The program aims both to provide a current and solid theoretical base and
to develop the analytical skills needed for practical work and research.
In this way, students are familiarized with the design, analysis, and
empirical comparison of theoretical models. Students work on exercises and
problems in the course of their studies. The program runs for one
year, divided into four quarters . In the first three quarters
the students attend classes and seminars while the final quarter is
dedicated to the completion of a research project. The program requires full-time
dedication.
The Master's degree is awarded under the
completion of 60 ECTS credits (en negrita), distributed
as follows:
Core subjects: 45,5 ECTS credits
Research seminars: 6
ECTS credits
Research project: 8,5 ECTS credits
First Quarter Mathematical
Analysis for Economic Research (3,5 ECTS credits)
The aim of
this course is to fully cover the main concepts and techniques of
mathematical analysis, probability and statistics that will be required
for the rest of the Master's Program. The course begins with an analysis
of sets and functions. The next step is the study of differential
equations, particularly regarding the existence of a solution and its
global and local stability. In addition, the course addresses some aspects
of the theory of probability and statistics such as sample spaces, random
variables and moment generating functions. Finally, some stochastic
processes of particular interest are covered, such as Poisson's processes
and Markov chains.
Economic Theory I. General Equilibrium and
Welfare Economics (3,5 ECTS credits)
The class focuses on
developing and understanding the main ideas and techniques necessary for
the analysis of general equilibrium models. It begins by analyzing the
basic general equilibrium model through the identification of its
properties. The course continues with the study of the repercussions of
externalities and public goods on the equilibrium. The module is completed
with the study of three specific topics: the existence and uniqueness of
equilibrium, general equilibrium under uncertainty, and the dynamic
general equilibrium model.
Econometrics I. Advanced Econometrics
(3,5 ECTS credits)
The objective of the course is to familiarize
students with the adequate tools to use econometric techniques
appropriately. The course includes rigorous treatment of the classical
linear regression model, maximum likelihood estimation, asymptotic theory,
nonlinear regression models, generalized method of moments, time series,
including advanced topics such as nonstationary and long memory processes.
Finance
I. Investment Theory under Uncertainty (3,5 ECTS credits)
This
course is an introduction to modern financial theory. It focuses on
discrete time model analysis, and explicitly examines the decision making
process under uncertainty in an intertemporal setting, the mean and
covariance theory, the arbitrage theory and the incorporation of
differential information into the decision making process. It ends with an
introduction to continuous time models.
Economic Theory II.
Advanced Macroeconomics (3,5 ECTS credits)
This module studies
recent macroeconomic models that have neoclassical features. It starts
with an analysis of the Lucas Critique and presents a basic time series
general equilibrium model that is specified for a range of assumptions
(finite and infinite number of consumers). Basic techniques of theoretical
analysis (dynamic programming) and empirical analysis (calibration) are
also studied.
Research Seminars (2 ECTS credits)
Second
Quarter
Econometrics II. Microeconometrics (3,5 ECTS
credits) This course intends to make the student familiar with basic
statistical and econometric techniques that are used in the analysis of
microeconomic data. The course covers both the theoretical and the applied
aspects of these techniques, including estimation of models by the general
method of moments, treatment of endogenous regressors, linear methods for
panel data models, and limited dependent variable models.
Finance
II. Financial Risk Management (3,5 ECTS credits)
This module
has basically two goals. First, it examines the concept of market or price
risk, using models for its assessment. Specifically, the course
concentrates both on the methods used for the calculation of the Value at
Risk (VAR), and on its extensions and alternatives. Additionally, the
course deals with the concept of credit risk and develops measurement
models such as CreditMetrics and CreditRisk.
Topics in
Economics and Finance I. Open Macroeconomics and Monetary Policy
(3,5 ECTS credits)
This course will provide the tools to analyze
macroeconomic policies, the international transmission of economic
fluctuations and economic growth in an open economy. Trade deficits and
the determinants of real exchange rates will be considered as natural
extensions of the models analyzed. In addition, the course covers several
issues related with monetary policy, focusing on its objectives,
instruments and problems of reputation.
Topics in Economics and
Finance II. Industrial Economics (3,5 ECTS credits)
This
course covers several topics in the field of industrial organization.
Although reference is made to empirical studies, the module mainly focuses
on the models that make up the theory of industrial organization. It also
includes static and dynamic oligopoly theory, entry and exit, asymmetric
information, research and development, and operational networks.
Research
Seminars (2 ECTS credits)
Third Quarter
Econometrics
III. Financial Econometrics (3,5 ECTS credits) This course
studies different topics related with financial time-series analysis such
as tests of the random walk hypothesis and asset-pricing models,
conditional heteroscedasticity models (GARCH), stochastic volatility
models, regime-switching models, estimation of endogenous breakpoints,
state-space models, and estimation of unobservable variables, among others.
Finance
III. Corporate Finance (3,5 ECTS credits)
This module focuses
on the financial structure of a company, the choice between alternative
sources of funding, dividend policy, control structure and other matters
relevant to the finances of corporations.
Topics in Economics
and Finance III. Personnel Economics (3,5 ECTS credits)
This
class will treat different themes related to labor economics and contract
theory, such as workers' productivity, incentives, the problems of moral
hazard and adverse selection, signaling, incomplete contracts, efficiency
wages and human capital theory.
Topics in Economics and Finance
IV. Economics of Information (3,5 ECTS credits)
This course
presents the main topics in the field of the economics of information. It
deals with the consequences of uncertainty in the economy. Standard
problems such as adverse selection, moral hazard and signaling are studied
using game theoretical tools. The course also offers an introduction to
contract and auction theories.
Research Seminars (2
ECTS credits)
Fourth Quarter
Research Project (8,5
ECTS credits) The research project consists on the elaboration of an
original research paper on a topic related to one of the subjects studied
during the program. It should represent a significant contribution to the
subject from a theoretical or empirical point of view, and be of
sufficient quality to be published in a scientific journal. This project
will be supervised by at least one member of the faculty and will be
graded by a board of examiners.
