In this article, the authors summarize their 15 years of research on graduate education in economics in the United States. They examine all stages of the process, from the undergraduate origins of eventual economics PhDs to their attrition and time-to-degree outcomes. For PhD completers, the authors examine job market outcomes, research…

The 2007-10 growth spurt (18 percent over three years) in U.S. undergraduate economics degrees stalled out in 2011. Degrees awarded have been relatively constant over the past three years.

In this article, the authors investigate competitive firm behaviors in a two-firm environment assuming linear cost and demand functions. By introducing conjectural variations, they capture the different market structures as specific configurations of a more general model. Conjectural variations are based on the assumption that each firm believes…

The authors of this article implement a quasi-experimental strategy to estimate peer effects in economic education by exploiting the institutional setting in a large public university in China, where roommates are randomly assigned conditional on a student's major and province of origin. They found significant impacts of peer academic…

For many years, surveys have shown that lecture is the dominant method for teaching principles of economics (Watts and Schaur 2011; Watts and Becker 2008; Becker and Watts 1996, 2001a, b). The authors confirm this and augment it by asking why principles instructors teach the way they do. The respondents, 340 principles instructors at the 2012…

Adam Smith's moral philosophy can be used to introduce economics students to the important idea of transactions costs. The author provides a brief background in this article to Smith's moral philosophy and connects it to the costs of transacting in a way that fits easily into the standard principles of microeconomics classroom. By doing…

In this article, the authors present results from a survey of Masters of Economics program directors to determine the missions, inputs, and outcomes of these degree programs throughout the United States and Canada. They compare results of this survey to those of two previous studies that they conducted 20 and 10 years ago. Respondents were asked…

Instructors often debate the merits of alternate grading policies such as dropping the lowest exam or offering an additional exam to replace the lowest score. To date, there has been little research conducted on the impact of these policies on performance. In this study, the author investigates student performance in intermediate macroeconomics…

In this article, the author describes conceptually how to think about the dramatic changes in monetary policy since the sub-prime crisis of August 2007. He also discusses how to incorporate these changes and related economic concepts in the teaching of an undergraduate class in macroeconomics. A distinction is made between conventional and…

Since the financial meltdown of 2007, advanced macroeconomic theory has delved more deeply into the question of the appropriate fiscal policy when the nominal interest rate is close to or at zero percent. Such analysis is typically conducted with the aid of New Keynesian Dynamic Stochastic General Equilibrium models. The policy implications are,…

The standard workhorse models of monetary policy now commonly in use, both for teaching macro-economics to students and for supporting policymaking within many central banks, are incapable of incorporating the most widely accepted accounts of how the 2007-9 financial crisis occurred and are incapable too of analyzing the actions that monetary…

Education officials often use one assessment system both to create measures of student achievement and to create performance metrics for educators. However, modern standardized testing systems are not designed to produce performance metrics for teachers or principals. They are designed to produce reliable measures of individual student achievement…

Economic educators often profess the goal of teaching our students to "think like economists." Since Siegfried and colleagues (1991) coined this phrase, its meaning has been interpreted as a focus on analytical concepts and methods of economics as opposed to the broader goal of preparing students for independent, critical thought in the…

The 2007-10 growth spurt (18 percent over three years) in U.S. undergraduate economics degrees came to an abrupt end in 2011 and 2012. Degrees awarded grew less than one percent over the past two years.

In this article, the authors outline a classroom exercise involving goldsmiths designed to improve undergraduate students' understanding of how banks create money. This concept is important to macroeconomics and money and banking courses, yet students frequently struggle with it, largely due to the nonphysical nature of deposits and reserves.…