International Political Economy | International Labor Markets | International Finance | European Social Security and Health Systems | Econometrics and Applied Statistics | Environment and Sustainability | Registration of Additional Modules

Program Content

Labor markets and human resource management in a globalized context are the central contents of the major International Labor Markets and Innovation. Special attention is paid to technological and organizational change in the world of work. In addition to its international orientation, the specialization is characterized by a close connection between theory and empiricism. In the theoretical area, microeconomic models from labor market and personnel economics are presented. To ensure a close link between theory and practice, microeconometric and experimental studies are treated in detail.

Obligatory Modules

Apart from the general obligatory modules for M.Sc. Economics, and the modul 'Incentives in Organisations and Innovation' 20 CPs out of 30 CPs need to be chosen for the major in International Labor Markets and Innovation:

• International Labor Markets (offered every summer semester): The starting point is an international comparative analysis of the effects that different labor market institutions (e.g. education system, protection against dismissal, co-determination, trade unions) and labor market policy instruments (e.g. wage replacement benefits, active labor market policy) have on wages and employment as well as on the personnel policy of companies (10 CPs).
• Applied Microeconometrics Using Stata (offered every summer semester): Students are familiarized with the preparation of data, the creation of graphs and, in particular, the analysis of cross-sectional and panel data. The various microeconometric methods (e.g. fixed effects, instrumental variable estimators) are first introduced. Their application with the help of STATA is explained in detail (10 CPs).
• Empirical Labor Economics (offered every semester): Students are familiarized with current empirical studies in labour market and personnel economics on a variety of topics. Examples of possible topics are: Evaluation of labor market policy measures (e.g. minimum wages), gender-specific wage and career differences, work-life balance, labor market opportunities for older workers (10 CPs)

Professional Outlook

The major opens up a wide range of career prospects, as it aims equally at imparting methodological and practical professional key qualifications. On the one hand, comprehensive analytical competences are acquired, which offer good prerequisites for a subsequent doctorate and a successful scientific career at a university or research institute. On the other hand, a wide range of opportunities are opened up for a career in practice; e.g. in the human resources department of companies or with the media, employers' associations, trade unions and political parties.

Program Content

The major in International Finance is aimed at students who wish to focus on national and international financial and capital markets. In addition to a well-founded basic education, the following aspects are core elements:

• Understanding of national and international capital markets,
• Analysis of agents, institutions and incentive mechanisms in capital markets,
• Monetary policy and its effects,
• Financial crises and their consequences

Specialization modules

In addition to the general compulsory modules of the M.Sc. Economics programme, the following specialization modules are offered:

• Monetary Policy and the EMU deals with monetary policy in general, monetary policy within a currency union, especially the EMU, and in particular financial crises
• International Macroeconomics deals with macroeconomic issues in open economies, such as the choice of exchange rate regime and the implications for monetary and fiscal policy or the causes and consequences of currency crises
• Applied Financial Econometrics provides the fundamentals of time-series econometrics. Using statistical software, numerous examples are used to describe and forecast macroeconomic and financial market data
• Finance modules from the Master's program in Business Administration

Professional Outlook

The major in International Finance naturally opens up a wide range of employment opportunities in the financial sector, for example in banks and other financial institutions. In many cases, internships in the nearby financial centre of Luxembourg open the door to future employment while you are still studying.

For economists with a specialization in finance there are also great job opportunities at a large number of national and international public institutions, such as the Bundesbank, ECB or the European Commission, management consultancies and national or international companies with a focus on finance.

In addition, there is an increasing demand for qualified economists from private institutions, political parties, foundations and associations as well as from banks, commercial and industrial companies with an international orientation, regardless of the individual specialization.

The master's degree also provides an excellent foundation for subsequent doctoral studies and an academic career at a university or research institution such as the ZEW or the DIW as well as graduate schools.

Program Content

The major in European Social Security and Health Systems is directed towards students who are interested in the economic aspects of the social state. The main objective of a welfare social is to protect the people against the most severe economic risks like poverty and sickness. The economic analysis of government interventions regarding the income distribution, the alleviation of poverty, the pension scheme and health care system are therefore in the center of this program.

Obligatory Modules

Apart from the general obligatory modules for M.Sc. Economics (Advanced Microeconomics, Advanced Macroeconomics, and Econometrics) the following specialization modules must be chosen for the major in European Social Security and Health Systems:

The first of the two compulsory modules of this major is the module Ökonomik des Wohlfahrtsstaates (lecture in German). This module has three aims. First, it gives an overview of the different kinds of regulation and of the areas in which the welfare state intervenes with the market. Secondly, it presents both efficiency-based (like market failure) and equity-based justifications for these interventions. Thirdly, it lays the methodological foundations for the analysis of government interventions.

These issues are developed further in the second compulsory module, Gesundheitsökonomik (lecture in German). In this course, the special features of health as a good are first discussed and the resulting need for state intervention is derived. These state interventions are then examined in particular for the two areas of health insurance and the provision of health goods and services, whereby the problem of rationing is discussed in detail. The results of such interventions are then evaluated by comparing them with the allocations that would result in unregulated markets

Both courses are each weighted with 10 CPs and a further 10 CPs course must be taken from the field of sociology.

Professional Outlook

A degree in Economics with a major in European Welfare States offers job perspectives in a large number of national and international public institutions like the Social Insurance Authority, the Department of Health, the Institute for Quality and Efficiency in Health Care or the WHO, or in the private sector, for example with health care providers or health insurers.

The master degree also provides an excellent foundation for subsequent doctoral studies and an academic career at a university or research institution

Program Content

The major in Econometrics and Applied Statistics is directed towards students who are interested in the empirical analysis of economic questions. The main objective is to learn how different kinds of data and methods help us informing on economic issues. After successful completion of this program students will be able to assess the reliability of existing empirical studies and, more importantly, will be able to formulate their own economic problem and analyze it empirically using micro- or macroeconometric methods.

Specialization Modules

Apart from the general obligatory modules for M.Sc. Economics (Advanced Microeconomics, Advanced Macroeconomics, and Econometrics) the following specialization modules (among others) can to be chosen for the major in Econometrics and Applied Statistics:

• Elements of Statistics and Econometrics: The module aims at providing advanced knowledge in Statistics and Econometrics, which is essential for the understanding of complex statistical and econometrical methods.

• Survey Statistics Modules: Students can select a specialization course out of a wide range of topics (e.g., Introduction to Bayes Statistics, Survey Econometrics, Monte-Carlo Simulation Methods, Statistical Analysis of Incomplete Data, …) to specialize themselves in their area of interest.

Professional Outlook

A degree in Economics with a major in Econometrics and Applied Statistics offers various job perspectives, in particular in research departments of banks and insurance companies, in government agencies (e.g., statistical offices), or central banks.

The master degree also provides an excellent foundation for subsequent doctoral studies and an academic career at a university or research institution.

Program Content

The major focuses on the interaction between the economy and the natural environment. It deals with the causes of environmental problems and the management of scarce natural resources from an economic point of view. Questions of sustainability and the effects of environmental policy instruments are dealt with, as well as the optimal design of international agreements on resource consumption and environmental protection. Methodologically, a broad spectrum of economics is applied, from applied microeconomics and econometrics to integrated assessment models. Numerous interdisciplinary interfaces open the horizon beyond purely economic considerations into natural science, law and political science.

Obligatory Modules

Apart from the general obligatory modules for M.Sc. Economics, the following specialization modules need to be chosen for the major in Environment and Sustainability:

• International Energy Markets (compulsory): This course provides a comprehensive introduction to the economic analysis of the international energy markets. Different areas of economic theory are relevant for the understanding of this important topic. The primary focus of this course is on Industrial Economics. Based on economic and empirical analyses, political implications are derived.
• International Environmental Economics (compulsory): At the beginning, the microeconomic instruments of corporate and household theory are expanded to include environmental interaction. Building on this, concepts such as sustainability, external effects, Pigou taxes, the price-standard approach, emissions trading and the Coase theorem are discussed. In the application to the specific situation of the EU, the European Emissions Trading System is discussed in particular.
• Modules from Environmental Science

Professional Outlook

Environmental economists work in numerous professional fields. Expertise in this subject opens up a broad field of activity and excellent career opportunities: from environmental protection management in industrial companies to sustainability consulting in management consultancies, green investment on the capital market, and occupations in administration. In addition, this specialization qualifies students for further academic careers, whether in the form of individual doctoral projects or graduate programs.

As listed in the appendix of the examination regulations, it is generally possible to choose modules with a maximum scope of 20 CP as "additional modules". This means that successfully completed modules are listed on the transcript after graduation, but the grades are not included in the calculation of the overall final grade. The examination office must be informed via e-mail about the participation in an examination as part of such an additional module prior to examination registration via Porta. As soon as the examination office confirms the assignment of the examination as an additional module, participation in this context is possible. Note: Once an examination has been taken in another module, it cannot be subsequently converted into an additional module.