Fachbereich 02: Wirtschaftswissenschaften - Master-Studiengang Economics of Global Risk (M.Sc.) ab Wintersemester 2024/25 - EGR-Module

Structure: Lecture + Tutorial
Rhythm: Summer semester
Credits: 6 CP
Course code: 02-VWL:MSc-V3-2
Language: English

The module 'Trade Policy and International Factor Movements' is part of the Master of Science major 'Economics of Global Risk' and 'Economics'. It is structured as a lecture with integrated tutorials and takes place every winter semester. The course is held in English. Moreover, it is recommended to have already completed the module 'International Economic Relations'.



Module content includes aspects from the following areas of foreign trade theory and policy:

Gains from trade
Trade policy and market structures
Political economy of trade policy
Factor movements and direct investments

Structure: Lecture + Tutorial
Rhythm: Summer semester
Credits: 6 CP
Course code: 02-VWL:MSc-V3-2
Language: English

The module 'Trade Policy and International Factor Movements' is part of the Master of Science major 'Economics of Global Risk' and 'Economics'. It is structured as a lecture with integrated tutorials and takes place every winter semester. The course is held in English. Moreover, it is recommended to have already completed the module 'International Economic Relations'.



Module content includes aspects from the following areas of foreign trade theory and policy:

Gains from trade
Trade policy and market structures
Political economy of trade policy
Factor movements and direct investments

Turnus: SoSe
Credits: 6 CP
Sprache: Englisch

The participants in the project modul will conduct resarch on global risks with potential impact on the economy. In a first step, relevant risks will be identified and the participants can choose a specific risk to work on. In a second step, all participants will work on a structure for describing different aspects of theses risks. Most of the work by the participants will then be focused on finding, selecting and summarizing relevant literature and empirical information on the specific risks. Intermediate results will be discussed with all participants.

Link zu JLU-Maps:
https://www.uni-giessen.de/JLUmaps/?id=167813&lang=de

Turnus: SoSe
Credits: 6 CP
Sprache: Englisch

The aim of the course is to enable students to construct an Economic Policy Uncertainty (EPU) indicator based on text data. Programming skills are required. The number of participants is limited to 10 students. Please send me a current transcript of records for course registration at albina.latifi@wirtschaft.uni-giessen.de .

Link zu JLU-Maps:
https://www.uni-giessen.de/JLUmaps/?id=167813&lang=de

Turnus: SoSe
Credits: 6 CP
Sprache: Englisch

The participants in the project modul will conduct resarch on global risks with potential impact on the economy. In a first step, relevant risks will be identified and the participants can choose a specific risk to work on. In a second step, all participants will work on a structure for describing different aspects of theses risks. Most of the work by the participants will then be focused on finding, selecting and summarizing relevant literature and empirical information on the specific risks. Intermediate results will be discussed with all participants.

Link zu JLU-Maps:
https://www.uni-giessen.de/JLUmaps/?id=167813&lang=de

Turnus: SoSe
Credits: 6 CP
Sprache: Englisch

The aim of the course is to enable students to construct an Economic Policy Uncertainty (EPU) indicator based on text data. Programming skills are required. The number of participants is limited to 10 students. Please send me a current transcript of records for course registration at albina.latifi@wirtschaft.uni-giessen.de .

Link zu JLU-Maps:
https://www.uni-giessen.de/JLUmaps/?id=167813&lang=de

Structure: Lecture + Tutorial
Rhythm: Summer semester
Credits: 6 CP
Course Code: 02-VWL:MSc-V1-1
Language: English
Required work: Final exam (85%) + Assignments (10%) + Participation (5%)
Lecturers: Univ.-Prof. Dr. Georg Götz
Possible Major: Economics, Economics of Global Risk

Course Description:
You can find the most recent information to this course here. The recordings of the lecture from the summer term 2020 can be found on the chairs Youtube channel Economics2Go; in the playlist Economics of Regulation:https://www.youtube.com/c/Economics2Go

This course deals with network industries like electricity, gas and water supply as well as with the telecommunication sector and how to regulate them. A special focus is laid on the consequences of the asymmetric distribution of information among the agents active in these sectors. Here, one might think of product markets characterized by uncertainty about qualities and prices as well as labor markets, insurance markets, or financial markets. These markets are characterized by endogenous information that is generated by some market participants; behavior affecting other market participants; behavior. As a consequence, the market mechanism may be distorted or even fail.

Literature:
Paul Joskow: Regulation of Natural Monopolies August 2006, mimeo, MIT, a review article published in the Handbook of Law and Economics, 2007.

Recent developments in the theory of regulation, published in the Handbook of Industrial Organization (Vol. III), edited by M. Armstrong and R. Porter. This article provides an in-depth treatment of the theory of regulation under asymmetric information.

Regulation, Competition, and Liberalization. Journal of Economic Literature Vol. XLIV (June 2006), pp. 325–366. This article offers insights into the regulatory practice and discusses if and how effective competition can be created in sectors, which are at least partly natural monopolies.

K. Viscusi, J. Harrington, J. Vernon, Economics of regulation and antitrust. 4th. ed. MIT Press 2005;
Borrmann, J. und Finsinger, J., Markt und Regulierung. Verlag Vahlen 1999.

David Newbery, 1999, Privatization, Restructuring, and Regulation of Network Industries, MIT Press offers an excellent combination of theoretical insights and specific case studies, in particular with respect to the liberalization process.

Pepall, Richard, and Norman (PRN): Industrial Organization: Contemporary theory and practice, South Western, 3rd edition. 2005. Introduction to Economic Analysis by R. Preston McAfee.

This course will be held in presence and in English.

Structure: Lecture + Tutorial
Rhythm: Summer semester
Credits: 6 CP
Course Code: 02-VWL:MSc-V1-1
Language: English
Required work: Final exam (85%) + Assignments (10%) + Participation (5%)
Lecturers: Univ.-Prof. Dr. Georg Götz
Possible Major: Economics, Economics of Global Risk

Course Description:
You can find the most recent information to this course here. The recordings of the lecture from the summer term 2020 can be found on the chairs Youtube channel Economics2Go; in the playlist Economics of Regulation:https://www.youtube.com/c/Economics2Go

This course deals with network industries like electricity, gas and water supply as well as with the telecommunication sector and how to regulate them. A special focus is laid on the consequences of the asymmetric distribution of information among the agents active in these sectors. Here, one might think of product markets characterized by uncertainty about qualities and prices as well as labor markets, insurance markets, or financial markets. These markets are characterized by endogenous information that is generated by some market participants; behavior affecting other market participants; behavior. As a consequence, the market mechanism may be distorted or even fail.

Literature:
Paul Joskow: Regulation of Natural Monopolies August 2006, mimeo, MIT, a review article published in the Handbook of Law and Economics, 2007.

Recent developments in the theory of regulation, published in the Handbook of Industrial Organization (Vol. III), edited by M. Armstrong and R. Porter. This article provides an in-depth treatment of the theory of regulation under asymmetric information.

Regulation, Competition, and Liberalization. Journal of Economic Literature Vol. XLIV (June 2006), pp. 325–366. This article offers insights into the regulatory practice and discusses if and how effective competition can be created in sectors, which are at least partly natural monopolies.

K. Viscusi, J. Harrington, J. Vernon, Economics of regulation and antitrust. 4th. ed. MIT Press 2005;
Borrmann, J. und Finsinger, J., Markt und Regulierung. Verlag Vahlen 1999.

David Newbery, 1999, Privatization, Restructuring, and Regulation of Network Industries, MIT Press offers an excellent combination of theoretical insights and specific case studies, in particular with respect to the liberalization process.

Pepall, Richard, and Norman (PRN): Industrial Organization: Contemporary theory and practice, South Western, 3rd edition. 2005. Introduction to Economic Analysis by R. Preston McAfee.

This course will be held in presence and in English.

Module description:

Profound knowledge of game theory with special applications in the field of finance and capital market theory
ability to interpret models from relevant literature and to critically discuss their explanatory potential
ability to deal with applicable policy proposals based on relevant theory and empirical findings
formulation, argumentative defense and critical dispute of subject-related viewpoints and problem solving



The module covers:

Part 1 (lecture): Debt: Game Theory Applications (pre-recorded videos)
Basics of game theory
Applications in the context of finance and capital market theory

Part 2 (seminar): Fiscal and Monetary Policy in Sovereign Debt Crises (virtual live event)
Fiscal policy in crisis situations
Conventional and unconventional monetary policy in crises

Module description:

Profound knowledge of game theory with special applications in the field of finance and capital market theory
ability to interpret models from relevant literature and to critically discuss their explanatory potential
ability to deal with applicable policy proposals based on relevant theory and empirical findings
formulation, argumentative defense and critical dispute of subject-related viewpoints and problem solving



The module covers:

Part 1 (lecture): Debt: Game Theory Applications (pre-recorded videos)
Basics of game theory
Applications in the context of finance and capital market theory

Part 2 (seminar): Fiscal and Monetary Policy in Sovereign Debt Crises (virtual live event)
Fiscal policy in crisis situations
Conventional and unconventional monetary policy in crises

Struktur: Vorlesung + Übung
Turnus: Sommersemester
Credits: 6 CP
Sprache: Englisch
Prüfungsform: Klausur

We study the small open economies and their interaction with global financial markets. After an introduction to the balance of payments, we introduce the intertemporal model of the current account. We use the model in order to understand consumption, capital flows and sovereign default. In the second half, we introduce real and nominal exchange rates and discuss the main models of exchange rate determination.

Struktur: Vorlesung + Übung
Turnus: Sommersemester
Credits: 6 CP
Sprache: Englisch
Prüfungsform: Klausur

We study the small open economies and their interaction with global financial markets. After an introduction to the balance of payments, we introduce the intertemporal model of the current account. We use the model in order to understand consumption, capital flows and sovereign default. In the second half, we introduce real and nominal exchange rates and discuss the main models of exchange rate determination.

Struktur: Vorlesung + Übung / Lecture and Exercise Class
Turnus: Sommersemester / Summer term
Credits: 6 CP
Sprache: Englisch
Prüfungsform: Klausur und Projektarbeit / Written exam and project
The course takes place in person

The course Time Series Econometrics and Computer-based Methods complements the course Advanced Econometrics taught in the winter term. Methods of estimation and inference are used for advanced methods for the analysis of time series data (e.g. financial market or macroeconomic data). Besides traditional econometric methods, specific emphasis is given to computer-based methods (e.g. Monte Carlo simulations, Bootstrap, non-parametric estimators). The students will learn about the properties of the methods, how to implement them, difficulties and limits of applications.
Besides the lecture and the exercise class, students will apply the econometric methods introduced in this course on a small-scale research project. The projects may be proposed by the students or be based on suggestions by the lecturers.
In order to reproduce examples from lecture and exercise class as well as for conducting your own project, you will need access to a suitable econometric software package. The lecture will use examples both based on the commercial software EViews and the free package R. For own projects, we recommend using the free software package R. As platform for R, we recommend RStudio (https://rstudio.com/).
Please note that the number of participants for this course is limited – the selection of students will be based on your background in statistics and econometrics. To allow for a swift admission, please send a Email with your enrollment number and information about your background in statistics and econometrics (modules attended at JLU or elsewhere) to Jana Röder (jana.roeder@uni-giessen.de). If you finished the module “Advanced Econometrics” successfully or participated in the retake exam, please let us know as well.
The first lecture will take place on April, 22nd 2025.

Link zu JLU-Maps:
https://www.uni-giessen.de/JLUmaps/?id=167813&lang=de

Struktur: Vorlesung + Übung / Lecture and Exercise Class
Turnus: Sommersemester / Summer term
Credits: 6 CP
Sprache: Englisch
Prüfungsform: Klausur und Projektarbeit / Written exam and project
The course takes place in person

The course Time Series Econometrics and Computer-based Methods complements the course Advanced Econometrics taught in the winter term. Methods of estimation and inference are used for advanced methods for the analysis of time series data (e.g. financial market or macroeconomic data). Besides traditional econometric methods, specific emphasis is given to computer-based methods (e.g. Monte Carlo simulations, Bootstrap, non-parametric estimators). The students will learn about the properties of the methods, how to implement them, difficulties and limits of applications.
Besides the lecture and the exercise class, students will apply the econometric methods introduced in this course on a small-scale research project. The projects may be proposed by the students or be based on suggestions by the lecturers.
In order to reproduce examples from lecture and exercise class as well as for conducting your own project, you will need access to a suitable econometric software package. The lecture will use examples both based on the commercial software EViews and the free package R. For own projects, we recommend using the free software package R. As platform for R, we recommend RStudio (https://rstudio.com/).
Please note that the number of participants for this course is limited – the selection of students will be based on your background in statistics and econometrics. To allow for a swift admission, please send a Email with your enrollment number and information about your background in statistics and econometrics (modules attended at JLU or elsewhere) to Jana Röder (jana.roeder@uni-giessen.de). If you finished the module “Advanced Econometrics” successfully or participated in the retake exam, please let us know as well.
The first lecture will take place on April, 22nd 2025.

Link zu JLU-Maps:
https://www.uni-giessen.de/JLUmaps/?id=167813&lang=de

Struktur: Vorlesung + Übung
Turnus: Unregelmäßig
Credits: 6 CP
Sprache: Englisch (Regelfall) bzw. Deutsch (Ausnahmefall)
Prüfungsform: Klausur und Hausarbeit mit Präsentation

Qualifikationsziele:
• Beschreibung und Verständnis der Digitalisierung und ihrer Auswirkungen auf wirtschaftliche
Prozesse
• Kenntnis von theoretischen Konzepten und empirischen Methoden zur Messung der Digitalisierung
und zur Analyse ihrer Auswirkungen
• Beschreibung, Interpretation und Bewertung empirischer Ergebnisse
• Kritische Diskussion der ökonomischen und sozialen Auswirkungen der Digitalisierung
•
Inhalte:
• Informations- Kommunikationstechnologien als Querschnittstechnologie
• Auswirkungen der Digitalisierung auf Unternehmen
• Auswirkungen der Digitalisierung auf Beschäftigte
• Digitale Märkte und Plattformen


Für die Teilnahme an der Veranstaltung ist der erfolgreiche Abschluss von Kursen in Industrieökonomik und Ökonometrie sehr empfehlenswert. Weitere Informationen dazu finden Sie auch auf der Homepage.

Die Veranstaltung findet in Präsenz statt.

Link zu JLU-Maps:
https://www.uni-giessen.de/JLUmaps/?id=167813&lang=de

Struktur: Vorlesung + Übung
Turnus: Unregelmäßig
Credits: 6 CP
Sprache: Englisch (Regelfall) bzw. Deutsch (Ausnahmefall)
Prüfungsform: Klausur und Hausarbeit mit Präsentation

Qualifikationsziele:
• Beschreibung und Verständnis der Digitalisierung und ihrer Auswirkungen auf wirtschaftliche
Prozesse
• Kenntnis von theoretischen Konzepten und empirischen Methoden zur Messung der Digitalisierung
und zur Analyse ihrer Auswirkungen
• Beschreibung, Interpretation und Bewertung empirischer Ergebnisse
• Kritische Diskussion der ökonomischen und sozialen Auswirkungen der Digitalisierung
•
Inhalte:
• Informations- Kommunikationstechnologien als Querschnittstechnologie
• Auswirkungen der Digitalisierung auf Unternehmen
• Auswirkungen der Digitalisierung auf Beschäftigte
• Digitale Märkte und Plattformen


Für die Teilnahme an der Veranstaltung ist der erfolgreiche Abschluss von Kursen in Industrieökonomik und Ökonometrie sehr empfehlenswert. Weitere Informationen dazu finden Sie auch auf der Homepage.

Die Veranstaltung findet in Präsenz statt.

Link zu JLU-Maps:
https://www.uni-giessen.de/JLUmaps/?id=167813&lang=de

Struktur: Vorlesung + Übung
Turnus: Unregelmäßig
Credits: 6 CP
Sprache: Englisch (Regelfall) bzw. Deutsch (Ausnahmefall)
Prüfungsform: Klausur und Hausarbeit mit Präsentation

Qualifikationsziele:
• Beschreibung und Verständnis der Digitalisierung und ihrer Auswirkungen auf wirtschaftliche
Prozesse
• Kenntnis von theoretischen Konzepten und empirischen Methoden zur Messung der Digitalisierung
und zur Analyse ihrer Auswirkungen
• Beschreibung, Interpretation und Bewertung empirischer Ergebnisse
• Kritische Diskussion der ökonomischen und sozialen Auswirkungen der Digitalisierung
•
Inhalte:
• Informations- Kommunikationstechnologien als Querschnittstechnologie
• Auswirkungen der Digitalisierung auf Unternehmen
• Auswirkungen der Digitalisierung auf Beschäftigte
• Digitale Märkte und Plattformen


Für die Teilnahme an der Veranstaltung ist der erfolgreiche Abschluss von Kursen in Industrieökonomik und Ökonometrie sehr empfehlenswert. Weitere Informationen dazu finden Sie auch auf der Homepage.

Die Veranstaltung findet in Präsenz statt.

Link zu JLU-Maps:
https://www.uni-giessen.de/JLUmaps/?id=167813&lang=de

Struktur: Vorlesung + Übung
Turnus: Unregelmäßig
Credits: 6 CP
Sprache: Englisch (Regelfall) bzw. Deutsch (Ausnahmefall)
Prüfungsform: Klausur und Hausarbeit mit Präsentation

Qualifikationsziele:
• Beschreibung und Verständnis der Digitalisierung und ihrer Auswirkungen auf wirtschaftliche
Prozesse
• Kenntnis von theoretischen Konzepten und empirischen Methoden zur Messung der Digitalisierung
und zur Analyse ihrer Auswirkungen
• Beschreibung, Interpretation und Bewertung empirischer Ergebnisse
• Kritische Diskussion der ökonomischen und sozialen Auswirkungen der Digitalisierung
•
Inhalte:
• Informations- Kommunikationstechnologien als Querschnittstechnologie
• Auswirkungen der Digitalisierung auf Unternehmen
• Auswirkungen der Digitalisierung auf Beschäftigte
• Digitale Märkte und Plattformen


Für die Teilnahme an der Veranstaltung ist der erfolgreiche Abschluss von Kursen in Industrieökonomik und Ökonometrie sehr empfehlenswert. Weitere Informationen dazu finden Sie auch auf der Homepage.

Die Veranstaltung findet in Präsenz statt.

Link zu JLU-Maps:
https://www.uni-giessen.de/JLUmaps/?id=167813&lang=de

Struktur: Vorlesung + Übung
Turnus: Sommersemester
Credits: 6 CP
Sprache: Englisch
Prüfungsform: Klausur
Die Veranstaltung findet in Präsenz statt.

Die Veranstaltung ist für alle Studierende im Master VWL, EGR, BWL und AFS geöffnet und besteht aus einer wöchentlichen Vorlesung und Übung.

Der Kurs basiert auf dem Buch Causal Inference von Scott Cunningham, sowie den Büchern Mostly Harmless Econometrics und Mastering Metrics von Joshua Angrist und Jörn-Steffen Pischke.

Many of the big questions in the social sciences (and economics) deal with cause and effect. How does immigration affect pay and employment levels? How does a longer education affect someone's future income? These questions are difficult to answer because we have nothing to use as a comparison. We do not know what would have happened if there had been less immigration or if that person had not continued studying.

However, last years Laureates of the Nobel Prize in Economics - David Card, Joshua Angrist, and Guido Imbens - have shown that it is possible to answer these and similar questions using natural experiments. The key is to use situations in which chance events or policy changes result in groups of people being treated differently, in a way that resembles clinical trials in medicine.

If you are curious about how economists can draw plausible conclusions about cause and effect I invite you to join this course. The course covers core methods and seminal applications (discussed in the lecture and replicated in the exercise) dealing with causal inference.

Preliminary schedule:
- Randomized Controlled Trials
- Linear Regression and Matching
- Difference-in-Differences
- Regression Discontinuity Designs
- Instrumental Variables

Struktur: Vorlesung + Übung
Turnus: Sommersemester
Credits: 6 CP
Sprache: Englisch
Prüfungsform: Klausur
Die Veranstaltung findet in Präsenz statt.

Die Veranstaltung ist für alle Studierende im Master VWL, EGR, BWL und AFS geöffnet und besteht aus einer wöchentlichen Vorlesung und Übung.

Der Kurs basiert auf dem Buch Causal Inference von Scott Cunningham, sowie den Büchern Mostly Harmless Econometrics und Mastering Metrics von Joshua Angrist und Jörn-Steffen Pischke.

Many of the big questions in the social sciences (and economics) deal with cause and effect. How does immigration affect pay and employment levels? How does a longer education affect someone's future income? These questions are difficult to answer because we have nothing to use as a comparison. We do not know what would have happened if there had been less immigration or if that person had not continued studying.

However, last years Laureates of the Nobel Prize in Economics - David Card, Joshua Angrist, and Guido Imbens - have shown that it is possible to answer these and similar questions using natural experiments. The key is to use situations in which chance events or policy changes result in groups of people being treated differently, in a way that resembles clinical trials in medicine.

If you are curious about how economists can draw plausible conclusions about cause and effect I invite you to join this course. The course covers core methods and seminal applications (discussed in the lecture and replicated in the exercise) dealing with causal inference.

Preliminary schedule:
- Randomized Controlled Trials
- Linear Regression and Matching
- Difference-in-Differences
- Regression Discontinuity Designs
- Instrumental Variables

Struktur: Vorlesung + Übung

Turnus: Sommersemester

Credits: 6 CP

Sprache: Deutsch

Prüfungsform: Klausur



Beschreibung:

In der Veranstaltung werden fortgeschrittene Aspekte zur Theorie des Risikomanagements, beispielsweise zu dessen Aufgaben sowie zur Messung, zum Management und zur Steuerung von Risiken, behandelt. Neben Marktpreisrisiken wie bspw. Zinsänderungsrisiken werden Kreditrisiken, Liquiditätsrisiken und operationelle Risiken thematisiert. Nach Abschluss des Moduls beherrschen die Studierenden die Instrumente des Risikomanagements und können Problemkreise identifizieren.

Die Veranstaltung findet in Präsenz statt.

Struktur: Vorlesung + Übung

Turnus: Sommersemester

Credits: 6 CP

Sprache: Deutsch

Prüfungsform: Klausur



Beschreibung:

In der Veranstaltung werden fortgeschrittene Aspekte zur Theorie des Risikomanagements, beispielsweise zu dessen Aufgaben sowie zur Messung, zum Management und zur Steuerung von Risiken, behandelt. Neben Marktpreisrisiken wie bspw. Zinsänderungsrisiken werden Kreditrisiken, Liquiditätsrisiken und operationelle Risiken thematisiert. Nach Abschluss des Moduls beherrschen die Studierenden die Instrumente des Risikomanagements und können Problemkreise identifizieren.

Die Veranstaltung findet in Präsenz statt.