seminars, independent study, and dissertation research. While exceptional progress may make a three-year program feasible, some types of research programs will require at least five years to complete.

A candidate for the doctorate degree must:

1. Successfully complete the core curriculum for Ph.D. degree in Economics. The courses in the core curriculum for Ph.D. degree in Economics include the graduate level Microeconomic Theory (ECON 503-504), Macroeconomic Theory (ECON 505-506), Mathematics for Economists (ECON 515-516), Probability and Statistics (ECON 509-510) sequences and Pro-Thesis Seminar (ECON 590) and the Ph.D. Dissertation (ECON 699) courses.
2. Successfully complete the course requirements for Ph.D. degree by earning at least 24 credits from the courses listed under ``Graduate Electives''. (Some graduate courses offered by other departments may be counted towards this requirement.)
3. Show competence in two comprehensive examinations in macroeconomics and microeconomics within the first three semesters after being admitted to the Ph.D. program.
4. Submit a detailed thesis proposal while taking the ECON 699 course and give a seminar on this work.
5. Submit and successfully defend a dissertation that represents a contribution to knowledge in the field.

Candidates must be in residence for a minimum of three years including the period spent on the Master of Arts program.

During each semester of the second year at least three credit units of electives must be taken. The Ph.D. candidate may also take elective courses for credit in the third and fourth years of study. These electives may include courses from other departments or institutions as well as courses offered by the Department. There is no upper or lower limit on the number of such courses.

*Some of these courses may be offered only every other year.