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Master of Science Major in economics Per Botolf Maurseth B4-011 [email protected] About economics • Our aim is to understand the economy: • Microeconomics: • Markets, competition, incentives, contracts, strategic interaction • Macroeconomics • Interest rates, stock market and unemployment • Economic growth • Innovation, produtivity and R&D. • International trade and globalization • Econometrics and forecasting Perspective • Method for thinking about the economy • Theory, applications and empirics • General vs partial equilibrium • Many questions, not alwas answers Master vs bachelor • Level • Higher level of abstraction • Deeper understanding • Research based teaching • Teachers are researchers in their field • Student effort • You gain from being active and invest in effort • Relevance • Topics are abstract, and also relevant for understanding real-world topics and business Topics • Interest rates • Important for business, for investments and for individuals. • Can they be predicted? NOK and the oil price How to incentivise CEOs? • • • • • • Fixed salary? Bonus? Size? Turnover? Profits? Options? Government spending • How much should Norway spend of our pension fund? Housing prices Business cycles • Financial crisis hit Europe hard. Euro area GDP per capita 39500 39000 38500 38000 37500 37000 36500 2004 2006 2008 2010 2012 2014 2016 Growth in long term • Ups and downs are on average small in the long run Euro area GDP per capita 45000 40000 35000 30000 25000 20000 15000 10000 5000 0 1950 1960 1970 1980 1990 2000 2010 2020 What do we require? • Interest and curiousity • Critical thought, critical questions and effort. • Analytical skills • Theories formulated as models • Interest for quantitative analysis • Use of empirical methods/econometrics Difficult? Not more than other disciplines Carreer opportunities • • • • • • • • Business related jobs Chief economists/macro analysts Central bank, banks, finance Consultancy, Telenor Norwegian competition authority (Konkurrransetilsynet) International organizations Government and ministries Research Double degree • Cooperation between four European partners: • University of Amsterdam, • University of Ljubljana, • University Pompeu Fabra (Barcelona) Department of economics • • • • Strong academic department Leading researchers International cooperation Cooperation with government and business • Cover most fields in economics • Superior teachers and supervisors Structure Semester 6 ECTS 1. semester GRA 6035 Mathematics CORE 2. semester 3. semester 4. semester 6 ECTS 6 ECTS 6 ECTS GRA 6039 GRA 6031 GRA 6634 Statistics with Microeconomic Advanced Econometrics s Macroeconomic and CORE s Programming CORE GRA 6648 GRA 6038 Research GRA 6639 – GRA 1305 Applied Methodology Business Industrial Business Ethics Economics Cycles Economics CORE CORE Electives (*GRA6649/GRA6664/GRA 6665/GRA 6666) GRA 6631 Monetary Policy GRA 1950 - Master Thesis and Financial Stability 6 ECTS GRA 6626 Economic Theory GRA 6612 – Applied Microeconomic s GRA 1950 Master Thesis 3. semester • Exchange • Internship • Electives Learn more • https://www.bi.edu/programmes-andindividual-courses/masterprogrammes/business/major-ineconomics/ Master thesis • The financial crises and the real economy • Does the central bank react to bubbles in the housing market? • How does the exchange rate respond to news in an open economy under inflation targeting? • R&D and growth: A firm level investigation of the Norwegian manufacturing industry • Exchange rate forecasting with model averaging • Monetary Policy in USA: commitment or discretion? • Growth models with energy • FDI and development • FDI and corruption Master thesis • • • • • • • • Counts 30 credits Cooperation Seminar in March (faculty present themselves) June: Choose topic and supervisor January: Submit preliminary February: Master thesis seminar Summer: Submit final thesis. Topics: • All topics where you can use economics methodology. We want to talk to you! • Come to our office ! • Contact us • [email protected] • https://www.bi.no/forskning/finn-institutt-ogforskningssenter/institutter/institutt-forsamfunnsokonomi/ You could be the one amongst these !
