master of science in economics - uni hohenheim · master of science in economics: structure master...

Master of Science in Economics

FACULTY OF BUSINESS, ECONOMICS AND SOCIAL SCIENCES

MASTER OF SCIENCE IN ECONOMICS

Information Session

www.master-economics.uni-hohenheim.de

Master of Science in Economics: Structure

Master of Science in Economics

Master - Thesis 18 EP* / Master Colloquium

Methods in Economics:

1. Introductory Econometrics

2. Optimization in Economic Theory

Theoretical Foundations in Economics:

1. Advanced Macroeconomics

2. Advanced Microeconomics

Basic

Module

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18E

P

Majo

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inor

Fie

lds /

84E

P

Major

Field1

12 EP

18 E

P

Major Modules Elective Modules

60 EP* 24 EP**

9 EP*

9 EP*

• * Total of 120 European

Credit Transfer System

Points (EP)

• ** Elective modules can

be taken out of a wide

catalogue of Business

Administration and

Social Sciences

modules

• 4 half-years (terms) of

full time study



Major

Field2

12 EP

Major

Field3

12 EP

Major

Field4

12 EP

Seminar 2 6 EP

Seminar 1 6 EP

Two

Major

Fields

2x12

EP

One

major

One

electi

ve

2x12

EP

or

Master of Science in Economics: Admission Requirements



FORMAL REQUIREMENTS

(1) Secondary school leave certificate (Abitur/HZB, 15%)

(2) Bachelor’s degree in Economics or in a closely related field (20%)

(3) English skills (usually to be proven by TOEFL)

(4) Letter of Motivation (5%)

ADDITIONAL REQUIREMENTS

(1) Strong background in Economics (25%)

(2) Strong background in Mathematics and Econometrics (20%)

(3) Extracurricular activities (10%)

(4) Seminars (5%)

Theoretical Foundations in Economics

Learning Objectives

Develop the technical skills required in modern

macroeconomic and microeconomic analysis

Acquire a working knowledge of Game Theory

to analyse strategic behaviour

Obtain a thorough understanding of the

fundamental workhorse models in

Macroeconomics to analyse questions, such

as the causes of unemployment, the

determinants of economic growth and the role

of fiscal and monetary policy in stabilising

business cycles

Curriculum

Advanced Microeconomics and

Game Theory

9 EP

Advanced Macroeconomics

Prof. Dr. Ulrich Schwalbe

Prof. Dr. Thomas Beißinger



Methods in Economics

Curriculum

Introduction to Econometrics

9 EP

Optimization in Economic Theory

Learning Objectives

Learn basic econometric tools needed to

understand empirical economic research.

Topics include estimation and inference in the

classical linear regression model, instrumental

variables estimation, estimation of systems of

equations by OLS, GLS and GMM, and

simultaneous equations modelling

Understand the essentials of constrained

optimization both in static and dynamic

problems; master the formal toolkit required

for economic modelling

Prof. Dr. Gerhard Wagenhals

Prof. Dr. Nadine Riedel



Major Fields: Economics

International Trade

Growth Economics

Public Finance

Labour Economics

Econometrics

Economic History

and History of

Economic Thought

Money and

Employment

Markets and

Consumption

Industrial

Organisation and

Competition Theory

Innovation Economics

Environmental

Economics



Financial

Econometrics

Labour Economics


Team


Chair of Labour and Service Economics

Lectures in:

Labour Economics 1: Topics in Advanced Labour Economics

Labour Economics 2: Labour Markets and the Macroeconomy

Supervision of seminar papers and master theses

Martyna Marczak

Research assistant

Tutorials in:



Supervision of seminar papers and master theses

TEAM OBJECTIVES LABOUR ECONOMICS 1 LABOUR ECONOMICS 2 SEMINAR

Objectives of the module

An application of microeconomics, macroeconomics and econometrics to labour market issues

The module creates a strong link to the recent research in the field of labour economics

Students acquire the ability to understand and interpret labour market models and empirical

approaches in labour economics.

The curriculum combines the analysis of theoretical concepts with the possibility of an empirical

application in the seminar papers or master theses

„Labour Economics“ is an ideal complement to such courses as: „Money and Employment“,

„International Trade“, „Public Finance“ and „Econometrics“




1. The Theory of Labour Supply

The basic model: budget constraint; preferences; analysis of the labour supply decision; labour

market participation; reservation wage; supplied working hours

Effect of unemployment insurance, taxes or wage subsidies on labour supply

Extensions: household production, family models and intertemporal labour supply

2. The Econometrics of Labour Supply

Ingredients of a labour supply equation

Guide to estimating labour supply

Measurement problems

Nonlinear budget constraints

Natural experiments

Labour Economics 1: Topics in Advanced Labour Economics (cont´d)


3. Job Search

Basic job search theory: search process and reservation wage; comparative statics of the

basic model; choice among nonparticipation, job-seeking and employment

Extensions: eligibility and unemployment; on-the-job-search; endogeneous search effort

The equilibrium search model and the theory of optimal unemployment insurance

Empirical aspects of job search: hazard function; measuring unemployment insurance benefits;

the determinants of unemployment duration

Literature: Cahuc, P., and Zylberberg, A. (2004), Labor Economics, MIT Press, Chapters 1 and 3

Type of examination: written exam

Points: 6 EP



1. Job Reallocations and Unemployment

Empirical evidence on job flows and worker flows

The matching model: the matching function; the Beveridge curve; behaviour of firms; behaviour of

workers; labour market equilibrium; out-of-stationary-state dynamics

2. Labour Unions

Utility function and behaviour of labour unions

General equilibrium: explanation of unemployment

Extensions: Nash bargaining; the impact of taxes on collective bargaining

Degree of centralization of wage bargaining: the Calmfors-Driffill hypothesis

Insiders and Outsiders: insiders and the persistence of unemployment; labour market segmentation

Empirical evidence regarding the consequences of collective bargaining

Labour Economics 2: Labour Markets and the Macroeconomy (cont´d)


3. Efficiency Wages

Partial equilibrium: a simple model

The causes of efficiency wages

Empirical evidence

Efficiency wages in a macroeconomic framework: explanation of involuntary unemployment

Literature:

• Cahuc P., and Zylberberg A. (2004), ), Labor Economics, MIT Press, Chapter 9; some parts of Chapter 7

• Sorensen P. B., and Whitta-Jacobsen, H. (2005), Introducing Advanced Macroeconomics,

Chapters 12 and 13

Type of examination: written exam

Points: 6 EP

Seminar


Examples of topics in previous seminars and master theses:

• Adverse selection and the labour market

• Efficiency wages and dual labour markets

• The relationship between inequality and economic growth

• Optimal contracting and CEO compensation

• The labour market consequences of immigration: theory and empirical evidence for Germany

• Health, health insurance and the labour market

• The economic analysis of labour market discrimination

Participants are also encouraged to make their own suggestions on the preferred topic, upon consultation

with the supervisor

Schedule: presentations take place as a block seminar

Points: 6 EP


International Trade

Growth Economics

Public Finance

Labour Economics

Econometrics

Economic History

and History of

Economic Thought

Money and

Employment

Markets and

Consumption

Industrial

Organisation and

Competition Theory


Environmental

Economics



Financial

Econometrics

Econometrics & Financial

Econometrics

Prof. Dr. Robert Jung

Prof. Dr. Gerhard Wagenhals

Team

Prof. Dr. Gerhard Wagenhals / Successor

Chair of Statistics and Econometrics I

Lectures in:

Introductory Econometrics

Econometrics 1: Microeconometrics and Causal Inference

Econometrics 2: Analysis of panel data

Prof. Dr. Robert Jung

Chair in Statistics and Econometrics II

Lectures in:

Introductory Econometrics

Financial Econometrics 1: Time series econometrics

Financial Econometrics 2: Topics in applied time series econometrics


Objectives of the modules

Thorough introduction to the statistical and computational tools necessary in order to conduct empirical

research in economics.

Students acquire the ability to understand and apply modern econometric methods and models.

Both modules Econometrics and Financial Econometrics and be chosen. It is also possible to select

certain courses from a module not directly chosen.

In all the courses econometric theory is combined with real world empirical applications. All lectures are

accompanied by practical classes where mainly the software package STATA is used.

Seminars and master theses are offered in both modules.


Econometrics:

TEAM OBJECTIVES ECONOMETRICS FINANCIAL ECONOMETRICS SEMINAR

1. Microeconometrics and Causal Inference

Analysis of cross-section data from individuals, households, firms etc.

Often, the data have special characteristics (unordered categories, counts, non-negativity,…)

which have to be taken into account

Special emphasis on Program Evaluation and Causal Inference

2. Panel data analysis

A rich data structure which combines cross-section and time series

Powerful methods to eliminate individual heterogeneity in the data

Empirical applications from many fields, like labour economics, public choice, industrial

organization, international trade, consumer behaviour.

Financial Econometrics:

1. Time Series Econometrics

Introduction to the special methods and tools necessary for the analysis of time series

Univariate and multivariate dynamic regression models

Proper modelling of the ‘trend’ in economic and financial data

Cointegration analysis reflecting the equilibrium concept in economic theory

2. Topics in Applied Time Series Econometrics

Important applications in Finance and Economics, mainly in Macroeconomics

E.g. analysis and prediction of stock and bond prices, exchange rates, interest rates

Volatility analysis and risk measurement

Testing of important theories like the CAPM, the UIP, the PPP


Seminar


Examples of topics in previous seminars and master theses:

• Empirical analysis of occupational choice

• Stock market interdependence in the EMU: The case of Germany and Southern European countries

• Using SARIMA-models to predict the tobacco tax revenues

• Trade-growth nexus through demand-driven perspectives: recent evidence from South Africa

• The use of copulas in the risk analysis of commoditiy prices

Participants are also encouraged to make their own suggestions on the preferred topic, upon consultation

with the supervisor

Schedule: presentations take place as a block seminar


International Trade

Growth Economics

Public Finance

Labour Economics

Econometrics

Economic History

and History of

Economic Thought

Money and

Employment

Markets and

Consumption

Industrial

Organisation and

Competition Theory


Environmental

Economics



Financial

Econometrics

Environmental Economics

Prof. Dr. Michael Ahlheim

NAVIGATION TEAM OBJECTIVES COURSE 1 COURSE 2 SEMINAR

Team


Chair of Economics, esp. Environmental Economics, Regulatory and Consumer Policy

Brigitte Güney

Secretary

Martin Lempe

Research Assistant

Jan Neidhardt

Research Assistant

Peter Tannenberger

Research Assistant




This module deals with different kinds of environmental problems from a welfare theoretical perspective

in a comparative-static as well as an intertemporal context.

We aim to give you an in-depth understanding of the different concepts of sustainability.

We show how government policy can yield potential Pareto improvements by setting suitable economic

incentives and we also show in which cases only regulatory policy measures can help to mitigate

environmental problems.

We show which consequences the notion of sustainability has for a rational and efficient use of

renewable and non-renewable natural resources over time.

We discuss the importance of environmental cost-benefit analysis as a tool of environmental policy and

its usefulness for a rational use of public funds by government agencies.

In this context we discuss different welfare-measures and their microeconomic foundations.

We demonstrate how (Environmental) Cost-Benefit-Analysis is applied in practice, based on our own

research experience “in the field”.

Course 1: Resource Economics and Environmental Policy


The lecture course will start with an overview of the different concepts of sustainability that are

discussed in the economics literature as well as in practical environmental policy. Then the economic

reasons for the failure of a market economy to ensure sustainability without government intervention

will be scrutinized. Afterwards various instruments of environmental policy will be analysed under the

aspect of their suitability to cope with market failure in a national and an international context.

Further, the problem of a sustainable use of natural resources over time will be discussed on the basis

of different intertemporal resource models. The theoretical discussion will be illustrated using examples of

practical environmental policy. Another special topic of this course will be the international aspects of

successful environmental protection.

An accompanying exercise course offers students the opportunity to get a deeper understanding of the

topics dealt with in the lecture course by solving numerical exercises and discussing case studies.

Course 2: Cost-Benefit Analysis and Enviromnental Valuation


This course focuses on the changes in social welfare caused by changes in environmental quality and on

their measurement in monetary terms. Based on neoclassical welfare theory the different concepts of

empirical welfare measurement will be discussed. Then practical assessment techniques will be

introduced and illustrated on the basis of case studies taken from the able research of the chair in this

field.

Revealed preference methods like the Travel Cost Method, Averting Behaviour, Hedonic Prices etc. as

well as stated preference methods like Choice Experiments and the Contingent Valuation Method will be

discussed at length.

An accompanying exercise course offers students the opportunity to get a deeper understanding of the

topics dealt with in the lecture course by solving numerical exercises and discussing case studies.

Seminar


After attending the seminar, students will possess an in-depth understanding of recent advances and

current debates in environmental and resource economics. Their know-how will include the ability to

write and present their own scientific elaborations. Students will learn to present their core results

within a fixed time limit and defend their position. Additionally, they will learn to critically take a stand on

the elaborations of a fellow student by writing and presenting a comment paper. The presentations will be

videotaped so that students have the possibility to critically review their performance after the seminar.

Individual support for the preparation of seminar papers and PowerPoint presentations before the seminar

as well as feedback discussions after the seminar will be offered by the staff.


International Trade

Growth Economics

Public Finance

Labour Economics

Econometrics

Economic History

and History of

Economic Thought

Money and

Employment

Markets and

Consumption

Industrial

Organisation and

Competition Theory


Environmental

Economics



Financial

Econometrics

Markets & Consumption

Prof. Dr. Alfonso Sousa-Poza



Chair of Household and Consumer Economics


Alfonso Sousa-Poza Steffen Otterbach Jan Bauer

Chair of Economics, esp. Environmental Economics, Regulatory and

Consumer Policy


Chair of Economics, esp. Environmental Economics, Regulatory and Consumer Policy

Brigitte Güney

Secretary

Martin Lempe

Research Assistant

Jan Neidhardt

Research Assistant

Peter Tannenberger

Research Assistant




We aim to give you a thorough understanding of the causes of market failure and its effects on

consumers.

We discuss a number of policy options available to reduce the welfare loss induced by market failures.

We aim to give you an in-depth understanding of life-cycle consumption and savings decisions.

We provide you with methodological skills to model consumption and savings decisions in an

intertemporal context and under imperfect markets and uncertainty.

You will be in a good position to examine the motivations for, and implications of financial transfers

between parents and their children, as well as investments by parents in their children´s human capital.

Course 1: Consumer Policy


The modul »Consumer Policy« combines a thorough theoretical analysis of the sources of market

failure in the consumption sector with a practice-oriented discussion of the various instruments of

consumer policy. The module focuses on the design of a theory-based consumer policy which aims at

the achievement of welfare improvements and the realization of the principle of consumer sovereignty.

The module consists of a lecture course and an accompanying exercise class. The latter offers students

the opportunity to get a deeper understanding of the topics dealt with in the lecture course by solving

numerical exercises and discussing case studies on current problems of consumer policy.

Course 2: Consumption and Savings


This course aims at giving the students an in depth perspective on the way consumers make decisions

in a dynamic setting. It is composed of two parts:

(i) Part I - Lectures: The lectures begin by taking a look at the life-cycle consumption and savings

decision. Of particular relevance are saving for retirement, the role of future earnings, credit market

imperfections, and the role of uncertainty. The course will then go on to examine the motivations for, and

implications of, financial transfers between parents and their children, as well as investments by

parents in their children’s human capital. Determining what motivates these transfers and investments is

crucial to understanding the implications of various government policies.

(ii) Part II - Paper discussions: The second part of the course will focus on original journal contributions,

both theoretical and empirical, that deal with specific issues covered in the lectures. The aim is to enhance

students’ ability to understand original journal articles and position them in the appropriate

theoretical framework. Stated somewhat differently: to move beyond well-prepared textbooks and into

the realm of (often) condensed, complex, and specific research.

Seminar


After attending the seminar, students will possess an in-depth understanding of recent advances and

current debates in consumer policy and household economics. Their know-how will include the ability

to write and present their own scientific elaborations. Students will learn to present their core results

in a fixed time limit and defend their position.


International Trade

Growth Economics

Public Finance

Labour Economics

Econometrics

Economic History

and History of

Economic Thought

Money and

Employment

Markets and

Consumption

Industrial

Organisation and

Competition Theory


Environmental

Economics



Financial

Econometrics

Money and Employment

Prof. Dr. Peter Spahn


Team

Prof. Dr. Peter Spahn Lectures

Oliver Sauter Exercises & Consultation

Lukas Scheffknecht

Christian Philipp Schröder

Benjamin Schmidt


Objectives of this field of specialisation

"Money and Employment" indicates that macroeconomic activity in general, and employment in

particular, is driven by monetary policy. The traditional policy conflict has been here to reconcile

full employment and price stability. Recently, severe financial crises have added the goal of

financial market stability to the list of policy targets. In an open economy, also the topic of external

equilibrium is on the agenda: maintaining a fixed exchange rate and/or limiting current account

imbalances. "Money and Employment" is presented with an eye on the historical evolution of

central banking; case studies of past crises in the field of money and finance help to find a better

perspective on current debates. Participants of this field of specialisation should be endowed with

basic knowledge of macro theory and the mechanisms of monetary policy.


Module 1: Interest and Exchange Rates


i. This module consists of the lecture "International Monetary Policy Regimes" and the exercise

"Open Economy Issues".

ii. In the lecture, we analyse historical fixed-exchange-rate systems: the gold standard, the

Bretton Woods System, the European Monetary System and the so called "New" Bretton

Woods System. There will be a written test on these subjects.

iii. In the exercise, various theoretical and economic-policy issues are discussed, starting from

the students' term-paper presentations.

iv. Grade points from both the written test and the term-paper presentation give the mark in the

course assessment.

Module 2: Interest and Prices


i. This module consists of the lecture "Macro Theory and ECB Monetary Policy" and the exercise

"Macroeconomic Models".

ii. In the lecture, we analyse first new delevopments in the field of monetary macroeconomic

theory, which more and more includes the quest for microeconomic foundations, and second

debates on ECB policies, with a special emphasis given to problems of the European Monetary

Union.

iii. In the exercise, students learn formal techniques to understand and to handle modern

macroeconomic models.

iv. There will be a combined exam in the end.

Seminar


Each semester, there is a research seminar for PhD and master students, organised in

collaboration with the Chair of Economic Theory (Prof. Dr. Hagemann). Students are invited to take

part in all sessions and present their papers. Students who wish to participate arrange a subject

for their paper in a meeting with the Chair's research assistants.

Recent topics:

• Target II Imbalances

• Vector Autoregressions and Monetary Policy Analysis

• Measuring the Systemic Importance of Financial Institutions

• Current Challenges for Inflation Targeting


International Trade

Growth Economics

Public Finance

Labour Economics

Econometrics

Economic History

and History of

Economic Thought

Money and

Employment

Markets and

Consumption

Industrial

Organisation and

Competition Theory


Environmental

Economics



Financial

Econometrics

International Trade

Dr. Benjamin Jung

International Trade

Among the questions we address are:

Why is there international trade?

What are the consequences of trade for the economy at large and for subgroups of the economy?

What are the effects of certain government policies towards trade?

We approach these issues in the following ways:

We develop an understanding of advanced tools of real trade theory

We acquire skills necessary to conduct empirical research

We apply these tools to core problems arising in globalization debates




Econometrics

Prof. Gerhard Wagenhals

0711 459 22511

[email protected]

International Trade

Dr. Benjamin Jung

0711 459 23454

[email protected]

Economic History and

History of Economic Thought

Prof. Sybille Lehmann

0711 / 459 - 22618

[email protected]


Prof. Michael Ahlheim

0711 459 23596

[email protected]

Growth Economics

Prof. Harald Hagemann

0711 459 23592

[email protected]

Industrial Organization and

Competition Theory

Prof. Ulrich Schwalbe

0711 459 22992

[email protected]


Prof. Andreas Pyka

0711 459 24481

[email protected]

Labour Economics

Prof. Thomas Beissinger

0711 459 23454

[email protected]

Markets and Consumption

Prof. Alfonso Sousa-Poza

0711 459 23419

[email protected]


Prof. Peter Spahn

0711 459 22590

[email protected]

Public Finance

Prof. Nadine Riedel

0711 459 22989

[email protected]

Econometrics II

Prof. Robert Jung

0711 459 24710

[email protected]

List of Elective Modules: Business, Economics and Social Sciences

Banking and Finance

Banking and Investments

(Spezielles) Controlling

Rechnungswesen

Externe Unternehmensrechnung und Besteuerung

Externe Unternehmensrechnung und Bewertung

Umstrukturierung von Unternehmen

Spezialthemen der Unternehmensführung

Organisational Communication

Unternehmensnachfolge

Betriebswirtschaftliche Steuerlehre

Wirtschaftsprüfung (Spezialthemen der)

Produktion und Logistik

Business Optimization (Applied)

Marketing

Management

Finance & Risk Management

Management of Financial Institutions

(Spezielles) Umweltmanagement

Dienstleistungsmanagement

Medienmanagement

International Management

Health Care Management

Health Behaviour

Management Information Systems


Econometrics

Industrial Organization and Competition Theory

Markets and Consumption

Public Finance


Growth Economics

Labour Economics

Economic History and History of Economic Thought

International Economics


Wirtschaftsrecht

Öffentliches Wirtschaftsrecht

Bank- und Börsenrecht

Personalpsychologie

Spezielle Personalpsychologie

Managementsoziologie

Spezielle Wirtschafts- und Managementsoziologie

Wirtschafts- und Unternehmensethik

Unternehmensethik

Dienstleistungsinformatik

Applied Information Systems



Studying Abroad

ERASMUS Programme

Ms Schlindwein-Backes

[email protected]

0711 459 23236

www.wiso.uni-hohenheim.de/internationales.html

International Office

Ms Schenk

[email protected]

www.uni-hohenheim.de/aaa_ausland

Language Center of the Universität Hohenheim

www.spraz.uni-hohenheim.de/

Information Session on

Double Degree Programmes:

5/28, 4.15 pm, HS33



Contact

Dipl. oec. Lukas Scheffknecht

Tel. +49(0)711 459 23051

[email protected]

Prof. Dr. Thomas Beissinger

Tel. +49 (0)711 459 23454

[email protected]

Useful Links

Homepage: www.master-economics.uni-hohenheim.de Module Catalogue: www.uni-hohenheim.de/modulkatalog.html Course Catalogue: www.uni-hohenheim.de/67.html?&L=0 Department of Economics: www.vwl.uni-hohenheim.de Examination Office: www.uni-hohenheim.de/pruefung.html University Library: www.ub.uni-hohenheim.de ILIAS: https://ilias.uni-hohenheim.de/ IT Services: https://rz.uni-hohenheim.de/



http://www.master-economics.uni-hohenheim.de/





http://www.uni-hohenheim.de/modulkatalog.html



http://www.uni-hohenheim.de/67.html?&L=0



http://www.vwl.uni-hohenheim.de/



http://www.uni-hohenheim.de/pruefung.html



http://www.ub.uni-hohenheim.de/



https://ilias.uni-hohenheim.de/



https://rz.uni-hohenheim.de/



master of science in economics - uni hohenheim · master of science in economics: structure master...

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