What is the specialization Economics Core about?
In the Economics Core, students learn about advanced micro- and macroeconomic concepts and experience in-depth training with modern empirical methods of economic research. The Economics Core consists of five courses, which should be completed in the recommended sequence.
Micro and Macroeconomics
Register for the advanced courses when you have completed the respective foundations courses.
Advanced Microeconomics covers selected topics in microeconomics in greater detail. In the course you will systematically learn how to understand advanced literature on microeconomics. It prepares you for more advanced Economics Fields courses by using microeconomics methods.
Advanced Macroeconomics introduces you 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 three econometrics courses should be completed in 3 semesters in the recommended order.
Econometrics I deals with the foundations of the subject: causality, correlation, assumptions of the linear regression model, OLS estimation, asymptotic tests, misspecification, outliers and heteroscedasticity.
Econometrics II covers more advanced subjects: time series analysis, endogeneity, instrumental variable estimation, panel data and limited dependent variable models.
Finally, the course on Applied Econometrics offers a deeper analysis of selected topics. In this course, you are expected to write an empirical, applied-econometric essay.
Overview & Content
To apply for Economics Core please register for LV 5701 "Access to Specialization: Economics Core".
We recommend that you write a letter of motivation and upload it in LEARN. The letter is not mandatory, but it will help you being accepted if the number of applications exceeds the available places. In the letter, you should explain why you apply and/or discuss an issue of economic relevance that interests you. For example, you may consider providing answers to the following questions: Why do I want to study economics? Is there a particular topic of economics I want to understand? Which economic challenges do I see as the most important and why? What do I expect from a training in economics?
Application is open from August 23th to September 3th, 2023
We can admit between 10-15 students for the specialization Economics Core.
Admission is based on the completion and grade point average (including grades available at the time of registration) of the following four courses. You should have completed at least two of these:
Contemporary Challenges in Business and Economics
Foundations in Microeconomics
Foundations in Macroeconomics
Quantitative Methods I
In addition, we read all your letters of motivation. For one, we want to learn what you expect from an economics education. Second, due to capacity constraints, we may not be able to accommodate all students who meet the above criteria. In this case, we prioritize students who express a special interest in economics in their letters.
You will receive an email confirming your admission to your WU email account.
3. Final registration for Economics Core Courses:
Once you have been admitted, you can register for Economics Core courses.
Registration for admitted students is open from September 13th, 2023.
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.
Who can apply for Economics Core?
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 want to achieve expert knowledge in economics should study both Economics Core + Economics Fields (40 ECTS)
Apply for Economics Core if you want to learn the foundations of economics (20 ECTS).
Apply for both Economics Core and Economics Fields to gain expert knowledge in economics (40 ECTS).
Once you have successfully completed the courses in Economic Fields, we will be happy to supervise your bachelor's thesis.
Should you wish to pursue a master’s degree in economics, we strongly advise you complete both Economics Core and Economics Fields.
For the Economics Core, we recommend that you first complete the foundation courses Foundations in Microeconomics and Foundations in Macroeconomics) and then register for Advanced Microeconomics and Advanced Macroeconomics.
For the Economics Fields, we recommend that you complete all relevant foundation courses and the three Economics Core courses (Advanced Microeconomics, Advanced Macroeconomics, Econometrics I) and then register for Economics Fields courses.
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 the course, students have gained the analytical and methodological skills to understand and address more advanced microeconomic questions and problems. They 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 completing the course, students are able to understand and discuss empirical studies using the methods covered in this course. Moreover, students will learn how to independently conduct their own analyses of economic data.
Course III Advanced Macroeconomics
Advanced Macroecomics provides a thorough introduction to neoclassical and endogenous growth theory.
The course introduces 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 completing the course, students are 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
Econometrics II covers advanced subjects: 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 data-using econometric methods. After completing the course, students are able to understand empirical studies published in scientific journals and carry out independent econometric work. The course complements and expands the subjects covered in Econometrics I.
Course V: Applied Econometrics
Applied Econometrics offers a deeper analysis of selected topics 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 completing the course, students are able to understand empirical studies published in scientific journals and carry out independent econometric work. The course complements and expands the subjects dealt with in Econometrics I and II.