MPhil and PhD program in Economics Econometrics

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1 Information brochure 2013 MPhil and PhD program in Economics Econometrics 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 track in Economics 15 MPhil track in Econometrics 16 PhD program 16 Admission requirements 22 Eight advantages of the TI graduate program 34 Application deadlines 34 Tuition fees 35 Funding and scholarships 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 Contact details VU University Amsterdam Faculty of Economics and Business Administration 4 Tinbergen Institute Graduate School

4 welcome Welcome We are 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. At the Master s level, TI offers two MPhil tracks: one in Economics and one in Econometrics. Both 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 at Tinbergen Institute 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 full 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 has 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 Adriaan Soetevent and Ton Vorst, Directors of Graduate Studies 6 From left to right: Ton Vorst, Adriaan Soetevent, Bauke Visser Tinbergen Institute Graduate School

5 About Tinbergen Institute Tinbergen Institute (TI) is the research institute and graduate school operated jointly by the Economics and Econometrics 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 two tracks: one in economics and one in econometrics. 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. experience 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. 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 Ambitious coursework, friendly atmosphere Janko Cizel (Slovenia) Second-year PhD student MPhil diploma in 2011 ambitious Studying at Tinbergen Institute has been a challenging and rewarding experience for me. The set-up of the coursework is ambitious and requires a high degree of involvement and devotion. The atmosphere at the institute is extremely motivating and friendly, which makes digesting the (at times) difficult material covered during the lectures easier and more enjoyable. I am currently finishing my first year of PhD in Finance, and I must say that the access to high-quality seminars organized by Tinbergen Institute and the Duisenberg School of Finance has greatly benefited my research work, especially by giving me the opportunity to discuss my research ideas with some of the best academics in Finance. 10 Tinbergen Institute Graduate School

7 skills to succeed Getting the skills you need to succeed in economics Lucyna Gornicka (Poland) First-year PhD student MPhil diploma in 2012 It has been almost two years since I started my MPhil at Tinbergen Institute. Upon reflection, I regard this period as a fruitful experience that has enriched me both as an economist and as a researcher in general. First of all, TI offers a program on a world-class level demanding in terms of work and effort, but providing students, in return, with 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 students to profit from the knowledge and experience of researchers in various fields. Throughout the academic year, each of the universities, as well as the institute 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 students a chance to listen and learn from the leading researchers in the field. However, life at TI is not merely about studying. This program also offers a friendly atmosphere, people that you can never get bored with, and impossible to overestimate support from the TI staff. Moreover, as the president of the Students Council, I ve helped to plan many social events for TI students and PhDs. In particular, each year begins with Introduction Days organized as a weekend trip to a Dutch city, offering opportunities for new students to get to know each other better and to benefit from the experience of their older colleagues. At the moment I am about to start my PhD at the University of Amsterdam and considering my experience during the last two years, I am definitely looking forward to the remaining three years as a member of Tinbergen Institute. 12 Tinbergen Institute Graduate School

8 Tinbergen Institute s graduate program MPhil program Tinbergen Institute offers one MPhil program with two tracks: one in economics and one in econometrics. The two tracks have the same structure, institutions and regulations. Both 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. 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 Behavioural 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, 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. 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 14 Tinbergen Institute Graduate School

9 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 Tinbergen Institute s 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 fulfil 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 40 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: > Graduate School > Admission requirements. 1. Applicants must hold at least a bachelor s degree, preferably in Economics, Econometrics, Mathematics or Physics. 2. All applicants (including Dutch students) must submit recent GRE scores (Graduate Record Examination). 3. Applicants must have an excellent command of English. 4. Applicants should demonstrate motivation by means of a written letter of intent. 5. Two letters of recommendation should be submitted with the application. Only complete applications will be considered. 16 Tinbergen Institute Graduate School

10 An excellent place to study econometrics Falk Brauning (Germany) Second-year PhD student MPhil diploma in 2011 Comparable to other top graduate programs, the TI MPhil provides a thorough treatment of micro, macro and econometrics. However, TI also offers two special things that I believe are worth mentioning. First, MPhil students have to take part in a special research seminar series in which the different research groups present their ongoing work. Also they are encouraged to join the different seminars, conferences and presentations. I know that this has helped many of my fellow students to decide about which supervisors and topics might suit them best. Second, the advanced econometrics track is an attractive feature of TI s first year. Though we had to work very hard on these proof-based courses, they help tremendously to understand econometric theory and methods, and I still benefit from these courses now in my PhD. Due to TI s large faculty you can find experts doing cutting-edge research in almost all fields of economics at the institute. Especially for students who do not yet want to commit to a specific area when applying to grad school, the great field of expertise available at TI is definitely an advantage. One drawback: it may be quite hard to choose your supervisors and PhD topics among the many top alternatives TI offers. Another important factor in TI s favour is the extensive (international) network that most TI researchers have. I know many senior students who have benefited from these networks they ve become a visiting researcher at a foreign university, which in turn has provided new input for their own work. Moreover, when you re going on the job market, having a well-connected and renowned supervisor is half the way toward getting your favourite placement as long as you do your job and write good papers, of course. excellent place 18 Tinbergen Institute Graduate School

11 Finance courses at TI Albert J. Menkveld TI Program Coordinator Financial and International Markets and TI Research Fellow Associate 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. finance courses 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). 20 Tinbergen Institute Graduate School

12 Eight advantages of pursuing graduate education 1at Tinbergen Institute 1. A top-ranked institute with top lecturers: Looking for a top-ranked graduate school? Tinbergen Institute provides high-quality graduate education in economics, econometrics and finance on behalf of three of the Netherlands leading universities: Erasmus University Rotterdam, the University of Amsterdam and VU University Amsterdam. The economics and econometrics 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. 2. Good job placement prospects: Ask any of Tinbergen Institute s over 400 PhD alumni, and they ll tell you that a degree from Tinbergen Institute opens the doors of opportunity. Roughly half of all TI graduates work in research universities in the Netherlands and abroad many as full and tenured professors (including some at the University of Michigan, the University of Warwick, the University of Zurich and Brown University). 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 usually large banks, insurers and consultancy firms. 3. Extensive program of field courses: 3 Interested in tailoring the program to your own interests? 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 2012/13, over 40 field courses are offered One-on-one advice in a small-scale program: What about individual attention? When it comes to getting the most out of your graduate program, small-scale is definitely preferable. A maximum of 40 students are admitted annually to the economics and econometrics tracks of TI s MPhil program. The program s small scale 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 Excellent international travel opportunities: Eager to get some international academic experience? Tinbergen Institute and its fellows and students are very well connected internationally. 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. TI 22 Tinbergen Institute Graduate School

13 demonstrates its commitment to supporting international academic experience by allocating personal travel budgets to its PhD students Good funding opportunities: Looking into financial aid? TI runs its own scholarship program for MPhil students. TI scholarships are allocated on the basis of merit and need. In recent years, about half of all first-year students were typically offered some funding, and most second-year students were funded. 7. TI s research master program: a gateway to a wide variety of PhD thesis opportunities in Amsterdam and Rotterdam: 7 Prefer to check out several options before committing to a specific research direction? The MPhil program is the research master in economics, econometrics and finance of the three economics departments participating in TI. The program not only provides PhD-level training in these fields, but also allows students to explore the many departmental research groups before they commit to work on a thesis with a specific advisor. 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, featuring 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 Petr Sedlacek (Czech Replublic) Tinbergen Institute alumnus Title of thesis: Macroeconomics of labor market frictions (2008) Current position: Research Economist at European Central Bank, Financial Research Division. 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. job market 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 Specializations grounded in top research Arthur Schram Tinbergen Institute Lecturer TI Fellow, Since 1990 Professor of Experimental Economics at the University of Amsterdam Tinbergen Institute s curriculum can compete with the best in the world. Its core courses offer frontier knowledge in the three main fields of economics: econometrics, macroeconomics and microeconomics. This provides the thorough training that every economist needs and at an outstanding level. The program offers more, however. It offers a spectacular set of field courses and allows for specialization in areas that dare to diverge from the mainstream. These specializations are firmly grounded in top research by TI s fellows. This makes teaching at TI a rewarding experience, which is why the best teachers of the three participating universities are happy to contribute to the program. When teaching at TI, I am always impressed by the high quality and motivation of the students. There is an eagerness to learn economics that stimulates discussion and contributes to an outstanding atmosphere. Another thing that I really appreciate is the willingness to collaborate. TI does not have the cutthroat competition amongst students that characterizes many other programs. Individual quality is the goal, but collaboration is often used as a method to achieve it. The success TI graduates have on the job market shows that this works. 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. If you visit the site of the alumni association ( and search in the list of alumni or read the alumni letters, you ll discover that 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 Cooperative atmosphere among students Uwe Thuemmel (Germany) Second-year MPhil student cooperative After carefully researching graduate programs in economics, I applied to Tinbergen Institute for several reasons. First, I was looking for a top-quality European program with a structure resembling that of PhD programs in the U.S., with two years of coursework, followed by three years of research. Second, I wanted a program that matched well with my interests in labor economics, behavioral economics and complex systems. Third, I was looking for an environment worth living and studying in for the next five years. After having finished my first year at TI, I may say that I am still happy to have come here. The first-year courses in Microeconomics, Macroeconomics and Econometrics are demanding and require a lot of work; they are also rewarding in terms of understanding and knowledge. Courses build well upon each other; moreover, lecturers at TI are motivated, well prepared and always willing to answer questions. Tinbergen Institute provides its students with great facilities for group- and self-study. A visitor coming to TI will always find groups of students in front of whiteboards, discussing exercises, working on assignments and helping each other. For me, the cooperative and friendly atmosphere among students is one of the big advantages of TI. I enjoy learning from my fellow students when working on problem sets, as well as when having discussions on broader subjects. The second year, with its choice of field courses, will allow me to gain more insight into the fields that interest me most, and will prepare me for doing my own research. The fact that TI is a cooperation of three universities gives students a lot of options. The MPhil seminars in which research groups from the three participating universities present themselves and their work provide a great way to get to know people, projects and possibilities. In my experience, researchers are both approachable and willing to meet and discuss ideas. Finally, the social activities organized by the Students Council are welcome breaks from studying. Moreover, if you ve got an umbrella, then the Netherlands Amsterdam and Rotterdam, in particular is a great place to live. 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 April 1, Applicants who would like to be considered for a scholarship should apply as early as possible. The application deadlines for September 2013 enrolment: 1 February April June 2013 (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 2013/14 for EEA nationals not holding a Dutch master degree and under 30 years of age is yet to be determined (approximate estimate: 1800.). For EEA students older than 30 years, the fee is yet to be determined. (approximate estimate: 2150.) The annual tuition fee for the academic year 2013/14 for non-eea nationals and for students holding a Dutch master degree has been set at 12,000. Note: Tinbergen Institute has the intention of offering 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 February 1, 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 of offering 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 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 outside employment. 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 Exceeding my expectations Zhenxing Huang (China) Third-year PhD student MPhil diploma in 2010 I have to admit that, before I came to Tinbergen Institute, I rated the most attractive points here the high quality of the research groups and the connection of three top universities across the Netherlands Erasmus University, with its long tradition in Econometrics, UvA (University of Amsterdam) with its famous CREED experiment group and VU (VU University Amsterdam) with its specialization in development economics. I relished the opportunity to access a wide range of research topics under good supervision after successfully finishing the MPhil program. Soon after beginning my study here, however, I found that TI had more to offer than I had expected. One of the most fascinating factors for me is the study environment comprised of an independent office floor, where a majority of courses and seminars are held and plenty of self-study rooms are available. There is no need to rush off to different locales for courses or seminars, as they are just around the corner, and the 24-hour-accessible space allows us to work as late as we like. As most students like to study here, this gives us a great deal of contact with each other. Therefore, unlike other places where students are isolated and study on their own most of the time, students at TI benefit a lot from mutual learning and communication. Not only do we discuss academic problems; we also exchange ideas about current economic and political events and share opinions now and again on historical doctrines. I can say that learning from people who come from different backgrounds and cultures has substantially broadened my own thinking. more to offer Add to this the open and friendly atmosphere at TI. You can easily contact the Director of Graduate Studies if you have any problems or ideas to discuss, as his office is located practically next door to your study room. For the other kinds of difficulties that most international students have to deal with, such as making application for a residence permit or prolonging a housing contract, TI s helpful support staff are on hand to ease the way. 36 Tinbergen Institute Graduate School

20 Colophon Tinbergen Institute is the research institute and graduate school operated jointly by the Economics and Econometrics faculties of 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 Directors of Graduate Studies A.R. Soetevent (economics and econometrics), A.C.F. Vorst (finance) Photographs Levien Willemse, Rotterdam Henk Thomas, Amsterdam Riechelle van der Valk (VU University) Editorial services Etc. Editing, Breda Design Crasborn Grafisch Ontwerpers bno, Valkenburg a.d. Geul, Printing Drukkerij Van Deventer BV s-gravenzande 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 38

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