ECO 601 Microeconomic Analysis I (7,5 c.u.)
The course will begin with a review of the classic theories of consumer and producer behavior and proceed with the description of basic market structures and the analysis of factor markets. It will then lay out the basic principles of game theory under conditions of both complete and incomplete information. These will be the tools for the analysis of topics in modern microeconomic theory such as bargaining auctions, moral hazard and adverse selection.

ECO 602 Macroeconomic Analysis I (7,5 c.u.)
This course reviews the traditional “workhorse” models of Macroeconomics and surveys recent developments in this exceptionally active field. Models of income, interest rate, price level, exchange rate, and balance of payments surplus/deficit determination are reviewed. New theoretical developments involving the microeconomic foundations of macro models, inflation and unemployment, growth and real business cycles are considered.

ECO 603 Statistics and Econometrics I (7,5 c.u.)
Probability Theory. Random Sample. Regression, Prediction and related notions. The Linear (Normal) Regression Model: Estimation, Hypothesis Testing, Misspecification Testing. Generalized Linear Regression. Elements of Time-Series. Heteroskedasticity and Autocorrelation. Dynamic Linear Regression. Nonlinear Regression. Multivariate Regression Systems. The Simultaneous-Equation Model. Generalized Method of Moments. Limited Dependent Variables. Panel Data Models.

ECO 604 Analytical Methods in Economics (7,5 c.u.)
Economic modeling and equilibrium analysis. Linear models and matrix algebra. Comparative static analysis. Constrained and unconstrained optimization methods. Dynamic methods in continuous and discrte time.

ECO 605 International Trade (7,5 c.u.)
The course analyzes the traditional trade theory as well as the “new trade theory”. The first part of the course covers absolute and comparative advantage as well as the Heckscher-Ohlin model. The second part examines optimal tariffs in situations where countries have market power and strategically interact with each other. These methods are used to examine Economic Integration at both the regional and global levels.

ECO 606 International Finance (7,5 c.u.)
Introduction to the main puzzles in international economics and the theories that attempt to explain these. Review of the properties of the international business cycle and introduction to international real business cycle theory, with the goal of understanding international co-movement of macroeconomic variables and synchronization across national economies. A look at international relative prices, including the study of long-run determinants of real exchange rates and an analysis of the related issues of Purchasing Power Parity and the Law of One Price, with the goal of understanding segmentation of international markets and the evidence for international price convergence.

ECO 610 Money, Banking and Financial Economics (7,5 c.u.)
This course examines financial markets and institutions. We analyze recent research developments in financial markets (such as bonds, stocks and foreign exchange) and financial institutions (banks, insurance companies, mutual funds, etc.). Topics to be covered will be chosen from the following: financial markets, financial institutions, the financial system, prices and exchange rates, money and bond markets, interest rates, inflation, stocks, bonds, portfolio choice, European economic convergence, and others.

ECO 611 Labor Economics (7,5 c.u.)
This course begins by examining static and dynamic theories of the demand for and supply of labour as well as their interaction in the context of the competitive paradigm. Emphasis is placed on econometric methods for the empirical implementation of these models. Studies of wage outcomes and apparent deviations from the competitive norm are then considered. A number of non-competitive labour market models are reviewed as well as empirical attempts to discriminate amongst them. The course ends with an examination of issues relating to possible failure of the labour market to clear, e.g. wage rigidity and unemployment.

ECO 612 Industrial Organization and Policy(7,5 c.u.)
Industrial organization is concerned with the study of imperfectly competitive markets. The course aims to develop an understanding of competitive interaction in such markets; to introduce the empirical methods used to analyze them; and to outline the basic policy principles that govern their operation. Indicative topics inlude estimation of supply and demand, estimation of cost and production functions, monopoly regulation, oligopoly models, collusion and cartels, mergers, product differentiation, barriers to entry.

ECO 613 Public Economics (7,5 c.u.)
This course examines the effects of fiscal policy on the economy through taxation and public expenditure from both positive and normative points of view. Both positive and normative aspects of public policy are examined in relation to issues like the role of the state, the taxation of goods and services, the effect of taxation on labour supply and savings, the taxation of company profits and its effects on corporate finance and investment and the incidence of taxes. Also examined from the public expenditure point of view are topics on market imperfection such as public goods, externalities and social insurance. In several topics reference is made to the public sector in Cyprus and conclusions drawn from empirical analysis are presented.

ECO 641 Consumer Theory and Applications (7,5 c.u.)
The objective of this course is to provide comprehensive knowledge of consumer theory with emphasis on the use of econometric techniques and data for the empirical analysis of consumer behaviour at the individual and aggregate level. Following a brief review of the fundamental principles of consumer theory (preferences and constraints, optimisation and duality) the course will focus on demand analysis as a tool for studying behavioural and welfare aspects of consumer theory. Separability, aggregation, dynamics and participation will also be examined. The last few lectures of the course will concentrate on topics drawn from applied demand analysis topics including externalities and public goods, cost of living indices and quality, equivalence scales, intrahousehold allocation and the analysis of tax and benefit reforms.

ECO 643 Monetary and Financial Analysis (7,5 c.u.)
Properties of assets, demand for money, saving and portfolio selection. Equilibrium models of asset pricing. Empirical puzzles in portfolio selection and asset pricing. Human behavior, portfolio choice, and the financial system. The design of optimal monetary policy rules, the monetary transmission mechanism and the role of the banking system.

ECO 644 The Economics of Firm Financing (7,5 c.u.)
The course examines among other topics the valuation of a firm´s financial condition, bond, stock and option valuation, the trade off between risk and return, valuation of investment projects, creating value for shareholders, Global Financial Markets and their impact on raising long-term capital, establishing a target capital structure and dividend policy.

ECΟ 651 Microeconomic Analysis ΙΙ (7,5 c.u.)
This course continues the analysis of the principles of microeconomic theory and is divided into two parts. The first part will develop the basic principles of game theory under conditions of both complete and incomplete information and will apply these to the analysis of problems such as collusion, bargaining, auctions, moral hazard, and adverse selection. The second part will serve as an introduction to general equilibrium theory and its extensions, and will discuss the general theorems of welfare economics.

ECO 652 Macroeconomic Analysis II (7,5 c.u.)
Introduction to numerical dynamic programming methods applied to models of consumption , saving and portfolio choice. Investment under uncertainty. Measuring monetary policy. Credibility and monetary policy. Endogenous economic growth theory, with emphasis on human capital. Real business cycle models. Models of the labor market: implicit contracts, efficiency wage models, labor unions and hysterisis in the labor market.

ECO 653 Statistics and Econometrics II (7,5 c.u.)
Elements of Matrix Algebra. The Linear (Normal) Regression Model: Estimation, Hypothesis Testing, Misspecification Testing. Generalized Linear Regression. Elements of Time-Series. Heteroskedasticity and Autocorrelation. Dynamic Linear Regression. Nonlinear Regression. Multivariate Regression Systems. The Simultaneous-Equation Model. Generalized Method of Moments. Limited Dependent Variables. Panel Data Models.

ECO 661 Microeconomic Analysis I (10 c.u.)
The course will begin with a review of the classic theories of consumer and producer behavior and proceed with the description of basic market structures and the analysis of factor markets. It will then lay out the basic principles of game theory under conditions of both complete and incomplete information. These will be the tools for the analysis of topics in modern microeconomic theory such as bargaining auctions, moral hazard and adverse selection.

ECO 662 Macroeconomic Analysis I (10 c.u.)
This course reviews the traditional “workhorse” models of Macroeconomics and surveys recent developments in this exceptionally active field. Models of income, interest rate, price level, exchange rate, and balance of payments surplus/deficit determination are reviewed. New theoretical developments involving the microeconomic foundations of macro models, inflation and unemployment, growth and real business cycles are considered.

ECO 663 Statistics and Econometrics I (10 c.u.)
Probability Theory. Random Sample. Regression, Prediction and related notions. The Linear (Normal) Regression Model: Estimation, Hypothesis Testing, Misspecification Testing. Generalized Linear Regression. Heteroskedasticity and Autocorrelation. Generalized Method of Moments. Maximum Likelihood.

ECO 673 Applied Microeconometrics (7,5 c.u.)
Brief review of the classical linear regression model. Econometric models for cross-section data and time-series data. Economic applications and the use of specialized econometric software are emphasized. Topics will be drawn from: (1) models of multiple equations, (2) models of limited dependent variables, (3) elements of time-series analysis and models for macro and financial data.

ECO 680 Applied Financial Econometrics (7,5 c.u.)
Financial time series and their characteristics; Conditional heteroskedastic models; Nonlinear models and their applications; Continuous-time models and their applications; Risk management, extreme values, quantile estimation and value at risk; Estimation and tests of asset pricing models, Multivariate volatility models; High-frequency data analysis and market microstructure