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. The listing below represents our course offering covering all the courses included in the Helsinki GSE cooperation 2019-2020. The following course codes are specified by department: Aalto University (31EXXXXX), Hanken School of Economics (26XXX), and University of Helsinki (ECOM-XXXX).

More information regarding the enrollment process can be found here.

  • (Advanced) Econometrics 1: Econometric Methods

    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)

     

    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

     

    Teaching assistant: Savi Virolainen (University of Helsinki)

    • Instructor: Mika Meitz
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30411
      Hanken: no own code
      UH: ECOM-R314
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 5 Sep 2019 – 17 Oct 2019
  • (Advanced) Econometrics 2: Econometric Methods II

    This course covers a number of topics beyond the standard linear regression model, including estimation methods other than least squares, such as the generalised method of moments and maximum likelihood estimation. In addition, simulation-based methods as well as basic nonparametric inference widely employed in empirical econometric research are discussed. Specifically, the topics covered in the course include

    • The generalised method of moments
    • Maximum likelihood estimation (basic concepts, asymptotic estimation theory, statistical inference)
    • Simulation methods (Monte Carlo simulations, Bootstrap)
    • Nonparametric methods (kernel density estimation, semi- and nonparametric regression)

    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 specialised microeconometric and time series methods. In addition, a sufficient level of proficiency in simulation-based and basic nonparametric methods should be reached to enable critical evaluation of the empirical results obtained by these methods.

     

    Teaching assistant: Savi Virolainen (University of Helsinki)

    • Instructor: Mika Meitz
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30412
      Hanken: no own code
      UH: ECOM-R315
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 31 Oct 2019 – 29 Nov 2019
  • (Advanced) Econometrics 3: Microeconometrics

    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). In addition, the basic ideas of causal inference are briefly discussed. Specifically, the topics covered in the course include binary and discrete dependent variable models, limited dependent variable models, panel data models, duration models, and causal inference.

    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 course also works as a foundation for more advanced methodological and applied courses in microeconometrics.

    • Instructor: Otto Toivanen
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30413
      Hanken: no own code
      UH: ECOM-R320
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 10 Mar 2020 – 23 Apr 2020
  • (Advanced) Econometrics 4: Time Series Econometrics

    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 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30414
      Hanken: no own code
      UH: ECOM-R321
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 16 Jan 2020 – 27 Feb 2020
  • (Advanced) Macroeconomics 1: Advanced Optimization Methods for Macroeconomic Models

    The course first covers the deterministic version of the Ramsey-Cass-Koopman growth model, both in discrete and continuous times, and solves it using an infinite horizon Lagrangian/Hamiltonian. The model is then used to study taxation. Two approaches are covered: the case where taxes are exogenously given and when they result from optimisation of the Ramsey planner. Finally, the course introduces dynamic programming and value function iteration methods and compares them with the above-mentioned methods in the same model environment

     

    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)
    • Understand the difference between exogenous and optimal taxation in the above framework, and be able to reproduce both approaches technically
    • 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

     

    Teaching assistant: Teemu Pekkarinen (University of Helsinki)

     

    • Instructor: Oskari Vähämaa
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30311
      Hanken: no own code
      UH: ECOM-R312
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 3 Sep 2019 – 16 Oct 2019
  • (Advanced) Macroeconomics 2: Stochastic Recursive Macroeconomic Models

    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.

    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)

     

    Teaching assistant: Teemu Pekkarinen (University of Helsinki)

     

    • Instructor: Oskari Vähämaa
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30312
      Hanken: no own code
      UH: ECOM-R313
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 29 Oct 2019 – 11 Dec 2019
  • (Advanced) Macroeconomics 3: Business Cycles

    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 stochastic dynamic general equilibrium (DSGE) models, starting with the basic real business cycle model (RBC). Further topics include the extension to the open economy as well as the analysis of financial frictions and asset pricing.

    After the course, the student should:

    • Be able to calculate stylised facts using macroeconomic data
    • Be able to linearise and solve linear dynamic models
    • Understand and master the real business cycle model (RBC)
    • Be able to augment the RBC model with other economic features and shocks

    • Instructor: Markus Haavio
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30313
      Hanken: no own code
      UH: ECOM-R318
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 14 Jan 2020 – 26 Feb 2020
  • (Advanced) Macroeconomics 4: Monetary Policy and Business Cycles

    In the course, 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.

    After the course, the student should:

    • Understand why monetary policy is neutral in the classical model and when it is non-neutral
    • Be able to derive the New Keynesian model and compare the welfare effects of alternative monetary policy rules
    • Understand optimal monetary policy in this framework
    • Understand the time-consistency problem
    • 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

    • Instructor: Seppo Orjasniemi
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30314
      Hanken: no own code
      UH: ECOM-R319
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 11 Mar 2020 – 22 Apr 2020
  • (Advanced) Microeconomics 1: Decision Theory

    The course covers the core concepts and technical tools of microeconomics and decision theory. The aim is to facilitate the student with the key assumptions behind the theory, their main implications and their main limitations. Particular emphasis is on observational consequences of economic behavior. The key areas of investigation are:

    • rational choice and its axioms
    • consumer choice and duality
    • theory of the firm
    • expected utility
    • extensions: behavioral economics

     

    Course materials can be found on MyCourses page.

    Teaching assistant: Michele Crescenzi (University of Helsinki)

     

    • Instructor: Juuso Välimäki
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30211
      Hanken: no own code
      UH: ECOM-R310
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 2 Sep 2019 – 21 Oct 2019
  • (Advanced) Microeconomics 2: Uncertainty and General Equilibrium

    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.

    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)

     

    Teaching assistant: Jorge Soria (University of Helsinki)

    • Instructor: Klaus Kultti
    • Organizer: University of Helsinki
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30212
      Hanken: no own code
      UH: ECOM-R313
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 28 Oct 2019 – 11 Dec 2019
  • (Advanced) Microeconomics 3: Game Theory

    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 stochastic dynamic general equilibrium (DSGE) models, starting with the basic real business cycle model (RBC). Further topics include the extension to the open economy as well as the analysis of financial frictions and asset pricing.

    After the course, the student should

    • Be able to calculate stylised facts using macroeconomic data
    • Be able to linearise and solve linear dynamic models
    • Understand and master the real business cycle model (RBC)
    • Be able to augment the RBC model with other economic features and shocks

    • Instructor: Daniel Hauser
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30213
      Hanken: no own code
      UH: ECOM-R316
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 14 Jan 2020 – 26 Feb 2020
  • (Advanced) Microeconomics 4: Information Economics

    This course introduces the students to topics and methods in modern information economics. The emphasis is on developing a cohesive toolbox based on game theoretic reasoning, which can be applied in modelling a wide range of interactions under incomplete information. Topics covered in the course are adverse selection and mechanism design, moral hazard and imperfect monitoring, and dynamic models of incomplete information including signalling and cheap talk. Selected applications include auctions, bargaining, market microstructure and reputation formation.

    After the course, the student should

    • Be familiar with the analytical techniques used in information economics
    • Have the skills for modeling strategic interactions under incomplete information

    • Instructor: Daniel Hauser
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 3 cr / Hanken 3 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: 31L30214
      Hanken: no own code
      UH: ECOM-R317
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 9 Mar 2020 – 21 Apr 2020
  • Applied Macroeconometrics 1

    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. Both classical and Bayesian approaches to inference in reduced-form and structural VAR models are covered. Applications to financial market data may also be discussed. The emphasis is on the practical application of the methods discussed in modelling macroeconomic data.

    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: Eleonora Granziera
    • 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: 26002
      UH: ECOM-411
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 10 Mar 2020 – 22 Apr 2020
  • Applied Microeconometrics I

    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.

    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
      UH: ECOM-413
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 10 Sep 2019 – 22 Oct 2019
  • Applied Microeconomics 

    Schedule (PDF)

    This course presents students with the foundations of applied microeconomic analysis from the perspective of managerial decision-making.
    The course focuses on the following topics: Consumer behavior and demand, firm behavior and production, market equilibrium and strategic interaction (i.e., basics of game theory). The course also covers certain specialized topics and applications concerning firm behavior, such as market power and structure, advertising, product quality, entry and innovation.

    The course presents students with the necessary theoretical foundations for subsequent analytical studies of markets and strategic competition and for empirical and econometric analyses of consumer and firm behavior, in spirit of modern industrial organization.
    This course consists of two parts: The first part concentrates on microeconomics of consumer and firm behavior. This part also introduces basics of game theory and how game theoretic tools can be used to analyze strategic interdependence. The second part deals with sources of market power, product quality and information. In this part, we also analyze economic mechanisms at work when firms enter markets and when firms make R&D decisions and protect their innovations.

    Learning goal:

    You have the capacity to use microeconomic concepts and methods to analyze and evaluate choices made by consumers and firms, as well as functioning of markets. You have also developed your analytical reasoning skills by working with equations and graphs to analyze micro-economic phenomena and market outcomes.

    After completing the course, you will be able to:

    • apply microeconomic concepts to evaluate demand and firms’ supply choices
    • analyze economic transactions that take place through markets
    • identify sources of market power
    • explain competitive and strategic conduct from the perspective of managerial decision-making.
    • develop business strategies for firms in different kinds of environments.

    • 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 WebOodi (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09300
      Hanken: 26034
      UH: no code
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 28 Oct 2019 – 13 Dec 2019
  • Behavioral and Experimental Economics

    Schedule (PDF)

    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.

     

     

    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
    • 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 WebOodi (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09300
      Hanken: 26037
      UH: ECOM-G416
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 28 Oct 2019 – 13 Dec 2019
  • Behavioral Economics I

    Schedule (PDF, same lectures with the Behavioral and Experimental Economics course)

    The course aims providing advanced economics students in the FDPE with insights regarding the implications of relaxing some of the standard simplifying rationality assumptions and adopting psychologically motivated alternative assumptions. The idea is to further learn to critically evaluate the modelling assumptions made both in behavioural (descriptive) and what is sometimes called “standard” (prescriptive) theory and understand the various criteria for choosing modelling assumptions. The backbone of the course is theoretical analysis but the course is spiced with economic experiments to provide further insight and evidence. The course offers an overview into Behavioural decisions, Behavioural games, Dynamic behavioral decisions, Experimental economics and experiment settings, as well as applications thereof.

    Learning goal:

    You have an in-depth understanding of what descriptive, as opposed to prescriptive models, are there for, and how they introduce context-dependency and incorporate psychological assumptions into (micro)economics. You have insights regarding the implications of relaxing some of the standard simplifying rationality assumptions and adopting psychologically motivated alternative assumptions.

    After completing the course, you will be able to:

    • write down psychologically motivated models of economics
    • distinguish between the various purposes of standard and behavioral modeling.

    • Instructor: Erik Wengström
    • Organizer: Hanken School of Economics
    • Course Homepage: WebOodi
    • Credits: Aalto 5 cr / Hanken 5 cr / UH 5 cr
    • Format: lecture
    • Course codes
      Aalto: no own code
      Hanken: 62638
      UH: no own code
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 28 Oct 2019 – 13 Dec 2019
  • Capstone: Microeconomic Policy

    Hanken course name Microeconomic Policy. At the UH the study unit ECOM-611 Career Orientation Course I can be done by taking this course.

    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.

    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: ECOM-611
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 28 Oct 2019 – 9 Dec 2019
  • Competition Economics  

    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 WebOodi (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: 16 Mar 2020 – 8 May 2020
  • Contract Theory

    The course covers the key areas of incentive theory, information economics and organisation theory, highlighting common themes and methodologies, and presenting the main ideas in an accessible way. Discussed applications include labour economics, industrial organisation and corporate finance. The course outline is as follows: 1. Moral hazard: static one principal, one agent. 2. Moral hazard in teams and tournaments. 3. Dynamic moral hazard and career concerns. 4. Adverse selection. 5. Mechanism design and auctions. 6. Implementation, incomplete contracts and authority.

    After the course, the student should

    • Be familiar with the principles of contract theory: the main questions and the useful modelling frameworks
    • Be able to model real world institutions using the theory of incentives

    • Instructor: Hannu Vartiainen
    • 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: 26027
      UH: ECOM-419
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 13 Jan 2020 – 18 Feb 2020
  • Development Economics I

    The course will include topics such as:

    • Introduction to Development and Development Economics,
    • Growth Theory,
    • Poverty and Inequality (Measurement),
    • Gender,
    • Democracy and Development,
    • Rural Economy and Agriculture,
    • Fiscal Policy,
    • Labor Markets etc.

    The course introduces students to the main concepts in development and development economics, whilst also taking a closer look at some specific issues such as:• Poverty and inequality, how they are measured and how they affect economic development;
    • The key messages from growth models and their implications for developing countries;
    • More specific issues such as gender and development, fiscal policy in developing countries, agriculture etc.

    • 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: 9 Sep 2019 – 25 Oct 2019
  • Development Economics II

    The books help students rethink the economy of poverty with frontier empirical research findings in development economics. The first book help understand why poor people remain poor by describing daily decisions facing the poor and explains the underlying reasons for poor’s seemingly irrational behaviors. The second book explains why billions of dollars in development aid sent from wealthy countries to developing African nations has failed to improve the lives of Africans and trapped developing nations in a vicious circle of aid dependency, corruption, market distortion, and further poverty. The third book presents innovative and successful development interventions around the globe and shows how small changes can drastically improve the well-being of poor people everywhere.

    The goal of this course is to explore policy foundations, challenges and solutions to combat
    poverty in developing countries.

    • Instructor: Yao Pan
    • 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
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 24 Feb 2020 – 8 Apr 2020
  • Econometrics 1 

    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. In addition to inference within a given model, comparison of different specifications and model selection are considered. A large part of the course is devoted to the detection of violations of the basic assumptions of the linear regression model and their consequences for estimation methods and statistical inference. In particular, statistical inference based on the ordinary least squares estimator under heteroskedastic or autocorrelated errors as well as the instrumental variables and the generalised method of moments estimators in the case of endogenous regressors are considered. The method of maximum likelihood, applicable to many kinds of econometric estimation problems, is 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.

    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: Bernd Funovits
    • 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: 2689
      UH: ECOM-G314
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 5 Sep 2019 – 11 Oct 2019
  • Econometrics 2

    The course provides an introduction to the econometric modelling of time series data that much of empirical economic research is based on, especially in the fields of macroeconomics and financial economics. In addition, time series methods are widely applied in practical tasks, such as economic forecasting and financial risk management. The dependence of observations on time is a feature that distinguishes time series from cross sectional data and calls for appropriate econometric methods. In this course, we concentrate on capturing this dependence by means of linear univariate and multivariate time series models, as well as on the stationarity properties of time series and their effect on statistical inference. After discussing the general properties of time series, we introduce univariate linear stationary autoregressive moving average (ARMA) processes. Because of the ubiquity of unit root type nonstationarity in economic time series, extensive time is devoted to the properties and detection of unit root processes. For modelling the joint dynamics of economic time series, we next introduce the stationary vector autoregression, and subsequently cover its extension to the unit root case, which facilitates capturing long-run equilibrium cointegration relations among economic variables. Finally, we deal with statistical inference in linear regression models for time series data. 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 to macroeconomic and financial data.

    After the course, the student should:

    • Be familiar with the differences between cross sectional and time series data in economic research
    • Know the basics of linear time series models and the related econometric methods of estimation, inference and forecasting
    • Understand the concepts of stationarity, unit root and cointegration, and know the basic methods of dealing with unit root type nonstationarity
    • Be able to critically assess empirical analyses based on time series data
    • Be able to apply the models and methods covered in the course in empirical research

    • Instructor: Simone Maxand
    • 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: 2690
      UH: ECOM-G315
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 30 Oct 2019 – 5 Dec 2019
  • History of Economic Growth and Crises

    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.

    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.

    If you take the course as a PhD student, please contact the instructor at the beginning of the lectures: PhD students have the same lectures but they have extra requirements to know the more technical parts of the papers and to prepare a research plan of something that loosely relates to the content of the course

     

    • 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
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 29 Oct 2019 – 10 Dec 2019
  • Industrial Organization (Micro III)

    The course covers monopoly behaviour, oligopolistic markets, firm entry and exit, product differentiation and R&D.

    This course provides students with an understanding of the central issues in industrial organisation such as the determinants of market structure and the theory of market conduct. The strategy game facilitates hands-on experience on oligopolistic competition.

    • Instructor: Mikko Mustonen
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E13000
      Hanken: 2695
      UH: ECOM-429
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 8 Jan 2020 – 20 Feb 2020
  • International Trade

    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.

    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.

    • Instructor: Svetlana Ledyaeva
    • 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: 7 Jan 2020 – 18 Feb 2020
  • Investment Decisions in Emerging Markets

    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.

    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: 7 Jan 2020 – 19 Feb 2020
  • Labor Economics

    The course provides an introduction to the microeconomics of the labor markets. Particular emphasis is given to the interaction of theoretical and empirical modeling. The topics include labor supply, labor demand, wage formation, welfare programs, immigration, minimum wages, human capital, worker turnover and discrimination.

    The students understand main theories of labor markets and can use them to analyze new situations. Furthermore, they understand and can implement the main empirical approaches used for testing and quantifying theoretical models.

    • Instructor: Kristiina Huttunen
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E00700
      Hanken: 26012
      UH: ECOM-432
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 25 Feb 2020 – 7 Apr 2020
  • Macroeconomics 1

    Aggregation, comparative statics and dynamics as methods of economics

    Properties of standard production functions

    Growth accounting

    Stages of economic development by economic theory

    Exogenous growth:

    • The Solow growth model for closed and open economies
    • The role of exogenous technological change
    • Extensions of the basic model for education and natural resources

    Endogenous growth

    • Production externality
    • The role of research and development (R&D)
    • Horizontal innovations (creation of new products)
    • Vertical innovations (creation of improvements for products)
    • Non-scale growth models

    Endogenous saving

    • Overlapping-generation models
    • Dynastic family models
    • Dynamics of consumption (Euler equations)

     

    After the course, the student should be able to

    • Use growth accounting as a tool of predictions and planning
    • Read literature on dynamic macroeconomics (e.g. overlapping generation models) and economic growth independently
    • Analyse models of dynamic macroeconomics and exogenous and endogenous growth independently

    • 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
      UH: ECOM-G312
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 4 Sep 2019 – 10 Oct 2019
  • Macroeconomics 2

    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.

    After the course, the student should:

    • Understand the life-cycle motives of consumption and saving decisions
    • Understand how the supply of labour is affected by income effect and substitution effect
    • 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

     

    • Instructor: Petteri Juvonen
    • 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: 2694
      UH: ECOM-G313
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 28 Oct 2019 – 3 Dec 2019
  • Macroeconomics: Policy

    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
      UH: At the UH the study unit ECOM-611 Career Orientation Course I can be done by taking this course
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 7 Jan 2020 – 21 Feb 2020
  • Microeconomics 1

    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.

    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 WebOodi (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      UH: ECOM-G310
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 2 Sep 2019 – 8 Oct 2019
  • Microeconomics 2

    The course provides an overview of basic game theoretic concepts and techniques used in modelling economically interesting phenomena where strategic behaviour is important. These include normal and extensive form games, and associated solution concepts as well as refinements. Of these subgames, perfectness in extensive form games with perfect information and the intuitive criterion in games with incomplete information are the most important.
    The game theoretic machinery is then applied to the economics of information. We cover the problems of moral hazard, adverse selection and signalling. 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.

    After the course, the student should:

    • Be familiar with game theoretic machinery to the extent that it is used in modelling economic phenomena
    • 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 WebOodi (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      UH: ECOM-G311
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 29 Oct 2019 – 13 Dec 2019
  • Microeconomics: Pricing

    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. The course requirements include two assignments and a final examination.

    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 real world managerial problems.

    If you want to take the course as a PhD student, please contact the instructor at the beginning of the lectures.

    • 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
      UH: no code
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 9 Sep 2019 – 21 Oct 2019
  • Money and Banking

    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 WebOodi (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: 20 Jan 2020 – 6 Mar 2020
  • Open Economy Macroeconomics

    The topics covered in this course include balance of payment, prices in the open economy, financial markets in the open economy, exchange rate regimes, open economy macroeconomics, monetary and fiscal policy in an open economy, liquidity traps and, if time allows, topics in dynamic open economy macroeconomics, e.g. intertemporal trade and current account balance, general equilibrium models of open economy, and credibility and (financial) crises.

    The objective of the course is for the students to understand the basic concepts and models in open economy macroeconomics and to use the corresponding tools to analyze the state and development of open economies. Exercises will complement lectures by requesting students work out concrete applications of the models introduced in the lectures. The lectures will also take students through theories with a keen eye on the basic stylized facts in the field.

    • Instructor: Jouko Vilmunen
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E00600
      Hanken: 2698
      UH: ECOM-436
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 24 Feb 2020 – 9 Apr 2020
  • Public Economics

    This course covers key topics in modern public economics research, utilizing mainly theoretical but also  empirical material. The topics to be taught are part of ‘core’ material in public economics, but they also have direct policy relevance.

    After the course, the student should:

    • Understand the welfare-economic underpinnings of tax and spending policies
    • Know how taxes affect economic activity, such as labour supply and investment, both theoretically (based on tax incidence analyses) and building on recent empirical work
    • Understand the normative aspects of tax and spending policies; this includes questions such as how labour and commodity taxes ought to be designed, and how public provision of both public and private goods should be set
    • Become familiar with issues in planning social insurance policies
    • Understand basic concepts of corporate taxation, with a particular reference to tax competition

    If you want to take the course as a PhD student, please contact the instructor at the beginning of the lectures.

     

    • 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 WebOodi (search with the code 31E09200).
    • Format: lecture
    • Course codes
      Aalto: 31E09100
      Hanken: 26040
      UH: ECOM-439
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 10 Mar 2020 – 23 Apr 2020
  • Structural Change and Aggregate Implications

    Instructor: Akos Valentinyi (University of Manchester)

    Place: Helsinki, Arkadiankatu 7, Economicum building, seminar room 1 and 2

    Schedule:

    Mon November 11 12-15 lectures seminar room 2
    Tue November 12 10-13 lectures seminar room 1
    Wed November 13 10-13 lectures seminar room 2
    Thu November 14 10-13 lectures seminar room 1
    Fri November 15 10-13 lectures seminar room 1

    The course includes 15 hours of lectures, and writing an essay

    Host University: Aalto University, Finnish Doctoral Programme in Economics

    Instructions on how to apply/register for the course:
    Please send a message to info-hgse@aalto.fi and provide following information:

    • Name of the course
    • First name(s)
    • Family name
    • Social security number (or birthday if you don’t have the Finnish social security number yet). As soon as you have received your Finnish Identity Code you are obliged to inform the university about it.
    • Home university
    • Student ID number at home university
    • Major
    • Doctoral or master student
    • Mobilephone number
    • E-mail address that you use regularly
    • Home address
    • Postal code
    • City
    • Gender
    • Nationality

    This data is required by the host university in order to create a study right and to register the student’s course credits in the university’s data base and also to communicate with the participants. The data will not be used for any other purposes.

    Description:
    The aim of the course is to review and evaluate recent advances in the research on structural change, in particular, how structural change helps us to understand various macroeconomic phenomena. By the end of the course students expected to have a good understanding of the data and measurement issues related to multi–sector models, and to able to work with various variations of multi–sector growth models.

    Syllabus (PDF)

    Assessment:
    After the end of the course you have to choose two articles in the area of structural change or two articles on multi–sector growth models, compare, and critically compare them in an essay of 5-8 pages. You will be assessed on the basis of this essay.

    In order to transfer the credits to your home university, please ask for a transcript of records from Aalto university by ordering an online transcript of records or sending a message to study-biz@aalto.fi. The approval of the credit transfer is done according to your home university’s procedures.

     

     

    • Organizer: Aalto University
    • Credits: 3
    • Format: lecture
    • Course codes
      Aalto: 31L99902
      Hanken: no own code
      UH: no own code
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 11 Nov 2019 – 15 Nov 2019
  • Topics in Economics: Imperfect knowledge and learning in macroeconomics

    The course will cover a variety of different types of macroeconomic mod-els: univariate and multivariate linear models, nonlinear models, restricted perceptions and models of social learning. Specific models include mone-tary models, real business cycle models, New Keynesian models, asset pric-ing and models of heterogenous agents. Specific macroeconomic concerns are studied: moentary and fiscal policy, interest ratte zero lower bound, stagnation, hyperinflation. A specific toolkit for analyzing dynamics and long-run outcomes of learning will be developed: stochastic recursive algo-rithms, expectational stability analysis, Bayesian learning.

    Prerequisites for the course: Advanced Macroeconomics 1-4 or Macrioeconomics 1 -2 in HGSE program or equivalent knowledge.

    Syllabus (PDF)

    Models of imperfect knowledge and learning are an alternative approach and extension of standard macroeconomics modeling that is based rational expectations (RE) hypothesis. This approach has become increasingly used in the last two decades. The approach is not inconsistent with RE as REE can be a long-run outcome of learning with imperfect knowledge. The course gives a thorough introduction to the basic theory and methods to de-velop and analyze learning models. The course will also discuss a number macroeconomic models with learning.

    • Instructor: Seppo Honkapohja
    • Organizer: Aalto University
    • Course Homepage: WebOodi
    • Credits: Aalto 6 cr / Hanken 6 cr / UH 6 cr
    • Format: lecture
    • Course codes
      Aalto: 31E03100
      Hanken: no code
      UH: no code
    • Target: PhD MSc rMSc
      Aalto
      Hanken
      UH
      FDPE
    • Time: 21 Nov 2019 – 28 Aug 2019