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Doctoral Program

The Ph.D. program is a full time program leading to a Doctoral Degree in Economics.  Students specialize in various fields within Economics by enrolling in field courses and attending field specific lunches and seminars.  Students gain economic breadth by taking additional distribution courses outside of their selected fields of interest.

General requirements

Students  are required to complete 1 quarter of teaching experience. Teaching experience includes teaching assistantships within the Economics department or another department .

University's residency requirement

135 units of full-tuition residency are required for PhD students. After that, a student should have completed all course work and must request Terminal Graduate Registration (TGR) status.

Department degree requirements and student checklist

1. core course requirement.

Required: Core Microeconomics (202-203-204) Core Macroeconomics (210-211-212) Econometrics (270-271-272).  The Business School graduate microeconomics class series may be substituted for the Econ Micro Core.  Students wishing to waive out of any of the first year core, based on previous coverage of at least 90% of the material,  must submit a waiver request to the DGS at least two weeks prior to the start of the quarter.  A separate waiver request must be submitted for each course you are requesting to waive.  The waiver request must include a transcript and a syllabus from the prior course(s) taken.  

2.  Field Requirements

Required:  Two of the Following Fields Chosen as Major Fields (click on link for specific field requirements).  Field sequences must be passed with an overall grade average of B or better.  Individual courses require a letter grade of B- or better to pass unless otherwise noted.

Research fields and field requirements :

• Behavioral & Experimental
• Development Economics
• Econometric Methods with Causal Inference
• Econometrics
• Economic History
• Environmental, Resource and Energy Economics
• Industrial Organization
• International Trade & Finance
• Labor Economics
• Market Design
• Microeconomic Theory
• Macroeconomics
• Political Economy
• Public Economics

3.  Distribution

Required:  Four other graduate-level courses must be completed. One of these must be from the area of economic history (unless that field has already been selected above). These courses must be distributed in such a way that at least two fields not selected above are represented.  Distribution courses must be passed with a grade of B or better.

4.  Field Seminars/Workshops

Required:  Three quarters of two different field seminars or six quarters of the same field seminar from the list below.   

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Ph.D. in Economics

The Ph.D. program at Berkeley is designed for students interested in pursuing advanced study and conducting original research in Economics. The Ph.D. degree is awarded in recognition of the recipient's qualifications as a general economist and of the ability to make scholarly contributions in fields of specialization. Additionally, the Economics Ph.D. program is residential, there is no remote enrollment option. 

In advancing to the Ph.D. degree, students pass through two major stages:

• Preparation for candidacy typically takes two to three years. During the first two semesters, students take courses to achieve competence in econometric methods, methods of economic history and fundamentals of microeconomic and macroeconomic theory. During the next two years, students prepare for examination in two fields of specialization of their choosing, prepare a dissertation prospectus, and take an oral examination. When these steps are completed, students are advanced to candidacy.
• Completion of a dissertation after advancing to candidacy typically takes one to two years. The dissertation must be based on original research and represent a significant contribution to the body of Economic knowledge.

The entire process takes approximately five to six years, although some students are able to complete the program in less time. Below is an overview of the program requirements by year and other pertinent information.

ECONOMICS GRADUATE STUDENT SERVICES

The Economics Student Services Mission is to advise our students holistically by providing a high standard of service in a supportive and collaborative environment.  Professional and peer advisors work as a team to provide accurate information in a timely manner.  We partner with faculty to assist students in engaging with the campus and the global economic community.  We value fairness, diversity, and the important roles our students, faculty, and staff in the Department of Economics play at the University of California, Berkeley.

Meet the members of the Economics Graduate Student Services advising team!

Graduate Office Address:

Ph.D. in Economics

The Ph.D. program in the Department of Economics at Columbia University trains students to do cutting edge research in economics.  Students in our program do research in all major areas of economics including microeconomics, macroeconomics, econometrics, international economics, labor economics, public finance, industrial organization, development economics, and urban economics.  Our department provides strong training both in theoretical economics and in applied and empirical economics.  The Ph.D. program is primarily designed for students that are interested in pursuing a career in teaching and research within academia but is also useful for student interested in certain positions within governments, research organizations, or private businesses.

The first two years of our Ph.D. program is largely devoted to rigorous coursework. After the second year, however, students devote most of their time to their own research under the supervision of faculty advisors. Students in our program generally complete their Ph.D. in 5 or 6 years.

Admission to the Ph.D. program is highly selective.  We receive approximately 1,000 applications each year for an incoming class of roughly 25 students.  We place a high value on attracting the very best minds, and recruiting members of groups who will both enhance the diversity of research in the field and contribute to the diversity of the university’s academic and professional community.

The Ph.D. program has a long and illustrious history.  Alumni of the program include some of the most distinguished economists of the last century – including Nobel Prize winners Kenneth J. Arrow, Milton Friedman, Simon Smith Kuznets, and William S. Vickrey.

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The rigorous PhD economics program at Johns Hopkins is among the best in the nation. With its world-class faculty, individualized attention, and small classes, the doctoral program is the centerpiece of the Department of Economics. From financial analysis to applied research, students are well-prepared to be leaders in the field.

The department is dedicated to maintaining strong research and teaching cores in applied microeconomics, economic theory, macroeconomics, and econometrics. Faculty members are experts in their fields, and they are actively involved in thesis supervision and research seminars . The unique Hopkins difference is the direct interaction and one-on-one attention students receive from faculty. Such attention opens the door to myriad opportunities for students to conduct groundbreaking research, apply complex economic theories, and make educated financial analyses and predictions.

Student Life

Graduate students enjoy a diverse social life outside of the department’s rigorous curriculum and their individual research interests. Faculty and students – from both inside and outside the department – have ample opportunities to spend time together socializing and discussing their studies. 

In addition to frequent student-planned happy hours, social outings, and local events, the Department of Economics and the JHU Graduate Representative Organization host many functions throughout the year.

• At the beginning of the fall semester, the Department of Economics hosts a welcome dinner and party to encourage new students to meet their peers, older students, and faculty.
• The department throws an annual holiday party immediately following completion of the first term, as well as an end-of-year barbecue to celebrate the completion of the spring semester.
• JHU sponsored coffee “happy hours” offer graduate students opportunities to meet people from outside their department.
• Intramural sports are popular among graduate students at Hopkins, and the economics department often forms teams that compete against other departments.

Students and faculty members often know each other by name before taking classes together, and first-year students enjoy straightforward access to faculty members and their more experienced peers. This collegial atmosphere makes for an easy transition into graduate life and comfortable communication once research begins in earnest.

Economics across JHU Schools

Carey business school.

The Johns Hopkins Carey Business School is the graduate business school of Johns Hopkins University and offers full-time and part-time programs leading to the Master of Business Administration and Master of Science degrees.  The School has a number of distinguished economists who interact with the faculty and graduate students in the Department of Economics.

School of Advanced International Studies

The Paul H. Nitze School of Advanced International Studies is a graduate school of Johns Hopkins University based in Washington, D.C., United States, with campuses in Bologna, Italy, and Nanjing, China. It is consistently ranked one of the top graduate schools for international relations in the world.  The economists at the school interact with the faculty and graduate students in the Department of Economics.

Advanced Academic Programs Applied Economics

The Johns Hopkins Division of Advanced Academic Programs is a  division of the Krieger School of Arts and Sciences in Washington DC which offers high-level graduate-level education in Applied Economics, with a variety of Masters Degrees designed to build on the intellectual strength and educational requirements of professional adults.

Ph.D. Program

Make an impact: The intellectual rigor from researchers associated with Yale Economics drives innovations in domestic and international policy.

• Requirements

Yale's Department of Economics offers a challenging and rigorous academic program, a distinguished and accessible faculty, and a friendly, supportive environment for study.

Our core teaching faculty of 66 is supported by a diverse group of visiting professors and graduate student teaching assistants, making it one of the largest economics departments in the United States with one of the highest teacher/student ratios for the 130 Ph.D. students in residence.

The Department of Economics also has close ties with professional schools in related fields, such as the Yale School of Management, the Yale School of the Environment, and the Yale School of Public Health, where many of its secondary faculty members teach. It also works with affiliated centers, including the Cowles Foundation for Research in Economics, the Economic Growth Center, and the newly created Tobin Center for Economic Policy . 

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Our Program

Yale's economics faculty embraces a broad range of research and teaching interests. Courses and seminars span a wide spectrum of economics, from dynamic structural models to field experiments. Our students apply econometric and data analytic methods to a variety of subjects in macroeconomics, labor economics and finance. Our courses examine critical economic policy issues, including antitrust and environmental regulation. Our focus is global, spanning the United States and developed economies to the developing nations of Latin America, Asia and Africa. Whatever your interest, our faculty is ready to guide you through a wide offering of more than a hundred regular courses, seminars or workshops, combined with individually tailored reading and research courses to best prepare you for your Ph.D. research and dissertation.

Our faculty is eclectic in methodologies and views of economics. There is no Yale dogma or school. You will acquire a critical perspective on the full range of approaches to macroeconomics. You will be well trained in neoclassical theory and in the theory of public choice, externalities and market failures. You will master the skills of sophisticated modern econometrics and understand pitfalls in its applications. You will gain respect for the power of contemporary mathematical models and also for history and for the insights of the great economists of the past.  

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Aug. 26, Mon. Add/drop period opens, 8:00 am.

Aug. 28, Wed. Fall-term classes begin.

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PhD in Economics

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Producing about 10 graduates each year, the PhD in Economics program is a close community of scholars from around the world. Coursework ranges from microeconomics, macroeconomics and econometrics to the economics of industry and labor.

PhD students engage in research with faculty as research assistants and publish their own work in respected journals including Economics Letters , Journal of Macroeconomics and European Economic Review . 

The PhD in Economics is a U.S. Department of Homeland Security STEM-designated degree program.

Dissertation Guidelines

PhDs on the Job Market

"I greatly benefitted from the doctoral program at GW, both as an economist and as a researcher. The program played an instrumental role in advancing my understanding of economic theory and empirical methodologies, cultivating my research interests and honing my ability to apply these skills in real-world settings. I now work as a development economist at a multilateral organization, where I conduct research on topics like inequality, unemployment, property rights and social protection and contribute to evidence-based policy making."

Abhilasha Sahay PhD '20

Program Timeline

The program is divided into two stages:

• Pre-candidacy stage: The student completes coursework and general examinations in microeconomic and macroeconomic theory as well as a research paper proposal. 
• Candidacy stage: The student participates in a dissertation seminar, completes the written dissertation and conducts an oral defense.

The PhD program is offered primarily on a full-time basis, and students are expected to complete the degree in five to six years. Occasionally, the department will admit highly qualified part-time doctoral students.

View detailed year-by-year timeline of program rules and requirements .

Degree Along the Way Options

Students in the PhD program can earn either a Master of Science (MS) in Economics or a Master of Philosophy (MPhil) in Economics degree while pursuing the PhD degree.

Students in good standing may apply for the MS once they have completed the 30 required credits: ECON 8301, 8305 and 8375; two courses chosen from 8302, 8306 and 8376; and five 8000-level economics courses. Students may apply for the MPhil degree after they have successfully entered Candidacy.

Degree Along the Way Application

Course Requirements 

Pre-candidacy requirements include satisfactory completion of 48 credits, including 18 credits in required courses and 30 credits in elective courses. Students must also earn a grade of Pass or Pass with Distinction on each part of the general examination, as outlined below.

General Examination

The general examination has three parts: two preliminary examinations taken in the first year—one in microeconomic theory and one in macroeconomic theory—and a research paper due in the sixth semester. To pass the general examination, students must earn a grade of  Pass  or  Pass with Distinction  on both preliminary examinations and on the research paper.

Students who earn a GPA of 3.0 or above in the microeconomic theory course sequence ( ECON 8301 and ECON 8302 ) are considered to have earned a grade of Pass on the preliminary examination in microeconomic theory; students who earn a GPA of 3.0 or above in the macroeconomic theory course sequence ( ECON 8305 and ECON 8306 ) are considered to have earned a grade of Pass on the preliminary examination in macroeconomic theory. Other students must sit the preliminary examinations at the end of the first year.

Students who do not earn a grade of Pass or Pass with Distinction on both preliminary examinations may, with departmental approval, retake one or both examinations before the start of the following semester. Both preliminary examinations must be passed by the second attempt.

Students are also required to earn a grade of Pass or Pass with Distinction on the research paper, which constitutes the second half of the general examination. Students must submit the research paper and deliver a presentation of the content to at least two faculty members for evaluation by the end of their sixth semester in the program. (Part-time students may submit the research paper later, subject to departmental approval.) Students who do not pass the research paper by the end of the sixth semester will receive an academic warning and must pass it by the end of the following semester.

Post-candidacy requirements

Post-candidacy requirements include successful completion of 24 credits at the 8000 level, the formulation of a dissertation proposal, a formal presentation of the proposal by the student to a prospective dissertation committee for approval (where approval of the proposal formalizes the creation of the dissertation committee), and completion of a dissertation that demonstrates the candidate's ability to do original research as determined by the dissertation committee.

Students should successfully defend the dissertation proposal by the end of the eighth semester in the program. Students who do not successfully defend the dissertation proposal by the deadline will receive an academic warning and must successfully defend the proposal by the end of the following semester. Part-time students may defend later, subject to departmental approval.

The 24 credits must include a minimum of 6 credits in  ECON 8999 Dissertation Research .

Once a student successfully completes the 72 credits required for the program, they must register for 1 credit in  CCAS 0940 Continuing Research - Doctoral each subsequent fall and spring semester until they have successfully defended their dissertation to the dissertation oral examination committee, thereby completing the degree program.

Students may apply for the master of philosophy (MPhil) degree after successfully defending a dissertation proposal.

Time limits

The pre-candidacy stage must be concluded within six semesters of matriculation in the program; part-time students may conclude the pre-candidacy stage within ten semesters of matriculation, subject to departmental approval. Upon successful completion of pre-candidacy, students are considered for admission to candidacy, i.e., the dissertation stage. The dissertation stage must be completed within five years of entry into candidacy, or within eight years of matriculation in the program, whichever comes first.

College of Arts & Sciences

Ph.D. Program

Welcome to the phd program.

The Georgetown University Economics Ph.D. program is a full-time program designed for students who seek research careers at the forefront of economic science. The Ph.D. program provides an excellent training environment for future scholars. Located in the nation’s capital, it is ideally situated for both students specializing in pure science and those who wish to study policy informed by science.

Main Contacts

• Julius Shapiro serves as the PhD Program Coordinator. Please contact him first with any questions related to the PhD Program.
• Professor  Toshihiko Mukoyama  serves as Director of Graduate Studies and is responsible for the PhD Program.

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PhD in Economics

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PhD in Economics At a Glance

• 45 credit hours of course work, completed in as little as 2.5 years.
• Study diverse theoretical perspectives, including post-Keynesian, intuitionalist, evolutionary, and feminist economics.
• Tailor your field coursework to best match your research interests.
• Designated as a STEM degree program 
• Program Director: Professor Nathan Larson .

Tailor Your Degree to Your Research Interests

Offering a combination of rigorous technical training and a focus on policy-relevant research, our PhD in Economics will prepare you for careers in academics, research, and government. Our students master economic theory, statistical methods, and applied field knowledge. Then, through the dissertation-writing process, they develop the ability to formulate and empirically answer economic questions.  

• Diverse Perspectives : In addition to a strong foundation in macro and micro theory and econometrics, students learn a more diverse perspective on economics through required courses in economic thought and economic history, as well as optional courses in heterodox theoretical models of economics, including post-Keynesian, intuitionalist, evolutionary, and feminist economics.
• Flexibility : Students choose four applied field courses that best fit their research interests. The department offers a wide selection of concentrations, including courses in development, gender, international, labor, macro/monetary, and other applied micro topics.
• Preparation : Students must successfully pass one comprehensive exam at the end of their first year and produce a journal-quality research paper by the end of their third year. The third-year paper typically serves as a key component of the dissertation, giving students an advanced start on the dissertation writing process.

See complete Admissions and Program Requirements .

Faculty Dedicated to Your Success

At AU, you will take classes from and work with a diverse group of esteemed economists and highly cited scholars who are engaged with practitioners and policymakers around the world. Their wide-ranging research and publications , along with the variety of methodological approaches they use, create a rich environment for innovations in theory and empirical studies. 

Our research centers, including the Program on Gender Analysis in Economics and Infometrics Institute , host guest scholars and research projects, further enhancing the opportunities for graduate students. By working as research assistants and teaching assistants, PhD students gain valuable experience and mentorship in an academic setting.  

Throughout their third year and into the fourth, students work closely with a faculty member of their choosing on their third-year paper and dissertation proposal, eventually adding other experts to their dissertation committee to gain additional insights and expertise. Through this process, students develop lasting collegial, and productive relationships with faculty, classmates and economists at DC-area institutions, often co-authoring and publishing.  

Launch Your Career Amongst Top Economists 

The Washington metropolitan area employs over one-third of all economists in the country. The array of intellectual and professional opportunities offered by the nation's capital make American University the ideal place to study economics. The department's strategic partnerships and our faculty's relationships with nearby institutions will help you make the best use of those opportunities.

Internship and employment opportunities:

• The World Bank 
• International Monetary Fund
• Research institutes
• Think Tanks and NGOs
• US Treasury, Labor, and Commerce Departments 

Economics PhD graduates are well qualified for careers in academia, government agencies, and international organizations. Our students receive career mentorship and placement services that lead to careers in public policy, academia, and government, both domestically and abroad.

Many of our graduates go on to academic posts at universities such as the Saint Louis University, the University of Vermont, University of Wisconsin-La Crosse, and Franklin College. Domestically, graduates have served in congress and government agencies, including the Bureau of Economic Analysis, the Department of Commerce, and the Department of Labor. Our alumni working outside of the US have founded research institutions and consulted for major organizations such as CGIAR-CIP and the United Nations. 

Read more career information about AU economics alumni.

See the 2017-8 list of job market candidates .

News & Notes

See abstracts from the 2024  Third Year Paper Conference .

Research Seminar Series Wednesdays at noon.

• PhD candidate Amy Burnett Cross received an EHA Dissertation Fellowship from the EHA Committee on Research in Economic History
• PhD student Danielle Wilson was awarded an Economic History Association grant for archival research on Mexican Railroads.
• PhD student Aina Puig's short essay, " The Unequal Effect of Interest Rates by Race, Gender, " was published in the San Francisco Fed's Economic Letter.
• Professor Bernhard Gunter and PhD students Bong Sun Seo & Farah Tasneem were awarded the  International Award for Excellence for their article on the change in labor force participation rates during periods of globalization and marginalization. 

Student Spotlights

More about Aina

San Francisco Federal Reserve Board’s essay contest  called for papers studying economic impacts of gender and racial inequalities. As a winner, Aina’s paper will be published in the Federal Reserve Board’s Economic Letter and will have the opportunity to participate in a 6-week summer research program.

Aina’s paper focused on the impact of monetary policy, through interest rates, on spending patterns among types of U.S. households—those with mortgages, those with women versus men as head of household, and those headed by White versus Black people. By building on her interest in macroeconomic inequality topics with direct policy implications, she intended (and continues to intend) to fill a gap in the literature, adding to the income inequality narrative by bringing gender and racial inequalities to the forefront of discussion.

Through this project, she was able to not only establish the impact of monetary policy shocks on consumption patterns, but also inform the Federal Reserve Board of these distributional impacts. When discussing her research, Aina states that “promoting equal opportunity and understanding the different impacts of policies can help policymakers create policies that promote economic growth while benefitting all groups’ well-being in society.”

Her interest in analyzing inequality topics through lens of distributional effects of macroeconomic policies came to life during her research for this paper and “ties directly into [her] plans for [her] dissertation…, a good starting point for [her] future research.”

Vasudeva Ramaswamy

More about Vasudeva

Economics PhD candidate Vasudeva Ramaswamy credits American University with helping him zero in on his area of research interest and for equipping him with the tools to explore and contribute to his field. 

During his time at AU, Vasu spent two summers working with the World Bank, studying the impact of agricultural aggregators in East Africa — specifically, how they provided income and security to farmer communities. 

Vasu’s dissertation considers the effects of the Federal Reserve Bank’s actions on household inequality. Who gains and who loses when the Fed increases (or decreases) interest rates? And how do these effects propagate through the economy? Because business income and profits play a key role in household inequality, Vasu looks at how businesses respond to the actions of the Fed. 

After he earns his PhD, Vasu says he would love to be able to continue researching the importance of economic heterogeneity in monetary policy transmission. “I am particularly grateful for AU’s faculty, who are leading experts in their field and approachable and encouraging as mentors,” he adds. “I am equally grateful for the rest of my PhD cohort, who are a brilliant and motivated group. I am learning from them continually.”

Elissa Cohen

More about Elissa

Economics PhD candidate Elissa Cohen received an NSF grant to pursue her research about assumptions people make about risk and, building off an idea from a previous project, Elissa continues her interest in the Value of Statistical Life in this one to question the validity of how VSL is used and estimated. In doing so, she contributes to development of a more complete theory of how perceptions of risk guide decision making.

Elissa asks three questions: (1) Is the construct validity of the VSL consistent across measurement approaches? (2) Do people value the mitigation of varying types of fatality risk differently across domains? (3) Do people accurately comprehend the probability of death in a given setting?

To answer these questions, Elissa uses discrete choice experimental (DCE) designs, self-report surveys, and machine learning techniques to evaluate the validity of the VSL as an assessment how people’s risk assessment shapes behavior.

This research improves the understanding of how people perceive fatality risk across domains and how perceptions impact choices about risk exposure. With this research comes the potential to reshape how regulatory agencies construct their aggregated VSL estimates for future cost-benefit analyses, influencing policy decisions and allocation of scarce federal resources.

As she thinks about impact and the research space she can contribute to and develop, Elissa comments, “AU has definitely helped me refine the types of questions I am interested in answering…. I see myself continuing to explore and test feedback loops between emergent human behaviors and macro-level policy decision-making.”

Amy Burnett Cross

More about Amy

Amy Burnett Cross has been selected as one of the three NBER Pre-Doctoral Fellows in the Gender in the Economy program to support her dissertation research on the influence of military policy on the sorting of women into occupations. Through this research, she is able to include her knowledge from AU’s Program on Gender Analysis in Economics as well as her understanding that by bringing more insight from conservative institutions into her research realm, she could enhance the policy space of gender equity.

As she continues her career, Amy desires to conduct research that is directly applicable to policymakers, and through her research on this project, Amy has the chance to do this in addition to engaging with economic history and begin to invest more time in the historical arc of military policy and gender dynamics.

She has three focuses for her dissertation project: (1) evaluate the impact of lifting the ban on women in combat (in 2013) on civilian occupational desegregation; (2) measure the extent to which gender desegregation of the Army (in 1977) signaled a shift in the appropriate role of civilian women at work; and (3) assess whether the structure of the U.S. draft in WWI (in 1917) contributed to the development of the male breadwinner norm.

Amy’s work aims to provide evidence that policy changes can influence social norms constraining women’s work and occupational segregation, particularly in discovering how policies regarding women’s participation in the military go on to influence gender gaps in civilian labor market outcomes. In doing so, Amy also seeks to contribute to the research of information asymmetry as a cause for occupational segregation—does military gender desegregation function as a reduction of information asymmetry?

With the support and accommodation of her peers, professors, and advisor, Mary E. Hansen, Amy has been able to focus on her academic excellence and develop close friendships and bonds during her journey at AU. In discussing her work in gender economics and the community at American University, Amy offered, “AU attracts women economists and I have found some truly excellent ones here.”

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Have questions about applying? Please check our FAQ page  before emailing us at [email protected] . We partner with Harvard Economics to connect prospective students from underrepresented groups with graduate student mentors. Details of this Application Assistance and Mentoring Program are available below.

Application requirements

The application to our doctoral program is open annually from September 15-December 15 for admission the following September. The application for September 2024 admission is now closed.

Your application is considered complete when you have successfully submitted the following requirements by the December 15 application deadline:

• Online application
• $75 application fee
• Scanned copy of college transcripts
• Three letters of recommendation
• TOEFL, IELTS, or Cambridge English Qualification (C1 & C2) test score (any one) for international students whose native language is not English
• The GRE is required as part of applications for the 2025-2026 cycle (for September 2025 admission)

To request a fee waiver, please complete MIT's application fee waiver form . You should carefully review the eligibility criteria prior to applying. A representative from MIT’s Office of Graduate Education will be in touch about the outcome of your request.

Transcripts

Please upload one copy of each transcript from all universities you have attended. If you're admitted to the program, we'll require you to have an official copy of your transcript(s) sent to us from the university's registrar. Your transcript will be verified upon receipt and any discrepancy between the transcript you uploaded and the official transcript will result in a withdrawal of our offer of admission.

Letters of recommendation

Letters must be submitted/uploaded by the letter writers by December 15. Please send the email request to your letter writers via the 'Letter Status' section in your application.

TOEFL, IELTS, or Cambridge English Qualification scores

International students whose first language is not English are required to submit   English language proficiency test scores unless they are a US citizen or permanent resident. The department will also waive the requirement for international non-native speakers of English who have spent three or more years studying in an accredited school or university where English is the language of instruction.  (Please note: verification of the institution’s language of instruction may be requested.)

We accept the following test scores:

• Cambridge English C1 Advanced
• Cambridge English C2 Proficiency

If you meet the criteria for a waiver, you can make a request to waive the English proficiency exam requirement on the online application, under the "test scores" section.

TOEFL, IELTS, and Cambridge English Qualification scores are valid or accepted for two years. Scores that expire while an application is under review will be considered valid.

Submitting your scores

Your online application will prompt you to attach a scanned copy of your test scores. Your scores must also be sent directly to MIT from ETS, IELTS, or Cambridge. MIT's school code for the TOEFL is 3514. The TOEFL code for the Department of Economics is 84. IELTS and Cambridge do not require a code. Please enter "Massachusetts Institute of Technology- Graduate Admissions."

Official scores must be received from ETS, IELTS, or Cambridge by December 15. Please take your proficiency exam of choice by November 30 to allow for proper reporting time. If your score report arrives shortly after the deadline, it will be accepted, but your application may not be reviewed until your scores are received.

Minimum score requirements

The minimum requirement for the TOEFL is PBT: 600, iBT: 100. The minimum requirement for the IELTS is 7.  The minimum requirement for the Cambridge English Qualifications is a CEFR score of 185.

Your online application will give you the option to attach a scanned copy of your test scores or a screenshot of the scores from the ETS website. You can also send a score report directly to MIT from ETS. MIT's school code for the GRE is 3514. The code for the Department of Economics is 1801.

To allow for your scores to arrive by the application deadline, you should take the GRE by November 30 to allow for reporting time.

Personal statement (optional)

We encourage applicants to include a statement of objectives/personal statement with their application, though it is not required. The statement is an opportunity to explain what makes you a good candidate for the program. You should describe why you wish to attend graduate school, what you would like to study, and any research experience. Describe one or more accomplishments you are particularly proud of that suggest that you will succeed in your chosen area of research. You can also share any unique perspective or life experience that would contribute to the program.   Statements are typically two single-spaced pages.

Application Assistance and Mentoring Program

Many students interested in an economics PhD experience disparate degrees of support in the application process. The Application Assistance and Mentoring Program (AAMP) aims to mitigate these gaps by helping students from underrepresented groups connect with a graduate student mentor in MIT or Harvard’s PhD economics programs.

Mentors can provide:

• Advice on graduate school and fellowship applications, including questions about the application process and feedback on application materials.
• Information about economics research, life as a PhD student or in an academic career, for students who are deciding whether a PhD in economics is the right choice for them.

The AAMP aims to increase the pipeline of diverse talent in economics PhD programs and welcomes participation from all groups underrepresented in economics, including but not limited to: Black, Hispanic-Latinx, Native American, low-income, and LGBTQ+ students, women, students with disabilities, and students who are the first in their families to go to college. The AAMP welcomes participation among students at various stages of their economics studies, including undergraduates and college graduates. The AAMP is open to students who are curious about the academic economics experience and interested in figuring out if it’s right for them. 

Interested participants should fill out the application linked below. We will accept applications until July 17, 2023. Mentorship will begin over the summer and continue through Fall 2023. Mentees who prefer to meet for a single “coffee chat” may indicate their preference on the form. We will do our best to match all interested applicants with a mentor; however, demand may exceed the availability of mentors.

Please note that the MIT / Harvard Economics AAMP is a volunteer-based, student-run program. This program is not considered part of the admissions process for the Economics PhD at MIT or Harvard, nor will any student's participation in the AAMP be considered by the Graduate Admissions Committee at either school.

Please direct any questions to [email protected] . To join the program, please click the link below to fill out the form.

Click here for the application form If you are a faculty, program advisor/coordinator, or student interested in being notified when 2024-2025 AAMP applications open, please fill out this form .

Graduate Program

Our Ph.D. program field faculty consists of 91 economists drawn from the Economics Department and other departments and colleges across the university, offering students many opportunities. Students can focus their doctoral research on a wide range of economics-related topics provided at least two Ph.D. program field faculty members approve the topic and agree to supervise the student. 

To view our Ph.D. program field faculty, click here .

The Economics Department is committed to fostering an inclusive culture and positive climate for all at Cornell University and in the Economics profession more broadly.  Learn more about our diversity and inclusion initiatives here.

Job Market Candidates

The department is proud to support and promote the work of our Ph.D. students who are seeking employment following the completion of their doctoral program. At Cornell University, economists are trained in many departments, schools and colleges, and as a part of multiple graduate fields.  All Ph.D. job candidates with training in economics are listed here .  The following websites include the subset of students who are receiving their degrees in Fields outside of Economics:  Field of Policy Analysis and Management  and  Dyson School of Applied Economics and Management .

More About the Graduate Program

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Upcoming Events

• Programs Overview
• Joint Finance PhD Program

The Kenneth C. Griffin Department of Economics is one of the world's foremost economics departments, and its faculty are renowned for their seminal contributions to the field, achievements recognized with numerous Nobel Prizes, Clark Medals, and other distinctions. Students admitted to doctoral studies research, interact daily with the faculty, as well as fellow graduate students, and pursue their own interests, thus furthering their own scholarship and research, ultimately continuing to shape the discipline itself.

The Department of Economics receives 600-700 applications for an entering class of 20-25 students per year. The number of well-qualified applicants exceeds the number of offers we can make. Nevertheless, we still strongly encourage those interested in graduate economic study to apply.

Welcome incoming Ph.D. students! (alphabetical listing): Pedro Adami Oliboni; Bruno Aravena Maguida; Iris Arbogast; Dylan Baker; Rachel Coroseo Rojas; Amedeus Dsouza; Jacob Hartwig; Xun Huang; Ragini Jain; Tanvi Jindal; Sreyas Mahadevan; Saptarshi Majumdar; Ken Miyahara Coello; Meera Mody; Luke Motley; Shivani Pandey; Tyler Patterson; Santiago Perez Cardona; Henrique Rodrigues da Mota; Berkay Sagin; Stan Xie; Gianluca Yong Gonzalez; Samuel Zhao

  _______________________________________________________________________

Congratulations 2022-2023 Ph.D. Graduates! 2022-2023 PhD graduates (alphabetical listing): Oguz Bayraktar • Sergei Bazylik • Andrew Choi • Neil Cholli • Levi Crews • Yusheng Fei • Agustin Gutierrez • Takuma Habu • Eyo Herstad • Sota Ichiba • Esperanza Johnson Urrutia • Joshua Ka • Daniel Kashner • Jonas Lieber • Jack Light • Jiarui Liu • Andrea Mattia • Hyejin Park • Harshil Sahai • Chun Shea • Younghun Shim • Myungkou Shin • Mateusz Stalinski • Mehrdad Tahvilian

_____________________________________________________________________________

Postdoctoral Program The Kenneth C. Griffin Department of Economics is proud to announce its first year (2023-24) of having a postdoctoral program! 

Selected postdoctoral scholars in the program for 2023-24 are Harshil Sahai (PhD '23) and Esperanza Johnson Urrutia (PhD '23).  Postdoctoral scholars in the program for 2024-25 are Elena Istomina and Shanon Hsuan-Ming Hsu.

STEM Eligibility The PhD program is STEM eligible for international students.

Divisional Graduate Resources

Find divisional Graduate Resources here.

The Economics PhD Program is administered by: Kathryn Falzareno Graduate Student Affairs Administrator SHFE 510 Phone: 773-702-3026 Email: [email protected]

PhD Admissions Application

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Department of Economics

PhD Programs

• Ph.D. Program

The Ph.D. program in MSU’s Department of Economics is a leader in economic research and training, routinely being ranked between the 25th and 35th best economics departments in the United States according to U.S. News & World Report. According to the current Research Papers in Economics (RePEc) rankings, MSU is 24 th in the United States and is in the top-three in the Big 10 in Econometrics, International, Labor, Micro, and Public. For additional rankings, see the  American Economic Association .

We recognize that the best education comes from building a strong theoretical and econometrics foundation and working closely with faculty members and fellow classmates. As a department, we have taken steps to maximize these opportunities by offering competitive support packages, keeping field class sizes small, and fostering a collaborative environment within and between cohorts.

Our goal is that students will leave MSU with the research tools, experience, and professional network necessary to succeed in their desired careers. Recent graduates have gone on to work in tenure-track positions at top research institutions (Rutgers, Georgia Tech, Arizona, Oregon State, Iowa State, Melbourne, Essex), top government agencies (Census, Environmental Protection Agency, Federal Deposit Insurance Corporation, Food and Drug Administration, Securities and Exchange Commission, U.S. Government Accountability Office), and top private sector firms (Abt, Amazon, Citi, J.P. Morgan, Mathematica).

• Dual Doctoral Degrees

Course Selection

While our course selection changes from year to year, we have structured the program so that we can offer at least one course in all of our primary fields each year:

• Microeconomic Theory
• Macroeconomics
• Development
• Econometrics
• Environmental and Resource
• Industrial Organization
• International Trade

In addition to working on topics in these primary fields, we frequently have students working in secondary fields, including Aging, Behavioral, Education, and Health. Please see Michigan State University's  schedule of courses for a complete and up-to-date course offering.

Funding Information

All admitted students are automatically considered for funding and fellowships. In recent years, all admitted students received some form of funding, ranging from university-wide fellowships that require no teaching to teaching and research assistantships. We will communicate a student’s funding offer in the official admissions offer letter.

For more information, please contact Scott Imberman , Director of Graduate Studies, or Jay Feight , Graduate Program Coordinator. 

• Application Info
• Past Ph.D. Placements
• Job Market Candidates

Your Next Step

Learn how to apply

Economics PhD

The Economics PhD program at UC Berkeley is designed for students interested in pursuing advanced study and conducting original research in economics. The PhD degree is awarded in recognition of the recipient's qualifications as a general economist and of the ability to make scholarly contributions in fields of specialization. New admissions to the graduate program are restricted to students pursuing the PhD degree. There is no external, terminal program for the MA degree.

Contact Info

[email protected]

530 Evans Hall

Berkeley, CA 94720

At a Glance

Department(s)

Admit Term(s)

Application Deadline

December 4, 2023

Degree Type(s)

Doctoral / PhD

Degree Awarded

GRE Requirements

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• Resources for Students

Alphabetical list of US graduate programs in economics

PhD in Economics

PhD students take 16 courses, roughly half of which are spent acquiring the core analytic tools of the profession (microeconomics, macroeconomics, and quantitative methods), with the balance spent applying those tools in particular fields of specialization. All PhD students must complete a doctoral dissertation (thesis).

The PhD in Economics is a STEM designated degree program.

View the complete PhD Rules here

Program Requirements

Doctoral students must complete a minimum of 16 semester courses (64 credits). They are required to successfully complete the core courses by the end of the first year.

Theory and Quantitative Core Requirements

These core courses must be passed by the end of the first year with a grade of at least B- in each course.

• EC 701 Advanced Microeconomics I (4 credits)
• EC 702 Advanced Macroeconomics I (4 credits)
• EC 703 Advanced Microeconomics II (4 credits)
• EC 704 Advanced Macroeconomics II (4 credits)
• EC 707 Advanced Statistics for Economists (4 credits)
• EC 708 Advanced Econometrics I (4 credits)

Students must also take EC 705 Mathematical Economics in the first semester, unless a waiver is granted, and EC 709 Advanced Econometrics II (4 credits) in the third semester.

In addition, students must pass a qualifying examination in both microeconomics and macroeconomics. Students have at most three opportunities to take the qualifying examinations; failing may result in termination from the PhD program.

Field Requirements

All students must pass 2 2-course fields, each with a minimum grade average of B.

In addition, students must take at least 2 other courses. The following fields are generally offered each year:

• Development
• Econometrics
• Economic Theory
• Empirical Finance
• Financial Econometrics
• Industrial Organization
• International Economics
• Labor Economics
• Money/Macroeconomics
• Public Economics

GPA Requirements

All courses must be passed with a grade of B– or higher. An overall grade point average (GPA) of 3.0 must be attained in all courses taken after enrollment in the Graduate School of Arts & Sciences.

Time Requirement

The PhD program is designed so that a typical student can complete all requirements within 5 to 6 years. International students may be subject to additional restrictions imposed by the terms of their visas, as governed by the International Students & Scholars Office (ISSO).

Students are expected to meet the following milestones each year:

By the end of the 1st year:

• Finish and pass all core first-year courses, as well as EC 705 (unless exempted through placement exam).
• Sit for the first attempt at the micro and macro qualifying exams in June. The second attempt, if necessary, is in August.

By the end of the 2nd year:

• Pass EC 709, a required course in Advanced Econometrics.
• Continue and, if possible, complete remaining coursework, including a two-course sequence in each of two fields. A B average (3.0) is required in each of the field course sequence.
• Achieve an overall GPA of at least 3.0.
• If both qualifiers are not passed, the third and final attempt is in June of the second year.
• Each student must prepare a research paper during the second year and the following summer. By April 1 of the second year, the student must ask a faculty member to serve as an advisor on this paper; have this faculty member agree to serve in this manner; and inform the DGS of the topic of the paper and the advisor’s name. The paper is due in the third year as described below.

By the end of the 3rd year:

• Submit the second-year paper by October 1. By October 15, the faculty advisor must provide (i) a grade for the paper; and (ii) a brief written evaluation the paper. These documents will be sent to the DGS and the student. A student must receive a passing grade on the research paper.
• Complete all coursework with GPA of at least 3.0.
• Continue work on research for the dissertation.
• Attend and present at least annually in one of the research workshops until completion of all degree requirements.

Years 4, 5, and (if necessary) 6:

• Student carries out thesis research, defending the thesis no later than the end of the sixth year.

Dissertation

Under the supervision of two faculty advisers, a student prepares a dissertation proposal for presentation at a proposal seminar. If the proposal is approved, the student proceeds to research and write the dissertation. When the dissertation is completed, the student must defend it at a final oral examination. The Graduate School of Arts & Sciences requires that the dissertation be completed within seven years of initial enrollment in the program.

For more details, view the complete PhD Rules here and check out our past PhD Placements here .

Fully Funded PhD Programs in Economics

Last updated May 13, 2022

Following ProFellow Founder Dr. Vicki Johnson’s article on How To Fully Fund Your PhD , we began a series on fully-funded PhD programs in various disciplines. In this article, you’ll learn about the many fully-funded PhD Programs in Economics that are available.

We have many fellowships for doctoral study and dissertation research in the ProFellow database ; however, external doctoral fellowships are highly competitive and are usually short-term. Therefore, we recommend researching PhD programs that provide full funding to all incoming PhD students. “Full funding” typically includes full tuition and a stipend for living expenses for the four to six-year duration of the student’s doctoral studies. Not all universities provide full funding to their doctoral students, which is why we recommend researching the financial aid offerings of all the potential PhD programs in your academic field, including small and lesser-known schools both in the U.S. and abroad.

Below is a list of universities that offer full funding to all of the admitted students to their PhD Programs in Economics:

Would you like to receive the full list of more than 1000+ fully funded programs in 60 disciplines? Download the FREE Directory of Fully Funded Graduate Programs and Full Funding Awards !

1. Cornell University, Department of Economics

(Ithaca, NY): Financial aid packages for incoming students are typically guaranteed, given satisfactory performance, through the Spring semester of the fifth year of study. Graduate research and teaching assistantships cover tuition, as well as an academic year stipend and medical insurance.

2. Harvard University, Department of Economics

(Cambridge, MA): Economic students receive full tuition and stipend support while they are enrolled and making satisfactory progress toward their PhD degree.

3. University of Pennsylvania, Wharton School of Business, PhD in Applied Economics

(Philadelphia, PA): All admitted Wharton doctoral students are provided guaranteed funding for five years that covers the cost of tuition, fees, health insurance, and a stipend. In contrast with other top Economics PhD programs, Wharton only requires one semester of teaching assistant work during the program’s third year, and one semester of research or teaching assistant work during the fourth year.

4. Vanderbilt University, PhD in Law and Economics

(Nashville, TN): Students are fully funded by a competitive package of fellowship support covering tuition and stipend for both degrees.

5. Massachusetts Institute of Technology, PhD in Economics

(Cambridge, MA): Scholarship offers include full tuition for the academic year, health insurance, and a stipend/salary to cover living expenses for the nine-month academic year. Continuation of financial aid for years two through five is dependent on satisfactory academic progress. In the third through fifth year, financial aid typically takes the form of a Teaching or Research Assistantship. The 9-month stipend for teaching assistantships is about $35,000.

6. Fordham University, PhD in Economics 

(New York City, NY): Fordham offers a 3-year fellowship package with optional funding for two to three additional years.

7. Binghamton University, PhD in Economics

(New York, NY): Approximately two-thirds of full-time Ph.D. students in the Economics Department are supported by fellowships and assistantships carrying an annual stipend plus a tuition scholarship and medical insurance. These awards are based exclusively on academic merit.

8. Duke University, PhD in Economics

(Durham, NC): 90 percent of admitted students or more receive six years of funding, so long as they remain in good academic standing.

9. Rice University, PhD in Economics

(Houston, TX): All admitted students receive an offer of financial support covering five years in return for a teaching or research assistantship. Continuation of the financial support beyond the first year is contingent upon satisfactory academic progress. Funding may be available beyond the fifth year for students who show exceptional promise.

10. Emory University, PhD in Economics

(Atlanta, GA): Students in the Economics Ph.D. program at Emory typically receive full funding for five years through the Laney Graduate School, as long as they make good academic progress.

11. Columbia University, PhD in Economics

(New York, NY): Columbia offers multi-year financial aid packages to admitted students that include fellowships and appointments to teaching and/or research positions. PhD students receive an annual stipend, tuition, and health fees for five years if they remain in good academic standing.

12. University of Kansas, PhD in Economics

(Lawrence, KS): Each year, a class of 7-10 students is awarded full funding. The five-year financial support package typically includes a full tuition waiver, a paid assistantship position, funding for conference travel, and more.

13. University of Wisconsin-Madison, PhD in Economics

(Madison, WI): All students will automatically be considered for five years of funding during their doctoral studies. Admitted students receive a guarantee of support for years two through five, contingent on maintaining satisfactory academic progress.

14. Johns Hopkins University, PhD in Economics

(Baltimore, MD): The department guarantees financial support for a minimum of five years of graduate study through a teaching or research assistantship conditional on satisfactory performance. The departmental fellowship covers full tuition costs plus an annual stipend of $33,000 and full student health insurance coverage.

15. University of California-Santa Barbara, PhD in Economics

(Santa Barbara, CA): The Department expects to offer a full financial aid package to all accepted Ph.D. students, which will cover full tuition, health insurance, and a stipend. Financial aid packages, which are a combination of Teaching Assistantships and fellowship money, are guaranteed for five years for students making satisfactory progress.

For application tips on applying to a PhD program, see  How To Get Into a Fully Funded PhD Program: Contacting Potential PhD Advisors .

© Victoria Johnson 2020, all rights reserved.

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Fully Funded PhD Programs , PhD in Economics

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Thanks for this article, I found it helpful.

You can add Yale and Princeton to this list (based on information available on October 13, 2016).

http://economics.yale.edu/graduate/application-info (under Financial Assistance) https://gradschool.princeton.edu/costs-funding (paragraph beginning with “Princeton guarantees funding…”)

These might even apply more broadly than just the economics PhD program too!

Comments are closed.

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PhD Programs in Economics in the United States

Study economics in the united states.

If you are looking to do your PhD degree in economics abroad, United States is a highly popular postgraduate study destination. With over 4,000 higher education institutions, the US offers a great number of doctoral programs in various economics research subjects. The USA is home to hundreds of world-leading universities, colleges and business schools like Stanford University , Massachusetts Institute of Technology , Harvard University , The University of Chicago , Yale University , University of California, Berkeley , and Duke University . They all rank in the Top 10 of the Times Higher Education World Rankings for Economics . Other great economics departments are located at the University of Pennsylvania ,  Northwestern University ,  New York University ,  University of Michigan-Ann Arbor , University of California, Los Angeles , or  Columbia University .

Every year the United States is attracting thousands of international postgraduate students with great quality higher education institutions and highest paying career opportunities. The American educational system offers comprehensive approach to postgraduate education, combining research opportunities and a great deal of teaching.

Pursue your research interests, be it economics theory, macroeconomics, econometrics, health economics, financial economics, behavioral economics, applied economics or development economics. Start your postgraduate training in the US and enjoy brilliant on-campus facilities and highly sociable student life.

Key Information

• Academic year: August – May/June • Study length: 4-6 years • Type of degrees: Doctor of Philosopy (Ph.D or D.Phil.), Doctor of Science (D.Sc.), Doctor of Business Administration (D.B.A.) • Fees: between 28,000 USD and 40,000 USD/year (funding usually covers most or all costs) • Scholarships:   KC Mahindra Scholarships , Hsiao Economics Scholarships , Rotary Foundation Graduate Scholarship Program , Hubert H. Humphrey Fellowship Program , Ritchie- Jennings Memorial Scholarship , scholarships from American universities • Living costs: 1600 USD – 2800 USD • Average starting salary: 148,000 USD for economists with a PhD degree ( INOMICS Salary Report )

Highlighted PhD courses in economics in the United States

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I have been a member of INOMICS community for over 8 years. I came across the platform when I was looking for a summer school in Europe to prepare myself for my Master’s studies, so I decided to give it a shot. As soon as I found my summer course on INOMICS (which I enjoyed a lot), I started to explore the website more and realized that I can also use it for finding great PhD programs, academic jobs, conferences and professional courses. I think it is the most complete source of information for students or career seekers in the field of economics. Gökhan, PhD Student in Economics at Ankara University

INOMICS has been quite useful, since information about courses, universities and scholarships is usually hard to access. This is especially true when it comes to the quantity of information one can obtain on INOMICS. I also know that I will be using it to find job postings at the end of this year when I go to the job market! Carolina, PhD Student in International Economics at Brandeis University

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#WhyIChoseEducation: ‘I Still Think That It Helps Us Build a Better Society When We Ask Rigorous Questions and Study Them Well,’ Says Stephen Day ’15PHD

In the home of Stephen Day ’15PHD, there is a bustling mini-economy. When his kids complete chores, they earn “Day Bucks,” which can be used at the family store to purchase small toys from the Dollar Tree or coupons for tasks parents might be tired of doing, like printing out yet another coloring page of a saber-toothed tiger. 

Day’s children also vote on taxes, tithe to their church and create small businesses of their own. The purpose is not simply to create a system for managing chores, but rather to provide an opportunity to learn lessons about the ways in which money and work are linked to goals and values. 

“It’s supposed to create this ecosystem where kids experience an economic life and how every part of that interconnects,” said Day, a term associate professor at Virginia Commonwealth University and director of its Center for Economic Education. “They’re not just learning rules or being managed. They’re experiencing and practicing what it means to be an economic thinker.”

Day’s passion for helping kids better understand economics has been consistent throughout his career. For eight years, he was a high school social studies teacher and then served as program director for the North Carolina Council on Economic Education while earning his doctoral degree in the NC State College of Education’s Ph.D. in Teacher Education and Learning Sciences social studies education concentration.

Following the completion of his dissertation, entitled “How Elementary Teachers Use Classroom Mini-Economies When Guided by the C3 Framework,” Day became the director of Virginia Commonwealth University’s Center for Economics Education, where he now instructs teachers on how to better teach economics.   

“A Center for Economic Education views economic literacy, for grades kindergarten through 12th grade, as a really important public good, and we seek to advocate that by all the different programs that we do,” Day said. 

To reach an even wider audience, Day has also created a blog, entitled Paper Robots , where he draws on his academic and personal experiences to help parents and kids talk about money, life and work. 

The blog, Day said, has given him an opportunity to write more creatively. Over the past few months, his posts have included a deeper look at family economics in the popular children’s TV show “Bluey,” why chores are less common than they were in the past and the importance of supporting internal motivation. 

“I’m applying to family life what I’ve learned in my school life, and I love it,” Day said.

Why I Chose Education:

I chose education when I was 18 years old and trying to decide on a college major. I liked history, economics and government, and so I thought if I got an education degree, then I could also be a teacher. That’s exactly what I did, and that’s actually what I’m still doing. I still love the social studies content. I still love the questions it asks, and I still think that it helps us build a better society when we ask rigorous questions and study them well. 

How Education Shaped Me:

When I am thinking through an issue, or some new bit of information I have, I automatically think about how I would teach it to students or how I would write it down in a research paper. 

I first noticed this habit of the mind when I left the classroom. Between teaching high school and teaching classes at NC State, I wasn’t teaching anybody. I just felt like there was this gap in my brain. I remember I was reading this history book, and I thought, “Oh, this is really fascinating stuff. I love this. How am I going to teach this to my students?” And then there was this sinking, feeling of “Oh my gosh, I don’t have any students anymore.” 

It sort of made me sad. Other people don’t have this opportunity. They can’t share the things that they learn in their classrooms. Education has definitely changed how I think; I think about things by teaching. 

Why Economics Education Matters:

Economics is the study of how people make choices. If you’re really trying to look at why people make the choices that they do, and how the dynamics of a changing environment affect people’s choices, you need strong economics to do that. 

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It also makes you a better thinker. It makes your choices more realistic by taking away the talking about things and really moving into the doing. 

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The department of economics is saddened to annouce the passing of paul davidson (ph.d., penn economics, 1959).

The Department of Economics is saddened to announce the  passing of Paul Davidson (Ph.D., Penn Economics, 1959) on June 20, 2024. He was 93 years old. Besides receiving his PhD from Penn Economics, Paul also served on the Penn Economics faculty as an assistant professor from 1961 to 1963 and as an associate professor from 1963 to 1966. Paul Davidson was co-founding editor with Sidney Weintraub of the Journal of Post Keynesian Economics.

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• “The Lifetime Impacts of the New Deal’s Youth Employment Program,” by Anna Aizer, Nancy Early, Shari Eli, Guido Imbens, Keyoung Lee, Adriana Lleras-Muney, and Alexander Strand
• “Stories, Statistics, and Memory,” by Thomas Graeber, Christopher Roth, and Florian Zimmermann
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Warwick economics finalist selected for the outstanding student contribution award (osca) 2024.

We congratulate a Warwick Economics finalist, Alex Reid (BSc Economics), who is one of the winners of the University's Outstanding Student Contribution Awards 2024 for demonstrating his entrepreneurial flair during his time at Warwick. The OSCAs recognise and celebrate the outstanding contributions of Warwick's students who not only excel academically, but also find the time to campaign for good causes, fundraise, start small business, and work with local charities.

In his second year, Alex got in touch to tell us about how he and two of his friends created a social media app called Butterfly, available to Warwick students, so that they could receive relevant content about campus life and feel connected to fellow students. We outlined the benefits of the app in the article Butterfly helps students spread their social wings , which was published in March 2023.

When we interviewed Alex then, he commented on his venture:

"We all felt that social media has lost its way - far from being social, these days it is about passive scrolling and the consumption of entertainment, often far removed from our own day to day lives."

Now, Alex has just finished his final year exams and is getting ready for his graduation on 23 July at which he will be receiving his Outstanding Student Contribution Award 2024.

We asked Alex how he felt about being awarded an OSCA and he said:

"Warwick is an amazing place to learn, connect, and innovate - I'm very grateful to have had these opportunities and be awarded the OSCA."

The app Butterfly is available in the AppStore and Google Play Store .

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University of North Carolina prof let go after calling out school secretly recording his classes

CHAPEL HILL, N.C. -- The University of North Carolina-Chapel Hill professor who called out school administrators for launching an apparent investigation and secretly recording his classes will not have his contract renewed.

Larry Chavis taught economics at UNC for 18 years. Back in May, he spoke with ABC Raleigh-Durham affiliate WTVD outside the Kenan-Flagler Business School, where he described himself as outspoken and someone who refuses to keep quiet about injustices.

"At times, I've felt like I'm the Nikole Hannah-Jones that no one knows about," Chavis said in May. "There are times I left the building crying with people asking me to not even mention to students that I would prefer they not wear Native American mascot gear in my Indigenous studies class."

The university's decision not to renew his contract comes after Chavis received a letter on April 22 from UNC. The school had received reports over the past few months concerning his class content and conduct. Unbeknownst to him, several of his classes were recorded and reviewed.

The letter also stated that notice is not required to record classes, and it does record classes without notice in response to concerns raised by students.

SEE ALSO: University of North Carolina museum returns painting stolen by Nazis in WWII to Jewish family

In May, UNC Media Relations released a statement to WTVD on the situation:

"Regarding the general topic of filming classes, the University does not have a formal policy but follows applicable laws. Protecting the principles of academic freedom and freedom of expression are among the most important responsibilities we share, in addition to assuring student success and well-being in the classroom."

Chavis' contract ends at the end of June.

RELATED | Here are 3 key moments that led to Nikole Hannah-Jones declining UNC tenure offer

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RES PhD Conference 2024 will be hosted by the University of Portsmouth

• June 26, 2024

The RES is delighted to announce that this year’s RES PhD Conference will be hosted by the University of Portsmouth. This annual conference is organised by research students for research students and is an opportunity to hear from a keynote, present papers or posters, network with peers and take part in a topical professional development session.

Thank you to the 7 institutions who responded to the expression of interest to host this event for the RES.

Call for papers for the RES PhD Conference will open in early July and the conference will be on Wednesday, 4 December at the University of Portsmouth.

To keep up to date, please visit the webpage here .

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The point estimates were adjusted for age, sex, race and ethnicity, Medicare and Medicaid dual eligibility, and van Walraven-Elixhauser comorbidity score, with fixed effects for the year of discharge, major diagnostic category of the hospitalization (excluded for specific clinical categories), and hospital. The differential change was calculated as the mean of the difference-in-differences estimates across the 3 years after private equity acquisition. The year of acquisition was a washout period. Clinical conditions were classified using diagnosis related groups from the hospital admission. COPD indicates chronic obstructive pulmonary disease.

The box contains values within the IQR (25th to 75th percentile). The bold horizontal line signifies the median (or 50th percentile). The upper whisker extends to the largest value less than the 75th percentile plus 1.5 times the IQR. The lower whisker extends to the smallest value greater than the 25th percentile minus 1.5 times the IQR. The full plot inclusive of outliers appears in eFigure 1 in Supplement 1 . The 12 hospital-acquired conditions were implemented by the Centers for Medicare & Medicaid Services in 2009 as quality measures that captured hospital-acquired adverse events believed to be preventable by adherence to evidence-based guidelines. A composite of the 12 hospital-acquired conditions is shown. Event year 0 denotes the year of acquisition.

eTable 1. List of van Walraven-Elixhauser Comorbidity Indices and Weights

eTable 2. Discharge Codes for Home, Skilled Nursing Facility/Rehab, Transfer, and Death

eTable 3. CMS Hospital Acquired Conditions

eTable 4. Volume of Admissions for Common Clinical Admission Diagnoses

eTable 5. Patient Characteristics by Admission Diagnosis

eTable 6. Volume of Procedures Underlying Hospital-Acquired Conditions (HACs) Measures

eTable 7. Assessment of Between-Group Differences in Pre-Acquisition Trends

eTable 8. Hospitalization Outcomes for Private Equity and Control Hospitals

eTable 9. In-hospital, 7-Day, and 30-Day Mortality by Admission Diagnosis

eTable 10. Discharge Location by Admission Diagnosis

eTable 11. Other Hospitalization Outcomes by Admission Diagnosis

eTable 12. Sensitivity Analyses I: Variations in the Base Model

eTable 13. Sensitivity Analyses II: Difference-in-Differences with Multiple Time Periods

eTable 14. Sensitivity Analyses III: Outcomes by Admission Diagnosis

eTable 15. Sensitivity Analyses IV: Patient Characteristics by Admission Diagnosis

eFigure 1. Distribution of Hospital Acquired Conditions by Hospital

eFigure 2. Adjusted Changes in Hospital Acquired Conditions Associated with Private Equity Acquisition

eFigure 3. In-Hospital, 7-Day, and 30-Day Mortality by Admission Diagnosis

Data sharing statement

• Potential Implications of Private Equity Investments in Health Care Delivery JAMA Viewpoint March 19, 2019 This Viewpoint describes trends favoring private equity acquisition of health care practices and companies, and calls for research to better characterize potential risks and benefits relative to health care quality, outcomes, and costs. Suhas Gondi, BA; Zirui Song, MD, PhD
• A Policy Framework for the Growing Influence of Private Equity in Health Care Delivery JAMA Viewpoint May 9, 2023 This Viewpoint details how and why improved oversight of private equity acquisition of physician practices and hospitals is needed to mitigate the effects on health care costs, clinicians’ jobs, and patients’ access to care. Christopher Cai, MD; Zirui Song, MD, PhD
• Private Equity Ownership in Health Care Linked to Higher Costs, Worse Quality JAMA Medical News in Brief August 22, 2023 Emily Harris
• Changes in Hospital Income, Use, and Quality Associated With Private Equity Acquisition JAMA Internal Medicine Original Investigation November 1, 2020 This difference-in-differences analysis assesses whether an association exists between hospitals being acquired by private equity firms and hospital income, use, and quality in the United States. Joseph D. Bruch, BA; Suhas Gondi, BA; Zirui Song, MD, PhD
• COVID-19 and Private Equity Investment in Health Care Delivery JAMA Health Forum Insights March 1, 2021 Joseph Bruch, BA; Suhas Gondi, BA; Zirui Song, MD, PhD

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Kannan S , Bruch JD , Song Z. Changes in Hospital Adverse Events and Patient Outcomes Associated With Private Equity Acquisition. JAMA. 2023;330(24):2365–2375. doi:10.1001/jama.2023.23147

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Changes in Hospital Adverse Events and Patient Outcomes Associated With Private Equity Acquisition

• 1 Division of Pulmonary and Critical Care Medicine, Massachusetts General Hospital, Boston
• 2 Division of Pulmonary, Critical Care, and Sleep Medicine, Beth Israel Deaconess Medical Center, Boston, Massachusetts
• 3 Department of Health Care Policy, Harvard Medical School, Harvard University, Boston, Massachusetts
• 4 Department of Public Health Sciences, University of Chicago, Chicago, Illinois
• 5 Department of Medicine, Massachusetts General Hospital, Boston
• 6 Center for Primary Care, Harvard Medical School, Harvard University, Boston, Massachusetts
• Viewpoint Potential Implications of Private Equity Investments in Health Care Delivery Suhas Gondi, BA; Zirui Song, MD, PhD JAMA
• Viewpoint A Policy Framework for the Growing Influence of Private Equity in Health Care Delivery Christopher Cai, MD; Zirui Song, MD, PhD JAMA
• Medical News in Brief Private Equity Ownership in Health Care Linked to Higher Costs, Worse Quality Emily Harris JAMA
• Original Investigation Changes in Hospital Income, Use, and Quality Associated With Private Equity Acquisition Joseph D. Bruch, BA; Suhas Gondi, BA; Zirui Song, MD, PhD JAMA Internal Medicine
• Insights COVID-19 and Private Equity Investment in Health Care Delivery Joseph Bruch, BA; Suhas Gondi, BA; Zirui Song, MD, PhD JAMA Health Forum

Question   How do quality of care and patient outcomes change after private equity acquisition of hospitals?

Findings   In a difference-in-differences examination of 662 095 hospitalizations at 51 private equity–acquired hospitals and 4 160 720 hospitalizations at 259 matched control hospitals using 100% Medicare Part A claims data, private equity acquisition was associated with a 25.4% increase in hospital-acquired conditions, which was driven by falls and central line–associated bloodstream infections. Medicare beneficiaries at private equity hospitals were modestly younger, less likely to have dual eligibility for Medicare and Medicaid, and transferred more to other acute care hospitals relative to control, likely reflecting a lower-risk population of admitted beneficiaries. This potentially explained a small relative reduction for in-hospital mortality that dissipated by 30 days after hospital discharge.

Meaning   Private equity acquisition of hospitals, on average, was associated with increased hospital-acquired adverse events despite a likely lower-risk pool of admitted Medicare beneficiaries, suggesting poorer quality of inpatient care.

Importance   The effects of private equity acquisitions of US hospitals on the clinical quality of inpatient care and patient outcomes remain largely unknown.

Objective   To examine changes in hospital-acquired adverse events and hospitalization outcomes associated with private equity acquisitions of US hospitals.

Design, Setting, and Participants   Data from 100% Medicare Part A claims for 662 095 hospitalizations at 51 private equity–acquired hospitals were compared with data for 4 160 720 hospitalizations at 259 matched control hospitals (not acquired by private equity) for hospital stays between 2009 and 2019. An event study, difference-in-differences design was used to assess hospitalizations from 3 years before to 3 years after private equity acquisition using a linear model that was adjusted for patient and hospital attributes.

Main Outcomes and Measures   Hospital-acquired adverse events (synonymous with hospital-acquired conditions; the individual conditions were defined by the US Centers for Medicare & Medicaid Services as falls, infections, and other adverse events), patient mix, and hospitalization outcomes (including mortality, discharge disposition, length of stay, and readmissions).

Results   Hospital-acquired adverse events (or conditions) were observed within 10 091 hospitalizations. After private equity acquisition, Medicare beneficiaries admitted to private equity hospitals experienced a 25.4% increase in hospital-acquired conditions compared with those treated at control hospitals (4.6 [95% CI, 2.0-7.2] additional hospital-acquired conditions per 10 000 hospitalizations, P  = .004). This increase in hospital-acquired conditions was driven by a 27.3% increase in falls ( P  = .02) and a 37.7% increase in central line–associated bloodstream infections ( P  = .04) at private equity hospitals, despite placing 16.2% fewer central lines. Surgical site infections doubled from 10.8 to 21.6 per 10 000 hospitalizations at private equity hospitals despite an 8.1% reduction in surgical volume; meanwhile, such infections decreased at control hospitals, though statistical precision of the between-group comparison was limited by the smaller sample size of surgical hospitalizations. Compared with Medicare beneficiaries treated at control hospitals, those treated at private equity hospitals were modestly younger, less likely to be dually eligible for Medicare and Medicaid, and more often transferred to other acute care hospitals after shorter lengths of stay. In-hospital mortality (n = 162 652 in the population or 3.4% on average) decreased slightly at private equity hospitals compared with the control hospitals; there was no differential change in mortality by 30 days after hospital discharge.

Conclusions and Relevance   Private equity acquisition was associated with increased hospital-acquired adverse events, including falls and central line–associated bloodstream infections, along with a larger but less statistically precise increase in surgical site infections. Shifts in patient mix toward younger and fewer dually eligible beneficiaries admitted and increased transfers to other hospitals may explain the small decrease in in-hospital mortality at private equity hospitals relative to the control hospitals, which was no longer evident 30 days after discharge. These findings heighten concerns about the implications of private equity on health care delivery.

Private equity firms have increasingly acquired hospitals and physician practices. 1 - 10 This has garnered scrutiny from policymakers and the public, including the Biden administration and several US Senate and House committees. 11 - 14 Central to the concern over such acquisitions are the implications for patients—notably the quality of care—given the incentives of private equity to generate financial returns on investment quickly. 6 , 14 Despite this concern, rigorous evidence on the clinical consequences of private equity acquisition remains scant. 15

Private equity firms have acquired more than 200 acute care hospitals from nonprivate equity owners. Within private, nongovernment hospitals, private equity has an often distinct business model, in which the acquired entity typically assumes debt in the initial acquisition and is sold within a short time frame (often within 3-7 years). 6 Early evidence 7 - 10 showed that private equity acquisition was associated with increased charges, reduced staffing, use of profitable service lines, a decreased proportion of patients with Medicare, and increased net income.

However, analogous evidence on quality of care exists only for a few hospital-level process measures, with equivocal results. 8 , 15 One study of Medicare beneficiaries with cardiovascular and pulmonary disease also found mixed results, 9 including lower mortality among those with acute myocardial infarction treated at private equity hospitals, which could be due to selection of healthier or lower-risk patients.

To date, there are no analyses of adverse events within the hospitalization, which may provide a better assessment of quality attributable to private equity. Important within-hospitalization outcomes include falls, infections, blood clots, and other hospital-acquired conditions. These are more common than mortality and can emerge without changes in mortality or readmissions. They may also provide a more complete picture of quality of care or patient experience.

We examined the association between private equity acquisitions of US hospitals and hospital-acquired conditions using 100% Medicare Part A claims data. By definition, hospital-acquired conditions are not present at admission, but are acquired during the hospitalization. Hospital-acquired conditions are established measures of inpatient quality, are considered preventable based on guidelines from the US Centers for Medicare & Medicaid Services 16 (CMS), are clinically important for patients, and have been financially relevant for both hospitals and the CMS since 2009.

Notably, the diagnoses underlying hospital-acquired conditions are not used in the assignment of a diagnosis related group and cannot be used to increase diagnosis related group severity (payment); worse performance on these conditions results in Medicare payment reductions. 17 To interpret hospital-acquired conditions in the context of broader hospitalization outcomes, we also assessed the association between private equity acquisition and mortality, length of stay, and discharge disposition.

The exposure for this analysis was the acquisition of a US nonprivate equity hospital by a private equity firm, which was determined using documents from the US Securities and Exchange Commission, press releases, and mergers and acquisitions data. 8 To be included in this analysis, a minimum of 1 year of Medicare claims data prior to the acquisition and 2 years of data after the acquisition were required, with hospitals contributing up to 3 years of data before and 3 years of data after acquisition. Thus, eligible acquisitions occurred between 2010 (1 year after Medicare implemented financial incentives for the hospital-acquired conditions) and 2017, which allowed for 2 years of data after the acquisition before the COVID-19 pandemic. These eligibility criteria resulted in 51 private equity–acquired acute care hospitals within the study period.

The Hospital Corporation of America acquisition in 2006, which is not considered to be representative of most acquisitions (as demonstrated in prior work 8 ), was excluded because it occurred before Medicare data availability. This research was approved by the institutional review board at Harvard Medical School.

Quiz Ref ID We matched each private equity hospital to up to 8 control hospitals (the control hospitals had not been acquired by a private equity firm) using exact matching for year, ownership type, teaching status, and US Census region. Nearest neighbor matching was used for the hospital size (total number of beds). This generated 259 matched control hospitals for the 51 private equity hospitals. One control hospital from Maryland was excluded from the analysis because Maryland was exempt from the CMS’ Hospital-Acquired Conditions Reduction Program. 18

Using 100% Medicare Part A fee-for-service claims from 2009 through 2019, we obtained all hospitalizations at the 51 private equity–acquired hospitals and the 259 control hospitals. We collected age, sex, race and ethnicity, months of dual eligibility for Medicare and Medicaid, and comorbidities. The race and ethnicity field in Medicare claims is populated from Social Security Administration data; the categories are mutually exclusive. Race and ethnicity are associated with health care outcomes and were thus included in our analysis. Dual eligibility was defined as being eligible for both Medicare and Medicaid for at least 1 month within a given year. We calculated the van Walraven-Elixhauser comorbidity score, which is a validated predictor of in-hospital mortality (eTable 1 in Supplement 1 ). 19 - 21

The comorbidities were determined using diagnosis codes from the International Classification of Diseases, Ninth Revision (ICD-9) and the International Statistical Classification of Diseases and Related Health Problems, Tenth Revision (ICD-10) for conditions and diseases that were present at hospital admission. 9 , 22 We also gathered the admission diagnosis related group, discharge status, length of stay, and any 7-day or 30-day readmissions. Each diagnosis related group was categorized into its Medicare major diagnostic category. 23 Discharge status included discharge home, discharge to a skilled nursing facility or an acute rehabilitation facility, transfer to an acute care hospital, or death (eTable 2 in Supplement 1 ).

The hospital-acquired conditions (delineated by Medicare in 2009) were (1) foreign object retained after a surgery, (2) air embolism, (3) blood incompatibility, (4) stage 3 or 4 pressure ulcers, (5) falls and trauma, (6) catheter-associated urinary tract infections, (7) central line–associated infection, (8) surgical site infections from coronary artery bypass graft surgeries, (9) surgical site infections from bariatric surgeries, (10) surgical site infections from certain orthopedic procedures, (11) manifestations of poor glycemic control (diabetic ketoacidosis and hypoglycemic coma), and (12) deep vein thrombosis (DVT) or pulmonary embolism (PE) after total knee and hip replacement procedures 24 (additional details appear eTable 3 in Supplement 1 ). In addition, a composite hospital-acquired condition measure was calculated that included an unweighted sum of all hospital-acquired conditions within each hospitalization. A patient was eligible for multiple hospital-acquired conditions within a single hospitalization.

The number of hospital-acquired conditions was calculated per 10 000 eligible hospitalizations. For nonsurgical conditions, all hospitalizations were considered eligible, which is similar to prior reporting. 23 Because Medicare claims data may not accurately identify all indwelling urinary catheters (for the catheter-associated urinary tract infections measure) and central venous catheters (for the central line–associated infection measure), prior work 24 also considered all hospitalizations to be eligible for the evaluation of catheter-associated urinary tract infections and central line–associated infections.

For surgical measures (surgical site infections, DVT, and PE), eligible hospitalizations include those in which the qualifying surgery or procedure was performed; the use of this criterion is in line with CMS reporting. 24 - 26 Surgical site infections for coronary artery bypass graft surgeries, bariatric surgeries, and certain orthopedic procedures were combined into a composite measure. 24 - 26 Because air embolism and blood incompatibility are generally very rare events, these measures were not separately examined, but they were included in the composite hospital-acquired conditions measure (eTable 3 in Supplement 1 ). Two hospital-acquired conditions introduced in 2014 were excluded because many of the private equity acquisitions preceded this date.

The hospital-acquired conditions were defined using ICD-9 and ICD-10 codes for any conditions that were not present at hospital admission, which is consistent with guidelines from the CMS. 23 , 27 - 29 Every hospital in the sample had less than 0.01% of inpatient claims with missing diagnoses for conditions present at hospital admission.

For those measures with underlying procedures (catheter-associated urinary tract infections, central line–associated infections, DVT or PE, and surgical site infections), the procedural volume for the hospital was calculated using ICD-9 and ICD-10 procedure codes. The procedure codes for the relevant surgeries for DVT or PE and surgical site infections were provided by the CMS. The ICD-9 and ICD-10 diagnosis codes for indwelling urinary catheters and percutaneous central lines are publicly available. 30

Key hospitalization–level outcomes were evaluated to explore the potential link between hospital-acquired conditions and patient outcomes, including discharge status (mortality, transfers, and discharge to home or postacute care), length of stay, and readmission rates. Given these outcomes vary at baseline by indication for admission, 31 - 33 they were stratified by indication using diagnosis related groups (eg, sepsis is associated with particularly high mortality).

The 4 most common indications for admission were identified (sepsis, heart failure with shock, total hip arthroplasty, and chronic obstructive pulmonary disease or pneumonia) and accounted for more than 20% of all Medicare hospitalizations (eTable 4 in Supplement 1 ). The remaining hospitalizations comprised an “other” category. In addition to in-hospital mortality, 7-day and 30-day mortality were measured because they are often considered more informative. 34 These were calculated using validated dates of death from the Medicare beneficiary summary file.

We used a difference-in-differences design within an event study framework to assess changes in outcomes attributable to private equity acquisition. The time of acquisition was event year 0 and the outcomes spanned up to 3 years before and 3 years after acquisition. The earliest year prior to acquisition was 2009, which is the year the CMS implemented the use of hospital-acquired conditions. The latest year after acquisition was 2019 (2020 was excluded given COVID-19 pandemic–related disruptions). Of the 51 private equity hospitals included in this analysis, 34 (67%) contributed data for at least 2 years before and 2 years after the acquisition and 17 (33%) contributed data for 3 years before and 3 years after the acquisition.

An ordinary least-squares model was used to compare changes in hospital-acquired conditions and patient outcomes in private equity hospitals relative to those in control hospitals using the following equation:

Outcome nijk  =  α  +  τ (exposure) nijk  + Σ 3 y   =   1  δ y (year after acquisition) nijk  + Σ 3 y   =   1  β y (year after acquisition × exposure) nijk  + Σ 2019 y   =   2010  γ y (year) +  η (age) nijk  + Θ(sex) nijk  + κ(race and ethnicity) nijk  + υ(van Walraven-Elixhauser comorbidity score) nijk  + Σ 25 y   =   0  μ y (major diagnostic category) nijk  +  ν (hospital) i  + ε nijk

The outcomes of interest were regressed for hospitalization n in hospital i , matched group j , and year k over indicators for the event year, the exposure, and the event year × exposure interaction. Event year was discrete in the model; therefore, baseline was an average for the 3 years before the private equity acquisition and the treatment effect was an average for the 3 years after the acquisition. We adjusted for beneficiary age, sex, race and ethnicity, dual-eligibility status, and van Walraven-Elixhauser comorbidity score.

Fixed effects were included for year of hospitalization and major diagnostic category of hospital admission to assess the within-year and within-category differential changes associated with private equity acquisition for hospitals. The major diagnostic category was used to account for case mix rather than diagnosis related group because complications arising from hospital-acquired conditions can change the diagnosis related group even if the hospital-acquired conditions themselves cannot, making diagnosis related group endogenous. 26 , 35 In addition, hospital fixed effects were included to help adjust for the time-invariant attributes of the hospital (including its catchment area). The year of the private equity acquisition was excluded from the analysis as a washout period. We tested the assumption of parallel preacquisition trends for all outcomes. 8

In the sensitivity analyses, we tested the robustness of the findings to the exclusion of patient covariates and admission factors. Consistent with prior research at the hospital level, we also included a model with random intercepts by hospital-matched group and hospital. 8 In addition, a difference-in-differences model with multiple time periods was implemented. 36 , 37 Because this approach is sensitive to outliers and multilevel covariates, we adjusted for patient factors only and compared its estimates with the baseline model.

Both 95% CIs and Bonferroni-adjusted P values are reported. All analyses were performed using Stata version 16 (StataCorp). P values were significant at P  < .05.

The final sample included 662 095 hospitalizations at 51 private equity–acquired hospitals and 4 160 720 hospitalizations at 259 matched control hospitals for hospital stays occurring between 2009 and 2019. The majority were medium-sized hospitals (88%) with between 150 and 350 beds. The hospitals were located across the Midwest, Northeast, South, and West regions of the US. The Medicare beneficiaries had a mean age of 73 years (SD of 14.2 years for private equity hospitals and SD of 13.5 years for control hospitals) and 55% were female ( Table 1 ). Hospital-acquired adverse events were observed within 10 091 hospitalizations.

Quiz Ref ID After private equity acquisition, the Medicare beneficiaries admitted at the hospitals were younger by 0.1 years (95% CI, −0.2 to −0.1 years) compared with those admitted to the control hospitals. This reduction in mean age was found only among Medicare beneficiaries aged 65 years or older. However, patients coded with sepsis diagnosis related groups exhibited a larger differential decrease in age by 0.5 years (95% CI, −0.7 to −0.2 years). In addition, the share of patients who were dually eligible for Medicare and Medicaid admitted to private equity hospitals declined by 1.2% compared with those admitted to control hospitals. Private equity hospitals demonstrated essentially no differential changes in beneficiary race, ethnicity, or van Walraven-Elixhauser score in aggregate. However, patients coded with sepsis diagnosis related groups exhibited a 2.8% increase in the van Walraven-Elixhauser comorbidity score even though they were differentially younger ( Figure 1 and eTable 5 in Supplement 1 ).

The unadjusted number of hospital-acquired conditions per 10 000 hospitalizations increased among patients treated at private equity hospitals compared with those treated at the control hospitals; the baseline levels for these conditions were consistent with published rates 24 , 25 ( Figure 2 ). The distribution of the composite measure of hospital-acquired conditions varied across hospitals ( Figure 2 and eFigure 1 in Supplement 1 ).

Quiz Ref ID In an adjusted analysis, private equity hospitals demonstrated an increase of 4.6 (95% CI, 2.0-7.2) in hospital-acquired conditions per 10 000 hospitalizations compared with the control hospitals ( P  = .004), which is a 25.4% increase from the mean preacquisition level among private equity hospitals. This increase was driven by an additional 1.9 (95% CI, 0.3-3.4) falls per 10 000 hospitalizations at private equity hospitals compared with the control hospitals ( P  = .02), which is a 27.3% increase from the mean preacquisition level, and an additional 1.5 (95% CI, 0.4-2.6) central line–associated infections per 10 000 hospitalizations ( P  = .04), which is a 37.7% increase from the mean preacquisition level ( Table 2 and eFigure 2 in Supplement 1 ).

Of note, the increase in central line–associated infections occurred alongside a smaller number of Medicare beneficiaries receiving percutaneous central lines. Specifically, private equity hospitals placed 37.1 fewer central lines per 10 000 hospitalizations after acquisition compared with the control hospitals, which is a 16.2% reduction (eTable 6 in Supplement 1 ). In addition, private equity hospitals performed 13.1 fewer operations per 10 000 hospitalizations that qualified for the surgical site infection measure compared with the control hospitals (an 8.1% reduction led by orthopedic and bariatric operations).

However, unadjusted surgical site infections doubled from 10.8 to 21.6 per 10 000 hospitalizations at private equity hospitals and decreased from 17.5 to 12.6 per 10 000 hospitalizations at control hospitals. Adjusted for covariates, surgical site infections increased by 16.0 (95% CI, −2.3 to 34.2) per 10 000 hospitalizations at private equity hospitals compared with control hospitals (equivalent to a 147.8% increase), but this change did not achieve statistical significance ( Table 2 ). The lower statistical precision was partly explained by the smaller sample size of hospitalizations within the surgical site infection measure. There were no observed significant differences between private equity hospitals and control hospitals for the preacquisition trends across the hospital-acquired conditions (eTable 7 in Supplement 1 ).

In-hospital mortality (n = 162 652 in the population or 3.4% on average) decreased slightly at private equity hospitals (3.5% preacquisition and 3.2% postacquisition) compared with the control hospitals (from 3.5% to 3.3%); there was no differential change in mortality by 30 days after hospital discharge. Adjusted for the observable covariates, the differential decrease in the in-hospital mortality rate was 0.2 percentage points (95% CI, −0.3 to −0.1 percentage points) or a 4.8% reduction relative to the rate of 3.5% at baseline. This differential change in mortality was attenuated and was less statistically significant at 7 days (−0.2 percentage points [95% CI, −0.3 to 0 percentage points]), and was further attenuated and not significant at 30 days (−0.1 percentage points [95% CI, −0.3 to 0 percentage points]) (eTable 8 and eFigure 3 in Supplement 1 ).

Of note, before acquisition, private equity hospitals trended lower for both 7- and 30-day mortality (0.3 and 0.4 percentage points lower, respectively) than control hospitals; thus, the narrowing of this gap toward 0 after acquisition suggests a relative increase in 7- and 30-day mortality among private equity hospitals compared with the baseline differences in trends (eTable 7 in Supplement 1 ). A decomposition of mortality results by admission diagnosis appears in eTable 9 in Supplement 1 .

In conjunction, Medicare beneficiaries treated at private equity hospitals experienced a reduction in discharges home of 0.6 percentage points (95% CI, −0.8 to −0.4 percentage points) or 1.0% compared with those treated at control hospitals. The patients coded with sepsis diagnosis related groups at hospital admission notably experienced a reduction in discharges home of 1.6 percentage points (95% CI, −2.6 to −0.6 percentage points) or 4.1% ( Figure 3 and eTable 10 in Supplement 1 ).

In contrast, transfers to other acute care hospitals increased 12.2% at private equity hospitals compared with control hospitals (an increase of 0.3 percentage points [95% CI, 0.2-0.4 percentage points]). This differential increase was also largest in patients with sepsis, who experienced a 36.2% increase in transfers from private equity hospitals compared with control hospitals (an increase of 0.9 percentage points [95% CI, 0.5-1.2 percentage points]). Moreover, discharges from private equity hospitals to skilled nursing facilities and acute rehabilitation facilities increased compared with control hospitals, although this trend had emerged preacquisition ( Figure 3 and eTables 7 and 10 in Supplement 1 ).

No differential changes in 7- or 30-day readmission rates were observed. Length of stay among private equity hospitals shortened by 3.4% compared with control hospitals despite trending longer at private equity hospitals preacquisition (eTable 7 and eTable 11 in Supplement 1 ).

In general, the findings were qualitatively similar with alterations to the base model, alternative specifications using random intercepts, and using the multiple time periods difference-in-differences approach 36 , 37 (eTables 12-15 in Supplement 1 ). An exception is that patients with sepsis exhibited a differential increase in in-hospital mortality of 0.61 percentage points (95% CI, 0.05-1.27 percentage points) with random intercepts for groups of matched hospitals in place of hospital fixed effects, which is roughly a 5% increase that would be 15-fold larger and qualitatively distinct from the base estimate of 0.04 percentage points (eTable 14 in Supplement 1 ).

In this quasi-experimental evaluation of hospital quality and outcomes using 100% Medicare Part A claims data, private equity acquisition was associated with a 25% increase in hospital-acquired adverse events through up to 3 years after acquisition, which was driven by a 27% increase in falls and a 38% increase in the volume of central line–associated infections (despite the placement of 16% fewer central lines). Further concerning was the doubling of surgical site infections in private equity hospitals after acquisition, whereas the number of surgical site infections declined in the control hospitals. Although the smaller sample size of surgical hospitalizations rendered this comparison less statistically precise, 24 - 26 it was particularly alarming because the number of surgical site infections increased even as private equity hospitals performed 8% fewer surgical procedures after acquisition.

Increased adverse events at private equity hospitals coincided with a small shift in patient mix toward younger Medicare beneficiaries, who were also less likely to be dually eligible for Medicare and Medicaid. To the extent these observable characteristics reflect private equity hospitals admitting modestly lower-risk patients (both clinically and socioeconomically), their simultaneous increase in coded disease burden (van Walraven-Elixhauser comorbidity score) compared with the control hospitals may reflect increased coding intensity at private equity hospitals.

Younger and lower-risk patients admitted to private equity hospitals could also help explain the small relative reduction in in-hospital mortality after acquisition. Although adjustment for patient characteristics did not change this mortality estimate, younger Medicare beneficiaries (fewer of whom were dually eligible for Medicare and Medicaid) may have had other unobserved health or social advantages that contributed to lower in-hospital mortality. An alternative explanation (given the increased transfers to other acute care hospitals, decreased discharges home, and shortened length of stay associated with private equity acquisition) is that discharges of relatively sicker patients could have lowered in-hospital mortality through a selection effect. In addition, the lack of improvement in 30-day mortality associated with private equity, especially given preacquisition trends that favored private equity hospitals, suggests that mortality effects are modest and at best mixed.

Our findings add new clinical insights to the literature on private equity and quality, which has focused on aggregate process quality measures. 7 - 10 , 15 The 38% increase in central line–associated infections associated with private equity acquisition occurred even as these hospitals placed 16% fewer percutaneous central lines. Such increases in hospital-acquired infections may result from decreased staffing, changes in operator technique, poorer clinician experience, increased patient illness, or other explanations. 38 - 42 Even though documented comorbidities (van Walraven-Elixhauser comorbidity score) increased slightly for some patients treated at private equity hospitals relative to patients treated at control hospitals, true comorbidity is difficult to distinguish from coding intensity, 8 which is independently tied to financial incentives. Although private equity hospitals may have incurred increased infections from performing procedures in sicker patients, our findings revealing they treated younger Medicare beneficiaries (especially for sepsis) and fewer dually eligible patients (attributes less susceptible to coding intensity) suggest a healthier patient pool.

Furthermore, hospital-acquired adverse events have been shown to be sensitive to staffing ratios and composition, specifically among nurses. 43 - 47 Given that private equity firms have reduced staffing and changed the clinician labor mix at acquired hospitals and clinics, 10 , 48 an analogous cost-cutting strategy in our sample may help explain the increase in hospital-acquired conditions. These adverse events themselves can raise the risk of mortality, which highlights the clinical importance of this evidence. 42

The increase in hospital-acquired conditions after private equity acquisition is particularly worrisome given the national decline in hospital-acquired conditions, 24 , 49 as demonstrated by the control group ( Figure 2 ). Taken together, the increased hospital-acquired conditions associated with private equity acquisition spanned the key inpatient settings—from general wards (falls) to intensive care units (central line–associated bloodstream infections), with concern for operating rooms (surgical site infections) as well. Although hospital-acquired conditions are expected to increase the length of stay, 42 , 50 the mean length of stay modestly declined at private equity hospitals. This increased bed turnover would be directionally consistent with the increased transfers to other hospitals and revenue-enhancing behavior observed under a diagnosis related group payment system.

This study has limitations. First, the sample of private equity–acquired hospitals may not generalize to all such hospital acquisitions. Although the implementation of hospital-acquired conditions in 2009 and our Medicare data availability postdated the Hospital Corporation of America acquisition in 2006, thus excluding those hospitals from this study, our sample likely better resembles the typical private equity hospital. 8

Second, traditional Medicare beneficiaries may not generalize to people with Medicare Advantage, Medicaid, or commercial insurance or to other patients. Medicare Advantage enrollment accelerated during the study period, although evidence of differential growth within private equity hospitals and nonprivate equity hospitals is lacking. Nevertheless, the growth in Medicare Advantage may shift the inpatient mix for traditional Medicare.

Third, use of ICD-9 and ICD-10 codes may not capture all hospital-acquired conditions 51 ; however, we adhered to the methods of the CMS. Similarly, the procedure codes for indwelling urinary catheters and central venous catheters may not capture all such procedures. In addition, Medicare hospitalizations did not include observation stays and outpatient care.

Fourth, given private equity acquisitions are not random and private equity firms may acquire hospitals for unobserved reasons, our findings remain susceptible to unmeasured confounding and do not imply causation.

Private equity acquisition was associated with increased hospital-acquired adverse events, including falls and central line–associated bloodstream infections, along with a larger but less statistically precise increase in surgical site infections. Shifts in patient mix toward younger and fewer dually eligible beneficiaries admitted and increased transfers to other hospitals may explain the small decrease in in-hospital mortality at private equity hospitals relative to the control hospitals, which was no longer evident 30 days after discharge. These findings heighten concerns about the implications of private equity on health care delivery.

Accepted for Publication: October 22. 2023.

Corresponding Author: Zirui Song, MD, PhD, Department of Health Care Policy, Harvard Medical School, 180A Longwood Ave, Boston, MA 02115 ( [email protected] ).

Author Contributions: Dr Kannan had full access to all of the data in the study and takes responsibility for the integrity of the data and the accuracy of the data analysis.

Concept and design: Kannan, Song.

Acquisition, analysis, or interpretation of data: All authors.

Drafting of the manuscript: Kannan.

Critical review of the manuscript for important intellectual content: All authors.

Statistical analysis: All authors.

Obtained funding: Kannan, Song.

Administrative, technical, or material support: Song.

Supervision: Song.

Conflict of Interest Disclosures: Dr Bruch reported receiving personal fees from the Robert Wood Johnson Foundation and grants from the Rx Foundation. Dr Song reported receiving personal fees from the Research Triangle Institute, Google Ventures, and VBID Health. No other disclosures were reported.

Funding/Support: This work was supported by grant T32HL15502-03 from the National Heart, Lung, and Blood Institute (awarded to Dr Kannan), grant 3P01AG032952-14S1 from the National Institute on Aging (awarded to Dr Song), and grant 20-04402 from Arnold Ventures (awarded to Dr Song).

Role of the Funder/Sponsor: The funders/sponsors had no role in the design and conduct of the study; collection, management, analysis, and interpretation of the data; preparation, review, or approval of the manuscript; and decision to submit the manuscript for publication.

Data Sharing Statement: See Supplement 2 .

Additional Contributions: We thank Daria Pelech, PhD (Congressional Budget Office), for comments on this work without compensation and the audience members for comments and feedback at the 2023 AcademyHealth Annual Research Meeting and the Society of General Internal Medicine annual meeting.

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