ECO 101 Introduction to Economics (6 ECTS)

(Elective course for students in other Departments)

This course aims at introducing students to basic economic concepts. The first part of the course introduces microeconomic concepts such as the circular flow of money, the production possibility frontier, comparative advantage and trade, consumer demand and production function, price and income elasticity, consumer surplus, the functioning of markets, economic policy and welfare and economics of the public sector. The second part of the course covers macroeconomic concepts and includes the measurement of national income and cost of living, various types of unemployment, role of minimum income and trade unions, measurement, causes and effects of inflation and aggregate demand and aggregate supply.

ECO 111 Principles of Microeconomics (7 ECTS)

The course introduces the basic principles of individual decision making of consumers, firms as well as the government. After a short introduction of the basic concepts needed for understanding and analysing economic problems, it examines the market forces of demand and supply and the calculation of elasticities. It then describes and analyses the impact of various government policies and explains how to evaluate the efficiency of market outcomes.  The cost structure of firms and profit maximizing conditions, as well as, market structure is then analysed. Finally, it examines externalities and their impact on market outcomes and the gains from trade.

ECO 112 Application of Quantitative Methods in Economics (7 ECTS)

(Prerequisite: MAS 061)

Applied Quantitative Methods in Economics is the first course out of a series of courses in econometrics aiming at building the foundations for the empirical analysis of economic phenomena such the inflation, unemployment, economic growth, and inequality.

In this course we study the basic elements of probability theory and statistics, the specification and estimation of the linear regression model, the properties of LS estimators in the linear regression model, inference (hypothesis testing and confidence intervals) in the linear regression model. We also study model selection and misspecification tests to assess the statistical adequacy of the model. Furthermore, we study the topic of heteroskedasticity, nonlinearity, and temporal dependence. Finally, we cover simple time-series models and prediction. One of the central goals of this course is to introduce the students to econometric software package STATA in the empirical applications of linear regression model using real observable economic data.


ECO 113 Mathematics for Economists I (7 ECTS)

(Prerequisite: MAS 001)

The aim of the course is to provide a firm foundation of the mathematical concepts and techniques used in economics. The core topics of the module are the fundamentals of mathematics, univariate and multivariate calculus, unconstrained and constrained optimization. Moreover, economic applications will be discussed for each topic.

ECO 121 Principles of Macroeconomics (7 ECTS)

This course introduces the tools and concepts of macroeconomics.  It focuses on the performance of national economies and policies instituted by governments and central banks that affect economic performance.  The course introduces the issues of economic growth, unemployment and inflation, money creation and determination of the interest rates.

ECO 211 Microeconomic Theory (7 ECTS)

(Prerequisite: ECO 111)

Microeconomic theory analyses the behaviour of consumers and firms, studies the ways in which they interact with markets and evaluates the performance of markets with respect to the effective use of available resources. The course studies the way in which consumer preferences, together with the constraints they face, determines demand for different goods, as well as the behaviour of producers within the market framework they have to operate in. The course is concluded with the analysis of competitive markets.

ECO 221 Macroeconomic Theory (7 ECTS)

(Prerequisite: ECO 121)

The course begins with a short description of the main economic variables. Subsequently, the goods and money markets are analysed separately, and then, the closed economy IS-LM model is presented in detail to prepare students for understanding the differences between this and the more empirically relevant case of open macroeconomy models. The IS-LM model is then used for the analysis of fiscal and monetary policies. Next, the supply side of the economy is introduced. We analyse the labour market, the price setting and wage setting behaviour of firms and the medium-run equilibrium. At this point, the goods, money, and labour markets have been examined in great detail. The macroeconomic model that follows examines the simultaneous equilibrium in all markets, both in the short- and in the medium-run. Apart from the determination of the price level, nominal and real wages, interest rate and national income, this aggregate model is used for the analysis of fiscal and monetary policies, the inflation rate and the unemployment rate.  The course then extends the IS-LM model to include the role of expectations, and to emphasize the open economy case. Finally, a basic economic growth model is introduced in order to help understand the main determinants of economic growth.


ECO 222 Introduction to Econometrics (7 ECTS)

(Prerequisite: ECO 112)

The primary objective of the course is to provide a thorough understanding of the linear regression model and its correct estimation. Particular emphasis is given to the interpretation of the regression results. Another aim of the course is the understanding of the various data sources and their proper use. A further objective is to understand the concept of causality and how it can be proved. Finally, students will be able to further develop their skills in using the econometric package Stata.

ECO 223 Mathematics for Economists II (7 ECTS)

(Prerequisite: ECO 113)

This course is a continuation of ECO 113 Mathematics for Economists I and its aim is to present some advanced mathematical topics that are used in static and dynamic economic problems.

With the use of theory and exercises, emphasis will be placed in developing the abilities that are necessary for the core economics courses of the program of studies.

ECO 251 Topics in Microeconomics (7 ECTS)

(Prerequisite: ECO 211)

The course provides a deeper understanding of markets by studying monopolistic and oligopolistic markets, focusing on the features that differentiate them compared to perfectly competitive markets. It covers the basic models of oligopoly (Cournot, Bertrand, Stackelberg) as well as the issues of collusion between firms in oligopolistic markets. Subsequently it provides an introduction to game theory and its applications in Economics, where the concept of decision making on problems that contain strategic interactions is studied. Additionally, the course covers problems of decision making in the presence of uncertainty or asymmetric information, as well as the impact of externalities and public goods on markets.

ECO 252 Topics in Macroeconomics (7 ECTS)

(Prerequisite: ECO 221)

The course provides students with a structured approach to selected topics of modern macroeconomic theory. The macroeconomic models that will be presented will typically be based on the microeconomic principles of rationality and individual optimization. Particular emphasis will be placed on general equilibrium theory within competitive markets and the theory of exogenous as well as endogenous economic growth.  The sub-topics to be covered include the study of macroeconomic models that incorporate simple forms of heterogeneity, such us the OLG model, and a discussion of the concept of imperfect information and its importance for the macroeconomy.


ECO 253 Econometric Methods (7 ECTS)

(Prerequisite: ECO 222)

The Econometrics Methods course presupposes knowledge of the probability theory as covered in ECO 112, and builds upon the knowledge of the classical linear regression model and statistical inference techniques acquired in ECO 222. Topics covered include: Generalized least squares method; regression analysis for time series data and panel data; instrumental variable and two- stage least squares estimation; binary dependent variable models and simultaneous equation models.  Emphasis is given to the application of theoretical concepts on practical economic issues through the extensive use of computer-based exercises in Stata.  A major feature of this course is the development of the applied econometrics skills required for the successful completion of the undergraduate thesis.

ECO 261 Advanced Microeconomics (7 ECTS)

(Prerequisite: ECO 211)

The course begins with the analysis of markets in which there is not perfect competition. Monopoly market are analysed, focusing on the basic problems of price discrimination. Then, it covers the basic models of oligopoly (Cournot, Bertrand, Stackelberg) and provides an introduction to product differentiation. The basic concepts of general equilibrium are also presented, limited to problems of pure exchange. Subsequently, it provides an extensive introduction to game theory, covering static and dynamic games of complete information and repeated games.  Finally, it covers problems of asymmetric information, providing a detailed analysis of adverse selection, moral hazard and signalling.

ECO 262 Advanced Macroeconomics (7 ECTS)

(Prerequisite: ECO 221)

The course provides students with a structured approach to selected topics of modern macroeconomic theory. The macroeconomic models that will be presented and analysed will typically be based on the microeconomic principles of rationality and individual optimization. Particular emphasis will be placed on general equilibrium theory within competitive markets and the theory of exogenous as well as endogenous economic growth.  The sub-topics to be covered include the study of macroeconomic models that incorporate simple forms of heterogeneity, such us the OLG model, and a discussion of the concept of imperfect information and its importance for the macroeconomy.

ECO 263 Advanced Econometrics (7 ECTS)

(Prerequisite: ECO 222)

Provide students a deeper theoretical understanding of modern econometric techniques, statistical inference and obtain sufficient technical background for following more specialized topics in econometrics such time series econometrics, financial econometrics and micro- econometrics. The course covers the following tropics: The linear model in matrix form. OLS estimation, small sample and large sample inference. GLS estimation and HAC correction. Endogeneity, systems of equations and IV/GIV methods. Introduction to panel models.

ECO 305 International Trade (6 ECTS)

(Prerequisite: ECO 211)

The course examines the various theories and the issues associated with trade policy.  It examines absolute and comparative advantage, specific factors, the Heckscher-Ohlin model and the impact of external economies of scale and imperfect completion on trade.   It also analyses the various tools of trade policy, their impact on welfare as well as the political economy of trade.  Finally, it examines trade policy in developing countries and trade agreements.

ECO 306 International Finance (6 ECTS)

(Prerequisite: ECO 221)

National income accounting and balance of payments. Foreign exchange market and exchange rate determination in the short run and long run. National income and exchange rate. Fixed exchange rates and foreign exchange intervention. International Monetary systems (1870- present). Macroeconomic policy and coordination under flexible exchange rates. Optimum currency areas and the European case. The global capital market and the developing countries, growth, crisis and reform.

ECO 308 Economic Development (6 ECTS)

(Prerequisite: ECO 221)

This course provides an introduction to the study of the main economic problems faced by developing countries. Among the topics covered we present a broad picture of what characterizes underdeveloped economies, what are the potential causes underlying such underdevelopment, and discuss what policies can be adopted to improve the living conditions in these countries. We present a wide array of macro and microeconomic models together with relevant empirical evidence.

ECO 309 Economic Growth (6 ECTS)

(Prerequisite: ECO 221)

The course starts with stylized facts in economic growth. Then, it examines the Solow growth model and its empirical applications. Then it focuses on models of endogenous growth including one-sector and two sectors of endogenous growth models such as the AK model, models of learning by doing, the Uzawa-Lucas model, models of technological change, models of Schumpeterian growth, directed technological change, and expanding variety models.

Furthermore, it covers a number of topics in diffusion of technology, government sector and public spending, trade and growth, economic development and economic growth including the role of institutions. Finally, we also consider the topic of the origin of sustained economic growth.


ECO 310 Money, Banking and Financial Markets (6 ECTS)

(Prerequisite: ECO 121)

This course studies financial markets (shares, bonds, foreign exchange) and financial institutions (banks, insurance companies, mutual funds). Some of the issues to be addressed include: The Role and Importance of Financial Market, Money, Meaning and Functions. Interest Rates and Yields. Determination of Interest Rates. Market Shares and Determinants of Shares Price. Functions Financial Institutions. Banking and Non-Banking Financial Institutions.

ECO 311 Labour Economics (6 ECTS)

(Prerequisite: ECO 211)

This course is devoted to the study of key issues of labour economics. First, the course covers the behavior of workers and employers in the labour market, and how their decisions affect labour supply and demand, employment, and wages.  The course then examines various key topics, including unemployment, wage differences across workers, human capital and returns to education, labour market discrimination, compensating differentials, labour mobility, wage inequality, unions, and labour market policy.  Throughout the course, relevant case studies and empirical evidence from various countries are discussed.

ECO 312 Industrial Organisation (6 ECTS)

(Prerequisite: ECO 211)

Industrial organisation is the branch of economics that studies imperfectly competitive markets. The course will analyze the basic theoretical models of competition in oligopolistic markets with homogeneous or differentiated products, under price or quantity competition, and in the presence of price leadership and capacity constraints. The models will provide the toolbox for the analysis of topics such as the relationship between technology and market structure, collusion and cartels, predatory behavior and entry deterrence, and auctions.

ECO 313 Public Economics (6 ECTS)

(Prerequisite: ECO 211)

This course is an introduction of the microeconomics of the public sector. Initially, it examines the circumstances under which an economy without public sector achieves efficient allocation of resources. Subsequently it examines the problems that arise due to public goods, externalities and incomplete information and examines the means through which the government can intervene to lead to a more efficient allocation of resources. Finally, it examines the impact the public expenditure and taxation on the supply of factors of production, the efficient allocation of resources and the equitable distribution of income.


ECO 315 International Taxation and National Tax Policy (6 ECTS)

(Prerequisite: ECO 211)

This course presents the stylized facts and concepts and outlines the main issues of international taxation and the implications for the international movements of goods and capital. The first part of the course introduces students to basic taxation concepts and describes the principles of direct and indirect optimal taxation in a closed economy. The second part starts with how the optical tax rules are modified in an open economy and considers how national tax policies affect the allocation of capital in an international context, and considers issues of international tax competition and harmonization, the behaviour of multinational firms and the international allocation of savings, investment and production.


ECO 316 Economics of the European Union (6 ECTS)

(Prerequisite: ECO 111)

This course begins with a historical reflection on the need for a post-World War II union, the efforts to unify Europe as well as its enlargement. It examines the structure, functioning, institutions and competences of the European Union, such as the European Parliament, the Council of the European Parliament and the Court of Auditors. It then uses micro- and macro- economic models to examine issues such as: economic integration, customs unions and the common market, economic development, free movement of labour and capital. Additional topics cover the common agricultural policy, economics of comparative advantage and specialization, unemployment, economic geography and regional policies.


ECO 317 Topics in European Economic Integration (6 ECTS)

(Prerequisite: ECO 221)

The course’s goal is to understand the role of the euro, banking union and fiscal union for the economies that comprise the Eurozone. Moreover, to understand the proximate causes of the European Crisis.

The course examines various topics such as: Similarities and differences between the Gold Standard and the Euro, Exchange Rate Regimes, Optimum Currency Areas, EMS, EMU, the Euro, Banks, and Banking Union, Fiscal Policy, the Stability Pact and Fiscal Union, Assessing Integration: Price level convergence within the Eurozone. The European (Fiscal) Crisis: (1) relation to the Financial Crisis (2) relation to structural problems of the economy (3) the role of overconsumption, budget deficits, trade deficits, and long-term Growth.


ECO 320 History of Economic Thought (6 ECTS)

The course describes the evolution of economic thought from antiquity to today. It focuses on economic ideas rather than general theories of economic systems, and it emphasizes the link between economic thought and other historical and social phenomena. The course can be divided into three units. The first unit seeks the origins of economic ideas in the work of the ancients, the scholastics, the mercantilists and the physiocrats. The second unit focuses on the analysis of the market economy by the classical economists, and its critique by Marx and others. The third unit examines various economic currents of the 20th century (institutionalists, Keynesianism, Austrians, monetarism, etc.) and concludes with an overview of the state of economic thought today. The course is open to a general audience and does not require extensive knowledge of economic theory.


ECO 324 Introduction to Political Economy and Public Policy (6 ECTS)

(Prerequisite: ECO 211)

This course is designed to provide students with an introduction to the economic approach to politics, also known as positive political theory or rational choice theory. Political economy seeks to understand and explain policy outcomes and political behaviour in an environment where political actors are rational and goal oriented. The course will focus on models of politics that build upon formal reasoning and mathematical expressions. Political outcomes are then explained by the interaction between these actors within the institutional particularities of their environment.

ECO 327 Environmental Economics (6 ECTS)

(Prerequisite: ECO 211)

This course is designed to provide students with an introduction to the economic approach to politics, also known as positive political theory or rational choice theory. Political economy seeks to understand and explain policy outcomes and political behaviour in an environment where political actors are rational and goal oriented. The course will focus on models of politics that build upon formal reasoning and mathematical expressions. Political outcomes are then explained by the interaction between these actors within the institutional particularities of their environment.

ECO 331 Productivity and Technology (6 ECTS)

(Prerequisite: ECO 211)

The objective of the course is the presentation of different methods measuring Productivity and Technological change. It requires knowledge of producer theory and basic econometrics.

ECO 355 Topics in International Economics (6 ECTS)

(Prerequisite: ECO 211)

The class examines the International Economy and the environment in which Multinational Corporations operate.  It analyses the purpose and rules of the World Trade Organization, as well as other international organizations.  Regional Trade Agreements, like the European Union and NAFTA, are also examined.  In addition, the class analyses Foreign Exchange Markets and the different strategies Multinational Corporations use to take advantage of the opportunities they are faced with.


ECO 362 Structure and Strategy of Firms (6 ECTS)

(Prerequisite: ECO 312)

The course seeks to develop students’ understanding of firm organization and strategic decision making. The first part of the course will focus on structure. It will review the main theories of the firm, examining questions such as: what is a firm, what are its objectives, what factors determine its scale and scope? Topics in this part include bilateral monopoly, bargaining and principal-agent relationships. The second part will focus on firms’ strategic choices in various markets. Examples include mergers and acquisitions, vertical integration, pricing strategies, quality choice, tying and bundling, research and development, and standard setting.


ECO 363 Regulation Theory and Policy (6 ECTS)

(Prerequisite: ECO 211)

The course analyses the motivation, methods and implications of state intervention in the economy. What is the purpose of state intervention? What tools do governments have at their disposal? What are the consequences – intended or unintended – of government intervention?

The course examines the regulation of natural monopolies, methods of granting monopoly rights, and legal restrictions to market entry. The energy and telecommunications markets are examined as case studies. The role of competition policy – which is the broader policy that aims to promote competition in markets – in relation to regulation is also examined.


ECO 365 Behavioural and Experimental Economics (6 ECTS)

(Prerequisite: ECO 251 or ECO261)

The aim of the course is the introduction to behavioural economics, lab and other types of experiments in economics, choice under certainty, judgement under risk and uncertainty, choice under risk and uncertainty, intertemporal choice, social preferences and strategic interaction and behavioural game theory.


ECO 370 Topics in Financial and Monetary Economics (6 ECTS)

(Prerequisites: ECO 111, ECO 221)

The aim of the course is to understand the notion of efficient markets and no arbitrage opportunities, understand the alternative ways of financing a corporation, understand the role of shareholders, creditors, and management of a firm. Evaluate investment opportunities using alternative investment criteria, apply stock and bond valuation methods. Understand the risk- return trade-off in choosing an optimal portfolio of stocks, understand how capital structure changes the value of the firm, predict exchange rate movements based on interest-rate differentials.


ECO 375 Financial Markets and the Macroeconomy (6 ECTS)

(Prerequisites: ECO 111, ECO 221)

TThe aim of the course is to introduce the students to the economics of capital markets and the interplay between finance and macroeconomics. The course begins with a systematic overview of the investors decision making and economic analysis of asset prices and capital markets. Then the course focuses on the linkages between asset prices and economic fluctuations by examining both theory and empirics.


ECO 391 Placement in Organisations I (6 ECTS)

(Prerequisite: Successful completion of the compulsory courses of the second year of the academic studies and at least 120 ECTS of the corresponding academic program that the student attends.

Required: Selection is based on the academic achievement of the student in the previous semesters with minimum grade point average 6 /10 and the criteria set by the firm/organisation.)

The objective of the placement in organisations is to enable students to acquire practical experience and applied knowledge in sectors related to economics. Also, students will have the opportunity to develop communication and other skills.


ECO 392 Placement in Organisations II (6 ECTS)

(Prerequisite: Successful completion of the compulsory courses of the second year of the academic studies and at least 120 ECTS of the corresponding academic program that the student attends.

Required: Selection is based on the academic achievement of the student in the previous semesters with minimum grade point average 6 /10 and the criteria set by the firm/organisation.) The objective of the placement in organisations is to enable students to acquire practical experience and applied knowledge in sectors related to economics. Also, students will have the opportunity to develop communication and other skills.


ECO 397 Research Methods in Applied Economics Ι (6 ECTS)

(Prerequisites: ECO 112, ECO 211, ECO 221)

The course is an introduction to the fundamental tools necessary for research in economics or for work as a professional economist. The course covers different aspects of the research toolbox of modern economists such as Mathematics and Statistics, Academic Skills for Economists and Empirical Econometric Skills. The aim of these modules is to introduce or review the tools students need in order to master the material presented in the programme on the one hand and to enable progress towards independent research and for work as a professional economist on the other hand.


ECO 398 Topics on the Cyprus Economy (6 ECTS)

(Prerequisites: ECO 211, ECO 221)

The aim of the course is the systematic and in-depth analysis of the Cypriot economy. The course is designed to combine the theory with practice by showing how economic principles can illuminate the workings of the Cypriot economy. Initially the course makes a historical review of the economic developments in Cyprus since 1960. Afterwards, it covers topics which concern the monetary policy, financial system, fiscal policy and social policy. Particular emphasis is given to current European issues. The course also examines the main problems and challenges that the economy is facing and policies that can be implemented.


ECO 415 Game Theory (6 ECTS)

(Prerequisite: ECO 251 or ECO 261)

The aim of the course is to present and analyse the basic tools of Game Theory. Game Theory deals with decision making of strategically interdependent agents. The course will present and analyse equilibrium concepts in static and dynamic games under complete and incomplete information. Moreover, we will apply these tools in problems of economics, such as oligopolies, negotiations, auctions etc.


ECO 473 Applied Econometrics (6 ECTS)

(Prerequisite: ECO 253 or ECO 263)

The course covers different topics in Applied Econometrics.  It will be based on various textbooks and other publications that will be given to the students in due time. The topics covered will include: (1) discrete and limited dependent variable models, (2) time series models, (3) panel data models. The empirical part of the course will require use of the STATA statistical package.


ECO 497 Research Methods in Applied Economics II (6 ECTS)

(Prerequisite: ECO 397)

The course is the continuation of ECO397 and provides a deeper analysis of the fundamental tools necessary for research in economics or for work as a professional economist. The course covers different aspects of the research toolbox of modern economists such as Mathematics and Statistics, Academic Skills for Economists and Empirical Econometric Skills. The aim is to introduce or review the tools students need in order to master the material presented in the programme on the one hand and to enable progress towards independent research and for work as a professional economist on the other hand.


ECO 501 Microeconomic Analysis I (7.5 ECTS)

This course covers microeconomic theory at an advanced level.  The course provides detailed knowledge of the neoclassical theory of consumer and producer behavior.  It also, develops the basic principles of game theory under conditions of both complete and incomplete information and applies these to the analysis of problems such as collusion, bargaining, auctions, moral hazard, and adverse selection.




ECO 502 Macroeconomic Analysis I (7.5 ECTS)

The course will introduce students to the foundations and methodology of dynamic macroeconomic theory and main classes of macroeconomic models, with a review of useful mathematical tools such as dynamic programming and optimal control as well as relevant empirical methods. The objective is to deepen the understanding of aggregate fluctuations, as well as the role of economic policy.


ECO 503 Statistics and Econometrics I (7.5 ECTS)

The aim of this course is to provide technical background in statistical distributional theory, inference and asymptotic analysis required for econometrics analysis.  These techniques are applied in details for the finite and large sample analysis of the OLS and ML estimators.  The technical background provided in this course enables students to follow in depth subsequently more specialized methods in econometrics such as IV, GMM as well as specialized courses in time series econometrics, financial econometrics and panel data.


ECO 551 Microeconomic Analysis II (7.5 ECTS)

(Prerequisite: ECO 501)

The course is divided into three parts.  The first part studies individual behavior in the presence of uncertainty. The second part serves as an introduction to general equilibrium theory and its extensions, and discusses the theorems of welfare economics. The analysis covers both pure exchange economies and economies in which production is available and introduces the notion of the core of an economy. The third part focuses on problems of asymmetric information. First, there is a brief introduction of the basics of mechanism design, focusing mainly on the comprehension of the nature of principal-agent models and the revelation principle. This is followed by detailed analysis of adverse selection (with applications both on price discrimination and insurance markets), signalling (including the standard models of education as signalling mechanism and cheap talk), and moral hazard.


ECO 552 Macroeconomic Analysis II (7.5 ECTS)

(Prerequisite: ECO 502)

This course deals with the micro foundations of macroeconomics and with short run policy.  The micro foundations include consumption, investment, labour supply and labour demand.  Short run policy is about monetary and fiscal policy rules, what their basis is and what can they achieve. The main technique used in the course is dynamic optimisation.


ECO 553 Statistics and Econometrics II (7.5 ECTS)

(Prerequisite: ECO 503)

ECO 553 is a PhD course in statistics and econometrics.  The course assumes a background in probability theory and statistical inference and some knowledge of linear regression.  The course begins with the linear regression model and discusses issues of model selection and misspecification.  The students master asymptotic theory (estimation and hypothesis testing) for both LS and MLE.   Then the course focuses on bootstrap, GMM, and the problem of endogeneity. Finally, the course provides a brief introduction to time series analysis, limited dependent variable models, and panel models. Special attention will be given to applications using real data. For this purpose, we will use the econometric packages of GAUSS or MATLAB and STATA.

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MAS 001 Mathematics I (6 ECTS)

The aim of the course is to understand calculus and to use basic methods to solve real problems.

Course content: Introduction, Functions, Limit and Continuity, The Derivative, Applications of the Derivative, Integration, Principles of Integral Evaluation.


MAS 061 Statistical Analysis I (6 ECTS)

The aim of the course is the students to obtain familiarity with the basic concepts of statistical analysis. Course content: Descriptive Statistics, Probability (basic notions, conditional probability Bayes rule), Combinatorics, distributions, Central limit theorem, statistics, decision theory (confidence intervals, hypothesis testing, comparison between populations), etc.


MAS 101 Calculus I (8 ECTS)

Fundamental properties of real numbers. Sup and Inf of a set and its basic properties. Sequences, its limits, properties of converging sequences. Subsequences. Nested interval principle. Functions and their limits. Sequential approach to limits of functions. Continuity of functions. Intermediate value Theorem and Existence of Extreme values Theorem. Uniform Convergence. Derivatives, basic results. Mean value Theorem and its variations. Continuity and derivative of Inverse function. Graph of a function. L’ Hôpital’s Rule.

MAS 102 Calculus II (8 ECTS)

Partitions, upper and lower sums, Riemann integral on a closed interval. Basic existence theorems of integrals. Computation of volumes and areas. The Fundamental Theorems of Calculus, generalised integrals. Logarithmic and exponential functions. Basic methods of integration, integration by parts, substitution, induction formulas, integration of rational functions. Taylor’s formula, computation of Taylor’s formula for various basic functions. Approximation of smooth functions by polynomials, the irrationality of e. Series, comparison test, Cauchy’s criterion, ratio test, nth root test, integral test, absolutely and conditionally convergent series, Leibniz’s Theorem for alternating series, Abel’s and Dirichlet’s criteria, products of series.


MAS 121 Linear Algebra I (8 ECTS)

The algebra of matrices, invertible matrices. Reduced echelon form of a matrix and linear systems of equations. Vector spaces, base, dimension. Linear maps, matrix of a linear map, change of basis matrix, rank of a matrix. Determinants. The set of solutions of a linear system. Eigenvalues, eigenvectors and eigenspaces.


MAS 122 Linear Algebra II (8 ECTS)

Polynomial Ring. Characteristic polynomial, diagonalization, applications. Cayley-Hamilton theorem, minimal polynomial. Invariant subspaces, generalized eigenspaces. Primary decomposition theorem. Nilpotent endomorphisms, Jordan canonical form. Inner-product spaces, Gram-Schmidt method. Special matrices and their properties.


MAS 131 Basic Mathematics I (7 ECTS)

Functions and limits. Differentiation. Applications of differentiation, graphs, optimization problems. Integration (indefinite, definite and improper integrals), techniques of integration. Applications of integration (areas of domains in the plane, volumes of solids, arc lengths of curves and areas of surfaces of revolution). Differential equations. Complex numbers.

MAS 132 Basic Mathematics II (7 ECTS)

Analytic Geometry in R2: Vectors, inner product, length, distance between points. Equation for a line, tangent, vertical line to a curve. Circles, ellipses, parabolas, hyperbolas. Analytic Geometry in R3: Vectors, algebraic, geometric properties. Inner product, length, distance between points.

Equation for a line (parametric-vector, cartesian format), distance of a point to a line. Regions in Euclidean space. Functions: Curves in the plane, regions between curves, curve intersections.

Graphs of functions in R3, analytically and implicitly defined. Solids bounded by surfaces and intersections of surfaces. Transformations: Linear transforms, linear independence and geometric interpretation of determinant. Geometric transforms (translation, rotation, reflection, orthogonal transforms). Polar, cylindrical and spherical coordinates and regions defined in these coordinates. Curves: Curve parametrization in R2 and R3. Velocity, acceleration and tangent line.

Arc length. Differentiation: Partial derivatives of multivariable functions. Tangent plane and linear approximation. Gradient and directional derivative. Integration: Double integrals over rectangles and general regions of R2.

MAS 133 Sets and Algebraic Structures (7 ECTS)

Set Theory: Sets, subsets. Set operations, complement, De Morgan’s laws, power set. Cartesian product. Relations, equivalence relations (equivalence classes modulo m, projective space, rational numbers). Venn diagrams. Elements of propositional logic (quantifiers, negation, truth diagrams). Functions: Image of a set, inverse image. Inverse function. Composition of functions, graphs. Sets of functions. Countable sets, uncountable sets. Diagonal procedure. Reductio ad absurdum and Mathematical Induction. Well Ordering Principle and Principle of Mathematical Induction. Examples from Number Theory and other areas of mathematics for understanding the procedure for proving a statement using these methods. Number Theory: Divisibility. Greatest common factor and least common multiple. Euclidean algorithm. Fundamental Theorem of Arithmetic. Applications to polynomials. Introduction to Algebraic Structures: Binary operations. Closure of operations. Properties of closed operations. Examples (composition of functions, matrix multiplication, inverse, congruence classes). Subgroups, groups (examples from cyclic groups (complex unit roots), symmetric group). The group (Ζn, +) as a quotient. Rings, fields and solving first order equations ax = b.

MAS 191 Mathematics with Computers (8 ECTS)

MATLAB’s environment. MATLAB functions. For, while and if loops. Graphics in two and three dimensions. Programming. Polynomials. Reading from and writing in files. Computer arithmetic and error propagation. Symbolic computing. Special topics and applications (solution of nonlinear algebraic equations and linear systems, eigenvalue problems, numerical integration, ordinary differential equations).

MAS 202 Multivariate Integral Calculus (7 ECTS)

Integrable functions and sets, properties. Fubini’s Theorem. Iterated integrals for continuous functions over a compact set (scalar functions over regions of the type Q = I1 × I2 × I3 … × In). Change of variables Theorem for linear and C1-invertible transformations. Computation of volumes, Cavalieri’s principle, examples such as the sphere, cylinder and cone. Convergence theorems (interchanging limits and integrals). Transform Theorem (without proof), applications. Parametrized surfaces, partition of unity. Surface and line integrals, computing the area of a surface. Differential forms, Stokes’ Theorem (Green, Gauss, Stokes), applications.

MAS 203 Ordinary Differential Equations (7 ECTS)

Separable ODEs. First order ODEs and integrating factors. Picard-Lindelöf theorem. Second order ODEs with constant coefficients.  The method of undetermined coefficients and the method of variation of parameters. Systems of first order ODEs.

MAS 261 Probability I (7 ECTS)

Counting methods, combinatorics, probability measure space though σ-algebras, independence of events, random variables, cumulative distribution function, discrete and continuous random variables, mean value, multivariable distributions, multivariable normal distribution, sums of random variables, distributions of functions of random variables, covariance function, independence of random variables through the cumulative distribution function, moment generating function, characteristic function, introduction to the law of large numbers, introduction to  the central limit theorem.

MAS 262 Statistics I (7 ECTS)

Random samples, statistical experiments, statistics, estimation methods (e.g., method of moments, method of maximum likelihood), properties of estimators (e.g., unbiasedness, sufficiency, completeness), exponential families, Rao-Blackwell theorem, Lehmann-Scheffe theorem, Cramer-Rao variance lower bound, confidence intervals, minimum length confidence intervals, hypotheses testing, properties of tests. Statistics, sufficiency, completeness, exponential families, unbiasedness, uniformly minimum variance unbiased estimators, Cramer-Rao lower bound, moment estimators, maximum likelihood estimators, confidence intervals, hypothesis testing.

MAS 271 Numerical Analysis I (7 ECTS)

Sources and propagation of error. Numerical solution of non-linear equations. Numerical solution of linear systems of equations. Polynomial interpolation. Numerical quadrature.

MAS 301 Real Analysis (8 ECTS)

Metric spaces, Normed spaces. Examples. Open and closed sets, interior and closure of a set. Accumulation points and the derived set. The Bolzano-Weierstrass Theorem. Convergence of sequences in metric spaces. Cauchy sequences. Complete metric spaces. The fixed-point theorem. Compact sets in metric spaces. The Heine-Borel Theorem. Compact metric spaces. Continuous functions. Continuous and uniformly continuous functions. Continuity and compactness. Sequences and series of functions. Uniform convergence. Uniform convergence and continuity, uniform convergence and integration, uniform convergence and differentiation. The metric of uniform convergence. Sufficient conditions for uniform convergence of a series of functions.

MAS 302 Complex Analysis I (7 ECTS)

Complex numbers, analytic functions, Cauchy-Riemann equations.  Harmonic functions. Exponential, trigonometric and logarithmic functions. Integration, Cauchy’s theorem, Cauchy’s integral formulas and inequalities. Liouville theorem and the fundamental theorem of Algebra. Maximum modulus principle. Taylor and Laurent series, residues. The argument principle. Conformal mappings and Mobius transformations.

MAS 303 Partial Differential Equations (7 ECTS)

1st order PDEs, Non-linear 1st order PDEs, Linear PDEs of 2nd order, Elliptic, Parabolic, Hyperbolic PDEs, Separation of variables, Fourier series.

MAS 304 Functional Analysis (7 ECTS)

Metric and normed linear spaces, examples, series, Schauder bases, bounded linear operators, linear functionals, dual spaces. Inner product spaces, orthogonality, orthonormal sets, Bessel’s inequality, Hilbert spaces, projections, orthogonal complements. Riesz Representation Theorem, orthonormal bases. Zorn’s Lemma, Hahn-Banach Theorem with applications, the Principal of Uniform Boundedness with applications, the Open Mapping Theorem with applications, the Closed Graph Theorem with applications.



MAS 321 Introduction to Algebra (7 ECTS)

Groups, permutations and symmetric groups, cyclic groups. Subgroups and the Theorem of Lagrange. Homomorphisms and Quotient groups. Rings, integral domains and fields. Homomorphisms, ideals and quotient rings. Polynomial rings, divisibility in polynomial rings, prime and maximal ideals. Finite fields and field extensions.

MAS 331 Classical Differential Geometry (7 ECTS)

The Euclidean space Rn:  inner product, Cauchy-Schwarz inequality, isometries. Curves in Rn: parametrized curves, length, periodic, closed curves. Curves in R2: curvature, Frenet equalities, winding number, isoperimetric inequality, Hopf Theorem.  Curves in R3: curvature, torsion, Frenet equalities, Fundamental theorem. Surfaces in R3: regular surfaces, local parametrization, examples. Differentiable maps between surfaces, tangent space, total differential.  First fundamental form, orientation, Gauss map, second fundamental form, principal curvatures, curvature lines, normal curvature, Gauss curvature, mean curvature. Integration on surfaces. Ruled, minimal surfaces, surfaces of revolution. Isometric (locally isometric) surfaces, Christoffel symbols, Theorema Egregium (Gauss). Parallel vector fields, geodesics, geodesic curvature.  Gauss-Bonnet Theorem.


MAS 350 Stochastic Processes (7 ECTS)

Stochastic process, stationary processes, stopping times. Markov chains, Poisson processes, Brownian motion.


MAS 361 Probability II (7 ECTS)

Review of basic elements from MAS 261. Stochastic independence through σ-algebras, Borel- Cantelli lemmas, Kolmogorov 0-1 laws, mean value as Lebesgue integral, basic inequalities, convergence of sequences of random variables, convergence of series of random variables, laws of large numbers, central limit theorems, conditional probability, conditional mean value, introduction to martingales, central limit theorem for martingales.

MAS 362 Statistics II (7 ECTS)

Asymptotic properties of estimators, asymptotic efficiency, asymptotic normality, introduction to statistical decision theory (minimax estimators, Bayes estimators), asymptotic properties of tests, optimal tests, goodness-of-fit tests, tests of independence. U-statistics.

MAS 371 Numerical Analysis II (7 ECTS)

Brief revision of the theory of eigenvalues and eigenvectors. Positive definite matrices. Vector and matrix norms. Iterative methods for the solution of linear systems. Gershgorin bounds for eigenvalues. Numerical methods for eigenvalues and eigenvectors. Lagrange interpolation. Hermite interpolation. Divided differences at repeated points. The Newton form of the Hermite interpolation polynomial. Orthogonal polynomials. Gaussian quadrature.


MAS 401 Measure Theory and Integration (7 ECTS)

General revision: Sets, orderings, cardinality, metric spaces. Measures: Algebras and σ- algebras, additive and σ- additive measures, outer measures, Borel measures on the real line. Integration: measurable functions, integration of positive functions, integration of complex valued functions, modes of convergence, product measures, the n-dimensional Lebesgue integral, integration in polar coordinates, signed measures, the Radon- Nikodym theorem, complex measures, differentiation on Euclidean space, functions of bounded variation. LP Spaces: The basic theory, the dual of LP , the useful inequalities, the distribution function, weak LP spaces, interpolation.


MAS 402 Complex Analysis II (7 ECTS)

Compactness and convergence in the space of analytic functions. The space of meromorphic functions. Riemann mapping theorem. Weierstrass Theorem on entire functions, analytic continuation. Elliptic functions. Riemann surfaces.


MAS 418 Introduction to Fourier Analysis (7 ECTS)

Periodic functions, trigonometric polynomials, trigonometric series. Fourier series. Convergence of Fourier series. Bessel’s inequality. Completeness, Parseval’s Theorem. The Riemann-Lebesgue Lemma. Dirichlet’s Theorem. Gibbs phenomenon. Differentiation and Integration of Fourier series. Cesaro and Abel summability of Fourier series. Fejer’s Theorem. Poisson’s Theorem. The Fourier transform and its properties. The inversion theorem and Plancherel’s identity. The convolution and its properties. Applications to partial differential equations.


MAS 425 Group Theory (7 ECTS)

Normal subgroups, homomorphism theorems. Direct and semidirect products. Group actions. Normalizers and centralizers. Sylow theorems and p-groups. Simple groups. Finitely generated Abelian groups. Composition series and Jordan – Hölder theorem. Soluble groups.


MAS 431 Introduction to Differentiable Manifolds (7 ECTS)

Differentiable manifolds. Tangent space. Partition of unity. Sards Theorem. Vector fields, flows. Frobenius theorem. Differential forms. Theorem of Stokes. Theorem of de Rham.

MAS 451 Linear Models I (8 ECTS)

Simple linear regression model: estimation, confidence intervals, hypothesis testing. Multiple linear regression model: estimation, confidence intervals, hypothesis testing. Goodness of fit, residual analysis and model selection. One and two-way ANOVA.


MAS 452 Linear Models II (7 ECTS)

Analysis of variance with one or more fixed-effects, Analysis of variance with one or more random factors, analysis of covariance. Generalized linear models: estimation in some examples, logistic regression, asymptotic properties of estimators.


MAS 456 Time Series (7 ECTS)

Stationary processes, autocovariance function, spectral density, linear processes, ARMA processes, non-linear processes, ARCH and GARCH processes. Estimation of the mean and of the autocovariance function. Moment estimators, least squares estimators and maximum likelihood estimators of parameters. Asymptotic properties.



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CS 003 Computer Science and Information Systems (6 ECTS)

The course aims to provide students with basic understanding of computer science concepts. The objective of the course is to introduce the students to the ‘modern’ research trends of the computer science field and the various applications of computer science in other areas. Furthermore, to allow students to appreciate the potentials of informatics and especially the web in their working environment. Students will also become aware of internet safety and malicious software and how they can protect themselves and their data at personal and professional level. Through the practical laboratory sessions, students will get familiar with various tools and software that considered vital for their academic and professional career. Specifically, the course will cover the following topics: Internet safety and malicious software, social networking, introduction to Web 2.0, search engines, introduction to cloud computing, introduction to databases, introduction to web design, advanced excel (excel statistics and economical formulas), data visualisation, social networking for commercial and marketing purposes.

CS 031 Introduction to Programming (7 ECTS)

Computers and binary system. Hardware and software. Program development cycle, algorithms and flow diagrams. Alphabet and syntax of FORTRAN. Operators. Selection structures and loops. Arrays. Functions and subroutines. Recursion. Formatted input-output. Files. Dynamic data.

CS032 Introduction to Computer Science & Information Systems (6 ECTS)

Introduction to the principles of programming with emphasis on structured programming, abstraction, and the design, implementation, checking and debugging of modular programs. Mastering the material through laboratory exercises in the C programming language.



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LAN 100: General Advanced English (5 ECTS)

This General Advanced English course introduces students to the English language and skills required in a university setting. It is specifically designed to help students develop competency in speaking, reading, writing, and listening in an academic setting and to understand the importance of sociolinguistic aspects of the language. Whilst developing and improving all language areas, the course also promotes 21st century skills such as critical thinking, creativity, problem solving and digital and information literacy-key skills that are transferable to the academic world and the world of work.

Elements of this course are aligned with the B2 level of the Common European Framework of Reference for Languages (CEFR).

LAN 101 Academic English (5 ECTS)

This LAN 101 Academic English course is designed to build upon the English language and skills covered in LAN 100 General Advanced English. Students will further develop their proficiency in written and spoken academic communication in English. They will investigate the writing process, in particular, how to plan, structure, draft and revise an essay. Students will also learn how to improve the quality of their academic presentations in English by looking closely at the preparation process and practicing techniques to help them deliver with more confidence.

Students will be helped to comprehend and critically engage with written and spoken materials by learning specific skills such as recognizing tone, making inferences and detecting author bias. Particular attention will be given to targeted listening practice as well as overall speaking proficiency.  All core skills incorporated in the course will assist students to better function in both their daily academic life as well as the future world of work.

The language proficiency level is aligned with the B2+ level of the Common European Framework of Reference for Languages (CEFR).

LAN 209 Advanced English for Global Communication (5 ECTS)

The purpose of this specialized advanced course is to encourage the practice of the English language in a social, academic, and professional context. The course focuses on readings such as the United Nations Human Development Report and other topics based on authentic material as well as listening, which serve as a catalyst for discussion and writing tasks, i.e. note-taking and summary writing. The course is task-based aiming at achieving fluency and developing concise and coherent text production; students will be required to work on a case study towards compiling a group opinion report and an individual podcast. Extensive vocabulary specific to Economics will be practiced throughout the course in order to enhance students’ overall language competency.

Elements of the CEFR descriptors (at the level of B2+ – C1) are covered in the syllabus.

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HIS 181 Introduction to European History (1500-1918) (5 ECTS)

The course covers the centuries between the Renaissance and World War I. It will examine the political, religious, social and cultural structures of the period between approx. 1500-1918, with reference to thematic units and events such as the Renaissance, the religious reformations, the political and religious dissent, the ‘New World’ and the expansion of Europe, the rise of dynastic states, the scientific revolution, the Enlightenment, the Industrial Revolution.

Also, the French Revolution and its ideological dimensions, among them the Napoleonic Wars, the Congress of Vienna, the balance of Power in Europe, the Age of Revolutions (1820-1849), national and social movements, Bismarck and his age, colonialism, the way to World War I (1914-18), the Russian Revolution and the end of the Great War.


HIS 283 European History (1945-1989) (5 ECTS)

(Prerequisite: HIS 181)

The end of the Second World War and the division of Europe – The Cold war: beginning and development – European Reconstruction I: The Truman Doctrine and the Marshall Plan – Reconstruction II: the sovietisation of Eastern Europe – The neutrals: between east and west – Political developments east and west – Developments in Britain, France, Germany – Decolonisation – The crises in Germany, Suez and Hungary – European Integration and the creation of united Europe – Detente: from Brezniev to Gorbatsov – The Fall of the Wall and the re-unification of Europe.


HIS 285 Europe 1918-1945: From the Treaty of Versailles to the Fall of Nazi Germany (5 ECTS)

(Prerequisite: HIS 181)

The Treaty of Versailles – victors and vanquished of the Great War - A New Europe: revolutionary movements 1919-1921 – The 1920s: in search of a new balance – Attempts at cooperation and collective security – The League of Nations – The Economic Crash of 1929 and its repercussions – Fascism and Nazism in Europe. The rise of Authoritarianism and their spread in Europe – Towards war: dynamic responses and alliances – Dress rehearsal for war: the Spanish Civil War – European Culture in the inter-war years The Second World War. From Phony War to Total War – War in the desert, in the air, at sea – US in the war - The Conquerors and the Conquered: resistance and co-operation – The Holocaust (Shoah) – The Allies counterattack: from El Alamein and Stalingrad to Normandy – Invasion Europe: Normandy, Germany and the fall of the Third reich – The end of the war in Europe.


HIS 290 History of European Idea (5 ECTS)

(Prerequisite: HIS 181)

This course discusses the construction of the European idea beginning with antiquity and up to the present. How did Europeans imagine their continent? What are the geographical limits of Europe? What are the common characteristics that Europeans share? What is Europe’s cultural legacy? When was the idea of Europe as that of a separate continent born? Using primary sources, the course examines the idea of Europe during different periods in time and focuses on the features, which European intellectuals understood as shared throughout the centuries. It discusses thus the search for the European identity through the contact and comparison of the Europeans with ‘others’.

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SPS 152 Comparative Politics (6 ECTS)

The course aims to introduce the basic approach of Comparative Politics and to examine basic concepts like the state and democracy as well as political, party and electoral systems. It applies these concepts to the case studies of the United Kingdom, France, Germany and the United States.

SPS 153 International Relations (6 ECTS)

This course introduces students to international relations and how it is being transformed under conditions of globalization. Specifically, it examines the evolution of the modern international society, the foundational events of international political history, the basic theories of international relations, the actors, structures and processes of the international system, as well as specific themes like international peace and security, international economy and development, human rights, and the international aspects of communication, culture and the environment.

SPS 156 European Integration (6 ECTS)

Introduction to European integration. The European Treaties. European law and finances. European institutions. Customs union. Common market. Economic and monetary union. Towards a political union in Europe. External policies. Conclusions.

SPS 266 Political System of the European Union (6 ECTS)

On the whole, the course seeks to provide students with the necessary knowledge base that will enable them to become familiar with and understand the political system and institutional functioning of the European Union (EU). In particular, it analyses the role of the key institutions of the Union, emphasizing on the interplay between institutions, external interventions by other actors and relations between member states and the Union. The main objective is to analyze the dynamics of integration both in the present context and over time. Special mention is also made on the economic governance system and how it’s been modified as a result of the ongoing economic crisis. The analysis of the EU’s political system will be undertaken with the support of analytical tools from European integration theories, public policy production theories and economic theories.

SPS 361 Cyprus and the EU (6 ECTS)

The course aims to:

  • familiarize (students) with the phenomenon of European integration through the study of a Southern European country’s pursuits;
  • a critical analysis of Cypriot, "European" policy,
  • a deeper comprehension of the Europeanization process through the case of Cyprus comprehend the key problematic posed by the contemporary Cypriot and European crisis.

SPS 362 Policies of the European Union (6 ECTS)

The course seeks to provide students with the necessary knowledge background that will allow them to become familiar with and understand the main policies of the European Union (EU). The course examines the process of producing and implementing public policies in the context of the European construction.

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LAW 201 European Union Law I (6 ECTS)

The module introduces the organizational structure of the EU and focuses on its legal system. Specifically, the emphasis is placed on the constitutional principles, that the Court of Justice has formulated, and on the peripheral and interconnected legal premises, that complement the procedural law of the Union. Finally, the approach is one that examines simultaneously the legal response of the national legal orders, on the basis of the analytical hypothesis stating that the evolution of EU law is the product of judicial dialogue.

LAW 202 European Union Law II (6 ECTS)

The module concentrates on the substantive law of the EU and on the four fundamental freedoms, with the emphasis being placed on the free movement of goods. In addition, the procedural law of the Union is fully explored and explained, as well as the different aspects of the jurisdiction of the Court of Justice.

LAW 205 Public International Law I (6 ECTS)

The course concentrates on the function, the basic concepts and fundamental principles of the international legal system, the means of international law-making and enforcement. It gives an overview of the traditional and contemporary theoretical approaches to international law, and examines the relationship between international law and domestic law in Cyprus and in other jurisdictions, the subjects of international law (states, international organizations, individuals, etc.) and its sources (treaties, custom, etc.). Using the Cyprus problem as a case study, the course emphasizes the fundamental principles of international law, most notably the prohibition on the use of force and its controversial exceptions.

LAW 206 Public International Law II (6 ECTS)

The module focuses on the territorial dimension of International Law, with an emphasis on the sovereignty of the Republic of Cyprus and its jurisdiction in maritime zones. It further examines the means and mechanisms of implementing and enforcing international law, the rules of state responsibility, as well as the United Nations and its multiple functions.