English version published 2007-04-17 15.29.28

Study units and instruction

Study unit Bachelor’s Degree

In Finnish: Kandidaattiopinnot/70002

Bachelor’s Degree

Code
Credits: 180 , Credit Units: 120

Specialisation field of general economics:

  • All-Faculty General Studies 24
  • Basic and Intermediate Studies (including Bachelor’s Thesis) 86
  • Compulsory Minor Subject Studies (Mathematics and Statistics) 50
  • Other Minor Subject Studies (Elective Studies) 20

Specialisation field of econometrics:

  • All-Faculty General Studies 19
  • Basic and Intermediate Studies (including Bachelor’s Thesis) 86
  • Compulsory Minor Subject Studies (Mathematics and Statistics) 75

Subordinate units

Study unit General Studies

In Finnish: Yleisopinnot/yleisopinnot

General Studies

Code
Credits: 16 ,
  • general economics: 24 credits
  • econometrics: 19 credits

General Studies:

  • Orientation Course for International Students (HOPS = Personal Study Plan) 1 credit
  • Finnish/Swedish language (general economics) 15 credits
  • Finnish/Swedish language (econometrics) min. 10 credits
  • Foreign Language Text Comprehension + Oral Course 3 credits
  • ICT (tvt-opinnot) 5 credits

Study unit KA1 Principles of Economics

In Finnish: KA1. Kansantaloustieteen perusteet (8 op) (pääaineopiskelijoille vapaaehtoinen)/70101

KA1 Principles of Economics

Code 70101
Credits: 8 , Credit Units: 5

Unit description:

The aim is to familiarise the student with the foundations of modern micro- and macroeconomic theory. Among the themes covered are: the theory of demand and supply, the market structures, the functioning of labour and money markets, welfare economics and economic policy, international economics.

Mode of assessment:

A lecture course (40 - 50 hours), practical exercises and examinations.

Literature

Readings for international students:

  • Begg D & Fischer S & Dornbusch R: Economics (6th ed.), exluding chapters 4, 14-15, 18, 19, 23-24, 30-33 and 36 or (7th ed.), exluding chapters 12-13, 17-18, 22-23, 30-33 and 36 or (8th ed.), excluding chapters 12-13, 17-18, 22-23, 30-33 and 36.

Literature examinations

Courses in English

KA1. PRINCIPLES OF ECONOMICS (Economics as a minor subject)

Study units

Credits

ECTS credits 8 Credits (study weeks) 5

Teachers

Conchita Garcia-Iglesias, Ph.D.

Time and location

6.9.2006 - 11.10.2006

on Wednesdays 10-12 and on Fridays 10-14, Place: Economicum, Arkadiankatu 7, seminar room 3-4.

N.B. The first lecture on 6.9.2006 at 10-14, Economicum, seminar room 3-4.

There won´t be class on Friday, October 13th, but on Wednesday October 11th, class will be from 10-14 Economicum, seminar room 3-4.

Please note that the course will finish on Wednesday Oct. 11th. No classes during week 42.

Therefore, extra classes will be: Wednesday, Oct. 4th at 10-14 Economicum, seminar room 3-4 and Monday, Oct. 9th at 10-12 Bulevardi 18, seminar room 1.

Course work and forms of study

2.10.2006 Mid-term Exam, time and place at 10-12, Main Building, Fabianinkatu 33, lecture room 10

31.10.2006 Final, time and place at 12-14, Porthania I

19.01.2007 Second exam, time and place at 13-15, Main Building, Fabianinkatu 33, room 1

WebOodi Registration

Study unit KA2 Introduction to the Finnish and World Economies

In Finnish: KA2. Suomen talouselämän ja maailmantalouden esittely (7 op + 2 op)/70102

KA2 Introduction to the Finnish and World Economies

Code 70102
Credits: 7 +2 , Credit Units: 4 + 1

Unit description:

The unit deals with the structure and problems of the Finnish and World economies.

Mode of assessment:

A lecture course (24 hours) in Finnish and examinations.

N.B. Major subject students of economics (studing according to the new degree structure) must complete also the study unit Orientation in Working Life, code 70120, 2 credits. Students can compensate The Orientation in Working Life - unit by taking the Labour Market Orientation Course organized by the Faculty of Social Sciences during the Spring term 2007. More information on http://www.valt.helsinki.fi/faculty/Studies/lmo.htm

Literature

The list of English readings for KA2 (Introduction to the Finnish and World Economies) is

  • Kenwood, A. G. & Lougheed, A. L.: The Growth of the International Economy 1820-2000 (4th ed.), excluding parts 2 and 3;
  • Hjerppe, Riitta: The Finnish Economy 1860-1985, Growth and Structural Change. Bank of Finland Publications, Studies on Finland's Economic Growth XIII Helsinki 1989, 295 pages.
  • Ministry of Finance Finland (the latest September version): Economic Survey

You can print / download this at http://www.vm.fi/vm/liston/page.lsp?r=3742&l=en;

Literature examinations

Study unit KA4 Microeconomic Theory

In Finnish: KA4. Mikrotalousteorian kurssi (12 op)/70131

KA4 Microeconomic Theory

Code 70131
Credits: 12 , Credit Units: 6

Unit description:

The aim is to introduce the micro basis of economic theory and to give an insight into some microeconomic applications. Among the topics are the following: further analysis of consumer demand; the theory of the firm; market structures; general equilibrium analysis and welfare theory.

Mode of assessment:

A lecture course (45 hours) in Finnish, practical exercises and examinations.

Literature

  • Varian H R: Intermediate Microeconomics. A Modern Approach (6th ed.), excluding chapters 11, 13, 17 and 29.

Literature examinations

Study unit KA5 Macroeconomic Theory

In Finnish: KA5. Makrotalousteorian kurssi (12 op)/70132

KA5 Macroeconomic Theory

Code 70132
Credits: 12 , Credit Units: 6

Unit description:

The aim of the study unit is to familiarise the student with macrotheoretical economic analysis so as to enable him/her to analyse economic policy with macroeconomic tools. Among the topics are the determination of national income, employment and inflation, and their dependence on fiscal, monetary and exchange rate policies. Special attention will be paid to the problems of open economies. Acquaintance with the Finnish economy is also required.

Mode of assessment:

A lecture course (45 hours) in Finnish, practical exercises and examinations.

Literature

Readings for international students:

  • Burda M & Wyplosz C: Macroeconomics, A European Text (3rd ed. or 4th ed.).

Literature examinations

Study unit KA6. Special Topics

In Finnish: KA6.Erityisteemoja/KA6

KA6. Special Topics

Code
Credits: 20 , Credit Units: 12

Unit description:

The aim is to introduce some special topics in economics from which the student must choose at least four 5 credits (3 credit units) courses.

Mode of assessment:

A lecture course (24 hours) in Finnish and examinations. For study units KA6a-g the department aims to arrange a lecture course every year. At least one of the topics will be lectured in English every year.

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. Minor subject students: Study unit KA1 is recommended. For study units KA6j and KA6k study unit KA7 (Introduction to Econometrics) is also required. It is also recommended that the student has completed study unit KA8 (Mathematical Methods in Economics) before taking study unit KA6j.

Superordinate Units

Subordinate units

Study unit KA6a Theory of International Trade

In Finnish: KA6a Kansainvälisen kaupan teoria, 5 op/70151

KA6a Theory of International Trade

Code 70151
Credits: 5 , Credit Units: 3

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. Minor subject students: Study unit KA1.

Literature

  • Appleyard D R & Field, Jr. A J: International Economics (3rd or 4th ed.), chapters 2-16 and 18.

Literature examinations

Courses in English

KA6a International Economics

Study units

Credits

ECTS credits 5 Credits (study weeks) 3

Teachers

MSc. Econ. Matti Sarvimäki

Time and location

12.9.2006 - 5.10.2006

on Mondays, Tuesdays and Thursdays 12-14; Place: Economicum, Arkadiankatu 7, lecture room.

N.B. Due to the opening ceremony of University of Helsinki the first lecture will be on Tuesday 12.9.2006 at 12-14 in Economicum, Arkadiankatu 7, lecture room.

Please, note that there will be no lectures on Thursday 21.9. at 12-14 but on Friday 22.9. at 14-16 Economicum, lecture room.

Homepage: http://www.valt.helsinki.fi/katal/opiskelu/ka6a_02_06.htm

Course work and forms of study

Final 12.10.2006 at 12-14 S10 (Siltavuorenpenger 10), aud. 1

Second exam 6.11.2006 at 12-14 Economicum, lecture room.

Website http://www.valt.helsinki.fi/katal/opiskelu/ka6a_02_06.htm

WebOodi Registration

Study unit KA6b Public Economics

In Finnish: KA6b Julkinen talous, 5 op/70152

KA6b Public Economics

Code 70152
Credits: 5 , Credit Units: 3

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. Minor subject students: Study unit KA1.

Literature

  • Stiglitz Joseph E.: Economics of the public sector (3rd ed.), chapters 1-6, 9, 17-20.

Literature examinations

Study unit KA6c Environmental Economics

In Finnish: KA6c Ympäristötaloustiede, 5 op/70163

KA6c Environmental Economics

Code 70163
Credits: 5 , Credit Units: 3

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit.

Study unit KA6d Urban Economics

In Finnish: KA6d Kaupunkitalous I, 5 op/70181

KA6d Urban Economics

Code 70181
Credits: 5 , Credit Units: 3

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. Minor subject students: Study unit KA1.

Study unit KA6e Labor Economics

In Finnish: KA6e Työn taloustiede, 5 op/70168

KA6e Labor Economics

Code 70168
Credits: 5 , Credit Units: 3

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. Minor subject students: Study unit KA1.

Literature

  • Borjas G J: Labor Economics (2nd ed.), exluding chapters 3, 8 and 12.

Literature examinations

Study unit KA6f Theory of Finance and Financial Markets

In Finnish: KA6f Rahoituksen ja rahoitusmarkkinoiden teoria, 5 op/70159

KA6f Theory of Finance and Financial Markets

Code 70159
Credits: 5 , Credit Units: 3

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. Minor subject students: Study unit KA1.

Literature

  • Brealey R & Myers S: Principles of Corporate Finance (6th ed.), chapters 2, 4, 6-8, 13-18 and 20.

Literature examinations

Study unit KA6g Economic Integration

In Finnish: KA6g Talouden integraatio, 5 op/70160

KA6g Economic Integration

Code 70160
Credits: 5 , Credit Units: 3

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. Minor subject students: Study unit KA1.

Literature

To be confirmed during lectures.

Study unit KA6h Essay Seminar

In Finnish: KA6h Essee-seminaari, 5 op/70170

KA6h Essay Seminar

Code 70170
Credits: 5 , Credit Units: 3

Reading and writing economic texts under the guidance of a teacher, length of seminar is half a term. Further information will be given at the beginning of the Autumn and Spring terms.

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. Minor subject students: Study unit KA1.

Study unit KA6i Methods in Economics

In Finnish: KA6i Menetelmäopintoja, 5 op/70183

KA6i Methods in Economics

Code 70183
Credits: 5 , Credit Units: 3

Intermediate or advanced courses in econometrics, statistics or mathematics by agreement with the professor of econometrics.

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. Minor subject students: Study unit KA1.

Study unit KA6j Time Series Analysis

In Finnish: KA6j Aikasarja-analyysi, 5 op/70174

KA6j Time Series Analysis

Code 70174
Credits: 5 , Credit Units: 3

Macroeconomic variables are typically time series. Core methods of analysis of time series are introduced.

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. For study units KA6j and KA6k study unit KA7 (Introduction to Econometrics) is also required. It is also recommended that the student has completed study unit KA8 (Mathematical Methods in Economics) before taking study unit KA6j.

Literature

  • Enders W: Applied Econometric Time Series (chapters 1-2).

Literature examinations

Study unit KA6k Methodology of Econometrics

In Finnish: KA6k Ekonometrian metodologia, 5 op/70426

KA6k Methodology of Econometrics

Code 70426
Credits: 5 , Credit Units: 3

Underlying fundamental questions and problems of econometric research and econometric modellability of different phenomena are inspected. (Knowledge of the main techniques of econometrics, at least, is assumed.)

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. For study units KA6j and KA6k study unit KA7 (Introduction to Econometrics) is also required.

Literature

  • Griffiths W E & Hill C R & Judge G G: Learning and Practising Econometrics (Part X, chapter 26, pp. 827 - 842) "Economic Data Sources, Guidelines for Choosing a Research Project, and the Writing of a Research Report".;
  • Hendry D: Econometrics – Alchemy or Science? (Economica 1980:47, pp. 387-406);
  • Leamer E E: Let's Take the Con out of Econometrics (The American Economic Review 1983: 73/1, pp. 31-43.);
  • Pagan A: Three Econometric Methodologies: A Critical Appraisal (Journal of Economic Surveys 1987: Vol.1, No. 1, pp. 3-24.);
  • Hendry D F: Dynamic Econometrics (Part 1.8: Four levels of knowledge);
  • Hoover K D & Perez S J: Data Mining Reconsidered: Encompassing and the General-to-Specific Approach to Specification Search (Econometrics Journal 1999:2, pp. 167-191);
  • Hansen B E: Methodology: Alchemy or Science. Review Article (Economic Journal 1996:106, pp. 1398-1413.);
  • Summers L: The Scientific Illusion in Empirical Macroeconomics (Scandinavian Journal of Economics 1991:93, pp. 129-148);
  • Vartia Y O: Ovatko tilastolliset tutkimustulokset vain monimutkaisesti perusteltuja mielipiteitä? (Kansantaloudellinen aikakauskirja 1988:3, pp. 305-309)(Also available in English).

(These articles are available for copying at the Department office for a student´s own use).

Literature examinations

Study unit KA6l ADP, Software Programmes

In Finnish: KA6l Atk, ohjelmistot, 5 op/70178

KA6l ADP, Software Programmes

Code 70178
Credits: 5 , Credit Units: 3

Statistical or econometric programmes, spreadsheets, databases and programming. An essay (about 10 pages) showing mastery of one of the above mentioned programmes. Suitable special tasks may be obtained from the professor of econometrics.

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit. Minor subject students: Study unit KA1.

Study unit KA6m Other Topics (by Agreement)

In Finnish: KA6m Kansantaloustieteen muita erikoiskursseja, 5 op/70165

KA6m Other Topics (by Agreement)

Code 70165
Credits: 5 , Credit Units: 3

Prerequisite:

It is recommended that the student has completed study unit KA4 (microeconomic theory) before taking this study unit.

Study unit Development Economics

In Finnish: Development Economics, 5 op/70185

Development Economics

Code 70185
Credits: 5 , Credit Units: 3

Literature examinations

Courses in English

KA6m Development Economics, 5 cr

Study units

Credits

ECTS credits 5 Credits (study weeks) 3

Teachers

Professor Anne Mikkola

Time and location

31.10.2006 - 8.12.2006

Lectures on Tuesdays 12-14 and on Fridays 10-12, Place: Economicum, Arkadiankatu 7, lecture room.

Compensations

The course corresponds with the study unit KA6m (70185, 5 study points/3 credits).

Content

Objects and contents

This course covers selected issues on development and growth. Why some countries rich and some poor? How can we apply economics to the problems of the developing countries? Potential topics included are: economic growth and inequality, role of population, debt and finance issues, role of institutions and social infrastructure, development of Africa, foreign aid.

Requirements

1. Lectures in English.

2. Exam.

Literature

1. List of readings given in the class.

2. Weil, David (2005): Economic Growth, Addison-Wesley Publishing.

Kurssin kotisivu: http://www.valt.helsinki.fi/blogs/mikkola/post50.htm

Course work and forms of study

Final 12.12.2006 at 12-14 Porthania IV

Second exam 17.1.2007 at 12-14 Economicum, lecture room.

Website http://www.valt.helsinki.fi/blogs/mikkola/post50.htm

WebOodi Registration

Study unit Economics and Politics of European Integration

In Finnish: Economics and Politics of European Integration, 5 op/70180

Economics and Politics of European Integration

Code 70180
Credits: 5 , Credit Units: 3

Literature examinations

Courses in English

Economics and Politics of European Integration

Study units

Credits

ECTS credits 5 Credits (study weeks) 3

Teachers

Docent Mika Widgrén E-mail mika.widgren@tukkk.fi

Time and location

15.1.2007 - 19.2.2007

on Mondays 12-16; Place: Economicum, Arkadiankatu 7, lecture room.

LUENNOT ON PERUUTETTU MA 12.2.

LECTURE IS CANCELLED ON MONDAY, FEBRUARY 12TH.

Compensations

The course corresponds with the study unit KA6m (70180, 5 study points/3 credits).

Content

Lecture material is available in the address: http://www.tukkk.fi/yltalous/kt/mwidgren/opetus.htm (and then link: Economics and Politics of European Integration).

Lecture material is also available in the folder in the Department of Economics, Arkadiankatu 7, 3rd floor (assembly hall).

Course Material

Core reading

  • Baldwin, R. and Wyplosz, C. (2004): The Economics of European Integration, McGraw-Hill.
  • Lectures
  • Selected articles

Others

  • Widgrén, M. (2001): Euroopan integraation talous ja politiikka, Taloustieto.
  • Hansen and Nielsen (1997): An Economic Analysis of the EU, McGraw-Hill.
  • De Grauwe, P. (2000): Economics of the Monetary Union, Oxford University Press.
  • Some other articles

Course work and forms of study

Final exam 23.2.2007 at 9-11, P674 (Porthania)

Second exam 23.3.2007 at 10-12, Porthania IV

Website http://www.tukkk.fi/yltalous/kt/mwidgren/opetus.htm

WebOodi Registration

Study unit Ethics and Economics

In Finnish: Etiikka ja talous, 5 op/70184

Ethics and Economics

Code 70184
Credits: 5 , Credit Units: 3

Literature examinations

Study unit KA7 Introduction to Econometrics

In Finnish: KA7. Ekonometrian johdantokurssi (12 op)/70141

KA7 Introduction to Econometrics

Code 70141
Credits: 12 , Credit Units: 6

Unit description:

The aim is to introduce basic concepts and tools needed in estimating and evaluating regression models. The main emphasis is on basic assumptions and various economic applications of the linear regression model.

Mode of assessment:

A lecture course (32 hours) in Finnish, practical exercises and examinations.

Literature

  • Stock, J. H. & Watson, M. W.: Introduction to Econometrics, Addison Wesley. (2003)

Literature examinations

Study unit KA8. Mathematical Methods in Economics

In Finnish: KA8. Kansantaloustieteen matemaattiset menetelmät (9 op)/70175

KA8. Mathematical Methods in Economics

Code 70175
Credits: 9 , Credit Units: 3

Unit description:

The unit focuses first on optimization and comparative statics. Later on, it concentrates on difference and differential equations, dynamic systems and the economic applications of these. The purpose is that after the unit the student is able to solve and analyze economic models in static and dynamic environment.

Mode of assessment:

A lecture course (30 hours) in Finnish, practical exercises and examinations.

Literature

  • Chiang A C & Wainwright K : Fundamental Methods of Mathematical Economics. 4th ed., chapters 12-20 (pages 347-654).

Instead of the above mentioned book, chapters 14-19 (pages 444-630), it is also possible to read the finnish hand-out:

  • Palokangas T : Luentoja kansantaloustieteen dynaamisista matemaattisista menetelmistä. Opetusmonisteita. Helsingin yliopiston kansantaloustieteen laitos. No. 2:1999.

The hand-out is available on the www-site: http://www.valt.helsinki.fi/blogs/palokangas/teach.htm

Literature examinations

Study unit KA10 Intermediate Seminar

In Finnish: KA10. Proseminaari / kandidaattiseminaari (4 op + 2 op)/70210

KA10 Intermediate Seminar

Code 70210
Credits: 4+2 , Credit Units: 2

(Attendance at this seminar is limited to major subject students of economics.)

Unit description:

The intermediate seminar will prepare students in scientific discussion and writing. Attendance at the seminar is compulsory.

HOPS - Personal Study Plan

In the new degree system, the personal study plan will play a central role in study guidance and the follow-up study progress. A student draws up a personal study plan, evaluates and reflects upon his/her own progress.

Mode of assessment:

In the seminar the student writes an essay about a topic agreed upon with the lecturer and presents it to the seminar group.

N.B. Registration for the Intermediate Seminar must be done as follows: for Fall term on 8th of September 2006 at 9-10 Economicum, seminar room 2; for Spring term on 15th January 2007 at 9-10 Economicum, seminar room 2.

You can also submit your registration form (obtainable in the department´s office) prior to the above mentioned dates.

Prerequisite:

At least study unit KA4 or KA5. (Study unit KA7 is also recommended)

Study unit KA12. Bachelor's Thesis and Maturity Test

In Finnish: KA12. Kandidaatintutkielma (6 op)/70400

KA12. Bachelor's Thesis and Maturity Test

Code 70400
Credits: 6 , Credit Units: 5

Unit description:

The aim is to familiarise the student with writing scientific texts and with research methods in economics.

Mode of assessment:

The aim is to start writing the Bachelor´s thesis and completing it as far as possible during the intermediate seminar (see study unit KA10). The length of the thesis is approximately 15 - 25 pages.

N.B. Submitting the Bachelor´s thesis

The paper to be submitted as the thesis will first be read by the official language examiner of the Faculty to assess the sufficiency of the student´s command of correctly written scientific language. The paper is to be handed to the International Affairs´ Officer of the Faculty, who will forward it to the person in charge of the language check-up. Please, see instructions http://www.valt.helsinki.fi/faculty/Studies/theses/index.htm

When your Bachelor´s thesis is ready to be submitted, you have to enrol in order to submit it using WebOodi. The thesis must be submitted to the department´s office (Arkadiankatu 7) after the language verification and after finishing the intermediate seminar, by the end of the next period of instruction at the latest.

Study unit Master´s Degree, General Economics

In Finnish: Maisteriopinnot, yleinen linja/70090

Master´s Degree, General Economics

Code
Credits: 120 , Credit Units: 49

Content

The economics programme has two fields of specialization: general economics and econometrics. Studies in Economics for the Master´s Degree include the following study units: advanced microeconomic theory, advanced macroeconomic theory, elective studies and the Master´s Thesis.

N.B. Practical training (code 70430, 5 credits) can be included in the elective studies. Administrator of the department co-ordinates practical training and gives also further information.

Subordinate units

Study unit S1 Advanced Macroeconomic Theory

In Finnish: S1. Makrotalousteorian syventävä kurssi (15 op)/70408

S1 Advanced Macroeconomic Theory

Code 70408
Credits: 15 , Credit Units: 6

Unit description:

The aim is to deepen and broaden the knowledge of macroeconomic theory and analysis. The study unit gives also an insight into application of research methods in macroeconomics.

Mode of assessment:

A lecture course (32 hours) in English, practical exercises and examinations.

Literature

  • Sorensen P.B. & Whitta-Jacobsen H.J.: Introducing Advanced Macroeconomics (ISBN 0-07-710425-0)

Courses in English

S1. Makrotalousteorian syventävä kurssi/Advanced Macroeconomic Theory

Study units

Credits

ECTS credits 15 Credits (study weeks) 6

Teachers

Professor Tapio Palokangas

Time and location

15.1.2007 - 3.4.2007

This course will be lectured at the University of Helsinki jointly for students of University of Helsinki and students of Helsinki School of Economics (HSE). Lectures: 15.1. - 3.4.2007 on Mondays and on Tuesdays at 8-10, Place: Economicum, lecture room. Students from University of Helsinki register via WebOodi, students from HSE register by filling out enclosed registration form http://www.valt.helsinki.fi/katal/opiskelu/HyHKKKerilliset_opinnot.pdf and returning it to the office of the department of economics (Arkadiankatu 7, 3rd floor) or to the lecturer.

Exercises will be arranged separately for HSE and Univ. of Helsinki students. Demonstrations time: weeks 6,7,9 and 11,12,13,14 and 15; For Univ. of Helsinki students: Tuesday 16-18, Place ECO seminar room 3-4, Teaching assistant Fidelis Landy. For HSE students, Teaching assistant Nuutti Kuosa, Time and Place: Tuesday 16-18 Chydenia H-126 OKO.

Please, see www-page: http://www.valt.helsinki.fi/blogs/palokangas/teach.htm

Content

Lectures / luennot:

The course will be lectured in English.

Literature / kirjallisuus: P.B. Sorensen and H.J. Whitta-Jacobsen : Introducing Advanced Macroeconomics (ISBN 0-07-710425-0)

Course work and forms of study

Registration via WebOodi.

N.B.! Students of HSE, registration during the lecture on the first lecture week.

Exams at the University of Helsinki.

Grading

Examinations / tentit:

5.3.2007 Mid-course exam (I välikoe), Time and place: at 10-12, Porthania II

18.4.2007 Final exam (loppukoe), Time and place: at 9-12, Porthania II

15.5.2007 1st Retake (1. uusintakuulustelu), Time and place: at 9-12, Porthania I

2nd Retake at the beginning of the academic year 2007-2008, the exact time to be announced later (2. uusintakuulustelu lukuvuoden 2007-2008 alussa, tarkka aika ilmoitetaan myöhemmin).

Delivery and assessment :

1. Exam 100%

2. Exercises +20%

Website http://www.valt.helsinki.fi/blogs/palokangas/teach.htm

WebOodi Registration

Study unit S2./KA11. Advanced Microeconomic Theory

In Finnish: S2./KA11. Mikrotalousteorian syventävä kurssi (15 op)/70481

S2./KA11. Advanced Microeconomic Theory

Code 70481
Credits: 15 , Credit Units: 6

Unit description:

The course starts with the theory of production, theory of a firm and consumer theory in terms of optimising behaviour. Subsequently, conditions for the existence of competitive equilibrium are derived and the criteria for Pareto-efficient allocation of resources are presented. As further topics, the theories of uncertainty and strategic behaviour are introduced.

Mode of assessment:

A lecture course in English, practical exercises and examinations.

The course will be lectured jointly for students of the University of Helsinki and for students of Helsinki School of Economics.

Prerequisite:

Study units KA2 - KA5 and KA7 and mathematics 25 credits and statistics 25 credits. Students of econometrics: as above but it is recommended that the student has passed studies of statistics (50 credits) before taking this study unit.

Literature

  • Jehle G A & Reny P J: Advanced Microeconomic Theory

Courses in English

KA11. Mikrotalousteorian syventävä kurssi/Advanced Microeconomics

Study units

Credits

ECTS credits 15 Credits (study weeks) 6

Teachers

Dr. Sc. (econ.) Matti Liski

Time and location

6.9.2006 - 13.12.2006

Luennot: 6.9.2006 - 13.12.2006 ke 12-15 (ei opetusta vk 43), luentopaikka HKKK: PA-301 SOK; järjestetään yhteistyössä Helsingin kauppakorkeakoulun kansantaloustieteen laitoksen kanssa. Lukuvuonna 2006 - 2007 kurssi pidetään Helsingin kauppakorkeakoulussa.

This course, Microeconomic I and Microeconomic II, will be lectured at the Helsinki School of Economics jointly for HSE and Univ. of Helsinki students. Lectures: on 6.9.2006 until 13.12.2006 (no lectures during week 43) on Wednesdays 12-15 at Helsinki School of Economics, Place: PA-301 SOK. Lectures (Microeconomic I and Microeconomic II) together replace the study unit S2/KA11, 15 credits (6 study weeks).

Laskuharjoitukset (Helsingin yliopiston kansantaloustieteen opiskelijoille) pidetään erikseen. Harjoitukset pitää englanniksi tutkija Michael Funk: 22.9., 6.10. ja 20.10. sekä 17.11., 1.12. ja 15.12. pe klo 8-10 Economicum, sh 3-4.

Exercises will be arranged separately for HSE and Univ. of Helsinki students. Meetings for Univ. of Helsinki students on Fridays at 8-10 on 22.9., 6.10., 20.10. and 17.11., 1.12. and 15.12., Place: Economicum, Arkadiankatu 7, seminar room 3-4, Teacher: Researcher Michael Funk.

Target group

The course will be lectured at the Helsinki School of Economics jointly for students of the University of Helsinki and for students of Helsinki School of Economics. This course is only meant for major students of the department of Economics.

Course homepage: https://cie.hkkk.fi/31E00100/

Objectives

Microeconomic Theory I: This course provides the students with the necessary analytical tools for studying competitive economic settings.

Microeconomic Theory II: This course provides the students with the necessary analytical tools for studying strategic economic settings.

Content

Lectures in English.

Readings: Jehle and Reny: Advanced Microeconomic Theory, ISBN: 0-321-07916-7.

Microeconomic Theory I, contents: Consumer and producer theory, choice under uncertainty, and general equilibrium.

Microeconomic Theory II, contents: Models of strategic interaction are presented. Basic models of information economics are discussed. Applications to contracting and oligopolistic markets are provided.

Course work and forms of study

Huom.! Helsingin yliopiston opiskelijat eivät voi ilmoittautua kurssille WebOodin kautta. Ilmoittautuminen tapahtuu luennolla ensimmäisen luentoviikon aikana. Luentokurssin kuulustelut pidetään kauppakorkeakoulussa.

N.B.! Students of the University of Helsinki, registration during the lecture on the first lecture week.

Exams will be organized by the Helsinki School of Economics.

Grading

Exams at HSE:

  • One exam for Microeconomic Theory I
  • One exam for Microeconomic Theory II
  • Two combined exams for Microeconomic Theory I and II

Delivery and assessment:

1. Exercises (20 %)

2. Exam (80 %)

Study unit Y1. Optional Courses

In Finnish: Y1. Valinnaiset kurssit (30 op)/y1

Y1. Optional Courses

Code
Credits: 30 ,

Elective studies in economics 30 credits altogether. Courses to be lectured in Finnish or in English are changing annually.

Prerequisite:

Study units KA11/S2 and S1.

Superordinate Units

Subordinate units

Study unit E2. Statistical Foundations of Econometric Modelling

In Finnish: E2. Ekonometrian tilastolliset perusteet (10 op)/70511

E2. Statistical Foundations of Econometric Modelling

Code 70511
Credits: 10 , Credit Units: 4

Unit description:

Statistical motivation for econometric methods are presented in this study unit. The focus is on the most essential results of mathematical statistics and their relation to econometric research. The main themes are probability calculus including stochastic processes, statistical inference and especially econometric modelling. During the course the classical linear regression model is generalised to allow for stochastic regressors, variable parameters and dynamic models.

The course is intensive and proceeds quickly. Attending students are supposed to have a good knowledge of intermediate studies in statistics. The aim is to give an insight into the opportunities, problems and assumptions in econometric research.

Mode of assessment:

A lecture course (44 hours) in Finnish, an active participation in the theory and computer exercises and examinations.

Prerequisite:

Intermediate studies in statistics and study units KA11/S2 and S1.

Literature

  • Spanos A: Statistical Foundations of Econometric Modelling.;
  • Vartia Y: Korjausliite Spanosin teokseen (available from the office of the Department of Economics).

Literature examinations

Study unit Analysis and Synthesis

In Finnish: Analyysi ja synteesi (10 op)/70116

Analysis and Synthesis

Code 70116
Credits: 10 , Credit Units: 4

Literature

The literature is available from Professor Yrjö Vartia.

Literature examinations

Study unit International Monetary System

In Finnish: Kansainvälinen rahatalous (5 op)/70725

International Monetary System

Code 70725
Credits: 5 , Credit Units: 2

Literature

The literature is available from Professor Anne Mikkola.

See www-page: http://www.valt.helsinki.fi/staff/ammikkol/raha/

Literature examinations

Study unit Advanced Public Economics

In Finnish: Julkisen talouden syventävä kurssi (10 op)/70611

Advanced Public Economics

Code 70611
Credits: 10 , Credit Units: 4

Literature

The literature is available from Docent Panu Poutvaara.

Literature examinations

Study unit The Political Economy of Intergenerational Transfers

In Finnish: The Political Economy of Intergenerational Transfers (5 cr)/70196

The Political Economy of Intergenerational Transfers

Code 70196
Credits: 5 , Credit Units: 2

Literature

The literature is available from Docent Panu Poutvaara.

Literature examinations

Study unit Growth Theory

In Finnish: Kasvuteorian erityiskysymyksiä / Growth theory (5 cr)/70195

Growth Theory

Code 70195
Credits: 5 , Credit Units: 2

Literature

The literature is available from Professor Tapio Palokangas.

Literature examinations

Study unit Monetary Policy

In Finnish: Rahapolitiikka (5 op)/70198

Monetary Policy

Code 70198
Credits: 5 , Credit Units: 2

Literature

The literature is available from Docent Jouko Vilmunen.

Literature examinations

Study unit Labour Market Theory

In Finnish: Työmarkkinat (5 op)/70199

Labour Market Theory

Code 70199
Credits: 5 , Credit Units: 2

Literature

The literature is available from Professor Vesa Kanniainen.

Literature examinations

Study unit Entrepreneurship Theory

In Finnish: Yrittäjyys (5 op)/70197

Entrepreneurship Theory

Code 70197
Credits: 5 , Credit Units: 2

Literature

The literature is available from Professor Vesa Kanniainen.

Literature examinations

Study unit Game Theory

In Finnish: Peliteoria (5 op)/70445

Game Theory

Code 70445
Credits: 5 , Credit Units: 2

In the course we study strategic decision making. The aim is to present the central concepts and applications used in economics. These include a set of typical games, normal form games, extensive form games, Bayesian games, repeated games and the most popular solution concepts. Applications have an important role, and they are used as a vehicle to motivate the theory.

Literature

  • Osborne Martin J : An Introduction to Game Theory. (N.B. Excluding chapters 8, 11, 12, 13, 15 and 16). Oxford University Press, 2004, ISBN 0-19-512895-8.

Literature examinations

Courses in English

Y1/E1 Game Theory

Study units

Credits

ECTS credits 5 Credits (study weeks) 2

Teachers

Professor Klaus Kultti

Time and location

30.10.2006 - 8.12.2006

Lectures: 30.10. - 8.12.2006 on Mondays 9-12 and on Fridays (every second Friday = odd weeks) 10-12, Place: Economicum, seminar room 1.

Content

In the course we study strategic decision making. The aim is to present the central concepts and applications used in economics. These include a set of typical games, normal form games, extensive form games, Bayesian games, repeated games and the most popular solution concepts. Applications have an important role, and they are used as a vehicle to motivate the theory.

Literature: Osborne Martin J : An Introduction to Game Theory (Excluding chapters 8, 11, 12, 13, 15 and 16; Oxford University Press, 2004, ISBN 0-19-512895-8)

Course work and forms of study

Final: 14.12.2006, Time and place: at 8-10, Unioninkatu 40, room 1.

Second exam: 15.1.2007, Time and place: at 9-11 Porthania II.

WebOodi Registration

Study unit Decision Theory

In Finnish: Päätösteoria (5 op)/70468

Decision Theory

Code 70468
Credits: 5 , Credit Units: 2

In the course we study the decision problem of an economic agent. The aim of the course is to present the central concepts and models used in economics. These include preference relation, its relation to the concept of utility, and the relation of these to decision making. The applications focus on consumer theory. We also study the expected utility theorem and the concept of risk. Applications deal with mostly with insurance. Time allowing we study the theory of social choice and case based decision theory.

Literature

  • Rubinstein A: Lecture Notes in Microeconomic Theory, 2006, Princeton University Press.

Available in read-form in Rubinstein’s home page http://arielrubinstein.tau.ac.il/

Literature examinations

Courses in English

Y1/E1 Decision Theory

Study units

Credits

ECTS credits 5 Credits (study weeks) 2

Teachers

Professor Klaus Kultti

Time and location

4.9.2006 - 13.10.2006

Lectures 4.9. - 13.10.2006 on Mondays 9-12 and on Fridays (every second Friday = odd weeks) 10-12, Place: Economicum, seminar room 1.

Content

In the course we study the decision problem of an economic agent. The aim of the course is to present the central concepts and models used in economics. These include preference relation, its relation to the concept of utility, and the relation of these to decision making. The applications focus on consumer theory. We also study the expected utility theorem and the concept of risk. Applications deal with mostly with insurance. Time allowing we study the theory of social choice and case based decision theory.

Literature: Ariel Rubinstein: Lecture Notes in Microeconomic Theory, 2006, Princeton University Press.

Available in read-form in Rubinstein’s home page http://arielrubinstein.tau.ac.il/

Course work and forms of study

Final 20.10.2006 at 10-12 Economicum, lecture room.

Second exam 24.11.2006 at 10-12 P673 (Porthania).

WebOodi Registration

Study unit Fiscal Federalism

In Finnish: Fiskaalinen federalismi (5 op)/70469

Fiscal Federalism

Code 70469
Credits: 5 , Credit Units: 2

This course analyzes efficiency and distributional consequences that increasing mobility of labor and capital has on taxation and public provision of education. The course analyzes both a common labor market in which taxation, social policies and education are left to lower-level governments, and a federal system in which both lower-level and higher-level governments play an active role. A special emphasis is on the European perspective, including the division of labor between the member states and the central level in the European Union. These questions are analyzed using several mainly theoretical articles from current literature.

Courses in English

Y1/E1 Fiscal Federalism

Study units

Credits

ECTS credits 5 Credits (study weeks) 2

Teachers

Professor Panu Poutvaara

Time and location

16.1.2007 - 21.2.2007

Lectures on Tuesdays and on Wednesdays 10-12, Place: Economicum, seminar room 1.

Content

This course analyzes efficiency and distributional consequences that increasing mobility of labor and capital has on taxation and public provision of education. The course analyzes both a common labor market in which taxation, social policies and education are left to lower-level governments, and a federal system in which both lower-level and higher-level governments play an active role. A special emphasis is on the European perspective, including the division of labor between the member states and the central level in the European Union. These questions are analyzed using several mainly theoretical articles from current literature. Website: http://www.valt.helsinki.fi/blogs/poutvaar/post10.htm

Course work and forms of study

Final 28.2.2007, Time and Place: at 10-12 S10 (Siltavuorenpenger 10) aud. 1

Second exam 27.3.2007, Time and Place: at 8-10 Main Building, Fabianinkatu 33, room 12.

Website http://www.valt.helsinki.fi/blogs/poutvaar/post10.htm

WebOodi Registration

Study unit Empirical Time Series Analysis

In Finnish: Empiirinen aikasarja-analyysi (5 op)/70467

Empirical Time Series Analysis

Code 70467
Credits: 5 , Credit Units: 2

Literature

Please, consult lecturer

Heikki Kauppi.

Readings at the faculty exam:

  • Stock, J. H. and Watson, M. W.: Introduction to Econometrics (2003), chapters 12, 13 and 14.
  • Hamilton, J. D.: Time Series Analysis (1994), chapters 1, 2 and 3.
  • Enders, W.: Applied Economic Time Series (1995), chapters 1 and 2.

Literature examinations

Study unit Volatility modeling

In Finnish: Volatiliteetin mallintaminen (5 op)/70477

Volatility modeling

Code 70477
Credits: 5 , Credit Units: 2

In the study unit we study the empirical modeling of the volatility (i.e., the unconditional and conditional variance) of economic variables. In particular, we concentrate on the specification, estimation and interpretation of different generalized conditional heteroskedasticity (GARCH) models. The approach is applied, and the applications are mainly macroeconomic, such as the modeling of growth and inflation uncertainty.

Courses in English

Y1/E1 Volatility modeling

Study units

Credits

ECTS credits 5 Credits (study weeks) 2

Teachers

Professor Markku Lanne

Time and location

16.3.2007 - 4.5.2007

Lectures on Wednesdays and on Fridays 12-14, Place: Economicum, seminar room 1 (no lectures on 23.3. and on 30.3.)

Content

In the course we study the empirical modeling of the volatility (i.e., the unconditional and conditional variance) of economic variables. In particular, we concentrate on the specification, estimation and interpretation of different generalized conditional heteroskedasticity (GARCH) models. The approach is applied, and the applications are mainly macroeconomic, such as the modeling of growth and inflation uncertainty.

Course work and forms of study

Final: 18.5.2007 at 12-14, Place: Economicum, seminar room 3-4.

Second exam: 30.5.2007 at 10-12, Place: Economicum, seminar room 3-4.

WebOodi Registration

Study unit Other topics (by agreement)

In Finnish: Muita erityisaiheita kurssien tai sopimuksen mukaan (5-10 op)/70470

Other topics (by agreement)

Code 70470
Credits: 5 - 10 , Credit Units: 2 - 4

Here the student may take other advanced level courses by agreement, or related courses from the other departments or universities as Helsinki School of Economics or Swedish School of Economics. See also department´s www-page "Opetus muualla" http://www.valt.helsinki.fi/katal/opiskelu/muu.htm

Study unit Practical Training

In Finnish: Työharjoittelu (5 op)/70430

Practical Training (Optional)

Code 70430
Credits: 5 , Credit Units: 3

Unit description:

The aim is to make the student more familiar with the work of an economist.

Students majoring in economics can include optional practical training in their advanced studies. Please, see http://www.valt.helsinki.fi/faculty/Studies/internship/index.htm The Department of Economics provides information on training placements at public offices, research institutes etc. Information on vacant training placements will be available at the Faculty´s www-page: http://www.valt.helsinki.fi/blogs/rekry-ilmo/ N.B. Applications for Practical Training in 2007: Application for traineeships starts on 1 December 2006 and ends on 29 December 2006 at 3.45 p.m., please, see www-page: http://www.valt.helsinki.fi/katal/english/training.htm or the Finnish pages Työharjoittelu http://www.valt.helsinki.fi/katal/opiskelu/harjoittelu.htm ). N.B. Each department has annually a limited number of grants sponsored by the university. If a student has found a training placement on his own, it can also be included in the advanced studies. In that case, the professor in charge of the student’s chosen field of specialization has to be asked to approve the practical training placement in advance.

Mode of assessment:

At least 2 continuous months of practical training (3 months is recommended) at an institution. When the training has been finished the student must write a report about the training according to instructions given by the Department of Economics. Administrator of the department of economics co-ordinates practical training and gives also further information.

Prerequisite:

Studies in economics for the Bachelor´s Degree.

Study unit Y3. Advanced Seminar

In Finnish: Y3. Tutkielmaseminaari (sis. HOPS 1 op) (20 op)/70420y3

Y3. Advanced Seminar

Code 70420
Credits: 20 , Credit Units: 5

N.B. The student is advised to contact the professor who is leading the seminar before the start of the seminar to specify the subject of the Master’s thesis and to make the seminar work more efficient. The list of themes and professors in charge of the seminars will be available on the notice board at the Department of Economics in the beginning of both semesters.

N.B. Registration for the Advanced Seminar must be done as follows: for Fall term on 8th of September 2006 at 9-10 Economicum, seminar room 2; for Spring term on 15th January 2007 at 9-10 Economicum, seminar room 2.

You can also submit your registration form (obtainable in the department´s office) prior to the above mentioned dates.

Unit description:

The aim is to familiarise the student with independent research work, writing scientific texts and presenting papers.

Mode of assessment:

The advanced seminar runs for two semesters. The seminar work includes writing a subject outline, specifying of question setting and working out a research plan for the Master’s thesis. The aim is to start writing the Master’s thesis and completing it as far as possible during the seminars. The student produces one or two short presentations on the subject and two papers in the seminar. These two papers should be closely connected or preliminary parts of the thesis helping the student to finish the Master’s thesis. The advanced seminar can be started either in the Autumn or the Spring semester.

HOPS - Personal Study Plan

In the new degree system, the personal study plan will play a central role in study guidance and the follow-up study progress. A student draws up a personal study plan and reflects upon his/her own qualifications to work as an economist.

Prerequisite:

Studies in Economics for the Bachelor´s degree, study units S1 and S2 + language studies.

Study unit E6/Y6. Master’s Thesis

In Finnish: Y6. Pro gradu tutkielma (40 op)/70422

E6/Y6. Master’s Thesis

Code 70422
Credits: 40 , Credit Units: 20

Unit description:

The aim is to familiarise the student with independent research work and methods in economics. Further focus is on the use of references and writing scientific texts. New scientific results are not necessarily required from a good Master’s thesis. When choosing the subject for the Master’s thesis pay attention to how viable the subject is and the amount of work it demands. The workload of the Master’s thesis should reflect the 40 credits which are awarded.

Mode of assessment:

The student receives guidance from the professor in question when writing the Master’s thesis.

Starting from the first of September 2005, students do not need to write a separate maturity test in order to graduate.

N.B. Submitting the Master´s thesis

When your Master´s thesis is ready to be submitted, you have to enrol in order to submit it using Weboodi. You can not submit your Thesis, unless you have taken care of the practice essay and the score is correctly added in the registry.

Master´s Thesis should be submitted in two copies to the Study Office of the Faculty of Social Sciences. Please check the deadlines! Please, see instructions http://www.valt.helsinki.fi/faculty/Studies/theses/index.htm

Study unit Master´s Degree, Econometrics

In Finnish: Maisteriopinnot, ekonometrian linja/70091

Master´s Degree, Econometrics

Code 70091
Credits: 120 , Credit Units: 49

Content

The economics programme has two fields of specialization: general economics and econometrics. Studies in Economics for the Master´s Degree include the following study units: advanced microeconomic theory, advanced macroeconomic theory, elective studies and the Master´s Thesis. N.B. Statistical Foundations of Econometric Modelling (10 credits) is a compulsory study unit for students specialising in econometrics. Students are supposed to have a good knowledge of intermediate studies in statistics.

N.B. Practical training (code 70430, 5 credits) can be included in the elective studies. Administrator of the department co-ordinates practical training and gives also further information.

Subordinate units

Study unit E1. Optional courses

In Finnish: E1. Valinnaiset kurssit (20 op)/e1

E1. Optional courses

Code
Credits: 20 ,

Elective studies in economics 30 credits altogether. Courses to be lectured in Finnish or in English are changing annually. N.B. Course Statistical Foundations of Econometric Modelling (10 credits)is obligatory.

Prerequisite:

Study units KA11/S2 and S1.

Study unit E3. Advanced Seminar

In Finnish: E3. Tutkielmaseminaari (sis. HOPS 1 op) (20 op)/70420e3

E3. Advanced Seminar

Code 70420
Credits: 20 ,

N.B. The student is advised to contact the professor who is leading the seminar before the start of the seminar to specify the subject of the Master’s thesis and to make the seminar work more efficient. The list of themes and professors in charge of the seminars will be available on the notice board at the Department of Economics in the beginning of both semesters.

Unit description:

The aim is to familiarise the student with independent research work, writing scientific texts and presenting papers.

Mode of assessment:

The advanced seminar runs for two semesters. The seminar work includes writing a subject outline, specifying of question setting and working out a research plan for the Master’s thesis. The aim is to start writing the Master’s thesis and completing it as far as possible during the seminars. The student produces one or two short presentations on the subject and two papers in the seminar. These two papers should be closely connected or preliminary parts of the thesis helping the student to finish the Master’s thesis. The advanced seminar can be started either in the Autumn or the Spring semester.

HOPS - Personal Study Plan

In the new degree system, the personal study plan will play a central role in study guidance and the follow-up study progress. A student draws up a personal study plan and reflects upon his/her own qualifications to work as an economist.

Prerequisite:

Studies in Economics for the Bachelor´s degree, study units S1 and S2 + language studies.

Study unit Economics as a Minor Subject

In Finnish: Kansantaloustiede sivuaineena/sivuaineena

Economics as a Minor Subject

Code
Credits: esitetty ei-kumulatiivisena ,

Economics is also a useful Minor subject for students of other degree programmes. A student can choose from the following blocks (please, begin with your minor subject completing first the basic studies in economics):

  • Basic studies in Economics: 25 credits
  • Intermediate studies in Economics: 35 credits

Basic Studies in Economics includes study units KA1 (8 credits), KA2 (7 credits), and 10 credits of special topics which can be chosen freely from among the topics of study unit KA6.

Intermediate Studies in Economics includes study units KA4 (12 credits), KA5 (12 credits), and furthermore 11 credits of special topics which can be chosen freely from among the topics of study unit KA6 (please, consult lecturer Heikki Kauppi).

Subordinate units

Study unit Postgraduate Studies in Economics

In Finnish: Jatko-opinnot/70900

Postgraduate Studies in Economics

Code

Overview

Two degrees are offered at the postgraduate level. The Licentiate degree is the lower, optional post-graduate degree. A Doctoral degree is the final, highest postgraduate degree. The candidate is required to write a dissertation and defend it in a public examination. A student can aim at a Doctor´s degree without first getting a Licentiate.

Requirements for admission

The requirements for postgraduate applicants in economics are:

1) The Master´s degree in economics or an equivalent degree. N.B. It is required that the applicant´s master´s degree obtained may not be completed earlier than 5 years ago.* 2) At least the grade “good” in the advanced studies in economics. 3) The preliminary research plan. 4) Information on the thesis´s supervisor. 5) Documents to be submitted: see the faculty´s home page: http://www.valt.helsinki.fi/faculty/adm/postgrad.htm

Postgraduate applications are handed by the Administrative Officer of the Faculty of Social Sciences, Ms Terhi Kulonpalo, and all enquiries etc. ought to be directed to her. There are two application deadlines per annum the 15th of May and 15th of November. The selection of postgraduate students is completed from four to six weeks after the closing dates.

*Please note that if the applicant´s master´s degree is completed earlier than 5 years ago, the student seeking admission in postgraduate studies must take part in a separate examination before he/she is able to submit his/her application. At least the grade “good” must be achieved in the exam. The literature is as follows:

  • Gravelle H & Rees R : Microeconomics (2nd ed.), chapters 1-4, 5C, 6-12, 14-15 and 17-19;
  • Jones C I : Introduction to Economic Growth (2nd ed.);
  • Romer R : Advanced Macroeconomics (2nd ed.), chapters 4, 5, 6, 9, 10 and 2B (part B).

Registration

For each academic year, postgraduate students must be enrolled at the University of Helsinki. Registration for the upcoming academic year starts at the beginning of May and runs until September 16th. Students should register also at the Department´s office at Arkadiankatu 7 at the beginning of Fall term (forms are available at the office).

Teaching

Postgraduate studies in economics are closely related to studies in the Finnish Doctoral Programme in Economics (FDPE). FDPE promotes high-quality doctoral education in economics in Finland by organizing systematic and diverse doctoral courses and seminars. FDPE is designed to provide doctoral students, irrespective of their base institution, with a thorough training in the skills required of the contemporary academic and professional economists. FDPE also acts as a channel for cooperation in research and thesis supervision.

FDPE is not a degree granting programme in itself but a joint programme of all 11 Departments of Economics in Finland. Thus, to be able to register with FDPE the student first needs admission at doctoral level to one of the participating universities. Having been accepted by the university the student should register with FDPE at the beginning of the academic year.

FDPE also has 15 fellowships available for promising and successful doctoral students in the Finnish universities. The fellowships are financed by the Ministry of Education. More information is available at http://www.hecer.fi/

Prerequisite in Mathematics and Statistics

At least following studies in mathematics and statistics are required:

  • Mathematics, A-block (16 credit units)
  • Basic Studies in Statistics, alternative I, (11 credit units).

Subordinate units

Study unit Postgraduate Examination in Economics

In Finnish: Jatkokoulutuskuulustelu, 35 op (70800)/jatko

Postgraduate Examination in Economics

Code 70800
Credits: 35 , Credit Units: 20

Requirements for the Postgraduate Examination

Postgraduate studies, 35 credits, in Economics:

  • Postgraduate courses (25 credits)
  • Active participation in the postgraduate seminar for two semesters (10 credits).

Professor Klaus Kultti is responsible for postgraduate studies and seminar in the Department of Economics.

Study unit L1. Postgraduate Courses

In Finnish: L1. Jatkokoulutuskurssit, 25 op/jatkokurssit

L1. Postgraduate Courses

Code
Credits: 25 , Credit Units: 14

Study unit L1.1 Theory of Resource Allocation

In Finnish: L1.1 Resurssien allokaation teoria, 10 op/70802

L1.1 Theory of Resource Allocation

Code 70802
Credits: 10 , Credit Units: 5

Mode of assessment:

a) Course in Microeconomic Theory in FDPE (Finnish Doctoral Programme in Economics) or b) the following literature:

Literature

  • Mas-Colell A & Whinston M D & Green J R: Microeconomic Theory (chapters 1-10 and 12-20).

Literature examinations

Study unit L1.2 Macroeconomic Theory

In Finnish: L1.2 Makrotalousteoria, 10 op/70803

L1.2 Macroeconomic Theory

Code 70803
Credits: 10 , Credit Units: 5

Mode of assessment:

a) Course in Macroeconomic Theory in FDPE (Finnish Doctoral Programme in Economics) or b) the following literature:

Literature

  • Blanchard O J & Fischer S: Lectures on Macroeconomics (chapters 1-8);
  • Obstfeld M & Rogoff K: Foundations of International Macroeconomics (chapters 2, 5 and 9).

Literature examinations

Study unit L1.3 Methodology and History of Economic Thought

In Finnish: L1.3 Oppihistoria, metodologia ja menetelmät, vähintään 3 op/jatkoL13

L1.3 Methodology and History of Economic Thought

Code
Credits: 3 , Credit Units: 2

The student must complete at least 3 credits of the below mentioned topics. The corresponding courses completed in FDPE programme can be included in this study unit, too.

Study unit L1.3a History of Economic Thought

In Finnish: L1.3a) Oppihistoria, 3 op/70821

L1.3a History of Economic Thought

Code 70821
Credits: 3 , Credit Units: 2

Literature

  • Blaug M: Economic Theory in Retrospect (4th ed.).

Literature examinations

Study unit L1.3b Methodology

In Finnish: L1.3b) Metodologia, 3 op/70822

L1.3b Methodology

Code 70822

Literature

  • Caldwell B J (ed.): The Philosophy and Methodology of Economics (Vol. I-III), one part according to agreement (must be agreed upon with the examinator of this study unit).

Literature examinations

Study unit L1.3c Dynamic Optimization

In Finnish: L1.3c) Dynaaminen optimointi, 3 op/70823

L1.3c Dynamic Optimization

Code 70823
Credits: 3 , Credit Units: 2

Literature

  • Kamien M & Schwarz N: Dynamic Optimization (Part I: chapters 1-3, 9 and 17 and Part II and Appendix A + B).

Literature examinations

Study unit L1.3d Game Theory

In Finnish: L1.3d) Peliteoria, 3 op/70824

L1.3d Game Theory

Code 70824
Credits: 3 , Credit Units: 2

Literature

  • Myerson R B: Game Theory, Analysis of Conflict (chapters 1-8).

Literature examinations

Study unit L1.3e Economics of Uncertainty and Information

In Finnish: L1.3e) Epävarmuus ja informaatio, 3 op/70825

L1.3e Economics of Uncertainty and Information

Code 70825
Credits: 3 , Credit Units: 2

Literature

  • Macho-Stadler I & Pérez-Castrillo J D: An Introduction to the Economics of Information.

Literature examinations

Study unit L1.3f Econometrics

In Finnish: L1.3f) Ekonometria, 3 op/70826

L1.3f Econometrics

Code 70826
Credits: 3 , Credit Units: 2

Literature

  • Hayashi F: Econometrics, chapters 5, 8 and 9-10 and
  • Pagan A: Three Econometric Methodologies: A Critical Appraisal. Journal of Economic Surveys 1987: Vol. 1, No. 1, 3-24.

Literature examinations

Study unit L1.3g Time Series Analysis

In Finnish: L1.3g) Aikasarja-analyysi, 3 op/70827

L1.3g Time Series Analysis

Code 70827
Credits: 3 , Credit Units: 2

Literature

  • Hamilton J: Time Series Analysis (chapters 1-5).

Literature examinations

Study unit L1.4 Books by Agreement

In Finnish: L1.4 Opiskelijakohtainen osa, 2 op/70810

L1.4 Books by Agreement

Code 70810
Credits: 2 , Credit Units: 1 - 2

Mode of assessment:

Books by agreement (thesis-related literature). Please, consult the professor in charge of postgraduate studies.

Study unit L2. Postgraduate Seminar

In Finnish: L2. jatkokoulutusseminaari, 10 op/70811

L2. Postgraduate Seminar

Code 70811
Credits: 10 , Credit Units: 6

Mode of assessment:

Active participation in a postgraduate seminar for two semesters (10 credits).

N.B. Postgraduate courses in microeconomic theory and macroeconomic theory must have been completed before registration for the seminar. The student must submit a research proposal (max. 3-4 pages) to the professor who is leading the postgraduate seminar before the start of the seminar.

Study unit Complementary Studies in Economics

In Finnish: Sivuaineen syventäviä opintoja ilman tutkielmaa tai seuraavat lisäopinnot, yhteensä vähintään 25 op/70850

Complementary Studies in Economics

Code 70850
Credits: 25 , Credit Units: 15

Complementary Studies in Economics or Advanced Studies in Minor Subject at least 25 credits. Courses completed in FDPE programme can be included in these studies, too.

Superordinate Units

Subordinate units

Study unit L3. Classics in Economics

In Finnish: L3. Tutustuminen kansantaloustieteen klassikoihin, 5 op/70851

L3. Classics in Economics

Code 70851
Credits: 5 , Credit Units: 3

Mode of assessment:

Literature: complete one of the following options. Please, consult the examinator for the choice of the book.

Literature

  • Smith A: The Wealth of Nations;
  • Ricardo D: Principles of Political Economy and Taxation;
  • Walras L: Elements of Pure Economics;
  • Marshall A: Principles of Economics;
  • Wicksell K: Föreläsningar i nationalekonomi (engl. Lectures on Political Economy);
  • Keynes J M: The General Theory of Employment, Interest and Money.

Literature examinations

Study unit L4. Studies in Economic History

In Finnish: L4. Perehtyminen taloushistoriaan, 3 op/70855

L4. Studies in Economic History

Code 70855
Credits: 3 , Credit Units: 2

Literature

Literature according to agreement for example:

  • Mathias P & Davis J A (eds.): The First Industrial Revolutions
  • Grafts N & Tonniolo G: Economic Growth in Europe since 1945 (chapters 1-6, 8-9, 15-16 and 18).

Literature examinations

Study unit L5. Mathematical Methods and Econometrics

In Finnish: L5. Menetelmät ja ekonometria, 8 op/70853

L5. Mathematical Methods and Econometrics

Code 70853
Credits: 8 , Credit Units: 4 - 5

This study unit can be completed as follows: a) Postgraduate Course in Econometrics organized by FDPE or the following literature may be taken only if a student has not been able to participate, with reasonable grounds, in FDPE´s lecture course: Hayashi F: Econometrcis, chapters 1-4 and 6-7, b) Statistical Foundations of Econometric Modelling, see study unit E2, c) Studies in Time Series Analysis (consult the professor of econometrics), d) Elective studies in econometrics or statistics (as time series analysis,sampling, multivariate methods etc.). In addition studies from the other departments or universities can be approved. The professor of econometrics has to be asked to approve these studies.

Literature examinations

Study unit L6. Special Topics

In Finnish: L6. Kansantaloustieteen erityisteemoja, 9 op/LIS6

L6. Special Topics

Code
Credits: 9 , Credit Units: 5 - 6

Special topics according to agreement, 9 credits altogether.

Superordinate Units

Subordinate units

Study unit L6.1 Public Economics

In Finnish: L6.1 Julkinen talous, 3 op/70861

L6.1 Public Economics

Code 70861
Credits: 3 , Credit Units: 2

Literature

  • Myles G O: Public Economics, chapters 3-12.

Literature examinations

Study unit L6.2 Methodology

In Finnish: L6.2 Metodologia, 3 op/70862

L6.2 Methodology

Code 70862
Credits: 3 , Credit Units: 2

Literature

Literature (choose two of the following books):

  • Hausman D M: The Inexact and Separate Science of Economics
  • Marchi N & Blaug M (eds.): Appraising Economic Theories (chapters 1-6, 10-12 and 15-16)
  • Langlois R N (ed.): Economics as a Process: Essays in the New Institutional Economics
  • Henderson W & Dudley-Evans T & Backhouse R (eds.): Economics and Language
  • Wong S: The Foundations of Paul Samuelson's Revealed Preference Theory: A Study by the Method of Rational Reconstruction.

Literature examinations

Study unit L6.3 Natural Resources and Environment

In Finnish: L6.3 Ympäristö- ja luonnonvarat, 3 op/70872

L6.3 Natural Resources and Environment

Code 70872
Credits: 3 , Credit Units: 2

Literature

  • Clark C: Mathematical Bioeconomics (2nd ed.), chapters 1-5 and 8-9 or
  • Conrad J R & Clark C W: Natural Resource Economics.

Literature examinations

Study unit L6.4 International Money and Finance

In Finnish: L6.4 Kansainvälinen talous, 3 op/LIS64

L6.4 International Money and Finance

Code
Credits: 3 , Credit Units: 2

Choose either a) Theory of International Trade, 3 credits/2 credit units or b) Exchange Rate Dynamics, 3 credits/2 credit units

Study unit L6.4a Theory of International Trade

In Finnish: L6.4a) Kansainvälisen kaupan teoria, 3 op/70873

L6.4a Theory of International Trade

Code 70873
Credits: 3 , Credit Units: 2

Literature

  • Helpman E & Krugman P R: Trade Policy and Market Structure;
  • Helpman E & Krugman P R: Market Structure and Foreign Trade (chapter 6)

Literature examinations

Study unit L6.4b Exchange Rate Dynamics

In Finnish: L6.4b) Valuuttakurssien määräytyminen, 3 op/70874

L6.4b Exchange Rate Dynamics

Code 70874
Credits: 3 , Credit Units: 2

Literature

  • Krugman P R: Currencies and Crises (ecluding appendices);
  • Murshed S M: Macroeconomics for Open Economies

Literature examinations

Study unit L6.5 Economics in Transition

In Finnish: L6.5 Siirtymätalouksien kysymyksiä, 3 op/70875

L6.5 Economics in Transition

Code 70875
Credits: 3 , Credit Units: 2

Literature

  • Stiglitz J E: Whither Socialism?;
  • Amsden A & Kochanowicz J & Taylor L: Market Meets Its Match.

Literature examinations

Study unit L6.6 Investment, Finance and Capital Markets

In Finnish: L6.6 Investoinnit, rahoitus- ja pääomamarkkinat, 3 op/LISL66

L6.6 Investment, Finance and Capital Markets

Code
Credits: 3 , Credit Units: 2

Mode of assessment:

Choose one topic of the following fields: a) Theory of Investment, 3 credits/2 credit units b) Theory of Finance, 3 credits/2 credit units c) Theory of Banking, 3 credits/2 credit units

Study unit L6.6a Theory of Investment

In Finnish: L6.6a) Investointiteoria, 3 op/70876

L6.6a Theory of Investment

Code 70876
Credits: 3 , Credit Units: 2

Literature

  • Dixit A K & Pindyck R S: Investment Under Uncertainty.

Literature examinations

Study unit L6.6b Theory of Finance

In Finnish: L6.6b) Rahoitusteoria, 3 op/70877

L6.6b Theory of Finance

Code 70877
Credits: 3 , Credit Units: 2

Literature

  • Huang C & Litzenberger R H: Foundations for Financial Economics (chapters 1-9).

Literature examinations

Study unit L6.6c Theory of Banking

In Finnish: L6.6c) Pankkiteoria, 3 op/70856

L6.6c Theory of Banking

Code 70856
Credits: 3 , Credit Units: 2

Literature

  • Freixas X & Rochet J C: Microeconomics of Banking.

Literature examinations

Study unit L6.7 Industrial Organization and the Theory of Competition

In Finnish: L6.7 Teollinen organisaatio ja kilpailuteoria, 3 tai 6 op/70867

L6.7 Industrial Organization and the Theory of Competition

Code 70867
Credits: 3 - 6 , Credit Units: 2 - 4

Literature

Choose either

alternative a) 3 credits/2 credit units

  • Tirole J: The Theory of Industrial Organization (Part I)

or

alternative b) 6 credits/4 credit units

  • Tirole J: The Theory of Industrial Organization.

Literature examinations

Study unit L6.8 Labor Economics

In Finnish: L6.8 Työn taloustiede, 3 op/70868

L6.8 Labor Economics

Code 70868
Credits: 3 , Credit Units: 2

Literature

Articles of the following compilation book: Handbook of Labor Economics (Vol. 3A, 3B and 3C) (must be agreed upon with the examinator) or

  • Pissarides C A: Equilibrium Unemployment Theory (2nd ed.).

Literature examinations

Study unit L6.9 Time Series Analysis

In Finnish: L6.9 Aikasarja-analyysi, 3-6 op/LIS69

L6.9 Time Series Analysis

Code
Credits: 3 - 6 , Credit Units: 2 - 5

Choose one topic of the following fields: a) Nonstationary Time Series Analysis, 4 credits/3 credit units b) Special Topics, 3 credits/2 credit units c) Multivariate Time Series Analysis, 6 credits/5 credit units d) Analysis of Financial Time Series, 6 credits/5 credit units d) Methodology of Macroeconometrics, 6 credits/ 5 credit units

Study unit L6.9a Nonstationary Time Series Analysis

In Finnish: L6.9a) Epästationaaristen aikasarjojen analyysi, 4 op/70860

L6.9a Nonstationary Time Series Analysis

Code 70860
Credits: 4 , Credit Units: 3

Literature

  • Hamilton J: Time Series Analysis (chapters 7-8 and 15-17).

Literature examinations

Study unit L6.9b Special Topics

In Finnish: L6.9b) Erityiskysymyksiä, 3 op/70889

L6.9b Special Topics

Code 70889
Credits: 3 , Credit Units: 2

Literature

  • Hamilton J: Time Series Analysis (chapters 6, 14 and 21-22)

Literature examinations

Study unit L6.9c) Multivariate Time Series Analysis

In Finnish: L6.9c) Moniulotteisten aikasarjojen analyysi, 6 op/LISL69C

L6.9c) Multivariate Time Series Analysis

Code
Credits: 6 , Credit Units: 5

Prerequisite: L6.9a

See requirements of the Department of Mathematics and Statistics.

Study unit L6.9d) Analysis of Financial Time Series

In Finnish: L6.9d) Rahoitusaikasarjojen analyysi, 6 op/LISL69D

L6.9d) Analysis of Financial Time Series

Code
Credits: 6 , Credit Units: 5

Prerequisite: Study unit L1.3g is recommended.

See requirements of the Department of Mathematics and Statistics.

Literature

  • Franses P H & van Dijk D: Non-Linear Time-Series Models in Empirical Finance.

Study unit L6.9e Methodology of Macroeconometrics

In Finnish: L6.9e) Makroekonometrian metodologia, 6 op/70890

L6.9e Methodology of Macroeconometrics

Code 70890
Credits: 6 , Credit Units: 5

Prerequisite: Study units L6.9 a-c are recommended.

Literature

  • Favero C: Applied Macroeconometrics.

Literature examinations

Study unit L6.10 Economic Growth and Business Cycle Theory

In Finnish: L6.10 Kasvu- ja suhdanneteoria, 3 op/70870

L6.10 Economic Growth and Business Cycle Theory

Code 70870
Credits: 3 , Credit Units: 2

Literature

  • Barro R J & Sala-i-Martin X: Economic Growth (chapters 1-6 and 10-12);
  • Gabisch G & Lorenz H-W: Business Cycle Theory (2nd ed.), readings must be agreed upon with the examinator.

Literature examinations

Study unit L6.11 Orientations in Macroeconomics

In Finnish: L6.11 Makrotaloustieteen suuntauksia, 3 op/LISL611

L6.11 Orientations in Macroeconomics

Code
Credits: 3 , Credit Units: 2

Choose one topic of the following fields: a) Monetary Theory and Policy, 3 credits/2 credit units b) Learning and Expectations in Macroeconomics, 3 credits/2 credit units c) Labour Market and the Macroeconomy, 3 credits/2 credit units

Study unit L6.11a Monetary Theory and Policy

In Finnish: L6.11a) Rahateoria ja rahapolitiikka, 3 op/70883

L6.11a Monetary Theory and Policy

Code 70883
Credits: 3 , Credit Units: 2

Literature

  • Walsh C: Monetary Theory and Policy.

Literature examinations

Study unit L6.11b Learning and Expectations in Macroeconomics

In Finnish: L6.11b) Odotukset ja oppimisdynamiikka, 3 op/70884

L6.11b Learning and Expectations in Macroeconomics

Code 70884
Credits: 3 , Credit Units: 2

Literature

  • Evans G & Honkapohja S: Learning and Expectations in Macroeconomics.

Literature examinations

Study unit L6.11c Labour Market and the Macroeconomy

In Finnish: L6.11c) Työmarkkinat ja makrokehitys, 3 op/70885

L6.11c Labour Market and the Macroeconomy

Code 70885
Credits: 3 , Credit Units: 2

Literature

  • Palokangas T: Labour Unions, Public Policy and Economic Growth.

Literature examinations

Study unit L6.12 Economic Evolution

In Finnish: L6.12 Talouden evoluutio, 3 op/70882

L6.12 Economic Evolution

Code 70882
Credits: 3 , Credit Units: 2

Literature

  • Arthur W B & Durlauf S N & Lane D A (eds.): The Economy as an Evolving Complex System (vol. II, 1997), the following articles: (1) Arthur, Durlauf & Lane, (2) Arthur, Holland, LeBaron, Palmer & Taylor, (3) Darley & Kaufmann, (4) Durlauf, (5) Ioannides, (6) Krugman, (7) Leijonhufvud, (8) Lindgren, (9) Brock, (10) Blume, (11) Kirman, (12) Tesfatsion.

Literature examinations

Study unit L6.13 Finance in Continuous Time

In Finnish: L6.13 Jatkuvan ajan stokastiset mallit, 3 op/70881

L6.13 Finance in Continuous Time

Code 70881
Credits: 3 , Credit Units: 2

Literature

  • Shimko D C: Finance in Continuous Time: A Primer (chapters 1 and 3);
  • Merton R C: Continuous Time Finance (according to agreement e.g. chapters 3, 5 and 15)

Literature examinations

Study unit L6.14 Economic Geography and Urban Economics

In Finnish: L6.14 Talousmaantiede ja kaupunkitalous, 3 op/70886

L6.14 Economic Geography and Urban Economics

Code 70886
Credits: 3 , Credit Units: 2

Literature

  • Fujita M & Krugman P & Venables A J: The Spatial Economy: Cities, Regions and International Trade.

Literature examinations

Study unit L6.15 Theories of Ditributive Justice

In Finnish: L6.15 Yhteiskunnallisen oikeudenmukaisuuden teoriat, 3 op/70887

L6.15 Theories of Ditributive Justice

Code 70887
Credits: 3 , Credit Units: 2

Literature

  • Roemer J E: Theories of Distributive Justice

or

  • Kolm S-C: Modern Theories of Justice (excluding part IV).

Literature examinations

Study unit L6.16 Other Topics, by Agreement

In Finnish: L6.16 Muita erityiskysymyksiä kurssien tai sopimuksen mukaan, 3 op tai enemmän/70888

L6.16 Other Topics, by Agreement

Code 70888
Credits: 3 , Credit Units: 2

Study unit Licentiate and Doctoral Thesis

In Finnish: Lisensiaatintutkimus ja väitöskirja/vtlvt

Licentiate and Doctoral Thesis

Code

The postgraduate degrees are the Licentiate and Doctoral degrees. It is possible to study for the doctorate without having a separate Licentiate thesis. The student, however, must complete the course and seminar work required for the Licentiate.

See also website http://www.valt.helsinki.fi/tiedekunta/opiskelu/jatko-opinnot/index.htm

Courses