Structure of the ProgramOutline of RequirementsThe departmental requirements for the Masterin Economics are (i) successful completion of thecourse sequences in foundations, econometrics,macroeconomics, and microeconomics; (ii) comple-tion of the field requirements; (iii) completion andsuccessful defense of the master’s thesis. Thereis no foreign language requirement.

Courses and Typical ProgramThe first year consists entirely of core courses inmathematics, statistics, econometrics, macroeco-nomics and microeconomics. In the second yearstudents finish the core sequence and take theirelective courses. The research groups preparesecond year students for the requirements ofacademic work by reviewing and discussingrelevant current literature.

Field requirementsThe department requires master students to takefour elective courses in the second year. All fourcourses must be taken for a letter grade and acumulative GPA of 85% or better is highly desirablefor these courses. In addition, students are welco-me to enroll in further elective courses either forletter grade or on a pass/fail basis to benefit fromthe wide variety of excellent field courses taught byworld class visiting professors each year.

The Transition from Coursework to ResearchIt is impossible to overemphasize the importanceof the successful transition from coursework toresearch. Our master program has the key featureof assisting this transition throughout the second yearof the program. Electives help students to narrowdown their areas for thesis research and to startinteracting with professors about potential of ideas.

An ideal opportunity to begin on thesis-relatedwork after the first year is the optional summerresearch project, where students explore an inter-

esting topic under supervision of a faculty member.This summer research is only available to studentsin good standing.

Master´s ThesisWork on the thesis commences in September-October, when students meet with in-house facultyto select an advisor. By mid-December the advisorand topic have to be communicated to and approvedby the Academic Director. Throughout the academicyear, students work closely with the thesis advisorto complete the thesis by the end of June.

FacilitiesLibraryThe IHS library is a relatively young, but well-regardedlibrary in the social sciences. It offers online access tothe most renowned economics journals and databa-ses and cooperates with various database providerssuch as RePEc, wiso and SSOAR. It is also a mem-ber of the Austrian academic consortium (KEMÖ).

The library of Vienna University of Technology holdsmore than 1,000,000 items and reference materi-al, 2,800 scientific journals and periodicals, and awide range of CD-ROMs and on-line databases. Thelibrary focuses on natural and technical sciences butalso covers related subjects. Most of the books andjournals are directly available on open-access shelving,arranged by subject. The collection is housed in theMain Library (Wiedner Hauptstraße/Karlsplatz),in more than 90 subject libraries at the UniversityDepartments, and in 2 special libraries: the Chemistrylibrary, and the Mathematics and Physics library.

Data ResourcesAs one of Austria’s leading economic researchinstitutes, IHS has access to a very large datacollection that contains major census, financial andsurvey data sets for Austria, several Europeancountries, the U.S, and the OECD. Our studentsregularly make use of these data for their empiricalresearch projects and master´s theses.

Vienna University of TechnologyContinuing Education CenterOperngasse 11/017A-1040 ViennaAustriaT +43/(0)1/58801-41701F +43/(0)1/58801-41799office@cec.tuwien.ac.athttp://cec.tuwien.ac.at

Institute for Advanced StudiesDepartment of Economics and FinanceStumpergasse 56A–1060 ViennaAustriaT +43/(0)1/59991-250economics@ihs.ac.athttp://economics.ihs.ac.at

© Continuing Education Center - TU Vienna and IHSFoto Adalbert Prechtl: © TU Wien, J. Zinner

Status: September 2012

MSc EconomicsVienna University of Technology Institute for Advanced Studies

Postgraduate MSc ProgramMaster of Science (MSc)

2 academic years, full-time

economics.tuwien.ac.ateconomics.ihs.ac.at

Bogazici, Bonn, Kellog, Northwestern, LSE,Munich, Princeton, Yale, Zurich, or work intop positions at ECB, EU, IMF, OECD, OPEC,the Worldbank, and central banks in Austriaand around the world.

Vienna University of TechnologyTechnology for People –Developing Scientific Excellence andEnhancing Comprehensive Competence

The Vienna University of Technology – locatedin the heart of Vienna – is the largest Austrianinstitution in research and education within theareas of technology and natural sciences. Eventhough the beginnings of the TU Vienna reachback as far as 190 years research, teaching, andlearning are state-of-the-art. For years the ViennaUniversity of Technology has been successfullyoffering outstanding Postgraduate Programs.This success is also based on the top scientificand economic qualifications of its faculty.

Institute for Advanced Studies, ViennaAustria's premier postgraduate research andtraining institute has combined theoretical andempirical research in economics and othersocial science disciplines since its foundingby Paul F. Lazarsfeld and Oskar Morgensternin 1963. Through the interaction betweenscientific theory and practice, IHS providesinnovative value-added services to policy makersand business practitioners. Key features areinterdisciplinary exchange, a truly internationalfaculty, a commitment to quality and originalscholarly output.

Leading academic institutions can contributeto better policy outcomes with economic

analysis and policy evaluation based onrigorous theoretical and empirical methods.

The MSc offers advanced training at theeconomic research frontier for an ambitiouscareer in science, domestic and internatio-nal policy institutions and the private sector.

Prof. Christian KeuschniggDirector IHS Vienna

Through the cooperation of twoleading academic institutions andtheir combined expertise, graduatesof the MSc Program Economics areexpected to develop qualifications andcompetences which will enable themto achieve success in an increasinglycompetitive academic environment.

Prof. Adalbert PrechtlVice Rector for Academic Affairs

Vienna University of Technology

MSc EconomicsThe Master of Science Economics is a joint programof the Vienna University of Technology and theInstitute for Advanced Studies.

The program requires the full-time commitment ofstudents for the entire two years. Graduates areequipped to succeed in an ever more competitiveacademic environment. The curriculum emphasizesanalytical competence, economic intuition and solidempirical work. Students are expected to performon a level with their peers at top-ranked departments(e.g. Princeton, Stanford, LSE, and UPF).

These goals are achieved by attending a carefullydesigned sequence of courses and through an overallpreparation in subject matter and techniques thatgoes beyond course work. Work in teams and theacquisition of advanced mathematical skills are thekey to a successful completion of the program.Courses will be completed by the end of the secondyear, with the fourth semester mostly dedicated toindependent research leading to the master’s thesisprepared under the direction of a faculty member.

PlacementThe IHS actively and highly successfully assists itsgraduates in finding suitable placements. Activitiesare coordinated by the Director of Graduate Studies,with the entire faculty actively involved by makinggood use of its extensive research network.Graduates of our program typically continue theirgraduate education at top PhD programs or takeon jobs in important think tanks, policy makinginstitutions, or the financial sector.

Recent graduates have continued their educationat the following highly regarded PhD programs:EUI Florence, LSE, Northwestern, Princeton,Stockholm, Toulouse, UCLA, UCL and Yale.Some of our graduates are now professors at

CurriculumThis is a complete listing of all core courses currently offered. Contents are updated occasionallyto reflect the scientific progress and the needs of the students.

Foundation Courses

Mathematics I Sets, functions and correspondences; Algebraic structures;Construction of real numbers; Polynomials; Vector spaces andsubspaces; linear independence; Basis and dimensions; Matrices;Determinants; Eigenvalues and Eigenvectors; Bilinear and QuadraticForms; Orthogonal Projection.

Mathematics II Topology and Metric Spaces; Compactness, Connectedness,and Convexity; Differential and Integral calculus.

Statistics Probability theory; Univariate random variables; Multivariate randomvariables; Distribution and density functions; Expectations; ConvergenceConcepts; Estimation Theory; Maximum Likelihood; Statistical Testing.

Computational Methods Basics of computer programming, numerical differentiation,approximation and interpolation, zero finding and numericaloptimization, numerical integration, Monte Carlo methods.

Dynamic Programming I Sequential problems and recursive problems, Bellman equations,contraction mappings, solution methods.

Dynamic Programming II Markov processes; principle of optimality; stochastic Euler equations;applications to partial equilibrium models; search models.

There is a clear demand both inAustria and abroad for economists

trained in the latest theoreticalapproaches and methods. Satisfying

this need is the goal of the MSc.The MSc will compete with top inter-

national programs and focus on micro,macroeconomics, and econometrics.

Prof. Manfred DeistlerAcademic Director MSc Economics

Vienna University of Technology

We have been teachingquantitative economics to topstudents in a structured graduateprogram for more than fifty years.Our diploma is well known andhighly regarded in all the leadinguniversities and policy makinginstitutions around the world.

Christian Haefke, PhDDirector of Graduate Studies

IHS Vienna

Macroeconomics

Macroeconomics I Investment, consumption, asset pricing, labor supply, optimal taxation,overlapping generations economy, financial frictions.

Macroeconomics II Exogenous growth, endogenous growth, empirical findings.

Macroeconomics III Neoclassical growth models under uncertainty; Dynamic New Keynesianmodels; optimal fiscal and monetary policy, search and labor marketfrictions.

Microeconomics

Microeconomics I Decision theory; consumer theory; producer theory;partial equilibrium theory.

Microeconomics II Consumer theory; producer theory; general equilibrium theory.

Game Theory Representation theory; solution theory; applications.

Econometrics

Econometrics I Algebra of least squares; classical and generalized linear regression;likelihood function, distributions and testing principles; asymptoticanalysis; estimation and testing in generalized regression models.

Econometrics II Stationary stochastic processes; integrated univariate processes;stationary VAR processes; cointegration analysis.

Econometrics III Instrumental variable estimation; generalized method of moments;panel data econometrics.

Econometrics IV Empirical Project: Application of econometric methods in micro-econometrics, macroeconometrics, or time-series econometrics.

Elective Courses

A selection of 4 from Advanced Game Theory, Asset Pricing, Corporate Finance, DecisionTheory, Experimental Economics, Evolutionary Economics, FinancialEconometrics, Heterogeneous Agent Models Industrial Organization,International Economics, Labor Economics, …

In the 4th semester the faculty will assist students in working towards their Master's Thesis.

Students are required to attend one Research Group and at least two of the various Research Seminarsthat are offered by IHS: Econometrics Research Seminar, Finance Research Seminar, Joint Vienna MacroSeminar, Vienna Joint Economics Seminar

MSc Economics 2015Vienna University of Technology economics.tuwien.ac.at

Institute for Advanced Studies economics.ihs.ac.at

AdmissionTo be admitted into the graduate program, a student must hold a bachelor’s degree or its equivalent from an accredited university. It is not essential that the previous education be in economics. Aside from economics, previous graduate students have had a variety of quantitative backgrounds from computer science to mathematics.

Application Procedure and RequirementsA complete file contains the following:• A completed IHS graduate application,

including the “Statement of Objectives”;• Transcripts of all previous university

or college work;• Three letters of recommendation from people

familiar with your academic achievements.

The IHS does not require GRE or TOEFL results. However, we strongly encourage our applicants to provide this extra information. Official score reports (DI code 8929) must be received by the application deadline. Photocopies are not acceptable. Information on the GRE and TOEFL may be obtained online at http://www.ets.org

The applicant’s file must be complete by the deadline in order to be considered for admission and financial aid. It is the responsibility of the applicant to ensure that all application and supporting materials arrive by the deadline. If an application is incomplete by the final deadline, it will not be considered for admission.Decisions regarding admission are the responsibility of the Department’s Graduate Admissions Committee, which bases its judgment on the previous academic

record, the letters of recommendation, the candidate’s statement of objectives, the GRE and TOEFL examinations (if available). Shortlisted candidates will be interviewed by the Admissions Committee. Local candidates are invited to the IHS, otherwise interviews will be conducted by telephone.

Tuition and FeesThe Institute for Advanced Studies does not charge tuition or fees for participation in the MSc Economics.

Financial AidEvery year the Austrian National Bank provides a limited number of students in the Program with fellowships to help defer living costs and other expenses while studying at the IHS. Currently, the fellowship amount is approximately EUR 20,000 per student over the two-year program, and most of the students who are admitted to the program receive the fellowship.

Timeline for Admission 2015• Application deadline: March 01, 2015.

All application materials are due by this date.International students are encouragedto apply early.

• Interviews with selected candidates areconducted in the week starting March 17, 2015.

• Notices of acceptance are sent outby March 20, 2014.

• Candidates have until March 30, 2015 to notifythe Department of their decisions.

The program starts on September 01, 2015.

Mailing Address for ApplicationsInstitute for Advanced StudiesDepartment of Economics and FinanceGraduate AdmissionsStumpergasse 56A–1060 ViennaAustria

admissions.economics@ihs.ac.at

Permanent Faculty IHSWalter H. FisherMacroeconomics, international finance

Christian HaefkeMacroeconomics, unemployment and labor market participation, product market regulation.

Thomas Hintermaier Macroeconomics.

Robert KunstTime-series econometrics, seasonality,applied macroeconomics.

Martin MeierGame theory, unawareness, general equilibrium theory, decision theory.

Jan MutlBayesian econometrics, spatial econometrics.

Tamás PappMacroeconomics, Bayesian econometrics, numerical methods.

Wolfgang PolasekTime series econometrics, Bayesian inference.

Michael ReiterComputational economics, macroeconomics,public finance.

Klaus RitzbergerGame theory, microeconomics, financial economics.

Jamsheed Shorish Dynamic economic systems, general equilibrium theo-ry, financial economics, computational economics.

Leopold SögnerFinancial econometrics, Bayesian econometrics.

Alexander StomperCorporate finance, financial institutions,market microstructure.

Martin WagnerEconometrics, quantitative economics,environmental economics, transition economics.

For detailed information about the faculty members please visit: http://economics.ihs.ac.at

This information is subject to change.

Associated FacultyDietmar Bauer, Arsenal ResearchEconometrics, subspace algorithms.

Larry Blume, Cornell University and IHSEconomics.

Manfred Deistler, Vienna University of Technology and IHSEconometrics, time series, systems theory.

Egbert Dierker, IHSGeneral equilibrium theory, oligopoly theory,welfare economics.

Hildegard Dierker, IHSOligopoly theory, general equilibrium theory.

Ben Heijdra, University of Groningen and IHSTheory of macroeconomics, public economics.

Gabriel S. Lee, University of Regensburg and IHSFinancial Economics, Empirical Macroeconomics, Housing Economics.

Pegaret Pichler, IHSInitial public offerings, auction design,market microstructure, corporate finance.

Benedikt Pötscher, University of Vienna and IHSTime Series Analysis.

Wolfgang Scherrer, Vienna University of TechnologyFactor Models.

Rudolf Winter-Ebmer, Johannes Kepler University Linz and IHSLabor economics, applied microeconometrics.

Current Visiting FacultyUlrich Berger, Vienna University of Economics

and Business Administration

Tomas Björk, Stockholm School of Economics

Jean-Marie Dufour, Mc Gill University

Charles Engel, University of Wisconsin

Christopher Hennessy, University of Berkeley and

London Business School

Christian Keuschnigg, University St. Gallen

John Leahy, New York University

Guido Lorenzoni, Massachusetts Institute of

Technology

Mark Machina, University of California, San Diego

Jörgen Weibull, Stockholm School of Economics

Toni Whited, University of Rochester