Program Year

Mandatory - Field Theory - 12 ECTS to choose

  • Advanced Macroeconometrics

    Advanced Macroeconometrics

    Ects : 6
    Compétence à acquérir :
    The course will equip students with the necessary knowledge to be able to undertake econometric analysis of the type commonly associated with modern macroeconomic research. Substantial emphasis will be placed on the development of programming skills in MATLAB.

    Description du contenu de l'enseignement :
    This course provides advanced econometrics tools for applied macroeconomics. Emphasis is on hands-on implementation of the methods covered in the course. Topics include macroeconomic data, linear and nonlinear time series models, practical issues with likelihood-based inference for these models, computational approaches to hypothesis testing and model comparison, forecast evaluation, and structural identification.
    The course provides a deep knowledge of the advanced time series techniques and their application to macroeconomics. A technical presentation of these models will be given, before studying applications of these models to macroeconomics.

    Enseignant responsable :

    • SYLVAIN BENOIT

  • Advanced Microeconometrics

    Advanced Microeconometrics

    Ects : 6
    Compétence à acquérir :
    After attending the classes, the students will be able to have a deep understanding and a critical view on studies aiming at identifying causal effects and to apply those methods for their own research.

    Description du contenu de l'enseignement :
    This course explores different topics in applied microeconometrics. It focuses on causal inference and how econometrics can help identify causality in a credible way. It discusses the advantages and limitations of particular types of approaches/tools that are used in econometrics. It covers the following topics: Causal inference and identification, Randomized experiment, Regression and causality, Instrumental variables approach, Difference-in-differences estimation and Regression discontinuity designs. The course will review the theory underlying those different techniques and will discuss the recent studies that have applied those different methods to make causal inference.
    The objective of the course is to provide students the econometric methods aiming at identifying causal relationships. These methods are widely applied in economics to assess the effects of policy interventions and other treatment on interest.

    Enseignant responsable :

    • ERIC BONSANG

  • Contract, Mechanisms and Auctions

    Contract, Mechanisms and Auctions

    Ects : 6
    Compétence à acquérir :
    After attending the classes, the students will master the modeling of informational asymmetries, which are of pervasive importance in various economic issues. They will be able to rely on these models to address a number of questions tied to regulation and allocation issues.

    Description du contenu de l'enseignement :
    The course considers the structure of contractual relationships in the presence of asymmetric information and the allocation of scarce resources through specific mechanisms. Applications to regulation and to allocation issues will be considered.
    The objective of the course is to provide an introduction to contract theory and allocation issues which have proved to be useful tools for the analysis of many theoretical and applied economics issues. Economics is about gains from trade. Contracts are essential to realizing these gains. The general equilibrium framework ignores many elements of real-world contracting. Does non-competitive contracting among small numbers of agents necessarily give rise to inefficiency? As argued by Coase, the answer depends on the existence of transaction costs. We will study contracting under transaction costs. We will introduce the general principal-agent model and consider informational frictions both about agent’s type and agent’s action. Regarding auction, the course starts with Vickrey’s 1961 and presents the more recent contribution of game theory with incomplete information applied to auction. We will characterize equilibria of the various auctions and compare their performances in terms of allocation efficiency, expected revenue and robustness.

    Enseignant responsable :

    • DAVID ETTINGER

  • Introduction to Machine Learning

    Introduction to Machine Learning

    Ects : 3
    Compétence à acquérir :
    After attending the class, the students will know the main innovative techniques for the processing of large datasets and how to implement supervised machine learning, in view of applying these techniques to several economic issues.

    Description du contenu de l'enseignement :
    After reviewing the Principal Components Analysis, according to a general presentation using singular decomposition values, the course will present the method of Correspondence Factor Analysis (CFA). Then, we will introduce the classification methods (supervised) and present the case of the Factorial Discriminant Analysis. The course also presents the clustering methods (k-means method and Agglomerative Hierarchical Clustering). Applications to the treatment of surveys using the R software are then provided.
    The objective of the course is to introduce the methods of multidimensional descriptive data analysis for the processing of large datasets. We will notably study the links between the nominal variables in the tables produced by the surveys.

    Enseignant responsable :

    • YANN CHEVALEYRE

  • Modelling in Decision Aiding and Operational Research

    Modelling in Decision Aiding and Operational Research

    Ects : 3
    Compétence à acquérir :
    After attending the classes, the students will have acquired a good knowledge of the concepts of preference modelling and elicitation techniques.

    Description du contenu de l'enseignement :
    The course will cover the following topics: Definition and roles of models in Decision Aiding/Operational Research; Solution and preference models; Description of the modelling process and its different phases; Presentation of non-trivial models using various modelling frameworks (graphs, linear programming, multi-objective, …); The use of 0-1 variables in linear programming; Presentation of modelling and solving tools (modelers and solvers).
    The course aims at presenting the modelling process in Decision Aiding/Operational Research as well as original models for various decision problems. Note that it is mandatory to follow an upgrate course delivered in the beginning of September so as to have all the tools needed to follow this course in good conditions.

    Enseignant responsable :

    • DANIEL VANDERPOOTEN

  • Preference Modelling and Multiple Criteria Decision Making

    Preference Modelling and Multiple Criteria Decision Making

    Ects : 3
    Compétence à acquérir :
    After attending the classes, the students will have a solid knowledge of some important points and techniques to undertake a decision support study.

    Description du contenu de l'enseignement :
    The course will cover the following topics: Introduction to modelling for decision aiding: decision making process and decision aiding process; Preference modelling: main structure for preference modelling, numerical representations and classical problems; Social choice: introduction to social theory, voting rules and their properties; Multiattribute Value Theory: even swap technique, additive value functions (mains results and elicitation); ELECTRE methods: introduction to the ELECTRE methods.
    This course is an introduction to the main tools and techniques of preference modelling and multiple criteria decision making. Note that it is mandatory to follow an upgrade course delivered in the beginning of September so as to have all the tools needed to follow this course in good conditions.

    Enseignant responsable :

    • BRICE MAYAG

  • Stochastic calculus

    Stochastic calculus

    Ects : 3
    Compétence à acquérir :
    After attending the classes, the students will master the tools of stochastic calculus which are required to address issues in financial economics and management science applications.

    Description du contenu de l'enseignement :
    Continuous-time modeling has taken a significant place in financial economics both from theoretical analysis of market equilibria and for management sciences. These lectures introduce stochastic calculus for two main applications, namely the pricing of contingent claims and the maximisation of intertemporal utility.
    The objective of the course is to make the students familiar with the fundamental techniques of stochastic calculus.

    Enseignant responsable :

    • RENE AID

Mandatory - Field Social and public policies - 12 ECTS to choose

  • Advanced Microeconometrics

    Advanced Microeconometrics

    Ects : 6
    Compétence à acquérir :
    After attending the classes, the students will be able to have a deep understanding and a critical view on studies aiming at identifying causal effects and to apply those methods for their own research.

    Description du contenu de l'enseignement :
    This course explores different topics in applied microeconometrics. It focuses on causal inference and how econometrics can help identify causality in a credible way. It discusses the advantages and limitations of particular types of approaches/tools that are used in econometrics. It covers the following topics: Causal inference and identification, Randomized experiment, Regression and causality, Instrumental variables approach, Difference-in-differences estimation and Regression discontinuity designs. The course will review the theory underlying those different techniques and will discuss the recent studies that have applied those different methods to make causal inference.
    The objective of the course is to provide students the econometric methods aiming at identifying causal relationships. These methods are widely applied in economics to assess the effects of policy interventions and other treatment on interest.

    Enseignant responsable :

    • ERIC BONSANG

  • Contract, Mechanisms and Auctions

    Contract, Mechanisms and Auctions

    Ects : 6
    Compétence à acquérir :
    After attending the classes, the students will master the modeling of informational asymmetries, which are of pervasive importance in various economic issues. They will be able to rely on these models to address a number of questions tied to regulation and allocation issues.

    Description du contenu de l'enseignement :
    The course considers the structure of contractual relationships in the presence of asymmetric information and the allocation of scarce resources through specific mechanisms. Applications to regulation and to allocation issues will be considered.
    The objective of the course is to provide an introduction to contract theory and allocation issues which have proved to be useful tools for the analysis of many theoretical and applied economics issues. Economics is about gains from trade. Contracts are essential to realizing these gains. The general equilibrium framework ignores many elements of real-world contracting. Does non-competitive contracting among small numbers of agents necessarily give rise to inefficiency? As argued by Coase, the answer depends on the existence of transaction costs. We will study contracting under transaction costs. We will introduce the general principal-agent model and consider informational frictions both about agent’s type and agent’s action. Regarding auction, the course starts with Vickrey’s 1961 and presents the more recent contribution of game theory with incomplete information applied to auction. We will characterize equilibria of the various auctions and compare their performances in terms of allocation efficiency, expected revenue and robustness.

    Enseignant responsable :

    • DAVID ETTINGER

  • Introduction to Machine Learning

    Introduction to Machine Learning

    Ects : 3
    Compétence à acquérir :
    After attending the class, the students will know the main innovative techniques for the processing of large datasets and how to implement supervised machine learning, in view of applying these techniques to several economic issues.

    Description du contenu de l'enseignement :
    After reviewing the Principal Components Analysis, according to a general presentation using singular decomposition values, the course will present the method of Correspondence Factor Analysis (CFA). Then, we will introduce the classification methods (supervised) and present the case of the Factorial Discriminant Analysis. The course also presents the clustering methods (k-means method and Agglomerative Hierarchical Clustering). Applications to the treatment of surveys using the R software are then provided.
    The objective of the course is to introduce the methods of multidimensional descriptive data analysis for the processing of large datasets. We will notably study the links between the nominal variables in the tables produced by the surveys.

    Enseignant responsable :

    • YANN CHEVALEYRE

  • Modelling in Decision Aiding and Operational Research

    Modelling in Decision Aiding and Operational Research

    Ects : 3
    Compétence à acquérir :
    After attending the classes, the students will have acquired a good knowledge of the concepts of preference modelling and elicitation techniques.

    Description du contenu de l'enseignement :
    The course will cover the following topics: Definition and roles of models in Decision Aiding/Operational Research; Solution and preference models; Description of the modelling process and its different phases; Presentation of non-trivial models using various modelling frameworks (graphs, linear programming, multi-objective, …); The use of 0-1 variables in linear programming; Presentation of modelling and solving tools (modelers and solvers).
    The course aims at presenting the modelling process in Decision Aiding/Operational Research as well as original models for various decision problems. Note that it is mandatory to follow an upgrate course delivered in the beginning of September so as to have all the tools needed to follow this course in good conditions.

    Enseignant responsable :

    • DANIEL VANDERPOOTEN

  • Preference Modelling and Multiple Criteria Decision Making

    Preference Modelling and Multiple Criteria Decision Making

    Ects : 3
    Compétence à acquérir :
    After attending the classes, the students will have a solid knowledge of some important points and techniques to undertake a decision support study.

    Description du contenu de l'enseignement :
    The course will cover the following topics: Introduction to modelling for decision aiding: decision making process and decision aiding process; Preference modelling: main structure for preference modelling, numerical representations and classical problems; Social choice: introduction to social theory, voting rules and their properties; Multiattribute Value Theory: even swap technique, additive value functions (mains results and elicitation); ELECTRE methods: introduction to the ELECTRE methods.
    This course is an introduction to the main tools and techniques of preference modelling and multiple criteria decision making. Note that it is mandatory to follow an upgrade course delivered in the beginning of September so as to have all the tools needed to follow this course in good conditions.

    Enseignant responsable :

    • BRICE MAYAG

Mandatory - Field Macro and Finance - 12 ECTS to choose

  • Advanced Macroeconometrics

    Advanced Macroeconometrics

    Ects : 6
    Compétence à acquérir :
    The course will equip students with the necessary knowledge to be able to undertake econometric analysis of the type commonly associated with modern macroeconomic research. Substantial emphasis will be placed on the development of programming skills in MATLAB.

    Description du contenu de l'enseignement :
    This course provides advanced econometrics tools for applied macroeconomics. Emphasis is on hands-on implementation of the methods covered in the course. Topics include macroeconomic data, linear and nonlinear time series models, practical issues with likelihood-based inference for these models, computational approaches to hypothesis testing and model comparison, forecast evaluation, and structural identification.
    The course provides a deep knowledge of the advanced time series techniques and their application to macroeconomics. A technical presentation of these models will be given, before studying applications of these models to macroeconomics.

    Enseignant responsable :

    • SYLVAIN BENOIT

  • Contract, Mechanisms and Auctions

    Contract, Mechanisms and Auctions

    Ects : 6
    Compétence à acquérir :
    After attending the classes, the students will master the modeling of informational asymmetries, which are of pervasive importance in various economic issues. They will be able to rely on these models to address a number of questions tied to regulation and allocation issues.

    Description du contenu de l'enseignement :
    The course considers the structure of contractual relationships in the presence of asymmetric information and the allocation of scarce resources through specific mechanisms. Applications to regulation and to allocation issues will be considered.
    The objective of the course is to provide an introduction to contract theory and allocation issues which have proved to be useful tools for the analysis of many theoretical and applied economics issues. Economics is about gains from trade. Contracts are essential to realizing these gains. The general equilibrium framework ignores many elements of real-world contracting. Does non-competitive contracting among small numbers of agents necessarily give rise to inefficiency? As argued by Coase, the answer depends on the existence of transaction costs. We will study contracting under transaction costs. We will introduce the general principal-agent model and consider informational frictions both about agent’s type and agent’s action. Regarding auction, the course starts with Vickrey’s 1961 and presents the more recent contribution of game theory with incomplete information applied to auction. We will characterize equilibria of the various auctions and compare their performances in terms of allocation efficiency, expected revenue and robustness.

    Enseignant responsable :

    • DAVID ETTINGER

  • Introduction to Machine Learning

    Introduction to Machine Learning

    Ects : 3
    Compétence à acquérir :
    After attending the class, the students will know the main innovative techniques for the processing of large datasets and how to implement supervised machine learning, in view of applying these techniques to several economic issues.

    Description du contenu de l'enseignement :
    After reviewing the Principal Components Analysis, according to a general presentation using singular decomposition values, the course will present the method of Correspondence Factor Analysis (CFA). Then, we will introduce the classification methods (supervised) and present the case of the Factorial Discriminant Analysis. The course also presents the clustering methods (k-means method and Agglomerative Hierarchical Clustering). Applications to the treatment of surveys using the R software are then provided.
    The objective of the course is to introduce the methods of multidimensional descriptive data analysis for the processing of large datasets. We will notably study the links between the nominal variables in the tables produced by the surveys.

    Enseignant responsable :

    • YANN CHEVALEYRE

  • Bayesian techniques in macroeconomics

    Bayesian techniques in macroeconomics

    Ects : 3
    Compétence à acquérir :
    After having attended the classes, the students will master the up-to-date estimation techniques of the macroeconomic models which are now employed in policy institutions such as the ECB, the Banque de France or the IMF. Using the estimated models, students will be able to perform business cycles analysis (variance decomposition, inspecting propagation mechanisms, variance forecast error decomposition), as well as forecasting exercises using both VAR, B-VAR and DSGE models. These types of skills are typically required in a growing number of policy-making institutions.

    Description du contenu de l'enseignement :
    The lectures provide a self-contained introduction to the building, simulation and estimation of the Dynamic Stochastic General Equilibrium models that constitute the main workhouse of today’s financial macroeconomics. These models, which incorporate micro-foundations, dynamic relations and rational expectations in a macroeconomic framework, have now became a powerful tool used in central banks for policy projections. The course will present the recent developments in Bayesian econometrics that are commonly used to estimate these models. After recalling the standard VAR (Vector Autogressive) model à la Sims (1980), the course will present the Bayesian VAR model à la Sims& Zha (1998). These class of atheoretical models is then compared to theoretical DSGE models à la Smets & Wouters (2003, 2007).
    The objective of the course is to equip the students with the more advanced estimation techniques of macroeconomic models. It will provide the most up-to-date tools to allow the students to get a deep knowledge of these models and to be able to read and understand policy and research papers using these approaches.

    Enseignant responsable :

    • GAUTHIER VERMANDEL

  • Stochastic calculus

    Stochastic calculus

    Ects : 3
    Compétence à acquérir :
    After attending the classes, the students will master the tools of stochastic calculus which are required to address issues in financial economics and management science applications.

    Description du contenu de l'enseignement :
    Continuous-time modeling has taken a significant place in financial economics both from theoretical analysis of market equilibria and for management sciences. These lectures introduce stochastic calculus for two main applications, namely the pricing of contingent claims and the maximisation of intertemporal utility.
    The objective of the course is to make the students familiar with the fundamental techniques of stochastic calculus.

    Enseignant responsable :

    • RENE AID

Specialization courses - Field Theory - 18 ECTS to choose

  • Behavioral economics and bounded rationality

    Behavioral economics and bounded rationality

    Ects : 6
    Compétence à acquérir :
    The topic has reached a certain degree of maturity. The course will examine the new standards to see where the research is going to. After studying the classes, the students will be able to read the cutting-edge research on the topic. Given the variety of ways by which standard models can be tweaked, the course is not intended to promote a particular view, but to help aspiring modelers to think about their choices.

    Description du contenu de l'enseignement :
    The course will study the main features motivating behavioral economics: Nonstandard preferences ; nonstandard beliefs ; nonstandard decision making. Emphasis will be set on presenting this expanding research field that incorporates elements of bounded rationality and behavioral economics in models that maintain the game theoretic tradition of high logical standards. By choice, the course will not be about experimental protocols, but rather on main ideas and debates.
    The objective of the course is to present the most important themes in behavioral economics. The motivation of this dynamic research program is deeply empirical and sometimes anecdotal. Accordingly, many papers start by pointing at behaviors that standard models relying on the rationality assumption cannot explain. The course itself will focus in the ways the authors have modelled these puzzling features of human behaviors. We will study how, in turn, these models enable new predictions and fine tuning.

    Enseignant responsable :

    • BERTRAND VILLENEUVE

  • Empirical Industrial Organization

    Empirical Industrial Organization

    Ects : 6
    Compétence à acquérir :
    After having attended the classes, the students will have an overview of seminal and recent papers in empirical IO; understand core empirical methods and the data requirements for each method to be implemented. They will also have a working knowledge on Stata, Matlab and Python.

    Description du contenu de l'enseignement :
    In this course we will cover mainstream empirical industrial organization methods. The main goal is to provide a set of tools necessary to undertake empirical analyses typically performed in Industrial Organization. Most methods that will be reviewed in this course are not limited to empirical IO, but can be used in a variety of different fields (such as health, finance, and environmental economics).
    The course will consider reduced-form estimation papers, seeking to provide insights from data to understand how markets work. The course will also deal with structural estimation of supply and demand models, search models, and auctions, taking the theoretical models to the data with the objective of generating policy-relevant counterfactuals.
    Reduced and structural econometrics methods requires the use of programs such as Python, Stata or Matlab. Practical tutorials will ensure the implementation of the materials provided in the course.
    The objective of the course is to provide the students with an appropriate understanding of key empirical industrial organization models.

    Enseignant responsable :

    • ANDRAS NIEDERMAYER
    • DANIEL HERRERA

  • Advanced Game Theory

    Advanced Game Theory

    Ects : 6
    Compétence à acquérir :
    After having attended the classes, the students will be able to read recent academic papers applying game theory to various area of economics and to make use of game theory in their future research work.

    Description du contenu de l'enseignement :
    The content of the course can be decomposed in two parts. First, we will study the so-called "noncooperative games": Multistage games with incomplete information. We will study the solution concepts: Nash equilibrium, perfect Bayesian and sequential equilibrium (typically capturing backward induction), stable equilibrium (typically capturing forward induction), communication equilibrium, before applications: signaling, auctions, cooperation, negotiation, reputation. Second, the course will present the so-called "cooperative games": Nontransferable and transferable utility games in characteristic function form. We will study the solution concepts: Nash and other bargaining solution, core, Shapley value, before applications: negotiation, market games, voting games.
     

    Enseignant responsable :

    • FRANCOISE FORGES

Specialization courses - Field Social and public policies - 18 ECTS to choose

  • Empirical Industrial Organization

    Empirical Industrial Organization

    Ects : 6
    Compétence à acquérir :
    After having attended the classes, the students will have an overview of seminal and recent papers in empirical IO; understand core empirical methods and the data requirements for each method to be implemented. They will also have a working knowledge on Stata, Matlab and Python.

    Description du contenu de l'enseignement :
    In this course we will cover mainstream empirical industrial organization methods. The main goal is to provide a set of tools necessary to undertake empirical analyses typically performed in Industrial Organization. Most methods that will be reviewed in this course are not limited to empirical IO, but can be used in a variety of different fields (such as health, finance, and environmental economics).
    The course will consider reduced-form estimation papers, seeking to provide insights from data to understand how markets work. The course will also deal with structural estimation of supply and demand models, search models, and auctions, taking the theoretical models to the data with the objective of generating policy-relevant counterfactuals.
    Reduced and structural econometrics methods requires the use of programs such as Python, Stata or Matlab. Practical tutorials will ensure the implementation of the materials provided in the course.
    The objective of the course is to provide the students with an appropriate understanding of key empirical industrial organization models.

    Enseignant responsable :

    • ANDRAS NIEDERMAYER
    • DANIEL HERRERA

  • Health Economics

    Health Economics

    Ects : 6
    Compétence à acquérir :
    After having attended the classes, the students should be able to take up the reading of most research papers in health economics. They will be able to know how to gather sensible literature to write a comprehensive international survey on any policy question in health economics.

    Description du contenu de l'enseignement :
    This course aims at addressing the main issues in health economics in order to develop students’ awareness to understand current debates in the organization, the financing and the equity of health systems. We will first present the specificities of the demand for health and for preventive and curative health, the economics determinants of health and in particular the complex relationships existing between income, labor and health, and the determinants of health-related behaviors. Most attention will be paid on the relevance of incentives and on behavioral determinants. The second part of the course will address economics tools for the regulation of health system organization. We will present various concepts and tools used in order in to assess equity in health, health care use and health system finance, in order to judge the efficiency of health strategy, and in order to evaluate health policies.
    The objective of the course is to present the state of the art as concerns the treatment of the main current issues in health economics.

    Enseignant responsable :

    • FLORENCE JUSOT

  • Development microeconomics

    Development microeconomics

    Ects : 6

    Description du contenu de l'enseignement :
    The course will start with a general introduction on development microeconomics. We will then address the following issues: Market failures in developing countries, with first insights using the agricultural household model as an example; Credit and insurance markets failures, with implications on household behaviour, inequalities and adoption of innovations; Intrahousehold decision making and inequalities; Fertility, education, poverty and child labour; Migration and remittances.
    Beyond the obvious differences in standard of living, what distinguishes developing countries (DCs) from developed countries is the functioning of markets, which are more frequently failing in developing. Taking this into account is of primary importance to understand the behavior of households in developing countries and to design policies able to successfully fight against poverty. The course studies these issues both theoretically and empirically by addressing several topics in which they are relevant.

    Enseignant responsable :

    • PHILIPPE DE VREYER

  • Economics of Education

    Economics of Education

    Ects : 6
    Compétence à acquérir :
    This class will be very useful to students who want to do a PhD dissertation on applied microeconomics topics, as well as to students who plan to work in institutions that produce quantitative evidence on microeconomic topics such as OECD, Ministry of Education, the World Bank, UNICEF, ILO, etc.

    Description du contenu de l'enseignement :
    This course provides an introduction to the economic analysis of the investment in and provision of education. The theoretical background that explains individual and public investment in education is reviewed and linked to empirical evidence. The first part of the course presents the reasons why public intervention is necessary on the market of education. The second part of the course focuses on the demand for education and policies aimed at increasing it, which include decreasing the cost of education, increasing the perceived returns to education, and providing some information or incentives to overcome behavioral issues. The third part of the course focuses on the supply side, i.e. the production and provision of education. Examples are the role of important inputs such as schools, class size and teachers, as well as the role of student assignment mechanisms. Finally, the last part of the course discusses equity issues, the importance of contextual and peer effects, and the need for affirmative action. These topics will be considered both in developing and developed countries.
    The first objective of the course is to provide students with a clear understanding of the functioning of the education market and of the rationale for public interventions on this market. At the end of the course, the students will be able to identify the market failures that concern education, and the type of policies that are required to solve these market failures. The second objective of the course is to review the empirical evidence on the educational policies and to learn how to build rigorous impact evaluations. At the end of this course, the students will have a good understanding of the main quantitative methods used by economists to evaluate the impact of educational policies and contribute to the social debate on education.

    Enseignant responsable :

    • GABRIELLE FACK
    • ELISE HUILLERY

  • The Economics of Energy and the Environment

    The Economics of Energy and the Environment

    Ects : 6
    Compétence à acquérir :
    The class should enable students to apply the most important notions of environmental and energy economics to basic policy analysis.

    Description du contenu de l'enseignement :
    The course will study the following topics: Externalities, Fixed Costs and Information; The Static Model of Optimal Internalization of Externalities (the Pigouvian approach); The Measurement of Externalities (abatement cost, loss of option value, the Coasean critique); Energy and Sustainable Development; Electricity Markets and the interaction of Carbon and Electricity Markets.
    The class will provide students with an overview of key concepts in both environmental economics and energy economics with a special focus on the performance of European electricity markets. The class will develop those notions in a framework alternating between private and social utility maximisation

    Enseignant responsable :

    • JAN-HORST KEPPLER

  • Topics in labour markets

    Topics in labour markets

    Ects : 6
    Compétence à acquérir :
    After attending the course, the students will have acquired the tools that are necessary to analyse public policies in the field of labour. They will also have an excellent mastering of the nature of these policies and be equipped to make policy recommendations in the field of labour.

    Description du contenu de l'enseignement :
    This course will cover a number of topics at the frontier of current research in labour economics: Inequality, income redistribution, job search, unions, discrimination, labour contracts, employment protection etc.
    The objective of the course is to provide students with advanced knowledge of a series of topics that are key to public policy in the field of labour. The course will cover both the theoretical and empirical aspects of all topics. It will also systematically discuss the relevant policy implications.

    Enseignant responsable :

    • EVE CAROLI

Specialization courses - Field Macro and Finance - 18 ECTS to choose

  • Topics in labour markets

    Topics in labour markets

    Ects : 6
    Compétence à acquérir :
    After attending the course, the students will have acquired the tools that are necessary to analyse public policies in the field of labour. They will also have an excellent mastering of the nature of these policies and be equipped to make policy recommendations in the field of labour.

    Description du contenu de l'enseignement :
    This course will cover a number of topics at the frontier of current research in labour economics: Inequality, income redistribution, job search, unions, discrimination, labour contracts, employment protection etc.
    The objective of the course is to provide students with advanced knowledge of a series of topics that are key to public policy in the field of labour. The course will cover both the theoretical and empirical aspects of all topics. It will also systematically discuss the relevant policy implications.

    Enseignant responsable :

    • EVE CAROLI

  • International Macroeconomics & Trade

    International Macroeconomics & Trade

    Ects : 6
    Compétence à acquérir :
    After attending the classes, the students will have a decent understanding of the intertemporal approach of the current account, and how to use it to address some key issues in international macroeconomics. They will also master the cutting-edge research at the frontier between international macroeconomics and international trade, and how to think about economic policy in this global framework.

    Description du contenu de l'enseignement :
    The course is a topics course in international macroeconomics, which also uncovers the recent advances in international trade that put emphasis on the role of firm heterogeneity. It will rely on the theoretical modelling of the New Open Economy Macroeconomy framework (Obstfeld& Rogoff, 1995), which embeds explicit microfoundations in a dynamic general equilibrium perspective. A first part of the course focuses on international macroeconomics issues: How can an open economy use her current account to adjust to exogenous shocks? How can we model international risk sharing, how can we understand the current global imbalances? In the second part, we will study the recent advances in international macroeconomics that incorporate elements from the international trade literature, by modeling the role of the extensive margin of trade à la Mélitz (2005) in an international macroeconomic setting.
    The objective of the course is to introduce some key topics of interest in the field of international macroeconomics, and to provide the students with the modelling framework to address them. In complement with the standard textbook, the students will be trained to read leading research articles on these issues.
     

    Enseignant responsable :

    • LISE PATUREAU

  • Business Cycles and Stabilisation Policies

    Business Cycles and Stabilisation Policies

    Ects : 6
    Compétence à acquérir :
    After having attended the classes, the students should be able to technically employ rational expectation model to determine an optimal policy, rank them using a welfare criterion, and discuss what are the determinants that make the policy (in)effective.

    Description du contenu de l'enseignement :
    The lectures provide insight into how to craft an optimal policy to stabilize an economy. Policymakers have several sets of policy instruments available to stabilize the business cycles of an economy and thus reduce the welfare cost of business cycles. These instruments are referred to as fiscal policy, monetary policy and macroprudential policies and can be employed to the stabilization of output, inflation and the financial system. The lecture aims at introducing how these instruments can be implemented optimally, and how these policy tools may have spillovers effects on one another.
    The lectures offer an introduction to the derivation of a welfare criterion into a linear-quadratic framework to determine the optimal policy. These policy regimes can thus be ranked by comparing the utility level of each policy regime provided. Regarding fiscal policy, the lecture offer a discussion on the fiscal multipliers in DSGE models.
    The objective of the course is to provide theoretical foundations of the design of optimal policies and discuss the effectiveness of stabilization policies (monetary policies, fiscal policies and macroprudential policies) in up to date New Keynesian Models.

    Enseignant responsable :

    • GAUTHIER VERMANDEL
    • ANNE EPAULARD

  • Asset pricing

    Asset pricing

    Ects : 6
    Compétence à acquérir :
    After attending the class, the students will be able to address issues related to the behaviors of agents and prices on financial markets on theoretical and empirical grounds.

    Description du contenu de l'enseignement :
    The course will cover the following topics: Decision Making under Uncertainty; Mean-Variance Analysis and the CAPM; Arbitrage Pricing Theory and Factor Models; Equilibrium Consumption-based Asset Pricing; Dynamic Equilibrium Asset Pricing Models; Estimation and Evaluation of Asset Pricing Models; Asymmetric Information and Asset Prices; Illiquidity and Asset Prices; Behavioral Asset Pricing ; Limits to Arbitrage.
    In this course, we will discuss a wide range of topics ranging from no arbitrage, state prices, consumption-based asset pricing, and factor models to more special topics including asymmetric information and behavioral finance.

    Enseignant responsable :

    • JEROME DUGAST

Mandatory - Field Theory - 9 ECTS to choose

  • Market Design and Information Design

    Market Design and Information Design

    Ects : 3
    Compétence à acquérir :
    After having attended the classes, the students should be able to address theoretical and applied problems in the fields of market design and information design and to come up with their own research questions in these areas.

    Description du contenu de l'enseignement :
    This is a topics course in microeconomics. In the first part (5 lectures), it covers recent developments on the allocation of resources on markets not necessarily governed by prices, with an emphasis on the allocation of human organs to patients and the allocation of public-school places to children through centralized mechanisms. In the second part, it introduces a recent literature on the choice of an information structure by a designer (or principal) for an agent or a set of agents who interact strategically in an asymmetric information setting.
    The objective of the course is to present the recent developments in the fields of microeconomics that address the issue of allocating resources under two specific contexts of market failures : how should markets be designed when they are not governed by prices, and how information itself should be designed under informational asymmetries across agents.

    Enseignant responsable :

    • SIDARTHA GORDON

  • Transport and variational problems in economics

    Transport and variational problems in economics

    Ects : 3
    Compétence à acquérir :
    After attending the classes, the students will be able to address the mathematical theory of optimal transport and make use of it to have an in-depth analysis of related applied economic issues.

    Description du contenu de l'enseignement :
    In this course after introducing tools from convex duality and optimal transport we will see how they can be used in various problems in economics such as matching, congestion games and congested transport, principal-agent problems, urban economics, …
    The course is a topics course at the frontier of mathematics and microeconomics. It aims at presenting the basics of the mathematical theory of optimal transportation and how it can be applied in various economic contexts.

    Enseignant responsable :

    • GUILLAUME CARLIER

  • Individual and collective decisions

    Individual and collective decisions

    Ects : 3
    Compétence à acquérir :
    After having attended the classes, the students will know about standard models of individual and collective decision making. They will master the analysis of an individual decision-making problem within a given model, as well as a deep understanding of the standard models of collective decision making, the axiomatic approach to collective decision making and the properties of several voting rules.

    Description du contenu de l'enseignement :
    The course investigates the process of decision making, both at an individual and collective level. It starts with the analysis of individual decision making. The analysis of collective decision making comes as a natural extension: What if there are several individuals with conflicting preferences who, nevertheless, have to choose an option which will be common to all of them? This raises the problem of aggregating individual preferences into a collective one. This drives us to introduce fundamental concepts and results on preference aggregation, with particular emphasis on the majority rule and Arrow’s Impossibility Theorem. We also present an account of voting rules, as an application.
    The objective of the course is to present the fundamentals of decision making both at an individual and collective level.

    Enseignant responsable :

    • MEHMET REMZI SANVER
    • JEAN-PHILIPPE LEFORT

  • Behavioral Finance

    Behavioral Finance

    Ects : 3
    Compétence à acquérir :
    After having attended the classes, the students will be able to address the key issues in the field of behavioral finance and to come up with their own research questions in this area.

    Description du contenu de l'enseignement :
    The course will introduce students to this relatively new sub-discipline of finance which incorporates insights from cognitive and social psychology into finance. In the past 20 years, behavioral finance has emerged as an important stream of thinking in finance. Relaxing the traditional assumptions of finance models has proved a fruitful way of understanding financial decision-making. The course will address the following topics: The cognitive biases evidenced by cognitive psychologists; Financial anomalies and their interpretations through a behavioural finance lens; The implications of behavioural finance for investors and corporate financial policy.
    The objective of the course is to introduce students to behavioral finance which brings together finance, cognitive psychology and social psychology. They will be exposed to the state-of-the art research on this expanding field in finance.

    Enseignant responsable :

    • MARIE-PIERRE DARGNIES

Mandatory - Field Social and public policies - 9 ECTS to choose

  • Market Design and Information Design

    Market Design and Information Design

    Ects : 3
    Compétence à acquérir :
    After having attended the classes, the students should be able to address theoretical and applied problems in the fields of market design and information design and to come up with their own research questions in these areas.

    Description du contenu de l'enseignement :
    This is a topics course in microeconomics. In the first part (5 lectures), it covers recent developments on the allocation of resources on markets not necessarily governed by prices, with an emphasis on the allocation of human organs to patients and the allocation of public-school places to children through centralized mechanisms. In the second part, it introduces a recent literature on the choice of an information structure by a designer (or principal) for an agent or a set of agents who interact strategically in an asymmetric information setting.
    The objective of the course is to present the recent developments in the fields of microeconomics that address the issue of allocating resources under two specific contexts of market failures : how should markets be designed when they are not governed by prices, and how information itself should be designed under informational asymmetries across agents.

    Enseignant responsable :

    • SIDARTHA GORDON

  • Advanced Health economics

    Advanced Health economics

    Ects : 3
    Compétence à acquérir :
    After having attended the classes, the students should be able to take up the reading of most research papers in health economics. They will be able to know how to gather sensible literature to write a comprehensive international survey on any policy question in health economics.

    Description du contenu de l'enseignement :
    The course addresses the main issues in Health Economics at an advanced level: Design and regulation of health insurance (efficiency and coverage), Managed competition systems; The impact of health insurance on medical prices (coverage of demand, medical networks), Physician agency, Hospital competition under fixed prices and quality of care, Equity in Cost-Benefit Analysis. These subjects are all linked to current policy questions in most countries: Is it important for efficiency to put copayments in place, i.e. to limit coverage for an efficient use of healthcare? Are managed competition systems effective in promoting price competition between insurers, or do they encourage patient selection? Does supplementary health insurance encourage balance billing in France? Do medical networks implemented by some insurers contribute to limit prices? Is there a risk that hospital payment systems that are based on lump-sum payments per stay encourage a decrease in the quality of hospital care? Currently medical evaluation to decide on the reimbursements of medical innovations and pharmaceutical products are based on the cost per Qaly, which raises ethical concerns because individual preferences and impacts on redistribution are not taken into account: How to introduce equity in Cost-Benefit Analysis?
    The objective of the course is to present the state of the art as concerns the treatment of the main current issues in health economics.

    Enseignant responsable :

    • BRIGITTE DORMONT

  • Empirical methods for valuation in cost benefit analysis

    Empirical methods for valuation in cost benefit analysis

    Ects : 3
    Compétence à acquérir :
    After having attended the classes, the students will have a decent understanding of the core concepts used in CBA; have knowledge on preference elicitation techniques. They will master the data requirements, advantages and limits of the different methods. They will also have acquired a solid knowledge of the main steps to construct a CBA.

    Description du contenu de l'enseignement :
    Cost benefit analysis is a tool widely used by public and private organizations to inform decision making. The objectives of the course are to provide the students with insights on the main concepts used cost benefit analysis, as well as their application in a case study. The main focus will be on the empirical methods used to assess the benefits of a policy with a lens on environmental valuation. In particular, the valuation of non-monetary impacts (for example, the effects of air pollution on mortality and morbidity) will be addressed.
    The objective of the course is to provide a comprehensive view of what a cost benefit analysis (CBA) is, where are the values used for the “B” in CBA derived from, what data is required to derive them, as well as the limits of CBA. The course will focus on empirical methods for deriving environmental valuation.
     

    Enseignant responsable :

    • ANNA CRETI

  • Policies in developing countries

    Policies in developing countries

    Ects : 3
    Compétence à acquérir :
    The course is based on contemporary research, that the students will be required to read and that we will discuss in class. After having attended the classes, the students will therefore understand the main challenges related to policies in developing countries and know what the most recent evolutions in this literature are. They will also be able to critically assess research work.

    Description du contenu de l'enseignement :
    The very large efforts carried out by countries and international organizations to increase income and fight poverty have been unequally successful. While some countries have seen impressive growth in the last 30 years, 736 million people were still leaving in extreme poverty as of 2015. This observation raises questions about policies that we discuss in this course. It is divided in two parts. The first part of the course will primarily examine the main determinants of foreign aid allocation as well as the influence of aid on different components of the economic and political development in poor countries. The second part of the course provides insights into social policies in developing countries, with a focus on the instruments and the political economy of the implementation of policies.
    The overall objectives of this course are to provide students with an overview of policies in developing countries, with a focus on their international financing, the different types of instruments and the political economy of policy implementation. It will notably aim at understanding the interlinkages between aid allocation and aid effectiveness, recipient-country characteristics related to economic development and political liberalization, and the difficulties to capture these relationships empirically.

    Enseignant responsable :

    • VERONIQUE GILLE
    • LISA CHAUVET

Mandatory - Field Macro and Finance - 9 ECTS to choose

  • Research Methods in Monetary Economics

    Research Methods in Monetary Economics

    Ects : 3
    Compétence à acquérir :
    After attending the classes, the students will have a solid knowledge of a wide range of classic and timely issues in monetary theory and policy, such as the interplay between money and credit, optimal monetary policies, monetary unions, over-the-counter markets, and crypto-currencies.

    Description du contenu de l'enseignement :
    The course starts with a review of the main macroeconomic models of money (MIU, CIA, NK-DSGE). The rest of the course is then dedicated to a hands-on presentation of the New Monetarist framework where the frictions that give rise to money and credit are explicitly modeled, thereby creating a natural environment to understand the role of money, credit and intermediation. The course presents the main financial and trade frictions (private information, limited commitment, search) that are key to the concepts of money and liquidity. The formal framework is then applied to a range of important topics, such as the relationships among liquidity, asset prices, monetary policy, the dynamics of over-the-counter markets, crypto-currencies and cashless economies.
    The goal of this course is to train students to modern research methods in monetary economics and policy. The course will allow students to get familiar with state-of-the-art monetary theory and acquire key research tools and models in monetary and financial economics.

    Enseignant responsable :

    • RICHARD DUTU

  • Advanced Macroeconomics: Frictions & Policies

    Advanced Macroeconomics: Frictions & Policies

    Ects : 3
    Compétence à acquérir :
    After having attended the classes, students will know how to include financial frictions to determine the dynamics of loans and asset prices of the economy. On both issues, a careful reading of academic papers will give them the most up-to-date research on the topic, and the appropriate tools to understand the relevant policy implications.

    Description du contenu de l'enseignement :
    The standard real business cycles model features a reduced form for both financial and labor markets. The main of these lectures is to present the recent set of frictions on the labor and financial markets that extend the benchmark RBC model, and thus allowing the latter to reproduce the dynamics of loans, employment rate, asset prices into a rational expectations model. The lectures are thus split in two parts. The first part is dedicated to the introduction of financial frictions into the monetary system. The starting point of the lecture is cash-in-advance constraints, and then are continued to more elaborated financial frictions models from collateral constraints to the financial accelerator model. In the second part of the course, we will study the recent development in the macroeconomics of the labour market that includes search and matching labour market frictions in a dynamic general equilibrium setting. In complement with the presentation made in the reference textbook, we will study some leading research articles that embed search and matching frictions in the DSGE approach, and how to think about labor market policies in this setting.
    The objective of the course is to provide a presentation of the role of frictions on financial and labor markets on the cyclical behaviors of the main macroeconomic variables, and the induced consequence for the stabilization policy.

  • Behavioral Finance

    Behavioral Finance

    Ects : 3
    Compétence à acquérir :
    After having attended the classes, the students will be able to address the key issues in the field of behavioral finance and to come up with their own research questions in this area.

    Description du contenu de l'enseignement :
    The course will introduce students to this relatively new sub-discipline of finance which incorporates insights from cognitive and social psychology into finance. In the past 20 years, behavioral finance has emerged as an important stream of thinking in finance. Relaxing the traditional assumptions of finance models has proved a fruitful way of understanding financial decision-making. The course will address the following topics: The cognitive biases evidenced by cognitive psychologists; Financial anomalies and their interpretations through a behavioural finance lens; The implications of behavioural finance for investors and corporate financial policy.
    The objective of the course is to introduce students to behavioral finance which brings together finance, cognitive psychology and social psychology. They will be exposed to the state-of-the art research on this expanding field in finance.

    Enseignant responsable :

    • MARIE-PIERRE DARGNIES

  • Banking economics

    Banking economics

    Ects : 3
    Compétence à acquérir :
    The course will allow students to get familiar with formal tools for the analysis of the economics of banking and financial regulation. Students will be confronted with real-world examples of banking regulation and will gain understanding on important issues that have been at the center of the policy debate over the last years, such as the on- and off-balance sheet activities of financial institutions, the separation of banking and other financial industries, and contagion across financial institutions.

    Description du contenu de l'enseignement :
    The course develops the theory of banking and financial intermediation. It starts by reviewing basic concepts in financial and banking economics. What are financial intermediaries and what is their role in the economy? Why are banks special? The course then presents formal frameworks for the analysis of the banking system, financial fragility and the occurrence of financial crises, as well as the policy responses to financial fragility (suspension of convertibility, deposit insurance, narrow banking, bailouts).
    The objective of the course is to provide the tools to examine important aspects of the design and implementation of banking regulation. Topics that will be reviewed include the role of asymmetric information, the types of banking regulation, the role of deposit insurance and capital requirements, the lender-of-last-resort function of the central bank, the role of market discipline.

Research seminar - Field Theory - 3 ECTS to choose

  • Research seminar in Market regulation

    Research seminar in Market regulation

    Ects : 3
    Compétence à acquérir :
    Work in this seminar is aimed to provide students with key skills in terms of research paper writing, research oral presentation, while at the same time build their knowledge of the most important issues in market regulation.

    Description du contenu de l'enseignement :
    This research aims at presenting and discussing the state-of-the-art research papers in the different fields of economics that involve thinking about market regulation. The seminar is organized in six sessions. After an introductory class, sessions will be devoted to the critical assessment of articles recently published in top or top field journals. Each paper will be presented by one student and up to three students acting as “referees”, who will have to discuss the presentation and the paper itself.
    The objective of the course is to get students familiar with the main issues in market regulation, with a particular emphasis on environmental and energy markets regulations, and on competition policy in world of massive data (barriers to entry, collusion, privacy). Depending on the topic, the course will cover the recent empirical studies that approach these topics by using advanced econometric methods, or will show how theoretical models help explain and interpret facts or scenarios.

    Enseignant responsable :

    • BERTRAND VILLENEUVE

Research seminar - Field Social and public policies - 3 ECTS to choose

  • Research seminar: International trade and development

    Research seminar: International trade and development

    Ects : 3
    Compétence à acquérir :
    The objective of the course is threefold. First, students will deepen their knowledge in the macroeconomics of development and economic history. Second, students will learn how to read efficiently research papers with a critical view, which constitutes one important aspect of the academic life (participating to research seminars, acting as a referee, reading colleagues’ papers to help them improve the argument and the exposition, etc.). Third, students will improve their skills in econometrics and empirical analysis by reading and discussing several empirical papers.

    Description du contenu de l'enseignement :
    The students will read and comment on papers that investigate the role of international trade, human capital, and institutions in historical economic development. This literature helps understand some important current debates in economics, for instance: can exporting natural resources be a good strategy for a country to develop? Is protectionism detrimental for economic development? What trade strategies have been implemented by fast-growing Asian countries in the late twentieth century?
    Work in this seminar is aimed to provide students with key skills in terms of research paper reading and referring, while at the same time build their knowledge of the most important issues in long-term economic development.

    Enseignant responsable :

    • GUILLAUME DAUDIN
    • ELISE HUILLERY

  • Research seminar: Health and Ageing

    Research seminar: Health and Ageing

    Ects : 3
    Compétence à acquérir :
    This seminar is aimed to provide students with key skills in terms of research paper writing, while at the same time build their knowledge of the most important issues in Health and Ageing.

    Description du contenu de l'enseignement :
    This is a research seminar that presents the cutting-edge research in Health and Ageing. Possible topics are the following: The effects of retirement on health; Causes and consequences of cognitive ageing; Long-term care and long-term care insurance; Health insurance: Impact of on medical prices and access to care; Competition in health insurance and supplementary health insurance; Hospital heterogeneity in hospital payment systems.
    The objective of the course is to get students familiar with the main issues in Health Economics, and the main challenges of population ageing. The course will cover the recent empirical studies that approach these topics by using advanced econometric methods.

    Enseignant responsable :

    • ERIC BONSANG
    • BRIGITTE DORMONT

  • Research seminar: Topics in Labor and Education

    Research seminar: Topics in Labor and Education

    Ects : 3
    Compétence à acquérir :
    After attending the seminar, the students will have an in-depth knowledge of the state-of-the-art research in the fields of labour and education economics. They will also know how to read efficiently research papers with a critical view, which is key to come up with an original project of their own.

    Description du contenu de l'enseignement :
    This seminar aims at presenting the recent advances in Labour and Education Economics, and providing students with key skills for conducting research and writing papers. Each session, the students have to prepare a given list of leading research articles given by the teachers (from the beginning of the course). Some will present the papers while the others will act as referees on the selected papers.
    The objective of the course is to start thinking as a researcher: Understand and critically assess economic papers in Labour and Education, in order to be able to start research projects on these themes.

    Enseignant responsable :

    • EVE CAROLI

Research seminar - Field Macro and Finance - 3 ECTS to choose

  • Research seminar in Market regulation

    Research seminar in Market regulation

    Ects : 3
    Compétence à acquérir :
    Work in this seminar is aimed to provide students with key skills in terms of research paper writing, research oral presentation, while at the same time build their knowledge of the most important issues in market regulation.

    Description du contenu de l'enseignement :
    This research aims at presenting and discussing the state-of-the-art research papers in the different fields of economics that involve thinking about market regulation. The seminar is organized in six sessions. After an introductory class, sessions will be devoted to the critical assessment of articles recently published in top or top field journals. Each paper will be presented by one student and up to three students acting as “referees”, who will have to discuss the presentation and the paper itself.
    The objective of the course is to get students familiar with the main issues in market regulation, with a particular emphasis on environmental and energy markets regulations, and on competition policy in world of massive data (barriers to entry, collusion, privacy). Depending on the topic, the course will cover the recent empirical studies that approach these topics by using advanced econometric methods, or will show how theoretical models help explain and interpret facts or scenarios.

    Enseignant responsable :

    • BERTRAND VILLENEUVE

  • Research seminar: Macroeconomics and finance

    Research seminar: Macroeconomics and finance

    Ects : 3
    Compétence à acquérir :
    This seminar is aimed to provide students with key skills in terms of research paper writing, while at the same time build their knowledge of the most important issues in Macrofinance.

    Description du contenu de l'enseignement :
    This research seminar studies the recent key issues in macroeconomics and macro-finance, including financial regulation. Each week, the students have to prepare a given list of leading research articles given by the teachers (from the beginning of the course). Some will present the papers while the others will act as referees on the selected papers.
    The objective of the course is to start thinking as a researcher: Understand and critically assess economic papers in Macroeconomics, with particular focus on macro-financial linkages, in order to be able to start research projects on these themes.

    Enseignant responsable :

    • ANNE EPAULARD
    • RICHARD DUTU

Academic Training Year 2020 - 2021 - subject to modification

Teaching Modalities

All courses in the Quantitative Economic Analysis track are taught in English and in lecture format. In some cases, part of the session may be devoted to correcting exercises and/or data processing. As the program emphasizes research training, students will frequently read research articles, with the possibility of presenting some of them in front of the class. The first semester goes from September to December. The second semester starts in January and ends in early May. On completing each semester, students will receive 30 ECTS credits.

There are two mandatory courses during the first semester:Information EconomicsandIntroduction to Machine Learning. The selection of other courses depends on the student's chosen specialization, out of 3 options:Social and Public Policies,Theory, andMacroeconomics and Finance. During the first semester, courses should be selected within two distinct blocks: Quantitative Methods and Specialization Courses. During the second semester, students take three courses and a research seminar corresponding to their specialization. During the second semester, students must also write a dissertation, to be submitted and defended in June. There will be a poster session sometime in March for students to present their progress to the class and the instructors.

Internships and Supervised Projects