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Economics – (M.Sc.)
Institute for Advanced Studies, Vienna
Department of Economics and Finance
| Application Deadline: | March 1 | ||
| Annual Tuition Fee: | Free - | ||
| Location: | Vienna / Austria / View location on map ▾ Hide location on map ▴ | ||
| Duration: | 24 months | Start Date: | September |
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| Credits (ECTS): | 120 | ||
| Languages: | English | ||
Location of Institute for Advanced Studies, Vienna
The Master in Economics is organized in cooperation with the Vienna University of Technology.
It requires the full-time concentration of students for the entire two year period.
Graduates are equipped to succeed in an ever more competitive environment. The curriculum emphasizes analytic competence, economic intuition and solid empirical work. Students are expected to perform on a level with their peers at top-ranked departments (e.g. Princeton, Stanford, LSE, and UPF).
These goals are achieved by attending a carefully designed sequences of courses and through an overall preparation in subject matter and techniques that goes beyond course work. Work in teams and the acquisition of advanced mathematical skills are the key to a successful completion of the program. Courses will be completed by the end of the second year, the fourth semester is mostly dedicated to an independent research that leads to the Master's thesis, which is prepared under the direction of a faculty member.
The faculty is always available for consultation; students are strongly encouraged to discuss their ideas and concerns with their teachers and advisors. The department is flexible to accommodate particular circumstances of individual students. Academic achievements are regularly reviewed by the Director of Graduate Studies and the entire Department. Failure to maintain good standing may necessitate withdrawal from the Program.
Contents
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.
IELTS
You are normally required to take an English Proficiency Test.
Most European Universities recognise the IELTS test.
Take testGRE® revised General Test
GRE Scores are accepted at business schools worldwide. Learn more and register.
Register Now!Requirements
To be admitted into the graduate program, a student must hold a Bachelor's degree or its equivalent from an accredited university. It is not essential that the previous education be in economics. Aside from economics, previous graduate students have had a variety of quantitative backgrounds from computer science to mathematics.
Additional Requirements
| Minimal degree required: | Bachelor's degree |
| Minimal amount of work experience | Not specified |
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You can contact Department of Economics and Finance to ask a question about Economics at Institute for Advanced Studies, Vienna.
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