Master's Programme in Economics

This programme consists of three major parts: core courses, electives, and a Master's thesis. The programme runs for one full year, and students may begin only in the autumn semester.

1. Resolution to Arrange the Programme

The programme was established by the Board of Umeå University in December 2002 and the syllabus confirmed by the Board of Umeå School of Business and Economics on June xx 2003.

2. Objective and Contents

A growing need for knowledge in economics is a feature of an ever-evolving society. The Master’s Programme in Economics seeks both to broaden the content of the undergraduate programme and to provide students with essential tools for continued study of the current and future research literature in economics.

The faculty members teaching and supervising in the Master’s Programme in Economics have strong standing in the international research community and good connections to authorities and firms. Students completing the Master’s Programme in Economics may apply to our Ph.D. programme. Because some of the Ph.D. courses are in the Master’s programme, such students will already have obtained some credits.

The core courses run during the fall semester. Because lectures in the first two courses are given in Swedish, tutoring will be offered to non-Swedish-speaking students. All subsequent courses are offered in English.

The core courses are:

Module 1. Financial Economics (5 points/7,5 ECTS)

The goal of this course is to provide deeper insights into the theoretical and empirical aspects of financial markets and financial behavior. The course covers such topics as: behavior under uncertainty, portfolio theory, pricing models, information efficiency in financial markets, evaluation of risky assets, and derivative markets. This knowledge is used to analyze current financial issues.

Teaching methods

Examination methods

Module 2. Macroeconomics (5 points/7,5 ECTS)

The course is offered in three parts. The first addresses growth and business cycle theories; the second focuses on micro fundamentals of macroeconomics; and the third examines small open economies.

Teaching methods

Examination methods

Module 3. Mathematics I (5 points/7,5 ECTS)

This course focuses on basic mathematical methods that have become indispensable for a proper understanding of today’s economic literature. The following major types of economic analyses are covered: statics (equilibrium analysis), comparative statics, and optimization problems (as a special type of statics).

In order to tackle these issues, we introduce a number of mathematical methods such as matrix algebra and differential calculus. Concepts such as Lagrange multiplier, Taylor-series, concavity, and convexity are discussed.

Teaching methods

Examination methods

Module 4. Microeconomics I (5 points/7,5 ECTS)

Firm and consumer behavior are analyzed in this course. In the section on the theory of the firm, the assumptions of profit maximization and cost minimization are used to derive supply and demand functions and to derive comparative statics results. The properties of different production technologies are analyzed, as well as the concept of duality. In the section on the theory of the consumer, the assumption of utility maximization is used to derive supply and demand functions, and their respective properties are analyzed. The concepts of consumer surplus and welfare are also analyzed, as are the concepts of equilibrium and efficiency.

Teaching methods

Examination methods

Module 5. Electives (10 points/15 ECTS)

In order to complete the programme, each student must obtain credit in 10 points/15 ECTS credits electives. The courses currently recommended by the Department of Economics are:

Mathematics II (5 points/7,5 ECTS)
This course consists of two parts: dynamic analysis and an introduction to optimal control theory. Dynamic analysis treats integration and solutions to differential and difference equations. Optimal control theory is devoted to intertemporal optimization problems in continuous time.

Microeconomics II (5 points/7,5 ECTS)
This course focuses on strategic interaction between the agents of the economy. An introduction to game theory is provided. Strategic interaction is exemplified by models describing situations of incomplete competition, asymmetric information, and externalities.

Application and further information about elective courses, see www.usbe.umu.se/master or
www.usbe.umu.se/master/index_eng.html

Module 6. Master’s Thesis / D-Thesis (10 points/15 ECTS)

Teaching methods

Examination methods

3. Prerequisites

A Bachelor’s degree with a major in Economics (180 ECTS) with courses in Economics (90 ECTS credits)

At the advanced, C level, in Economics, the student requires a minimum of 20 points, including the Bachelor’s thesis or equivalent and a course in Microeconomics (20 points/30 ECTS credits).

4. Teaching methods

5. Examination

6. Utilisation et cetera

Course language: Module 3 and 4 English. Module 1 and 2 tutoring offered for English speaking students.

Diploma
After completing a full-year Master’s programme, students can apply for Ekonomie magisterexamen (translated as Master of Science in Business Administration and Economics - 160 points) if they meet the degree requirements
80 points / 120 ECTS in the main subject Business Administration or Economics
20 points / 30 ECTS in the minor subject Business Administration or Economics
10 points / 15 ECTS in Statistics
10 points / 15 ECTS in Law
Alternatively, after completing a full-year Master's programme, students can apply for Filosofie magisterexamen (translated as Master of Social Science with a major in Business Administration or Economics - 160 points) if they meet the degree requirements:
80 points / 120 ECTS in the main subject Business Administration or Economics
20 points / 30 ECTS in a subsidiary subject

Diploma supplement
Every student who graduates from one of the Master's programmes will receive, in addition to the diploma, a Diploma Supplement that describes the content and main goal of that specific programme.

7. Readings and other Materials

Module 1. Financial Economics (5 points/7,5 ECTS)

Module 2. Macroeconomics (5 points/7,5 ECTS)

Module 3. Mathematics I (5 points/7,5 ECTS)

Module 4. Microeconomics I (5 points/7,5 ECTS)

Module 5. Electives (10 points/15 ECTS)
see separat list at www.usbe.umu.se/master or
www.usbe.umu.se/master/index_eng.html

Module 6. Master’s Thesis / D-Thesis (10 points/15 ECTS)