MSc Economics


Attendance
Full Time
Award
Degree of Master of Science



The MSc Economics is a broad-based research-training course designed to provide you with an opportunity to develop theoretical and quantitative skills. You will study compulsory modules in economic theory and econometrics as well as options from a wide range of modules including those in international finance, environmental economics, mathematics and micro- and macro-economics, according to your individual career plan.

This Master's is ideal for those who aim to gain employment as professional economists in government, financial institutions, business, commerce, industry, international agencies and other similar organisations. It is also suitable for those seeking eventual PhD enrolment and/or an academic career as a lecturer in Economics. Many of our former PhD students now hold academic posts as lecturers in University departments both in the UK and overseas.

Overview

Course Modules

Students must study the following modules for 140 credits:

Name Code Credits

APPLIED ECONOMETRICS

This module builds on the econometric theory of earlier courses: ECO-7000A, ECO-7009A and ECO-7002A. It attempts to place the theoretical ideas of those modules in the context of current applied analysis. The module is divided into five main parts: data issues and distribution theory time series econometrics, estimation of systems of equations, microeconomics, and panel data models. There is an emphasis on the practical application of common estimation techniques, with the specialist econometric software package STATA being used extensively. These skills are assessed in an applied project at the end of the course.

ECO-7001B

20

ECONOMETRIC THEORY

This is an advanced module in econometric theory, aimed at students with some prior knowledge of econometrics. Using matrix algebra, the multiple regression model is analysed, and the theory of estimation and hypothesis testing is developed in this context. Violations of the basic assumptions of the multiple regression model, such as heteroscedasticity, serial correlation, misspecification and measurement error, are analysed from a theoretical perspective. Finally, dynamic models and models of expectations are covered. The specialist econometric software package STATA plays a role, but with a much greater emphasis on techniques than on results.

ECO-7002A

20

ECONOMIC THEORY I

This is an advanced module in microeconomic theory, designed for postgraduate students with a strong background in economics. The topics covered in this module include the duality approach to demand theory, firm theory, general equilibrium theory, game theory, choice under uncertainty, agency theory and the economics of asymmetric information. The rational-choice foundations of microeconomics are also critically examined.

ECO-7003A

20

ECONOMIC THEORY II

IN TAKING THIS MODULE YOU CANNOT TAKE ECO-M032 IT IS RECOMMENDED THAT STUDENTS TAKE ECO-M005 IN THE AUTUMN SEMESTER. This module provides training in modern macroeconomic theory. The main topics include macroeconomic growth, international convergence, fiscal policy, intergenerational transfers, investment theory, and open-economy applications. The discussion follows the dynamic general equilibrium framework, which represents the macroeconomy as an intertemporal model where firms, households, and the government are forward-looking agents pursuing their objectives over time. This module bridges the gap between traditional static models and modern dynamic theories by investigating the microeconomic foundations of aggregate relationships and the role of time in economic decisions. For each topic, the lectures present a benchmark model and provide a summary of the empirical evidence and/or other quantitative applications of the theory.

ECO-7019B

20

ECONOMICS DISSERTATION (60 CREDITS)

All students taking the ECO MSc degrees in Economics, Environmental Economics, Experimental Economics, Industrial Economics, Finance and Economics, Media Economics, International Business Finance and Economics and International Business, and Economics and International Relations, are required to submit a dissertation. This module prepares students to write a dissertation of a length and technical complexity as specified in their Course Guide, on a topic approved by the Course Director or other authorised person.

ECO-7023X

60

Students will select 40 credits from the following modules:

Students may select alternative modules from other schools with the approval of the Postgraduate Teaching Director.

Name Code Credits

BEHAVIOURAL AND EXPERIMENTAL ECONOMICS I

This module provides an introduction to experimental economics. We consider why economists sometimes choose to conduct experiments, the kinds of insights they can give us, and the various kinds of experiments that have been conducted. We will cover the insights from experimental economics in several areas, such as individual decision making, markets, coordination, negotiation, charitable giving, public goods games, and games with pre-play communication

ECO-7021A

20

BEHAVIOURAL AND EXPERIMENTAL ECONOMICS II

This module provides training in the practice of experimental economics, and complements Behavioural and Experimental Economics I. Part I of the module is a series of tutorials dealing with the design of experiments, the analysis of data, and the interpretation of experimental results. In Part II each student designs, runs, and writes up a small experimental project.

ECO-7022B

20

ENVIRONMENTAL AND NATURAL RESOURCE ECONOMICS

Environmental and Natural Resource Economics is a topics-based course with an emphasis on issues in environmental and resource economics. The applied nature of the module is complemented by technical papers which form the subject of the discussions in the seminar sessions. This module will provide an overview of the relevant economic and econometric principles which serve as pivotal tools in ensuring that natural resources are sustainably valued and managed in a global economic environment. This module is open to postgraduate students enrolled on both ATP and APP programmes and will complement the econometric principles taught in the Autumn Semester by applying analytical and statistical methods to the field of environmental economics so as to emphasize the empirical relevance of these theories.

ECO-7020B

20

FINANCE

This module looks at the operation of capital markets and their relationship to the financial structure of firms, from the point of view of an economist interested in the relationship of asset prices that emerge from financial markets and real levels of productive investment in the economy. The main question revolves around the following - do asset prices formed in financial markets provide accurate signals for resource allocation?

ECO-7008A

20

FINANCIAL MARKETS

This module provides an introduction to the economics of financial markets. The first part of the module introduces some key concepts, such as: whether markets are efficient, (the Efficient Markets Hypothesis); and the various ways risk can be measured including VaR and variance of return. The module proceeds to cover the theory of consumer choice and then mean-variance portfolio theory; before the analysis of asset pricing models. Such models include: single and multi-factor models of asset returns, the Capital Asset Pricing Model (CAPM), and the Arbitrage Pricing Theory Model (APT). As well as focusing on the theory of these issues, students will learn how to conduct and evaluate statistical tests of these models. In the process students learn how economic theories are formulated and empirically tested. The module is suitable for those interested in a career within the financial sector or those interested in further study in financial economics.

ECO-7012A

20

FINANCIAL MATHEMATICS

This is a technical finance module aimed at students wishing to pursue careers in the financial sector. The module is accredited by the Institute and Faculty of Actuaries (and together with ECO-M021 replaces the CT8 module). The focus will be on valuation and risk analysis of financial products and positions. The module will be highly analytical, with weekly exercises and assessment balancing mathematical problems and practical exercises involving Excel. Topics covered will include: continuous-time stochastic processes, stochastic models for security prices, bonds, term structure of interest rates, futures and forwards, options, hedging and credit risk.

ECO-7013B

20

INDUSTRIAL ECONOMICS I

This module begins by looking at some advanced topics in monopoly behaviour, before investigating how firms interact in markets. The latter is the core material of industrial organisation theory, and we develop the game theoretic approaches to oligopoly pricing, product differentiation, and strategic investment. Applying these core ideas, we investigate topics such as strategic entry deterrence mergers, 2-sided markets, RandD, patents and vertical relationships including exclusive dealing, other restraints and rebates. Although this is essentially a module in applied microeconomic theory, emphasis is placed on empirical relevance, testability and policy analysis.

ECO-7006A

20

INDUSTRIAL ECONOMICS II

BEFORE TAKING THIS MODULE YOU MUST TAKE ECO-M011 (INDUSTRIAL ECONOMICS I) This is a graduate-level module in industrial economics, designed for students with a strong prior background in economics. It investigates a number of empirical topics in industrial organisation and competition policy, building on the theoretical insights provided by Industrial Economics I. Topics include collusion, predatory behaviour, price discrimination, bundling, product differentiation, vertical restraints, mergers and merger simulation, entry and industrial concentration and effectiveness of competition policy.

ECO-7005B

20

INTERNATIONAL FINANCE

This module comprises two sections. The first section examines finance from an investor's perspective, highlighting aspects of portfolio diversification and asset pricing. In the second section, we focus on corporate finance, examining corporate governance issues, how operations are funded (capital structure), and how firms return money to shareholders (payout policy). Particular attention is paid to international topics, including how to price assets across segmented markets, and the benefits, or otherwise, of international portfolio diversification.

ECO-7015B

20

MACROECONOMICS OF DEVELOPMENT

Why are some countries richer than others? The objective of the module is to provide a rigorous analysis of economic growth issues and examine macroeconomic models that describe determinants of long-term growth and income. We will study the role of capital accumulation, initial income, population growth, education, technological progress, and institutions in determining different patterns of economic development. Theory and data analysis will jointly help explain why some countries embark on divergent development paths.

DEV-7029B

20

MICROECONOMICS OF DEVELOPMENT

The module provides the building blocks for microeconomic analysis of development. Topics include: #Poverty, inequality and welfare #Agricultural household production #Intra- household allocation #Risk, uncertainty and insurance #Markets and Institutions: credit #Markets and institutions: labour #Human capital : education, health and nutrition #Public goods, collective action #Institutions, transaction costs #Policy reforms #Household surveys and their analysis. The module consists of lectures, seminars and workshops. Students are assessed by essay and exam.

DEV-7018A

20

Disclaimer

Whilst the University will make every effort to offer the modules listed, changes may sometimes be made arising from the annual monitoring, review and update of modules and regular (five-yearly) review of course programmes. Where this activity leads to significant (but not minor) changes to programmes and their constituent modules, there will normally be prior consultation of students and others. It is also possible that the University may not be able to offer a module for reasons outside of its control, such as the illness of a member of staff or sabbatical leave. Where this is the case, the University will endeavour to inform students.

Entry Requirements

  • Degree Subject Economics
  • Degree Classification 2.1 or equivalent

How to Apply

    Next Steps

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