Helsinki GSE Master’s programs offer a wide selection of courses covering all the main fields of economics. Our courses enable our students to learn the essential core of economics at an advanced level, while providing them with the possibility to tailor their education according to their specific interests.

Helsinki GSE students can take economics courses from each of the three Helsinki GSE universities: Aalto University, Hanken School of Economics and University of Helsinki. Academic year 2021-2022 courses are listed below. These courses are missing on the list but will be added there as soon as the course schedules are published in the new academic administration system Sisu:

  • UH (AGERE): Advanced Natural Resource Economics (AGERE-E09), in period 4 (MSc and PhD level course)
  • UH (AGERE): Cost-Benefit analysis MOOC (AGERE-002), in period 4 (MSc level course)
  • UH (AGERE): Environmental Economics II: Mechanisms (AGERE-E02), in period 3 (MSc and PhD level course)
  • UH (AGERE): General Equilibrium Modelling (AGERE-004), in period 4 (MSc level course)
  • UH (AGERE):Introduction to Dynamic Optimization (AGERE-E08), in period 3 (MSc and PhD level course)
  • AU: Structural Econometrics 1 (ECON-L6100), in period 2 (PhD and rMSc level course)
  • AU: tructural Econometrics 2 (ECON-L6200), in period 3 (PhD and rMSc level course)
  • AU: Topics In Game Theory (code TBA), in period 2 (PhD and rMSc level course)

Please confirm the correctness of the course information from the course host university’s study register Sisu/WebOodi and check which courses are included in your home university’s curriculum. All the PhD students are advised to contact their supervisors to be sure that the course credit can be counted toward their degree. Links to the curriculums of Master’s Programs at the Helsinki GSE member universities are listed here:

  • Advanced Econometrics 1 (ECOM-R314)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    This course introduces the basic methods used in the linear regression analysis of economic variables. The classical finite sample theory and asymptotic analysis of the linear regression model as well as the necessary methodological tools required for these topics are covered. Specifically, the topics covered in the course include

    • Classical finite sample theory in the linear regression model
    • The basics of asymptotic theory
    • Asymptotic theory in the linear regression model
    • Autocorrelation, heteroskedasticity and dynamic regressors
    • Specification tests
    • Omitted variables, instrumental variables and the two-stage least squares estimator (2SLS)

     

    Learning outcomes:

    After the course, the student should

    • Know the main properties and limitations of the linear regression model
    • Be familiar with the basics of asymptotic analysis
    • Be able to employ the linear regression model and related inferential methods in empirical research

     

    • Instructor: Mika Meitz
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L4100
      Hanken: 26053
      UH: ECOM-R314
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 9 Sep 2021 – 17 Dec 2021
  • Advanced Econometrics 2 (ECOM-R315)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    This course moves beyond the standard linear regression model and conventional least squares estimation. Important econometric estimation principles, such as generalized method of moments and maximum likelihood estimation, are covered and the related statistical inference procedures discussed. Basic concepts of simulation-based methods are also introduced. Specifically, the topics covered in the course include

    • Generalized method of moments estimation (basic concepts, asymptotic estimation theory, statistical inference)
    • Maximum likelihood estimation (basic concepts, asymptotic estimation theory, statistical inference)
    • Simulation methods (Monte Carlo simulations, Bootstrap)

    Learning outcomes:

    After the course, the student should know the properties of the estimators introduced and be able to apply them and the related inferential procedures in empirical work. The course should also give a solid foundation for the study of more specialized microeconometric and time series methods.

    • Instructor: Mika Meitz
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L4200
      Hanken: 26054
      UH: ECOM-R315
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 4 Nov 2021 – 28 Feb 2022
  • Advanced Econometrics 3: Macroeconometrics (ECOM-R321/DPE-9321)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: TBA on Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    This course covers a number of models and methods employed in time series econometrics. The emphasis is on univariate models, but vector autoregressive models are also discussed. Specifically, the topics covered on the course include the following:

    • Basic time series concepts
    • Methods for stationary univariate data: ARMA models, ARCH models
    • Nonstationarity (unit roots, cointegration)
    • Vector autoregressive models

     

    After the course, the student should

    • Know the basic properties of the time series models and the related methods introduced
    • Be able to critically follow empirical research that employs them
    • Be able to apply them in empirical research
    • Have the basic knowledge for more advanced methodological and applied studies in time series econometrics

     

    • Instructor: Mika Meitz
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L4300
      Hanken: 26055
      UH: ECOM-R321 (MSc code) / DPE-9321 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 20 Jan 2022 – 5 May 2022
  • Advanced Econometrics 4: Microeconometrics (ECON-L4400)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    This course covers a number of central models and methods employed in modern microeconometric research. The emphasis is on different types of dependent variables and data structures (cross section and panel data). The connection between economic theory and empirical methods is emphasized. Specifically, the topics covered in the course include
    1. Discrete choice models
    2. Tobit models
    3. Sample selection models
    4. Survival / duration analysis
    5. The bounds approach
    6. Panel data estimators
    7. Calculation of standard errors

    Learning Outcomes:

    After the course, the student should know the basic properties and limitations of the microeconometric models discussed, and be able to implement them in empirical research. The student also appreciates the connections between economic theory and empirical methods. The course also works as a foundation for more ad-vanced methodological and applied courses in microeconometrics.

    • Instructor: Ciprian Domnisoru
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L4400
      Hanken: 26056
      UH: ECOM-R320 (MSc code) / DPE-9320 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 15 Mar 2022 – 11 May 2022
  • Advanced Macroeconomics 1 (ECOM-R312)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: Courses page  (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    This course introduces students to macroeconomics and dynamic economic analysis at the graduate level, focusing on the workhorse models of economic growth. It starts with the Solow growth model, moving on to cover the deterministic version of the neoclassical growth model, both in discrete and continuous times, and solves it using an infinite horizon Lagrangian/Hamiltonian. The course introduces dynamic programming and value function iteration methods and compares them with the above-mentioned methods in the same model environment. The interaction of different generations is analyzed using the basic overlapping generations model. Finally, a short introduction to endogenous technological change is given.

     

    Learning outcomes:

    After the course, the student should

    • Understand and be able to reproduce the deterministic version of the Ramsey-Cass-Koopman macroeconomic model, in both discrete and continuous time (infinite horizon Lagrangian and Hamiltonian techniques)
    • Be able to solve the models with dynamic programming and value function iteration methods and understand the advantages of the model over the Lagrangian/Hamiltonian structures
    • Understand how the baseline overlapping generation model can be used to analyze the interactions between different generations

     

     

    • Instructor: Oskari Vähämaa
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L3100
      Hanken: 26049
      UH: ECOM-R312
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 7 Sep 2021 – 16 Dec 2021
  • Advanced Macroeconomics 2 (ECOM-R313)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The course builds upon the models studied in the Advanced Macroeconomics 1 course, further introducing uncertainty, capital market incompleteness and general equilibrium stochasticity. As another application of recursive and stochastic macroeconomic models, it introduces search and matching theory for the analysis of labour market issues.

    Learning outcomes:

    After the course, the student should

    • Understand and be able to solve macroeconomic models with incomplete markets (in particular, the concepts of idiosyncratic uncertainty, borrowing constraint, and stationarity issues as covered in partial and general equilibrium setups)
    • Understand the search and matching theory applied to macroeconomic models of the labour market (in particular, concepts such as labour market tightness and reservation wages as determinants of the unemployment rate)

     

     

    • Instructor: Oskari Vähämaa
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L3200
      Hanken: 26050
      UH: ECOM-R313
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 1 Nov 2021 – 4 Mar 2022
  • Advanced Macroeconomics 3: Monetary Policy Models (ECOM-R319/DPE-9319)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: TBA on Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The course starts with an introduction to business cycle facts and methods. Then we present the main theoretical concepts and methods for solving and calibrating linear stochastic dynamic general equilibrium (DSGE) models. Then we study why the monetary policy is neutral in classical, RBC-type macro models and explain a special case where it is not. The classical model is augmented with imperfect competition and price rigidities, leading to the canonical new Keynesian model. Next, various monetary policy rules are studied in this framework. We also study the zero lower bound restriction of nominal interest rates on monetary policy and the resulting extensions to the basic framework. This builds a bridge to study the interaction of fiscal and monetary policies. Discretion and commitment in monetary policy making is introduced. We also study the open economy dimension of monetary policy.

    Learning outcomes:

    After the course, the student should

    • Be able to calculate stylised facts using macroeconomic data
    • Be able to linearise and solve linear dynamic models
    • Be able to derive and solve the New Keynesian model and compare the welfare effects of alternative monetary policy rules
    • Understand optimal monetary policy in the basic New-Keynesian framework
    • Understand the time-consistency problem in the basic New-Keynesian framework
    • Understand the effect of the zero lower bound
    • Be able to describe the interaction between monetary and fiscal policy
    • Be able to describe how the open-economy setting alters the previous results

     

    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L3300
      Hanken: 26051
      UH: ECOM-R319 (MSc code) / DPE-9319 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 18 Jan 2022 – 6 May 2022
  • Advanced Macroeconomics 4: Real Business Cycles (ECOM-R318/DPE-9318)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: TBA on Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The course starts with an introduction to real business cycle model (RBC). It extends it to various directions such as open economy and asset pricing. Finally, the course introduces incomplete markets models.

    Learning outcomes:

    After the course, the student should

    • Understand and master the real business cycle model (RBC)
    • Be able to augment the RBC model with other economic features and shocks
    • Understand the asset pricing in general equilibrium models
    • Understand incomplete markets models

     

    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L3400
      Hanken: 26052
      UH: ECOM-R318 (MSc code) / DPE-9318 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 16 Mar 2022 – 30 May 2022
  • Advanced Microeconomics 1 (26045)

    Method of completion: remote teaching

    Schedule (24 hours lectures and 8 hours exercises): see the schedule below (please note that the Hanken WebOodi page is out of date at the moment [Jun 22th] related to the dates).

    Course material: Moodle learning platform

    Content:

    This is an advanced level theory course for research-career oriented master students (research master) and PhD students at Helsinki Graduate School of Economics (Aalto University & Hanken & University of Helsinki). The course studies individual economic decision making from the perspective of formal mathematical decision theory which is a very central building block of microeconomic theory. It rigorously defines the concepts of consistent choice, rational preferences, utility maximization, and studies their connections. It applies these concepts to the rational theory of consumer choice and studies its implications for observed choice patterns. The formal toolkit of decision theory is also extended and applied to model decision making under uncertainty. The concept of risk preference is defined and studied. Theoretical implications for the predicted choice patterns are studied. The participants also participate decision making experiments. They examine experimental and observational data to understand to which extent observed data complies with the predictions of the theories, and how models can be extended to allow for better explaining the data at a cost of making the theory more complex.

    Doctoral students can also take this course.

     

    Lectures (subject to change)

    Mon 6.9.2021: 14 – 16
    Tues 7.9.2021: 14 – 16

    Mon 13.9.2021: 14 – 16
    Tue 14.9.2021: 14 – 16

    Mon 20.9.2021: 14 – 16
    Tue 21.9.2021: 14 – 16

    Mon 27.9.2021: 14 – 16
    Tue 28.9.2021: 14 – 16

    Mon 4.10.2021: 14 – 16
    Tue 5.10.2021: 14 – 16

    Mon 11.10.2021: 14 – 16
    Tue 12.10.2021: 14 – 16

    Exercises (subject to change, the other exercise group may be cancelled)

    Group 1

    Mon 13.9.2021: 10 – 12
    Mon 27.9.2021: 10 – 12
    Mon 11.10.2021: 10 – 12
    Mon 18.10.2021: 10 – 12

    Group 2 – CANCELLED

    Final exam: Mon 25.10.2020, 10-12

    Retake exam: Wed 15.12.2020, 12-14

     

    Learning outcomes:

    After completing the course, you will be able to:

    • recognize the basic concepts and results in decision theory
    • read and follow academic research journal articles at the international reserach frontier
    • derive basic mathematical proofs of theorerical results using methods of proof by induction and contradiction, for instance
    • critically evaluate the role of simplifying rationality assupmtions in economic theory and economics, how explanatory power can be improved by relaxing these, and how there is a trade-off between simplicity of the model and its capacity to explain data
    • apply theoretical constructs and results to interpret empirical (and experimental) patterns and findings, and recognize their potential implications for the advancement of theory.

     

    • Instructor: Topi Miettinen
    • Organizer: Hanken School of Economics
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L2100
      Hanken: 26045
      UH: ECOM-R310
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 6 Sep 2021 – 25 Oct 2021
  • Advanced Microeconomics 2 (ECON-L2200)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: hybrid teaching (contact teaching + streaming, subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    In the first part of the course we study the basics of general equilibrium theory (GET): modelling, the existence of equilibrium, welfare theorems. The relationship between the equilibrium and the core is highlighted via the core convergence theorem. Finally, we study how GET can handle uncertainty.

    In the second part of the course we study non-strategic and non-market ways of allocating resources. These include Gale-Shapley algorithm, assignment models and frictional markets of directed search.

    Learning outcomes:

    After the course, the student should

    • Understand how individual preferences and choices aggregate into allocations in various non-strategic settings. These include perfect markets as modelled in general equilibrium theory, matching mechanism like Gale-Shapley algorithm, assignment models, and frictional markets.
    • Be able to construct and analyze general equilibrium models both under certainty and under uncertainty, use Gale-Shapley algorithm, understand how complementarities affect efficient allocation.

     

    • Instructor: Juuso Välimäki
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L2200
      Hanken: 26046
      UH: ECOM-R311
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 1 Nov 2021 – 20 Dec 2021
  • Advanced Microeconomics 3: Game Theory (ECON-L2300)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    • Strategic form games: pure and mixed strategies, dominant and dominated strategies, rationalizable strategies, Nash equilibrium
    • Extensive form games: sequential rationality, backward induction, sub-game perfect equilibrium, sequential equilibrium
    • Dynamic games of complete information: bargaining games, repeated games
    • Games of incomplete information: Bayesian Nash equilibrium, perfect Bayesian equilibrium

    Learning Outcomes:

    The students should become familiar with the central concepts of non-cooperative game theory and they should learn how to apply those in microeconomic applications. After this course they should be able to read research articles that use game theory as the method of analysis.

     

    • Instructor: Daniel Hauser
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L2300
      Hanken: 26047
      UH: ECOM-R316 (MSc code) / DPE-9316 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 17 Jan 2022 – 7 Mar 2022
  • Advanced Microeconomics 4: Information Economics (ECON-L2400)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    • Adverse selection and mechanism design.
    • Moral hazard and imperfect monitoring.
    • Dynamic models of incomplete information including signaling and cheap talk.
    • Selected applications, for example: auctions, bargaining, market microstructure, reputation formation.

    Learning Outcomes:

    This course introduces the students to topics and methods in modern information economics at the graduate level. After taking this course, the students are familiar with the analytical techniques used in microeconomics and have the necessary skills for modeling interactions under incomplete information.

     

    • Instructor: Jan Knoepfle
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L2400
      Hanken: 26048
      UH: ECOM-R317 (MSc code) / DPE-9317 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 14 Mar 2022 – 9 May 2022
  • Applied Macroeconometrics 1 (ECOM-411/DPE-9411)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: TBA on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The course provides an introduction to the methods of modern applied macroeconometrics. The different approaches currently employed in applied work are reviewed, including the basics of empirical dynamic stochastic general equilibrium (DSGE) models, but the main emphasis is on the vector autoregressive model and its application in economics. In particular, we concentrate on the identification of economic shocks by various methods and the use of the structural vector autoregressive framework in policy analysis. Applications in other fields besides macroeconomics may also be discussed. The emphasis is on the practical application of the methods.

    Learning outcomes:

    After the course, the student should

    • Be familiar with the main approaches to modelling macroeconomic data
    • Know the basic properties of the linear vector autoregressive (VAR) model
    • Understand the concept of the identification of economic shocks in structural VAR models, and be able to conduct structural analysis by short-run and long-run identification restrictions in the VAR model
    • Be able to apply methods of classical and Bayesian statistical inference in reduced-form and structural VAR models
    • Be able to report empirical research results obtained using the methods covered

     

     

    • Instructor: Markku Lanne
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: 26002
      UH: ECOM-411 (MSc code) / DPE-9411 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 14 Mar 2022 – 28 Apr 2022
  • Applied Macroeconometrics 2 (ECOM-412/DPE-9412)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: announced on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The course provides an introduction to the empirical implementation of DSGE models and deepens the knowledge of structural VAR models. In addition, the relationship between these two main approaches to empirical research in macroeconomics are discussed, including the validation of DSGE models by vector autoregressions and the DSGE-VAR model. Finally, identification of the structural VAR model by sign restrictions, often derived from DSGE models, is covered. The emphasis is on the practical application of the methods discussed in modelling macroeconomic data.

    Learning outcomes:

    After the course, the student should

    • Be familiar with the solution methods of dynamic stochastic general equilibrium (DSGE) models to the extent needed for their empirical implementation
    • Be able to estimate DSGE models, and use them for forecasting and dynamic analysis
    • Be aware of the relationship between vector autoregressive (VAR) and DSGE models
    • Understand how DSGE models can be validated by means of vector autoregressions, and be familiar with DSGE-VAR models
    • Know how structural VAR models can be identified by sign restrictions
    • Be able to apply methods of classical and Bayesian statistical inference in DSGE and structural VAR models
    • Be able to report empirical research results obtained using the methods covered

     

    • Instructor: Jani Luoto
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: 26028
      UH: ECOM-412
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 7 Sep 2021 – 13 Dec 2021
  • Applied Macroeconomics (UH, ECOM-410/DPE-9410)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: announced on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The goal of the course is to provide an introduction to the methods of modern applied, quantitative macroeconomics. The course builds on existing dynamic stochastic general equilibrium (DSGE) models. The aim is to learn to solve the model and to calibrate the model parameters, and to apply them in analyzing macroeconomic questions.

    Learning outcomes:

    After the course, the student should

    • Understand the solution algorithms of linear rational expectation models
    • Understand the basics of global solution algorithms
    • Be able to understand common equilibrium concepts
    • Be able to code the model with a matrix programming language
    • Be able to calibrate the model

     

    • Instructor: Timm Prein
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: no code
      UH: ECOM-410 (MSc code) / DPE-9410 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 7 Sep 2021 – 14 Oct 2021
  • Applied Microeconometrics I (31E00910)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: hybrid teaching (contact teaching + streaming, subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    The course covers identification based on observables, randomized control trials, difference-in-differences, instrumental variables and regression discontinuity design. The students will also use an econometric software in the analysis of data and estimations.

    Learning outcomes:

    The students learn the most common microeconometric methods typically used in applied research. Students also learn how to analyze critically estimation strategies and how to interpret empirical results. The course is especially suitable for students who want to use econometric methods in their master s thesis.

     

    • Instructor: Tuomas Pekkarinen
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / Helsinki 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E00910
      Hanken: 26003 / 26031 if completed as Applied Empirical Methods in Economics, 5 cr
      UH: ECOM-413 (MSc code) / DPE-9413 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 14 Sep 2021 – 26 Oct 2021
  • Applied Microeconometrics II (31E00920)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: hybrid teaching (contact teaching + streaming, subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    In Applied Microeconometrics I students learn the basic microeconometric tools and they get familiar with the econometric software. Applied Microeconometrics II has a more practical flavor. The students will build up on their knowledge of econometrics and economic theory in order to tackle a number of relevant empirical questions. The course will be a combination of (i) main lectures on some relevant topics that were not covered in Applied Microeconometrics I, (ii) presentation and discussion by students of research papers and (iii) problem sets. Please note that given nature of the course, class attendance is essential.

    Learning outcomes:

    This course is a follow-up to Applied Microeconometrics I. At the end of the course students will be able to master a number of empirical tools that can be used to analyze the impact of public policies and business strategies. The course is especially suitable for students who want to address an empirical question in their master s thesis.

     

     

    • Instructor: Ciprian Domnisoru
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / Helsinki 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E00920
      Hanken: 26018
      UH: ECOM-414 (MSc code) / DPE-9414 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 3 Nov 2021 – 14 Dec 2021
  • Behavioral Economics (26037/62638)

    Please note that, if you happen to find conflicting information between this page and WebOodi/Sisu page, consider the WebOodi/Sisu page the primary source of information.

    Method of completion: remote teaching/hybrid teaching (subject to COVID-19 restrictions)

    Schedule: the exact dates and the schedule will be announced in the schedule maker Schema (instructions on how to use Schema)

    Course material: Moodle learning platform

    Course description:

    During the course you will learn to understand the methods, central results, and theories of both experimental and psychological (behavioural) economics, and their relation to other fields of economics, and to microeconomics and industrial organization in particular. The course offers a master-level overview into behavioural decisions, behavioural games, dynamic behavioural decisions, experimental economics and experiment settings, as well as applications thereof.

    Doctoral students can also take this course with the code 62638, see Hanken Weboodi page. Please follow the schedule and the lectures of the MSc’s course.

     

    Learning Goal:

    You are familiar with modelling in economics and in particular the novel perspectives that behavioural economics provides. You have the capacity to apply the ideas to competition and consumer policy.

    After completing the course, you will be able to:

    • enlist and distinguish the various purposes of modelling in economics and in particular the novel perspectives that behavioural economics provides
    • recognize and explain some of the core behavioural economics concepts
    • solve theoretical behavioural economics models, derive economic implications and relate them to those of non-behavioural economic models
    • critically evaluate why mathematical models are applied in economics and what limitations they have

     

    • Instructor: Erik Wengström
    • Instructor: Xiaogeng Xu
    • Organizer: Hanken School of Economics
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09300
      Hanken: 26037 (MSc code) / 62638 (PhD code)
      UH: ECOM-G416 (MSc code) / DPE-9416 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 25 Oct 2021 – 10 Dec 2021
  • Capstone: Microeconomic Policy (31E99906)

    Hanken course name: “Microeconomic Policy”.

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: hybrid teaching (contact teaching + streaming, subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    Deviations from the competitive outcomes due to externalities, private information, imperfect competition, and missing markets. Policy solutions introduced conceptually and through real cases. Expert lectures on issues in specific sectors.

    Learning outcomes:

    This class has the objective of developing microeconomic theory for policymaking and market design. The material is applied to policy cases including regulations in telecommunication, competition law, insurance markets, environmental problems, patents and intellectual property, and market designs for the energy sector.  The students learn the basic conceptual motivations for policy designs, become familiar with the main policy questions in the sectors considered, and acquire analytical and reporting skills.

     

     

    • Instructor: Matti Liski
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / Helsinki 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E99906
      Hanken: 26017
      UH: no code (can't be included in the compulsory ECOM-G400 Field courses in economics study module)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 1 Nov 2021 – 13 Dec 2021
  • Competition Economics (26033)

    Please note that, if you happen to find conflicting information between this page and WebOodi/Sisu page, consider the WebOodi/Sisu page the primary source of information.

    Method of completion: remote teaching/hybrid teaching (subject to COVID-19 restrictions)

    Schedule: TBA

    Course material: Moodle learning platform

    Course Description

    This course presents a modern approach to competition economics with an emphasis on selected elements of strategic competition and on European competition policy. The participants are expected to have some knowledge of elementary models associated with the economics of strategy (game theory and oligopoly models). The course will focus on the following issues:

    • the definition of a relevant market
    • horizontal agreements, collusion and the enforcement of cartel laws
    • vertical agreements
    • concerted practices with a particular focus on the exchange of information between competitors
    • evaluations of mergers, in particular horizontal mergers
    • business practices in light of the prohibition to abuse market dominance
    • strategic creation of switching costs and loyalty-enhancing pricing strategies
    • price discrimination with a particular focus on history-based pricing
    • individualized pricing and privacy
    • the relationship between competition policy and sector-specific regulation.

    The course is linked to the contemporary legal framework in Europe, but is not a course in competition law. The course will present topical European competition cases and present an overview of the main methods used to evaluate competition policy cases.

    Learning goal

    You are acquainted with the central features of European competition law and its implementation from a theoretical as well as an empirical perspective.

    After completing the course, you will be able to:

    • design business strategies and pricing for firms in recognition of the central constraints imposed by competition law.
    • conduct market analysis in recognition of the central constraints imposed by competition law.

     

    • Instructor: Rune Stenbacka
    • Organizer: Hanken School of Economics
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09300
      Hanken: 26033
      UH: ECOM-418
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 14 Mar 2022 – 6 May 2022
  • Development Economics I (31E15000)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: hybrid teaching (contact teaching + streaming, subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    The course will consist of classroom lectures and exercise sessions. It will cover topics such as:

    • How poverty is defined and measured
    • The livelihoods of the poor:
      • agriculture
      • small businesses
    • Credit and financial services
    • Health
    • Impact evaluation
    • Growth theories
    • Institutions

    Learning outcomes:

    The course introduces students to central concepts in the study of developing countries and poverty. Students will:

    • Gain an overview of the field of development economics and major topics in policy and research within the field.
    • Practice the understanding and use of the most common statistical methods used in the empirical study of development economics, with a focus on causal inference.
    • Learn about ways to measure and define poverty, and the main explanations highlighted in the field of economics for differences in growth and income levels between rich and poor countries.

     

    • Instructor: Miri Stryjan
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / Helsinki 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E15000
      Hanken: 26010
      UH: ECOM-420
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 13 Sep 2021 – 29 Oct 2021
  • Development Economics II (31E16000)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    This course builds on the course “Development Economics I: Fundamentals” (Autumn 2019). It focuses primarily on (i) empirical analysis in development economics, and (ii) how such analysis/research can be applied to real-life policy questions facing developing countries. We will study economic behavior under different types of market and government failures. We will cover a number of active research fields in development economics, including institutions, corruption, education, health, agriculture, and credit. Gender will be explored as a cross-cutting theme. The course will also delve into some current debates regarding empirical methods/approaches in development economics. Separate exercise sessions (4x2h) concentrate on hands-on micro data analysis.

     

    Learning outcomes:

    The learning outcomes of this course are to help students (i) become conversant with a number of active research areas in development economics and empirical approaches they use; (ii) apply research findings to key public policy issues facing developing countries today; (iii) acquire some hand-on skills in data analysis (useful, e.g., for thesis research); and (iv) hone their academic writing skills.

     

    • Instructor: Ritva Reinikka
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / Helsinki 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E16000
      Hanken: 26011
      UH: ECOM-421 (MSc code) / DPE-9421 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 28 Feb 2022 – 13 Apr 2022
  • Econometrics 1 (ECOM-G314)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: announced on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The course provides an introduction to the empirical implementation of DSGE models and deepens the knowledge of structural VAR models. In addition, the relationship between these two main approaches to empirical research in macroeconomics are discussed, including the validation of DSGE models by vector autoregressions and the DSGE-VAR model. Finally, identification of the structural VAR model by sign restrictions, often derived from DSGE models, is covered. The emphasis is on the practical application of the methods discussed in modelling macroeconomic data.

    The course builds upon a Bachelor-level introductory course in econometrics. A central goal is to deepen the knowledge on the linear regression model in various directions, including regression with instrumental variables and heteroskedastic errors. In addition, maximum likelihood estimation and the related asymptotic tests are introduced.

    The course starts with a review of the linear regression model and the small-sample and asymptotic properties of the ordinary least squares estimator and statistical inference concerning its parameters. A large part of the course is devoted to the detection of and addressing violations of the basic assumptions of the linear regression model. In particular, statistical inference based on the ordinary least squares estimator under heteroskedastic or autocorrelated errors are considered. The instrumental variables and the generalised method of moments estimators, useful in the case of endogenous regressors as well as the method of maximum likelihood, widely applicable in econometrics, also introduced. Throughout the course, the emphasis is on the practical aspects of econometric modelling instead of the foundations of statistical inference. The models and methods are illustrated by means of Monte Carlo simulations and empirical applications.

    Learning outcomes:

    After the course, the student should:

    • Be very familiar with the interpretation of and statistical inference in the linear regression model in the cross-sectional context
    • Be familiar with the properties of the ordinary least squares, instrumental variables and the generalised method of moments estimators
    • Understand the basic properties of the maximum likelihood estimator and the related asymptotic tests
    • Be able to critically read empirical economic research employing methods covered in the course, to identify their potential methodological problems, to compare alternative econometric model specifications and to assess the adequacy of empirical results
    • Be able to apply the models and methods covered in the course in empirical research

     

     

    • Instructor: Markku Lanne
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: 2689 / 26031 if completed as Applied Empirical Methods in Economics, 5 cr
      UH: ECOM-G314
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 3 Nov 2021 – 2 Mar 2022
  • Economic Growth (ECOM-427, former Globalization and Growth)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: TBA on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The course considers growth models, how to solve them and what are their implications and empirical applications. The course helps to understand the mechanics of economic growth and income differences across countries.

    Learning outcomes:

    After the course, the student should:

    • Know the mathematical methods that are used in solving models of economic growth
    • Be familiar with typical models of global economic growth, their implications, and able to solve them independently

     

    • Instructor: Matti Mitrunen
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: 26006
      UH: ECOM-427 (MSc code) / DPE-9427 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 17 Jan 2022 – 8 Mar 2022
  • Economic Valuation Methods (AGERE-003)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: subject to COVID-19 restrictions

    Schedule: announced on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    Theoretical basis of economic valuation of environmental benefits, non-market valuation methods, analysis of empirical valuation data (only even years when contact teaching).

    Learning outcomes:

    Learning aims are: the theoretical framework of economic valuation of environmental benefits, the application of selected non-market valuation methods and data analysis techniques.

     

     

    • Instructor: Anna-Kaisa Kosenius
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200)
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: no code (please make sure that you can transfer the credits towards your degree)
      UH: AGERE-003
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 2 Nov 2021 – 14 Dec 2021
  • Economics of Aquatic Resources: Numerical Models (AGERE-E06)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: announced on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    Matlab programming language is used to formulate and solve a number of case study problem formulations. The case study examples include combatting eutrophication (i.e. reduction of the nutrients loads to the inland waters and the Baltic Sea) and fisheries management. The techniques and methods studied include static optimization (both unconstrained and constrained), dynamic discrete-time optimization, cohort models, game theoretic applications, Monte Carlo simulation, data fitting, dynamic programming, cost-effectiveness analysis and cost benefit analysis.

    Learning outcomes:

    • Understanding the potential of modelling and numerical analysis in planning, implementation and evaluation of water protection efforts and projects
    • Learn the skills needed to formulate and solve bio-economic problem formulations including static and dynamic problems and deterministic and stochastic problems.

     

    • Instructor: Erika Uusivuori
    • Instructor: Kari Hyytiäinen
    • Instructor: Marko Lindroos
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200)
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: no code (please make sure that you can transfer the credits towards your degree)
      UH: AGERE-E06
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 9 Sep 2021 – 13 Dec 2021
  • Economics of new ventures and innovation (26043)

    Please note that, if you happen to find conflicting information between this page and WebOodi/Sisu page, consider the WebOodi/Sisu page the primary source of information.

    Method of completion: remote teaching/hybrid teaching (subject to COVID-19 restrictions)

    Schedule: can be found in the schedule maker Schema (instructions on how to use Schema)

    Course material: Moodle learning platform

    Course Description

    This course aims to provide students with an overview of how new ventures and innovations come about, how the two are linked, as well as the strategic choices and risks that (would-be) entrepreneurs and innovators face. We also consider the financing of innovative and entrepreneurial endeavours, and the implications that entry and innovative activities have at micro- and macroeconomic level (e.g., in terms of job creation, R&D, and creative destruction).

    Doctoral students can also take this course.

    Learning Goal Learning Goal:

    You have the capacity to identify the economic forces and processes that drive the creation of innovative new ventures as well as their post-entry growth trajectories and risk profiles (survival)

    After completing the course, you will be able to:

    • analyse dynamic markets (characterized, e.g., by a high degree of new entry and firm turnover) and R&D-intensive industries from a microeconomic perspective
    • identify strategic choices and risks that entrepreneurs and innovators and their financiers face
    • evaluate entrepreneurial decision-making and public policies targeted at innovative new ventures

     

     

    • Instructor: Ari Hyytinen
    • Organizer: Hanken School of Economics
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09300
      Hanken: 26043
      UH: ECOM-442
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 6 Sep 2021 – 14 Oct 2021
  • Empirical Industrial Economics (26041)

    Please note that, if you happen to find conflicting information between this page and WebOodi/Sisu page, consider the WebOodi/Sisu page the primary source of information.

    Method of completion: remote teaching/hybrid teaching (subject to COVID-19 restrictions)

    Schedule: TBA

    Course material: Moodle learning platform

    Course Description:

    This course aims to provide students with a solid understanding of the modern empirical tools used in empirical industrial economics (EIE) to analyse consumer behaviour, (strategic) behaviuor of firms and market outcomes. EIE combines formal economic theory, knowledge of relevant institutions, micro-economic data, sophisticated econometric tools and computer programming to evaluate how markets function and how much market power firms have.

    The course covers estimation of static demand (incl. elementary discrete choice models), estimation of marginal costs and mark-ups of firms, measurement of productivity, as well as basics of simulation of counterfactual outcomes. By doing so the course helps the students to develop skills needed to conduct solid analysis in EIE. The methods covered are also widely used in marketing, health economics and international trade. Students learn to implement some of the estimation techniques covered in the course using econometric software Stata.

    Doctoral students can also take this course.

    Learning Goal:

    You have the capacity to understand complicated econometric analyses of market outcomes and can analyze markets and competition using microeconomic data.

    After completing the course, you will be able to

    • study consumers’ preferences (e.g., price-elasticity, preference for different product characteristics)
    • evaluate the degree of competition in a market and estimate mark-up of firms
    • conduct simple counterfactual simulations of policies
    • evaluate productivity of firms

     

    • Instructor: Jiekai Zhang
    • Organizer: Hanken School of Economics
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09300
      Hanken: 26041
      UH: ECOM-443
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 14 Mar 2022 – 6 May 2022
  • Empirical Industrial Organization I: Static models (ECON-L1300)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    The course starts with a reminder of logit and nested logit models before moving on to BLP models, identification issues, and the choice of optimal instruments. In addition, we will cover market power and merger analysis, and other applications.

    Learning outcomes:

    The purpose of the course is to familiarize students to advanced topics and methods in Empirical Industrial Organization (IO). At the end of the course, students have learned how to estimate static demand and supply using both market level and individual level data, and how the estimation results can be used in applications. The course will start the process of preparing economics Ph.D. students to conduct thesis research in this area.

     

    • Instructor: Iivo Vehviläinen
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-L1300
      Hanken: No code yet
      UH: No code
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 28 Feb 2022 – 11 Apr 2022
  • Environmental Economics I: Theory (AGERE-E01)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: announced on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The course provides a rigorous survey on the classical theory of static externality. The course starts with the case of certainty and perfect competition. The goal of environmental quality is derived and the optimal use of all relevant instruments are solved. The restrictive assumptions of certainty and perfect markets are then relaxed. First, the course focuses on how imperfect competition changes the use of instruments. Then, uncertainty on costs and benefits of abatement is introduced and the implications to choice of instruments is examined. Throughout the discussion the production-abatement model employed in two versions: the specification in terms of production function and cost function. An integral part of the course is application of the theories in numerical models.

    Learning outcomes:

    After completing the course, students are able to derive rigorously the key results of static externality and the optimal use of all instruments. They have ability to choose instruments under uncertainty or under imperfect competition. They have the skills use numerical analysis to apply theories in various types of empirical environmental problems.

     

    • Instructor: Lassi Ahlvik
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: no code (please make sure that you can transfer the credits towards your degree)
      UH: AGERE-E01
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 1 Nov 2021 – 15 Dec 2021
  • Experimental Economics (ECOM-448)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: TBA on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    TBA

    Learning outcomes: TBA

    • Instructor: Marja-Liisa Halko
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: no code yet
      UH: ECOM-448
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 14 Mar 2022 – 12 Apr 2022
  • Health Economics (ECOM-447) NEW COURSE!

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: to be announced on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page (the schedule can be found here already)

    Course material: Moodle learning platform

    Content: TBA

    Learning outcomes: TBA

     

    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: no code yet
      UH: ECOM-447
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 7 Sep 2021 – 16 Dec 2021
  • History of Economic Growth and Crises (31E40100)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    This course documents and explains the history of economic growth. Topics discussed include technological and financial innovation, political and economic institutions, industrialization, international trade, social mobility and inequality. We discuss how cross-country differences in economic development have been explained by differences in geography, culture, institutions and luck, and review work assessing the empirical relevance of these explanations. We also cover research on financial crises and the industrial revolution.

    Learning outcomes:

    At the end of the course, students will be familiar with (a) the basic facts about long-term economic growth, (b) the main theories for why some places grew rich while others did not, and (c) examples of empirical work attempting to test these theories. In addition, the course will provide historical perspective for understanding the causes and consequences of financial crises.

     

     

    • Instructor: Matti Sarvimäki
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E40100
      Hanken: 26020
      UH: ECOM-428 (MSc code) / DPE-9428 (PhD code)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 12 Jan 2022 – 21 Feb 2022
  • International Trade (31E00500)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: hybrid teaching (contact teaching + streaming, subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    Both traditional theories and new theories based on monopolistic and oligopolistic competition of trade and trade policy are presented and applied rigorously. In addition modern theories of heterogeneous firms, multinational enterprises and foreign direct investments are introduced. We supplement the theoretical analysis with empirical tests to help students catch the essence of these models and better understand how they can be used to address issues related to international trade and international capital movements, and their economic consequences.

    Learning outcomes:

    The course introduces the students to international trade theory and applied (empirical) trade economics at the level required from applied economist. It provides essential basic knowledge of international economics for Ph.D. level courses.

    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E00500
      Hanken: 2696
      UH: ECOM-430
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 1 Nov 2021 – 16 Dec 2021
  • Introduction to Causal Inference (0 cr)

    This mini-course is designed to prepare students for economics field courses using modern methods for causal inference. The primary target group are master students who have not yet taken Applied Microeconometrics I (31E00910) and are planning to take courses where knowledge of basic microeconometric methods is a prerequisite (e.g. labor, development and public economics, economic history). It should NOT be interpreted as a substitute for 31E00910 — which we strongly encourage all students to take — but as an incomplete first aid for students who would otherwise struggle in the field courses.

    The course consists of eight 45 minute lectures given at the Otaniemi campus just before the start of the term (Sept, 9-10th). The lectures will be recorded, but we hope to be able to accommodate 20-30 students in class (subject to COVID-19 restrictions). The lectures are voluntary and students will not receive course marking/ ECTS credit points for participation.

    Registration: please send an email to Jenni Rytkönen firtsname.lastname(without dots)@aalto.fi no later than September 5th, 2021. No official registration in Sisu.

    Course material: more information will be send by e-mail after registering for the course (by August 6th at the latest)

    Place: Espoo, Ekonominaukio 1, lecture hall V001, Jenny ja Antti Wihurin rahasto (subject to COVID-19 restrictions) and/or recorded videos

    PRELIMINARY SCHEDULE:

    Thursday, September 9th

    10.15-11.00: Causality
    11.15-12.00: Statistical inference

    lectured by Matti Sarvimäki

    Lunch break

    13.15-14.00: RCTs
    14.15-15.00: Non-compliance

    lectured by Miri Stryjan

    Friday, September 10th

    10.15-11.00: Differences-in-differences I
    11.15-12.00: Differences-in-differences II

    lectured by Ciprian Domnisoru

    Friday, September 17th (not Sep 10th as previously announced)

    13.15-14.00: Instrumental variables
    14.15-15.00: Regression discontinuity designs

    lectured by Kristiina Huttunen

    • Instructor: Ciprian Domnisoru
    • Instructor: Kristiina Huttunen
    • Instructor: Matti Sarvimäki
    • Instructor: Miri Stryjan
    • Organizer: Aalto University
    • Format: lecture
    • Course codes
      Aalto: no code
      Hanken: no code
      UH: no code
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 9 Sep 2021 – 10 Sep 2021
  • Investment Decisions in Emerging Markets (31E03000)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    Emerging economies will likely provide substantial growth opportunities for global investors. But the risks of investing in these economies are not only substantial but also different from those in developed economies. The objective of this introductory course on emerging markets is to provide students with a basic conceptual framework and practical knowledge regarding investments in emerging markets. The unit of analysis of the course ranges from countries to multinational and domestic companies in emerging markets. The course deals with macroeconomics, but also focuses on the unique political and institutional context in emerging and frontier markets. The course consists of four interrelated modules that affect growth and business opportunities in emerging markets.

    • First module helps to understand the process of economic growth and development, and in so doing develop the ability to analyze an emerging market at the level of the country.
    • Second module concerns institutional context of investment decisions in emerging markets.
    • In third module, we will examine companies working in emerging markets and how they must manage investment risks as well as develop strategies to overcome the institutional weaknesses of the environment.
    • Finally, in fourth module, we will have four round tables where students will be asked to take the perspective of different decision-makers, such as politicians, investors, and managers.

    Learning outcomes:

    Students will augment their understanding and knowledge of the emerging markets that help future managers/economists make better investment decisions in emerging markets.

     

    • Instructor: Svetlana Ledyaeva
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E03000
      Hanken: 26036
      UH: ECOM-431
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 11 Jan 2022 – 25 Feb 2022
  • Labor Economics I (ECON-E0710)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    This course provides an overview of the modern theoretical and empirical approaches that economists use to analyze the labor markets. We will emphasize the interplay between theory and empirics and cover topics such as labor supply, labor demand, job search, job loss, unemployment and labor market policies.

    Learning outcomes:

    At the end of the course, students will be familiar with:

    • Basic concept and theories of labor economics in topics such as labor demand, labor supply, job search, job loss and unemployment, and labor market policies.
    • Examples of empirical work investigating these theories

     

    • Instructor: Kristiina Huttunen
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-E0710 (former 31E00700)
      Hanken: 26012
      UH: ECOM-432
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 1 Mar 2022 – 12 Apr 2022
  • Labor Economics II (ECON-E0720)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    The course gives an overview of modern theoretical and empirical approaches used in labor economics to understand educational choices, labor market inequalities between demographic groups, and the effect of technological change and globalization on the labor market. It will also discuss minimum wages.

    Learning outcomes:

    At the end of the course, students will be familiar with

    • Basic facts about: educational attainment of the workforce, labor market differences between demographic groups, technological change and trends in globalization (trade, migration)
    • Main theories for understanding
      • educational choices
      • differences in labor market outcomes between demographic groups
      • how technology and globalization affect the labor market
    • Examples of empirical work investigating these theories

     

    • Instructor: Flavio Hafner
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-E0720
      Hanken: no code yet
      UH: ECOM-446
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 19 Apr 2022 – 31 May 2022
  • Macroeconomics 1 (ECOM-G312)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: announced on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    This course provides analytical tools and a modern macroeconomic framework to understand economy-wide phenomena such as aggregate saving, employment, investment, inflation, fiscal policy, monetary policy and growth. It uses mainly two-period models to study the intertemporal choices of households and firms, the interactions of their decisions, and the design of fiscal and monetary policies. The course is also intended to act as a bridge between typical intermediate macroeconomics and more advanced courses that rely heavily on dynamic infinite-horizon models.

    Learning outcomes:

    After the course, the student should

    • understand how the consumption smoothing motive, interest rates and borrowing constraints shape households’ consumption and savings behaviour.
    • be able to analyse how different taxes and transfers affect households’ labour supply incentives.
    • understand the firms’ factor demand behaviour and how market forces determine wages and interest rates in a simple general equilibrium framework.
    • be able to describe when and how fiscal policy affects aggregate demand.
    • understand the foundations of the Phillips curve and how the monetary policy is conducted in the inflation targeting monetary policy regime.
    • be able to analyse fiscal sustainability using the intertemporal budget constraint of the government.
    • understand the main sources of economic growth and apply growth accounting.

     

    • Instructor: Niku Määttänen
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in WebOodi (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: 2693 / 26042 if completed as Applied Macroeconomics, 5 cr
      UH: ECOM-G312
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 8 Sep 2020 – 16 Dec 2021
  • Macroeconomics 2 (ECOM-G313)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: announced on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The course provides an introduction to real business cycle theory and the New-Keynesian approach modelling nominal frictions and analysing monetary policy. Consumption smoothing is the key part of the mechanism in both models. Therefore, the consumption-savings decision is studied thoroughly. The standard model and the concepts are introduced using a two-period model, which is then extended to the infinite horizon. The simple two-period model is used to study household behaviour under borrowing constraints. The household problem is extended to cover both the consumption-savings decision and the labour supply decision. The effect of taxation is examined. The firms’ problem relies on the Cobb-Douglas specification of the production function. Investment behaviour both in the frictionless economy and in the economy with the investment adjustment cost is studied. The dynamic optimisation relies on the Lagrange multiplier method.

    The above modelling ingredients are put together to make a complete general equilibrium macroeconomic model, the real business cycle (RBC) model. The propagation of technology shocks is studied using the model. The model is augmented by imperfect competition and price rigidities. These are introduced and their impact is analysed stepwise. The complete model is called the New-Keynesian model, which facilitates analysing monetary policy.

    The course extends the analysis of Macroeconomics 1 to infinite horizon setting. It provides an introduction to the real business cycle theory and to the New-Keynesian approach modelling nominal frictions and analyzing monetary policy. Households’ consumption behavior is emphasized since it is the key part of the mechanism in both models. Firms’ investment and labor demand behavior is studied. The dynamic optimization relies on the Lagrange multiplier method. The above modelling ingredients are put together to make a complete general equilibrium macroeconomic model, the real business cycle (RBC) model. The propagation of technology shocks is studied using the model and the mechanisms therein. The New-Keynesian model augments the real business cycle model with imperfect competition and price rigidities. It is used to analyze monetary policy. Economic growth part introduces endogenous growth model and human capital and their impact on the economic growth. The course also covers the basics of an overlapping-generation model and labor market frictions.

    Learning outcomes:

    After the course, the student should

    • Understand the life-cycle motives of consumption and saving decisions
    • Understand how uncertainty affects households’ decision.
    • Be familiar with the q-theory of investments
    • Be able to set up a real business cycle model and understand the role of technology in business cycles
    • Understand how to introduce a micro-founded upward-sloping Phillips curve
    • Be able to describe the transmission of monetary policy in a New-Keynesian model
    • Be able to extend the basic Solow model, for example, to education and natural resources
    • To understand how human capital and innovation affects economic growth.
    • To understand frictions in the labor market and the sources of unemployment

     

    • Instructor: Timm Prein
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: 2694
      UH: ECOM-G313
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 1 Nov 2021 – 28 Feb 2022
  • Macroeconomics: Policy (31E23000)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    Formulation and use of New Keynesian models for policy making and analysis, role of financial and labor markets in macroeconomic fluctuations, the Great Recession and the problem of very low interest rates, theory of fiscal and monetary policy, analysis of long-term growth and development.

    The course develops central areas of macroeconomic theory that are useful for analysis and discussion of policy making. The policy topics covered include foundations of unconventional monetary policies e.g. quantitative easing, the role of financial markets in the recent crisis, current problems and topics in the Euro area and issues in long-term economic growth. Students learn the motivations for policy analysis, become familiar with current policy concerns and acquire analytical skills for assessing these problems.

     

    • Instructor: Seppo Honkapohja
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E23000
      Hanken: 26038 / 26042 if completed as Applied Macroeconomics, 5 cr
      UH: no code (can't be included in the compulsory ECOM-G400 Field courses in economics study module)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 10 Jan 2022 – 23 Feb 2022
  • Markets and Industrial Organization (26044)

    Please note that, if you happen to find conflicting information between this page and WebOodi/Sisu page, consider the WebOodi/Sisu page the primary source of information.

    Method of completion: remote teaching/hybrid teaching (subject to COVID-19 restrictions)

    Schedule: the exact dates and the schedule will be announced in the schedule maker Schema (instructions on how to use Schema)

    Course material: Moodle learning platform

    Course Description:

    This course aims to provide students with a solid understanding of the modern empirical tools used in empirical industrial economics (EIE) to analyse consumer behaviour, (strategic) behavior of firms and market outcomes. EIE combines formal economic theory, knowledge of relevant institutions, micro-economic data, sophisticated econometric tools and computer programming to evaluate how markets function and how much market power firms have. The course covers estimation of static demand (incl. elementary discrete choice models), estimation of marginal costs and mark-ups of firms, evaluating the product choice of firms, as well as the basics of simulating data and counterfactual outcomes. By doing so the course helps the students to develop skills needed to conduct solid analysis in EIE. The methods covered are also widely used in marketing, finance, health economics and international trade. Students learn to implement some of the estimation techniques covered in the course using econometric software Stata. The most motivated students are also encouraged to use R and Matlab.

    Doctoral students can also take this course.

    Learning Goal

    You have the capacity to use the concepts and methods of modern industrial organization when analysing choices made by consumers and firms, as well as the functioning of various types of markets. You have also developed your analytical reasoning skills by working with equations to analyse micro-economic phenomena and market outcomes.

    After completing the course, you will be able to:

    • identify different types of markets and how they function
    • apply essential IO concepts to evaluate consumers’ choices and firms’ decisions in markets
    • explain competitive and strategic conduct from the perspective of managerial decision-making
    • develop business strategies for firms in different kinds of environments

     

    • Instructor: Jiekai Zhang
    • Organizer: Hanken School of Economics
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09300
      Hanken: 26044
      UH: ECOM-444
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 25 Oct 2021 – 10 Dec 2021
  • Math Camp (ECON-E6000)

    Please note that, if you happen to find conflicting information between this page and Aalto University’s Sisu page, consider Sisu page the primary source of information.

    This course is an introduction to the mathematical concepts needed to read and produce economics research. The aim is to develop the basic methodological skills required to analyze and apply economic theory and econometric techniques to the problems they will study throughout the program. The key topics covered include:

    • Analysis: Implicit function theorem, convex/concave functions, fixed point theory, separating hyperplanes, envelope theorem
    • Constrained and Unconstrained Optimization: Unconstrained optimization (1st+2nd order conditions), Con-strained Optimization (Lagrange Multiplies, Karush Kuhn Tucker Conditions), Berge’s Maximum Theorem
    • Probability: basic concepts (moments, independence, conditional probability), law of large numbers, central limit theorem, frequentist inference

    ————————————————————————————-

    • Host university: Aalto University
    • Instructor: Daniel Hauser
    • Time: 23. – 2.9.2021, 3.9. exam, see the schedule below (the course will be given remotely)
    • Registration for the course: register for the course in Sisu (registration begins Aug 9th)
      • Students at Aalto University:
        • Please register for the course officially in Aalto’s Sisu: please see the instructions here
        • If you are not an economics student (rMSc or PhD) and the course can’t be found your study structure, please enter the course as an optional course in your primary study plan, so that you can proceed to register for it.
      • Students at the University of Helsinki, Hanken and other FDPE universities:
        • To be able to register for the course officially and complete the course, you must apply for a study right for the course, see How to Enroll? (deadline for the study right application: August 15th, 2020)
        • The day after your study right has been registered, you will be created a digital identity (Aalto IT account and username) and you will receive a message informing you how to activate your IT account. The message is sent to the email address you have given in the application.
        • Please note that you must also register for the course officially in Aalto’s Sisu  with your Aalto username. The instructions can be found here.
    • Course material: After registering for the course log into the course workspace at Aalto MyCourses with your Aalto username to get access to the course material.
    • If you have trouble in registration and/or signing into MyCourses, please contact Helsinki GSE’s coordinator Jenni Rytkönen (on vacation in July) firstname.lastname(without dots)@aalto.fi

    Schedule 

    • The course includes 24 hours of lectures, 8 hours of exercises and a final exam for those who want to complete the course; the final exam is mandatory for Aalto students
    • Announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

     

    • Instructor: Daniel Hauser
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr
    • Format: lecture
    • Course codes
      Aalto: ECON-E6000
      Hanken: no code (please check if the course can be included in your curriculum)
      UH: no code (please check if the course can be included in your curriculum)
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 23 Aug 2021 – 3 Sep 2021
  • Microeconomics 1 (ECOM-G310)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: announced on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The course provides a cohesive picture of the core concepts and technical tools of classical microeconomics, in particular decision theory and the notion of a price mechanism. Emphasis will be on the implications and applications of the theory. Attention will be paid to the welfare consequences of rational choice and economic equilibrium. The areas of investigation include rational choice and its axioms, the theory of the firm, and aggregate demand and supply. The objective is to construct a notion of general economic equilibrium under which the welfare properties of the price mechanism can be evaluated.

    Learning outcomes:

    After the course, the student should:

    • Be familiar with the basics of consumer and firm decision making as well as the notion of economic equilibrium
    • Be able to interpret economic behaviour using the decision theoretic framework and the equilibrium machiner

     

     

    • Instructor: Hannu Vartiainen
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: 26060 / 26034 if completed as Applied Microeconomics, 5 cr
      UH: ECOM-G310
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 6 Sep 2021 – 14 Dec 2021
  • Microeconomics 2 (ECOM-G311)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: remote teaching

    Schedule: announced on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The course provides an overview of the issues arising in the economics of information. We cover the problems of moral hazard, adverse
    selection and signaling. Understanding how private information and incentives in these problems interact is a prerequisite for understanding many of the problems in labour and financial markets as well as in the field of politics. We also cover problems related to externalities and some auction theory.

    Learning outcomes:

    After the course, the student should:

    • Be familiar with main problems in the economics of information as well as the standard modelling techniques.
    • Understand the mechanisms behind standard problems of information economics: adverse selection, moral hazard and signalling

    • Instructor: Klaus Kultti
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: no code
      UH: ECOM-G311
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 2 Nov 2021 – 4 Mar 2022
  • Microeconomics: Pricing (31E11100)

    Please note that, if you happen to find conflicting information between this page and Sisu/MyCourses pages, consider the Sisu/MyCourses pages the primary source of information.

    Method of completion: hybrid teaching (contact teaching + streaming, subject to COVID-19 restrictions)

    Schedule: announced in Aalto University’s Sisu (First select Completion methods and then select Version 2021-2022)

    Course material: MyCourses learning platform

    Content:

    Amongst the topics covered in the course are: Price discrimination, failure of law of one price, bundling and versioning, revenue management, auctions and market design.

    Learning outcomes:

    This course provides an introduction into the theory and practice of pricing. Theoretical concepts from information economics and game theory are applied in a variety of applications with relevance to market design and real world managerial problems.

     

    • Instructor: Pauli Murto
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E11100
      Hanken: 26016 / 26034 if completed as Applied Microeconomics, 5 cr
      UH: ECOM-445
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 13 Sep 2021 – 25 Oct 2021
  • Money and Banking (26035)

    Please note that, if you happen to find conflicting information between this page and WebOodi/Sisu page, consider the WebOodi/Sisu page the primary source of information.

    Method of completion: remote teaching/hybrid teaching (subject to COVID-19 restrictions)

    Schedule: TBA

    Course material: Moodle learning platform

    Course Description:

    This course has two parts. The first part deals with microeconomics of financial intermediation. It emphasizes the role of asymmetric information in credit markets. It explores the central theories of financial intermediation and regulation thereof. The second part concentrates on the transmission of monetary policy through the banking system. It first discusses the objectives of monetary and macroprudential policy in the presence of both nominal and financial frictions. It then introduces tools available to central banks and regulatory authorities for achieving these objectives such as the conventional policy rate, quantitative easing and capital requirements. The course will focus on the following issues:

    • adverse selection and moral hazard in credit markets
    • implications of asymmetric information in banking markets
    • relationship lending and bank monitoring
    • screening and the use of collateral in bank lending
    • bank competition and financial stability
    • bank runs, deposit insurance and systemic risk
    • securitization and the subprime crisis
    • the regulation of banks
    • nominal financial and monetary policy
    • the transmission of conventional monetary policy through the banking system
    • unconventional monetary policy, quantitative easing and forward guidance
    • financial frictions and macroprudential policy
    • bank capital regulation

    Learning goal

    You have an analytic perspective on crucial issues in modern banking with a particular emphasis on the implications of asymmetric information. You are familiar with the topical issues related to European bank regulation.

    After completing the course, you will be able to:

    • assess the implications of asymmetric information for credit market efficiency
    • analyze and propose solutions to problems caused by informational asymmetry in credit markets
    • assess the role of banks in an economy and their vulnerability to crises
    • assess the goals and limitations of bank regulation
    • analyze the topical issues related to financial intermediaries and their regulation

     

    • participate in the debates concerning financial crisis and bank regulation analytically
    • illustrate the roles of monetary and macroprudential policy
    • assess the effects of key policy tools and their limitations

     

     

    • Instructor: Rune Stenbacka
    • Organizer: Hanken School of Economics
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09300
      Hanken: 26035
      UH: ECOM-G415
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 17 Jan 2022 – 4 Mar 2022
  • Money and Monetary Policy (ECOM-434)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: TBA on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    The goal of the course is to provide an introduction to monetary macroeconomics and the role of money and monetary policy in the economy. After describing what monetary macroeconomics is about, students will learn how the money supply is determined in the economy and how it changes. The course emphasises price stickiness as the key factor underlying the short-run effectiveness of monetary policy. Different models are used to show how an economy can fall into a liquidity trap and what the potential measures are through which policy makers can try to lift an economy from the liquidity trap. The core of the course is optimal monetary policy. Different models also show how the time inconsistency of the optimal pre-commitment policy emerges when policy makers are dynamically optimising their policy choices and how the inflation and stabilisation bias bedevil optimal discretionary monetary policy. The aim of the course is to learn to use simple analytical tools to understand basic features of money and monetary policy from the point of view of the shortrun macroeconomic equilibrium of an economy.

    Learning outcomes:

    After the course, the student should:

    • Understand the role of the central bank in a fiat money system
    • Be able to show how the supply of money is determined
    • Be able to analyse the macroeconomic equilibrium of an economy using a simple IS-LM model
    • Understand liquidity traps and potential ways to take the economy out of them
    • Be able to analyse optimal monetary policy using Kydland-Prescott, Barro-Gordon or New Keynesian monetary macromodels
    • Understand the basic concepts of optimal monetary policy: discretion (re-optimisation, pre-commitment, time consistency, inflation bias, stabilisation bias

     

     

    • Instructor: Antti Ripatti
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: 2697
      UH: ECOM-434
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 18 Jan 2022 – 24 Feb 2022
  • Public Economics 1: Taxation Policy

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: TBA on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    This course covers key topics in modern public economics research, utilizing mainly theoretical but also empirical material. The course focusses on taxation. It is recommended that students also take the course Public Economics 2 to get a full picture of the field.

    Learning outcomes:

    After the course, student should be well versed in the basis of government intervention and the impacts and the design of tax policies, and be able to use the material covered in own analytical work and research afterwards. Specifically, the course covers the following area:

    • welfare theoretic underpinnings of government intervention
    • equity and efficiency, measurement of inequality
    • tax incidence and the deadweight burden of taxes
    • the impact of taxes on household behaviour: labour supply and taxable income elasticities
    • optimal income tax and transfer policies
    • corporate income taxation
    • tax evasion and avoidance
    • tax competition

     

     

    • Instructor: Jukka Pirttilä
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: 26040
      UH: ECOM-440
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 18 Jan 2022 – 24 Feb 2022
  • Public Economics 2: Expenditure Policies (ECOM-441)

    Please note that, if you happen to find conflicting information between this page and Courses/Sisu page, consider the Courses/Sisu page the primary source of information.

    Method of completion: contact teaching (subject to COVID-19 restrictions)

    Schedule: TBA on UH’s Courses page (you can view the information on this site without logging in or registering, but some of the content added by teachers to course pages may be available to course participants only, for example Moodle course enrolment key) and/or Sisu page

    Course material: Moodle learning platform

    Content:

    This course covers key topics in modern public economics research, utilizing mainly theoretical but also empirical material. The course focuses on public spending policies.

    Learning outcomes:

    The course is a continuation for Public Economics 1, focusing on the following areas:

    • Public provision of private and public goods
    • Correction of externalities and internalities
    • The design of social insurance policies, including unemployment insurance and disability insurance
    • Retirement and pension policies
    • Health care
    • Behavioural approaches to public policy

    After the course, the student should know the material well and be able to use it in their own analytical work and research afterwards.

     

    • Instructor: Roope Uusitalo
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr* / Hanken 5 cr / UH 5 cr (*Aalto students can complement these courses with the course "31E09200 Supplementary Studies in Economics" (1 cr). For more information, see course description in Sisu (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: 26040
      UH: ECOM-441
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 15 Mar 2022 – 27 Apr 2022