University of Hamburg

Master of Science in Economics

The program’s regular two-year version has been designed for students whose primary degree consists of three years of studies, equivalent to 180 ECTS credit points. The condensed one-year version is open to students who enter the MSc program with a primary degree of 240 ECTS credit points, i.e., four years of studies as well as an outstanding academic record. An application for the condensed program is possible after the successful application to the program in general. It is at the discretion of the program director to decide on students’ suitability for the one-year version.

Compulsory Modules

Both versions of the MSc program require the completion of three compulsory modules in the first semester. For students of the two-year version, each of these modules includes two interactive lectures: The main lecture on microeconomics, macroeconomics, or econometrics and an accompanying lecture that reviews and extends methodological knowledge from the undergraduate education. Students will only be admitted to the one-year program version if their undergraduate education has made them sufficiently familiar with the methodology. They are, hence, not required to take the methodology lectures and will not receive credits for them. However, students of the one-year program version are, of course, welcome to attend these courses if they feel this may be beneficial.

The compulsory modules are structured as follows:

Advanced Microeconomics

This module enables students to analyze decision-making under certainty and risk, to study its impact on the general equilibrium outcome in competitive markets, and to evaluate the efficiency of market allocations. In addition, by the end of the module, students have learned to model and analyze strategic market situations using game theoretic methods. They have gained an overview of the current state of research on selected topics in microeconomics and they are prepared to conduct their own research in this field. The module consists of the following two components:

Main Lecture

Individual Decisions, Games and Markets:

• Decision theory: preferences, choice rules, and utility functions
• Theory of the household and the firm
• Decisions under risk
• General equilibrium and welfare
• Static and dynamic games
• Games with incomplete information

Accompanying Lecture

Methods of Microeconomic Analysis:

• Basics of microeconomic methods and methodology

Advanced Macroeconomics

This module enables students to analyze intertemporal macroeconomic problems for both closed and open economies. Long run vs. short run analysis is properly distinguished. The sensitivity of steady-state results to changes in parameters (comparative statistics) and time paths of adjustment to new steady states (macro dynamics) will be studied. There is a strong focus on the essentials of modern macroeconomics and on the necessary skills to analyze real-world behavior. By the end of the module, students have gained a balanced overview of the current state of the discipline. The module consists of the following two components:

Main Lecture

Elements of Dynamic Macroeconomic Theory:

• Introduction to real dynamic macroeconomic models on an advanced methodological level
• Selected problems of dynamic macroeconomic theory
• Economic growth
• Fiscal politics and business cycle analysis in models of open economies
• Exchange rate dynamics

Accompanying Lecture

Methods of Macroeconomic Analysis:

• Basics of macroeconomic methods and methodology, mathematical and computational tools

Advanced Econometrics

In this module, students become familiar with new and up-to-date methods of time series analysis or advanced microeconomics. By the end of the module, students have learned to independently conduct empirical research and tackle problems of applied economics with up-to-date statistical and econometric methods. The module consists of one of the following two components:

Main Lecture

Estimation and Inference in Econometrics:

• Stationary and non-stationary time series
• Modeling of stationary time series
• Vector autoregressive models
• Cointegration and error correction models

or

• Multiple regression models
• Logit and probit models
• Causal methods of estimation

Accompanying Lecture

Methods of Econometric Analysis:

• Basics of econometric methods, methodology, and computer exercises

Elective Modules

Elective modules in theoretical and applied economics give students the opportunity to extend, focus, and apply their knowledge based on personal interests. Depending on the version of the program, students have to choose four (one-year version) or ten (two-year version) elective modules during the course of their studies. Topics change from semester to semester. Recently, courses on the following topics have been offered:

• Advanced Game Theory
• New Keynesian Economics
• Dynamic Optimization
• Game Theory
• Public Choice
• Labour Economics
• History of Economic Thought
• Theory of the Firm
• Behavioral Economics
• International Political Economy
• Rationality in Experimental Economics
• Environmental and Resource Economics
• Climate Dynamics and Climate Economics
• Empirical Labour Economics and the German Socio-Economic Panel (SOEP)
• Economics of Growth and Development
• Health Economics

You may be surprised how many interesting job prospects your master’s degree in economics opens up to you: the WISO Faculty of Universität Hamburg is a noted address. If you aspire to an academic career on the national or international level and want to work in research or go into the field of consultancy, you will have excellent credentials. After all, we will prepare you optimally for the challenges posed in both research and industry. Now if not before, you will understand why we spared you really nothing in one or the other examination, for the knowledge and skills you have acquired are in demand as never before, in the most diverse of fields.

• Management consultancies
• Accountancy firms
• Central banks, banks, and insurance companies
• Ministries, the Federal Employment Agency
• Office of economic development/aid to developing countries
• Research institutes
• Political parties and associations
• Business journalism
• Research and teaching