All application materials should be sent to:

Master Program in Economic Analysis
Department of Economics
University of Cyprus
P.O. Box 20537
CY-1678 Nicosia
Cyprus

In addition to a completed application form you will need to send official transcripts, your C.V., two letters of recommendation, and official results for the TOEFL (minimum score is 550, or 213 in the computer based format exam, TOEFL  Code number 4189), or GCE O-level (minimum letter grade is B) or an equivalent qualification demonstrating sufficient knowledge of the English language (by previously obtaining a degree from an accredited U.K. or U.S. academic institution, for instance). GRE official results are desirable. A bank guarantee for one year`s expenses is also required. Application deadline will be April 15. Applications after this deadline will be considered subject to availability. Applicants will be notified by April 30.

 

Why Study Economics at the University of Cyprus?

 

The program aims at preparing students for proceeding to do a PhD degree in Economics. The program of study is the following:

1st semester

1. ECO 601 Microeconomic Analysis I(7,5 c.u.)
2. ECO 602 Macroeconomic Analysis I (7,5 c.u.)
3. ECO 603 Statistics and Econometrics I (7,5 c.u.)
4. ECO 604 Analytical Methods in Economics (7,5 c.u.)

1. ECO 651 Microeconomic Analysis II (7,5 c.u.)
2. ECO 652 Macroeconomic Analysis II (7,5 c.u.)
3. ECO 653 Statistics and Econometrics II (7,5 c.u.)
   One of:
4. ECO 673 Applied Microeconometrics (7,5 c.u.)
5. ECO 680 Applied Financial Econometrics (7,5 c.u.)
6. Other course to be determined by Department (7,5 c.u.)
   

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.

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 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.