Quantitative Economics

The Master’s degree programme in Quantitative Economics is a research-oriented master programme that teaches students quantitative mathematical methods in economics and prepares them to carry out their own independent work at the frontier of current research. The methods that are developed and discussed during the degree programme are essential for evaluating and predicting the effects of many economic, political as well as social decisions. They can also be used to analyse the behaviour of individuals and companies allowing, for instance, to measure the economic impacts during and after the Covid-pandemic or the effect of economic sanctions as a countermeasure for military aggression. In all these cases well-founded economic methods and models must be applied to support difficult decisions.

The Master’s degree programme is jointly organized by the Faculty of Business Administration and Economics and the Center for Mathematical Economics (IMW) who both have a long tradition in economic theory. Its analytical approach to economics provides the relevant skills to model and solve economic problems on an abstract level which encourages a flexible and creative approach to the many complex economic issues the world is facing today.

The curriculum provides the foundations in micro- and macroeconomics as well as probability theory, statistics and optimization methods mostly during the first two semesters of the program. After having obtained the necessary quantitative skills students specialize in their chosen research, usually in the third and fourth semesters, familiarize themselves with scientific issues, and develop their own ideas. These ideas will lead to a research project that will form their Master’s thesis in the fourth semester.

At graduation time students will have acquired the skillset allowing them to enter a career as an economist, be it within central banks, policy advisers, large (multi-)national companies, or academia. Graduating with this (research) Master’s in Quantitative Economics delivers the necessary qualifications for admission to many PhD programs worldwide (subject to grade restrictions) including the Bielefeld Graduate School of Economics and Management (BiGSEM).