Sample Curriculum

First Year | Second Year | Third Year | Fourth Year | Elective Modules

  First Year


  • Microeconomics I (GSAS)
    Consumer preferences and choice, expected utility, risk aversion and social choice.
  • Macroeconomics I (GSAS)
    Dynamic programming, equilibrium with complete markets, OLG models, stochastic and non-stochastic growth.
  • Econometrics I (GSAS) or Applied Econometrics (Stern)
    Introduction to econometric theory/Introduction to applied econometrics.
  • Math for Economists I (GSAS), or other math elective
    Real analysis.


  • Microeconomics II (GSAS)
    Game theory, principal-agent models, mechanism design.
  • Macroeconomics II (GSAS)
    Search theory, asset pricing, optimal taxation, Bewley models, numerical techniques.
  • Econometrics II (GSAS) or Econometrics Analysis of Panel Data (Stern)
    Time series and empirical econometrics/Applied panel data econometrics.
  • Math for Economist II (GSAS), or other math elective
    Measure theory 
Comprehensive exams in Microeconomics and Macroeconomics

Second Year


  • Asset Pricing I
    Discrete time theoretical asset pricing, including introduction to recent models.
    Calibration and simulation of these models to solve the major asset pricing puzzles.
  • Corporate Finance I
    Theoretical Corporate Finance.
  • Electives (see below)
  • 2 Research Practica (entire year)


  • Asset Pricing II
    Continuous time theoretical asset pricing. Empirical asset pricing and econometrics.
  • Corporate Finance II
    Continuous time principal-agent models. Econometric tools for empirical corporate finance.
  • Electives (see below)
  • Paper Preparation


  • 2nd year paper
Third Year
  • Presentation of 2nd year summer paper
  • Electives (see below)
  • 2 Research Practica
  • Dissertation Preparation
  • Teaching Practicum
  • Teach 6-week undergraduate class
Fourth/Fifth Year(s)
  • Defense of dissertation proposal
  • Dissertation research
  • Job market presentations
  • Job market interviews
  • Dissertation defense
Suggested Electives

Stern Seminars

Corporate Governance, Market Microstructure, Agency and Exec Compensation, Derivatives, Financial Econometrics, Financial Institutions, Corporate Finance and Banking, Liquidity and Asset Pricing, Empirical Finance, Int'l Corp. Finance, Empirical Research in Financial Accounting I & II, Valuation-Accounting III

Graduate School of Arts and Sciences (GSAS) courses

Stochastic Calculus, Linear Algebra I & II, Analysis (math, real or functional), Probability Limit Theorems I & II, Game Theory I & II, Special Topics in Economics