Program Overview

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Master's Program Economics

The Master's program in Economics offers an Applied Track and a Science Track. Students apply to one of the two tracks, with limited scope for changing tracks once the program has started.

Applied Track

The Applied Track focuses on problem-solving skills based on a thorough understanding of economic theories and methods. It covers a broad range of economic policy and business issues, preparing students for a career in government, business, or society. Empirical data analysis is emphasized.

Science Track

The Science Track emphasizes mathematical and statistical foundations and analytically rigorous advanced courses in economic theory and methods. The courses offered in microeconomics, macroeconomics, and econometrics are equivalent to first-year PhD courses. For highly qualified students, the Science Track offers a fast-track option into the PhD program in Economics at WU.

Curriculum

The Master's in Economics program starts with an introductory phase, where students complete the Foundations of Economics course. This course covers three areas: microeconomics, macroeconomics, and mathematical methods.

Mandatory Courses

Mandatory courses for the Applied Track include:

• Economic Policy
• Public Economics
• Heterodox Economics
• Macroeconomic Models and Methods
• Topics in Macroeconomic Theory and Policy
• Microeconomic Models and Methods
• Topics in Applied Microeconomics
• Game Theory
• Econometrics and Empirical Economic Research
• Microeconometrics
• Macroeconometrics

Mandatory courses for the Science Track include:

• Advanced Macroeconomics I
• Advanced Macroeconomics II
• Advanced Microeconomics I
• Advanced Microeconomics II
• Game Theory
• Mathematics I
• Mathematics II
• Probability and Statistics
• Advanced Econometric Models and Methods
• Advanced Microeconometrics
• Advanced Macroeconometrics

Specializations

Students in both tracks choose areas of specialization. For the Applied Track, students choose four areas out of eleven, while for the Science Track, students choose three areas out of twelve. Each area of specialization includes one field course and one Research & Policy Seminar.

Elective

To qualify as an Elective, courses must be related to Economics, at the Master's level, and include a final grade (no workshop-type courses). Students can combine multiple courses to attain the required 6 ECTS.

Master's Thesis

In their final semester, students write a Master's thesis that focuses on an economic research question analyzed using scientific methods. Students may choose their topic freely, subject to their advisor's consent. The Master's Thesis Conference is a special course in conference-style format, including panels, referees, and open discussions, offered every semester.

Structure & Contents

The program structure includes:

• Foundations of Economics
• Mandatory Courses
• Specializations
• Elective
• Master's Thesis

At one glance, the program provides an overview of courses and the recommended program schedule. The curriculum for different years (e.g., 2018, 2022, 2025) may vary, with specific courses and ECTS credits assigned to each.

Areas of Specialization

Areas of specialization for the Applied Track include:

• Labour and Organizational Economics
• Economics of Distribution
• Economic and Social Policy
• International Economics
• Money, Credit, and Finance
• Economic Development
• Spatial Economics
• Industrial Organization
• Regulatory Economics
• Public Sector Economics
• Behavioral and Experimental Economics

Areas of specialization for the Science Track include:

• Labour and Organizational Economics
• Economics of Distribution
• Economic and Social Policy
• International Economics
• Money, Credit, and Finance
• Economic Development
• Spatial Economics
• Industrial Organization
• Regulatory Economics
• Public Sector Economics
• Behavioral and Experimental Economics
• Data Science and Machine Learning
• Environmental Economics
• Geoeconomics
• Gender Economics

Research & Policy Seminars

Each area of specialization has a corresponding Research & Policy Seminar, where students work in small groups to develop their own research projects, closely interacting with instructors. Class size is limited in the Research & Policy Seminars to 15 students.

Conclusion

The Master's Program in Economics at WU offers a comprehensive education in economic theories, methods, and applications, preparing students for careers in government, business, or academia. With its Applied and Science Tracks, the program caters to different interests and career goals, providing a solid foundation for further studies or professional pursuits.