{"id":1555,"date":"2023-07-26T12:03:42","date_gmt":"2023-07-26T12:03:42","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/fdef-en\/study-programs\/master-of-science-in-quantitative-economics-and-finance\/programme\/"},"modified":"2026-04-17T12:00:19","modified_gmt":"2026-04-17T10:00:19","slug":"programme","status":"publish","type":"study-programs","link":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-quantitative-economics-and-finance\/programme\/","title":{"rendered":"Programme"},"content":{"rendered":"<div class=\"section py-0 static\">\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><!-- SecondaryNavigationMirror --><div class=\"js-secondary-nav--sticky wp-block-unilux-blocks-secondary-navigation\" id=\"70979fa4-849b-4b77-a98e-be3b43adcb32\">\n    <nav id=\"secondary-navigation\" role=\"navigation\" aria-label=\"Secondary menu\" class=\"secondary-nav\">\n        <button class=\"secondary-nav__button btn btn-solid--primary w-full\" aria-expanded=\"false\" aria-controls=\"secondary-navigation__list\" title=\"The selected page is Programme\" type=\"button\">\n            <span class=\"btn__name mr-auto\">Programme<\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\" \/>\n            <\/svg>\n        <\/button>\n\n        <ul id=\"secondary-navigation__list\" class=\"secondary-nav__list\">\n            <li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-quantitative-economics-and-finance\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Overview<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-quantitative-economics-and-finance\/programme\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link isactived\" aria-current=\"page\">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Programme<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-quantitative-economics-and-finance\/testimonials\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Testimonials<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-quantitative-economics-and-finance\/career\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Career<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-quantitative-economics-and-finance\/teaching-staff\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Teaching staff<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-quantitative-economics-and-finance\/admissions\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Admissions<\/span>\n    <\/a>\n<\/li>\n        <\/ul>\n    <\/nav>\n<\/div>\n<!-- end SecondaryNavigationMirror --><\/div><\/section>\n\n\n<section class=\"section section wp-block-unilux-blocks-headline-text-and-image\">\n    \n<div class=\"wp-block-unilux-blocks-wrapper container xl:max-w-screen-xl\">\n<h1 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"programme\"\n    >\nProgramme<\/h1>\n\n\n\n<div class=\"wp-block-unilux-blocks-wrapper flex flex-wrap lg:-mx-32\">\n<div class=\"wp-block-unilux-blocks-wrapper w-full lg:w-7\/12 lg:order-2 lg:px-32\">\n<div class=\"wp-block-unilux-blocks-image-video-wrapper\">\n    <figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--cover\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MscQEFYMbjQy.png\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MscQEFYMbjQy-300x173.png 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MscQEFYMbjQy-768x442.png 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MscQEFYMbjQy.png 825w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: cover; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 3\/2; object-fit: cover; width: 100%;\"\n        loading=\"lazy\"\n\/>    <\/figure><\/div><\/div>\n\n\n\n<div class=\"wp-block-unilux-blocks-wrapper w-full lg:w-5\/12 lg:order-1 lg:px-32\">\n<p>The MQEF is taught across two semesters (3 and 4). The curriculum is designed around the principal pillars of both disciplines: mathematics and statistics, econometrics, macro- and microeconomics, financial theory, general equilibrium theory, and empirical analysis. In addition, students chose from a number of optional courses on different areas of theory and policy, and write a master thesis. Internships are encouraged for people joining the industry.<\/p>\n\n\n\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/08\/Maquette-MScQEF-23-24.pdf\"\n                target=\"_blank\"\n        class=\"btn btn--primary\"\n            >Curriculum <\/a>\n<\/li>\n\n\n<li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"http:\/\/hMaster%20en%20e\u0301conomie%20et%20finance%20quantitatives\"\n                target=\"_blank\"\n        class=\"btn btn--secondary\"\n            >Programme in detail (PDF)<\/a>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<h2 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"academic-contents\"\n    >\nAcademic contents<\/h2>\n\n\n\n<div id=\"tab-nav\" class=\"tab-nav\">\n    <button\n        type=\"button\"\n        class=\"button-toggle btn btn--white w-full\"\n        aria-expanded=\"false\"\n        aria-controls=\"tab-nav__listing\"\n        title=\"Semestre 3\"\n    >\n        <span class=\"btn__name mr-auto\">Currently selected: Semestre 3<\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\" \/>\n        <\/svg>\n    <\/button>\n    <ul\n        id=\"tab-nav__listing\"\n        class=\"tab-nav__listing nav manual\"\n        role=\"tablist\"\n    >\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-60845071-842c-4c50-9259-47ea8e881f28\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-60845071-842c-4c50-9259-47ea8e881f28\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-60845071-842c-4c50-9259-47ea8e881f28\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semestre 3<\/span>\n            <\/button>\n        <\/li>\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-5494d507-92bb-4615-a405-e68120924d14\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-5494d507-92bb-4615-a405-e68120924d14\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-5494d507-92bb-4615-a405-e68120924d14\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semestre 4<\/span>\n            <\/button>\n        <\/li>\n            <\/ul>\n<\/div>\n<div class=\"tab-content\">\n    <section\n    id=\"tabpanel-60845071-842c-4c50-9259-47ea8e881f28\"\n    aria-labelledby=\"tab-60845071-842c-4c50-9259-47ea8e881f28\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    <div class=\"wp-block-unilux-blocks-course-offer\">\n    <h3>Course offer for Semestre 3 (2026-2027 Winter)<\/h3>\n    \n<div id=\"accordion-module-6a6a3473c73c3\" class=\"accordion accordion--theme\">\n            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473c73f1\"\n        >\n            <span class=\"accordion__title\">\n                Mathematics and Statistics for Economics and Finance (Maths Camp)                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            6                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-1                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473c73f1\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473c73c3\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Mathematics and Statistics for Economics and Finance (Maths Camp)<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 6<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            Understand basic mathematics such as Linear Algebra, and elements of multivariable calculus;<br> Understand and apply techniques of convex static optimization, dynamic-programming techniques in both discrete and continuous time, and solve systems of difference and differential equations; <br> Understand Brownian-motion analysis, stochastic difference equations, barriers and smooth pasting for valuation;<br> Understand random variables, properties of conditional distributions and conditional expectations and how they can be used in probability calculations, multivariate Gaussian random vectors and their properties, basic asymptotic theory including the law of large numbers and the central limit theorem, and the methods of statistical inference, i.e., hypothesis testing and confidence intervals, based on large sample approximations.<br>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Mathematical and statistical methods are central to economics and finance. Economic analysis relies on modelling, which builds upon optimization theory. A thorough analysis of convex optimization in both static and dynamic models is a prerequisite for building and understanding economic models. Most important is optimization under uncertainty, which studies how individuals or firms make decisions in environments with random outcomes and how they cope with uncertainty. Econometric methods are required to quantify the insights gained from economic analysis so that they can help in the formulation of economic policy. The objective of t his course is to teach students the essential mathematics and statistics that is necessary for them to take higher level courses in economics and finance and pursue their research.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\u00a0<\/p><br><ul><br><li>60% of the course grade is based on the final exam, which is closed book and closed notes. The final exam is comprehensive, i.e., it includes all material covered in the class and the homeworks,. The Math and Stat exams (and homeworks) are graded separately. The final grade for the course is the average of the Math and Stat grades<\/li><br><li>40% of the course grade is based on homework assignments (4 Math + 5 Stat). The completed homeworks have to be handwritten and handed in individually<\/li><br><\/ul><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p><br><br>The required texts for this course are:<\/p><br><p> Further Mathematics for Economic Analysis (1st or 2nd Edition, 2005 and 2008 resp.) , <br>by Knut Sydsaeter, Peter Hammond, Atle Seierstad, and Arne Strom, FT Prentice Hall. <br> Probability and Statistics, 4th ed., by Morris DeGroot and Mark Schervish (2012). <br>Chapters 1 &#8211; 4 of the text contain a useful summary of the probability prerequisites. All students are required to review this material before coming to class.<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473c7413\"\n        >\n            <span class=\"accordion__title\">\n                Advanced Econometrics                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            6                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-2                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473c7413\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473c73c3\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Advanced Econometrics<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 6<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            This course is intended for students enrolled in the Master of Science program in Quantitative Economics and Finance.<br>Ph.D. students interested in learning this material are also welcome. The objective of this course is to familiarize students with microeconometric models and methods that are widely used in economics, finance, and social science research. We will focus on linear models. Nonlinear models are covered in a subsequent course.<br>On completion of the course unit successful students will be able to:<br> Have a good understanding of some widely used econometric models and techniques used by economists to answer policy related questions<br> Understand how these models are identified, estimated, and tested, how the asymptotic distributions of the various estimators and test statistics are obtained, and the fundamental assumptions underlying these results. This will not only enable the students to process and interpret empirical data and test whether they are in accordance with economic theory, but should also help them read, understand, and critically evaluate the econometrics articles in peer-reviewed journals encountered during the course of their own research.<br>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>COURSE CONTENT<br>1. Basics.<br>_ What is a statistical model?<br>_ Interpreting and estimating models of causal relationships with observational data.<br>_ Exogenous and endogenous variables.<br>_ Reference: Chapter 1 and class-notes.<br>2. Statistics review.<br>_ Best linear predictors and best predictors.<br>_ Conditional expectations and their properties.<br>_ Basic asymptotic theory.<br>_ Applications of asymptotic theory to estimation and testing.<br>_ Reference: Chapters 2, 3 and class-notes.<br>3. Single equation linear models.<br>_ Ordinary least squares.<br>_ Consistency and asymptotic normality of OLS estimators.<br>_ Estimating heteroscedasticity-robust standard errors.<br>_ Problems associated with endogenous regressors.<br>_ Prevalence of endogenous regressors in econometric models.<br>_ The instrumental variables (IV) solution to endogenous regressors.<br>_ Reference: Chapter 4 and class-notes.<br>4. IV estimation of single equation models.<br>_ The two-stage least squares (2SLS) estimator and its properties.<br>_ The control function estimator and its properties.<br>_ Testing for endogeneity.<br>_ Relationship between 2SLS and control function estimators.<br>_ Reference: Chapters 5, 6 and class-notes.<br>5. Generated regressors and instruments.<br>_ OLS with generated regressors.<br>_ 2SLS with generated instruments.<br>_ Effect of generated regressors and instruments on the properties of estimators.<br>_ Specification testing in linear models with generated regressors.<br>_ Reference: Chapter 6 and class-notes.<br>6. Generalized method of moments (GMM)<br>_ Econometric models defined in terms of moment conditions.<br>_ Under-identified, just-identified and over-identified moment-condition models.<br>_ Estimation of just- and over-identified moment-condition models.<br>_ Asymptotic properties of GMM estimators.<br>_ Two-step optimal GMM estimators.<br>_ GMM based hypothesis testing.<br>_ GMM based specification testing.<br>_ Reference: Chapter 14 and class-notes.<br>7. Systems of equations with exogenous regressors.<br>_ Seemingly unrelated regressions (SUR).<br>_ Optimal GMM estimation of SUR models.<br>_ Imposing cross-equation restrictions.<br>_ Reference: Chapter 7 and class-notes.<br>8. Systems of equations with endogenous regressors.<br>_ GMM estimation of SUR with varying instruments.<br>_ GMM versus 3SLS.<br>_ Reference: Chapter 8 and class-notes.<br>9. Linear simultaneous equations.<br>_ Classical supply and demand models.<br>_ Natural instruments: identification via exclusion restrictions.<br>_ Identification via cross-equation and covariance restrictions.<br>_ Reference: Chapter 9 and class-notes.<br>10. Linear panel data models.<br>_ Linear panel data models without unobserved effects.<br>_ Linear panel data models with unobserved effects.<br>_ Estimating fixed effects models under strict exogeneity.<br>_ The random effects estimator.<br>_ Testing the random effects hypothesis.<br>_ Correlated random effects: Hausman-Taylor type models.<br>_ Dynamic panel data models and sequential exogeneity.<\/p><p>_ Reference: Chapters 10, 11 and class-notes.<\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul><br><li>60% of the course grade is based on the final exam, which is closed book and closed notes. The final exam is comprehensive, i.e., it includes all material covered in the class, the homeworks, and the TA sessions<\/li><br><li>40% of the course grade is based on 5 homework assignments. The completed homeworks have to be handwritten and handed in individually<\/li><br><\/ul>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p><br>The required text for this course is<br>1. Econometric analysis of cross section and panel data, 2nd ed., J. M. Wooldridge (2010).<br>All chapter references in the syllabus are to this book. <br><\/p><br><p>Students interested in additional reading may consider the following references:<br> \u201cEconometrics,\u201d B. Hansen, 2022.<br> \u201cEconometric theory and methods,\u201d J. G. MacKinnon and R. Davidson, 2009.<br> \u201cMostly harmless econometrics: An empiricist&#8217;s companion,\u201d J. D. Angrist and J. S. Pischke, 2008.<br> \u201cMicroeconometrics: Methods and applications,\u201d A. C. Cameron and P. K. Trivedi, 2005. Also by the same authors, \u201cMicroeconometrics using STATA,\u201d 2009.<br> \u201cPanel data econometrics,\u201d M. Arellano, 2003.<br> \u201cEconometric analysis,\u201d W. H. Greene, 2003.<br> \u201cEconometrics,\u201d F. Hayashi, 2000.<br> \u201cAn introduction to classical econometric theory,\u201d P. Ruud, 2000.<br> \u201cStatistics and econometric models,\u201d vol. 1 and 2, C. Gourieroux and A. Monfort, 1995.<br> \u201cA course in econometrics,\u201d A. S. Goldberger, 1991.<br> \u201cLarge sample estimation and hypothesis testing,\u201d W. K. Newey and D. McFadden, in Handbook of Econometrics, vol. 4, 1994.<br> \u201cAdvanced econometrics,\u201d T. Amemiya, 1985.<br> \u201cHandbooks of econometrics,\u201d vol. 1 &#8211; vol. 6B, 1983 &#8211; 2007.<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473c742c\"\n        >\n            <span class=\"accordion__title\">\n                Advanced Microeconomics                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            6                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-3                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473c742c\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473c73c3\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Advanced Microeconomics<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 6<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            Students, who successfully pass this course, will be able to analyze and assess scientific publications in the area of modern Microeconomics. Moreover, they should be sufficiently familiar with modern methodological concepts to apply them in their own research.                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\u00a0<\/p><br><p>On completion of the course unit successful students will be able to:<\/p><br><p> Analyze and assess scientific publications in the area of modern Microeconomics<br> Familiarity with modern methodological concepts and ability to apply them in their own research <br> Reconstruct fundamental game theory models and clearly state their assumptions and predictions and work out the analysis<br> Convert a standard multi-person decision situation into an analytic model and correctly analyze it<br> Apply and explain appropriate models or modifications to some real-world issues and work out its policy implications.<br><\/p><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\u00a0<\/p><p>This course is split up into two parts of equal length. <\/p><p>Part I provides an advanced treatment of core topics of modern Microeconomics. We start with Consumer Theory and the Theory of the Firm. Then, we proceed with Partial and (a glimpse of) General Equilibrium Analysis both from a positive and from a normative point of view (Welfare Analysis). Throughout, we emphasize the role of general equilibrium theory as the foundation of modern Microeconomics, Macroeconomics, and Financial Economics.<\/p><p>Part II deals with Game Theory. Game theory is a powerful tool for analyzing strategic interactions between players or decision-making units. This course develops an advanced treatment of non-cooperative game theory. Students are introduced to the concepts of game theory and to various methods for solving interactive decision problems. These concepts are applied to Economics and Finance, to firm behavior in markets and different types of market structures. Applications include market competition, auctions, research and development, labor markets, bargaining,\u00a0 and economic influence, to name a few.<br><\/p><p><br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        80% written exam<br>20% assignments\/homework<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography<br><br>The contents of Part I is comprehensively covered in Chapters 1-6 and 10 of the book Microeconomic Theory by Mas-Colell, Whinston, and Green (1995). This book is the ultimate reference of this course.<br>The course will also rely on the book Advanced Microeconomic Theory, 3rd edition, by Jehle and Reny (2011). In its Chapters 1-5 the latter provides a very good summary of the relevant chapters of the book<br>by Mas-Colell, Whinston, and Green. In addition, there will be handouts. <br>Highly recommended alternative textbooks include the following. A classic reference for graduate<br>courses in Microeconomics is Hal Varian\u2019s Microeconomic Analysis (Varian (1992)). A very elegant treatment of the main topics of this course can be found in Ariel Rubinstein\u2019s Lecture Notes in Microeconomic Theory &#8211; The Economic Agent (Rubinstein (2012). This book can be (legally!) downloaded from the author\u2019s web page. Finally, David Kreps\u2019 recent textbook Microeconomic Foundations &#8211; Choice and Competitive Markets (Kreps (2013)) is highly recommended. <br>To brush up your knowledge in Microeconomics, have a look at Intermediate Microeconomics: A Modern Approach by Varian (2010) or Microeconomics by Pindyck and Rubinfeld (2009). <br>Part II follows closely Chapters 7-9 of the book Microeconomic Theory by Mas-Colell, Whinston, and Green (1995).<br>Textbooks on Mathematical Methods: a deeper understanding of the mathematical tools applied in this course may require more than what is covered in a mathematical appendix of a textbook. Simon and<br>Blume (1994), Mathematics for Economists, covers a wide range of relevant topics. Dixit (1990), Optimization in Economic Theory, and Sundaram (1996), A First Course in Optimization Theory, provide a sound introduction to optimization theory. Introductory treatments of some relevant concepts may be<br>found in Syds\u00e6ter and Hammond (1995), Mathematics for Economic Analysis or in Fundamental<br>Methods of Mathematical Economics by Chiang (1984). Syds\u00e6ter, Str\u00f8m, and Berck (2005), Economists\u2019 Mathematical Manual, has a comprehensive collection of useful results and formulae. Issues of mathematical logic and proofs are comprehensively presented in How to Prove It &#8211; A Structured Approach by Velleman (2006).<br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473c7443\"\n        >\n            <span class=\"accordion__title\">\n                Advanced Macroeconomics                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            6                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-5                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473c7443\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473c73c3\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Advanced Macroeconomics<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 6<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            Part I introduces students to the modern theory of economic growth that studies long-run macroeconomic evolutions. It starts with an empirical look at the growth experience of today\u2019s industrialized countries. Then, the focus will be on theories that explain these evolutions emphasizing the accumulation of physical capital, human capital, and technological knowledge. Throughout, we highlight the role of inter-temporal general equilibrium theory as the conceptual foundation of modern growth theory.<br>Part II focuses on stochastic dynamic general equilibrium models to study short run macroeconomic phenomena and economic policy issues. This calls for a good understanding of dynamic optimization problems, dynamic general equilibrium concepts, analytical and\/or numerical solution methods. The course covers the benchmark Real Business Cycle Model as well as extensions with labor, capital and goods market frictions. It also considers monetary policy through the lens of the New-Keynesian Model. It includes economic policy simulations. References are recent relevant scientific publications.<br>\u00a0                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br><p>\u00a0\u00a0 \u00a0Explain and apply the methods of modern macroeconomic theory. The emphasis is on the use of dynamic general equilibrium models to study short run macroeconomic phenomena and economic policy issues. This calls for a good understanding of dynamic optimization problems, dynamic general equilibrium concepts, analytical and\/or numerical solution methods.<br><br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Part I introduces students to the modern theory of economic growth that studies long-run macroeconomic evolutions. It starts with an empirical look at the growth experience of today\u2019s industrialized countries. Then, the focus will be on theories that explain these evolutions emphasizing the accumulation of physical capital, human capital, and technological knowledge. Throughout, we highlight the role of inter-temporal general equilibrium theory as the conceptual foundation of modern growth theory. \u00a0Part II focuses on stochastic dynamic general equilibrium models to study short run macroeconomic phenomena and economic policy issues. This calls for a good understanding of dynamic optimization problems, dynamic general equilibrium concepts, analytical and\/or numerical solution methods. The course covers the benchmark Real Business Cycle Model as well as extensions with labour and capital market frictions. It also considers monetary policy through the lens of the New-Keynesian Model. It includes economic policy simulations. Slides are self-contained but references to recent relevant scientific publications are also provided .                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        80% written exam<br>20% homeworks                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography:<br> Acemoglu, D., Introduction to Modern Economic Growth, 2009, Princeton University Press (Chapters 1-3, 5,8-11)<br> Barro, R., and Sala-i-Martin, X., 2004, Economic Growth, MIT Press (Chapters 1-4) \u00a0<br> Wickens,M. Macroeconomic Theory, 2d ed., Princeton University Press, 2012 (especially Chapters 2-5, 7-8).<br> Blanchard O.J. and S. Fischer, Lectures on Macroeconomics, MIT Press, 1989 (especially Chapter 2, 8)<br> Heer, B., and A. Maussner (2014), Dynamic General Equilibrium Modeling, 3d edition, Springer, Ch 1.<br> King R and S Rebelo, Resuscitating Real Business Cycles, Handbook of Macroeconomics, Amsterdam: North-Holland, 1999, volume IB, chapter 14.<br> Merz M (1995). \u2019Search in the Labor Market and the Real Business Cycle\u2019, Journal of Monetary Economics, vol. 36, pp. 269-300.<br> Enders Z, R Kollmann and G Muller (2011). \u2019Global Banking and International Business Cycles\u2019, European Economic Review, vol. 55, pp. 407-426.<br> Smets F and R Wouters (2003). \u2019An Estimated Dynamic Stochastic General Equilibrium <br>Model of the Euro Area\u2019, Journal of the European Economic Association, vol. 1(5), pp. 1123-1175.<br><br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473c745a\"\n        >\n            <span class=\"accordion__title\">\n                Advanced Financial Theory                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            6                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-4                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473c745a\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473c73c3\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Advanced Financial Theory<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 6<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-4<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br><p> rigorously develops the foundations of modern asset pricing theory <br> introduce students to some key topics in corporate finance<br> interpret key empirical evidence alongside <br> be familiar with computing methods to implement and solve models <br> develop, communicate and execute independent research in financial economics<br> be familiar with the entire lifecycle of a research project and to manage it according to the highest modern professional standards<br><br><\/p><br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>COURSE CONTENT <\/p><p>We will tentatively touch on the following topics:<\/p><p>1) Introduction to modern research in financial economics<br>2) Theory of choice under uncertainty<br>3) No-Arbitrage Theory and Pricing Kernels<br>4) Equilibrium Asset Pricing<br>5) CAPM and Linear Factor Models: Theory and Evidence<br>6) No-Arbitrage, Pricing Kernels and Equilibrium in Dynamic Economies<br>7) Dynamic Programming and Markov Models<br>8) Consumption-Based Asset Pricing (CBAP)<br>9) CBAP: Habit Models, Long-Run Risk, Rare Disasters<br>10) Production-Based Asset Pricing<br>11) Asset Pricing with Asymmetric Information <br>12) Capital Structure and Classic Issues in Corporate Finance<br>13) Dynamic Contracting and Quantitative Corporate Finance<br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul><br><li>40% written final exam<\/li><br><li>20% writting exercices<\/li><br><li>40% research assignment<\/li><br><\/ul>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><br><br><\/p><br><p>\u00a0<\/p><br><p>The main course material is a comprehensive set of slides that I will make available throughout the course. We will not follow any particular book closely in this class, but the following textbooks will be useful references.<br>\u00a0<br>1. Huang, Chi-fu and Robert H. Litzenberger, Foundations for Financial Economics, North- Holland, 1988.<br>2. Altug, Sumru and Pamela Labadie, Asset Pricing for Dynamic Economies, Cambridge University Press, 2008.<br>3. Campbell, John, Financial Decisions and Markets: A Course in Asset Pricing, Princeton University Press, 2017.<br>4. Cochrane, John, Asset Pricing, Princeton University Press, 2001.<br>5. Ljungqvist, Lars and Thomas J. Sargent, Recursive Macroeconomic Theory, 2nd Edition, MIT Press, 2004.<br>6. Back, Kerry, Asset Pricing and Portfolio Theory, Oxford University Press, 2010.<br>7. Duffie, Darrell, Dynamic Asset Pricing Theory, Princeton University Press, 2001<br>8. Munk, Claus, Financial Asset Pricing Theory, Oxford University Press, 2013<br>9. Mas-Colell, Andreu, Michael Whinston and Jerry Green, Microeconomic Theory, Oxford University Press, 2010<br>10. Heer, Burkhard and Alfred Maussner, Dynamic General Equilibrium Modeling: Computational Methods and Applications, Springer, 2005.<br>11. Stockey, Nancy, and Lucas, Robert and Prescott, Edward, Recursive Methods in Economic Dynamics, Harvard University Press, 1989<br>12. Tirole, Jean, The Theory of Corporate Finance, Princeton University Press, 2006<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>    <\/div><\/div><\/section>\n<section\n    id=\"tabpanel-5494d507-92bb-4615-a405-e68120924d14\"\n    aria-labelledby=\"tab-5494d507-92bb-4615-a405-e68120924d14\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    <div class=\"wp-block-unilux-blocks-course-offer\">\n    <h3>Course offer for Semestre 4 (2025-2026 Summer)<\/h3>\n    \n<div id=\"accordion-module-6a6a3473ca757\" class=\"accordion accordion--theme\">\n            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473ca77a\"\n        >\n            <span class=\"accordion__title\">\n                Causal Inference                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            4                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-6                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473ca77a\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473ca757\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Causal Inference<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 4<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-6<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br><p> Convey and discuss fundamental concepts like treatment, causal effects, potential outcomes, Conditional Estimation Function, selection bias, omitted variable bias, random assignment.<br> Identify selection bias and expected direction of the bias with non-experimental data.<br> Use regression techniques in randomized experimental frameworks.<br> Set up instrumental variable estimation to estimate causal links, with knowledge of key related concepts (instrument, first-stage regressions, reduced-form regressions, over identification test, compliant and non-compliant populations).<br> Appreciate and critique regression discontinuity, difference-in-differences or instrumental estimation.<br> Develop a sense, a taste for promising empirical research projects.<br> Apply the tools that produces statistical results (estimates, tables, graphs) for modern empirical papers, mostly meaning scripting in Stata.<br> Write cogently in about the strengths and weaknesses of research papers, as a referee would for peer review, in professional, academic English.<br> Have a basic idea what machine learning is good for economists.<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        This course will be devoted to the issue of estimating causal links in economics using various research designs. The course covers over the new techniques developed to identify causal relationships in economics &amp; finance.<br>The Plan<br> Chapter 1 Key Concepts: causal relationships, potential outcomes, randomized experiments, selection bias.<br> Chapter 2 Regression Recap and useful Regression Concepts<br> Chapter 3 Instrumental Variable Estimation<br> Chapter 4 Panel Data and Difference in Difference approach.<br> Chapter 5 Regression Discontinuity Designs.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% seminar paper<br>Students will be required to comment a paper published in the literature facing endogeneity issues and providing a credible identification strategy to estimate the causal links of interest. The students will have to replicate the results of the paper and to offer a critical assessment of the paper. The paper is individual.                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p>\u00a0<\/p>J.D. Angrist and J-S. Pischke, 2009. Mostly Harmless Econometrics. Princeton University Press.<br>J.D. Angrist and J-S. Pischke, 2015. Mastering \u2032Metrics \u2013 The Path from Cause to Effect. Princeton University Press.<br>G.W. Imbens and D.B. Rubin, 2015. Causal Inference for Statistics, Social and Biomedical Sciences, an Introduction, Cambridge University Press<br>S. Athey, 2018. \u201cThe Impact of Machine Learning on Economics,\u201d mimeo.<br><p>\u00a0<\/p><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473ca78f\"\n        >\n            <span class=\"accordion__title\">\n                Econometric Theory for Structural Inference                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            4                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-7                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473ca78f\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473ca757\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Econometric Theory for Structural Inference<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 4<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-7<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><\/p><br>\u200bi) make students able to start a research project that relies on advanced empirical methods<br>\u200bii) make students able to read and assess critically empirical research papers<br>\u200biii) make the students able to apply and implement the methods presented in class.<br><p><br><br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><\/p>Outline (indicative)1)\u200bA warm up: Why and when can econometrics work? Econometrics vs Probability LLN and CLT Incorporating time dependence Delta method or how to get the standard errors of almost anything\u00a02)\u200bA general framework: theory of optimization estimators (aka extremum estimators) A bird\u2019s eye view on some particular cases: GMM, OLS and MLE Consistency theorem Asymptotic normality\u00a03)\u200bSome variations and extensions** Identification, Weak identification and weak instruments Generalized Empirical Likelihood estimators (GEL)\u00a04)\u200bElements of Hilbert space theory and the projection theorem Inner product spaces and Hilbert spaces Projection theorem Applications: Conditional expectation, OLS and omitted variable bias, fundamental theorem of asset pricing**\u00a05)\u200bHypothesis testing** Parameter restriction tests vs specification tests The trinity: LM, LR, and Wald\u00a06)\u200bMore on GMM** Review of GMM On weak identification and weak instruments Test of over identifying restrictions \u00a0 Inference with unequal length samples Two-step estimators\u00a07)\u200bSimulation-based estimation and inference methods Calibration Simulated method of moments Indirect inference**\u00a08)\u200bElements of Bayesian econometrics Basics of Bayesian inference Large sample properties: Bernstein-von Mises theorem MCMC basics**** indicates topics that less likely to be covered due to time constraints<p><br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>60% written exam<\/p><br><p>30% homeworks<\/p><br><p>10% Pop quiz if necessary<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br><\/p><br>Bibliography:<br>\u00a0<br>Hayashi F.: 2000.Econometrics, Princeton University Press. Chap. 2,7-8.<br>\u00a0<br>Newey, Whitney, and Daniel McFadden, 1994, Large sample estimation and hypothesis testing, in Robert Engle, and Daniel McFadden, ed.: Handbook of Econometrics, Vol. 4 . pp. 2111-2245 (North-Holland: Amsterdam).<br>\u00a0<br>Singleton Kenneth, Empirical Dynamic Asset Pricing: Model Specification and Econometric Assessment, Princeton University Press, 2006<br>\u00a0<br>During the course, there may be hand-outs and other material on additional topics relevant for the course and the examination.<br><p><br><br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473ca79b\"\n        >\n            <span class=\"accordion__title\">\n                Applied General Equilibrium Theory                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            4                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-8                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473ca79b\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473ca757\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Applied General Equilibrium Theory<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 4<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-8<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br><p>\u00a0<\/p><br>-\u200bDerive the first and second fundamental welfare theorem<br>-\u200bProve the existence and uniqueness of Walrasian equilibrium<br>-\u200bUnderstand Pareto optimality and social welfare optima<br>-\u200bDiscuss exchange and production economies with and without Edgeworth box<br>-\u200bUnderstand technical properties of general equilibrium allocations and CORE<br>-\u200bDiscuss monopolistic competition in general equilibrium and international trade<br>-\u200bExplain market incompleteness and information issues in general equilibrium<br>-\u200bUnderstand the issues and modeling of informational asymmetries<br>-\u200bDiscuss signal models, moral hazard, and principal-agent models<br><p>\u00a0<\/p><br><p><br><br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Pre-requisite: Advanced Microeconomics I<br>This course unit aims to introduce advanced microeconomics tools for analyzing the general equilibrium in markets of material goods and financial assets. The course first studies the economics of resource allocations in perfectly competitive markets using the toolbox of the theories of the consumer and the firm. The course studies the properties of existence, local and global uniqueness of equilibria, first and second welfare theorems, decision-making under uncertainty, and consumer and producer surplus. It then elaborates on new general equilibrium models with imperfect competition, monopolistic competition, non-homothetic demand, and heterogeneous firms and consumers (new tools in international trade theory). It finally discusses the existing theory body where market equilibria fail, or information is imperfect or asymetric.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        50% written exam<br>25% presentations<br>25% Class participation and exercises                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Bibliography:<\/p><br>Basic book:<br>\u00a0<br>MWG: Microeconomic Theory. Andreu Mas-Colell, Michael D., Whinstonand. Jerry R. Green. New York Oxford, OXFORD UNIVERSITY PRESS 1995.<br>\u00a0<br>AA: Treb Allen and Costas Arkolakis (2016) Elements of Advanced International Trade. Web access:<br>https:\/\/arkolakis.com\/wp-content\/uploads\/ClassNotes.pdf<br>\u00a0<br>Additional readings<br>\u00a0<br>Monopolistic Competition Setup<br>\u00a0<br>Melitz, M. J., .The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity,.2003, Econometrica, 71(6), 1695-1725.<br>\u00a0<br>Arkolakis C., S. Demidova, P. Klenow, and A. Rodriguez-Clare, .Endogenous Variety and the Gains from Trade,2008, American Economic Review, Papers and Proceedings<br>\u00a0<br>Zhelobodko, Evgeny, Sergey Kokovin, Mathieu Parenti, and Jacques-Francois Thisse. 2012.<br>&#8220;Monopolistic competition: Beyond the constant elasticity of substitution.&#8221; Econometrica,<br>Vol. 80(6): 2765-2784.<br>\u00a0<br>Mrazova, Monika, and J. Peter Neary. 2017. &#8220;Not so demanding: Demand structure and<br>firm behavior.&#8221; American Economic Review, Vol. 107 (12): 3835-74.<br>Kichko S. and Picard PM. 2020. On the effects of income heterogeneity in monopolistically competitive markets. Higher School of Economics Research Paper No. WP BRP 239\/EC\/2020.<br>\u00a0<br>Trade theories<br>\u00a0<br>Arkolakis, Costinot, and Rodriguez-Clare, 2010. New Trade Theories Same Old Gains?, American Economic Review.<br>\u00a0<br>Allen and Arkolakis, .Trade and the Topography of the Spatial Economy, 2013, NBER working paper, 19181<br>\u00a0<br>Gaubert, C. (2018). Firm sorting and agglomeration. American Economic Review, 108(11), 3117-53.<br>\u00a0<br>Behrens, Duranton, and Robert-Nicoud, .Productive Cities: Sorting, Selection, and Agglomeration,. Journal of Political Economy.<br><p><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473ca7a6\"\n        >\n            <span class=\"accordion__title\">\n                Master Thesis                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            10                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-9                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473ca7a6\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473ca757\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Master Thesis<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 10<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-9<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                \n                \n                \n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473ca7b2\"\n        >\n            <span class=\"accordion__title\">\n                The Economics of Gender                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-20                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473ca7b2\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473ca757\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> The Economics of Gender<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-20<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        On completion of the course unit successful students will be able to:<br>\u00a0<br> to advance their knowledge of the foundation of economics of gender.<br> be able to critically assess and analyse scholarly articles through weekly readings.<br> learn to critically assess whether gender is a dimension to consider in research<br> relate the academic articles taught in class to the experiences of generations of women in their families through exchanging with these women<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Pre-requisite: Econometrics; Microeconomics<br>In this course, we will seek answers to following questions: Why are men paid more than women? Why do men and women work in different occupations? What explains the rise in labour force participation of women in the post-World War II era? Why are there now more women than men enrolled in colleges and still women are underrepresented in the top management positions? Why female entrepreneurial activity tends to be<br>low and concentrated in certain sectors, such as the food or garment industry? What is the role of parents\u2019 attitudes and beliefs on math performances of daughters? Do families make financial decisions as one economic unit or do different members bargain with one another? Are there physiological differences between men and women which explain differences in behaviour? The answer to some of these questions has been the research agenda of Claudia Goldin (Harvard), who received the Nobel Prize in Economics in 2023. The content of this course builds upon the work of Goldin and many other economists in the economics of gender.<br>We will apply economic models (e.g. consumer choice, human capital, and discrimination) to explore the answers to these questions. However, the course will also examine historical and cultural trends and empirical studies that attempt to answer these questions with data.<br>There is not yet a textbook for the economics of gender, so we will use series of required readings from economic journals. Most of the readings are available on-line and will be provided by the professor in Moodle. Many of the readings that are printed in economic journals such as the American Economic Review, Quarterly Journal of Economics and Journal of Political Economy are available through JSTOR (journal archive), available on UL campuses.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% Presentations<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p>\u00a0<\/p><br><p>I. Introduction: What are the issues in economics of gender? <br>Goldin, Claudia. 2006. \u201cThe Quiet Revolution That Transformed Women\u2019s Employment, Education, and Family,\u201d\u00a0 American Economic <br>Review, 96 (2): 1-21.<br>Qian, Nancy. 2008. \u201cMissing Women and the Price of Tea in China: The Effect of Sex-specific Income on\u00a0 Sex Imbalance.\u201d Quarterly <br>Journal of Economics, 123(3): 1251-1285.<br>II. Economics of Marriage, Family and Gender Roles<br>Goldin, Claudia and Lawrence F. Katz. 2002. \u201cThe Power of the Pill: Oral Contraceptives and Women\u2019s Career and Marriage <br>Decisions.&#8221; Journal of Political Economy, 110 (4): 730-770.<br>Alesina, Alberto, Paola Giuliano and Nathan Nunn. 2013. \u201cOn the Origins of Gender Roles: Women and the Plough.\u201d Quarterly Journal\u00a0 of Economics, 128(2): 469-530.<br>Ana Tur-Prats; Family Types and Intimate Partner Violence: A Historical Perspective. The Review of Economics and <br>Statistics 2019; 101 (5): 878\u2013891.<br>Bertrand Marianne, Emir Kamenica and Jessica Pan. 2015. \u201cGender Identity and Relative Income within\u00a0\u00a0 <br>Households.\u201d Quarterly Journal of Economics, 130(2): 571-614.<br>Becker, Anke, On the Economic Origins of Restrictions on Women&#8217;s Sexuality (2019). CESifo Working Paper No. 7770<br>Myers, Caitlin Knowles.\u00a0 \u201cThe Power of Abortion Policy: Re-examining the Effects of Young\u00a0 Women\u2019s Access to Reproductive Control.\u201d Journal of Political Economy.<br>Lapatinas, Litina, Zanaj, \u201cEconomic complexity and gender norms\u201d, DEM Discussion Paper, 2024.<br>III. Women and Household Finance Issues<br>Francesco D\u2019Acunto, Ulrike Malmendier, Michael Weber, 2020.\u00a0 \u201cGender Roles and the Gender Expectations <br>Gap\u201c, https:\/\/bfi.uchicago.edu\/working-paper\/gender-roles-and-the-gender-expectations-gap\/ <br>Simone G. Schaner , Erica M. Field , Rohini Pande , Natalia Rigol, Charity M. Troyer Moore, 2020, <br>\u201cOn Her Own Account: How Strengthening Women\u2019s Financial Control Impacts Labor Supply and Gender Norms\u201d, <br>https:\/\/conference.nber.org\/conf_papers\/f141645.<br>Emma Riley, \u201cResisting Social Pressure in the Household Using Mobile Money: Experimental Evidence on Microenterprise Investment in Uganda\u201d, 2020, <br>Luigi Guiso and Luana Zaccaria, \u201cFrom Patriarchy to Partnership: Gender Equality and Household Finance\u201d, <br>2020, https:\/\/conference.nber.org\/confer\/2020\/SI2020\/GE\/GuisoPaper.pdf<br>Ana Maria Montoya, Alex Solis, Raimundo Undurraga , Eric Parrado, 2020, \u201cBad Taste: Gender Discrimination in the Consumer Credit Market\u201d, http:\/\/dx.doi.org\/10.18235\/0001921<br>IV. Gender and the labor market outcomes<br>Blau, Francine D. and Lawrence M. Kahn. 2017. \u201cThe Gender Wage Gap: Extent, Trends, and <br>Explanations.&#8221; Journal of Economic Literature, 55(3): 789-865.<br>Card, David and Abigail Payne. 2017. \u201cHigh School Choices and the Gender Gap in STEM.\u201d NBER WP 23769.<br>Fernandez, R., A. Fogli, and C. Olivetti (2004). Mothers and Sons: Preference Formation and Female Labor Force Dynamics. The Quarterly Journal of Economics 119 (4), 1249\u20131299.<br>Flory, Jeffrey, Andreas Leibbrandt, and John List. 2015. \u201cDo Competitive Work Places Deter Female Workers? <br>A Large-scale Natural Field Experiment on Job-Entry Decisions.\u201d Review of Economic Studies, 82(1): 122-15<br>Fogli, A. and L. Veldkamp (2011). Nature or Nurture? Learning and the Geography of Female Labor Force Participation. Econometrica 79 (4), 1103\u20131138.<br>Goldin, Claudia and Cecelia Rouse. 2000. \u201cOrchestrating Impartiality: The Effect of &#8216;Blind&#8217; Auditions on <br>Female Musicians.&#8221; American Economic Review 90(4): 715-741<br>Goldin, Claudia, Lawrence Katz, and Ilyana Kuziemko. 2006. \u201cThe Homecoming of American College Women: <br>The Reversal in the Gender Gap in College,\u201d Journal of Economic Perspectives, 20(4): 133-156.<br>Jensen, R. (2012). Do Labor Market Opportunities Affect Young Women\u2019s Work and Family Decisions? Experimental Evidence from India. The Quarterly Journal of Economics 127 (2), 753\u2013792<br>Leibbrandt, Andreas and John List. 2015. \u201cDo Women Avoid Salary Negotiations? Evidence from a Large Scale <br>Natural Field Experiment.\u201d Management Science, 61(9): 2016-2024.<br>Lundborg, Petter, Erik Plug, and Astrid W\u00fcrtz Rasmussen. 2017. \u201cCan Women Have Children and a Career? IV <br>Evidence from IVF Treatments.\u201d American Economic Review, 107(6): 1611-37.<br>Niederle, Muriel and Lise Vesterlund. 2007. \u201cDo Women Shy Away from Competition? Do Men Compete <br>Too Much?&#8221; The Quarterly Journal of Economics, 122 (3): 1067-1101.<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473ca7bd\"\n        >\n            <span class=\"accordion__title\">\n                Topics in Regional and Urban Economics                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-11                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473ca7bd\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473ca757\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Topics in Regional and Urban Economics<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-11<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>On completion of the course unit successful students will be able to:<\/p><br>&#8211; \u00a0discuss urban models and endogenous location of economic activities<br>&#8211; \u00a0discuss urban issues in migration, work from home, green amenities<br>&#8211; \u00a0discuss land rent and real estate markets in cities<br>&#8211; \u00a0explain the capital location in the new economic geography<br>&#8211; \u00a0explain the foundation of gravity models<br>&#8211; \u00a0discuss the quantitative urban economics models<br>&#8211; \u00a0discuss urban models and endogenous location of economic activities<br>&#8211; \u00a0discuss urban issues in migration, work from home, green amenities<br>&#8211; \u00a0discuss land rent and real estate markets in cities<br>&#8211; \u00a0explain the c<br>&#8211; \u00a0discuss urban models and endogenous location of economic activities<br>&#8211; \u00a0discuss urban issues in migration, work from home, green amenities<br>&#8211; \u00a0discuss land rent and real estate markets in cities<br>&#8211; \u00a0explain the capital location in the new economic geography<br>&#8211; \u00a0explain the foundation of gravity models<br>&#8211; \u00a0discuss the quantitative urban economics models<br>apital location in the new economic geography<br>&#8211; \u00a0explain the foundation of gravity models<br>&#8211; \u00a0discuss the quantitative urban economics models<br><p><br><br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Pre-requisite: Good micro-economic and mathematical background is expected at the beginning of the course<br>This course unit aims to introduce advanced economic theories of modern regional and urban economics. In particular, it studies the location of economic activities across the geographical space (cities, regions, and countries). It discusses the role of markets for land, houses and floorspace, markets of goods and labor, amenities and agglomeration externalities, social interactions, commuting and congestion, etc. It sheds light on the key role of mobility of workers, capital, and firms across the space and the impact of real estate markets in the location of individuals and industries. It discusses the endogenous formation of cities and the existence of multiple equilibria as endogenous factors of regional discrepancies (New Economic Geography, Krugman Nobel Prize). It further explores the theoretical and empirical facets of gravity equations and finally introduces students to the new research on Quantitative Urban Economics.The course content changes yearly according to current theoretical research and students\u2019 suggestions.The course develops active research skills through literature reading, presentation, and writing skills.The course is based on good micro- and macro-economic knowledge.This academic year will be based on the book of Koster, Proost and Thisse.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        30 % essay<br>50% presentations<br>20% participation                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        1.1 Books:<br>\u00a0<br>Koster, Proost, Thisse (2026) Spatial Economics. Oxford University Press. ISBN: 9780197824702<br>\u00a0<br>1.2 Trade and Geography<br>\u00a0<br>Koster, Proost, Thisse (2026) Spatial Economics. Oxford University Press. ISBN: 9780197824702<br>Fujita, Krugman and Venables. 1999. The Spatial Economy, MIT Press<br>Belleflamme, Paul Picard, Pierre Thisse, Jacques-Francois, 2000. &#8220;An Economic Theory of Regional Clusters,&#8221; Journal of Urban Economics, Elsevier, vol. 48(1), pages 158-184, July.<br>Krugman. 1991. \u201cIncreasing Returns and Economic Geography,\u201d Journal of Political Economy<br>Redding and Fajgelbaum. 2014. \u201cExternal Integration, Structural Transformation and Economic Development: Evidence from Argentina 1870-1914,\u201d mimeo<br>Redding. 2012. \u201cGoods Trade, Factor Mobility and Welfare,\u201d mimeo<br>Rossi-Hansberg. 2002. \u201cA Spatial Theory of Trade,\u201d American Economic Review<br>Picard, Pierre M. Zeng, Dao-Zhi, 2005. &#8220;Agricultural sector and industrial agglomeration,&#8221; Journal of Development Economics, Elsevier, vol. 77(1), pages 75-106, June.<br>Okubo, Toshihiro Picard, Pierre M. Thisse, Jacques-Fran\u00e7ois, 2010. &#8220;The spatial selection of heterogeneous firms,&#8221; Journal of International Economics, Elsevier, vol. 82(2), pages 230-237, November.<br>Behrens, Kristian Picard, Pierre M., 2011. &#8220;Transportation, freight rates, and economic geography,&#8221; Journal of International Economics, Elsevier, vol. 85(2), pages 280-291.<br>Allen and Arkolakis. 2014. \u201cTrade and the Topography of the Spatial Economy,\u201d Quarterly Journal of Economics<br>Caliendo, Parro, Rossi-Hansberg and Sarte. 2015. \u201cThe Impact of Regional and Sectoral Productivity Changes on the U.S. Economy,\u201d mimeo<br>Monte, Redding and Rossi-Hansberg. 2015. \u201cCommuting, Migration and Local Employment Elasticities,\u201d mimeo<br>\u00a0<br>1.3 Gravity<br>\u00a0<br>Anderson, J., .A Theoretical Foundation for the Gravity Equation,.1979, American Economic Review, 69(1), 106-116.<br>Krugman, P., .Scale Economies, Product Differentiation, and the Pattern of Trade,.1980, American Economic Review, 70(5), 950-959.<br>\u00a0<br>1.4 Monopolistic Competition Setup<br>\u00a0<br>Koster, Proost, Thisse (2026) Spatial Economics. Oxford University Press. ISBN: 9780197824702<br>Chaney, T., .Distorted Gravity: The Intensive and Extensive Margins of International Trade,.2008, American Economic Review, 98(4), 1707-1721.<br>Melitz, M. J., .The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity,.2003, Econometrica, 71(6), 1695-1725.<br>Arkolakis C., S. Demidova, P. Klenow, and A. Rodriguez-Clare, .Endogenous Variety and the Gains from Trade,.2008, American Economic Review, Papers and Proceedings<br>Zhelobodko, Evgeny, Sergey Kokovin, Mathieu Parenti, and Jacques-Francois Thisse. 2012.<br>&#8220;Monopolistic competition: Beyond the constant elasticity of substitution.&#8221; Econometrica,<br>Vol. 80(6): 2765-2784.<br>Mrazova, Monika, and J. Peter Neary. 2017. &#8220;Not so demanding: Demand structure and<br>firm behavior.&#8221; American Economic Review, Vol. 107 (12): 3835-74.<br>Kichko S. and Picard PM. 2020. On the effects of income heterogeneity in monopolistically competitive markets. Higher School of Economics Research Paper No. WP BRP 239\/EC\/2020.<br>\u00a0<br>1.5 Trade theories<br>\u00a0<br>Arkolakis, Costinot, and Rodriguez-Clare, .New Trade Theories Same Old Gains?,.2010, American Economic Review.<br>Allen and Arkolakis, .Trade and the Topography of the Spatial Economy,. 2013, NBER working paper, 19181<br>Gaubert, C. (2018). Firm sorting and agglomeration. American Economic Review, 108(11), 3117-53.<br>Behrens, Duranton, and Robert-Nicoud, .Productive Cities: Sorting, Selection, and Agglomeration,. Journal of Political Economy.<br>\u00a0<br>1.6 Cities<br>\u00a0<br>Koster, Proost, Thisse (2026) Spatial Economics. Oxford University Press. ISBN: 9780197824702<br>Lucas Rossi-Hansberg, \u201cOn the Internal Structure of Cities,\u201d Econometrica (2002)<br>Lucas, \u201cExternalities and Cities,\u201d Review of Economic Dynamics (2001)<br>Mossay, Pascal Picard, Pierre M. Tabuchi, Takatoshi, 2020. &#8220;Urban structures with forward and backward linkages,&#8221; Regional Science and Urban Economics, Elsevier, vol. 83(C).<br>Redding and Sturm, \u201cThe Economics of Density: Evidence from the Berlin Wall,\u201d Econometrica (2015).<br>Emmanuelle Augeraud-Veron Francisco Marhuenda Pierre M. Picard, 2019. &#8220;Local Social Interaction and Urban Equilibria,&#8221; CREA Discussion Paper Series 19-17, Center for Research in Economic Analysis, ±¬ÁϳԹÏÍø.<br>Rossi-Hansberg, \u201cCities under Stress,\u201d Journal of Monetary Economics (2004)<br>Rossi-Hansberg, \u201cOptimal Urban Land Use and Zoning,\u201d Review of Economic Dynamics (2004)<br>\u00a0<br>1.7 Agglomeration Forces<br>\u00a0<br>Koster, Proost, Thisse (2026) Spatial Economics. Oxford University Press. ISBN: 9780197824702<br>Duranton Puga, \u201cMicro-Foundations of Urban Agglomeration Economies,\u201d Handbook of Urban and Regional Economics (2004)<br>Greenstone, Hornbeck Moretti, \u201cIdentifying Agglomeration Spillovers: Evidence from Winners and Losers of Large Plant Openings,\u201d Journal of Political Economy (2010)<br>Rosenthal Strange, \u201cEvidence on the Nature and Sources of Agglomeration Economies\u201d Handbook of Urban and Regional Economics, (2004)<br>\u00a0<br>1.8 Externalities<br>\u00a0<br>Carlino, Chatterjee, Hunt, \u201cUrban Density and the Rate of Invention,\u201d Journal of Urban Economics (2007)<br>Ciccone Peri, \u201cIdentifying Human Capital Externalities: Theory with Applications,\u201d Review of Economic Studies (2006)<br>Ciccone and Hall, \u201cProductivity and the Density of Economic Activity,\u201d American Economic Review (1996)<br>Henderson Arzaghi, \u201cNetworking Off Madison Avenue,\u201d Review of Economic Studies (2008)<br>Moretti, \u201cWorkers\u2019 Education, Spillovers and Productivity,\u201d American Economic Review (2004)<br>Pascal Mossay Pierre Picard, 2019. &#8220;Spatial segregation and urban structure,&#8221; Journal of Regional Science, Wiley Blackwell, vol. 59(3), pages 480-507, June.<br>Rossi-Hansberg, Sarte, Owens, \u201cHousing Externalities,\u201d Journal of Political Economy (2010)<br>Saxenian, \u201cInside-Out: Regional Networks and Industrial Adaptation in Silicon Valley and Route 128,\u201d Cityscape: A Journal of Policy Development and Research (1996)<br>\u00a0<br>1.9 Amenities and disamenties<br>\u00a0<br>Koster, Proost, Thisse (2026) Spatial Economics. Oxford University Press. ISBN: 9780197824702<br>Schindler, Mirjam Caruso, Geoffrey Picard, Pierre, 2017. &#8220;Equilibrium and first-best city with endogenous exposure to local air pollution from traffic,&#8221; Regional Science and Urban Economics, Elsevier, vol. 62(C), pages 12-23.<br>Glaeser, Kolko Saiz, \u201cConsumer City,\u201d Journal of Economic Geography (2000)<br>Rappaport, \u201cConsumption Amenities and City Population Density,\u201d Regional Science and Urban Economics<br>(2008)<br>Rappaport, \u201cMoving to Nice Weather,\u201d Regional Science and Urban Economics (2007)<br>Pierre M. Picard Thi Thu Huyen TRAN, 2021. &#8220;Geographical Stratification of Green Urban Areas,&#8221; Journal of Economic Geography.<br>Pierre M. Picard Thi Thu Huyen Tran, 2021. &#8220;Green Urban Areas,&#8221; Journal of Environmental Economics and Management.<br>Kyriakopoulou and Xepapadeas (2017). Atmospheric Pollution in Rapidly Growing Industrial Cities: \u00a0Spatial Policies and Land Use Patterns, Journal of Economic Geography, vol 17(3): p. 607-634.<br>Kyriakopoulou and Picard (2020), On the Design of Sustainable Cities: Local Traffic Pollution and Urban Structure, Forthcoming Journal of Environmental Economics and Management.<br>\u00a0<br>1.10 Labor Markets and Sorting<br>\u00a0<br>Picard, Pierre M. Toulemonde, Eric, 2006. &#8220;Firms agglomeration and unions,&#8221; European Economic Review, Elsevier, vol. 50(3), pages 669-694, April.<br>Picard, Pierre M. Toulemonde, Eric, 2004. &#8220;Endogenous qualifications and firms&#8217; agglomeration,&#8221; Journal of Urban Economics, Elsevier, vol. 55(3), pages 458-477, May.<br>Baum-Snow Pavan \u201cUnderstanding the City Size Wage Gap,\u201d Review of Economic Studies (2011)<br>De la Roca Puga, \u201cLearning by Working in Big Cities,\u201d working paper (2012)<br>Glaeser Mare, \u201cCities and Skills,\u201d Journal of Labor Economics (2001)<br>Picard, Pierre M. Zenou, Yves, 2018. &#8220;Urban spatial structure, employment and social ties,&#8221; Journal of Urban Economics, Elsevier, vol. 104(C), pages 77-93.<br>Picard, Pierre M. Wildasin, David E., 2011. &#8220;Outsourcing, labor market pooling, and labor contracts,&#8221; Journal of Urban Economics, Elsevier, vol. 70(1), pages 47-60, July.<br>Teulings Gautier, \u201cSearch and the City,\u201d Regional Science and Urban Economics (2009)<br>\u00a0<br>1.11 Transport Costs and Congestion Forces<br>\u00a0<br>Baum-Snow Kahn. \u201cThe Effects of Urban Rail Transit Expansions: Evidence from Sixteen Cities,\u201d<br>Brookings-Wharton Papers on Urban Affairs (2005)<br>Baum-Snow, \u201cDid Highways Cause Suburbanization,\u201d Quarterly Journal of Economics (2007)<br>Duranton Turner \u201cThe Fundamental Law of Road Congestion,\u201d American Economic Review (2011)<br>Duranton Turner, \u201cUrban Growth and Transportation,\u201d Review of Economic Studies, forthcoming (2011)<br>Monte, Redding and Rossi-Hansberg. \u201cCommuting, Migration, and Local Employment Elasticities\u201d<br>working paper (2015)<br>Saiz, \u201cThe Geographic Determinants of Housing Supply,\u201d Quarterly Journal of Economics (2010)<br>Koster, Proost, Thisse (2026) Spatial Economics. Oxford University Press. ISBN: 9780197824702<br>\u00a0<br>\u00a0<br>1.12 Measuring Agglomeration<br>\u00a0<br>Combes, Duranton, Gobillon, Roux, \u201cThe Productivity Advantages of Large Cities: Distinguishing<br>Agglomeration from Firm Selection,\u201d Econometrica (2012)<br>Duranton Overman, \u201cTesting for Localisation Using Micro-Geographic Data,\u201d Review of Economic<br>Studies (2005)<br>Ellison Glaeser, \u201cGeographic Concentration of Industry,\u201d American Economic Review (1999)<br>Ellison, Glaeser Kerr, \u201cWhat Causes Industry Agglomeration? Evidence from Coagglomeration<br>Patterns,\u201d American Economic Review (2010)<br>\u00a0<br>1.13 Decomposing Agglomeration Through Theory<br>\u00a0<br>Albouy, \u201cAre Big Cities Bad Places to Live? Estimating Quality of Life across Metropolitan Areas,\u201d<br>working paper (2012)<br>Albouy, \u201cWhat are Cities Worth? Land Rents, Local Productivity and the Capitalization of Amenity<br>Values,\u201d Review of Economics and Statistics (2015)<br>Behrens, Mion, Murata, S\u00fcdekum, \u201cSpatial Frictions,\u201d working paper (2013)<br>Desmet Rossi-Hansberg, \u201cUrban Accounting and Welfare,\u201d American Economic Review (2011)<br>Desmet Rossi-Hansberg, \u201cAnalyzing Urban Systems: Have Mega-Cities Become Too Large?,\u201d The Urban Imperative: Towards Competitive Cities, Oxford UP (2015)<br>\u00a0<br>1.14 Systems of Cities<br>\u00a0<br>Au Henderson, \u201cAre Chinese Cities Too Small?,\u201d Review of Economic Studies (2006)<br>Baum-Snow Pavan, \u201cInequality and City Size,\u201d Review of Economics and Statistics (2013)<br>Davis Weinstein, \u201cBones, Bombs, and Break Points: The Geography of Economic Activity,\u201d American Economic Review (2002)<br>Dobkins Ioannides, \u201cSpatial Interactions Among U.S. Cities: 1900-1990,\u201d Regional Science and Urban Economics, (2000)<br>Ioannides Overman \u201cZipf&#8217;s Law for Cities: An Empirical Examination,\u201d Regional Science and Urban Economics (2001)<br>Ioannides, Overman, Rossi-Hansberg Kurt Schmidheiny, \u201cThe Effect of Information and Communication Technologies on Urban Structure,\u201d Economic Policy (2008)<br>Soo, \u201cZipf&#8217;s Law for Cities: A Cross-Country Investigation,\u201d Regional Science and Urban Economics (2005)<br>Pierre M. Picard Dao\u2010Zhi Zeng, 2010. &#8220;A Harmonization Of First And Second Natures,&#8221; Journal of Regional Science, Wiley Blackwell, vol. 50(5), pages 973-994, December.<br>Pierre Picard Takatoshi Tabuchi, 2010. &#8220;Self-organized agglomerations and transport costs,&#8221; Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 42(3), pages 565-589, March.<br>Behrens, Duranton, Robert-Nicoud, \u201cProductive cities: Sorting, Selection, and Agglomeration,\u201d Journal of Political Economy (2014)<br>Black Henderson, \u201cA Theory of Urban Growth,\u201d Journal of Political Economy (1999)<br>Duranton Puga, \u201cNursery Cities: Urban Diversity, Process Innovation, and the Life Cycle of Products,\u201d American Economic Review (2001)<br>Duranton, \u201cUrban Evolutions: The Fast, the Slow, and the Still,\u201d American Economic Review (2007)<br>Eeckhout, \u201cGibrat&#8217;s Law for (All) Cities,\u201d American Economic Review (2004)<br>Eeckhout, Pinheiro, Schmidheiny, \u201cSpatial Sorting,\u201d Journal of Political Economy (2014)<br>Gabaix, \u201cZipf&#8217;s Law and the Growth of Cities,\u201d American Economic Review PP (1999)<br>Gabaix, \u201cZipf&#8217;s Law for Cities: An Explanation,\u201d Quarterly Journal of Economics (2004)<br>Henderson, \u201cThe Sizes and Types of Cities,\u201d American Economic Review (1974)<br>Krugman, \u201cIncreasing Returns and Economic Geography,\u201d Journal of Political Economy (1991)<br>Mossay, P. Picard, P.M., 2011. &#8220;On spatial equilibria in a social interaction model,&#8221; Journal of Economic Theory, Elsevier, vol. 146(6), pages 2455-2477.<br>Rossi-Hansberg Wright, \u201cUrban Structure and Growth,\u201d Review of Economic Studies (2007)<br>\u00a0<br>1.15 Housing and Real Estate<br>\u00a0<br>Campbell, Giglio, Pathak, \u201cForced Sales and House Prices<br>Davis Heathcote, \u201cThe Price and Quantity of Residential Land in the US,\u201d Journal of Monetary Economics (2007)<br>Glaeser Gyourko, \u201cThe Impact of Zoning on Housing Affordability,\u201d Economics Policy Review (2003)<br>Glaeser Gyourko, \u201cUrban Decline Durable Housing,\u201d Journal of Political Economy (2006)<br>Landvoigt, Piazzesi, and Schneider, \u201cThe Housing Market(s) of San Diego,\u201d American Economic Review (2015)<br>Mian Sufi, \u201cThe Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis,\u201d Quarterly Journal of Economics (2009)<br>Quigley Raphael, \u201cRegulation and the High Costs of Housing\u201d American Economic Review (2005)<br>Stroebel, \u201cAsymmetric Information about Collateral Values,\u201d Journal of Finance (2015)                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473ca7c9\"\n        >\n            <span class=\"accordion__title\">\n                Sustainable Development                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-19                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473ca7c9\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473ca757\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Sustainable Development<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-19<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        On completion of the course unit successful students will be able to:<br>\u00a0&#8211; The student can understand how the\u00a0 economic growth is related to sustainable development, especially\u00a0 the environmental economics.<br>\u00a0&#8211; Obtain the first knowledge about what are the limits of growth from environmental economic point of view, what could be the potential solutions and the limitations.<br>\u00a0&#8211; Ask the first economic question how sustainable development could be possible.<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul><li>A short review of definitions about sustainable development.<\/li><li>The relationship between economic growth and sustainable development.<\/li><li>Classical studies of Macroeconomics and Environment \u2013 DICE model revisit.<\/li><li>Technological change, pollution and policy induced technology change.<\/li><li>Biodiversity and economic growth.<br><\/li><\/ul>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% presentations<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p> Acemoglu D. U. Akcigit, D. Hanley and W. Kerr (2016). Transition to clean technology, Journal of Political Economy, 124(1), 52-104. <br> Dasgupta P.\u00a0\u00a0 The Economics of Biodiversity: The Dasgupta Review. 2021. <br> Hotelling H. (1931). The economics of exhaustible resources. Journal of Political Economy. 39(2), 137-175. <br> Maria C. and S. Smulders (2017).\u00a0\u00a0\u00a0 A paler shade of green: Environmental policy under induced technical change . European Economic Review, 99, 151-169.<br> Hassler J. and P. Krusell (2018). Environmental macroeconomics: The case of climate change in Handbook of Environmental Economics, Volume 4, Chapter 8.<br> Stokey N. (1998). Are there limits to growth? International Economic Review, 39(1), 1-31. <br> Xepapadeas A. (2005). Economic growth and the environment in Handbook of Environmental<br>Economics, Volume 3, Chapter 23.<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473ca7d4\"\n        >\n            <span class=\"accordion__title\">\n                Risk Management                 <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-13                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473ca7d4\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473ca757\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Risk Management <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-13<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        On completion of the course unit successful students will be able to:<br> Become familiar with the range of risks facing corporations and learn how to measure and manage these risks. The discussion will focus on various aspects of market risk.<br> Become familiar with the salient features of speculative asset returns.<br> Apply state-of-the-art risk measurement and risk management techniques, which are nevertheless tractable in realistic situations.<br> Use derivatives in risk management.<br> Understand the current academic and practitioner literature on risk management techniques.<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Pre-requisite: Student should have completed basic finance courses<br>This course deals with the ways in which risks are quantified and managed by (financial) institutions. It suggests a relatively sophisticated approach to risk measurement and risk modeling. We document key features of risky asset returns and then construct tractable statistical models that capture these features. Among the topics covered is the nature of financial risks, how financial institutions quantify and manage their market risk exposure, how they model volatility and correlations, and how they price options.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        70% presentation<br>30% participation                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography:<br>\u201cElements of Financial Risk Management\u201d, 2nd edition by Peter Christoffersen, Academic Press, ISBN 978-0-12-374448-7.                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473ca7df\"\n        >\n            <span class=\"accordion__title\">\n                Behavioral Economics and Finance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-12                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473ca7df\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473ca757\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Behavioral Economics and Finance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-12<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        On completion of the course unit successful students will be able to:<br>\u00a0<br> Know anomalies in finance and economics<br> Know the foundations of behavioral finance and behavioral economics<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Pre-requisite: The course requires knowledge of game theory, and basic knowledge of maths and statistics.<br>The course introduces students to theories of behavioral economics and finance. Departing from the standard paradigm in economics, expected utility theory, we pinpoint empirical anomalies. The course presents models of prospect theory, noise trader risk, psychological game theory, bounded rationality that help to rationalize the divergence between observed behavior and theory. The course is structured in four chapters; Behavioral Decision Theory; Intertemporal Choice Behavior; Inefficient Markets; Behavioral Game Theory.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% written exam<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Bibliography:<br><\/p><br><p>Dhami, Sanjit, 2016, Foundations of behavioral economic analysis. Oxford University Press<br>Mas Colell, Andreu, Whinston and Green, 1995, Microeconomic Theory. Oxford University Press<br>Shleifer Andrei, 2001, Inefficient markets &#8211; An introduction to behavioral finance. Calderon Lectures in Economics.<br>Thaler, Richard (ed.), (1992), Advances in Behavioral Finance, Russell Sage <br>Thaler, Richard (ed.) (1994), Quasi-Rational Economics, Russell Sage Foundation<br>Thaler, Richard (ed.), (2005), Advances in Behavioral Finance II, Russell Sage <br>Further readings will be communicated during the lectures.<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6a3473ca7eb\"\n        >\n            <span class=\"accordion__title\">\n                Financial Stability: Theory and Policy                 <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            QTECOFIN-15                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6a3473ca7eb\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6a3473ca757\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> Financial Stability: Theory and Policy <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> QTECOFIN-15<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        On completion of the course unit successful students will be able to:<br> Understand key measures of financial stability and bank stress tests<br> Distinguish which regulatory authorities exercise micro- and macro-prudential policy<br> Use the Kiyotaki-Moore model in order to understand how credit cycles can create an environment that encourages excess risk-taking by banks.<br> Use the Brunnermeier-Sannikov framework in order to address and understand questions of financial stability <br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Pre-requisite: A graduate course in calculus, dynamic optimization, statistics, micro and macro economics<br>Financial instability deals with topics ranging from understanding the risk of bankruptcy of a single financial institution, to understanding the risk of having \u201cdomino-effects\u201d with some financial institutions causing total, economy-wide crises. The course has three distinct goals. The first goal is to define the key broad questions of financial stability, in order to encourage students to think about a long-term research agenda on the subject. The second goal is to provide an overview of the regulatory authorities that collect data and exercise micro- and macro-prudential policy, and a description of the (statistical) tools these authorities use in order to detect and to describe financial-instability risk, i.e., liquidity risk, the risk of financial-instability contagion, and systemic risk. The third goal is to familiarize students with the state-of-the-art research ideas and tools to deal with financial stability. Specifically, the course will present theoretical models of credit cycles, models of inside-money and liquidity, and models connecting endogenous financial-stability risk with macroeconomic performance. The course will address the new policy-evaluation opportunities opened by these state-of-the-art models.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        70% written exam<br>30% Homework assignment                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Bibliography:<br><br>Acharya, V., L. Pedersen, T. Philippon, and M. Richardson, (2017) \u201cMeasuring systemic risk\u201d, The Review of Financial Studies, 30 (1), 2-47.<br>Brunnermeier, M. and Y. Sannikov, (2014) \u201cA macroeconomic model with a financial sector\u201d, American Economic Review, 104, 379-421.<br>Robert E. Hall (2010), Forward-Looking Decision Making: Dynamic Programming Models Applied to Health, Risk, Employment, and Financial Stability, the Gorman Lectures, Princeton University Press.<br>Jin, X. and F. Nadal De Simone, \u201cBanking Systemic Vulnerabilities: A Tail-risk Dynamic CIMDO Approach\u201d, Journal of Financial Stability, vol. 14, 2014, pp. 81-101.<br>Jin, X. and F. Nadal De Simone, \u201cA Framework for Tracking Changes in the Intensity of Investment Funds\u2019 Systemic Risk\u201d, Journal of Empirical Finance, 2014, Vol. 29, pp. 343-368.<br>Kiyotaki, Nobuhiro Moore, John (1997). &#8220;Credit Cycles&#8221;. Journal of Political Economy, 105,\u00a0 211\u2013248<br>Georges Ugeux (2014) \u201cInternational Finance Regulation:The Quest for Financial Stability, Wiley Finance<br>Brunnermeier, M., S. Merkel, and Y. Sannikov, (2020): Lectures on Macro, Money, and Finance &#8211; A Heterogeneous-Agent Continuous-Time Approach, book draft <br><br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>    <\/div><\/div><\/section>\n<\/div>\n<\/div><\/section>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The MQEF is taught across two semesters (3 and 4). The curriculum is designed around the principal pillars of both disciplines: mathematics and statistics, econometrics, macro- and microeconomics, financial theory, general equilibrium theory, and empirical analysis. In addition, students chose from a number of optional courses on different areas of theory and policy, and write a master thesis. Internships are encouraged for people joining the industry.<\/p>\n","protected":false},"author":196,"featured_media":1402,"parent":1554,"menu_order":0,"template":"","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"Master in Quantitative Economics and Finance","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"study_program_identifiers":"QTECOFIN__F2_M_QuantEcoFin_2__F2_M_QUANT_ECO_FIN_2","override_seo_title":false},"type-of-studies":[],"teaching-languages":[],"field-of-interest":[],"organisation":[],"authorship":[196],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - 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