What is the track about
The specialization in economics consists of a core plus a number of elective fields courses. The core familiarizes students with advanced micro- and macroeconomic concepts and provides in-depth training with modern empirical methods of economic research.
The core consists of five courses, which should be studied in a particular sequence.
Micro and Macroeconomics
The advanced courses should be taken after the respective foundations courses.
Advanced Microeconomics covers selected topics in microeconomics in greater detail. The course systematically prepares you to understand an advanced literature of microeconomics. It lays the basis for more advanced fields courses using microeconomics methods.
Advanced Macroeconomics presents a thorough introduction to economic growth theory. It deals with both exogenous and endogenous growth models, as well as with issues related to the empirics of economic development and income convergence worldwide.
The econometrics-teaching program is offered in a cycle over 3 terms.
Econometrics I deals with the foundations of the subject: causality, correlation, assumptions of the linear regression model, OLS estimation, asymptotic tests, misspecification, outliers, heteroskedasticity.
Econometrics II covers more advanced subjects: Time series analysis, endogeneity, instrumental variable estimation, panel data and limited dependent variable models.
Finally, the course in Applied Econometrics offers a deeper analysis of selected topics. In this course, you will work on writing an empirical, applied-econometric essay.
Overview & Contents
To apply for Economics Core please register for LV 1738 "Access to Specialization: Economics Core." Upon registration, you need to prepare and upload a motivation letter. In your motivation letter, you should explain the reasons for your application and/or discuss an issue of economic relevance and interest to you. For example, on your motivation letter you may consider providing answers to the following questions: Why do I want to study Economics? Is there a particular economic issue that I want to understand? Can I describe that issue? What do I expect from a training in economics? Etc.
Application is open from Aug 25 to Sep 05, 2021.
We can admit between 10-15 students for the specialization Economics Core. We will select the students according to our selection criteria.
Admission is decided based on your motivation letter as well as the completion and grade average (including grades available at the time of registration) of the following courses – you should have completed at least two of the following courses:
1. Contemporary Challenges in Business and Economics
2. Foundations in Microeconomics
3. Foundations in Macroeconomics
4. Quantitative Methods I
If you are admitted you will be notified via email to your WU email account.
3. Final registration for Economics Core Courses:
Admitted students need to finally register for Economics Core Courses.
Registration for admitted students is open Sep 16, 2021.
Which career prospects can graduates of the specialization expect upon completion?
A specialization in economics will help you to better understand how the world works. Economics has an extremely broad set of applications, and our specialization prepares you well for a range of Master's studies and most occupational fields for economists, both in Austria and internationally. Economics training provides you with valuable transferable skills, such as presentation and communication, as well as teaching you how to deal with data and complex decision problems. Particular career areas include governments, international organizations, academia, civil service, banking, media, statistics and also management consulting firms.
Prerequisites for applying to the Economics Core specialization
See above on “admission”.
Which interests, strengths, and capabilities should applicants of the specialization have?
Economics facilitates advice and analysis in economic and public policy issues. You should bring a keen interest in these issues, analytic and structural thinking and problem solving skills.
Structure and courses (20 ECTS)
Recommended Course of Studies
Students who are interested in achieving a primer in economics can study the Core in isolation (20 ECTS).
Students who want to achieve expert knowledge in economics should study both Core + Fields (40 ECTS).
(Note: If you intend to proceed your education with a Master's degree in Economics later, we strongly advise you to study both Core +Fields.)
Based on our extensive experience in teaching economics, we advise you…
…not to take any field courses prior to completing the relevant courses of the Foundations (i.e., Foundations in Microeconomics +Foundations in Macroeconomics + Quantitative Methods I) and the following three courses of the Core: Adv. Micro + Adv. Macro + Econometrics I.
…to take Advanced Microeconomics only after having completed Foundations in Microeconomics and to take Advanced Macroeconomics only after having completed Foundations in Macroeconomics.
Course I - Advanced Microeconomics
This course covers advanced topics in microeconomic theory, including: General equilibrium (exchange and production); Externalities, Uncertainty (risk-aversion); Externalities and Public Goods, Asymmetric Information (moral hazard and adverse selection).
After completing this course, students will have gained the analytical and methodological skills to understand and address more advanced microeconomic questions and problems. They will understand: 1) how different markets interact with each other in general equilibrium models; 2) the several ways in which the violation of the perfect market assumption (i.e., market failures) affects market outcomes; 3) how uncertainty plays into the model of economic behavior.
Course II: Econometrics I
The course covers basic concepts of econometrics. After an introduction into the characteristics of economic data, concepts such as causality and correlation are discussed. The classical regression model and the assumptions underlying the model are discussed in detail. The method of OLS estimation as well as asymptotic tests are explained in detail. Other topics include model selection such as choice of functional form, misspecification, dummy variables and heteroscedasticity.
The course provides an introduction to the analysis of economic data using econometric methods based on multiple regression. After the course, students will be able to understand and discuss empirical studies using the methods covered in this course. Moreover, students will learn how to independent conduct their own analyses of economic data.
Course III - Advanced Macroeconomics
Thorough introduction to neoclassical and endogenous growth theory.
The course provides the main theoretical and empirical tools to understand long-run economic growth and explain why income per capita grows at different rates across countries. After taking the course students will be able to understand and critically assess the basic academic literature on economic growth and development, as well as documents related to development policy.
Course IV: Econometrics II
In Econometrics II, advanced subjects are covered: Time series analysis, endogeneity, instrumental variable estimation, limited dependent variable models, simultaneous equation models and panel data models.
This course provides an introduction to the analysis of economic datausing econometric methods. After having taken the course, students should beable to understand empirical studies published in scientific journals and carryout econometric work by themselves. The course complements and expands the subjects dealt with in Econometrics I.
Course V: Applied Econometrics
In Applied Econometrics, a deeper analysis of selected topics is offered and students are required to write an empirical, applied-econometric essay.
This course provides an introduction to the analysis of economic data using econometric methods. After taking the course, students should be able to understand empirical studies published in scientific journals and carry out econometric work by themselves. The course complements and expands the subjects dealt with in Econometrics I and II and involves writing an empirical, applied-econometric essay.