Economics Doctoral Programme l Frankfurt School

Economics Concentration

This concentration is one of the four concentrations offered in Frankfurt School's Doctoral Programme.

We conduct scientific research projects, aiming at publishing them in top journals in the fields of industrial organization, behavioural economics, and macroeconomics. Frequently, these projects are collaborative efforts, partnering with representatives from central banks, governmental bodies and industry, and actively involving our doctoral students.

The prerequisite for a successful participation in research projects is a thorough training in economics and quantitative methods. The economics concentration provides this training through core courses and electives taught by resident staff.

Furthermore, our curriculum is enriched by electives led by globally renowned guest professors, each an expert in their respective field. Alternatively, electives can also be covered by taking part in a summer school or a specialised mini-course at prestigious universities worldwide.

Sample Publications

Frankfurt School publishes in the top outlets for economic research. To get a sense for the kind of research we conduct, please click on the following sample publications:

Publication	Title	Professor
Journal of Political Economy	Segmentation versus Agglomeration: Competition between Platforms with Competitive Sellers	Prof. Dr. Markus Reisinger Prof. Dr. Heiko Karle
The Review of Economic Studies	Concentration Bias in Intertemporal Choice	Dr. Frederik Schwerter
The American Economic Review	Shocks, Frictions, and Inequality in US Business Cycles	Prof. Dr. Benjamin Born
The Review of Economic Studies	Interventions and Cognitive Spillovers	Prof. Dr. Andreas Grunewald

Economics Curriculum

Grounded strongly in economics and quantitative methods, our faculty encourages students to explore creative, new ideas in a rigorous way.

We prefer students to extend the boundaries of the field by incorporating insights from adjacent areas such as finance, management, and the behavioural sciences rather than making incremental technical improvements.

The economics concentration offers the following courses to help students achieve those objectives*:

1

Mathematics & Statistics

Calculus of Several Variables
Functions of Several Variables
Implicit Functions and Their Derivatives
Quadratic Forms and Definite Matrices
Unconstrained Optimization
Constrained Optimization
Concave and Quasiconcave Functions
Economic Applications
Eigenvalues and Eigenvectors
Advanced Linear Algebra
Advanced Analysis
Basic Probability and Statistics

Econometrics I

The class provides key knowledge on how different econometric models work and most importantly sheds light on their limitations. The course also provides step by step application of new tools to different data sets in the computer lab. You will be asked to replicate, and in some cases improve, prior empirical studies.

Microeconomics

1. Demand Theory
2. Expected Utility Theory
3. General Equilibrium Theory
4. Non-Cooperative Game Theory
a) Dominant strategies and applications
b) Nash Equilibrium and applications
c) Subgame Perfect Equilibrium and applications
5. Principal-Agent Theory
6. The Theory of Incomplete Contracts

Macroeconomics

The course delves into foundational techniques and concepts integral to representative-agent macroeconomics. It provides a comprehensive understanding of key frameworks, exploring topics like economic growth, business cycles—both with and without frictions—and examines the role of monetary and fiscal stabilization policies. Additionally, we'll address the empirical facet, highlighting the concept of causality within macroeconomics.

Elective

Students choose five electives in total that cover their research interests. Two out of these five electives are in the following set of courses: multivariate statistics, field experiments, computational statistics, machine learning (MADS), asset pricing theory, empirical asset pricing

2

Econometrics II

The class provides key knowledge on how different econometric models work and most importantly sheds light on their limitations. The course also provides step by step application of new tools to different data sets in the computer lab. You will be asked to replicate, and in some cases improve prior empirical studies.

Game Theory

The course aims to familiarise students with the basic concepts of game theory. Students learn different classes of games and a variety of solution concepts to predict strategic behaviour in these games. They will learn how to capture practically relevant situations in a game and the necessary tools to solve these games.

Causal Inference

Casual Inference

Coming soon

Elective

Students choose five electives in total that cover their research interests. Two out of these five electives are in the following set of courses: multivariate statistics, field experiments, computational statistics, machine learning (MADS), asset pricing theory, empirical asset pricing

Elective

Students choose five electives in total that cover their research interests. Two out of these five electives are in the following set of courses: multivariate statistics, field experiments, computational statistics, machine learning (MADS), asset pricing theory, empirical asset pricing

3

Industrial Organization

Coming soon

Advanced Topics in Economics

This course discusses the research frontier of a variety of topics.

1) Advanced Topics in Industrial Organization

2) Advanced Topics in Macroeconomics,

3) Advanced Topics in Monetary Economics,

4) Advanced Topics in Organizational Economics,

5) Advanced Topics in Behavioral Economics

Elective

Students choose five electives in total that cover their research interests. Two out of these five electives are in the following set of courses: multivariate statistics, field experiments, computational statistics, machine learning (MADS), asset pricing theory, empirical asset pricing

Elective

Students choose five electives in total that cover their research interests. Two out of these five electives are in the following set of courses: multivariate statistics, field experiments, computational statistics, machine learning (MADS), asset pricing theory, empirical asset pricing

PhD Brownbag

Coming soon

4

Master Thesis / 2nd year paper

Master's Thesis / 2nd year paper

The second year paper is the first piece of the student’s very own presentable research work. It can also be used to obtain a Master’s degree in Business Research and Analytics.

5-10

Research (Dissertation and Defence)

Upon passing the Qualifying Exam at the end of the 2^nd year, students enter the research phase of the programme. Students dedicate themselves to their research projects, produce scholarly papers and present their research at international academic conferences. They also have the opportunity to interact with international scholars visiting Frankfurt School to present research in the seminar series.

Research at FS

As an applied macroeconomist, Benjamin Born studies business cycles, focusing on monetary and fiscal policies and the role of uncertainty. In his research, he often employs both empirical methods, utilizing aggregate, micro-level, and survey data and dynamic stochastic general equilibrium (DSGE) models with representative or heterogeneous agents. Current research topics include the role of household heterogeneity in business cycles and stabilization policy and understanding firm expectations and behavior via surveys.

Heiko Karle is a microeconomist with focus on industrial organization (theory) and behavioral economics (theory and experiments) and examines the strategies of firms and platforms in digital markets and the resulting consequences for consumers. In current work, he studies how platforms optimally design recommender systems that facilitate customer migration among listed sellers. Another ongoing research of his explores the influence of price levels and ranges on the intensity of consumer search for lower product prices, drawing on the works of Thaler (1980) and Tversky and Kahneman (1981).

Ever wondered how misperceptions, political beliefs and extreme opinions spread through communication, social media, or social networks? One strand of Andreas Grunewald’ research seeks to answer this question by conducting field and laboratory experiments. Further topics of his research agenda include the optimal design and evaluation of behavioral policy interventions such as default options, reminders, or simplifications in bureaucratic processes.

Economics Faculty

Frankfurt School is among the few schools in Germany and even in Europe to offer fully-fledged coursework, which prepares students for the demands of dissertation research, on a par with what has traditionally only been available in top schools in the U.S. The programme has achieved remarkable successes:

Doctoral students have been invited for visiting scholarships in top schools in the U.S. (e.g., MIT) and in Australia (e.g. University of Melbourne).

Doctoral students have presented their dissertation work in highly visible and competitive conferences such as the Singapore Management University Accounting Symposium and the MIT-Asia conference.

Student funding and scholarships

Frankfurt School offers fully-funded study places for the doctoral programme in order to attract and support the brightest minds in academia.

Students are expected to devote 100% of their working time to their doctoral studies at Frankfurt School for up to five years.

Funding includes a tuition fee waiver and a cost-of-living stipend. The monthly stipend comprises of EUR 1,820.

The stipend will be granted for five years conditional on the continued satisfaction of all academic programme requirements.

From the first year onwards doctoral students will receive EUR 1,820 for the period of 5 years.

Furthermore Frankfurt School covers costs related to research, including conferences and overseas visits.

Application process

1. Target Group

Outstanding graduates of a Bachelor‘s or Master’s programme in economics or related fields, such as mathematics, statistics, business administration, and finance, who aspire to launch an academic career.

Candidates in the final year of a Master’s or Bachelor’s programme are welcome to apply with their most recent academic transcript. Please note that the degree has to be completed by the time of the beginning of the programme.

2. Online Application

The first step of our application process is to complete the online application form. You will need to upload the following required documents. Please note that you need a certified English or German translation for all documents, that are not originally in German or English. The application platform will be open between 15 September 2023 and 15 January 2024.

Required Documents

CV and list of publications (if existent)
Certified copy of your University Entrance Qualification (Abitur, A-levels or equivalent)
Certified copy of your University Degree Certificate or equivalent and academic transcript of records
Official GMAT or GRE results
Proof of English Language Proficiency Test (TOEFL IBT min. score of 100/IELTS min. score of 7.0)
Statement of Purpose (up to 2 pages): Why are you interested in your chosen field of study? What are the potential areas of research you might pursue? Have you completed any research projects with the faculty? Is the research of any member of the FS faculty of interest to you?
Optional Statement: If you would like the committee to consider any of the following factors, you can describe their relevance in a separate statement within the application. This can contribute to the diversity of the entering class: background, extracurricular activities, work experience.
Two letters of recommendation: To request the letters from your recommenders, you have to register on a separate platform and send your request from there.

Please click on this link to access the platform: apply.interfolio.com/129657

Create a profile by clicking on the button “Apply now”.

If you require assistance, go to the “Home” tab and click the “Dossier Quick Start Guide”.

Once you send your request to your potential recommender, they will receive an e-mail together with a link where they can upload their recommendation letter confidentially. Please provide a deadline for your recommendation letter to ensure we receive it on time. Once the recommender has uploaded the letter, we will be notified and will be able to access it.

3. Interview

Successful applicants will be invited to an online interview with faculty members of the chosen concentration.

4. Results

The final decision regarding admission to our doctoral programme will be made by the Committee for Doctoral Proceedings. It is based on the applicant's overall portfolio and the interview. The results will be communicated after the final decision.

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