Compulsory Courses MASTER – M.Sc. in Economics doc

in Economics Advanced Macroeconomics Modul Foundations of Applied Economics OM 1 Professor/Lecturer Carstensen, Kai Course type Lecture and Tutorial This course introduces to economi

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Compulsory Courses MASTER – M.Sc in Economics

Mathematics for Economists

Modul Mathematics for Economists (CM 1)

Prerequisites „Abiturwissen” mathematics; basic knowledge of

linear algebra and multivariable calculus; being open for a rigorous approach - theorems stated carefully and some proofs given

7.Basics in Probability Theory

8.Basic Stochastic Processes

9.Basics in Dynamic Programming

10.More Advanced Material in Topology

M Hoy, J Livernois, C.J McKenna, R Rees, and T Stengos Mathematics for

Economics MIT Press 2nd edition (2001)

G Jehle and P.J Reny Advanced Microeconomic Theory Addison Wesley 2nd edition (2000)

Mas-Colell, M.D Whinston, and J.R Green Microeconomic Theory Oxford

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Econometrics

Modul Econometrics (CM 2)

Professor/Lecturer Winter, Joachim

Course type Lecture and Tutorial

Prerequisites Empirische Ökonomie für Fortgeschrittene or an

equivalent course in econometrics; basic knowledge

of matrix algebra and probability theory

Syllabus/Course Outline

This course introduces graduate students to econometric methods for the analysis

of cross-sectional and panel data The course presents commonly used inference methods for linear and nonlinear specifications, including linear and nonlinear regression models, maximum likelihood estimation, instrumental variables estimation, generalized method-of-moments estimation, and estimation methods for models with qualitative and limited dependent variables In the accompanying exercise sessions, participants practice the application of these methods to real-world problems, using the econometrics package STATA.The linear model and OLS estimation

The course is based on the textbook by Jeffrey M Wooldridge, Econometric

Analysis of Cross Section and Panel Data, Cambridge, MA: MIT Press, 2002,

complemented by material from the new book by Joshua D Angrist, Mostly

Harmless Econometrics, Princeton, NJ, and Oxford: Princeton University Press,

2009 Additional references will be given as appropriate

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Optional Courses MASTER – M.Sc in Economics

Advanced Macroeconomics

Modul Foundations of Applied Economics (OM 1)

Professor/Lecturer Carstensen, Kai

This course introduces to economic growth and business cycle theory

1 Neoclassical Growth Model (Solow/Swan Model)

2 Ramsey Model

3 New Growth Theory

4 Real Business Cycle Model

Literature

David Romer (2011) Advanced Macroeconomics, Fourth Edition, McGraw-Hill, Boston

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Advanced Microeconomics

Modul Foundations of advanced Economics (OM 1)

Professor/Lecturer Schnitzer, Monika

The Course will focus on the following topics:

Topic 1: Introduction, Game theory: Static games (with notes)

Topic 2: Game theory: Dynamic games (with notes)

Topic 3: Game theory: Static games with incomplete information (with notes)

Topic 4: Game Theory: Dynamic games with incomplete information (with notes) Topic 5: Price Competition with capacity constraints (with notes)

Topic 6: Product Differentiation (with notes)

Topic 7: Strategic substitutes versus strategic complements (with notes)

Topic 8: Innovation (with notes)

Topic 9: Monopolistic competition (with notes)

Topic10: Decision making under uncertainty (with notes)

Topic11: Risk sharing, securitization (with notes)

Topic12: Limitations of expexted utility theory (with notes)

Topic13: Time preferences and discounting (with notes)

Topic 14: Final discussion

Literature

Core texts are:

Gibbons, R., A primer in Game Theory, Prentice Hall 1992

Tirole, J., Industrial Organization, 7th edition, 1993

Gravelle, H., Rees, R., Microeconomics, 3rd edition, Pearson Education, 2004

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Public Economics

Modul Foundations of Applied Economics (OM 1)

Professor/Lecturer Holzner, Christian / Sinn, Hans-Werner

0.1 Distribution − Allocation − Stabilisation

0.2 Efficiency and equity

0.3 Statistics

1 History of the welfare state

1.1 From ancient times to present

1.2 Bismarck‘s reforms

1.3 Social development in the 19th century

2 Pensions and intergenerational contract

2.1 Pension system

2.2 Pension formula and the reforms from 1992 and 1999

2.3 PAYGO system

2.4 Excursus: Interest and growth rate in the Solow Model

2.5 Capital cover vs PAYGO system: implicit sovereign debt, implicit taxes and the transition problem

2.6 Mackenroth Thesis

2.7 Crisis of the German pension system

2.8 Reform proposal of the Wissenschaftliche Beirat beim Bundesministerium für Wirtschaft

2.9 Value of children and immigrants for the pension system

2.10 Social Security Hypothesis

2.11 PAYGO system as insurance against childlessness

2.12 PAYGO system, one-sided altruism and the investment in human capital

3 Health insurance

3.1 Some facts

3.2 Moral Hazard

3.3 Reasons for insurance compliance

3.3.1 Kinked utility function

5 Theory of the welfare state

5.1 Redistribution as insurance: Evaluation under the veil of ignorance

5.2 Private versus public insurance

5.3 Risk taking, insurance and redistribution

6 Welfare state under systems competition

6.1 Redistribution and factor mobility

6.2 Social politics in Europe: Centralisation or Nationality Principle

Literature

References will be given in the lecture

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Macroeconomics (Research)

Modul Foundations of Economic Research (OM 2)

Professor/Lecturer Illing, Gerhard / Sunde, Uwe

Prerequisites Good knowledge in macro-, microeconomics, and

mathematical methods (calculus)

Macroeconomics has two goals: It (should) develop theories to describe/understand the evolution of important aggregate variables such as consumption, output, investment, employment, as well as prices such as interest rates and wages It should judge policy measures in a normative way based on the relevant macroeconomic theories In it’s methods, modern macroeconomics is based on the concept of dynamic, stochastic, general equilibrium models

The Course will focus on the following topics:

I Growth

1 Neoclassical Growth Model: Solow-Swan and Extensions

2 Neoclassical Growth Model: Ramsey-Cass-Koopmans

3 Extensions of the Neoclassical Growth Model

a AK-Models

b Growth through Externalities

c Public Sector Investments

d Human Capital

4 Endogenous Growth

5 Heterogeneity: Overlapping Generations Models

6 Growth Empirics and Current Research Topics

II Fluctuations (Business Cycles)

1 Fluctuations: Stylized Facts and Recap of Models

2 Real Business Cycles

3 New Keynesian Models of Fluctuations

III Policy (Fiscal, Monetary, Unemployment)

D Romer, Advanced Macroeconomics, McGraw Hill, 3rd edition, 2006

Further references will be given in the lecture

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Microeconomics (Research)

Modul Foundations of Economic Research (OM 2)

Professor/Lecturer Schmidt, Klaus

a career in an international organization, in a consultancy, in public service or private enterprise The only prerequisite is that you are open-minded and interested

in the deep questions of economics and how to answer them rigorously This does not require any specific mathematical knowledge that goes beyond the mathematics course offered in our master program The course is not necessarily more difficult

or labor intensive than the courses on Advanced Microeconomics, but the emphasis

is different If you don't know which course to take, try it out

The course will focus on following topics

1 Game Theory

2 Consumer and Producer Theory

3 Decisions under Uncertainty

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Advanced Economic History

Modul Economic Theory (OM 3) or Applied Economic Analysis and Empirical Economics (OM 4) or Modul Economic Research (OM 6) or Economic Research & Public Economics (OM 7)

Professor/Lecturer Cantoni, Davide

we will look for the explanatory power of various factors, such as geography,

technology, institutions, and culture, trying to isolate fundamental determinants from proximate ones As put by North and Thomas in 1973: “The factors we have listed (innovation, economies of scale, education, capital accumulation etc.) are not causes of growth; they are growth”—instead, causes of growth will be the focus of this class

As such, this class is highly complementary to any courses or readings you might do

in economic growth, economic development, or political economy Moreover, the focus of this class will be on reading and discussing research papers with a strongly empirical focus; it will thus be complementary to the (micro)econometrics classes in the program and should be viewed as good preparation to one’s own writing of applied research papers

Literature

Specific readings will be indicated in the course

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New Keynesian Macroeconomics

Modul Economic Theory (OM 3) or Applied Economic Analysis and Empirical Economics (OM 4) or Modul Economic Research (OM 6) or Economic Research & Public Economics (OM 7)

Professor/Lecturer Carstensen, Kai and Wollmershäuser, Timo

General Prerequisites Advanced (or Applied) Macroeconomics (Real

Business Cycle models, dynamic modeling); series Econometrics;

Time-MSc-Course Prerequisites Advanced (or Applied) Macroeconomics,

Econometrics

Objectives: The main goal of the course is to introduce into New Keynesian economics (NKM) both from an empirical and a theoretical perspective in order to explain business cycles A particular emphasis will be put on inflation and monetary policy: How do we measure monetary policy shocks? What are the empirical effects

Macro-of monetary policy? Can we explain these effects theoretically? How should optimal monetary policy look like?

1 Stylized Macroeconomic Facts of the European and US Business Cycle

a The Hodrick-Prescott filter

b Some stylized facts

2 Stylized Microeconomic Facts of the Price Setting Mechanism

a Evidence based on micro price data

b Evidence based on firm surveys

3 VAR Models

a The identification problem in macroeconomics

b The VAR model

c Identification strategies for VAR models

d The monetary transmission mechanism in the US

e The monetary transmission mechanism in the euro area

4 The New Keynesian Baseline Model

5 Monetary Policy Design in the New Keynesian Model

a Sources of suboptimality

b Optimal monetary policy I

c Simple policy rules I

d The welfare function

e Monetary policy tradeoffs

f Optimal monetary policy II (discretion versus commitment)

g Simple policy rules II

h Monetary policy under uncertainty

6 Extensions of the Baseline New Keynesian Model

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Empirical Public Economics

Modul Economic Theory (OM 3) or Modul Applied Economic Analysis and

Empirical Economics (OM 4) or Modul Public Economics (OM 5) or Modul

Economic Research (OM 6) or Economic Research & Public Economics (OM 7) Professor/Lecturer Dwenger, Nadja

Compulsory/Optional Optional

Hours/week 2+2

Exam Written Exam (60 minutes) and Exercises

Cycle Summer-Semester (irregularly)

ECTS-Points 6

Language English

General Prerequisites Knowledge of linear regression analysis

MSc-Course Prerequisites Econometrics

The central goal of this course is to provide an introduction to the use of empirical methods for answering economic and political questions You will learn to critically assess empirical papers in the area of public economics and you will be taught how

to apply modern econometric methods, which are commonly used in empirical public economics, to a variety of research questions Topics include the effect of taxation on the behavior of individuals and firms, the evaluation of social programs, the incentive effects of subsidies, and the design of transfer programs such as unemployment insurance or the pension system When discussing the relevant literature, we will focus not only on the content, but also on the empirical methodology used to identify causal effects Empirical approaches covered in the course include, amongst others, natural and field experiments, difference-in-differences estimations, instrumental variables, discrete-choice analysis, regression discontinuity design, and panel data analysis Computer exercises and real-world micro data sets will help you to better understand these methods and to develop fluency in the usage of the statistical software package Stata

Literature

Lecture notes and papers read in the course are made available at the beginning of the course on

http://www.tax.mpg.de/en/pub/public_economics/courses/empirical_public_economics.cfm

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Frontiers in International Trade

Modul Economic Theory (OM 3) or Applied Economic Analysis and Empirical Economics (OM 4) or Economic Research (OM 6) or Economic Research & Public Economics (OM 7)

Professor/Lecturer Eckel, Carsten

General Prerequisites Students are expected to be familiar with and have a

working knowledge of graduate level micro and at least some background of international trade

MSc-Course Prerequisites Advanced (or Applied) Microeconomics

3.1 Partial Equilibrium: Reciprocal Dumping

3.2 General Equilibrium: GOLE

4 Recent Topics

4.1 Multi-Product Firms

4.2 Quality and Trade

4.3 Frictions and Trade

Literature

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Time Series Analysis

Modul Applied Economic Analysis and Empirical Economics (OM 4) or Economic Research (OM 6) or Economic Research & Public Economics (OM 7)

Professor/Lecturer Flaig, Gebhard

General Prerequisites Good knowledge of econometric methods and

statistical analysis; basic knowledge of time series models (ARIMA models)

MSc-Course Prerequisites Econometrics

The aim of the course is to present important concepts of time series analysis (Stationarity of stochastic processes, ARIMA models, spectral analysis, state space modelling etc.) The course is a mixture of theory and practical applications of time series methods The theoretical material (presented mainly in the lecture) focuses upon properties of stationary time series and their analysis in the time and frequency domain In the tutorial, problems of specification and estimation of time series are treated We use the programming language GAUSS for empirical applications

Outline of lecture

1) Stationary time series models (basic concepts)

2) ARIMA models

3) Spectral analysis

4) Analysis of important filters in economics

5) An introduction to state space modelling and the Kalman filter

Outline of tutorial

1) Lag operators and some properties of lag polynomials

2) Trigonometric functions and complex numbers

3) Fundamentals of programming language GAUSS

4) Descriptive analysis of time series

5) Model selection and estimation of ARIMA models

6) Empirical aspects of spectral analysis

7) Applications of filters (Trend and cycles, seasonal adjustment etc)

Literature

James Hamilton (1994), Time Series Analysis Princeton University Press

Andrew Harvey (1993), Time Series Models MIT Press

Robert Shumway/David Stoffer (2011), Time Series Analysis and its Applications Springer

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Advanced Industrial Organization

Modul Economic Theory (OM 3) or Applied Economic Analysis and Empirical Economics (OM 4) or Economic Research (OM 6) ) or Economic Research &

Public Economics (OM 7)

Professor/Lecturer Harhoff, Dietmar and Schnitzer, Monika

General Prerequisites Participants should have a solid knowledge of

Economics (Bachelor of Economics major)

Econometrics

The aim of this course is to present advanced topics in Industrial Organisation, with both theoretical and empirical research questions Participants should have a good knowledge of microeconomics and basic knowledge of game theory A basic know-ledge of econometrics would also be an advantage Students should be willing to participate actively in lectures and classes, to read the original literature, and to regularly solve problem sets The course is directed to doctoral students and M.A students The course will be taught in English There will be a written examination (2 hours) at the end of the semester The relevant material for this course as well as references will be made available throughout the course

Literature

Belleflamme and Peitz, Industrial Organization - Markets and Strategies

Cabral, L., Introduction to Industrial Organization

Tirole, J., The Theory of Industrial Organization

Angrist and Pischke, Mostly harmless econometrics: an empiricst’s companion

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Advanced Theory of Taxation

Modul Economic Theory (OM 3) or Applied Economic Analysis and Empirical Economics (OM 4) or Modul Public Economics (OM 5) or Modul Economic

Research (OM 6) or Economic Research & Public Economics (OM 7)

Professor/Lecturer Haufler, Andreas

General Prerequisites good understanding of microeconomic theory;

willingness to do in-depth analysis of optimal tax results; Bachelor-level course on taxation

MSc-Course Prerequisites Advanced (or Applied) Macroeconomics ,

Advanced (or Applied) Microeconomics

The lecture aims to cover a broad range of research questions in the field of taxation, and simultaneously provide an introduction to the methods used in recent theoretical work on public economics Starting from the benchmark models of optimal commodity and income taxation, the theory of optimal taxation and tax reform is successively extended to account for issues of risk, public goods and externalities, market imperfections and strategic interaction between both firms and countries The analysis will be predominantly theoretical, but empirical applications are also included for most subjects

The purpose of the tutorial is to deepen the understanding of the material This is done primarily in the form of exercise questions that often employ fully specified utility and production functions so that complete allocations can be (parametrically) computed In addition structured reading assignments are given which include guidelines and questions that point to the role of specific modelling assumptions and core results in the paper

Literature

Gareth D Myles (1995): Public Economics Cambridge University Press

Original journal articles

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Search and Matching Theory with Applications in Labour Market Policy

Modul Economic Theory (OM 3) or Applied Economic Analysis and Empirical Economics (OM 4) or Public Economics (OM 5) or Economic Research (OM 6) or Economic Research & Public Economics (OM 7)

Professor/Lecturer Holzner, Christian

General Prerequisites Solid background knowledge in mathematics for

economists, and microeconomics

Syllabus/Course outline

I Labour Market Theory

1 Beyond a perfect labour market

2 Mortensen-Pissarides matching model

3 Models with search and on-the-job search

4 Directed search models

II Labour Market Policy

There is no single textbook which covers the whole course However all of the

following cover some aspects:

Pierre Cahuc and Andr´e Zylberberg (2004): Labor Economics, MIT Press

Christopher A Pissarides (2000): Equilibrium Unemployment Theory, MIT Press Dale Mortensen (2005): Wage dispersion, MIT Press

Information about specific readings will be given in the course

Tiêu đề	Mathematics for Economists
Người hướng dẫn	Professor/Lecturer
Trường học	Cambridge University
Chuyên ngành	Economics
Thể loại	course catalogue
Thành phố	Cambridge

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