10 Months in Kiel: the ASP

I though it would be a good idea to lay down a few comments on the experience of the Advanced Studies Program (ASP) in Kiel. It may help people interested in the program to take their decision, knowing a little what is awaiting them. I also welcome comments from my current/former colleagues.

I spent the last 10 months in this city, enjoying the cold breeze of the fiord and merging with international economics and an international environment, all around. Much of the strength of the ASP is due to its international faculty, its brilliant organization and the fellow students. The ASP is a unique programme in the field. The Kiel Institute is a great institution and research is conducted at a very high level. I’m personally very happy with this experience. Looking back, I forgive the city’s low profile and think this is one important stepping-stone in my career.

Overall, the ASP is perfectly suited for people wishing to pursue a PhD/research career. Courses at the PhD programme of the Kiel U are a plus, but sometimes the level is too low (Good among those I attended: Statistics Fin. Mkt. (Liesenfeld) and Trade (Raff)).

The core courses (Trade, Open Macro and Monetary policy, Fiscal policy) were very informative and at a pretty high level. Some other courses were less incisive, both in terms of teaching and subject.

I personally have problems to learn a lot of stuff in a very short time, this remains my main drawback but is also the main caveat I have concerning the ASP.

Some courses could take more the form of a seminar-led class (as was done by Hilel Rapoport), especially when their content is applied/empirical.

The empirical methods course could be at a higher level as to cover also ARCH-GARCH and VAR-VECM more thoroughly. However, the intro to Matlab was useful.

I personally would appreciate classes also at the brink of economics and business studies. E.g. in international business, international finance (not just banking), investment, financial markets and so on. This, I believe, would make the ASP also more attractive for the private sector, or for students who cannot or do not want to pursue a PhD.

You will be required to write two term papers. These are a very good opportunity to do independent research. They are also the true value-added of the ASP compared to traditional MSc in the economic field. Co-authoring as well as supervision by senior researchers will allow you to improve on a learning-by-doing basis.

More practical suggestions for applying students are: a) be prepared to a full immersion in economics (economics=theory+empirics); b) stay at Haus Welt-Club, it's cheap and gives you everything you need; c) if you can drive to Kiel, use your car! d) do not expect to make parties and celebrate every day: economics is hard work! (back to point a) and besides that, Kiel is not Miami!