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Course content


Course of study

The programme consists of four semesters with a total of 120 ECTS. The first semester includes compulsory courses in the basic fields of economics. In the second and third semester students specialize by choosing in ­ dividual options from a broad range of subjects within 5 different fields of specialization. The fourth semester is dedicated to the master’s thesis.

Compulsory courses

In the first semester students are given a basic grounding in economics with 6 mandatory courses taught in English: Mathematics for Economists, Microeconomics, Game Theory, Growth Theory, Business Cycles and Applied Econometrics.

Elective courses

Specialization: Students must choose 12 modules, including at least 10 elective economic modules within the five specialization fields. The participation in at least one seminar is mandatory. Students are also able to choose up to 2 free modules from the overall faculty programme (e.g. language, Business Administration). Each specialization field includes a broad list of related courses (taught in English and German).

  • Labor Economics: Students who specialize in this area analyse the labor market from different perspectives (e.g., worker- firm- state, micro-macro) and study theoretical models, current empirical studies and applied empirical research tools to examine labor policies and to develop own policy recommendations. Examples of courses within this field include Labor and Personnel Economics, Labor Markets: A Macroeconomic Perspective, Labor Market Policy and Microeconometrics.
  • Macroeconomics and Finance: This specialization field deepens areas from monetary policy to financial banking. Students explore how to bridge theoretical macroeconomic models and applied empirical methods. Examples of courses within this field include Monetary Policy; International Finance; Asset Liability Management; Bank Rating, Stress Testing, and Financial Stability; and Multivariate Time Series Analysis.
  • Public Economics: This study field comprises the analysis of the economic consequences of tax systems and government expenditures, public finance and public policy, as well as regional and urban economics. Students apply microeconomic theory together with new econometric approaches to evaluate policy measures regarding taxation and social spending. Examples of courses within this field include Capital Income Taxation; Seminar in Economic Policy and Evaluation; Spatial Economics; and Panel- and Evaluation Methods.
  • Energy Markets: This specialization focuses on theoretical and empirical analyses of energy markets (energy demand and supply) and policies affecting energy markets issues, such as competition policy. Examples of courses within this field include Advanced Industrial Organization, Seminar in Energy Markets, Methods of Energy Market Modelling and Behavioral Economics.
  • Health Economics: Students who specialize in this area study the supply and demand for medical services from a microeconomic perspective. Students evaluate the efficiency, effectiveness and behaviour of agents in this market to derive implications for the design of the health care system. Examples of courses within this field include Economics of Health Insurance; Health Care Supply; Economics of Social Policy; and Applied Empirical Health Economics.