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Economics | International Trade & Finance

Welcome to Economics > 1

BS Economics | BA Economics > 2

BS International Trade & Finance > 3

MS Economics | Graduate Certificate in Econometrics > 4

Energy Program > 5

Student Organizations & Activities > 6

Career Opportunities > 8

Beyond the Classroom > 9

Economics & Policy Research Group > 10

PhD Program > 12

Research > Inside Back Cover

Economics undergraduate student Jacques Petit worked as an intern for US Congressman Steve Scalise in Washington, DC.

Economics is the study of how people make choices. It examines these choices and provides a way of understanding how to make the best use of natural resources, machinery, and work efforts. Through economics, the trade-offs between various goals and the anticipation of event outcomes are made more feasible. Training received in the undergraduate program enables one to analyze complex economic problems, think critically about a variety of issues, learn beyond the confines of the classroom, and be adaptable to the ever-changing demands of the workplace. Employers view these traits as essential. The Department of Economics offers degrees at all levels in economics, as well as a bachelor’s in international trade & finance, a minor in energy, a concentration in empirical economic analysis, and a graduate certificate in econometrics. In addition, the department is home to the E. J. Ourso College’s growing Energy Program and the LSU Economics & Policy Research Group.

Welcome to Economics In economics we study how individuals, households, and firms make choices and decisions. I tell students that in order to understand the outcomes that you observe, what it is that people do and what choices they make, you have to first figure out what they are trying to do, what their objective is, and how they go about making these decisions. Without understanding that, you cannot understand any of the other issues that we address in economics or, arguably, any other business discipline. We will discuss examples of very interesting questions that you wouldn’t have thought economists could address using economic theory such as “Why is it the case that an increase in the unemployment rate is not necessarily a bad thing and decrease in the unemployment rate is not necessarily a good thing?” or “Why is it that if you mandate safety features on automobiles, you can actually get more casualties?” Those are just a few of the many interesting questions that economic theory can address and that you can study with us. Thank you for considering economics as a part of your educational journey. — Robert J. Newman Department Chair and Professor

Professor Carter Hill is part of our award winning faculty: “I invite you to study economics, the analytical foundation of business. We will teach you to turn data into objective results that serve as a basis for well-informed choices and decisions by individuals, firms, and governments. The economics faculty take you from being students to being professional economists. Last year’s graduates work for international businesses, and the federal government; some are attending outstanding graduate programs in economics and data analytics, top-rated law schools, and even medical school. Economics leads to endless possibilities. Come join us!”


Assistant Professor Daniel Brent (right) shares information about the economics curriculum with LSU students in a Business Education Complex classroom.

BS Economics | BA Economics You can choose a BS in economics with the E. J. Ourso College of Business or a BA in economics offered by the College of Humanities & Social Sciences. With either of these degrees, you will be prepared to analyze complex economic problems, think critically about a variety of issues, learn beyond the confines of the classroom, and be adaptable to the ever-changing demands of the labor market. In addition, an empirical economic analysis concentration is available to these majors, providing you with the opportunity to acquire analytical skills and a breadth of understanding for careers in business, government, or for further study in economics, law, or public policy. > Bachelor of Science in Economics — The BS in economics is designed to provide, within the overall context of studies in business administration, a solid foundation in economic analysis. Accounting, finance, management, marketing, and information systems and decision sciences courses are integral parts of this program and provide a specific business orientation, in addition to the subject matter of basic economics. > Bachelor of Arts in Economics — The BA in economics is designed to provide, within the overall context of a liberal arts education, a solid foundation in economic analysis. Foreign languages, math, and additional courses in literature and the social sciences are integral parts of this program and provide a broad-based education, in addition to the subject matter of basic economics. > Minor in Energy — The energy minor is open to all LSU students and includes classes in energy economics, geology, petroleum accounting, energy trading, and real estate. You will be provided a wide range of learning opportunities, including site visits, access to speakers in the industry, case competitions, energy conferences and expos, and industryrelated internships. business.lsu.edu/bseconomics

Empirical Economic Analysis Concentration — An empirical economic analysis concentration is available to BS and BA majors in economics. The concentration provides majors with skills in analyzing business and economic data to solve real-world problems.


Professor Louis-Philippe Beland lectures to economics students.

BS International Trade & Finance International Trade & Finance is a specialized course of study of the international aspects of economics. The 120-hour program holds several learning objectives for students: > Identify the role of supply and demand in a market economy > Identify the necessary conditions for market economies to function well > Discuss market system advantages and pricing > Understand the economic role of government policy and the Federal Reserve > Identify policy options and their effectiveness > Understand importance of international relations to trade and finance In addition to the bachelor’s degree, ITF majors can pursue: > Minor in Energy — The energy minor is open to all LSU students and includes classes in energy economics, geology, petroleum accounting, energy trading, real estate, and an overview course. Students will be provided a wide range of learning opportunities, including site visits, access to speakers in the industry, case competitions, energy conferences and expos, and industry-related internships. > Empirical Economic Analysis Concentration — An empirical economic analysis concentration is available to ITF majors. The concentration provides majors with skills in analyzing business and economic data to solve real-world problems. Undergraduate students can also minor in entrepreneurship, information technology management, internal audit, and personal investing. Undergraduate and masters students may also specialize in internal audit. business.lsu.edu/bsitf


MS Economics With local, national, and international markets constantly in flux, various agencies rely upon consultants to instruct them when a change in economic policy is required. Whether your intention is microeconomics or macroeconomics, you will receive the education necessary for a career in government and business where original research is generally not the primary concern. Applicants for graduate studies in economics must meet the requirements for admission to the LSU Graduate School and be accepted by the Department of Economics. In addition, the department would like you to have completed undergraduate courses in calculus, statistics, and intermediate microeconomics and macroeconomics before entering the MS program. Non-economics majors with strong academic records are encouraged to apply. It is likely that if you have not had many undergraduate courses in economics or have not had the courses indicated above, you can make them up in one semester before taking the core program courses. business.lsu.edu/mseconomics

Masters students take the stage at the E. J. Ourso College of Business diploma ceremony.

Graduate Certificate in Econometrics You can obtain a graduate certificate in econometrics by earning a minimum 3.0 GPA in four core econometrics courses. The purpose of this certificate is to respond to the need for retraining professionals, scientists, and researchers in the use of big data and to provide credentials for having completed a set of related courses. This certificate provides working professionals Graduate Certificate in Econometrics doctoral students Han Yu, Sujana Kabiraj, with the skills needed to and Masayuki Onda discuss future career plans. understand and use available technology to gain insights into data. The objective of this new certificate program is to train nontraditional students, enhancing their career opportunities and increasing their productivity in industry and government. Visit business.lsu.edu/econometricscert for instruction on applying for the Certificate in Econometrics program.

Core Econometrics Courses: > ECON 7630 (Econometric Methods) > ECON 7631 (Econometric Methods II) > ECON 7632 (Microeconometrics) > ECON 7633 (Dynamic Economic Models)


Energy Program The E. J. Ourso College has set a standard for outstanding undergraduate and graduate education by developing students who are innovative and ready to contribute to the bottom line of corporations. The Energy Program builds upon the traditional core curriculum offered and provides classes that prepare individuals for diverse and exciting careers in the energy industry. Not only do students take classes specific to the energy sector, they are exposed to a wide range of learning opportunities that include site visits, access to speakers in the industry, case competitions, energy conferences and expos, and industry-related internships. In addition, Flores MBA students can complete a specialization in energy, which allows them to choose from electives that include an overview course and classes in mineral rights, energy law, finance, and analytics. Cross-college collaboration with the College of Science, College of the Coast and Environment, and the Paul M. Hebert Law Center allows us to share a focus on the oil and gas industry. It all adds up to a program that provides the broad skills and knowledge needed by the next generation of energy professionals.

Why Minor or Specialize in Energy? > Distinguish yourself from other students, not only at LSU, but in the workplace > Learn unique energy-based skillsets through academic and practical coursework > Secure internships and employment opportunities in one of the world’s most vital industries > Earn higher salaries and better benefits by working in the energy industry > Benefit from the E. J. Ourso College of Business tradition of preparing leaders in the energy industry

Energy Program Coordinator, Chris Coombs, fourth from left, and energy program students tour LSU’s Petroleum Engineering Research & Technology Transfer Laboratory [PERTT Lab].


Undergraduate Student Organizations Economics and ITF Club — The LSU Economics and ITF Club is open to students of all majors. Students pursuing degrees in economics or international trade & finance will find the club to be an extra source of academic stimulation, and those pursuing other degrees will gain a valuable economic view of the world. Meetings feature guest speakers discussing economics-related topics, including game theory, applied economics, and how an economics degree performs in today’s workforce. Omicron Delta Epsilon — This international honor society’s primary objectives are the recognition of scholastic attainment and honoring outstanding achievements in economics. Established in 1915, the organization offers a various number of fellowships and presents various awards annually. Based on your interest, college-wide organizations such as Alpha Kappa Psi and Delta Sigma Pi are also available. Bottom line: be involved! business.lsu.edu/clubs

Join The Ourso Experience By getting involved in student organizations you will strengthen your leadership skills, start building your network, learn time management, apply classroom lessons in real-world situations, expand your résumé, give back to your college community, and make new friends. Members of the Econ/ITF Club pose for a group selfie at a recent meeting.


Students have an opportunity to speak with recruiters at the Business Networking Receptions held twice each year.

Student Activities Jumping Into Business Jumping into Business is a multi-day event, hosted by the Business College Council and student organizations in the college, that features a wealth of activities and events. In addition to a food drive for the LSU Food Pantry, students have the opportunity to visit with business-related student organizations and learn more about them, as well as visit with recruiters in the Rapid RĂŠsumĂŠ Review sessions. Etiquette Dinner Undergraduate and graduate students are invited each year to attend the Etiquette Dinner, which is hosted by the Business College Council. At the event, students sit with and learn from executives who are accomplished professionals in their respective fields. They also learn proper dining and job interview etiquette from an expert certified by the Protocol School of Washington. Speakers Throughout the academic year, students have the opportunity to hear from professionals; executives; local, state, and national leaders; alumni; etc., from various professions and gain valuable insight into industry and the current job market.

Students attend the annual Jumping Into Business event. Business and dinner etiquette are on the menu at the annual Etiquette Dinner. Energy executives speak to students in the energy program.


Career Opportunities Internships

Your Career

Internships are a great way to interact with industry professionals, learn about potential career choices, and gain valuable experience while still in school. We encourage you to pursue an internship on your own or with the assistance of our many resources. You may be able to earn credit for your internship work as well and we want to discuss options with you.

We will work with you on your search for a meaningful career that meets your passion. You can work with the new Office of Business Student Success within the E. J. Ourso College of Business and with the Olinde Career Center at the university level to obtain career-related work experiences, develop job search skills, and find not just a job, but the right job.

Devin DePascal graduated in 2010 with a bachelor’s in economics and a concentration in empirical economic analysis, leading to his current position as Financial Analyst II for University of Texas – Medical Branch in Galveston, Texas. “On top of already being a wonderful place to live, LSU was also an incredible place to work. There are many opportunities throughout the College of Business for students to work on campus in positions that help prepare them for their future careers. Working for LSU’s Economics & Policy Research Group, I was able to learn valuable skills and see the real world application of my studies in an environment that not only prepared me for what was ahead, but allowed me to graduate with experience already on my résumé.”

Rocio Pineda, a 2012 Economics graduate, accepted a job offer from Goldman Sachs as a Financial Internal Audit Analyst. “One of the most valuable aspects of being an economics major in the Econometrics Concentration program has been the opportunity to learn from prestigious economists,” said Pineda. “The faculty members within the economics department have always supported and mentored me in regards to my educational career. With their help, I was able to develop strong empirical analysis skills that will undoubtedly help me succeed at Goldman Sachs.”



Beyond the Classroom You can expand your learning experience by participating in activities outside of the classroom. 2 4


1. LSU Campus Life, a department within the Office of the Dean of Students, awarded the 2017 Tom W. Dutton Scholarship Award for participation and leadership in campus and community service to 10 female students, who were nominated and who applied for consideration, including Lillian LaGrange, a sophomore majoring in economics (third from the left). 2. Energy Program students Lee McCalman and Kyle McKenzie (both LSU Petroleum Engineering majors), Carmen Calderon (ITF and LSU Department of French Studies major), Matt Felger (LSU Department of Finance major), and Justin Martin (general business major) represented us well at the NAPE Summit 2017. 3. Caroline Cenci is a Junior majoring in Economics and a member of Pi Sigma Epsilon who studied abroad in Australia during the summer of 2017. 4. Economics graduate Michael Panther was Homecoming King in 2015.

Jacques Petit represented the E. J. Ourso College of Business among the 50 graduates who were awarded the LSU Distinguished Communicator Award during LSU’s 292nd commencement exercises.


Economics & Policy Research Group The LSU Economics & Policy Research Group was formed out of the LSU Division of Economic Development to build on and expand the E. J. Ourso College’s capacity to carry out high-quality applied economics research. It is a group made up of full-time faculty and staff dedicated to externally funded research. While economic development related research remains an important part of EPRG’s work, its portfolio of applied economics research has grown to include topics in labor, health, and the environment. In all of its work, the group uses economic principles and state-of-the-art methods to inform public policy and business decisions, providing in-depth analysis to address real-world problems at the intersection of economics and policy. Research sponsors include state and federal government, as well as non-governmental organizations and industry associations. Projects include economic impact studies; program evaluations; economic forecasting like the annual Louisiana Economic Outlook, which analyzes the state’s economy and that of major metropolitan areas to forecast the state’s employment for the next two years; and a broad range of economics research assessing the impact of potential policies. business.lsu.edu/eprg Pictured above: Stephen Barnes, director of the Economics & Policy Research Group, and Stephanie Virgets, research associate, work on one of the many publications produced each year. “We provide opportunities for students at all levels to gain real world experience with us, from undergraduates who participate in surveys to PhD candidates who work on cutting-edge research projects,” says Barnes. 10

The Louisiana Economic Outlook (LEO) provides employment forecasts for Louisiana and the state’s eight metropolitan statistical areas. The LEO is updated annually and released each fall in October. Following the publication of each LEO, results are presented throughout the state to provide business leaders with a timely economic outlook for their region. This year’s edition marks the 36th annual publication of the LEO.

In 2017, researchers from the E. J. Ourso College of Business and the Center for Energy Studies released the inaugural Gulf Coast Energy Outlook, which provides a broad overview of the current status and trends of energy markets with an emphasis on the Gulf Coast. The collaborative research initiative focuses on upstream oil and gas production and downstream refining and petrochemicals, as well as the contribution of the energy sector to the broader Gulf Coast economy. The report includes forecasts of future employment in relevant energy sectors.

This study examines the economic benefit to Louisiana of hosting the 2017 NBA All-Star Game and associated events. The study included 1,200 intercept surveys completed on site to develop estimates of direct spending by visitors to NBA All-Star 2017 Weekend events in New Orleans. In addition, we estimate the total economic impact and tax benefits to the state including spending by the NBA, media and sponsors. This study was commissioned by Louisiana Economic Development and conducted with support from the National Basketball Association and Greater New Orleans Sports Foundation.

This study includes a detailed evaluation of the economic linkages across coastal Louisiana to assess the economic risks facing different parts of the state created by land loss. In addition, we assess the economic benefits of pursuing the state’s Coastal Master Plan.

The Louisiana Health Insurance Survey provides the most detailed and accurate estimates of insurance coverage in Louisiana based on a survey of more than 8,500 households in the state. Relative to other estimates based on federal data, our survey benefits from state-specific question wording to minimize response error, as well as a statistical correction for Medicaid misreporting. The LHIS is a biennial survey sponsored by the state’s Department of Health that we conduct in partnership with the LSU Public Policy Research Lab.

Each year, we work with the Louisiana Workforce Commission to develop the state’s employment forecast. We also assist in the development of the Star Rating System, which is based on our forecast.


PhD students begin the program with two to three years of intensive study in courses like advanced microeconomics.

PhD Program The E. J. Ourso College is committed to supporting PhD students in their quest to enter the world of academia or research positions in government and industry. Similarly, our PhD program in economics is designed to train economists capable of adding to the knowledge of economics, doing independent research, and teaching at the college or university levels. Designed to be a year-round program of study for full-time students, the program consists of two to three years of extensive academic coursework in economics, supporting disciplines, and research methods, as well as a comprehensive examination. Following that, you will design and complete your doctoral dissertation, which usually takes 12-18 months. In addition to the graduate school requirements, you should have completed undergraduate courses in calculus, statistics, and intermediate macroeconomics and microeconomics before entering the PhD program. It would be preferable for students interested in pursuing the PhD in economics to also take at least a year of calculus, a linear algebra course, and probability and statistics. Complete admission requirements can be found on the department website. Non-economics majors with strong academic records and the requisite math and statistics background are encouraged to apply. However, these individuals would be required to work through intermediate macroeconomics and microeconomics textbooks on their own by the end of the summer preceding entry into the PhD program. A list of suitable textbooks will be supplied by the department. business.lsu.edu/phdeconomics

Professor Naci Mocan was one of the speakers for TEDxLSU 2017. When asked what aspect of his career makes him excited to wake up and go to work every day by 225 Magazine, he responded, “What gets me out of bed is the research I’m doing. The questions that I’m trying to answer, the questions that I’m asking. The struggle that goes with it to find the correct answer. That excitement can be really consuming. I tell this to my graduate students: if you don’t dream about what you are trying to answer, if you go to bed at night and don’t dream about it, if you don’t get up with excitement, if you don’t physically rush to your office, then you are not in the right profession.”


Research The Department of Economics hosted the Spring 2017 Midwest Macroeconomics Conference in the E. J. Ourso College of Business, Business Education Complex. It is the largest conference devoted to macroeconomics and related topics in North America and the largest macroeconomics conference ever hosted by the university. LSU is only the second Carnegie Research 1 University outside the Midwest to host the conference in its 23-year history. The event featured two keynote lectures and more than 150 research papers presented over the two days. Participants included economists from major research universities in the United States and abroad, the Federal Reserve Bank and its branches, the U.S. Census Bureau, the International Monetary Fund, and foreign central banks, among other places. In all, professors and economists from more than 12 countries presented their research.

Grants EPRG is actively engaged in sponsored research with 13 active grants, which have grown in value from just more than $586,000 in 2009 to nearly $2.1 million in 2016.

Publications and Acceptances In 2016, a total of 33 papers by LSU economics faculty were either published or accepted, with another 14 currently submitted.

Editorial Positions Eight faculty members serve in some editorial capacity. > Associate Professor Ozkan Eren, editor, Journal of Labor Research (2014–present) > Professor Carter Hill, editor, Advances in Econometrics (1996–2016) > Professor Emeritus Loren Scott, author, Louisiana Economic Outlook > Associate Professor Areendam Chanda, associate editor, Indian Growth and Development Review (2014-present); associate editor, Southern Economic Journal (2012–present) > Professor Naci Mocan, editorial board, Journal of Labor Research (2015–present); associate editor, Journal of Population Economics (2009-present) > Professor Robert Newman, editorial board, Journal of Labor Research (2015–present) > Associate Professor Bulent Unel, associate editor, Southern Economic Journal (2012–present) > Professor W. Douglas McMillin, editorial advisory board, Journal of Macroeconomics (2016–present) > Instructor Chris Coombs, book review editor, Journal of Labor Research (2011–present); editorial board, International Advances in Economic Research; editorial board, Journal of Regional Analysis and Policy; editorial board, Open Economics Journal; editorial board, Journal of Economics and Finance Education (2009–present)

LSU E. J. Ourso College of Business



LSU E. J. Ourso College of Business

business.lsu.edu/economics econ@lsu.edu 2300 Business Education Complex ¡ Baton Rouge, LA 70803

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Profile for LSU E. J. Ourso College of Business

LSU E. J. Ourso College of Business Department of Economics  

An official publication of the LSU E. J. Ourso College of Business

LSU E. J. Ourso College of Business Department of Economics  

An official publication of the LSU E. J. Ourso College of Business