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Economics

When and why should governments interfere in the workings of advanced economies? To what extent does traditional competition policy still suffice in a world where firms increasingly sell their products online? And should the Ministry of Finance expand public spending if the unemployment rate gets high and the economy stagnates? In this program you will learn to assess different strategies to handle diverse microeconomic and macroeconomic problems.

**Joint 1st place in best MSc Economics in the Netherlands - Higher Education Guide Masters 2017 **

The objective of the programme is to teach you economic theories at a high analytical level. An additional goal is to familiarise you with the application of theory and research methods to economic practice and policy. Such a combination of rigorous academic thinking with practical application is essential for any professional active in the field of economics, either in policy or research. You will learn about the influence of economic factors on society and how economic theory can be applied to interpret and analyse economic problems.

We offer two tracks: " Microeconomics of Markets and Incentives” and “Macroeconomic Theory and Policy ”. Alternatively, you can specialize in Energy Economics, or put an emphasis on Health issues in your programme . It is also possible to design your own study programme. The programme is truly international, being taught entirely in English. The best international textbooks are used In the various courses, students study papers published in prominent academic journals in order to keep up with the latest developments. Courses are taught by specialists with an international reputation in their field of research and/or a key role in public debates .

Facts & Figures
Degree
MSc in Economics
Course type
Master
Duration
12 months (60 ECTS)
Croho code
66401
Language of instruction
English
Start
February, September
Faculty
Economics and Business
Why study this programme in Groningen?

The objective of the programme is to teach you economic theories at a high analytical level. An additional goal is to familiarise you with the application of theory and research methods to economic practice and policy. Such a combination of rigorous academic thinking with practical application is essential for any professional active in the field of economics, either in policy or research. Courses are taught by specialists with an international reputation and/or a key role in public debates.

Programme

Your master starts with the core courses of the programme: Empirical Methods, Macroeconomics, and Games and Industrial Organization. After that, you take electives. You finish the programme by writing your MSc thesis.

We offer two specialised tracks - Microeconomics of Markets and Incentives or Macroeconomic Theory and Policy –. The first theme provides you with a thorough understanding of the incentives that shape the economic decision-making of individuals, households and firms. The second theme, deepens your knowledge concerning the structure of and changes in the aggregate economy. Alternatively, you can also design your own study programme.

Courses
Electives (Economics, Econometrics, Finance) (10 EC, optional)
Empirical Methods of Economics (5 EC)
Games and Industrial Organization (5 EC)
Macro | Economics Growth in History (5 EC, optional)
Macro | Empirical Macroeconomics (5 EC, optional)
Macro | Monetary Policy and Financial Regulation (5 EC, optional)
Macro | Public Economics and Social Policy (5 EC, optional)
Macroeconomics for MSc Economics (5 EC)
Master's thesis Economics (20 EC)
Micro & Macro | Public Economics and Social Policy (5 EC, optional)
Micro | Competition Policy - Theory and Practice (5 EC, optional)
Micro | Economics of Regulating Markets (5 EC, optional)
Micro | Microeconomics of Household Behaviour (5 EC, optional)

Curriculum

Students in the Micro track choose 3 out of 4 Micro optional courses, plus 10 EC electives from a broad list of possibilities. Students in the Macro track choose 3 out of 4 Macro optional courses, plus 10 EC electives from a broad list of possibilities.

Check for in-depth info on all courses: https://www.rug.nl/ocasys/rug/vak/showpos?opleiding=2031

Programme options
Double Degree China and the World Economy (specialization)

2 year Double Degree programme in Groningen and Fudan University Shanghai.

More information about this option

Double Degree Economic Analysis (specialization)

1.5 year Double Degree programme in Groningen and Universidad de Chile, Santiago.

Energy Focus Area (specialization)

Focus your MSc on Energy and open up extra career opportunities. There are two steps to the Energy Focus Area-

1) complete two of four chosen electives 2) write and round off an MSc thesis on an energy topic

More information about this option

Macroeconomic Theory and Policy (profile)

(MTP) The track aims to provide you with a thorough understanding of the structure of and changes in the aggregate economy.

The programme is firmly founded on three pillars, namely theory, empirics, and policy. Both real and monetary perspectives are treated in detail. Among other things you will learn why economies grow over time, how the life-cycle choices made by individuals affect the aggregate economy, how governments can use public policy instruments to affect the economic performance and social welfare; and how monetary policy and regulation can ensure the smooth working of financial markets. Upon completion of this profile, you will be in the possession of the tools needed to independently carry out theoretical and empirical analyses of an aggregate nature.

Microeconomics: Markets and Incentives (profile)

(MMI) Students will gain a thorough understanding of the incentives that shape the economic decision-making of individuals, households and firms.

You will learn how the strategic interaction between firms shapes market outcomes and affects profits and consumer welfare; how households trade off consumption and saving in planning their life-cycle consumption pattern; how governments can use taxes and subsidies to influence behavior; and how competition policy and regulation can ensure the efficient working of markets.

Upon completion of this profile, you will master the theoretical and empirical tools needed to recognize the incentives of individual firms and households in novel economic situations and be able to describe how these incentives translate into market outcomes and welfare. You will have the knowledge and ability to independently carry out theoretical and empirical micro-economic analyses.

Master Internship (specialization)

Opportunity for an internship between February and June. You will be rewarded 15 ECTS on top of your programme. Your thesis will be postponed to the first semester of your next study year.

More information about this option

Study abroad

  • Study abroad is optional
Entry Requirements

Admission requirements

Specific requirementsMore information
previous education

To be eligible for admission to this Master, you need to hold an academic Bachelor's or Master's degree from a research university in one of the following - or closely related - fields: Economics and Business Economics, Econometrics and Operations Research.

To assess whether your educational/academic background meets the specific programme requirements, the admission committee will take account of level of knowledge in microeconomics, macroeconomics, mathematics and statistics, GPA, and motivation.

For more information, see: http://www.rug.nl/feb/education/admission-application/nl-route/1

If you have any questions concerning admission, please contact our Admissions Office: http://www.rug.nl/education/international-students/application-procedure/support/admissions-office

Transfer options

Study programmeOrganizationTransition
Economics and Business EconomicsAll Research universitiesNo additional requirements
Econometrics and Operations ResearchAll Research universitiesNo additional requirements

Admission requirements

Specific requirementsMore information
certified competences

GMAT/GRE; for specific scores (and exemptions), see http://www.rug.nl/feb/education/admission-application/intl-route/1

grade list

A certified grade list(s) is considered in the evaluation.

language test

TOEFL internet based (IBT): 90, IELTS Academic: 6.5; for specific scores, see: http://www.rug.nl/feb/education/admission-application/intl-route/1

previous education

To be eligible for admission to this Master, you need to hold an academic Bachelor's or Master's degree from a research university in one of the following - or closely related - fields: Economics and Business Economics, Econometrics and Operations Research.

To assess whether your educational/academic background meets the specific programme requirements, the admission committee will take account of level of knowledge in microeconomics, macroeconomics, mathematics and statistics, GPA, and motivation.

For more information, see: http://www.rug.nl/feb/education/admission-application/intl-route/1

If you have any questions concerning admission, please contact our Admissions Office: http://www.rug.nl/education/international-students/application-procedure/support/admissions-office

Language requirements

ExamMinimum score
C1 Advanced (formerly CAE)C1
C2 Proficiency (formerly CPE)C2
IELTS overall band6.5
IELTS writing6.5
IELTS speaking6
TOEFL paper based580
TOEFL computer based237
TOEFL internet based90

Application deadlines

Type of studentDeadlineStart course
Dutch students01 June 201901 September 2019
15 October 201901 February 2020
01 June 202001 September 2020
15 October 202001 February 2021
EU/EEA students01 May 201901 September 2019
15 October 201901 February 2020
01 May 202001 September 2020
15 October 202001 February 2021
non-EU/EEA students01 May 201901 September 2019
15 October 201901 February 2020
01 May 202001 September 2020
15 October 202001 February 2021
Tuition Fees
NationalityYearFeeProgramme form
EU/EEA2018-2019€ 2060full-time
non-EU/EEA2018-2019€ 14350full-time
EU/EEA2019-2020€ 2083full-time
non-EU/EEA2019-2020€ 14600full-time

Practical information for:

After your studies

Job prospects

As a graduate you are able to apply advanced economic theory so as to analyse economic issues related to society at large. The programme trains you for positions in which you contribute as an economist to decision-making in (inter)national government bodies, public organisations and private corporations such as financial institutions, multinationals and consultancy firms. You can work as researcher in business or governmental agencies. You can also use your expertise for journalistic goals.

Because all our programmes are EQUIS and AACSB accredited, a standard which only one percent of universities reach worldwide, your degree will be highly valued on the labour market.

FEB Career Services
To support you in developing your career and strengthen your employability skills, our FEB Career Services empowers you to achieve lifelong success through various career services during your studies. Check: FEB Career Services.

Job examples

  • Scientific or policy-oriented researcher (DNB, CPB, OECD, IMF)
  • Applied researcher (NEI, TNO and research bureaus)
  • Financial analyst (bank, insurance company)
  • Policy-maker: mainly in large organisations
  • Manager: especially in businesses
  • Lecturer
  • Journalist
Research

Linking education to research and career preparation

LRBT: Prof. Herman de Jong, Dr. Viola Angelini, Dr. Pim Heijnen - Prof. Bert Schoonbeek, Prof. Machiel Mulder, Prof. Adriaan Soetevent - Dr. Gerard Kuper, Prof. Rob Alessie, Prof. Ben Heijdra
LRBT: Prof. Herman de Jong, Dr. Viola Angelini, Dr. Pim Heijnen - Prof. Bert Schoonbeek, Prof. Machiel Mulder, Prof. Adriaan Soetevent - Dr. Gerard Kuper, Prof. Rob Alessie, Prof. Ben Heijdra

Our education is strongly rooted in business practice and society. Also right from the start of your degree programme attention is paid to academic research and preprofessional development. Since an analytical and critical mind and problem-solving capabilities are important qualities in any career our students aspire.

The lecturers in the MSc Economics have excellent records. Prof. Heijdra is author of the textbook “Foundations of modern macroeconomics” and prof. Elhorst (not pictured) of “Spatial Econometrics: From cross-sectional data to spatial panels”.

Prof. Berk is Director of the department Economics and Research of the Dutch Central Bank and prof. Mulder is affiliated to the Dutch Authority Consumer and Market as specialist in the regulation of energy markets. He is currently chairman of the Benelux Association for Energy Economics.

Prof. Schoonbeek's specialization is game theory; he published in the European Economic Review and Public Choice. 

Prof. Soetevent is an expert in behavioral economics and has published in e.g. the American Economic Review.

Prof. De Jong is lecturer in Economic History and has recently been awarded a prestigious € 1.5 million VICI grant to be spent on research into quality of life indicators and economic growth in the first half of the twentieth century. 

Dr. Heijnen specializes in environmental economist and industrial organization, and has many publications in those areas.

Dr. Angelini is lecturer in Econometric Methods and was elected lecturer of the year 2013 by the students of the Faculty of Economics and Business.

Prof. Alessie published in many prestigious journal and is specialist in consumer and saving behaviour. Both are also specialists in Stata.

Dr. Kuper is specialist in macroeconometric modelling and Eviews and well-known as predictor of the final medal classification of each Olympics.


Research institute related to the MSc programme:

Economics, Econometrics & Finance

Apply nowDownload brochureOpen days and eventsContact
Master's dayBroerstraat 5More information

Contact

If you want to know more about the programme Economics, please contact:

  • 
								Testimonial of Hans Dijkhuizen

    “Studying Economics in Groningen has changed my view on society. I would recommend everybody to study this master programme”

    – Hans Dijkhuizen
    Read more

    When I finished my bachelor I was doubting which master I should choose, Finance or Economics. I started with the Master Finance, but half way this master programme I decided to study Economics as well. A lot of issues in the news and politics are driven by economics and I wanted to know more about it.

    During the Master Economics I learned to understand economic models and to recognize the forces that sometimes seem counterintuitive, but make perfect sense once we account for the incentives that may drive behaviour of the economic agents involved. One interesting example is that prices can increase as a reaction to more transparency in the market. This is a possible outcome because transparency does not only facilitate the choice of consumers but also facilitates collusion. Transparency makes it easier to notice when another producer deviates from the collusion price. This makes it less profitable to deviate and enhances collusion.

    In Groningen, the Master Economics may be more technical than at other universities, but I would regard this as a strong aspect. It provides you with the right tools to understand and analyse economic behaviour. At the moment. I work for the government as an economist and most things I learned during my masters is very helpful and valuable in my current job. But studying Economics in Groningen also has changed my view on the society. I would recommend everybody to study this master programme.

    Close
  • 
								Testimonial of Christian Martin, MSc Economics

    "I developed an econometric model to determine potential destinations and passenger movements for Groningen Airport Eelde."

    – Christian Martin, MSc Economics
    Read more

    After my bachelor I was clearly convinced to further develop my skills I acquired during the bachelor economics. Mathematics and econometrics are both subjects I find challenging. This in combination with psychological aspects and also philosophy determined my choice to study the master economics.

    In addition to more in-depth knowledge of economic subjects, which were taught in the bachelor, new subjects, among which game theory, are also introduced. Personally writing my master thesis was definitely the highlight during my “academic career”. The master economics provides you enormous freedom regarding your subject. As an economic student the regional economy of Groningen is an interesting topic to study. Furthermore, my interests in aviation economics made Groningen Airport Eelde the best place to write my thesis about. Good consultation with the airport and the university resulted in a very interesting and challenging thesis. I developed an econometric model to determine potential destinations and passenger movements for Groningen Airport Eelde. During my thesis I learned a lot more about econometrics. Besides, I learned how to translate such a model to people who have less knowledge in this subject. “How do you explain such a model such that anyone is able to understand the results?” Thus, the course did not only develop my academic skills, but also my presentation skills for business purposes. I found that the airport still has opportunities to expand services. Indirectly this might result in extra economic activity.

    During my thesis I obtained valuable feedback, which I still use nowadays. I am more aware of how to present written documents to others. Furthermore, data-analysis is of great importance in the ICT sector in which I work now.  All by all, I recommend this master program as it not only develops your academic skills, but also your skills you will certainly use after your master. 

    Close
  • 
								Testimonial of Emma Molenaar

    Economics and Economics Analysis challenges you at both a mathematical and an econometric level

    – Emma Molenaar
    Read more

    The main reason for me to choose the MSc Economics was that it contains courses that challenge you at both a mathematical and an econometric level, and you are still able to choose finance courses as well. I also applied for the DDM Economics and Economic Analysis with Universidad de Chile. This was my last chance to study abroad, which was the only thing I regretted not having done during my Bachelor. The double degree was an experience I wouldn't have wanted to miss. I advise it to anyone.

    In Chili, all of our teachers were experts in their fields and obtained their PHD at some of the most renowned universities in the world. The courses went into more depth and focused on case studies and research about Latin America. The fact that you get two supervisors for your thesis is also very nice. I had a lot of very good pointers from my supervisor from Chili, a professor and also prominent business man who helped me to improve my thesis a lot. Even though the courses are quite intensive, there is also plenty of time to do other things like exploring the country, meeting new people, and even joining a sports team like I did.

    Close

Study associations

EBF

The Economics and Business Faculty association (EBF) is the faculty association for all students studying at the faculty of Economics and Business of the University of Groningen.
The EBF is your partner during your time in Groningen by organising events that support you with your studies and help you prepare for your future career.
https://www.ebfgroningen.nl/

Risk

Risk is the study association for Accountancy, Controlling, Finance, and the financially interested student at the University of Groningen.
Risk has set itself the goal to close the gap that exists between theory and practice in the areas of Finance, Accountancy & Controlling, Organizational & Management Control, and International Financial Management.
https://www.verenigingrisk.nl/
Read more
Study support

Studying means working independently and planning your studies yourself. But successful studying depends on many different factors, so it is understandable that you may need to consult an impartial expert to discuss your study progress and personal circumstances that influence your studies. The faculty's study advisors are available to help you. Obviously, everything discussed with the study advisor remains confidential.