ECO 601 Microeconomic Analysis I (7.5 ECTS)

Rigorous study of market structures (Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly), Theory of Distribution under Perfect and Imperfect Competition, Capital Theory and introduction on general equilibrium and welfare economics. Depending on the course duration, the course will proceed with a rigorous treatment of production functions, cost functions and duality.

 

ECO 602 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 603 Statistics and Econometrics I (7.5 ECTS)

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 ECTS)

Economic Modelling and Equilibrium Analysis. Linear Models and Matrix Algebra. Comparative Static Analysis. Constrained and Unconstrained Optimization Methods. Dynamic Methods in Continuous and Discrete Time.

ECO 605 International Trade (7.5 ECTS)

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 ECTS)

Introduction to the main open questions of International Macroeconomics. Introduction to basic open economy inter-temporal models and the determinants of the current account. Review of the properties of the international business cycle with the goal of understanding international co-movement of macroeconomic variables. A look at international relative prices with the goal of understanding the degree of segmentation of markets across countries. A review of the main factors and mechanisms driving economic crises with a focus on the role of and inter-relation between international capital flows, credit expansions, real estate bubbles, overconsumption and the sovereign, and a look at macro-prudential and other policies that can be used to limit the frequency and consequences of such crises.

ECO 610 Money, Banking and Financial Economics (7.5 ECTS)

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 Labour Economics (7.5 ECTS)

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 ECTS)

Industrial Organzation 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 include 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 ECTS)

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 644 The Economics of Firm Financing (7.5 ECTS)

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.

ECO 651 Microeconomic Analysis II (7.5 ECTS)

This course continues the analysis of the principles of microeconomic theory.  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.

ECO 652 Macroeconomic Analysis II (7.5 ECTS)

Analytical approach to basic macroeconomic models with finite and infinite horizons in discrete and continuous time. Introduction to Real Business Cycle and International Real Business Cycle Models. Endogenous Growth Theory with emphasis on R&D-based Models and International Technology Diffusion.

ECO 653 Statistics and Econometrics II (7.5 ECTS)

Basics of Probability and Statistics, the bootstrap, generalized method of moments, endogeneity, Simultaneous Equation Models, Limited Dependent Variables, Panel Data Models, Nonparametric Density Estimation, Nonparametric Regression Estimation.

 

ECO 661 Microeconomic Analysis (7.5 ECTS)

The course will begin with a review of the classic theories of consumer and producer behavior and proceed to 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 (7.5 ECTS)

The primary objective of this course is to help students understand the functioning of the macroeconomy as the aggregate outcome of the actions of heterogeneous agents. The course presents and analyzes macroeconomic models that can help us understand the behaviour of macroeconomic variables and their responses to policy shocks.  The course includes an in-depth discussion of a number of concepts and topics in the area of macroeconomics, including economic expectations and monetary policy.

ECO 663 Econometrics (7.5 ECTS)

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 664 Data Analysis in Economics and Finance (7.5 ECTS)

The purpose of this course is enabling students to collect economic data from databases and subsequently be able to analyze them with aid of specialized statistical and econometric software.

ECO 665 Behavioural and Experimental Economics (7.5 ECTS)

By the end of the course students should understand how findings from psychology can inform standard economic theory in order to develop better models of economic behaviour. Students should also become familiar with the use of experimental methods and the analysis of experimental data for the study of economic behaviour.

 

ECO 673 Applied Microeconometrics (7.5 ECTS)

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 675 Behavioural Insights for Policy (7.5 ECTS)

Understanding the ways in which findings of behavioral sciences can help in better policy design by public institutions and other bodies, and in the systematic study of the impact of such policies on the society.

 

ECO 680 Applied Financial Econometrics (7.5 ECTS)

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.

 

ECO 688 Current Topics in Economic Research I (7.5 ECTS)

The class is divided into two parts.  In the first part the most important topics in current economic research will be presented and analyzed.  In the second part students will choose a field to focus on and present and systematically analyze the relevant literature and produce the relevant reports.

ECO 691 Placement in Financial Organizations (7.5 ECTS)

(Prerequisites: Successful completion of the compulsory courses of the 1st semester of the academic studies and at least 30 ECTS of the corresponding academic program that the student attends. Selection Criteria: Selection is based on the academic achievement of the student in the previous semester with minimum grade point average 6 /10 and the criteria set by the firm/organization.)

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

ECO788 Current Topics in Economic Research II (7.5 ECTS)

 

The class is divided into two parts.  In the first part the most important topics in current economic research will be presented and analyzed.  In the second part students will choose a field to focus on and present and systematically analyze the relevant literature and produce the relevant reports.