Johns Hopkins University, based in Baltimore, Maryland offers a fully funded PhD in Economics. The department is dedicated to maintaining strong research and teaching cores in applied microeconomics, economic theory, macroeconomics, and econometrics. The department offers a departmental fellowship to all enrolled students. This fellowship covers full tuition costs plus an annual stipend of $33,000 and full student health insurance coverage. The department guarantees financial support for a minimum of five years of graduate study through a teaching or research assistantship assignment conditional on satisfactory performance and often for a sixth year as well.