Economics @ University of St.Gallen

Must innovation and globalization always raise inequality? How can public policy reduce poverty and make growth more inclusive? What are the policy priorities to preserve a clean environment and sustain the future quality of life? How can governments and central banks reduce economic fluctuations? Can we avoid financial crisis? How do digitization and big data transform firms and society? The study programs in economics teach the latest insights from modern economic theory and empirical methods to provide the answers. Endowed with these tools, economics graduates start ambitious careers in public policy, science, consulting and management of private sector firms.

The economics faculty at the University of St. Gallen provides top-level research and teaching in Micro- and Macroeconomics, Econometrics and Statistics. It covers the major fields in economics such as International Trade, Labour and Development Economics, Public and Political Economics as well as Financial Economics, Industrial Organization and Managerial Economics. The Bachelor’s level trains the essential tools of economics with many applications. The Master’s programs offer advanced training to do rigorous independent research and become an expert in one of the specialization areas.

This page serves as an information platform to illustrate how economics training helps students launch successful careers, and how they can contribute to solving challenging social, economic and business problems. It informs about study programs, alumni careers, news from the faculty and many other initiatives.

Interviews with our Students and Alumni

Students and Alumni

	My next steps after MiQEF (October 2020) At the Graduation Day Autumn Semester 2020 Filippo Cavaleri received the LGT Prize for the best overall degree in MiQEF 2019/2020. He is now a first-year student in the Finance Ph.D. programme at the University of Chicago Booth School of Business. Read more about his decision for a Ph.D. and what it is like to study at the Booth School in Chicago.
	My next steps after MEcon (October 2020) At the Graduation Day Autumn Semester 2020 Verena Konzett was awared the Jöhr Prize for the best overall degree in MEcon 2019/2020. Reade more about Verena's next steps after MEcon.
	Dynamic Pricing not only for Sports (May 2020) Ann-Cathrin Fels, MiQEF alumna, was rewarded the price for the best Master's thesis 2019/2020, shared with Johannes Matt (MEcon). Now she works at the global consultancy firm Bain & Company. What is the potential of dynamic pricing? How was the exchange term at Haas School of Business in California, and how does it compare to HSG studies? Why is MiQEF’s quantitative focus a good preparation for consultancy work? Read more.
	Multitasking in Economics (March 2020) Maria Volkmann is a MEcon, the Master in Economics, student and the new president of the Ad Hoc Economics student club. What is the key mission of the club? Does she want to be a specialist or an allrounder in economics? What is the economic problem that needs an in-depth-analysis and is waiting for a Master thesis, complete with an own policy perspective? What is the next step: industry boss, journalist, policy maker or scientist? Read more.
	Banks Need Help from MiQEF Students (December 2019) Max Arrich and Florina Benkhalifa; MiQE/F-Students: In their Master thesis, Max Arrich and Florian Benkhalifa studied the secrets of credit risk modeling and realized a large potential for practical applications. They started Paraloq Analytics and build mathematical modelling tools for banks. How does it feel to be a start-up entrepreneur? How is entrepreneurship usefully combined with PhD research? Why is the PEF program at HSG their preferred choice? Read more.
	30 Under 30: An Economist’s Career (September 2019) Massimo Mannino, MEcon alumnus of 2014, made it on the prestigious list of most influential young pioneers “30 Under 30” of the renowned U.S. business magazine Forbes. Massimo is a data analytics specialist and serial start-up entrepreneur. Why is a sound training in economics a good investment for a private sector career? Why is data analytics the key to success in the new digital economy? What is the biggest challenge in starting up a new firm? Read more.
	Central Banking in Action (May 2019) Sindre Midttun is a MEcon student from Norway with a bachelor degree in Economics from Oslo University. With three colleagues, he just won the prestigious Norwegian Central Bank Case Competition. How did they beat the competition? How does studying MEcon differ from studying economics in Oslo? What are the highlights of the MEcon experience? Will the future career be in public policy, management or in science? Read more.
	Ad-Hoc Economics: A fizzy student community (March 2019) Andrea Poinelli, president of the brand new HSG club Ad-Hoc Economics (AHE), has studied economics all over Europe. He started in Italy, was an exchange student in Sweden, acquired a Master of Science degree in Financial Economics in Rotterdam, and started MEcon in fall 2018. How do HSG studies compare to other universities? What are the highlights and downers in the first semester of MEcon? Should economists do more clubbing? Read more.
	Is a double degree double work? (Dec. 2018) Jörn Onken, top scoring MEcon student, looks back on a great first year at Stockholm School of Economics. In his second Master year at HSG now, he is scouting a challenging research topic for a Master thesis. Which topic is waiting for thesis research? What are the highlights in Stockholm? How does MEcon knowhow help with internships in leading consultancy firms? What is the future holding? Read more. Find out more about all double degree options during your Master's degree programme.
	"Blockchain is the toolkit for realizing our vision of a shared economy." (May 2018) The two St.Gallen Alumni, Jean-Luc Bourquin (MEcon 2017) and Anselm Pilz (MiQE/F 2017), are among the first employees of the rapidly growing company Deon Digital AG. The Zürich-based startup develops software for smart contracts, utilizing blockchain (i.e., distributed ledger) technology. How do they help companies reinvent their business models and compete in the digital world? Their work starts with understanding client needs and provides solutions based on data analytics and business modeling. Read more.
	"The MiQEF had it all... and I would pursue it again!" (May 2018) How does MiQEF connect to New York University, MIT and Columbia University? Xavier Giroud knows. He is a MiQEF graduate of 2005. Following a subsequent PhD at New York University, he joined MIT as a Ford International Career Development Professor of Finance in 2011 and, since 2017, is the Roger F. Murray Associate Professor in Finance at Columbia University. How can finance help firms grow larger and create more value and more jobs? What are the advantages of economics for a career in finance? What is his most vivid memory of studying MiQEF in St.Gallen? Find out more.
	No Pain, No Gain (March 2018) Johannes Matt, top scoring MEcon student, looks back on an intensive first semester. He explains how he perceives the strengths and weaknesses of the curriculum and how he plans to organize his further studies until graduation. He also reflects on his research interests and potential topics for a Master thesis. Read more.
	Entrepreneurial Spirits (March 2018) Roger Baumann, Alumnus of Economics at HSG (Doctorate in 2005, Lizentiat/Master's Degree in 1999) is a founding partner and CEO of c-alm, a St.Gallen based firm specialized in Comprehensive Asset Liability Management. You are worried about risk and return in your investment portfolio? He is the man. Besides, he also shares his experience in founding a startup, why he hires 40 economists in a team of 50 to expand the business, and how he finds time to teach pension economics, finance and insurance at the University. Read more.
	Very High Expectations (Nov. 2017) Christina Maier, top 5% bachelor graduate from the renowned University of Munich, started the MiQE/F programme and has high expectations. She answers why she preferred studying economics at HSG, what she expects from MiQEF training, and which topics she intends to explore in her Master thesis. Read more.
	MEcon Knowhow for Business (Nov. 2017) Philipp Stumm, Alumnus of MEcon 2014, is a Senior Consultant in Analytics and Information Management (IM) at Deloitte Switzerland in Zurich. He gives some good advice how MEcon students can outperform business students in making a management career. Read more.
	Economics 6.0 for Bankers (Nov. 2017) Andrina Niederberger, Alumna of MiQE/F 2016 and Treasury Asset Liability Manager at Credit Suisse, applies economics to banking. She tells the secrets of her price winning 6.0 Master thesis and explains why MiQE/F was such a good idea. Read more.
	Life at the World Bank (Oct. 2017) Dr. Rebekka Grun, HSG economics Alumna, is an economist at the World Bank in Washington and was advisor to the previous President of the Bank. What is an advisor to the President doing? What are the main challenges and tasks of economists at the World Bank? What should economics programs at universities teach to prepare for a job in international organizations? Read more.

Interviews with the Faculty

HSG Faculty

	Innovation and growth for the lucky few? (May 2020) Guido Cozzi, a professor of economics, is an expert in innovation-based growth theory. He is also interested in the rise of China. What makes a country grow? Must we accept more inequality? How does our Ph.D. programme in Economics and Finance (PEF) compete with the top schools worldwide? Read more.
	A New President, A New Era (March 2020) Bernhard Ehrenzeller is a professor of public law and an expert in the Swiss constitutional law. As of February 2020, he starts as the new university's president. What is the key mission of the university? What is the role of economics at a leading business school? Where is our university in ten years from now? Read more.
	Good Econometrics for Better Finance (December 2019) Matthias Fengler is professor of financial econometrics and mentor of the Masters Programs MEcon and MiQEF. He serves on the joint program commission. How can good financial econometrics guide reliable strategies in financial decision making for firms, banks and households and lead to better economic outcomes? Why should students care to invest in econometric methods? Read more.
	What is the Impact of Economics? (September 2019) Roland Hodler, professor of economics, teaches and does research in economic development, political economics and public finance. He won this year’s HSG Impact Award. What is the impact of economists? Is the university striking the right balance between research, teaching and social impact? Read more.
	Inspecting the Anti-Competitive Crime Scene (May 2019) Stefan Bühler, professor of applied microeconomics and former vice president of the Swiss Competition Commission, knows the typical crime scene of anticompetitive behavior from first-hand experience. What are the most effective tools of competition policy to protect consumers? Are the global internet giants a threat to competition? What are the new challenges of the digital transformation, for students, businesses and policy makers? Read more.
	More Economics for the Public Debate (March 2019) Monika Bütler, professor of economics, is active on multiple fronts. She has introduced generations of assessment students to the beauty of economics. She is an influential voice in the public debate. She thinks that policy solutions would benefit a lot from sound economics. How can Switzerland stay ahead of other economies? Why are economists successful in consulting and management? How should students prepare for their own research? Read more.
	All you can read – and more (March 2019) Everyday needed, little understood: The critical link in the supply chain of scientific production is … the library. When library services are down, science comes to a standstill. How is digitization transforming our library? Are internet sources the end of the traditional library? The chief librarian, Edeltraud Haas, discusses the latest trends and looks into the mechanics of the future library. Read more.
	Can globalization be inclusive? (Dec. 2018) Marc Muendler, Professor of Economics and an expert in International Economics, just arrived from the University of California, San Diego, and has big ideas for HSG’s Global Economy Center, which he considers joining. Must trade and innovation always create inequality? Is inclusive globalization possible? What is on offer for Economics students at HSG? Read more.
	"The degree of personal freedom and responsibility is unique!" (Oct. 2018) Contextual Studies are an integral part of the curriculum and a unique feature of the HSG degree programmes. However, curricula are crowded and students overworked. So, what is the value added? How can economists benefit? Are Contextual Studies translating into better careers? Caspar Hirschi, Professor of History and Academic Director of Contextual Studies at the HSG, answers the questions. Read more.
	Macro Effort, Macro Insight, Macro Fun (May 2018) Winfried Koeniger is the academic director of the economics program at the bachelor level, is a professor of macroeconomics at HSG, was an Associate Professor at Queen Mary University of London, and holds a PhD from the European University Institute in Florence. The student representatives have chosen Winfried Koeniger amongst the nominees for the SEPS Excellence in Teaching Award 2018. Are macroeconomists good crisis managers? What is his own research about? Why is a HSG bachelor degree such a good ‘door opener’ for students? Read more.
	Economics for the Digital Age (March 2018) Christian Keuschnigg is a Professor of Economics, specialized in Public Economics, and academic director of MEcon and MiQEF. Simon Handreke, student representative in the Econ Department, has some questions: What are the highlights of the new Master reform? What does “Economics for the Digital Age” mean? Why is it such a good idea to study economics at HSG? What are his priorities for research and teaching? Read more.
	From LSE to HSG (March 2018) Frank Pisch with a fresh PhD degree from the London School of Economics, joins the Econ faculty as an assistant professor and is part of the Global Economy Center at HSG. What are his research and teaching plans? What does he expect from HSG students and colleagues in the Econ faculty? Read more.
	On Track for Tenure (Nov. 2017) Beatrix Eugster is a tenure track Assistant Professor of Economics and co-director of the University’s Center for Disability and Integration. She explains the secrets of her time management for success on multiple fronts, researcher, teacher, policy analyst and mother of two kids. Read more.
	The Master of Big Data (Oct. 2017) Michael Lechner is Professor of Econometrics, President of the University’s Research Commission and initiator of GSERM, the Global School of Empirical Research Methods. He is influential in the big data debate at HSG. How should big data be reflected in the economics curriculum? What should students learn to be better prepared for the digital economy? What are the priorities of the HSG research policy? Read more.
	The New Boss (Oct. 2017) Reto Foellmi is the new pro dean of the economics department of SEPS. He is Professor of International Economics and teaches macroeconomics as well. He answers some tough questions to Econ@HSG. What does leadership mean? Where is the Econ department heading? Read more.

Video Gallery

	Eugenia talks about her experience in the Bachelor of Economics. She especially liked the flexible selection of courses. Besides the core subjects, the programme focusses on issues of future relevance. Eugenia has attended courses in data science and data analysis. This provides her with a more profound understanding of the digital environment. Have a look at the video.
	Zora has opted for the Master’s programme in Economics (MEcon) to ensure that she is not only able to extend her knowledge of economics but to profit from a wide range of courses from other programmes. To counterbalance learning new subject-matter in the Library, she plays the violin in the orchestra of the University of St.Gallen, one of more than 100 associations at the HSG. Have a look at the video.
	Livia is studying for a Master’s degree in Quantitative Economics and Finance (MiQE/F). She especially likes the quantitative methods in MiQE/F and the fact that the newly acquired knowledge can be directly applied in practice. To counterbalance the demands of the MiQE/F, she does a lot of sport, for instance as a BodyPump instructor with Unisport. Have a look at the video.
	Dr. Josef Ackermann, HSG economics Alumnus and former CEO of Deutsche Bank explains why he decided to study economics. Have a look at the video (in German).
	HSG Economics Alumni Dr. Rebekka Grun, who is now working as an economist at the World Bank in Washington D.C, gave a key note a the Career Day for Economists. In her talk, Rebekka Grun explained how the "Social Safety Net programme" in Cameroon works. The programme was designed to support economic growth in the community and thereby in the entire country. It builds on insurance, investment and growth. Learn more.
	HSG Next Generation: Sustainable transfer of knowledge The project encourages young scientific talents to inform decision-makers and the public about new scientific discoveries. Students summarise the key findings from selected publications in leading scientific journals. These empirical and theoretical principles find their way into politics and business in a clear and well edited, abridged form, where they are also used as decision-making tools. Read the latest contributions (in German) Have a look at the video about the project (in German)