Economics and Finance
Content of the Master's Program in Economics
Contents are changed regularly to reflect the interests of the faculty and the needs of the students. This is a complete listing of all core courses currently being offered. (You will find the syllabi for each course by clicking on the titles.)
Foundation Courses
Mathematics I, Analysis
Sets, functions and correspondences; metric spaces and topology; limits in Rn, continuous and differentiable functions; optimization; fixed point theorems.
Mathematics II, Linear Algebra
Systems of linear equations; fields, vector spaces; linear independence; determinants; linear transformations; Eigenvalues, Eigenvectors; norms and inner products; symmetric matrices; singular value decomposition.
Statistics
Univariate continuous random variables; multivariate random variables; descriptive statistics; sequences of random variables; examples of random processes; tests in i.i.d. setting; estimation; the maximum likelihood paradigm; generating the test distribution; density estimation and testing; Bayesian estimation and testing.
Scientific Computing
Basics of computer programming; introduction to Matlab; finite precision, rounding error and error bounds; numerical differentiation; zero finding and numerical optimization; numerical integration.
Dynamic Optimization I
Linear quadratic problems, Kalman filter; sequential problems and recursive problems, equivalence, Bellman equations, contraction mappings; solution methods.
Dynamic Optimization II
Markov processes; principle of optimality; stochastic Euler equations; applications to partial equilibrium models; search models.
Macroeconomics
Macroeconomics I
Investment, consumption, asset pricing, labor supply, optimal taxation, overlapping generations economy.
Macroeconomics II
Continuous time tools, exogenous growth, endogenous growth, empirical findings, open economy.
Macroeconomics III
Neoclassical growth models under uncertainty; Dynamic New Keynesian models; optimal fiscal and monetary policy.
Microeconomics
Microeconomics I
Decision theory; consumer theory; producer theory; partial equilibrium theory.
Microeconomics II
Consumer theory; producer theory; general equilibrium theory.
Game Theory
Representation theory; solution theory; applications.
Econometrics
Econometrics I
Algebra of least squares; classical and generalized linear regressions; likelihood function, distributions and testing principles; asymptotic analysis; estimation and testing in generalized regression models.
Econometrics II
Stationary stochastic processes; integrated univariate processes; stationary VAR processes; cointegration analysis.
Econometrics III
Instrumental variable estimation; generalized method of moments: panel data econometrics.
Econometrics IV
Empirical project.
Workshops and Seminars
Finally, it is strongly encouraged that all students attend one or more of the various research seminars available at the Institute. Currently, the Institute offers the following throughout the academic year: The Research Seminar In Economic Theory, The Econometrics Research Seminar, The Joint Vienna Macro Seminar, The Applied Research Seminar, The Finance Research Seminar.
Foundation Courses
Mathematics I, Analysis
Sets, functions and correspondences; metric spaces and topology; limits in Rn, continuous and differentiable functions; optimization; fixed point theorems.
Mathematics II, Linear Algebra
Systems of linear equations; fields, vector spaces; linear independence; determinants; linear transformations; Eigenvalues, Eigenvectors; norms and inner products; symmetric matrices; singular value decomposition.
Statistics
Univariate continuous random variables; multivariate random variables; descriptive statistics; sequences of random variables; examples of random processes; tests in i.i.d. setting; estimation; the maximum likelihood paradigm; generating the test distribution; density estimation and testing; Bayesian estimation and testing.
Scientific Computing
Basics of computer programming; introduction to Matlab; finite precision, rounding error and error bounds; numerical differentiation; zero finding and numerical optimization; numerical integration.
Dynamic Optimization I
Linear quadratic problems, Kalman filter; sequential problems and recursive problems, equivalence, Bellman equations, contraction mappings; solution methods.
Dynamic Optimization II
Markov processes; principle of optimality; stochastic Euler equations; applications to partial equilibrium models; search models.
Macroeconomics
Macroeconomics I
Investment, consumption, asset pricing, labor supply, optimal taxation, overlapping generations economy.
Macroeconomics II
Continuous time tools, exogenous growth, endogenous growth, empirical findings, open economy.
Macroeconomics III
Neoclassical growth models under uncertainty; Dynamic New Keynesian models; optimal fiscal and monetary policy.
Microeconomics
Microeconomics I
Decision theory; consumer theory; producer theory; partial equilibrium theory.
Microeconomics II
Consumer theory; producer theory; general equilibrium theory.
Game Theory
Representation theory; solution theory; applications.
Econometrics
Econometrics I
Algebra of least squares; classical and generalized linear regressions; likelihood function, distributions and testing principles; asymptotic analysis; estimation and testing in generalized regression models.
Econometrics II
Stationary stochastic processes; integrated univariate processes; stationary VAR processes; cointegration analysis.
Econometrics III
Instrumental variable estimation; generalized method of moments: panel data econometrics.
Econometrics IV
Empirical project.
Workshops and Seminars
Finally, it is strongly encouraged that all students attend one or more of the various research seminars available at the Institute. Currently, the Institute offers the following throughout the academic year: The Research Seminar In Economic Theory, The Econometrics Research Seminar, The Joint Vienna Macro Seminar, The Applied Research Seminar, The Finance Research Seminar.
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