module manual of the M. Sc. degree programmes

Economics and

Quantitative Economics

Date: February 14

A.

Overview of the Degree Programmes ......................................................................................................... 2 1.

Structure of Curriculum: M.Sc. Economics .............................................................................................. 2

2.

Structure of Curriculum: M.Sc. Quantitative Economics......................................................................... 4

3.

Programme Schedule: M.Sc. Economics ................................................................................................. 6

4.

Programme Schedule: M.Sc. Quantitative Economics ............................................................................ 7

B.

Modules in the Compulsory Section in Economics ..................................................................................... 8 Advanced Microeconomics ......................................................................................................................... 8 Advanced Macroeconomics ........................................................................................................................ 9 Econometrics I ........................................................................................................................................... 11

C.

Modules in the Optional Section in Economics ......................................................................................... 12 Applied Microeconomics ........................................................................................................................... 12 Environmental and Resource Economics .................................................................................................. 16 International Economics ............................................................................................................................ 21 Macroeconomics and Growth ................................................................................................................... 24 Public Economics ....................................................................................................................................... 27 Spatial Economics ...................................................................................................................................... 30 Theory of Financial Economics .................................................................................................................. 33

D.

Modules in the Compulsory Section in Quantitative Methods ................................................................. 38 Econometrics II .......................................................................................................................................... 38 Advanced Statistics I .................................................................................................................................. 39 Advanced Statistics II ................................................................................................................................. 40

E.

Modules in the Optional Section in Quantitative Methods ...................................................................... 41 Applied Empirical Methods ....................................................................................................................... 41

F.

Exported modules ..................................................................................................................................... 48 CGE (Computable General Equilibrium) .................................................................................................... 48

G.

H.

Overview of the Optional Subjects ............................................................................................................ 50 1.

Business ................................................................................................................................................. 50

2.

Comparative Economic Sociology ......................................................................................................... 50

3.

Political Sciences.................................................................................................................................... 50

4.

Agricultural Economics .......................................................................................................................... 50

5.

Business Information Systems............................................................................................................... 51

6.

Computer Sciences ................................................................................................................................ 51

7.

Empirical Economics .............................................................................................................................. 51 Alphabetical Directories ............................................................................................................................ 52 Alphabetical Directory of the Courses ....................................................................................................... 52 Alphabetical Directory of the Modules (ordered by module codes)......................................................... 54

A. Overview of the Degree Programmes 1. Structure of Curriculum: M.Sc. Economics Modules Compulsory section in Economics Advanced Microeconomics Advanced Macroeconomics Econometrics I Optional section in Economics Optional module WEcon I  lecture + tutorial  lecture  seminar Optional module WEcon II  lecture + tutorial  lecture  seminar Optional module WEcon III  lecture + tutorial  lecture  seminar Minor subject - Business - Comparative Economic Sociology - Political Sciences - Agricultural Economics - Business Information Systems - Computer Sciences - Empirical Economics** Master´s thesis

Courses

SWS*

ECTS credits per module

4 lect + 2 tut 4 lect + 2 tut 3 lect + 2 tut

6 6 5

10 10 8

ECTS credits per section 28

48 16 2 lect + 2 tut 2 lect sem

4 2 2 16

2 lect + 2 tut 2 lect sem

4 2 2 16

2 lect + 2 tut 2 lect sem

4 2 2 14

Varies for the different minor subjects. ** Currently, Empirical Economics is the only minor subject where English as the language of instruction can be guaranteed. 30

*"Semesterwochenstunden" = weekly 45-minute teaching for the duration of one semester of about 12 teaching weeks.

Within the Optional Section in Economics students have to choose 3 modules each requiring a workload of 16 credit points. One optional module basically has the following structure: VWL-WEcon-i

Optional module WEcon i

semester

duration

status

requirements

credits / workload

2nd to 3rd semester

2 semesters

elective

-

16 (18) ECTS / 480 hours

courses

teaching

examination

grades

WEcon-i/1 WEcon-i/2 Seminar

To be elected from supplied courses

SWS

credits status

lecture + tutorial

4

6

elective

written exam

graded

lecture

2

4

elective

written exam

graded

seminar

2

6

compulsory

presentation + term paper

graded

final grade

weighted average

By choosing a combination of certain courses, more than the required amount of 16 credit points might be achieved. In this case the grade of the module will be calculated as the weighted average of 2

the accomplished 18 credit points. However, the grade of the module will only enter with weight 16/120 into the final grade Within the Optional Section of Economics the following optional modules can be chosen: - VWL-WEcon-AppMicr: Applied Microeconomics - VWL-WEcon-EnvResEc: Environmental and Resource Economics - VWL-WEcon-IntEc: International Economics - VWL-WEcon-MacGro: Macroeconomics & Growth - VWL-WEcon-PubEc: Public Economics - VWL-WEcon-SpatEc: Spatial Economics - VWL-WEcon-FinEc: Theory of Financial Economics One of these optional modules can be replaced by completing 16 ECTS in different courses in the compulsory quantitative module or the area of quantitative specialization of the master`s degree programme “Quantitative Economics”. Two modules have to be chosen out of the following: - VWL-PQuEc-Eco2: Econometrics II - VWL-PQuEc-AdvStat1: Advanced Statistics I - VWL-PQuEc-AdvStat2: Advanced Statistics II - VWL-WQuEc-AEM: Applied Empirical Methods This replacement of one optional module is not possible if Empirical Economics is chosen as the minor subject.

3

2. Structure of Curriculum: M.Sc. Quantitative Economics Modules Compulsory section in Economics Advanced Microeconomics Advanced Macroeconomics Econometrics I Compulsory section in Quantitative Methods Advanced Statistics I Advanced Statistics II Econometrics II

Courses

SWS*

ECTS credits per module

4 lect + 2 tut 4 lect + 2 tut 3 lect + 2 tut

6 6 5

10 10 8

3 lect + 2 tut 3 lect + 2 tut 3 lect + 2 tut

5 5 5

8 8 8

ECTS credits per section 28

24

Optional section in Quantitative Methods Applied Empirical Methods  AEM-lecture 1 (see below)  AEM-lecture 2 (see below) Optional section in Economics Optional module WEcon I  lecture + tutorial  lecture  seminar Minor subject - Business - Comparative Economic Sociology - Political Sciences - Agricultural Economics - Business Information Systems - Computer Sciences - Empirical Economics** Master´s thesis

48

8 2 lect 2 lect

2 2

4 4 16

2 lect + 2 tut 2 lect Sem.

4 2 2

6 4 6 14

Varies for the different minor subjects. ** Currently, Empirical Economics is the only minor subject where English as the language of instruction can be guaranteed.

30

30

*"Semesterwochenstunden" = weekly 45-minute teaching for the duration of one semester of about 12 teaching weeks.

In the Optional Section in Economics students have to elect one module requiring a workload of 16 ECTS. This optional module basically has the following structure: VWL-WEcon-i

Optional module WEcon i

semester

duration

status

requirements

credits / workload

2nd to 3rd semester

2 semesters

elective

-

16 (18) ECTS / 480 hours

courses

teaching

examination

grades

WEcon-i/1 WEcon-i/2 Seminar

To be elected from supplied courses

SWS

credits status

lecture + tutorial

4

6

elective

written exam

graded

lecture

2

4

elective

written exam

graded

seminar

2

6

compulsory

presentation + term paper

graded

final grade

weighted average

By choosing a combination of certain courses, more than the required amount of 16 credit points might be achieved. In this case the module grade will be calculated as the weighted average of the accomplished 18 ECTS. However, the grade of the module will only enter with weight 16/120 into the final grade.

4

One of the following 7 optional modules can be chosen within the Optional Section in Economics: -

VWL-WEcon-AppMicr: VWL-WEcon-EnvResEc: VWL-WEcon-IntEc: VWL-WEcon-MacGro: VWL-WEcon-PubEc: VWL-WEcon-SpatEc: VWL-WEcon-FinEc:

Applied Microeconomics Environmental and Resource Economics International Economics Macroeconomics & Growth Public Economics Spatial Economics Theory of Financial Economics

In the Optional Section in Quantitative Methods the elective module Applied Empirical Methods has to be completed. Within this module 2 courses out of a list of optional lectures have to be chosen. In order to specialize even more in quantitative methods the minor subject Empirical Economics can be elected. Within this minor subject two modules have to be completed, each one consisting of two additional lectures of the list of optional courses of the module Applied Empirical Methods.

5

3. Programme Schedule: M.Sc. Economics

3rd semester

2nd semester

1st semester

Module

Course

ECTS credits per

Type of course

P / WP

Prerequisite

PL

SWS

sem.

VWL-PEcon-AdvMicr

Advanced Microeconomics

V+Ü

P

-

K

6

10

VWL-PEcon-AdvMacr

Advanced Macroeconomics

V+Ü

P

-

K

6

10

Econometrics

V+Ü

P

-

K

5

8

V

WP

-

K

VWL-PEcon-Eco1 VWL-WEcon-I

WEcon I / 1

VWL-WEcon-I

Seminar in WEcon I

VWL-WEcon-I

2

4

 19

 32

S

WP

-

HA

4

6

WEcon I / 2

V+Ü

WP

-

K

4

6

VWL-WEcon-II

WEcon II / 1

V+Ü

WP

-

K

4

6

VWL-WEcon-III

WEcon III / 1

V+Ü

WP

-

K

4

6

WP

-

2

4

 18

 28

Minor subject: course 1*

VWL-WEcon-II

Seminar in WEcon II

S

WP

-

HA

4

6

VWL-WEcon-II

WEcon II / 2

V

WP

-

K

2

4

VWL-WEcon-III

WEcon III / 2

V

WP

-

K

2

4

VWL-WEcon-III

Seminar in WEcon III

S

WP

-

HA

4

6

Minor subject: course 2*

WP

-

2

4

Minor subject: course 3*

WP

-

2

6

 16

 30

4th semester

Master´s thesis

year

 60

 60

30  30

 60  120

Explanations: P / WP: status of the module: P = Compulsory / WP = Optional PL: type of examination: K = written examination, HA: essay and presentation SWS: "Semesterwochenstunden" = weekly 45-minute teaching for the duration of one semester of about 12 teaching weeks. types: V = lecture, Ü = tutorial, S = seminar WEcon: Optional modules in Economics * imported modules from other faculties (English as language of instruction cannot be guaranteed)

6

4. Programme Schedule: M.Sc. Quantitative Economics

1st semester

Module

2nd semester

ECTS credits per

Type of course

P / WP

Prerequisit e

PL

SWS

sem.

VWL-PEcon-AdvMicr

Advanced Microeconomics

V+Ü

P

-

K

6

10

VWL-PEcon-AdvMacr

Advanced Macroeconomics

V+Ü

P

-

K

6

10

VWL-PQuEc-AdvStat1

Advanced Statistics I

V+Ü

P

-

K

5

8

Econometrics I

V+Ü

P

-

K

5

8

 22

 36

Advanced Statistics II

V+Ü

P

-

K

5

8

Econometrics II

V+Ü

P

-

K

5

8

WEcon I / 1

V+Ü

WP

-

K

4

6

WP

-

2

4

 16

26

MP

2

4

VWL-PEcon-Eco1

VWL-PQuEc-AdvStat2

3rd semester

Course

VWL-PQuEc-Eco2 VWL-WEcon-I

Minor subject: course 1*

VWL-WQuEc-AEM

AEM 1

V

WP

VWL-WQuEc-AEM

AEM 2

V

WP

MP

2

4

VWL-WEcon-I

WEcon I / 2

V

WP

K

2

4

VWL-WEcon-I

Seminar in WEcon I

S

WP

HA

2

6

4th semester

-

-

Minor subject: course 2*

WP

2

4

Minor subject: course 3*

WP

2

6

 12

 28

Master´s thesis

sem.

 62

30  30

 58 120

Explanations: P / WP: status of the module: P = Compulsory / WP = Optional PL: type of examination: K = written examination, HA = essay and presentation, MP = oral examination SWS: "Semesterwochenstunden" = weekly 45-minute teaching for the duration of one semester of about 12 teaching weeks. types: V = lecture, Ü = tutorial, S = seminar WEcon: Optional modules in Economics AEM: Optional module Applied Empirical Economics * imported modules from other faculties (English as language of instruction cannot be guaranteed)

7

B. Modules in the Compulsory Section in Economics module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies knowledge contents  references

Advanced Microeconomics VWL-PEcon-AdvMicro 1 / 1 semester Prof. Horst Raff, PhD 0431-880-1582 [email protected] degree programme status M.Sc. Economics Compulsory Section in Economics M.Sc. Quantitative Economics Compulsory Section in Economics M.Sc. Mathematik Minor Subject Economics M.Sc. Wirtschaftsinformatik Specialization Economics title credits status time of attendance teachers term lecture + tutorial: 10 ECTS Advanced Microeconomics l: 4 SWS (60 hrs.) compulsory t: 2 SWS (30 hrs.) Prof. Raff, PhD, Prof. Dr. Requate, Prof. Dr. Bröcker, Prof. Dr. Schmidt winter 10 ECTS German Scale, ECTS-System 300 hours English two written exams: Advanced Microeconomics I and Advanced Microeconomics II Students should become familiar with the most important concepts in Game Theory and Information Economics. Interactive lecture and tutorial, lecture notes, literature studies, exercises First Part / Advanced Microeconomics I 1. Theory of the Household 2. Duality Theory 3. Theory of the Firm 4. Partial Equilibrium Analysis 5. General Equilibrium Analysis Second Part / Advanced Microeconomics II (Game Theory) 6. Game Theory 6.1. Strategic Form Games 6.2. Extensive Form Games 6.3. Applications: Imperfect Competition 7. Information Economics 7.1. Adverse Selection 7.2. Moral Hazard and the Agency Problem 7.3. Information and Market Performance 8. Auctions and Mechanism Design 8.1. Nash Equilibria 8.2. Revenue Equivalence Theorem 8.3. Revelation Principle 8.4. Applications of Mechanism Design: price discrimination  

Geoffrey Jehle and Philip Reny, Advanced Microeconomic Theory, Addison-Wesley 2001. Andreu Mas-Colell, Michael Whinston, and Jerry Green: Microeconomic Theory 8

module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

knowledge transfer contents  references

Advanced Macroeconomics VWL-PEcon-AdvMacr 1 / 1 semester Prof. Dr. Hans-Werner Wohltmann 0431-880-1449 [email protected] degree programme status M.Sc. Economics Compulsory Section in Economics M.Sc. Quantitative Economics Compulsory Section in Economics M.Sc. Mathematik Minor Subject Economics title credits status time of attendance teachers term lecture + tutorial: 10 ECTS l: 4 SWS (60 hrs.) Advanced Macroeconomics compulsory t: 2 SWS (30 hrs.) Prof. Dr. Lux, Prof. Dr. Wohltmann winter 10 ECTS German Scale, ECTS-System 300 hours English two written exams: Advanced Macroeconomics I and Advanced Macroeconomics II The first part of the lecture provides a comprehensive, but simple treatment of the mathematical methods used in macroeconomic models and additionally captures a broad variety of important macroeconomic approaches, which are introduced by examples in the course of presentation of dynamic system theory. The second part of the lecture explores the effects of monetary and fiscal policy for closed and open economies. Interactive lecture and tutorial, lecture notes, literature studies, exercises First Part / Advanced Macroeconomics I (Mathematical Methods): 1. Linear Difference equations 1.1. First and Second Order Difference Equations 1.1.1. Mathematical Background 1.1.2. Economic Application: Multiplier-Accelerator Interaction 1.2. Higher-order Difference Equations and Simultaneous Systems of Difference Equations 1.2.1. Mathematical Background 1.2.2. Economic Application: Inventory Cycles 2. Linear Differential Equations 2.1. First and Second Order Differential Equations 2.1.1. Mathematical Background 2.1.2. Economic Application: Neoclassical Growth Theory 2.2. Higher-order Differential Equations and Simultaneous Systems of Differential Equations 2.2.1. Mathematical Background 2.2.2. Economic Application I: Stabilization Policy via Feedback Control 2.2.3. Economic Application II: The Diamond Search Economy 3. Saddle Path Dynamics and Rational Expectations 3.1. Mathematical Background 3.2. Economic Example: The Dornbusch Model of Exchange Rate Overshooting 4. Nonlinear Dynamics 4.1. Limit Cycles and Bifurcations 9

4.1.1. Mathematical Background 4.1.2. Economic Application: Cycles in Search Equilibrium 4.2. Chaotic Dynamics 4.2.1. Mathematical Background 4.2.2. Economic Application: Chaotic Growth 5. Optimal Control of Dynamic Systems and Saddle Path Dynamics 5.1. Pontryagin's Maximum Principle 5.1.1. Mathematical Background 5.1.2. Economic Application: Optimal Control 5.2. Bellman's Principle of Optimality 5.2.1. Mathematical Background 5.2.2. Economic Application  Gandolfo, G.: Economic Dynamics. 2nd ed., Berlin, 1997 Occasionally, additional material from other sources might also be used. Some more advanced references on more recent development in nonlinear economic dynamic include:  Lorenz, H.-W.: Nonlinear Dynamical Economics and Chaotic Motion, 2nd ed., Springer-Verlag New York, 1997  Medio, A.: Nonlinear Dynamics: A Primer, Cambridge: Cambridge University Press (with Marji Lines), 2001  Medio, A.: Chaotic Dynamics. Theory and Applications to Economics, Cambridge: Cambridge University Press, 1992  Rosser, J. B.: From Catastrophe to Chaos: A General Theory of Economic Discontinuities, Kluwer Academic Publishers, 1991  Shone, R.: Economic dynamics: phase diagrams and their economic application, 2nd ed., Cambridge, GB : Cambridge University Press, 2002 Second Part / Advanced Macroeconomics II: 1. Comparative Static Analysis of Large Open Economies 2. Macroeconomic Dynamics in Open Economies 3. New Keynesian Macroeconomics     

Turnovsky, S. J. (2000), Methods of Macroeconomic Dynamics. Second Edition. MIT Press. Gärtner (2003), Macroeconomics. Financial Times Prentice Hall. Walsh, C. E. (2003), Monetary Theory and Policy. Second Edition. MIT Press. Gali, J. (2008), Monetary Policy, Inflation, and the Business Cycle. Princeton University Press. Recent papers in economic journals

10

module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

knowledge transfer contents  references

Econometrics I VWL-PEcon-Eco1 1 / 1 semester Prof. Dr. Helmut Herwartz 0431-880-2417 [email protected] degree programme status M.Sc. Economics Compulsory Section in Economics M.Sc. Quantitative Economics Compulsory Section in Economics M.Sc. Quantitative Finance Compulsory Section Econometrics for Finance M.Sc. Betriebswirtschaftslehre Minor Subject Statistics & Econometrics M.Sc. Finanzmathematik Section Financial Economics (WPF) M.Sc. Mathematik Minor Subject Statistics & Econometrics M.Sc. Wirtschaftsinformatik Specialization Economics title credits status time of attendance teachers term lecture +tutorial: Econometrics I 8 ECTS l: 3 SWS (45hrs.) compulsory t: 2 SWS (30 hrs.) Prof. Dr. Herwartz winter 8 ECTS German Scale, ECTS-System 240 hours English written exam 1.This course builds upon the basic econometric techniques addressed in ‘Einführung in die Ökonometrie’. Throughout the lecture, regressors are considered stochastic. Students will learn to deal with dynamic models and non-stationary time series. The focus is on single equation models. The course will require students to be familiar with standard econometric software such as Eviews and Matlab. 2. After this module, the students will have a solid econometric foundation necessary for participating in advanced courses. Moreover, they will be able to perform advanced univariate time series studies and understand the modern macroeconometric literature. Interactive lecture and tutorial, lecture notes, literature studies, exercises 1. Stochastic Regressors (Non-linear LS-estimation, autocorrelation, instrumental variable estimation) 2. Generalized methods of moments (GMM) 3. Dynamic Models(Stochastic processes, non-stationary stochastic processes,convergence of moments of I(1) variables) 4. Regression with non-stationary variables (Spurious regression, cointegration, unit roots,weak exogeneity)  Banerjee, A., J. Donaldo, J.W. Galbraith, D.F. Hendry (1993): Co-Integration, Error Correction and the Econometric Analysis of Non-Stationary Data, Oxford University Press.  Greene, W.H. (2003): Econometric Analysis, Philip Allan.  Hackl, P. (2005): Einführung in die Ökonometrie, München.  Hamilton, J.D. (1994): Time Series Analysis, Princeton University Press, sel. chapters  Judge, G.G., R.C. Hill, W.E. Griffiths, H. Lütkepohl, T.S. Lee (1988): Introduction to the Theory and Practice of Econometrics, John Wiley & Sons.  Johnston, J., J. Dinardo (1997): Econometrics Methods, McGraw Hill.  Mittelhammer, R.C., G.G. Judge, D.J. Miller (2000): Econometric Foundations, Cambridge University Press. 11



EViews

C. Modules in the Optional Section in Economics module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

Applied Microeconomics VWL-WEcon-AppMicr 1-3/ 2 semesters Prof. Dr. Johannes Bröcker 0431-880-3276 [email protected] degree programme status M.Sc. Economics Optional Section in Economics M.Sc. Quantitative Economics Optional Section in Economics M.Sc. Quantitative Finance Minor Subject Economics M.Sc. Betriebswirtschaftslehre Minor Subject Economics title credits status time of attendance teachers term lecture + tutorial: Industrial Organization 6 ECTS compulsory l: 2 SWS (30 hrs.) elective t: 2 SWS (30 hrs.) Prof. Raff, PhD winter lecture + tutorial: 6 ECTS compulsory l: 2 SWS (30 hrs.) New Institutional Economics elective t: 2 SWS (30 hrs.) Prof. Dr. Requate winter lecture + tutorial: 6 ECTS compulsory l: 2 SWS (30 hrs.) Computable Equilibrium Analysis elective t: 2 SWS (30 hrs.) Prof. Dr. Bröcker summer lecture + tutorial: Behavioral and 6 ECTS compulsory l: 2 SWS (30 hrs.) Neuroeconomics elective t: 2 SWS (30 hrs.) Prof. Dr. Snower summer lecture: Innovation Economics 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Dr. Dohse (IfW, on occasion) winter lecture: Experimental Economics 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Requate (on occasion) winter lecture (+tutorial): 4 (6) ECTS compulsory l: 2 SWS (30 hrs.) Advanced Topics in Microeconomics elective (t: 2 SWS (30 hrs.)) N.N. (on occasion) n.s. Seminar on Applied Microeconomics 6 ECTS required 2 SWS (30 hrs.) Prof. Raff, PhD, Prof. Dr. Requate, summer course Prof. Dr. Bröcker /winter 16 ECTS German Scale, ECTS-System 480 hours English written exam in two of the lecture courses (Computable Equilibrium Analysis: oral exams in two of the courses term paper, comment, oral presentation in the seminar Industrial Organization: Students should become familiar with the most important concepts of Industrial Economics.

New Institutional Economics: Students should become familiar with the most important concepts of New Institutional Economics. 12

Computable Equilibrium Analysis: Three basic aims are to be achieved: 1. The students should understand the functioning of numerical general equilibrium models, and be aware of their advantages, and limitations. 2. They should be able to work with standard ready-made models such as GTAP. They should be able to design own simple models and programme them in the available software (MATLAB or GAMS). Behavioral and Neuroeconomics: The students gain profound knowledge of the (social and biological) driving forces of human behaviour and their consequences for economics. In particular, non-pecuniary motives such as values, fairness, identity, etc. as well as irrationalities are analyzed within the micro- and macroeconomic framework with applications in game theory, decision making, utility theory, and macroeconomic dynamics. Behavioral- and Neuroeconomics is a highly interdisciplinary field located at the junction of economics, psychology, sociology, and medicine (neuroscience). Innovation Economics: Students should become familiar with the most important concepts of Innovation Economics. They should be enabled to critically assess the strengths and limitations of different theoretical approaches, become familiar with measurement issues and learn to apply these measures. Experimental Economics: The students should become familiar with the central methods and results of experimental research in economics. They should be enabled to run their own experiments and perform adequate data analyses.

knowledge transfer by lectures + tutorials

Core competencies by seminar

contents  references

Seminar on Applied Microeconomics: Students are required to research recent developments in connection with given topics of economic nature, produce a term/seminar paper done independently, and present the content of that paper in class. By doing so they will acquaint themselves with the essentials of academic work and presentation technique. This will also lay the foundations for the completion of the MA thesis at a later date. Interactive lecture and tutorial, lecture notes, literature studies, problem based exercises, computing classes CGE:Interactive lectures and exercise sessions, study of relevant literature, replication of computer exercises, own work on computer - Acquisition of self-competency by dealing with a given topic - Acquisition of methodical competency (academic work, presentation techniques, media skills) - Acquisition of social/communicative competency by chairing discussions and working in groups Industrial Organization: 1. Exercise of Monopoly Power Monopoly, Price Discrimination, Vertical Restraints 2. Strategic Interaction Oligopoly Models, Collusion, Entry Deterrence, Mergers 3. Incomplete Information Limit Pricing, Advertising 

Jean Tirole, Industrial Organization, MIT Press 1988 13



recent papers in economic journals

New Institutional Economics 1. Introduction 2. Transaction Costs 3. Property Rights 4. Externalities and Property Rights 5. Contracts: a) General, b) Adverse Selection, c) Moral Hazard, d) Signalling, e) Incomplete Contracts  R. Richter, und E. Furubotn: Neue Institutionenökonomik, Mohr Siebeck, Tübingen, 1996, 3. Auflage  B. Salanie: The Economics of Contracts, MIT Press, Cambridge, MA 1997 Computable Equilibrium Analysis: 1. Introduction: the basic idea of CGE analysis 2. Languages: MATLAB, GAMS, GAMS-MPS/GE 3. Simple examples: partial equilibrium 4. The theory of general equilibrium 5. My first CGE: The 2-2-1-Model 6. Commodity-industry framework 7. Extensions 8. A complete model 9. Market imperfections 10. Closures 11. More about functional forms 12. Data adjustment: RAS and RA/R 13. Multiregional economies and the Armington assumption 14. Dynamic CGE modeling 

Peter B. Dixon, Maureen T. Rimmer: Dynamic general equilibrium modelling for forecasting and policy : a practical guide and documentation of MONASH, 2002 Amsterdam, Elsevier.  Victor Ginsburgh, Michiel Keyzer: The Structure of Applied General Equilibrium, 1997 Cambridge MA, MIT Press.  B. Heer, A. Maussner, Dynamic General Equilibrium Modelling: Computational Methods and Applications, 2005 Berlin, Springer.  Thomas W. Hertel (ed.): Global Trade Analysis: Modeling and Applications, 1997 Cambridge, Cambridge University Press.  J.B. Shoven, J. Whalley: Applied general equilibrium models of taxation and international trade, Journal of Economic Literature, Vol. 22 (1984), pp. 1007-51.  Tutorials for MATLAB, GAMS and MPSGE.  M.J. Miranda and P.L. Fackler, Applied Computational Economics and Finance, MIT Press, Cambridge MA, 2002 Behavioral and Neuroeconomics: 1. The nature of individual preferences 2. Rationality 3. Emotion 4. Memory 5. Mind-reading and empathy 6. Social preferences 7. Identity 8. Altruism and public goods 9. Decision making: prospect theory 14

10. 11. 12. 13.   

Mental accounting Intertemporal Choice Fairness Values Kahneman and Tversky: Choices, Values, and Frames, 2000, Cambridge University Press Loewenstein: Exotic Preferences: Behavioral Economics and Human Motivation, 2000, Oxford University Press Selected papers on behavioral and neuroeconomics

Innovation Economics 1. Introduction 2. Measurement of Innovation 3. Determinants of Innovation 4. Innovation and Market Structure 5. Innovation Outcomes 6. The Financing of R&D and Innovation 7. Public Policy Towards Innovation 

B.H. Hall,, N. Rosenberg, Handbook of the Economics of Innovation, North Holland, Amsterdam , 2010

Experimental Economics: 1. Introduction 2. Public Goods 3. Bargaining 4. Individual Decision Making 5. Oligopoly 6. Auctions 7. Field Experiments  J.H. Kagel, A.E. Roth, The Handbook of Experimental Economics, Princeton University Press, Princeton, 2001. Advanced Topics in Microeconomics: Varying topics in the field of microeconomics. This course only takes place occasionally.

Variations of the module attribution to curriculum specifics

Seminar on Applied Microeconomics: Varying topics in the field of Industrial Organization, New Institutional Economics, Computable Equilibrium Analysis, Innovation Economics, Behavioral and Neuroeconomics, media: Data projector, Black board, Flip chart VWL-WEcon-AppMicr-NF: Applied Microeconomics for Minor Subject M.Sc. Mathematik Minor Subject Economics Module Applied Microeconomics without the obligatory seminar, two of the three lectures.

15

module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

Environmental and Resource Economics VWL-WEcon-EnvResEc 1-3/ 2 semesters Prof. Dr. Till Requate 0431-880-4424 [email protected] degree programme status M.Sc. Economics Optional Section in Economics M.Sc. Quantitative Economics Optional Section in Economics M.Sc. Quantitative Finance Minor Subject Economics M.Sc. Betriebswirtschaftslehre Minor Subject Economics title credits status time of attendance teachers term lecture + tutorial: Environmental 6 ECTS compulsory l: 2 SWS (30 hrs.) Economics elective t: 2 SWS (30 hrs.) Prof. Dr. Requate winter lecture + tutorial: Resource Economics 6 ECTS compulsory l: 2 SWS (30 hrs.) elective t: 2 SWS (30 hrs.) Prof. Dr. Quaas summer lecture: Environmental Valuation 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Rehdanz summer lecture: 4 ECTS compulsory Theories of Distributive Justice l: 2 SWS (30 hrs.) elective Prof. Dr. Quaas winter lecture: Climate and Energy Policy 4 ECTS compulsory l: 2 SWS (30 hrs.) Dr. Peterson winter elective lecture (+tutorial): 4(6) ECTS Advanced Topics in Environmental and compulsory l: 2 SWS (30 hrs.) Resource Economics elective t: 2 SWS (30 hrs.) N.N. (on occasion) n.s. Seminar on Environmental & Resource 6 ECTS Economics required 2 SWS (30 hrs.) course Prof. Dr. Requate, Prof. Dr. Quaas, Prof. summer Dr. Rehdanz /winter 16 ECTS German Scale, ECTS-System 480 hours English written exam in two of the lecture courses term paper, comment, oral presentation in the seminar Environmental Economics: Students should learn why environmental problems can be economic problems. They should be able to identify environmental economic problems caused by noncompensated externalities and insufficiently defined property rights. The most important environmental policy instruments and their effects should be familiar. Students should know about their advantages and disadvantages. Moreover, students should know some special aspects concerning environmental policy, e.g. environmental policy in open economies, incentives for innovation and problems on ecological tax reforms. Furthermore, students should be able to apply basic techniques to evaluate environmental damages. Resource Economics: Renewable and non-renewable natural resources play an important role in economics. Natural resources can serve as inputs for production, but can also play a role in providing 16

ecological services, for example as a sink for pollutants. The student should learn about optimal rules to extract renewable and non-renewable natural resources. She should know how markets for these kinds of resources perform, and under what circumstances there can be market failure and how policy instruments can correct for market failure. Besides the student will learn methods of dynamic optimization, in particular control theory (How to deal with Hamiltonians and Bellman equations). The student should be able to analyse simple dynamical optimization problems; in particular derive first-order conditions, the Euler condition for optimal resource extraction and be familiar with phase diagrams. Environmental Valuation: The course provides a rigorous treatment of the theory of monetising the value of environmental externalities, focusing on the neo-classical approach but also discussing its alternatives. The student will learn about the categories of economic value assigned to the natural environment, and the distinction between use and non-use values. We will work through the utility theory on which environmental valuation techniques are based and learn how the individual approaches infer use and/or non-use values. Theories of Distributive Justice: A major part of economics – in particular environmental and resource economics – is concerned with the question of how a society should allocate its scarce resources or product among individuals with competing needs or claims. Students shall be familiar with philosophical and economic concepts of distributional justice that provide a solid theoretical ground for answering these questions. They shall be able to assess the potential and limitations to the most relevant current economic approaches to distributive justice and their application to current problems of sustainable development. Climate and Energy Policy The purpose of the lecture is to give an overview of the development of climate and energy policy on national, European and international level and to provide the tools for an economic analysis of prevailing policies in this field. After briefly reviewing important theoretical foundations as well as modeling approaches, these will be applied and extended to analyze concrete policies such as the Kyoto Protocol, prevailing proposals for a Post-Kyoto climate regime, the European Climate Policy including the Emissions Trading Scheme and biofuel quotas or the German Renewable Energy Law (EEG) Knowledge of the content of the lecture “Environmental Economics is recommended but not required.

knowledge transfer by lectures + tutorials core competencies by seminar

Seminar on Environmental & Resource Economics: Students are required to research recent developments in connection with given topics of economic nature, produce a term/seminar paper done independently, and present the content of that paper in class. In doing so they will acquaint themselves with the essentials of academic work and presentation technique. This will also lay the foundations for the completion of the MA thesis at a later date. Interactive lecture and tutorial, lecture notes, literature studies, exercises -

Acquisition of self-competency by dealing with a given topic Acquisition of methodical competency (academic work, presentation techniques, media skills) Acquisition of social/communicative competency by chairing discussions and 17

working in groups contents  references

Environmental Economics: 1. Introduction: Environmental problems from an economic viewpoint, environmental economics versus ecological economics, 2. Stylized facts: Time series for different pollutants und ecological damages, environmental policy Approaches in different countries 3. A simple model in Environmental Economics: Description of the model, efficiency conditions, environmental policy instruments 4. Imperfect Information: Effects of environmental policy instruments if the level of social damage is unknown and if the abatement costs are unknown; mechanisms to solve the information problem 5. Output Markets: Extension of the model; efficiency conditions; environmental policy instruments; relative standards; market entry and exit; abatement costs 6. Imperfect Competition: Effects of environmental policy instruments under imperfect competition: monopolies; oligopolies 7. Environmental Economics in Open Economies: Cooperative approaches; noncooperative approaches; environmental policy as trade tolicy 8. Ecological Tax Reform: Weak, strong and double dividend, conditions for existence (non-existence) of double dividends 9. Economic incentives for innovation: Incentives for technology adoption; incentives for R&D 10. Valuation of Environmental Damages: Hedonic pricing; method on household production functions (e.g. traveling costs method); stated preferences (e.g. contingent valuation).  Kohlstad, C. Environmental Economics  Perman, R., Y. Ma, J. McGilvray, and M. Common: Natural Resource and Environmental Economics, Prentice Hall.  Requate, T. and D. Phaneuf: Lecture Notes: Advanced Environmental Economics.  Tietenberg, T. Environmental Economics & Policy, Addison Wesley.  Tietenberg, T. Environmental and Natural Resource Economics, Addison Wesley  Freeman III, A.M.: The Measurement of Environmental and Resource Values, Resources for the Future, Washington D.C. Resource Economics: 1. Introduction 2. Economic analysis of overfishing 3. Optimal fisheries management 4. Economic policy instruments of fisheries policy 5. Forestry economics 6. Economics of non-renewable resources and the theory of oil price development 7. Economic principles of sustainable development 8. Criteria of sustainable development 9. Biodiversity and species protection 10. Land use  J.M. Conrad (1999), Resource Economics, Cambridge University Press  R. Perman, Y. Ma, J. McGilvray and M. Common (2003), Natural Resource and Environmental Economics, Addison Wesley  J. Shogren, N. Hanley and B. White (1996), Environmental Economics in Theory and Practice, Oxford University Press  A. Chiang (1992) Elements of Dynamic Optimization, McGraw-Hill, Inc. New York.

18

Environmental Valuation: 1. Introduction: The nature of value 2. Demand and welfare theory 3. Cost-benefit analysis 4. Stated preference methods: Contingent valuation 5. Stated preference methods: Choice modeling 6. Revealed preference methods: Defensive expenditures 7. Revealed preference methods: Travel cost approach 8. Revealed preference methods: Hedonic pricing 9. Value transfer 10. Alternative approaches: Ecological footprints, happiness research etc.  Champ, P.A., Boyle, K.J. and T.C. Brown (eds.) (2003) A Primer on Nonmarket Valuation, Kluwer Academic Publishers, Dordrecht  Freeman III, A.M. (2003) The Measurement of Environmental and Resource Values, Resources for the Future, Washington D.C.  Hanley, N. and E.B. Barbier (2009) Pricing nature: Cost-benefit analysis and environmental policy, Edward Elgar, Cheltenham

Advanced Topics in Environmental & Resource Economics: Varying topics in the field of Environmental & Resource Economics. This course only takes place occasionally. Theories of Distributive Justice: 1. Introduction: Economic Notions of Distributive Justice and Fairness 2. Measurement of Utility and Arrow’s Theorem 3. Utilitarianism 4. Primary Goods, Fundamental Preferences and Functioning 5. Equality of Welfare vs. Equality of Resources 6. Equality of Opportunity for Welfare 7. Sustainable Development as Intergenerational Distributive Justice  

J.E. Roemer (1996), Theories of Distributive Justice, Harvard University Press A. Sen (1999), Development as Freedom, Oxford University Press

Climate and Energy Policy: 1. Introduction 2. Basic Theoretical Foundations and Analytical Tools 3. Overview: Development of Climate Policy 4. Emissions trading 5. Energy and Carbon Taxes 6. Taxes vs. Emissions trading 7. Post-Kyoto Climate Policy 8. Renewable Energy Policies 9. Policy Mix 10. Energy related subsidies 11. The role and implications of uncertainty   

Hanley, N., J. Shogren& B. White (2007). Environmental Economics in Theory and Practice. 2nd Edition. Palgrave Maccmillan. Kolstadt, Ch. (2011). Environmental Economics. States and Trends of the Carbon Market 2010 and 2011. World Bank. 19



Variations of the module attribution to curriculum specifics

A number of topic specific reports and scientific articles to be announced in the lecture

Seminar on Environmental & Resource Economics: Varying topics in the field of environmental economics and resource economics, respectively. VWL-WEcon-EnvResEc-NF: Environmental & Resource Economics for Minor Subject M.Sc. Mathematik Minor Subject Economics Module Environmental & Resource Economics without the obligatory seminar, two of the three lectures.

20

module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

International Economics VWL-WEcon-IntEc 1-3 / 2 semesters Prof. Holger Görg, PhD 0431-880-1709 [email protected] degree programme status M.Sc. Economics Optional Section in Economics M.Sc. Quantitative Economics Optional Section in Economics M.Sc. Quantitative Finance Minor Subject Economics M.Sc. Betriebswirtschaftslehre Minor Subject Economics title credits status time of attendance teachers term lecture + tutorial: Advanced Trade I 6 ECTS compulsory l: 2 SWS (30 hrs.) t: 2 SWS (30 hrs.) elective Prof. Horst Raff, PhD summer lecture + tutorial: Advanced Trade II 6 ECTS compulsory l: 2 SWS (30 hrs.) t: 2 SWS (30 hrs.) elective Prof. Holger Görg, PhD summer lecture + tutorial: Multinational 6 ECTS l: 2 SWS (30 hrs.) compulsory Enterprises t: 2 SWS (30 hrs.) elective Prof. Horst Raff, PhD summer lecture: Advanced Topics in 4 ECTS compulsory International Economics l: 2 SWS (30 hrs.) elective N.N n.s. Seminar on International Economics 6 ECTS required 2 SWS (30 hrs.) Prof. Holger Görg, PhD course Prof. Horst Raff, PhD winter 16 ECTS German Scale, ECTS-System 480 hours English written exam in two of the lecture courses term paper, comment, oral presentation in the seminar Advanced Trade I: To introduce the students to the most important concepts of theory of international trade. Advanced Trade II: To introduce the students to the most important and latest empirical methods for research in international trade. Multinational Enterprises: Students should become familiar with the most important theories and empirical studies concerning Multinational Enterprises.

knowledge transfer by lectures + tutorials

Seminar on International Economics: Students are required to research recent developments in connection with given topics of economic nature, produce a term/seminar paper done independently, and present the content of that paper in class. In so doing they will acquaint themselves with the essentials of academic work and presentation technique. This will also lay the foundations for the completion of the MA thesis at a later date. Interactive lecture and tutorial, lecture notes, literature studies, problem based exercises, computing classes 21

Core competencies by seminar

contents  references

-

Acquisition of self-competency by dealing with a given topic Acquisition of methodical competency (academic work, presentation techniques, media skills) - Acquisition of social/communicative competency by chairing discussions and working in groups Advanced International Trade 1 1. Neoclassical Trade Theory Two-Sector Models Heckscher-Ohlin Model Empirical Tests 2. Increasing Returns and the Gravity Equation Reciprocal Dumping Monopolistic Competition Model Gravity Equation Heterogeneous Firms 3. Trade Policy Gains from Trade Tariffs, Quotas, Dumping Trade Conflicts and Agreements Political Economy  Robert Feenstra, Advanced International Trade, Princeton University Press, 2004.  recent papers in international journals Advanced International Trade II: 1. Outsourcing and wages 2. Measurement and determinants of intra-industry trade 3. Estimating gravity equations 4. Firm heterogeneity: Analysis with firm level data  Robert Feenstra, Advanced International Trade, Princeton University Press, 2004.  recent papers in international journals Multinational Enterprises: 1. Multinational Enterprises and the New Trade Theory Models of MNEs and international trade Horizontal and vertical FDI Empirical Evidence 2. Ownership Structure International Mergers and Acquisitions Joint Ventures 3. International Taxes and Transfer Prices Tax Competition Double Taxation Transfer Pricing  James Markusen, Multinational firms and the theory of international trade. MIT Press, 2002.  recent papers in international journals. Advanced Topics in International Economics: Varying topics in the field of International Economics. This course only takes place occasionally. Seminar on International Trade: Varying Topics in the field of advanced international trade, based on recent research in the field of advanced international trade, and in the field of multinational enterprises. 22

Variations of the module attribution to curriculum specifics

media: data projector, black board, flip chart VWL-WEcon-IntEc-NF: International Economics for Minor Subject M.Sc. Mathematik Minor Subject Economics Module International Economics without the obligatory seminar, two of the three lectures

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module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

Macroeconomics and Growth VWL-WEcon-MacrGro 1-3/ 2 semesters Prof. Dr. Hans-Werner Wohltmann 0431-880-1449 [email protected] degree programme status M.Sc. Economics Optional Section in Economics M.Sc. Quantitative Economics Optional Section in Economics M.Sc. Quantitative Finance Minor Subject Economics M.Sc. Betriebswirtschaftslehre Minor Subject Economics title credits status time of attendance teachers term lecture + tutorial: Macroeconomic 6 ECTS compulsory l: 2 SWS (30 hrs.) Dynamics and Optimal Monetary Policy elective t: 2 SWS (30 hrs.) Prof. Dr. Wohltmann summer lecture + tutorial: Economic Growth 6 ECTS compulsory l: 2 SWS (30 hrs.) elective t: 2 SWS (30 hrs.) Prof. Dr. Bröcker winter lecture: International Monetary Policy 4 ECTS compulsory l: 2 SWS (30 hrs.) elective t: 2 SWS (30 hrs.) Prof. Dr. Reitz summer lecture: Applied Monetary Economics 6 ECTS compulsory l: 2 SWS (30 hrs.) Prof. Dr. Wolters elective t: 2 SWS (30 hrs.) summer lecture (+ tutorial):Advanced Topics in 4(6) ECTS compulsory Macroeconomics l: 2 SWS (30 hrs.) elective N.N. (on occasion) n.s. Seminar on Macroeconomics and 6 ECTS Growth required 2 SWS (30 hrs.) course Prof. Dr. Wohltmann, Prof. Dr. Bröcker, summer Prof. Dr. Reitz / winter 16 ECTS German Scale, ECTS-System 480 hours English written exam in two of the lecture courses term paper, comment, oral presentation in the seminar Macroeconomic Dynamics and Optimal Monetary Policy: The goal is to analyzethe optimal conduct of monetary policy in New Keynesian models. Students will study the concepts of optimal targeting rules (commitment, discretion) as well as of optimal instrument rules. From a more general perspective, students will learn about the solution of dynamic optimal control problems in models with forward-looking rational agents. The course may include practical computer exercises. Economic Growth: The students learn to understand the long run dynamics of economies and to trace the dynamics back to their sources: Factor accumulation and innovation. He/she should further be enabled to analyze questions of growth and development in developed as well as in less developed countries with methods of modern micro-founded growth theory. Furthermore, students are supposed to learn how to assess results from modern growth empirics and how to use the results for growth policy strategies. International Monetary Policy After an overview over historical monetary policy developments, the lecture discusses simple theoretical foundations of the open economy policy environment. We continue with the theory of optimum currency areas with a particular focus on the recent Euro 24

Area experience. International monetary policy measures include international policy coordination, central bank intervention, target zones and currency boards. The final section reveals potentially adverse reactions of market participants. Applied Monetary Economics t.b.a.

knowledge transfer by lectures + tutorials Core competencies by seminar

contents  references

Seminar on Macroeconomics and Growth: Students are required to research recent developments in connection with given topics of economic nature, produce a term/seminar paper done independently, and present the content of that paper in class. In so doing they will acquaint themselves with the essentials of academic work and presentation technique. This will also lay the foundations for the completion of the MA thesis at a later date. Interactive lecture and tutorial, lecture notes, literature studies, exercises -

Acquisition of self-competency by dealing with a given topic Acquisition of methodical competency (academic work, presentation techniques, media skills) - Acquisition of social/communicative competency by chairing discussions and working in groups Macroeconomic Dynamics and Optimal Monetary Policy: Dynamics of supply-side shocks and the optimal response of monetary policy in New Keynesian models for closed and open economies   

Gali J.(2008), Monetary Policy, Inflation and the Business Cycle; Walsh, C.E. (2003), Monetary Theory and Policy, Cambridge (Mass.); Recent papers in economic journals

Economic Growth: 1. Introduction: stylized facts 2. The Solow model with exogenous saving rate 3. Speed of convergence: theory and measurement 4. Growth with consumer optimization 5. Overlapping generations 6. The AK model of endogenous growth 7. Growth models with expanding product diversity 8. Growth empirics  

R. Barro, X. Sala-I-Martin: Economic Growth, 1995 New York, McGraw-Hill. Selected papers on growth empirics

International Monetary Policy 1. Introduction 2. A simple macro-model of a small open economy 3. The theory of optimum currency areas 4. The working international monetary policy measures 5. Speculative attacks and currency crisis   

Bofinger, P; Mayer, E.; Wollmershäuser, T. (2002), The BMW model: Simple Macroeconomics for closed and open economies, Würzburg Economic Papers No. 35. De Grauwe, P. (2005), Economics of Monetary Union, 6. Auflage, OxfordUniversity Press. Dominguez, K.; Frankel, J. (1993), Does Foreign Exchange Intervention Work?, 25

  

Institute for International Economics, Washington. Gärtner, M.; Lutz, M. (2009), Makroökonomik flexibler und fester Wechselkurse, 4. Auflage, Springer, Berlin u.a. Krugman, P.; Obstfeld, M. (2008), International Economics – Theory and Policy, 8. Auflage, Addison Wesley, Boston. Sarno, L. und Taylor, M. P. (2003), The Economics of Exchange Rates, Cambridge University Press.

Applied Monetary Economics t.b.a. Advanced Topics in Macroeconomics: Varying topics in the field of macroeconomics. This course only takes place occasionally.

Variations of the module attribution to curriculum specifics

Seminar on Macroeconomics and Growth: Varying topics in the field of Optimal Monetary Policy, Economic Growth, and International Monetary Policy, respectively. media: data projector, black board, flip chart VWL-WEcon-MacrGro-NF: Macroeconomics and Growth for Minor Subject M.Sc. Mathematik Minor Subject Economics Module Macroeconomics and Growth without the obligatory seminar, two of the three lectures

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module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

Public Economics VWL-WEcon-PubEc 1-3/ 2 semesters Prof. Dr. Ulrich Schmidt 0431-880-1400 [email protected] degree programme status M.Sc. Economics Optional Section in Economics M.Sc. Quantitative Economics Optional Section in Economics M.Sc. Quantitative Finance Minor Subject Economics M.Sc. Betriebswirtschaftslehre Minor Subject Economics title credits status time of attendance teachers term lecture: Health Economics 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Dr. Stolpe (IfW) winter lecture: Economics of Risk and 4 ECTS compulsory Uncertainty l: 2 SWS (30 hrs.) elective Prof. Dr. Schmidt summer lecture + tutorial: International and 4 ECTS compulsory Public Finance l: 2 SWS (30 hrs.) elective Prof. Dr. Menkhoff summer lecture: 4 ECTS compulsory Advanced Topics in Public Economics l: 2 SWS (30 hrs.) elective Prof. Dr. Seidl (em.), N.N.(on occasion) n. s. Seminar on Public Economics 6 ECTS required 2 SWS (30 hrs.) Prof. Dr. Schmidt, Prof. Menkhoff, summer course Prof. Dr. Seidl, Dr. Stolpe /winter 16 ECTS German Scale, ECTS-System 480 hours English written exam in two of the lecture courses, Measuring Inequality: Grades will be based on a problem set (30%), and a final exam (70%). term paper, comment, oral presentation in the seminar Health Economics: Students should become familiar with the central problems and results of health economics. They should be enabled to analyze actual questions independently. Economics of Risk and Uncertainty: Students should become familiar with modern concepts and theories of decision-making under risk as well as possible applications in finance and insurance economics. They should be enabled to analyze decision problems under risk independently. Measuring Inequality: Students should become familiar with the methods of inequality measurement and with the methods’ empirical implementation. Stata will be the programming language. Central points and concepts will be illustrated using micro data from Germany and other countries. International and Public Finance This course introduces into the recent debate about reforming the current order of international money and financial markets. Foundations on international macro and international finance form the basis to better understand the pros and cons of various historical monetary orders. The discussion extends to several recent reform proposals. 27

Advanced Topics in Public Economics: The students should be introduced to advanced problems of public economics and become familiar with different tools for their analysis. The lecture should provide a framework, which enables students to investigate actual questions independently.

knowledge transfer by lectures + tutorials Core competencies by seminar

contents  references

Seminar on Public Economics: Students are required to research recent developments in connection with given topics of economic nature, produce a term/seminar paper done independently, and present the content of that paper in class. In doing so they will acquaint themselves with the essentials of academic work and presentation technique. This will also lay the foundations for the completion of the MA thesis at a later date. Interactive lecture and tutorial, lecture notes, literature studies, exercises -

Acquisition of self-competency by dealing with a given topic Acquisition of methodical competency (academic work, presentation techniques, media skills) - Acquisition of social/communicative competency by chairing discussions and working in groups Health Economics: 1. Introduction 2. Models of physician behavior 3. Health insurance 4. Risk selection 5. Medicinal Markets 6. Cost-Benefit analysis in the medical sector 

C.E. Phelps, Health Economics, 3rd ed., Addison Wesles, 2002.

Economics of Risk and Uncertainty: 1. Introduction 2. Expected Utility 3. Non-expected Utility 4. Applications to insurance economics 5. Applications to financial markets  Schmidt, U., Alternatives to Expected Utility: Some Formal Theories, in: S. Barberà, P.J. Hammond and C. Seidl (eds.), Handbook of Utility Theory, Vol. II, Kluwer, Boston, 2004.  Bleichrodt, H. And U. Schmidt, Applications of Non-Expected Utility, in: P. Anand and C. Puppe (eds.), Handbook of Rational and Social Choice, Oxford University Press, 2009. International and Public Finance Foundations of International Macroeconomics International Financial Markets History of International Monetary Order Reform of the International Financial Architecture Caves, R.E., J.A. Frankel and R.W. Jones: “World Trade and Payments, An Introduction”, Reading et al., 10.ed. 2007 (you may also use the 8. or 9.ed.). Eichengreen, B.: “Globalizing Capital”, Princeton University press, 2.ed. 2008.

Advanced Topics in Public Economics 28

Variations of the module attribution to curriculum specifics

1. 2. 3. 4. 5.

Introduction Income Distribution Poverty Optimal Taxation Provision of Public Goods



A.J. Auerbach, M. Feldstein (eds.), Handbook of Public Economics, Vol. I-IV, NorthHolland, Amsterdam, 1985/1987/2002.

Seminar on Public Economics Varying topics in the fields of Public Economics, Health Economics, Economics of Risk and Uncertainty, and Advanced Topics in Public Economics media: Data projector, Black board, Flip chart VWL-WEcon-Pub-NF: Public Economics for Minor Subject M.Sc. Mathematik Minor Subject Economics Module Public Economics without the obligatory seminar, 10 ECTS by courses from the catalogue.

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module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

Spatial Economics VWL-WEcon-SpatEc 1-3/ 2 semesters Prof. Dr. Johannes Bröcker 0431-880-3276 [email protected] degree programme status M.Sc. Economics Optional Section in Economics M.Sc. Quantitative Economics Optional Section in Economics M.Sc. Quantitative Finance Minor Subject Economics M.Sc. Betriebswirtschaftslehre Minor Subject Economics M.Sc. Stadt- und Regionalentwicklung "Wahlpflichtbereich C" title credits status time of attendance teachers term lecture + tutorial: Spatial Economics 6 ECTS compulsory l: 2 SWS (30 hrs.) elective t: 2 SWS (30 hrs.) Prof. Dr. Bröcker summer lecture: Spatial Econometrics 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Niebuhr winter lecture: Advanced Topics in Spatial 4 ECTS compulsory Economics l: 2 SWS (30 hrs.) elective N.N. n.s. Seminar on Spatial Economics 6 ECTS required 2 SWS (30 hrs.) course Prof. Dr. Bröcker winter 16 ECTS German Scale, ECTS-System 480 hours English written exam in the lecture courses term paper, comment, oral presentation in the seminar Spatial Economics: Students should recognize how market forces create spatial structure of economic features and spatial interactions. They should be enabled to analyze these structures by applying modern general equilibrium models, which incorporate imperfect competition and transport costs. Furthermore, students should be enabled to assess impacts on market structures with respect to allocative and distributive targets. Spatial Econometrics: Students should become acquainted with basic and advanced methods of spatial data analysis with a focus on spatial econometric models. They should be enabled to apply these methods to different issues of spatial economics. Students are required to analyze German and European data sets, to interpret their results and to assess the validity of the findings.

knowledge transfer by lectures + tutorials

Seminar on Spatial Economics: Students are required to research recent developments in connection with given topics of economic nature, produce a term/seminar paper done independently, and present the content of that paper in class. In doing so they will acquaint themselves with the essentials of academic work and presentation technique. This will also lay the foundations for the completion of the MA thesis at a later date. Interactive lecture and tutorial, lecture notes, lecture escort, literature studies, treatment of exercise question

30

Core competencies by seminar

contents  references

-

Acquisition of self-competency by dealing with a given topic Acquisition of methodical competency (academic work, presentation techniques, media skills) - Acquisition of social/communicative competency by chairing discussions and working in groups Spatial Economics: 1. Introduction 2. Interregional trade with heterogeneous goods: the Dixit- Stiglitz model 3. Empirics on trade and market access 4. Two regions equilibrium: the Footloose-Capital model 5. The centre-periphery model 6. International specialization 7. The Footloose-Entrepreneur model 8. The centre-periphery model with quadratic preferences 9. Trade and growth  R. Baldwin, R. Forslid, Ph. Martin, G. Ottaviano, F. Robert-Nicoud: Economic Geography and Public Policy, 2003 Princeton, Princeton University Press,  M. Fujita, P. Krugman, A.J. Venables: The Spatial Economy: Cities, Regions, and International Trade, 2000 Cambridge MA, MIT Press.  M. Fujita, J.-F. Thisse: Economics of Agglomeration: Cities, Industrial Location and Regional Growth, 2002 Cambridge, Cambridge University Press.  G.I.P. Ottaviano and J.-F. Thisse: Integration, agglomeration and the political economics of factor mobility, Journal of Public Economics, Vol. 83 (2002), pp. 429456, 2002.  G.I.P. Ottaviano, T. Tabuchi, J.-F. Thisse: Agglomeration and trade revisited, International Economic Review, Vol. 43 (2002), pp. 409--435. Spatial Econometrics: 1. Introduction 2. Spatial econometrics software 3. Spatial effects 4. Spatial statistics 5. Spatial regression models 6. Spatial panel data models 7. Spatial interaction models 8. Multilevel models 9. Application I: growth and convergence 10. Application II: unemployment  L. Anselin: Spatial econometrics: methods and models, 1988 Dordrecht [u.a.], Kluwer.  L. Anselin, J. Le Gallo, J. Hubert: Spatial panel econometrics, in: L. Mátyás (Ed.), Theeconometricsofpaneldata, 2008 Berlin, Springer, pp. 625-660.  J. P. Elhorst: Specification and estimation of spatial panel data models, International Regional Science Review, Vol. 26 (2003), pp.244-268.  M. Kapoor, H.H. Kelejian, I.R. Prucha: Panel data models with spatially correlated error components, Journal of Econometrics, Vol. 140 (2007), pp. 97–130.  J. P. LeSage, R. K. Pace: Introduction to spatial econometrics, 2009 Boca Raton, Fla. [u.a.], CRC Press.  H. Goldstein: Multilevel statistical models, 2003 New York, Oxford University Press. Advanced Topics in Spatial Economics: Varying topics in the field of spatial economics. This course only takes place occasionally. 31

Variations of the module attribution to curriculum specifics

Seminar on Spatial Economics: Varying topics in the field of Spatial Economics media:data projector, black board, flip chart VWL-WEcon-SpatEc-NF: Spatial Economics for Minor Subject M.Sc. Mathematik Minor Subject Economics Module Spatial Economics without the obligatory seminar, consists only of the two courses Spatial Economics and Spatial Econometrics

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module name module number term / duration responsible person for this module attribution to curriculum

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credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

Theory of Financial Economics VWL-WEcon-FinEc 1-3/ 2 semesters Prof. Dr. Thomas Lux 0431-880-2163 [email protected] degree programme status M.Sc. Economics Optional Section in Economics M.Sc. Quantitative Economics Optional Section in Economics M.Sc. Betriebswirtschaftslehre Minor Subject Economics M.Sc. Wirtschaftsinformatik Specialization Economics title credits status time of attendance teachers term lecture + tutorial: 6 ECTS compulsory l: 2 SWS (30 hrs.) International Financial Markets elective t: 2 SWS (30 hrs.) Prof. Dr. Lux summer lecture + tutorial: 6 ECTS compulsory l: 2 SWS (30 hrs.) Theory of Financial Markets elective t: 2 SWS (30 hrs.) Prof. Dr. Lux winter lecture + tutorial: 6 ECTS compulsory l: 2 SWS (30 hrs.) Pricing in Derivative Markets elective t: 2 SWS (30 hrs.) Prof. Dr. Lux summer lecture: Foreign Exchange Markets4 ECTS compulsory Theory and Empirics l: 2 SWS (30 hrs.) elective Prof. Dr. Reitz winter lecture: Finance and Development 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Menkhoff summer lecture: Applied Econometrics of 4 ECTS compulsory l: 2 SWS (30 hrs.) Foreign Exchange Markets elective t: 2 SWS (30 hrs.) Prof. Dr. Reitz summer lecture: : Advanced Topics in 4 ECTS Financial Economics compulsory l: 2 SWS (30 hrs.) elective t: 2 SWS (30 hrs.) Prof. Lux, Prof. Reitz, Dr. Franke, N.N. n. s. Seminar on Financial Economics 6 ECTS required 2 SWS (30 hrs.) Prof. Dr. Lux, Prof. Reitz, Prof. course Menkhoff winter 16 ECTS German Scale, ECTS-System 480 hours English written exam in two of the lecture courses term paper, comment, oral presentation in the seminar International Financial Markets: The lecture covers modern theories that view foreign exchange markets and exchange rate determination from a finance perspective. Relevant topics include the importance of investors’ expectations and speculative behavior in the foreign exchange market and its explanatory power for the observation of excessive volatility of foreign exchange rates compared to macroeconomic fundamentals. We also discuss the effects of political interventions to curb speculative activity and the determinants of major historical currency crises. Theory of Financial Markets: After an introduction to the empirical stylized facts of financial markets, the lecture 33

discusses the theoretical foundations and the empirical validity of the seminal ‘efficient market hypothesis’. We continue with models of price formation in accordance with rational information revelation through transactions and also review approaches in the recent ‘behavioral finance’ literature that emphasize the role of speculative activity and bounded rational behavior of investors. Pricing in Derivative Markets: The course provides an introduction to the pricing of financial derivatives and is logically split into two parts. The first part deals with the mechanics of derivative markets and instruments. The second part focuses on the mathematical concepts that are used to price these derivatives, often summarized under the catch-all phrase of financial engineering. Foreign Exchange Markets – Theory and Empirics. The lecture provides an introduction to market microstructure of foreign exchange trading. The role of order flow and inventory risk management is analyzed in a theoretical and an empirical framework. In addition, the trading perspectives of importers/exporters, international investors, and policy makers are discussed by deriving and empirically testing equilibrium relationships in foreign exchange markets. Finance and Development This lecture is about development economics from the perspective of financial issues. The role of financial institutions in the development process is analyzed. Then problems in three areas are discussed: financial crises at the macro level, information and institutional problems in financial / loan markets and individual behavior towards financial issues. Applied Econometrics of Foreign Exchange Markets The course introduces into empirical analysis of modern exchange rate economics. After providing an introduction to RATS programming important concepts of exchange rate economics such as purchasing power parity, uncovered interest parity, ARCH effect in FX returns are econometrically tested using data from various sources. At the end of this practitioners' course participants will be able to derive empirical results from their own econometric programs.

knowledge transfer by lectures + tutorials Core competencies by seminar

Seminar on Financial Economics: Students are required to research recent developments in connection with given topics of economic nature, produce a term/seminar paper done independently, and present the content of that paper in class. In doing so they will acquaint themselves with the essentials of academic work and presentation technique. This will also lay the foundations for the completion of the MA thesis at a later date. Interactive lecture and tutorial, lecture notes, literature studies, exercises -

contents  references

Acquisition of self-competency by dealing with a given topic Acquisition of methodical competency (academic work, presentation techniques, media skills) Acquisition of social/communicative competency by chairing discussions and working in groups

International Financial Markets: 1. Trading Volume and Organization of International Financial Markets 2. Foreign Exchange Markets and Macroeconomic Theory a. The Lack of Explanatory Power of Traditional Macroeconomic Models of the Exchange Rate 34

3.

4.

5.

6.

  

 

b. Speculative Efficiency of the Foreign Exchange Market? Speculation, Excess Volatility and Stabilization of the Exchange Rate a. Rational Speculative Bubbles in Foreign Exchange Markets b. "Peso-Problems" and Noise Traders c. Interaction of Chartists and Fundamentalists d. The Tobin Tax and other Regulatory Interventions Exchange Rate Target Zones and "Dirty Floating" a. Endogeneous Stabilization through Target Zones b. The Credibility of Target Zones Exchange Rate Crisis and Speculative Attacks a. The Collaps of Unsustainable Fixed Exchange Rates b. Crisis and Multiple Equilibria c. The Crisis in South-East Asia and "Third Generation" Models of Exchange Rate Crisis d. Contagion Effects and the Role of the IMF Microstructure of the Foreign Exchange Markets a. Properties of High-Frequency Data of Foreign Exchange Markets b. Adaption of Microstructure to Foreign Exchange Markets Cuthbertson, K.: "Quantitative Financial Economics: Stocks, Bonds and Foreign Exchange". Reprint, Chichester 2000. Hallwood, C./ McDonald, R.: "International Money and Finance", 3rd. ed. Oxford 2000. Gärtner, M.: "Macroeconomics under Flexible Exchange Rates", New York 1993, (German version: Gärtner, M. (2004), Makroökonomik flexibler und fester Wechselkurse, 3., vollständig überarbeitete und erweiterte Auflage, Berlin [u.a.].) Nelson, M.: "International Macroeconomics and Finance: Theory and Econometric Methods", Blackwell Publishers, 2001. Gandolfo, G.: "International Finance and Open-Economy Macroeconomics", Springer, Berlin 2001.

Theory of Financial Markets: 1. "Stylized facts“ of financial market data a. The random walk property of prices b. The distributional properties of returns c. The dynamics of volatility 2. Financial market efficiency and the problem of information transmission a. Equilibrium prices and the "efficient market hypothesis" (EMH) b. The Grossman/Stiglitz-paradoxon of the impossibility of informational efficiency markets c. The revelation of information through transactions d. Information transmission under strategic behavior 3. Pricing on incomplete markets a. Speculation: Stabilizing or destabilizing? i. Keynes vs. Friedman: A survey of older approaches ii. The theory of rational speculative bubbles iii. "Bounded rational“ speculation: models with chartists and fundamentalists b. "Noise trading“: Survival with wrong information c. Imitation and development of speculative bubbles d. Explanation of stylized facts in "artificial“ financial market models 4. Bank panics, financial crises and the hypothesis of the fragility of the financial sector 35

      

Aschinger, G.: Börsenkrach und Spekulation: Eine ökonomische Analyse. München 1995 Barucci, E.: Financial Markets Theory: Equilibrium, Efficiency and Information. London 2003 Brunnermeiner, M.K.: Asset Pricing under Asymmetric Information. Oxford 2001 Campell, J./ Lo, A./ MacKinlay, A.: The Econometrics of Financial Markets. Princeton 1997. Cuthbertson, K.: Quantitative Financial Economics: Stocks, Bonds and Foreign Exchange. New York 1996 Dacorogna, M.M. / Gencay, R. / Müller, U.A./ Olsen, R.B./ Pictet, O.V.: An Introduction to High-Frequency Finance. New York, London 2001. O´Hara, M.: Market Microstructure Theory. Oxford 1995

Pricing in Derivative Markets: The first part of the course covers the mechanics: 1. Introduction, conventions, examples 2. Forwards and futures 3. Simple interest rate derivatives 4. Swaps 5. Options The second part of the course deals with pricing tools: 1. Binomial trees 2. Black-Scholes-Merton approach to option pricing 3. General concept of synthetic replication 4. Equivalent martingale measures 5. Credit risk and credit derivatives  Hull, J. “Options, Futures and Other Derivatives”, 6. ed., Prentice Hall, 2006  Neftci, S.: “Principles of Financial Engineering”, Elsevier AP, 2004  Jarrow, R.: “Modelling Fixed Income Securities and Interest Rate Options”, 2. ed., Stanford University Press, 2002.  Jarrow, R. and S. Turnbull: “Derivative Securities”, 2. ed., Academic Press, 2000. Foreign Exchange Markets – Theory and Empirics. 1. Description of Foreign Exchange Trading a. FX Instruments b. FX Market Segments c. FX Market Participants 2. The Dealers’ Perspective a. The Single Dealer Approach b. Dealer Trading in Segmented Markets c. The Multiple Dealer Approach 3. The Customers’ Perspective a. Importers / Exporters b. International Investors 4. The Policy Makers’ Perspective a. Policy Makers’ Perception of FX Performance b. Policy Options   

Lyons, R.: The Microstructure Approach to Exchange Rates, MIT Press Cambridge, MA., 2001 Sarno, L./ Taylor, M.: "The Economics of Exchange Rates". Cambridge University Press, Cambridge 2002. Deutsche Bundesbank: “The Microstructure Approach to Exchange Rate Theory”, 36

Monthly Bulletin 1/2008. Finance and Development 1. Principles of Financial Development 2. The Asian Financial Crisis 3. Microfinance in Rural Areas 4. Risk Attitude and Development Ray, D.: “Development Economics”. Princeton University Press, 1998. Applied Econometrics of Foreign Exchange Markets 1. Introduction to RATS programming 2. Selected concepts of exchange rate economics and their empirical applications 3. Introduction to current research topics 

Brooks, C., RATS Handbook for Introductory Econometrics for Finance, Cambridge University Press 2008.

Advanced Topics in Financial Economics Varying topics in the field of financial economics. This course only takes place occasionally.

Seminar on Financial Economics: Varying Topics in the fields of International Financial Markets, Theory of Financial Markets, and Pricing in Derivative Market. media: data projector, black board, flip chart Variations of the module attribution to curriculum specifics

VWL-WEcon-FinEc-NF: Theory of Financial Economics for Minor Subject M.Sc. Mathematik Minor Subject Economics Module Theory of Financial Economics without the obligatory seminar, consists only of two of the lecture courses. VWL-QF-FinEc: Module of the studies programs of M.Sc. Quantitative Finance and Finanzmathematik; see module manual Quantitative Finance.

37

D. Modules in the Compulsory Section in Quantitative Methods module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

knowledge transfer contents  references

Econometrics II VWL-PQuEc-Eco2 2 / 1 semester Prof. Dr. Helmut Herwartz 0431-880-2417 [email protected] degree programme status M.Sc. Quantitative Economics Compulsory Section in Quantitative Methods M.Sc. Economics Optional Section in Economics (replacement) M.Sc. Quantitative Finance Minor Subject Empirical Economics M.Sc. Minor Subject Statistics & Econometrics Betriebswirtschaftslehre M.Sc. Wirtschaftsinformatik Specialization Economics M.Sc. Mathematik Minor Subject Statistics & Econometrics title time of credits status attendance teachers term lecture + tutorial: Econometrics II 8 ECTS l: 3 SWS (45 hrs.) required t: 2 SWS (30 hrs.) course Prof. Dr. Herwartz summer 8 ECTS German Scale, ECTS-System 240 hours English written exam 1. This course addresses econometric issues arising in the framework of multiple equation specifications. Most of the course deals with the specification, identification and estimation issues under joint endogeneity. The course will require students to be familiar with standard econometric software as Eviews, Matlab and JMulTi. 2. The aim of this course is to enable students to perform advanced empirical studies, e.g. in modern macroeconometrics. They will also be able to understand scientific empirical contributions in the field of simultaneous equation models. Interactive lecture and tutorial, lecture notes, literature studies, exercises. 1. Simple Multiple Equation Models (Dummy variable model, random coefficient model, seemingly unrelated regression) 2. Simultaneous Equation Models (Model representation, identification, estimation, inference) 3. Vector Autoregressive and Error Correction Models (Specification, identification, deterministic components, estimation, inference) 4. Interpreting Vector Autoregressive Models (Impulse response analysis, forecast error variance decomposition, structural VARs)  Banerjee, A., J. Dolado, J.W. Galbraith, D.F. Hendry (1993): Co-Integration, Error Correction and the Econometric Analysis of Non-Stationary Data, Oxford University Press.  Greene, W.H. (2003): Econometric Analysis, Philip Allan.  Hamilton, J.D. (1994): Time Series Analysis, Princeton University Press  Judge, G.G., R.C. Hill, W.E. Griffiths, H. Lütkepohl, T.S. Lee (1988): Introduction to the Theory and Practice of Econometrics, John Wiley & Sons.  Johnston, J., J. Dinardo (1997): Econometrics Methods, McGraw Hill.  Lütkepohl, H. (2006): New Introduction to Multiple Time Series Analysis, Springer 38

Verlag, Berlin  Lütkepohl, H., Krätzig, M. (2004): Applied Time Series Econometrics, Cambridge University Press  Eviews

module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies knowledge transfer contents  references

Advanced Statistics I VWL-PQuEc-AdvStat1 1 / 1 semester Prof. Dr. Roman Liesenfeld 0431-880-2166 [email protected] degree programme status M.Sc. Quantitative Economics Compulsory Section in Quantitative Methods M.Sc. Economics Optional Section in Economics(replacement) M.Sc. Quantitative Finance Pflichtbereich Econometrics for Finance M.Sc. Betriebswirtschaftslehre Minor Subject Statistics& Econometrics M.Sc. Wirtschaftsinformatik Specialization Economics title time of credits status attendance teachers term lecture + tutorial: Advanced Statistics 1 8 ECTS l: 3 SWS (45 hrs.) required t: 2 SWS (30 hrs.) course Prof. Dr. Liesenfeld winter 8 ECTS German Scale, ECTS-System 240 hours English written exam For the students to become familiar with, to understand and to apply the concepts of mathematical statistics underlying the procedures of statistical inference on which the statistical and econometric analysis of economic data are based. Interactive lecture and tutorial, lecture notes, literature studies, exercises 1. Elements of Probability Theory 2. Random Variables, Densities and Distribution Functions 3. Moments of Random Variables 4. Parametric Families of Distributions 5. Basic Asymptotics 6. Sample Moments and Sampling Distributions  Mittelhammer, R.C.(1996), Mathematical Statistics for Economics and Business. Springer-Verlag, New-York.  Mood, A.M., Graybill, F.A.and D.C. Boes (1974), Introduction to the Theory of Statistics. McGraw Hill, Boston.  Casella, G.and R.Berger (2002). Statistical Inference. Pacific Grove: Duxbury.

39

module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies knowledge transfer contents  references

Advanced Statistics II VWL-PQuEc-AdvStat2 2 / 1 semester Prof. Dr. Roman Liesenfeld 0431-880-2166 [email protected] degree programme status M.Sc. Quantitative Economics Compulsory Section in Quantitative Methods M.Sc. Economics Optional Section in Economics(replacement) M.Sc. Quantitative Finance Minor Subject Empirical Economics M.Sc. Minor Subject Statistics& Econometrics Betriebswirtschaftslehre M.Sc. Finanzmathematik Bereich Financial Economics M.Sc. Mathematik Minor Subject Statistics & Econometrics M.Sc. Wirtschaftsinformatik Specialization Economics title time of credits status attendance teachers term lecture + tutorial: Advanced Statistics 2 8 ECTS l: 3 SWS (45 hrs.) required t: 2 SWS (30 hrs.) course Prof. Dr. Liesenfeld winter 8 ECTS German Scale, ECTS-System 240 hours English written exam For the students to become familiar with, to understand and to apply the concepts of mathematical statistics underlying the procedures of statistical inference on which the statistical and econometric analysis of economic data are based. Interactive lecture and tutorial, lecture notes, literature studies, exercises 1. Elements of Point Estimation 2. Point Estimation Methods 3. Hypothesis Testing 4. Introduction to Statistical Software  Mittelhammer, R.C.(1996), Mathematical Statistics for Economics and Business. Springer-Verlag, New-York.  Mood, A.M., Graybill, F.A.and D.C. Boes (1974), Introduction to the Theory of Statistics. McGraw Hill, Boston.  Casella, G.and R.Berger (2002). Statistical Inference. Pacific Grove: Duxbury.

40

E. Modules in the Optional Section in Quantitative Methods module name module number term / duration responsible person for this module attribution to curriculum

courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

Applied Empirical Methods VWL-WQuEc-AEM 3 / 1 semester Prof. Dr. Helmut Herwartz 0431-880-2417 [email protected] degree programme status M.Sc. Quantitative Economics Optional Section in Quantitative Methods M.Sc. Economics Optional Section in Economics(replacement) M.Sc. Quantitative Finance Minor Subject Empirical Economics M.Sc. Betriebswirtschaftslehre Minor Subject Statistics& Econometrics M.Sc. Mathematik Minor Subject Statistics & Econometrics M.Sc. Wirtschaftsinformatik Specialization Economics title credits status time of attendance teachers term lecture: Microeconometrics 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Roman Liesenfeld summer lecture: Panel Data Models 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Helmut Herwartz summer lecture: Multivariate Methods 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Uwe Jensen summer lecture: Labor Econometrics 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Uwe Jensen winter lecture: Applied Time Series Analysis 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Helmut Herwartz summer lecture: Portfolio Analysis 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Markus Haas summer lecture: 4 ECTS compulsory A Practical Course in Empirical Economics l: 2 SWS (30 hrs.) elective Prof. Dr. Roman Liesenfeld winter lecture: Simulation Based Inference 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Roman Liesenfeld summer lecture: Econometrics for Financial 4 ECTS compulsory Markets l: 2 SWS (30 hrs.) elective Prof. Dr. Helmut Herwartz summer lecture: Statistics for Financial Markets 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Roman Liesenfeld winter lecture: Spatial Econometrics* 4 ECTS compulsory l: 2 SWS (30 hrs.) elective Prof. Dr. Niebuhr winter 8 ECTS German Scale, ECTS-System 240 hours English oral exams in two of the courses Microeconometrics For the students to become familiar with statistical and econometric methods used to analyze microeconomic data related to qualitative outcomes. Students will practice the use of these statistical methods using the software packages LIMDEP and Matlab. Panel Data Models 41

This course provides the students with the methodology necessary to handle cross sectional and time series data simultaneously. Students will receive an introduction in advanced algebra. Theoretical concepts are implemented by the students using the software package Matlab. After this course, the students will be able to implement (even complicated) econometric procedures. Apart from the traditional microeconometric foundation of panel data methods students will regard variants of these tools applicable in empirical macroeconomics as well. Multivariate Methods In this course, the students shall understand those standard multivariate techniques that are not found in courses on econometrics or microeconometrics. The course will neither be too technical (concentrating on the derivation of techniques) nor too applied (following the cookbook approach). Emphasis will be given to geometrical intuition and understanding. An introduction to the statistical software package SAS and practical exercises with data from the German Socioeconomic Panel (GSOEP) shall enable the students to conduct their own empirical research, e.g. in actuarial science or in marketing. Labor Econometrics In this course, the students shall understand the microeconometric aspects of labor markets. Based on their sound knowledge of microeconomic and econometric techniques, the students will study the empirical phenomena of labor markets, the topics of today's research in labor economics and the microeconometric techniques they need to understand these phenomena. An introduction to the econometric software LIMDEP and practical exercises with data from the German Socioeconomic Panel (GSOEP) shall enable the students to conduct their own empirical research in labor economics. Applied Time Series Analysis This course delivers a deeper insight in some advanced methods of univariate time series modelling. The course delivers an up-to-date toolkit for applied modeling including spectral representations of time series and unit root asymptotics. It will provide a particularly deep treatment of forecasting techniques and evaluation methods. For improving computational skills an introduction to the software package JMulTi and practical exercises will be given. Finally students shall be in a position enabled to perform own empirical investigations of dynamic processes. Portfolio Analysis The course covers econometric aspects of modern portfolio analysis. Building on the classical approach to portfolio optimization due to Markowitz, estimation of the input parameters and resulting consequences for estimated optimal portfolio weights in situations where a large number of assets is involved is discussed in-depth. Techniques such as factor models, shrinkage estimation, and Bayesian approaches are considered that may help to reduce the estimation error. Alternative approaches to portfolio selection based on downside risk considerations, such as maximizing the expected return subject to Value-at-Risk or expected shortfall constraints, are also motivated and presented. A Practical Course in Empirical Economics For the students to learn the practical application of statistical and econometric methods used in empirical economics. The methods are applied and implemented for the analysis of specific models used in Microeconomics, Macroeconomics, and Financial Economics. The empirical applications are performed using real datasets using the software package Eviews. 42

Simulation Based Inference For the students to become familiar with new statistical methods in the classical and Bayesian domain which are based on Monte Carlo simulation procedures. Students will practice the use of these statistical methods using the software package Matlab. Econometrics for Financial Market This course offers the possibility for the students to become familiar with special econometric techniques required to work with financial market data. Students will get familiar with stylized facts of financial market data and shall learn how to take the latter into account within the framework of (multivariate) dynamic modelling. Each theoretical progress will be followed by an introduction tothe software package Matlab and EViews for practical exercises with some data. From the applied part, students will get the ability to solve typical issues arising in portfolio management and asset pricing (CAPM, option pricing, Value-at-risk). The variety of parametric and nonparametric modeling approaches will enable students to critically assess relative model performance, which is crucial in financial practice. Statistics for Financial Markets For the students to become familiar with statistical methods used to analyze financial data. These methods include test procedures used for an empirical investigation of the efficiency of financial markets, statistical models for the volatility of asset returns and for high-frequency data, and statistical concepts used to measure the market risk in risk management. Students will practice the use of these statistical methods using the software packages Eviews and Matlab. Spatial Econometrics Students should become acquainted with basic and advanced methods of spatial data analysis with a focus on spatial econometric models. They should be enabled to apply these methods to different issues of spatial economics. Students are required to analyze German and European data sets, to interpret their results and to assess the validity of the findings. (* This course can only be chosen at this place, if the compulsory elective module Spatial Economics is not chosen.) knowledge transfer contents  references

Interactive lecture and tutorial, lecture notes, literature studies, exercises Microeconometrics 1. Binary Choice Models 2. Multinomial Models 3. Limited Dependent Variable Models 4. Count Data and Duration Models    

Cameron, A.C., P.K. Trivedi (2005): Microeconometrics: Methods and Applications. Cambridge University Press, Cambridge. Greene, W. (2003): Econometric Analysis, Prentice-Hall, Upper Saddle River Maddala, G.S. (1983): Limited-Dependent and Qualitative Variables in Econometrics, Cambridge University Press. Ronning, G. (1991): Mikroökonometrie, Springer-Verlag, Berlin.

Panel Data Models 1. Binary Choice Models 2. Multinomial Models 3. Limited Dependent Variable Models 4. Count Data and Duration Models 43

 

Baltagi, B.H. (2001): Econometric analysis of panel data, Wiley. Breitung, J., Pesaran, H.M. (2005): Unit roots and cointegration in panels. CESifo Working paper 1565.

Multivariate Methods 1. Analysis of Variance 2. Principal Components Analysis 3. Factor Analysis 4. Discrimination Analysis 5. Cluster Analysis 6. Multidimensional Scaling 7. Exercises with SAS  

Fahrmeir, L., A. Hamerle, G. Tutz: Multivariate statistische Verfahren, de Gruyter, Berlin. Sharma, S.: Applied Multivariate Techniques, Wiley, New York.

Labor Econometrics 1. Labor force participation, human capital, satisfaction – logit, probit, tobit and ordered probit models, panel data 2. Labor demand -- frontier models 3. Search processes, migration, unemployment, discrimination -- multinomial logit models, count data, duration models, treatment effects, sample selection 4. Exercises with LIMDEP     

Ashenfelter, O., R. Layard: Handbook of Labor Economics, Vol. I, North-Holland. Cahuc, P., A. Zylberberg: Labor Economics, MIT Press Filer, R.K., D.S. Hamermesh, A.E. Rees: The Economics of Work and Pay, Harper Collins. Franz, W.: Arbeitsmarktökonomik, Springer. Greene, W. (2003): Econometric Analysis, Prentice-Hall, Upper Saddle River

Applied Time Series Analysis 1. Characteristics of Time Series 2. Univariate Time Series Models 3. Estimation and Model Diagnostics 4. Unit Root and Stationarity Tests 5. Forecasting and Forecast Evaluation   

Hamilton, J.D. (1994): Time Series Analysis, Princeton University Press, Princeton, New Jersey. Lütkepohl, H. (2005): New Introduction to Multiple Time Series Analysis, Springer, New-York. Lütkepohl, H., M. Krätzig (2004): Applied Time Series Econometrics, Chapter 2, 3 and 4, Cambridge University Press.

Portfolio Analysis 1. Foundations 2. The Portfolio Selection Problem 3. Mean-Variance Portfolio Theory 4. Estimation of the Mean-Variance Model 44

5. Testing the Efficiency of a Given Portfolio 6. Portfolio Selection based on Down-Side Risk 7. Further Topics    

Alexander, C. (2008): Practical Financial Econometrics, Wiley. Brandt, M. W. (2010): Portfolio Choice Problems. In Ait-Sahalia, Y. and Hansen, L. (ed.), Handbook of Financial Econometrics, Elsevier. Gregory Connor, Lisa R. Goldberg & Robert A. Korajczyk (2010): Portfolio Risk Analysis, Princeton University Press. Meucci, A. (2010): Risk and Asset Allocation, Springer.

A Practical Course in Empirical Economics 1. Empirical Analysis of the Returns to Scale in Electricity Supply 2. Empirical Analysis of the Capital Asset Pricing Model 3. Empirical Analysis of the Intertemporal Consumption-based Capital Asset Pricingg Model 4. Empirical Analysis of Earnings Functions 5. Empirical Analysis of Purchasing Power Parity 

   



Card, D. (1999): The Causal Effect of Education on Learnings, in: O. Ashenfelter and D. Card (Eds.), Handbook of Labor Economics, Vol IIIA, Amsterdam: Elsevier Sciences. Franz, W.: Arbeitsmarktökonomik, Springer. Hansen, L.P., K.J. Singleton (1982): Generalized Instrumental Variables Estimation of Nonlinear Rational Expectations Models, Econometrica 50, 1269-1286. Hayashi, F. (2000): Econometrics, Princeton: Princeton University Press. Nerlove, M. (1963): Returns to Scale in Electricity Supply, in: C. Christ (Ed.), Measurement in Economics: Studies in Mathematical Economics and Econometrics in Memory of Yehuda Grunfeld, Stanford: Stanford University Press. Verbeek, M. (2004): A Guide to Modern Econometrics, Chichester: John Wiley & Sons.

Simulation Based Inference 1. Nonlinear Estimation Methods: A Review 2. Random Variable Generation 3. Method of Simulated Moments 4. Simulated Maximum Likelihood 5. Monte Carlo Simulation Procedures for Bayesian Inference   

Bauwens, L., M. Lubrano, J.F. Richard (1999): Bayesian Inference in Dynamic Econometric Models. Oxford University Press, New York. Gourieroux, C., A. Monfort (2002): Simulation-Based Econometric Methods. Oxford University Press, New York. Robert, C.P., G. Casella (1999): Monte Carlo Statistical Methods, Springer, New York.

Econometrics for Financial Markets 1. Stylized Facts of Financial Market Data 45

2. 3. 4. 5.

Univariate (G)ARCH Models Multivariate GARCH Models Realized Volatility Applications: Dynamic CAPM, Option Pricing under Heteroskedasticity, Value-atrisk



Andersen, T.G., T. Bollerslev, F.X. Diebold, P. Labys (2003): Modeling and Forecasting Realized Volatility; Econometrica, 71, 579–625. Bauwens, L., S. Laurent, J.V.K. Rombouts (2003): Multivariate GARCH Models: A Survey, Journal of Applied Econometrics, 21, 79--109. Duan, J.-C. (1995): The GARCH Option Pricing Model, Mathematical Finance 5, 13– 32. Herwartz, H. (2005): Conditional Heteroskedasticity, in: Lütkepohl, H., Krätzig, M.: Applied Time Series Analysis, Chap. 5, Cambridge University Press.

  

Statistics for Financial Markets 1. Introduction: Asset Returns and Their Properties 2. Forecasting Asset Returns and Market Efficiency 3. Volatility Models For Return Series: ARCH-, GARCH-, and Stochastic Volatility Models 4. Market Microstructure and High-Frequency Data 5. Value at Risk and Extreme Value Theory    

Campbell, J.Y., A.W. Lo, A.C. MacKinlay (1997): The Econometrics of Financial Markets, Princeton University Press. Hamilton, J.D. (1994): Time Series Analysis, Princeton University Press, Princeton, New Jersey. Taylor, S. (2005): Asset Price Dynamics, Volatility, and Prediction. Princeton University Press. Tsay, R. (2005): Analysis of Financial Time Series. John Wiley & Sons, New York.

Spatial Econometrics 1. Introduction 2. Spatial econometrics software 3. Spatial effects 4. Spatial statistics 5. Spatial regression models 6. Spatial panel data models 7. Spatial interaction models 8. Multilevel models 9. Application I: growth and convergence 10. Application II: unemployment  L. Anselin: Spatial econometrics: methods and models, 1988 Dordrecht [u.a.], Kluwer.  L. Anselin, J. Le Gallo, J. Hubert: Spatial panel econometrics, in: L. Mátyás (Ed.), Theeconometricsofpaneldata, 2008 Berlin, Springer, pp. 625-660.  J. P. Elhorst: Specification and estimation of spatial panel data models, International Regional Science Review, Vol. 26 (2003), pp.244-268.  M. Kapoor, H.H. Kelejian, I.R. Prucha: Panel data models with spatially correlated error components, Journal of Econometrics, Vol. 140 (2007), pp. 97–130.  J. P. LeSage, R. K. Pace: Introduction to spatial econometrics, 2009 Boca Raton, Fla. [u.a.], CRC Press.  H. Goldstein: Multilevel statistical models, 2003 New York, Oxford University Press. 46

Variations of the module attribution to curriculum specifics

VWL-WPF-EmEc-1: Applied Empirical Economics 2 M.Sc. Quantitative Economics, Minor Subject Empirical Economics Module consists of two courses from the above catalogue, that have not been chosen for VWL-WQuEc-AEM. VWL-WPF-EmEc-2: Applied Empirical Economics 3 M.Sc. Quantitative Economics, Minor Subject Empirical Economics Modul consists of two courses from the above catalogue, that have not been chosen for VWL-WQuEc-AEM. VWL-QF-EmpMeth: Empirical Methods for Finance M.Sc. Quantitative Finance, compulsory section Econometrics for Finance Module consists of the two courses Statistics for Financial Markets and Econometrics for Financial Markets. See module description in module manual of the M.Sc. degree programme Quantitative Finance VWL-WQuEc-AEM-QF: Applied Empirical Methods MSc. Quantitative Finance, Minor Subject Statistics and Econometrics Moduleconsists of two courses from the above catalogue except the two courses of VWL-QF-EmpMeth. VWL-QF-EmpMeth-fm: Empirical Methods for Finance M.Sc. Finanzmathematik, section Econometrics for Finance Module consists of one of the two courses Statistics for Financial Markets and Econometrics for Financial Markets. See Module description in module manual of the M.Sc. degree programme Quantitative Finance

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F. Exported modules module name module number term / duration responsible person for this module attribution to curriculum courses

credit points and grade workload entire module language requirements for performance assessment educational objectives / competencies

knowledge transfer contents  references

CGE (Computable General Equilibrium) VWL-CGE-NF 2 / 1 semester Prof. Dr. Johannes Bröcker 0431-880-3276 [email protected] degree programme status M.Sc. Wirtschaftsinformatik Specialization in Economics title credits status time of attendance teachers term lecture + tutorial: 6 ECTS required l: 2 SWS (30 hrs.) Computable Equilibrium Analysis course t: 2 SWS (30 hrs.) Prof. Dr. Bröcker summer 6 ECTS German Scale, ECTS-System 180 hours English oral exam, problem sets Three basic aims are to be achieved: 1. The students should understand the functioning of numerical general equilibrium models, and be aware of their advantages, and limitations. 2. They should be able to work with standard ready-made models such as GTAP. 3. They should be able to design own simple models and programme them in the available software (MATLAB or GAMS). Interactive lectures and exercise sessions, study of relevant literature, replication of computer exercises, own work on computer 1. Introduction: the basic idea of CGE analysis 2. Languages: MATLAB, GAMS, GAMS-MPS/GE 3. Simple examples: partial equilibrium 4. The theory of general equilibrium 5. My first CGE: The 2-2-1-Model 6. Commodity-industry framework 7. Extensions 8. A complete model 9. Market imperfections 10. Closures 11. More about functional forms 12. Data adjustment: RAS and RA/R 13. Multiregional economies and the Armington assumption 14. Dynamic CGE modeling     

Peter B. Dixon, Maureen T. Rimmer: Dynamic general equilibrium modelling for forecasting and policy : a practical guide and documentation of MONASH, 2002 Amsterdam, Elsevier. Victor Ginsburgh, Michiel Keyzer: The Structure of Applied General Equilibrium, 1997 Cambridge MA, MIT Press. B. Heer, A. Maussner, Dynamic General Equilibrium Modelling: Computational Methods and Applications, 2005 Berlin, Springer. Thomas W. Hertel (ed.): Global Trade Analysis: Modeling and Applications, 1997 Cambridge, Cambridge University Press. J.B. Shoven, J. Whalley: Applied general equilibrium models of taxation and international trade, Journal of Economic Literature, Vol. 22 (1984), pp. 1007-51. 48

 Tutorials for MATLAB, GAMS and MPSGE.  M.J. Miranda and P.L. Fackler, Applied Computational Economics and Finance, MIT Press, Cambridge MA, 2002.

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G. Overview of the Minor Subjects The following minor subjects can be chosen: 1. Business 2. Comparative Economic Sociology 3. Political Sciences 4. Agricultural Economics 5. Business Information Systems 6. Computer Sciences 7. Empirical Economics Module descriptions can be found in the module manuals of the providing faculties and subjects. Currently, Empirical Economics and Economics are the only minor subjects where English as the language of instruction can be guaranteed.

1. Business The student has to take one of the optional modules from optional section "Spezielle Betriebswirtschaftslehre" in the master´s degree programme Business (14 ECTS credits) which are usually taught in German language: BWL-AW Marketing BWL-CON Controlling BWL-FIWI Finanzwirtschaft BWL-GUI Gründungs- und Innovationsmanagement BWL-ORG Organisation BWL-REWI Rechnungslegung und Wirtschaftsprüfung BWL-SCM Supply Chain Management BWL-TM Technologiemanagement

2. Comparative Economic Sociology Two of the following modules, usually taught in German, are to be taken: WSF-soz-MA1 Globale soziale Ungleichheit WSF-soz-MA2 Soziologische Theorie WSF-soz-MA3 Politsoziologie WSF-soz-MA4 Mediensoziologie WSF-soz-MA6 Empirische Sozialforschung WSF-soz-MA7 Diversity und Gender The choice of the module is mandatory once you register for the examination.

3. Political Sciences One of the following two modules, usually taught in German, has to be taken: Polw-Master-Economics-1: Regieren in staatlich verfassten Systemen Polw-Master-Economics-2: Regieren im internationalen System

4. Agricultural Economics The module Modul-71 is mandatory and either Modul-355 or Modul-258 can be chosen.(Teaching Language usually is German.) Modul-71: Modellierung der europäischen Agrarmärkte Modul-258: Internationaler Handel und EU-Agrarmarktpolitik Modul-355: Ernährungspolitik 50

5. Business Information Systems The module „Wirtschaftsinformatik II für Wirtschaftswissenschaftler“is mandatory. Additionally, the module „Betriebliche Standardsoftware“ or the module „Modellierung von Informationssystemen für Wirtschaftswissenschaftler“ has to be chosen. (Teaching language usually is German.) WInf-WInf2-WW: Wirtschaftsinformatik II für Wirtschaftswissenschaftler WInf-BetrStan: Betriebliche Standardsoftware WInf-ModIS-WW: Modellierung von Informationssystemen für Wirtschaftswissenschaftler

6. Computer Sciences The module "Informationssysteme" is mandatory. Additionally, one of the modules "Fortgeschrittene Programmierung", "Kommunikationssysteme", or "Softwaretechnik" has to be chosen. (Teaching Language usually is German.) Inf-IS: Informationssysteme Inf-FortProg: Fortgeschrittene Programmierung Inf-KomSys: Kommunikationssysteme Inf-SWT: Softwaretechnik

7. Empirical Economics Requirements in the M.Sc. Quantitative Economics: Two modules have to be completed: VWL-WPF-EmEc-1: Applied Empirical Methods 2 VWL-WPF-EmEc-2: Applied Empirical Methods 3 For each of these modules two courses of the catalogue for the module VWL-WQuEc-AEM: Applied Empirical Methods, which did not enter the module VWL-WQuEc-AEM (or the module spatial economics), have to be completed. For a description of the modules, please see VWL-WQuEc-AEM: Applied Empirical Methods. Requirements in the M.Sc. Economics: Within the minor subject Empirical Economics two of the following 4 modules have to completed: VWL-PQuEc-Eco2 Econometrics II VWL-PQuEc-AdvStat1 Advanced Statistics I VWL-PQuEc-AdvStat2 Advanced Statistics II VWL-WQuEc-AEM Applied Empirical Methods By choosing this minor subject the possibility to replace one optional module (according to "§25, Absatz (2), Satz 3 der Fachprüfungsordnung") by modules of the compulsory or optional section in quantitative methods of the masters programme „Quantitative Economics“ will no longer exist.

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H. Alphabetical Directories Alphabetical Directory of the Courses A Practical Course in Empirical Economics ............................................................................................................... 41 Advanced Macroeconomics ....................................................................................................................................... 9 Advanced Microeconomics ........................................................................................................................................ 8 Advanced Statistics 1 ................................................................................................................................................ 39 Advanced Statistics 2 ................................................................................................................................................ 40 Advanced Topics in Environmental & Resource Economics ...................................................................................... 16 Advanced Topics in Financial Economics .................................................................................................................. 33 Advanced Topics in International Economics ........................................................................................................... 21 Advanced Topics in Macroeconomics ....................................................................................................................... 24 Advanced Topics in Microeconomics ........................................................................................................................ 12 Advanced Topics in Public Economics ....................................................................................................................... 27 Advanced Topics in Spatial Economics ..................................................................................................................... 30 Advanced Trade I ...................................................................................................................................................... 21 Advanced Trade II ..................................................................................................................................................... 21 Applied Econometrics of Foreign Exchange Markets ............................................................................................... 33 Applied Monetary Economics .................................................................................................................................. 24 Applied Time Series Analysis .................................................................................................................................... 41 Behavioral and Neuroeconomics ............................................................................................................................. 12 Climate and Energy Policy ........................................................................................................................................ 16 Computable Equilibrium Analysis ....................................................................................................................... 12, 48 Econometrics for Financial Markets ......................................................................................................................... 41 Econometrics I .......................................................................................................................................................... 11 Econometrics II ......................................................................................................................................................... 38 Economic Growth ..................................................................................................................................................... 24 Economics of Risk & Uncertainty.............................................................................................................................. 27 Environmental Economics ........................................................................................................................................ 16 Environmental Valuation .......................................................................................................................................... 16 Experimental Economics ........................................................................................................................................... 12 Foreign Exchange Markets-Theory and Empirics ..................................................................................................... 33 Health Economics ..................................................................................................................................................... 27 Industrial Organization ............................................................................................................................................. 12 Innovation Economics ............................................................................................................................................... 12 International Financial Markets ............................................................................................................................... 33 International Monetary Policy.................................................................................................................................. 24 Labor Econometrics .................................................................................................................................................. 41 Macroeconomic Dynamics and Optimal Monetary Policy ....................................................................................... 24 Measuring Inequality ................................................................................................................................................ 27 Microeconometrics .................................................................................................................................................. 41 Multinational Enterprises ......................................................................................................................................... 21 Multivariate Methods............................................................................................................................................... 41 New Institutional Economics .................................................................................................................................... 12 Panel Data Models.................................................................................................................................................... 41 Portfolio Analysis ...................................................................................................................................................... 41 Pricing in Derivative Markets ................................................................................................................................... 33 Public Economics ...................................................................................................................................................... 27 Resource Economics ................................................................................................................................................. 16 Seminar on Applied Microeconomics....................................................................................................................... 12 Seminar on Environmental & Resource Economics ................................................................................................. 16 Seminar on Financial Economics .............................................................................................................................. 33 Seminar on International Economics ....................................................................................................................... 21 Seminar on Macroeconomics and Growth ............................................................................................................... 24 52

Seminar on Public Economics ................................................................................................................................... 27 Seminar on Spatial Economics.................................................................................................................................. 30 Simulation Based Inference ...................................................................................................................................... 41 Spatial Econometrics .......................................................................................................................................... 30, 41 Spatial Economics ..................................................................................................................................................... 30 Statistics for Financial Markets ................................................................................................................................ 41 Theories of Distributive Justice ................................................................................................................................ 16 Theory of Financial Markets ..................................................................................................................................... 33

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Alphabetical Directory of the Modules (ordered by module codes) VWL-CGE-NF CGE (Computable General Equilibrium) ............................................................................................................. 48 VWL-PEcon-AdvMacr Advanced Macroeconomics ................................................................................................................................. 9 VWL-PEcon-AdvMicro Advanced Microeconomics .................................................................................................................................. 8 VWL-PEcon-Eco1 Econometrics 1 ................................................................................................................................................... 11 VWL-PQuEc-AdvStat1 Advanced Statistics 1 ......................................................................................................................................... 39 VWL-PQuEc-AdvStat2 Advanced Statistics 2 ......................................................................................................................................... 40 VWL-PQuEc-Eco2 Econometrics II ................................................................................................................................................... 38 VWL-QF-EmpMeth Empirical Methods for Finance .......................................................................................................................... 47 VWL-QF-EmpMeth-fm Empirical Methods for Finance .......................................................................................................................... 47 VWL-QF-FinEc ........................................................................................................................................................... 37 VWL-WEcon-AppMicr Applied Microeconomics.................................................................................................................................... 12 VWL-WEcon-AppMicr-NF Applied Microeconomics für Nebenfach ........................................................................................................... 15 VWL-WEcon-EnvResEc Environmental and Resource Economics ........................................................................................................... 16 VWL-WEcon-EnvResEc-NF Environmental & Resource Economics für Nebenfach ...................................................................................... 20 VWL-WEcon-FinEc Theory of Financial Economics ........................................................................................................................... 33 VWL-WEcon-FinEc-NF Theory of Financial Economics für Nebenfach................................................................................................... 37 VWL-WEcon-IntEc International Economics .................................................................................................................................... 21 VWL-WEcon-IntEc-NF International Economics für Nebenfach ............................................................................................................ 23 VWL-WEcon-MacrGro Macroeconomics & Growth ............................................................................................................................... 24 VWL-WEcon-MacrGro-NF Macroeconomics and Growth für Nebenfach.................................................................................................... 26 VWL-WEcon-PubEc Public Economics ................................................................................................................................................ 27 VWL-WEcon-Pub-NF Public Economics für Nebenfach........................................................................................................................ 29 VWL-WEcon-SpatEc Spatial Economics............................................................................................................................................... 30 VWL-WEcon-SpatEc-NF Spatial Economics für Nebenfach ...................................................................................................................... 32 VWL-WPF-EmEc-1 Applied Empirical Methods 2 ....................................................................................................................... 47, 51 VWL-WPF-EmEc-2 Applied Empirical Methods 3 ....................................................................................................................... 47, 51 VWL-WQuEc-AEM 54

Applied Empirical Methods ................................................................................................................................ 41 VWL-WQuEc-AEM-QF Applied Empirical Methods ................................................................................................................................ 47

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