Blogging has been a little slow. There have been interesting conversations going on throughout the blogosphere, but nothing I could join in on. Things are just too busy. (Excuses, excuses...)
As I've said before, the first year of an econ PhD at Minnesota is a build up to prelims. Prelims are overwhelming at times, but the year is still good. I spend my days learning economics. That's awesome. Not ideal to do so much memorization, but economics is still better than anything else I'd do all day.
But everything has a cost. So I have limited my amount of blogging over the last few months. Hopefully this summer will lead to more. For now, prelims are center.
For people who haven't been through prelims (specifically Minnesota prelims), this structure might seem odd. Why all this build up for an exam that doesn't matter? Isn't a PhD about research? Good questions. I don't know. People act like there is a reason, but no one can articulate what it is. It's just something I have to do, like learn cursive or go through hazing in college.
In under two weeks, I have my first prelim exam. It's in microeconomics and will look something like this. I remember looking at the exams before class started and being completely overwhelmed. I didn't know how to do anything. That feeling has only slightly changed.
There are 4 sections, one for each of our quarters:
- Consumer and Producer Theory
- General Equilibrium
- Game Theory
- Mechanism Design
In each section, there are a range of topics. Some topics I understand, especially from 1st quarter since I've had time to study them. Some I am still clueless about (everything in mechanism design). From now until May 20th, I'm working to fill in the gaps.
After all the joy of studying micro, I will have another week to focus solely on macro. The exam for macro is longer (5 hours compared to 3 hours), but more structured. For macro, the courses build on each other more directly than for micro. Studying for one subject helps (at least a little) for the others. For micro, that is not the case. Each section is basically independent in micro.
That makes studying for macro less overwhelming. It doesn't seem so varied by topics, but has more depth on one topic. That one topic is the Dynamic Stochastic General Equilibrium model (DSGE). Sometimes we set up the problem in one way, sometimes in another. Sometimes there are taxes, sometimes not. Whatever.
While there has been much criticism of this type of macro, DSGE is still the main framework for modern macro. Therefore, DSGE = macro for first year UMN students. We can debate the issues with that later. For now, I must ignore those concerns.
DSGE and the micro topics above are what I have been focused on for months and hopefully will only have to focus on for a few more weeks. Ideally, I will pass both. But economists don't care too much about ideal worlds.
If I don't pass, summer means studying. We get a second shot at the exams in August. However, I'd rather spend my summer learning about things that interest me, like network theory or agent-based modeling, than studying for an exam. My reading list, and stacks of books I bought without reading properly, is embarrassingly long. I hope summer makes a dent in that.
Oh well. That all has to wait. Wish me luck.