Master of Science in International Economics and Economic Policy docx

www.wiwi.uni-frankfurt.de Master of Science in International Economics and Economic Policy F A C U L T Y O F E C O N O M I C S A N D B U S I N E S S A D M I N I S T R A T I O N 2 „I certainly would enrol there again. Studying Economics and International Economics at Frankfurt University has been a great experience that at the same time has proved an efficient door opener for me.“ Sandra Wiesner, consultant at Hering Schuppener Consulting, and Frankfurt graduate 2007. Dear Prospective Master’s Student, The new program Master of Science in International Economics and Economic Policy (IEEP) is our answer to the challenges of a glo- balizing economy for businesses, economic policy and society. It is designed to endow students with the economic competence and analytical skills for a successful career in administration, govern- ment, national and international associations, and global business. The master‘s program has a strong international orientation and is taught in English, with the option to enrol in elective courses taught in German. It is a four-semester program beginning in mid-October. In the first semester the emphasis is on core courses in microeconomics, macroeconomics, econometrics and international economics. In the second and third semesters, students select from a set of field courses and seminars. The fourth semester is dedicated to the completion of a master‘s thesis. The orientation of the program is based on the international repu- tation and experience of the faculty and its strong research expertise in global economic problems, including trade, development, monetary economics, international finance, and international taxation. Like all of our faculty‘s graduate programs in economics, the IEEP is designed according to top international academic standards and is bound to attract a diverse student body. The master‘s program is taught in Frankfurt, the economic powerhouse and financial centre in the heart of Germany. The city, which today hosts the European Central Bank, has a long-standing tradition in trade and international commerce and is a prime European exhibition centre with a history reaching back as far as 1240 A.D. The Frankfurt metropolitan area is also the nation‘s centre for international cooperation and development, hosting major German development agencies. As a place to live, Frankfurt offers the diversity of Germany’s most international city, an impressive infrastructure, and a quality of life that is consistently ranked among the European top five cities. The stage is set for our concept and your ambition becoming a perfect blend. Learn more on why and how to apply for a master‘s program that can give you the head start you are looking for. Alfons J. Weichenrieder (Program Director) Heinz Mathes (Academic Dean) 3 This four-semester consecutive program with a total of 120 credit points is structured in a modular fashion with several core courses in the first semester and a choice of elective courses in the second and third semesters. The fourth semester is more research-oriented and includes the writing of the master‘s thesis. For students who adhere to the study plan, there are no more lecture courses in this fourth semester and full-time residence in Frankfurt is not essential. The program features various sorts of teaching: • A lecture course earns six credits and is taught three hours a week with roughly a third of the time devoted to in-class discussion of problem sets. • Grading in field seminars is predominantly based on a term paper and its presentation. Often seminars are blocked in conference-like settings and held in out-of-town venues. • The thesis seminar provides gui- dance for students working on their thesis and gives opportunity to present ideas and results to faculty and to their student colleagues. It is typically held as a blocked seminar. • A topical course is taught two hours a week, earns three credits, and is often taught by external professionals coming from Frankfurt-based institutions such as the European Central Bank, the Deutsche Bundesbank, or the KfW Bank. Concept and Vision The study program is set up to provide participants with the economic background to perform strongly in today‘s global economy. It is designed as a consecutive program with typical enrolment after a bachelor‘s degree in eco- nomics or business, but students with first work experience are also highly welcome. We want to empower our graduates to quickly look through complex problems in public policy and business by using up-to-date economic theory and state-of- the-art econometrics. Rather than simply replicating the first two years of a PhD program, the master‘s program is specially designed to combine academic rigor with a focus on topical issues faced by policy-makers and administrators. These program features make us absolutely confident of attracting highly promising students with a genuine interest in public policy issues and with a strong interest in a career in an international environment. The Faculty of Economics and Business Administration is a member of a small but fine group of schools within Germany that is accredited by the international Association to Advance Collegiate Schools of Business (AACSB). The Faculty is strongly committed to constantly adapting and improving its programs to reflect changing needs and advances in economic research. The AACSB accreditation is serving as an additional ongoing quality check. Program Structure 4 First semester Fundamentals in Microeconomics (3h per week, 6 credits) Based on a sound understanding of the theory of the firm and the house- hold, the course covers issues such as regulation, welfare effects of govern- ment-induced price distortions, and the theory of market failures. The course provides modern tools and enables students to understand and work with scholarly articles in areas such as public finance and industrial organization. Fundamentals in Macroeconomics (3h per week, 6 credits) This course introduces basic con- cepts and key tools that are central to understanding of macroeconomic issues, ranging from short-term economic fluctuations to long-term growth. Students will learn how models are used to interpret key empirical facts in macroeconomic data; how to use mathematical tools for the analysis of model economies; how to develop and use the most common models for understanding the relationship between aggregate output, inflation and interest rates, and the key drivers of macroecono- mic growth and cycles; and how to develop policy recommendations and conduct practical policy analysis. Fundamentals in Econometrics (3h per week, 6 credits) The core course in econometrics introduces the methods behind the empirical analysis of micro and macro data as they are encountered in cross-sectional and time series studies, respectively. Application of these methods will be demonstrated with real data examples solved with standard computer software. Stu- dents learn how to carry out empiri- cal studies of the nature of economic relationships. The course presumes that students are familiar with linear regression models and material from elementary econometrics or empiri- cal economics. Fundamentals in International Economics (3h per week, 6 credits) The course sets out the implications of increasing trade integration and globalization and empowers students to analytically and empirically assess the effects of public policies on foreign trade and commerce. Elective (3h per week, 6 credits) Second and third semester In each of these two semesters, 30 credit points should be earned from lecture courses, field semi- nars, and topical courses. In each semester, one course must be chosen from a portfolio of lectures in public policy, and another course from a portfolio of lectures in inter- national economics. Forth semester The final semester has a strong research orientation with 30 credit points to be earned. It contains the master‘s thesis (24 credits), which is written over a period of four months, plus a thesis seminar, which is designed to provide intensi- ve exchange and feedback between authors and advisers. Students start with four lecture courses that teach the fundamentals of our inter- national graduate program. These core courses are listed below and have to be combined with a fifth elective course. 5 Study Program Overview – Courses and Credit Points (CP) Winter Fundamentals of Microeconomics (Core), 6 CP Fundamentals of Macroeconomics (Core), 6 CP Fundamentals of Econometrics (Core), 6 CP Fundamentals of International Eco- nomics (Core), 6 CP Elective, 6 CP Summer Public Policy elective, 6 CP International elective, 6 CP Elective, 6 CP (or Seminar if available) Elective, 6 CP 2 topical courses or 1 elective course, 6 CP Winter Public Policy Elective, 6 CP International Elective, 6 CP Seminar Elective, 6 CP 2 topical courses or 1 elective course, 6 CP Summer Thesis Seminar, 6 CP Master‘s Thesis, 24 CP Public Policy Electives • Development Economics I: Growth and Development • Development Economics II: Microeconomic Aspects of Development • The Economics of Taxation • Central Bank Watching • Monetary Theory and Policy • Industrial Economics International Electives • Economic Integration • Strategic Trade and Multinational Enterprises • Fiscal Affairs in the EU • International Money and Finance • International Banking Additional Electives • History and Development of General Equilibrium Theory • Institutions and Innovation Additional lecture courses from the Inter- disciplinary Area Studies Centres of Goethe University (ZIAF for Sub-Saharian Africa, IZO for East Asia, ZENAF for Northern America and Wilhelm-Merton Centre (WMZ) for the European Union) can be credited after approval by the program director. Sample List of Lecture Courses 6 Faculty Prof. Michael Binder, PhD Michael Binder is Professor of Macroeconomics at Frankfurt University and co-director of the PhD program in economics. He received his PhD in economics from the University of Pennsylva- nia in 1995. Prior to joining the faculty of Goe- the University in April 2003, he was a faculty member at the University of Maryland. He has held visiting appointments inter alia at Cam- bridge University, the International Monetary Fund, the World Bank, and the Bank of Spain. He is currently director of the International Economics research program at the Center for Financial Studies (CFS), an associate editor of the Journal of Applied Econometrics, the Journal of Economic Dynamics and Control, and Empirical Economics; and a CESifo Research Fellow. His current research focuses on the analysis of cross-country variations in macroeco- nomic performance, as well as the investigation of econometric and computational methods for rational expectations and dynamic panel data models. Prof. Dr. Matthias Blonski Matthias Blonski is Professor for Microeconomic Theory at Goethe University. He received his doctorate in1993 and his habilitation in 2000, both from the University of Mannheim. He holds a Diploma in Mathematics from Heidelberg University. Before joining Goethe University in April 2003, he taught at the University of Bonn and did research at Harvard University, Stanford University, and the University of California, Los Angeles. His main current research interests are in game theory (repeated games, large games) and in finance on the borderline between corpo- rate finance and asset pricing. Prof. Dr. Horst Entorf Horst Entorf is Professor of Applied Econome- trics at Frankfurt. Before joining the Frankfurt Faculty of Economics in October 2007, he was Professor of Econometrics at the Universities of Darmstadt and Wuerzburg. Horst Entorf received his doctorate and finished his habilitation thesis at Mannheim University. He previously held research and teaching positions at, among others, the Université Catholique de Louvain-la-Neuve (Belgium), CREST-INSEE (Paris), and CERGE (Prague). He was a SPES Fellow of the EU and a Fellow of the Deutsche Forschungsgemein- schaft. He is also a Research Fellow at IZA (Bonn) and Forschungsprofessor (Research Professor) at ZEW (Mannheim). Horst Entorf is heading projects on labour markets, education and immigration, and interdisciplinary topics such as crime, intergenerational mobility, and social interaction. His publications have included papers in the Journal of Labor Economics, Journal of Econometrics, European Economic Review, Scandinavian Journal of Economics, and International Review of Law and Economics. Prof. Stefan Gerlach, PhD Stefan Gerlach joined the Institute for Monetary and Financial Stability at Goethe University as a professor of monetary economics in September 2007. Before joining the university, he served as Head of Secretariat of the Committee on the Global Financial System, a committee of senior central bankers at the BIS in Basel. In 2001–2004 was Executive Director (Research) at the Hong Kong Monetary Authority and Director of the Hong Kong Institute for Monetary Research. Between 1992 and 2001 he held various research positions in the BIS. In 1992 he was awarded tenure at Brandeis University as an associate professor of economics. He received an undergraduate degree from the University of Lund in Sweden in 1979, and a doctorate in economics from the Graduate Institute of International Studies in Geneva in 1983. He has written extensively in the areas of monetary theory and policy, and is a research fellow of the CEPR and a fellow of the CFS. Prof. Stefan Gerlach, PhD Prof. Michael Binder, PhD Prof. Dr. Matthias Blonski Prof. Dr. Horst Entorf 7 Prof. Michael Haliassos, PhD Michael Haliassos is Professor of Macroeconomics and Finance, Deputy Dean for International Relations, and Director of the Master’s Program in Money and Finance at Goethe University. He received his PhD from Yale University in 1987. Prior to joining Goethe University, he was a faculty member at the University of Maryland, and then at the University of Cyprus, where he served as Deputy Dean of the School of Econo- mics and Business. He has visited the European University Institute as a part time professor in the Finance and Consumption Chair, and has held various other visiting appointments, including at the Center for Studies in Economics and Finance (CSEF, Italy) and the University of Athens. His research focuses on household finance. He is currently the director of the House- hold Wealth Management research program at CFS, a research professor at the Mannheim Institute on the Economics of Aging (MEA), and a consultant to the ECB Network on Household Finances and Consumption, aimed at building a Eurozone database on household portfolios. Prof. Dr. Uwe Hassler Uwe Hassler is Professor for Statistics and Econometric Methods at Goethe University. He received his doctorate in 1993 and his habilitation in 1998, both from the Free University of Berlin. Prior to joining Goethe University in April 2003, he was Professor for Empirical Economics at the Technical University Darmstadt, and he has visited the Universities of Munich and Madrid. His main research interests are time series analysis and macroeconometrics, in particular long memory, (co)integration, and nonstationary panels. Prof. Dr. Stefan Klonner Stefan Klonner joined Goethe University as Professor of International and Development Economics in 2007. He earned a master’s degree in economics and statistics from the University of Utah in 1996 and a Ph.D. in economics from the University of Heidelberg in 2001. He was a postdoctoral fellow and visiting lecturer at Yale University and subsequently held a junior faculty appointment at Cornell University. His research focuses on microeconomic aspects of low-in- come economies, in particular determinants and measurement of poverty, and the functioning of credit markets. His regional specialization is South Asia, where he has carried out several data collections and field studies. Prof. Michael Haliassos, PhD Prof. Dr. Uwe Hassler Prof. Dr. Stefan Klonner Prof. Dr. Rainer Klump Rainer Klump holds the Chair of Economic Development and Integration since 2000. He studied at the Universities of Mainz, Paris I and Erlangen- Nürnberg, where he received his doctorate in 1986 and his habilitation in 1991. Prior to joining Goethe University he had tenu- red position at the Universities of Würzburg and Ulm, where he held the Ludwig Erhard Chair of Economic Policy between 1997 and 2000. He is a fellow of the CFS, visited at the Federal Reserve Board and the European Central Bank and was visiting professor at the Universities of Paris-Dauphine, Lyon and the Vienna University of Economics and Business Administration. His research focuses on economic policy, growth and development, international economics and the history of economic thought. He has done field studies on economic transition in Vietnam for over a decade and is currently member of an interdisciplinary research group on economic development in Thailand and Vietnam funded by the German Research Association. Prof. Dr. Rainer Klump 8 Prof. Dr. Raimond Maurer Raimond Maurer completed his dissertation and habilitation in business administration at the University of Mannheim. Since 2000 he has been Professor for Investment, Portfolio Management, and Pension Finance in the Finance Department of Goethe University of Frankfurt. His research interests focus on theoretical and empirical studies of asset management by institutional investors, lifetime portfolio choice, real estate investments, and pen- sion finance. Maurer has published four books and more than thirty refereed journal articles. He holds several professional positions in the Society of Actuaries, the Association of Certified Inter- national Investment Analysts (ACIIA), and the Pension Research Council at the Wharton School of the University of Pennsylvania. Prof. Dr. Andreas Nölke Andreas Nölke is Professor of Political Science, International Relations and International Political Economy at Goethe University. He obtained his doctorate in Political Science at the University of Konstanz (1993). Between 1993 and 2001 he taught international relations and development studies at the Universities of Konstanz and Leipzig, where he received his habilitation. Between 2001 and 2007 he worked as a Senior Lecturer at the Department of Political Science at the Vrije Universiteit Amsterdam. He was also a visiting research fellow at the Department of Political Science at Rutgers University in 2001. In addition to his academic posts, Nölke served as a part-time consultant in the field of development cooperation, mainly for the German Agency for Technical Cooperation (GTZ), but also for the European Commission and the World Bank. Besides his current assignment to Goethe University, Nölke works as program co-ordinator of the Amsterdam Research Centre on Corporate Governance Regulation. (ARCCGOR). Prof. Dr. Drs. h.c. Bertram Schefold Bertram Schefold received his doctorate in economics from the University of Basel in 1971. Before joining Goethe University in 1974 he was at the University of Cambridge and at Harvard University. Since joining Goethe University he has been a guest professor inter alia at the Universities of Nice, Rome, Toulouse, and Venice, as well as at the New School for Social Research in New York and the Center of Advanced Economic Studies in Triest. His main research topics include economic theory, the history of economic thought, political economy and resource economics. In 2004 and 2005, Professor Schefold received honorary doctorates from the University of Tübingen and from the Università degli studi di Macerata, Italy. Prof. Dr. Reinhard H. Schmidt Harry Schmidt holds the Wilhelm Merton Chair of International Banking and Finance in the Faculty of Economics and Business Administration of Goethe University. He is a former dean of the department and currently serves as a member of the Academic Senate of the University. He received his education at the Universities of Heidelberg and Frankfurt. Before joining the Frankfurt faculty in 1991, he was a professor of finance at the Universities of Göttingen and Trier. He has also been a visiting professor at Stanford, Georgetown (Washington, DC), Wharton (Philadelphia), Bocconi (Milan), and two universities in Paris. He has published 120 academic articles in German and international journals, and several books covering a wide range of topics in economics, finance, and business administration. Currently, his main research interest concerns financial systems in industrial and developing countries. Prof. Dr. Drs. h.c. Bertram Schefold Prof. Dr. Reinhard H. Schmidt Prof. Dr. Raimond Maurer Prof. Dr. Andreas Nölke 9 Prof. Dr. Cornelia Storz Cornelia Storz is Professor for the Japanese Eco- nomy at Frankfurt University and is associated with the Interdisciplinary Centre for East Asian Studies. Before, she was a professor for Japanese economy at the University of Marburg and a professor at the University for Applied Sciences, Bremen. She is on the editorial board of the Jour- nal of Asia Entrepreneurship and Sustainability, the International Indigenous Journal of Entre- preneurship, and the Journal of Current Japanese Affairs/JAPAN Aktuell. She has been invited by several Japanese organisations to conduct research (Institute of Social Science/University of Tokyo; Japan Institute for Labour Policy and Training; Kansai University; RIETI/METI). Since 2005 she has served as Treasurer of the European Association of Japanese Studies (EAJS). Her research focus is on the comparison of economic systems, the genesis and change of institutions (especially institutional change in Japan), inno- vation systems, and the enforcement of and compliance with environmental regulations. Prof. Dr. Cornelia Storz Prof. Dr. Uwe Walz Prof. Dr. Alfons J. Weichenrieder Prof. Volker Wieland, PhD Prof. Volker Wieland, PhD Volker Wieland received his PhD in economics from Stanford University in 1995. Prior to joining the faculty of Goethe University in November 2000, he spent five years as economist and senior economist in the Division of Monetary Affairs of the Federal Reserve Board in Washington, DC. At that time he also taught as an adjunct faculty member at the University of Maryland Business School. Since April 2003 he has been Director of the Center for Financial Studies (CFS). Furthermore, he served as Coordinating Editor of the Journal of Economic Dynamics and Control from 2002 to 2006, and as Associate Editor of the European Economic Review from 2001 to 2004. Prof. Dr. Uwe Walz Uwe Walz holds the Chair of Industrial Organization at Goethe University, and is co- director of the PhD Program in Economics. He obtained his doctorate from the University of Tübingen in 1992, and was visiting research fellow at the London School of Economics (1992– 1993) and the University of California at Berkeley (1994–1995). He completed his habilitation at the University of Mannheim in 1995 and joined the University of Bochum (1995–1997) as an associate professor, and then the University of Tübingen (1997–2000). Since October 2002, he has held the Chair of Industrial Organization at Goethe University. He has published widely in international journals, most recently on venture capital topics and organizational design. His work has appeared in journals such as the Journal of Corporate Finance, the Journal of Financial Intermediation, the Journal of International Economics, the European Economic Review, and the Journal of Public Economics. His main current research focuses on venture capital, entrepreneurial finance, and contract theory as well as on the economics of network industries. Prof. Dr. Alfons J. Weichenrieder Alfons J. Weichenrieder received his doctorate in economics in 1995 from the University of Munich under the supervision of Hans-Werner Sinn and Bernd Huber. He taught in Munich, at Princeton University, and at the University of Vienna before taking up the Chair of Public Finance at Goethe University in October 2002. He is a co-opted member of the Public Finance Section of the German Economic Association, an International Research Fellow of the Oxford University Centre for Business Taxation (Saïd Business School), a research professor at Ifo Ins- titute, Munich, and a CESifo Research Fellow. He is editor of FinanzArchiv/Public Finance Analysis and associate editor of International Tax and Public Finance. He is a member of the Scientific Council of the German Ministry of Finance and acted as the scientific chairman for the 2006 meeting of the German Economic Associati- on (Verein für Socialpolitik) and for the 2003 meeting of the International Institute of Public Finance (IIPF). 10 As of autumn 2008, the Faculty of Economics and Business Adminis- tration of Frankfurt University is located at the new Westend Campus next to Grüneburg Park. Unlike many other German Universities, which are either scattered across city centres or located far off, the Westend Campus is within walking distance of the commercial centre, and is designed as a scenic univer- sity park. The new faculty building is constructed to provide for a maxi- mum of accessibility of faculty and facilities. Campus [...]... scholarship-awarding institutions have varying conditions, for example, regarding country of origin, subject, previous study achievements, or duration of support A very quick and efficient way of finding out about the appropriate scholarship is through the scholarship database of DAAD For more information, see http:// www.daad.de/ Further Information For further information about the master s program in International. .. Year In the winter term, the teaching period commences in mid-October and ends in mid-February, with some two weeks of vacation around Christmas and New Year‘s Day Teaching in the summer term is from mid-April through mid-July Admission and Requirements The minimum prerequisite for admission is a bachelor’s degree with an overall grade of „good“ (B) or better An undergraduate specialization in economics. .. in International Economics and Economic Policy, please do not hesitate to contact us via email at IEEP@wiwi.unifrankfurt.de Editor/Publisher: Dean of the Faculty of Economics and Business Administration Goethe University Frankfurt Grüneburgplatz 1 D-60323 Frankfurt, Germany www.wiwi.uni-frankfurt.de/ieep.0.html Hotline: + 49 (0) 69 798-7749 Coordination: Barbara Kleiner · Design: Stählingdesign · Photos:... Dettmar · January 2009 In general, German institutions of higher education do not themselves award scholarships As an exception, the University offers a scholarship for international degree students who possess German language competence and who take their degree here (end-ofstudy grant) You can find more information at http://www.unifrankfurt.de/english /international/ students/funding/index.html ... business is preferred The following items are required for admission: • Completed online application, including a brief motivation letter (one page maximum) • Two letters of recommendation from university faculty members who have taught the applicant (to be submitted directly by the referees) • Degree certificates/diplomas as well as an of cial transcript of course grades (with of cial translations into... (TOEFL) or International English Language Testing System (IELTS) scores, unless they have a BA degree from an English-speaking college or university The minimum TOEFL (or comparable IELTS), is 580 paper-based, 237 computerbased, or 93 internet-based 11 Tuition Fees and Scholarships The program is funded by the State of Hesse and the tuition fee has been waved recently However, students pay an administrative... per semester, entitling students to services such as the unlimited use of public transportation in the Frankfurt area) There are, however, several scholarship-awarding organizations The most extensive scholarship program is that offered by DAAD (German Academic Exchange Service) Advanced students may apply for DAAD scholarships; depending on their country of origin and subject, in some cases only graduates... application process Originals or certified copies need to be submitted prior to enrolment A GRE test is not required but strongly recommended For details about deadlines and the online application system please see the instructions on the programme homepage: http://www.wiwi.unifrankfurt.de/ieep.0.html • Applicants whose native language is not English are required to submit Test of English as a Foreign . European Economic Review, Scandinavian Journal of Economics, and International Review of Law and Economics. Prof. Stefan Gerlach, PhD Stefan Gerlach joined the Institute for Monetary and Financial. genuine interest in public policy issues and with a strong interest in a career in an international environment. The Faculty of Economics and Business Administration is a member of a small. Klonner joined Goethe University as Professor of International and Development Economics in 2007. He earned a master s degree in economics and statistics from the University of Utah in 1996 and