Master in Economics

ENSAE - Ecole polytechnique - HEC - ENS Cachan - Université Paris Sud

First Year (M1)

Outline of the First Year: M1

S1 First Semester
ECO 550 - Microeconomics 1: 6 ECTS.
ECO 551 - Macroeconomics 1: 6 ECTS.
ECO 552 - Econometrics 1: 6 ECTS.
2 Elective courses: 4 ECTS.
S2 Second Semester
ECO 560 - Microeconomics 2: 6 ECTS.
ECO 561 - Macroeconomics 2: 6 ECTS.
ECO 562 - Econometrics 2: 6 ECTS.

ECO 591 (Microeconomics),
ECO 592 (Macroeconomics and International Economics),
ECO 593 (Finance):
12 ECTS.
ECO 501 - Project in Applied Economics: 8 ECTS.

List of courses

Beginning of September

Location: HEC, Jouy-en-Josas

Preparatory course in Mathematics and Probability

Mathematics, Probability, and Optimization36 hours
Nicolas Vieille

– Basic calculus
– Linear algebra
– Basic probability theory
– Dynamic optimization.

Preparatory course in Econometrics

Introduction to Stata8 hours
Omar Sene

Over the whole year

ECO 501 - Project in Applied Economics 8 ECTS

Students should apply standard econometrics methods to a dataset using common statistical software (such as STATA, R, or SAS), and present the results in the form of a short dissertation.

First term (S1): Mandatory courses

Location: Ecole polytechnique, Palaiseau

ECO 550 - Microeconomics 1 6 ECTS

Individual decision-making and market equilibrium45 hours
Jeanne Hagenbach, Tristan Tomala

– Choice theory and introduction to welfare economics
– Consumer theory
– Producer theory, comparative statics, comparative advantage
– Choice under uncertainty (expected utility, risk aversion)
– General equilibrium, fundamental welfare theorems
– Asset markets and asset pricing
– No trade theorem, rational expectations.

ECO 551 - Macroeconomics 1 6 ECTS

Economic Growth45 hours
Pierre Cahuc, Alessandro Riboni

– Growth Theory
– Optimal Growth
– Endogenous Growth
– Overlapping Generations...

ECO 552 - Econometrics 1 6 ECTS

The Linear Regression Model and Extensions45 hours
Francis Kramarz

Simple and multiple regression analysis: estimation, inference and asymptotic analysis:
- Derivation of the OLS estimator
- Student t tests and F tests under normality of the residuals
- Confidence intervals
- Consistency and asymptotic normality
- functional forms and specifications
- Heteroskedasticity
- Clustering
- Robust inference
- Weighted least square estimation
- Basic Panel Data Models
- Difference in differences; First difference estimation
- Instrumental variable estimation
- Two-stage Least Squares estimation
- Inference, weak and invalid instruments
- Simultaneous equations
- Exogeneity and over-identification tests.

Second term (S2): Mandatory courses

Location: Ecole polytechnique, Palaiseau

ECO 560 - Microeconomics 2 6 ECTS

Strategic Interactions and Information45 hours
Yukio Koriyama, Olivier Gossner, Pierre Picard

– Normal form games, pure and mixed strategies, equilibrium concepts (dominance, rationalizability, Nash)
– Imperfect competition (Cournot, Bertrand, Hotelling)
– Extensive form games with perfect information, backwards induction
– Extensive form games with imperfect information (information sets), normal form representation
– Bayesian games, auctions, adverse selection, signaling, screening
– Equilibrium refinements (Perfect Bayesian equilibrium, sequential equilibrium)
– Social choice and introduction to mechanism design
– Contract theory, principal agent models, risk sharing.

ECO 561 - Macroeconomics 2 6 ECTS

Business cycles45 hours
Jean-Baptiste Michau

– The IS-LM and AD-AS Models
– The Real Business Cycle Model
– The Neo Keynesian Model
– OIntroduction to International Macroeconomics...

ECO 562 - Econometrics 2 6 ECTS

Nonlinear, Qualitative Data, and Panel Methods45 hours
Arne Uhlendorff, Anna Simoni

Maximum likelihood and GMM estimation
- Consistency, asymptotic normality, hypothesis testing
- Advanced Panel Data models
- Estimation under weak exogeneity: GMM approach
- Maximum likelihood estimation; prediction; goodness of fit
- Binary models
- Linear probability models
- Endogeneity in binary models
- Discrete variables
- Ordered choice models
- Multinomial Logit
- Other non-ordered choice models, multiple choice models
- Censored regression models
- Tobit model, alternative models
- Endogenous sample selection
- Maximum likelihood and Heckman two-step estimators.

Elective courses (over the first and second terms)

Students need to choose at least two elective courses.

Location: ENS Cachan, Cachan

ECO 574 - History of Economic Thoughts since 1945 - Second Term (S2) 2 ECTS

History of economic thoughts since 194520 hours
Philippe Fontaine

"The History of economic thoughts since 1945" course maps the conceptual, economic, social and institutional contexts of economics in relation to those of political science, sociology, anthropology, psychology and human geography. The course analyzes the increasing significance of economics after the Second World War and points to historical transformations that made it possible for economists to convince that theirs was an especially rigorous discipline and one that could free itself from value judgments. Special attention is given to economists' war service, the expansion of higher education, foundation patronage and cross-disciplinary research ventures. The course shows that much can be learned about today's economics from identifying the reasons and stakes for presenting economics' as a special social science. Another dimension of the course centers on the writing of the history of recent economics by noneconomists.

ECO 575 - European Economics - First Term (S1) 2 ECTS

European Economics20 hours
Caroline Vincensini

ECO 586 - Experiments in Economics and Decision-making - Second Term (S2) 2 ECTS

Introduction to Experimental Economics20 hours
Nathalie Etchart-Vincent

ECO 585 - Microeconomics for Public Economics - Second Term (S2) 2 ECTS

Microeconomics for Public Economics20 hours
Emmanuelle Taugourdeau

ECO 576 - Development Economics - First Term (S1) 2 ECTS

Development Economics20 hours
Thomas Vendryes

Location: Ecole polytechnique, Palaiseau

ECO 572 - Environmental Economics 2 ECTS

Environmental Economics20 hours
Jean-Marc Bourgeon

ECO 571 - Labor Economics and Human Resources - First Term (S1) 2 ECTS

Labor Economics and Human Resources20 hours
Pierre Cahuc, Francis Kramarz

ECO 572 - Environmental Economics - First Term (S1) 2 ECTS

Environmental Economics20 hours
Jean-Marc Bourgeon

ECO 573 - Macroeconomic Policy - First Term (S1) 2 ECTS

Macroeconomic Policy20 hours
Hubert Kempf

ECO 580 - Competition Policy - Second Term (S2) 2 ECTS

Competition Policy18 hours
David Sevy

ECO 584 - Current Macroeconomic Issues - Second Term (S2) 2 ECTS

Current Macroeconomic Issues20 hours
Benoît Mojon

Third term: Research internship

During the third term, students must complete a research internship of at least 3 months ("short internship": 8 ECTS) or 5 months ("long internship": 12 ECTS).
In case of short internships, students need to choose another two elective courses.

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