MPhil and PhD program in Economics Econometrics Finance

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1 Information brochure 2014 MPhil and PhD program in Economics Econometrics Finance Erasmus University Rotterdam University of Amsterdam VU University Amsterdam The Netherlands

2 Amsterdam Capital city of the Netherlands Rotterdam Mainport of Europe

3 Contents 7 Welcome 9 About Tinbergen Institute 14 TI graduate program 14 MPhil program 14 Finance track 15 Economics track 16 Econometrics track 16 PhD program 17 Admission requirements 22 Eight advantages of the TI graduate program 34 Application deadlines 34 Tuition fees Erasmus University Rotterdam Erasmus School of Economics University of Amsterdam Faculty of Economics and Business Tinbergen Institute is the graduate school and research institute operated jointly by the Economics and Econometrics faculties of Erasmus University Rotterdam (EUR), University of Amsterdam (UvA) and VU University Amsterdam (VU). Tinbergen Institute received (five-year) accreditation from the Royal Netherlands Academy of Arts and Sciences (KNAW) in 1996, and has since been re-accredited in 2001, 2006 and Funding and scholarships 38 Contact details VU University Amsterdam Faculty of Economics and Business Administration 4 Tinbergen Institute Graduate School

4 welcome Welcome We are very proud to introduce the graduate program of Tinbergen Institute (TI). TI is a highly ranked research institute combining the best researchers in economics, econometrics and finance of three of the top universities in the Netherlands. It offers three MPhil tracks: one in Economics, one in Econometrics and one in Finance. All three MPhil tracks are directed towards ambitious and excellent students who aim to develop themselves as independent researchers and experts in their fields. During two years of study, students have the opportunity to meet the many research fellows of TI and to formulate a PhD research proposal. MPhil students that graduate from the program typically continue in a three-year PhD track. Students who complete these programs are prepared for careers in academic research, national and international governmental organizations, or the private sector. This brochure provides you with an overview of our graduate program. More detailed information and an online application form are available at our website: In the following pages, several of our students and alumni introduce themselves and explain how TI influenced their choices and careers. If you feel inspired by their stories, we invite you to submit your application for the coming academic year. We look forward to meeting you in our classrooms! Bauke Visser, General Director Massimo Giuliodori, Director of Graduate Studies 6 Bauke Visser and Massimo Giuliodori Tinbergen Institute Graduate School

5 About Tinbergen Institute Tinbergen Institute (TI) is the research institute and graduate school operated jointly by the Economics, Econometrics and Finance faculties of three Dutch universities: Erasmus University Rotterdam (EUR), University of Amsterdam (UvA) and VU University Amsterdam (VU). TI, founded in 1987 by the economics departments of these three universities, has offices in both Amsterdam and Rotterdam. The Institute is named after Jan Tinbergen, the Dutch Nobel Prize laureate in Economics (1969). Today, TI is one of the major economic research institutes in the Netherlands, with more than 150 research fellows and 240 students. TI offers a research master s (MPhil) program with three tracks: one in economics, one in econometrics and one in finance. TI currently has an annual influx of around 30 MPhil students who receive training and supervision from the Institute s research fellows. TI ensures the high quality of the graduate program by selecting the best researchers and lecturers in economics, econometrics and finance of the three participating universities. In addition, internationally renowned experts are invited to serve as guest lecturers. The Institute provides training to an international community of excellent students. The MPhil program consists of two years of intensive coursework and research, which are usually followed by three years of PhD thesis research. With 30 nationalities represented in the institute, and 70% of our incoming students coming from abroad, Tinbergen Institute provides a truly international experience. experience Tinbergen Institute has been accredited by the Royal Netherlands Academy of Arts and Sciences (KNAW). Such accreditation is evidence of the high quality of academic training and research at the Institute. 8 Tinbergen Institute Graduate School

6 excellent place A great place to do research in Europe Andrei Lalu (Romania) First-year PhD student MPhil diploma in 2013 The TI MPhil program gave me the toolkit I needed to become a well-rounded PhD student. Soon after joining TI I learned how competitive top-level research is in all fields particularly in finance and how important it is to be fully prepared for it. TI offers me much more than mere coursework; being part of the TI community gives me access to a valuable network of researchers and PhD students and unlike other grad schools this network is based not in one but in three universities, which means that the range of researchers, opportunities and research fields is particularly broad. During the program I had numerous chances to interact with top academics both from TI and from abroad, and this motivated me and helped me figure out where I want to take my research during my PhD. Most of all, though, I have truly enjoyed the fairness and openness of the international environment offered at Tinbergen Institute. I strongly believe that TI is a great place to do research in Europe and I am happy to be a small part of it. 10 Tinbergen Institute Graduate School

7 skills to succeed A world-class program that demands hard work and effort, but gives you the skills necessary to succeed in the profession Lucyna Gornicka (Poland) Second-year PhD student MPhil diploma in 2012 I completed the two-year long Tinbergen MPhil program last year. As I reflect on my MPhil experience, I realize that I was enriched both as an economist and as a researcher in general. TI offers a world-class program that demands hard work and effort, but gives you in return a wide range of skills necessary to succeed in this profession. A great advantage of the program is the fact that it is run under the auspices of three recognized universities, which allows you to profit from the knowledge and experience of researchers in various fields. Throughout the year, each of the universities, as well as TI itself, also organizes many conferences and seminars, with guests from the world s top universities and institutions. Moreover, the Econometrics and Economics Lectures that are held at TI each year give you a chance to listen to and learn from the leading researchers in the field. Life at TI involves far more than studying only, however. What I value a lot in this program is also a friendly atmosphere, a group of people with whom you can never feel bored, and impossible to overestimate support from the TI staff. Moreover, as the president of the Students Council, I have taken part in organizing many social events for TI students and PhDs. In particular, each year begins with the Introduction Days a weekend trip to one of Dutch cities, during which the new students get to know each other better and have a chance to benefit from the experience of their older colleagues. Currently I am continuing my research as a PhD student at the Macroeconomics and International Economics Research Group at the University of Amsterdam. Even as a PhD candidate, I still benefit from being a member of Tinbergen Institute. For example, PhD lunch seminars organized by the Institute allow me to present my research to other PhD students and to learn about my colleagues projects. Also, as a former MPhil student, I can attend all courses and lectures organized under the auspices of Tinbergen Institute, and discuss my research with TI fellow professors from all three universities. 12 Tinbergen Institute Graduate School

8 Tinbergen Institute s graduate program MPhil program Tinbergen Institute offers one MPhil program with three tracks: one in economics, one in econometrics and one in finance. The finance track is sponsored by the Duisenberg school of finance. The three tracks have the same structure, institutions and regulations. All tracks provide access to a three-year PhD track. The high standards of TI s graduate program are guaranteed by the appointment of the institute s teaching staff from the best researchers in economics, econometrics and finance of the three universities participating in TI and by the selection of only the best students from a large pool of international applicants. The Director of Graduate Studies interviews all students individually at certain times throughout the first year to discuss their progress in the program. Continuation into the second year is contingent on adequate performance in the first year, which is evaluated during a meeting of the Institute s Examination Board in July of each year. Finance track The first year of the Finance track concentrates on core courses in asset pricing and financial markets, microeconomics and corporate finance and econometrics. There is an option for students to enter the standard or the advanced econometrics track in their first year. Most class sizes are kept small, and there is ample scope for interaction with professors throughout the program. In the second year, students complete a selection from a wide range of specialized courses in finance and economics. These include, for example, courses in behavioral finance, governance, banking, advanced derivatives, market microstructure and empirical methods in finance. Based on student preferences and field specialization, each MPhil student, in the course of the second year, is assigned to a TI research fellow, under whose supervision the student writes a master thesis. This thesis, which is mandatory in order to complete the program, is comparable to a research paper that is of sufficient quality to be accepted by an international, peerreviewed journal. It may also serve as a starting point for PhD research. Students who have completed the institute s MPhil program have thorough, up-to-date knowledge of financial theory, econometric methods and empirical findings. They are able to read and understand top journals in economics and finance and to contribute to scientific discussions. They also have sufficient knowledge, insight and skills to engage in independent research leading to the PhD degree. Economics track The first year of the Economics track provides rigorous training in the core subjects and tools of economics: microeconomics, macroeconomics (or finance), mathematics, statistics and econometrics. Students can choose either the standard track or the advanced econometrics track. Performance in the core courses is assessed by formal written exams; homework assignments and computational exercises may contribute to the final grade. Most class sizes are kept small, and there is ample scope for interaction with professors throughout the program. In the second year, students specialize in a research field by doing field coursework and MPhil thesis research. Specialization is possible in the following fields: Econometrics Empirical Microeconomics Macroeconomics, Monetary Economics and International Economics Applied Microeconomics Behavioral Economics Public Policy Finance Based on student preferences and field specialization, each MPhil student, in the course of the second year, is assigned to a TI research fellow, under whose supervision the student writes a master s thesis. This thesis, which is mandatory in order to complete the program, is comparable to a research paper that is of sufficient quality to be accepted by an international, peer-reviewed journal. It may also serve as a starting point for PhD research. Students who have completed the institute s MPhil program have thorough, up-to-date knowledge of economic theory, empirical economics and econometric methods. They are able to read and understand top economics journals and to contribute to scientific discussions. They also 14 Tinbergen Institute Graduate School

9 have sufficient knowledge, insight and skills to pursue independent research in economics. Because TI provides a finance track, it is possible for second-year students with a particular interest in finance to follow courses from the finance track as well. Econometrics track Students with a strong background in econometrics may choose the econometrics track. This track offers in the first year, apart from the rigorous training in microeconomics and macroeconomics (or finance), 20 ECTS of Advanced Econometrics courses, Mathematics II and Measure theory and stochastic processes. Performance in the core courses is assessed by formal written exams; homework assignments and computational exercises may contribute to the final grade. Most class sizes are kept small, and there is ample scope for interaction with professors throughout the program. In the second year, students complete a selection from a wide range of specialized courses in economics, econometrics and finance. Students in the econometrics track choose econometrics as their field of specialization. Based on student preferences and field specialization, each MPhil student, in the course of the second year, is assigned to a TI research fellow, under whose supervision the student writes a master s thesis. This thesis, which is mandatory in order to complete the program, is comparable to a research paper that is of sufficient quality to be accepted by an international, peerreviewed journal. It may also serve as a starting point for PhD research. Students who have completed the institute s MPhil program have thorough, up-to-date knowledge of economic theory, empirical economics and econometric methods. They are able to read and understand top economics journals and to contribute to scientific discussions. They also have sufficient knowledge, insight and skills to pursue independent research in economics. PhD program Most of our students who perform well in the MPhil program transfer (upon graduation) to the three-year PhD program. The Director of Graduate Studies helps the MPhil students by matching them with suitable supervisors chosen from among the many TI research fellows. This means that TI can offer expert supervision in almost any specialized field of economics, econometrics or finance. In many cases, the MPhil thesis will form the basis of the PhD thesis proposal, and the MPhil thesis supervisor will fulfill the role of PhD thesis supervisor. PhD students are most welcome to participate in additional field courses at the Institute. The Institute s PhD students are employed as PhD researchers ( promovendi ) by the departments of the participating universities: EUR, UvA or VU. These are full-time positions that come with all the benefits of employment, including a good salary. TI s PhD students are thus fully funded. The Institute s additional financial support program provides ambitious PhD students the means with which to promote their research, gain further experience, and start building their international network by visiting international conferences, workshops and seminars. Admission requirements TI s graduate program is a selective program geared towards excellent students who want to pursue a PhD. A maximum of around 35 students may be admitted each year. MPhil courses are at an advanced (PhD) level and are challenging even to students who already hold advanced master degrees. Students are selected by the Institute s Admissions Board by means of a thorough and rigorous process. All prospective students who wish to pursue an MPhil or PhD at Tinbergen Institute should comply with the following minimum requirements and should follow the application procedures stipulated on the website: 16 Tinbergen Institute Graduate School

10 Funding for research-related activities is a great feature Lisette Swart (The Netherlands) Second-year PhD student MPhil diploma in 2012 Looking back at the two years of my MPhil, I can say it was a lot of hard work, really hard. It wasn t always fun at the time, but I am glad I did it and I am now reaping the benefits of it during my PhD! Coming to Tinbergen Institute, I was hoping to get a solid foundation in economics, combined with a small-scale teaching environment and a wide array of potential supervisors in all fields of economics. Having been around for three years now, I can say that I got all that, and more. This year I have started my own research, which combines aspects from behavioral and development economics. In this research, I benefit both from my rigorous training at TI and from my multidisciplinary background before coming to Tinbergen Institute. The funding for research-related activities is a great feature of TI and the three affiliated universities. The past year involved rewriting my MPhil thesis to become my first paper. TI funding enabled me to present my research at a number of academic events in a very early stage of my PhD. Attending these conferences, workshops and a summer school allowed me to see what others in my field of interest are working on, get ideas and suggestions for my own research and get to know like-minded researchers from all over the world. Further, the social environment at TI is really positive and engaging. At first, spending time with my classmates mostly involved studying and working on assignments together, but before I knew it, I was also involved in many social activities with fellow students, including weekly dinners and birthday parties, but also cultural events, such as Dutch Sinterklaas celebrations. By now, many of my fellow students have become good friends. Because TI is a rather small program, there is also a lot of contact between students in different cohorts. This is not only a lot of fun; it was also particularly useful when I was deciding what research group to join: I simply talked to friends who were already doing their PhD there. Lastly, I have really enjoyed the way that TI professors interact so easily with students it s a nice combination of openness and accessibility. ambitious 18 Tinbergen Institute Graduate School

11 Finance courses at TI Albert J. Menkveld (The Netherlands) Coordinator TI Research Program Finance Professor of Finance at VU University Amsterdam Tinbergen Institute offers students the option to specialize in finance in the first and second year of the program. The MPhil program aims to bring top students to the academic frontier through a series of fast-paced core and field courses. Once the MPhil is completed, the student should have the skill-set needed to do world-class academic research and write a PhD thesis. Interestingly, the last decade has proven that frictions in the financial sector affect macro economy outcomes and they have therefore become of paramount importance not only among the editors of the top finance and economics journals, but also among regulators, and the public at large. Teaching in the MPhil program is done by the Institute s stellar researchers who themselves are active in developing research ideas, writing papers, and publishing in top-ranked journals. Teachers keep their course offerings up to date so as to reflect the latest developments in their field. Teaching skill is monitored continuously through student evaluations, and is improved where possible. There is even the option of attending more specialized non-ti courses offered by the participating universities and getting credit for them as TI field courses (e.g., advanced math courses). finance courses 20 Tinbergen Institute Graduate School

12 Eight advantages of pursuing graduate education at Tinbergen Institute 1. Top-ranked institute with top lecturers 1 Tinbergen Institute provides highquality graduate education in economics, econometrics and finance on behalf of three of the Netherlands top universities: Erasmus University Rotterdam, the University of Amsterdam and VU University Amsterdam. The economics faculties of these universities provide Tinbergen Institute with their best academic researchers. Each of these TI fellows has excellent international credentials, and carries out research, provides lectures and acts as a student advisor. Tinbergen Institute is regularly reviewed by an international committee as part of the accreditation process of the Royal Netherlands Academy of Arts and Sciences (KNAW). In the concluding remarks of its 2010 report, the international peer review committee observed the following about TI s MPhil program: We examined course content, quality of teaching, quality of student selection and student satisfaction. In all aspects of our assessment, we found the programs to be of an excellent international standard. The success rates for MPhil graduates are high. 2. Good job placement prospects Ask any of Tinbergen Institute s over 500 PhD alumni, and they ll tell you that a degree from Tinbergen Institute opens the doors of opportunity. Roughly half of them work in research universities in the Netherlands and abroad (including Brown University, National University of Singapore, Aarhus University and University of Edinburgh) many as full and tenured professors. A quarter of TI alumni work for national and international government organizations such as central banks, ministries, the World Bank and the IMF. The other quarter are employed in private-sector firms 2(usually large banks, insurers and consultancy firms). Tinbergen Institute provides extensive support to PhD students who go on the job market. This support includes training in interviews and presentations, financial support to travel to the (American) job market events and secretarial support to send out recommendation letters. 3. Extensive program of field 3courses Graduate programs in economics, econometrics and finance at Tinbergen Institute can be tailored to fit your interests. TI offers a wide array of field courses, allowing students to specialize in virtually any field of economics, econometrics and finance. In 2013/14, over 40 field courses are offered. 4. One-on-one advice in a small-scale program When it comes to getting the most out of your graduate education, a small-scale program is definitely 4 preferable. A maximum of 35 students are admitted annually to TI s MPhil program. The small scale of the program allows students to regularly call upon the institute s staff, professors and student body for individual advice on both practical matters and research. In addition, TI schedules regular meetings between individual students and the Director of Graduate Studies to discuss progress in the program. 5. Excellent international travel opportunities TI demonstrates its commitment to supporting international academic experience by allocating personal travel budgets to its PhD students. Many of the institute s PhD students spend some time abroad in academic institutions (such as Harvard University, University of Chicago, University of Pennsylvania, University College London, Carnegie Mellon University) and international organizations (such as the World Bank) during their PhD. They often manage to get their research papers accepted for presentation at key conferences, such as the Econometric Society meetings. They also travel for research meetings and classes within formal European Union networks connecting the top European graduate schools. On top of the regular funds allocated for international travel, TI awards additional travel budgets to students 5 with exceptional and original plans for research visits. This additional budget is provided by the C. Willems Stichting. 22 Tinbergen Institute Graduate School

13 6. Budget for job market activities 6 Tinbergen Institute will provide funding for students who are engaging in international job market opportunities. In general, the funding will allow students to cover the costs of participating in one international job market event. 7. TI s research master program: a gateway to a wide variety of PhD thesis opportunities in Amsterdam and Rotterdam Perhaps you would prefer to check out several options before committing to a specific research direction? The TI MPhil program not only provides PhD-level 7training in economics, econometrics and finance, but also allows students to explore the many departmental research groups of the three faculties of economics before they commit to work on a thesis with a specific advisor. At the three faculties, 22 PhD positions are allocated to the graduates of the TI MPhil program. All of the (senior) TI research fellows, researchers with excellent international credentials, are available for thesis supervision. Usually, if the match between student and supervisor is successful, the MPhil thesis supervisor is also the PhD thesis supervisor in the PhD phase of the program. PhD students in the Netherlands are fully employed and have a good salary. 8. So much more on offer: lecture series, workshops, camaraderie, excellent support services and great locations 8 Tinbergen Institute strives to create a balanced graduate program experience. TI is foremost a respected research institute that offers students a range of academic opportunities outside the formal program, including attending the annual lecture series, which features top international academics, and taking part in regular seminars and workshops at TI locations. This is all facilitated by TI s excellent infrastructure: TI has its own offices, seminar rooms and a dedicated support staff in both Amsterdam and Rotterdam. Students have their own computer facilities and office space. 24 Tinbergen Institute Graduate School

14 Entering the job market job market Petr Sedlacek (Czech Republic) MPhil diploma in 2008, PhD in 2011 Current position: Assistant Professor University of Bonn With its U.S.-style program consisting of two years of coursework and three years of PhD research, Tinbergen Institute is, in my view, one of the top programs in Europe. Its main advantage is the fact that it is comprised of three top universities: Erasmus University Rotterdam, VU University Amsterdam and the University of Amsterdam. This allows TI to provide a wide range of courses, all taught by experts in the respective fields. After finishing the two years of coursework, I joined the University of Amsterdam to write my PhD thesis on the macroeconomic implications of labor market frictions. Throughout my PhD years I obtained generous support both intellectually from my supervisor, and also financially in terms of funding for conferences, summer school and other courses. With the help of my supervisor s network, I was able to arrange a research visit at the Research Department of the European Central Bank during my last year of study. At that time I was developing my job market paper. Being able to interact in such an environment during the early stages of my new project proved to be invaluable. Tinbergen Institute continues to support its students after graduation, as well. By providing job market workshops, mock interviews, financial support and a job market website, it further promotes its students, giving them the best chance of landing a job after graduation. Apart from a great education, I also left TI with an excellent group of friends with whom I had lots of fun, both in Amsterdam and Rotterdam and we still stay in close contact. This means that you re immediately linked to a widespread network of young researchers. I now have close friends at the Central Bank of Chile, the Dutch National Bank, the Bank of Slovenia, CPB Netherlands Bureau for Economic Policy Analysis, the U.S. Census Bureau, Oxford University, University College London and many other places. TI is a great choice. 26 Tinbergen Institute Graduate School

15 TI alumni do well on the job market Peter Wakker (The Netherlands) Professor in Decision under Uncertainty at Erasmus University Rotterdam Tinbergen Institute offers a well-balanced program in economics, providing a perfect preparation for future research work. There are thorough introductory courses, targeted to high-level students, covering the classical and basic economic models. These courses start from scratch but go up steeply, with each student working hardest on the courses where he/she lacks most prior knowledge, but saving time in courses more familiar. In the end, all students have an expertise broad and deep enough for doing research, and common enough despite varied international backgrounds for joint projects in teams. The program is coherent, with advanced courses coordinating with introductory courses, regarding the material needed. Students may choose to do a great deal of the work in groups, preparing for teamwork research, and may choose to participate in many activities besides the regular curriculum. Teaching is done by top researchers selected from three large universities, with distinguished international researchers flown in for short intense courses. A great variety of field courses cover the most recent developments in research, including new emerging fields such as behavioral economics. This fits perfectly with the distinctive tastes of an array of students interested in different directions. Students are encouraged to smoothly transition from taking courses from the institute s research fellows into doing joint research with them. For many years my team has enjoyed doing research with TI MPhil students. Because of TI s outstanding reputation, TI alumni do well on the job market. top research 28 Tinbergen Institute Graduate School

16 At the interface between science and practice Ioulia Ossokina (Russia) Tinbergen Institute alumnus Title of thesis: Environmental Policy and Environment-saving Technologies (2003) Member of scientific staff at CPB Netherlands Bureau for Economic Policy Analysis since 2003 If you want to work in academia, you should do a PhD. That s straightforward. But should you do a PhD if you might eventually want to pursue a career in business, with the government or with an international organization? This question worried me a lot in my last undergraduate year. Now, ten years and a PhD later, I do indeed work outside academia but every day I apply the knowledge and skills I acquired at graduate school. Being active in the TI alumni association, I see that quite a few of my fellow alumni have followed a similar career path. The areas of employment of TI alumni are quite diverse. Tinbergen graduates can be found working for many foreign and Dutch universities, the European Commission, the World Bank, the OECD, and Dutch and foreign governments and research institutes. You might also bump into them at Ernst and Young, ING bank or McKinsey. interface Why does such a wide range of non-academic employers hire TI alumni? I think they must be impressed by the TI combination of thorough academic training and the ability to use research skills to solve more applied problems. The former is the result of the TI s very strong faculty staff. The institute s wide contacts among the applied research and policy-making communities, as well as the large network of TI alumni in these communities, contribute to the latter. A PhD at Tinbergen Institute is a good investment in your future career. It s up to you, though, to make the best of what TI has to offer. 30 Tinbergen Institute Graduate School

17 Being an active part of the TI community brings out the best in me Sándor Sóvágó (Hungary) Second-year MPhil student cooperative The first year of the TI MPhil program offers students a range of training and social interaction opportunities geared toward bringing out the best in them. First of all, the Institute offers top-quality core courses, which students can tailor to their background and interests. Personally, I have found the Advanced Econometrics track extremely rewarding. The rigorous discussion of the material, supplemented by programming exercises, greatly helped me to master the basic econometric techniques. The short blocks and the extensive homework assignments are demanding, but they force us to learn to work efficiently, which is the best preparation for our future research activity. Although the focus of the first year is mainly on the coursework, students are strongly encouraged to think about their research interests and a potential future supervisor. The MPhil seminar series provides an excellent opportunity to get to know the diverse research groups active in the three universities. I think the following story nicely demonstrates that scholars at TI are nothing if not open-minded and helpful: when I accidently met one of our professors in Amsterdam, he kindly invited me to his office to discuss the research ideas I had, even if they were completely unrelated to his field. As an important supplement to TI s outstanding professional environment, the social programs, including the introductory days, the chess competitions, the sports events and the TI Variety Show, have helped us to stay balanced and relaxed. These events bring students closer to each other, showing them that their talents encompass much more than just economics. The cooperative atmosphere of the Institute is inspiring, and constantly reminds me that being an active part of the TI community brings out the best in me. 32 Tinbergen Institute Graduate School

18 Application deadlines Although applications may be submitted prior to any of the dates listed below, applicants are advised to submit their application by the early (1 February) deadline because both the number of places and the funding opportunities are limited. Applicants from non-eea countries should apply before the deadline of 1 April Applicants who would like to be considered for a scholarship should apply as early as possible. The application deadlines for September 2014 enrolment: 1 February April June 2014 (not applicable to citizens from non-eea countries) Application files that are complete by these deadlines will be processed in February, April and June, respectively. Tinbergen Institute and the international offices of the participating universities will help newly admitted foreign students with immigration procedures, housing, and so forth. For more information on Dutch immigration procedures for academic visitors and details on studying in the Netherlands, please consult Questions regarding the application procedure can be ed to: applications@tinbergen.nl. Tuition fees The annual tuition fee for the academic year 2014/15 for EEA nationals not holding a Dutch master degree and under 30 years is yet to be determined (approximately 1800). For EEA students older than 30 years, the fee is yet to be determined. (approximately 2150). The annual tuition fee for the academic year 2014/15 for non-eea nationals and for students holding a Dutch master degree is set at 12,000. Note: Tinbergen Institute has the intention to offer assistance to students holding a Dutch master degree and facing problems because of the high tuition fee. Funding and scholarships Tinbergen Institute awards scholarships based on merit. Applicants who wish to compete for a TI scholarship should indicate this on the online application form. These applicants are advised to submit their applications as early as possible, preferably by the first deadline of 1 February Tinbergen Institute is prepared to assist any students who wish to pursue external funding. Please ask explicitly for assistance with required documentation by (applications@tinbergen.nl), indicating on the online application form if you have applied or will be applying for external funding. The government support scheme for Dutch students has been revised. Please check particulieren/default.asp for the latest details. Tinbergen Institute has the intention to offer assistance to students holding a Dutch master degree and facing problems because of the high tuition fee. Tinbergen Institute also offers scholarships to second-year MPhil students who have performed well in their first year. Additional funding is offered to second-year students by the Institute and the participating departments through research and/or teaching assistantships. These jobs offer valuable teaching and research experience and are suitable for second-year students. The core (first-year) program leaves little or no time for any jobs. Tinbergen Institute s PhD students are fully funded. PhD students have full-time positions at the economics departments participating in Tinbergen Institute. Furthermore, TI allocates personal travel budgets to its PhD students. 34 Tinbergen Institute Graduate School

19 challenging Such a culturally diverse mix a tremendous experience Zhiling Wang (China) First-year PhD student MPhil diploma in 2013 TI owes its reputation to its excellent research teams from three top universities in the Netherlands. TI s research covers a wide range of research fields and achieves remarkable academic depth. The program provides a decent platform for those who have vision, insight and perspective. You get to know your own field s expertise while you also gain knowledge from other fields. TI core courses in the first year are really tough. I guess most of us have more or less murmured at the end of the term, I sure am glad I don t have to do this ever again in my life! Despite that, I still feel grateful for this challenging year because it has indeed laid a solid foundation for my future research. It s taught me perseverance and has developed in me an open mind. More importantly, I ve became very close friends with my fellow students and I ll never forget the countless late nights we spent together at TI studying and working on the assignments. Although our first year of training has been intensive, we found a great deal to enjoy. We organized outdoor trips, picnics and BBQ for nature-lovers all of them great fun, although it must be admitted that picking a sunny day for such an outdoor activity may present somewhat of a challenge of its own in the Netherlands! We also organized a TI Variety Show for our musical geniuses, talented comedians, singers, dancers and those who love performing on the stage. Another exciting activity is the TI office football pool for UEFA Champions League! Football enthusiasts: this is something you should never miss! Every participant seems to have great fun in playing this little gambling game. TI draws students from all over the world. Interacting with fellow students at TI it s such a culturally diverse mix has been a tremendous experience. 36 Tinbergen Institute Graduate School

20 Colophon Tinbergen Institute is the graduate school and research institute in economics, econometrics and finance of the Erasmus University Rotterdam, University of Amsterdam and VU University Amsterdam. Board C.N. Teulings (Chair), A. Italianer, H.P. Boswijk, H.D. Webbink, J.L. Moraga-Gonzalez General Director B. Visser Director of Graduate Studies M. Giuliodori Photographs Levien Willemse, Rotterdam Henk Thomas, Amsterdam Erasmus School of Economics, Rotterdam Contact details Tinbergen Institute Amsterdam Gustav Mahlerplein MS Amsterdam The Netherlands Telephone: +31 (0) Tinbergen Institute Rotterdam Burg. Oudlaan PA Rotterdam The Netherlands Telephone: +31 (0) Website facebook.com/institutetinbergen twitter.com/researchti Editorial services Etc. Editing, Breda Design Crasborn Grafisch Ontwerpers bno, Valkenburg a.d. Geul, Printing Drukkerij Van Deventer BV s-gravenzande 38

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