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Courses in Economics

Basic Modules

Mathematics for Economists

covers topics that are of general interest, including metric spaces, differential calculus, convex sets and static optimzation.

Microeconomics

includes fundamentals of individual decision making, game theory, and general equilibrium theory.

Macroeconomics

presents an overview of the classical model, the Keynesian macro model and the micro-founded, dynamic general equilibrium model. Problems of monetary policy and tax policies are discussed.

Finance

introduces in the theory of finance and its implications for corporate financial management. It covers the main areas of finance, including the theory of investments under certainty and uncertainty, the pricing of assets and derivatives, and an introduction into corporate financial policy.

Econometrics

provides an introduction to econometric methods for analysis of time series and cross section data. It provides a rigorous treatment of classical econometric topics including nonlinear and generalized regression, specification tests and dynamic models. It provides practical experience with standard econometric techniques using up-to-date computer software.

 
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Advanced Modules

Microeconomic Theory

Economics of Information

studies the performance of markets in the presence of informational constraints. The course considers a variety of models and applications.

General Equilibrium Theory

presents the theory of competitive markets and provides the core of traditional equilibrium theory. Emphasis is put on market imperfections.

Game Theory

covers topics and advances in game theory. The course will emphasize the relevance to economic problems and methods and techniques used in current literature.

Mechanism Design and Contract Theory

highlights the common themes that unite the field. The main topics covered are hidden information models, hidden action models and incomplete contracts.

Social Choice and Welfare

offers an introduction into social choice and collective decision making. It covers results about the (im)possibility of aggregating individual preferences in various settings.

 
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Macroeconomics and Public Economics

International Economics and Finance

introduces into the structure and economics of international financial markets. It deals with the modern analysis of international macroeconomics, focusing on dynamic models and micro-founded models.

Labour and Population Economics

covers theories and empirical methods to explain labor market developments and population dynamics in selected industrialized countries.

Monetary Economics

presents monetary theory as a branch of dynamic general equilibrium macroeconomics, and identifies the conditions under which monetary variables matter. It is shown how the design of desirable monetary policies can be deduced from theoretical considerations.

Applied Public Economics

introduces into current applied and empirical research into public sector economics and public choice.

Public Economic Theory

covers the modern analysis of economics of the public sector and applied welfare economics. Topics include the advanced theory of taxation and tax competition, government regulation of private industries in settings of asymmetric information, the economics of education, and environmental economics.

Industrial Organization

presents models that aim at explaining firm behaviour in different strategic environments. Within the context of static and dynamic oligopoly models, standard tools of theoretical industrial organization are taught. Topics covered are mergers, collusion or predatory behaviour.

 
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Management and Applied Microeconomics

Institutional Economics

adopts methods of applied game theory to economic analysis of institutions. Emphasis is put on institutions that are of utmost importance as far as coordinating, monitoring and governing economic activities are concerned.

Managerial Accounting

analyzes the use of information in firms. Emphasis is put on the coordination of decisions in decentralized organizations. Covered are information systems as well as instruments of coordination.

Organizations and Incentives

starts from the fundamental trade-off between incentives and risk sharing. Incentive problems are analyzed which arise from asymmetric information or the impossibility of writing complete contracts.

Personnel Economics

shows that the efficiency of the firm can be enhanced by providing appropriate incentives, by matching employees to positions they fit and by investments in human capital. This course deals with advanced wage theories and it addresses employees’ motivation.

Coordination in Hierarchies

covers coordination and motivation problems in hierarchical organizational forms. We focus on conflicts that are due to asymmetrically distributed or non-contractible information.

Behavioral Economics: Neuroeconomics

has the goal to understand the basics of human decision-making in social and economic contexts using methods from neurosciences and economics.

Economics and Psychology

discusses psychological foundations of economic behavior and their implications. In this course we will discuss empirical regularities from experiments and field studies, theoretical models and economic implications.

Behavioural Economics

presents psychological and experimental evidence of departures from perfect rationality, self interest, and other assumptions of traditional economic studies. The course explores how departures be captured by formal models.

 
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Financial Econonomics

Empirical Finance

covers the application of statistical and econometric methods to issues in finance. Emphasis is put on the link between financial theory and empirical tests. It addresses practical issues like data sources and data limitations and the implementation of empirical tests using EViews.

Continuous Time Finance

provides the foundations of continuous-time stochastic processes, including martingals, stochastic integrals, Itô’s lemma, stochastic differential equatiions and changes of measure. The rest of the course applies these tools to the standard continuous-time financial markets model and the fundamental theorems of finance.

Investments

introduces into theoretical foundations of modern portfolio management and the theory’s application. It covers asset pricing models and their empirical test, the theory of efficient markets, issues in stock and bond portfolio management and the use of derivative instruments.

Stochastic Financial Markets

derives a general continuous time model of a financial market under uncertainty. Starting with different models of the term structure of interest rate the modelling framework will be extended to cover equity as well as exchange rate risks. The application of different pricing measures like the martingale and the forward risk adjusted measure for the pricing of financial derivatives will be discussed. Emphasis is put on pricing and hedging of interest rate and exchange rate depending financial contracts like caps, floors, swaptions and currency options.

Option Pricing

presents pricing and hedging of options in the continuous time model by Black and Scholes. The model dependency of the perfect duplication strategy and its applications to risk management will be discussed. This includes a discussion of the differences between dynamic hedging strategies and static or robust hedging. Beside standard options the pricing of more complex financial contracts like barrier and average options will be analysed.

 
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Econometrics and Statistics

Time Series Econometrics

gives an overview of the theory and application of modern time series methods. The topics will focus on time series methods commonly used in economic and financial applications. These include ARIMA models, unit root processes, cointegration and vector autoregressions.

Econometric Theory

provides the necessary tools for a thorough understanding of asymptotic theory in classical econometrics, where the econometric models include linear regression, time-series and simultaneous equations. The course focuses on details of specification tests, identification, consistency, asymptotic normality, efficiency and inference.

Microeconometrics

deals with methods that are used in the analysis of microeconomic datasets, including methods to deal with discrete and limited-dependent variables, discrete choice models, censored regression, models for self-selection, models for duration data and panel data. The emphasis is put on the specification, estimation, interpretation, and testing of microeconometric models.

Statistical Inference

deals with statistical methods for the analysis of complex data. It concentrates on concepts and theoretical foundations of contemporary statistical inference. Finite sample and asymptotic properties of parametric and nonparametric procedures are derived and discussed.

Stochastic Processes

gives an introduction to the theory and applications of stochastic processes. The course provides tools for building and analysing models of time-dependent phenomena under random influences. A thorough treatment of structural and asymptotic properties is given.

Computational Statistics

deals with computationally intensive statistical methods. It explains underlying ideas, and methodological issues are discussed in detail.

Probability Theory

provides an introduction to the mathematical theory of probability. The course covers integration, probability measures, random variables, expectations, various concepts of convergence and limit theorems.

 
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Economic Research

Topcis Courses

cover current research topics, including original results obtained within the joint research activities of the Economics Department of Bonn University as well as related topics from the recent literature.

Topics Courses are offered in:

  • Financial Economics,
  • Macroeconomics and Public Economics,
  • Management and Applied Microeconomics,
  • Microeconomic Theory,
  • Econometrics and Statistics

 
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