Economics and Econometrics BSc

   
   
  

Fact file - 2017 entry

UCAS code:L140
Qualification:BSc Hons
Type and duration:3 year UG
Qualification name:Economics and Econometrics
UCAS code
UCAS code
L140
Qualification
Economics and Econometrics | BSc Hons
Duration
3 years full-time
A level offer
A*AA-AAA including maths and not including general studies (A*ABB for those taking four full A levels and completing them in the same year)
Required subjects
A level maths grade A (or equivalent)
IB score
36
Course location
University Park Campus 
Course places
10
School/department
 

This course may still be open to international applicants for 2016 entry. Please visit our international pages for details of courses and application procedures from now until the end of August.

Overview

Following a similar structure to our Economics BA/BSc, this course also includes modules in econometrics, providing a rigorous analysis of mathematical and statistical methods.
Read full overview

The degree follows the same structure as BA/BSc Economics, but as its title suggests, modules in econometrics form part of the core. The course offers a rigorous analysis of advanced mathematical and statistical methods used in economics, and has been designed to provide you with the analytical and discursive skills of a well-trained economist with a focus on advanced econometric analysis.

By the end of your course, you will have the skills to analyse complex economic problems using state-of-the-art mathematical and statistical modelling techniques. You will have a thorough knowledge of a broad range of economic theory and how it is applied to the real world. 

Compulsory modules in econometrics form part of all three years of the degree; however, there is the opportunity to take modules outside the school in years one and two if you wish. 

Year one 

In your first year, we work to provide you with a solid grounding in introductory economic theory and mathematics/statistics, with emphasis on the relevance of such methods to the study of economic questions of cultural, political and social importance. This is achieved through a range of modules that explore current economic issues and perspectives as well as compulsory modules in mathematical economics and econometrics.

Year two

Advancing your knowledge of micro and macroeconomics, your second year core modules also cover econometrics. You will focus on econometric theory, establishing a thorough knowledge of the matrix algebra of the general linear regression model and the statistical properties of time series data, models and forecasts.

You can also apply to spend one semester of your second year studying abroad, studying similar economics modules to your counterparts back in Nottingham.

Year three

With core modules and a dissertation accounting for half of your third year of study, you will cover both theoretical and applied aspects of econometrics at an advanced level. The compulsory aspects of your final year provide a detailed treatment of the models and techniques used in the analysis of time series, panel and cross section data (many of which were pioneered by 2003 Nobel laureate and former Nottingham undergraduate, Sir Clive Granger). You will also get the opportunity to select additional modules from a wide range of specialist options.

 

Entry requirements

A levels: A*AA-AAA including maths and not including general studies (A*ABB for those taking four full A levels and completing them in the same year)

English language requirements 

If you have not studied using the medium of English for your entire secondary education or do not have GCSE English or quivalent at grade B or above you will be asked to achieve the following IELTS score:

IELTS: 7.0 including 7.0 in both reading and writing, and no less than 6.0 in speaking or listening

Students who require extra support to meet the English language requirements for their academic course can attend a presessional course at the Centre for English Language Education (CELE) to prepare for their future studies. Students who pass at the required level can progress directly to their academic programme without needing to retake IELTS. Please visit the CELE webpages for more information.

International applicants

Alternative entry requirements for those with international fees status are as follows:

International Baccalaureate: 36 including bonus points

ISC/CBSE: 90% in year 12

Foundation programmes: 70%

Alternative qualifications

View the alternative qualifications page for details.

Flexible admissions policy

In recognition of our applicants’ varied experience and educational pathways, The University of Nottingham employs a flexible admissions policy. We may make some applicants an offer lower than advertised, depending on their personal and educational circumstances. Please see the University’s admissions policies and procedures for more information.

Notes for applicants

We are looking for students who have the ability and motivation to benefit from our courses, and who will make a valued contribution to the department and the University. Candidates for full-time admission are considered on the basis of their Universities and Colleges Admissions Service (UCAS) form.

When considering your application, we will look for evidence that you will be able to fulfil the objectives of the programme of study and achieve the standards required. We will take into account a range of factors additional to, and in some cases instead of, formal examination results. Selection of those applicants to whom we will make an offer will be based upon a combination of the candidate's academic record and an assessment of all the information provided in their UCAS application form, their academic reference and their personal statement.

 
 

Modules

Typical year one modules

Core modules

Careers and Employability for Economists

This module provides a means for enabling students to reflect on their personal development and the implications this might have for their future career paths. It will include:

  • Guidance on recording and evaluating skills
  • Guidance on careers from the Centre for Career Development
  • Information, guidance and advice form a range of graduate employers and alumni

This module aims to:

  • raise the profile of employability issues within the undergraduate programme
  • provide students with the opportunity to reflect formally on their learning and wider experiences while at university
  • develop skills of reflection and recording amongst the student body
 
Introduction to Macroeconomics

This is a single semester introductory course in macroeconomics. Macroeconomics is the study of the aggregate economy, focusing on the cyclical pattern of aggregate output and co-movement of real and monetary aggregates in general equilibrium. This course introduces a series of basic models used in modern macroeconomics, with a particular focus on dynamic general equilibrium modeling tools and techniques necessary to build theoretical models.

This module aims to:

  • provide a sound basis in the fundamentals of macroeconomics and their application to both theoretical and real world situations
  • develop analytical skills using the major methods of mathematics and diagrams
  • engender the ability to communicate and report findings, particularly via tutorial essays, presentations and exercises
 
Introduction to Microeconomics

Introduction to microeconomics, including behaviour of firms and households in situations of competitive and imperfectly competitive markets. This module aims to:

  • provide a sound basis in the fundamentals of micro-economics and their application to both theoretical and real world situations
  • develop analytical skills using the major methods of mathematics and diagrams
  • engender the ability to communicate and report findings, particularly via tutorial essays, presentations and exercises
 
Introductory Econometrics

Econometrics has been described as "’the point where economic theory confronts reality". Besides the comparison of economic theoretical predictions with actual outcomes, this analysis allows quantitative flesh to be put on theoretical bones. Since the subject is essentially data analytical, econometrics relies heavily on statistical methods. Of course the study of econometrics requires a firm basis in the fundamental principles of statistical methodology.

The purpose of this module is to introduce some of these principles, so that its subject matter is basic statistical inference rather than econometrics proper. That subject matter has been applied in many branches of the sciences, social sciences and humanities. Here we concentrate on statistical distribution theory and statistical inference in the first half of the course. The second half deals with the linear regression model, whose extensions will be analysed in detail in subsequent econometrics modules.

This module aims to:

  • provide a sound basis in statistical theory, appropriate to the subsequent study of econometrics
  • introduce the principles of regression analysis, on which much of the subsequent study of econometrics is based
  • induce familiarity with these basic concepts to ease the understanding of material in the second and third years of the course
 
Mathematical Economics

The module is intended to provide an introduction to mathematical techniques used in economics. In particular, examples of economic issues that can be analysed using mathematical models will be discussed in detail. Particular attention will be given to providing an intuitive understanding of the logic behind the formal results presented. Students who wish to pursue a higher degree in economics will find the module particularly useful.

This module aims to:

  • provide a rigorous grounding in certain mathematical tools and methods of argumentation used in microeconomic theory
  • develop a clear perception of the role of mathematical tools and logical methods in the construction of the formal theory of individual decision-making
  • develop the ability to analyse economic problems through rigorous applications of the formal theory of individual decision-making
 
Writing Economics

This module aims to introduce students to the essential skills required for writing as an economist. It will be delivered in conjunction with Libraries, Research and Learning Resources (LRLR), who will cover content on key information skills relating to the library and learning resources.

The module will centre around economic approaches to analysing human behaviour and provide a guide to good economics writing. It will give an introduction to the language of economics and basic research skills. Among the topics covered will be:

  • academic integrity and plagiarism
  • time management
  • writing essays
  • writing quantitative projects
  • presentation skills
  • referencing and using the internet
  • revision and examinations

This module aims to:

  • introduce students to the issues and methods underpinning effective study at the Nottingham School of Economics
  • highlight the resources that are available at the University and how to access them
  • highlight the practical techniques to get the most out of study time
  • indicate good essay technique
  • highlight how to perform well in examinations
 

At least one of:

Current Economic Issues

This module focuses on a range of current issues facing the world economy, seeks to illustrate how economists model such issues, and examines potential policy responses. Example topics to be covered are:

  • Globalisation
  • Economic growth
  • The global financial crisis
  • The world economy
  • Emerging economic superpowers
  • Consequences of rising economic nationalism

This module aims to:

  • examine critically a number of current economic challenges facing the UK and the world economy
  • use economic analysis to investigate and clarify the underlying drivers of these challenges
  • identify potential gainers and losers and the role of economic policy in maximising the net benefits/minimizing the net costs
 
Economic Perspectives

This module is intended as a foundation for the understanding of modern economic theories and policies. It is concerned with:

  • The different characters and workings of economies of the past
  • The changing ways in which economic questions have been interpreted and answered over time

As will be discovered, the 21st century Western views of everyday economic concepts such as ownership, money, exchange, work, poverty, industrialisation, economic growth and government are quite different from those expressed at other times and in other places.

This module aims to:

  • explore some key ideas and concepts of economics, both historically and culturally
  • explore both similarities and differences in solutions to economic problems, as adopted within different economic systems
 
Growth and Development in Long-Run Historical Perspective

In this module, we will explore the long-run, historical determinants of the wealth of nations. We will begin by taking a long-run view on modern economic growth, showing how this has led to dramatic changes in the relative wealth of nations over the last 500 years. We will then ask two key questions: why have modern economic growth started in some places rather than others? And while have some countries been able to catch up, while others have not? These investigations will improve our understanding of why are some countries much richer than others, and will give us some important insights on how to promote sustained growth in developing countries.

The module draws on a vibrant new literature in economics that looks at comparative development as the outcome of a long historical process, and uses techniques originally developed in economics to improve our understanding of history. 

This module aims to:

  • introduce students to the key questions of comparative development, the main recent findings, and future challenges
  • create a foundation knowledge allowing students to put current issues in growth and development in historical perspective
  • highlight the role of modern economics in understanding history
  • suggest students a set of applications for theoretical and empirical methods in economics
 

Plus 40 credits to use either on further economics modules or modules from any other school (most optional modules are 10 credits each).


Optional modules

Current Economic Issues II

This module focuses on a range of current issues facing the world economy, seeks to illustrate how economists model such issues, and examines potential policy responses. Example topics to be covered are:

  • Globalisation
  • Economic growth
  • The global financial crisis
  • The world economy
  • Emerging economic superpowers
  • Consequences of rising economic nationalism

This module aims to:

  • examine critically a number of current economic challenges facing the UK and the world economy
  • use economic analysis to investigate and clarify the underlying drivers of these challenges
  • identify potential gainers and losers and the role of economic policy in maximising the net benefits/minimizing the net costs
 
Economic Integration I

This module introduces students to the economics of integration. The module analyses the consequences for countries seeking closer economic integration through successively more ambitious forms. This begins with a limited trade arrangement, followed by a common market, which also allows free movement of capital and migrant workers, and a Single Market. The final part of the module examines monetary integration, beginning with exchange rate stabilisation and then considering Monetary Union.

This module aims to:

  • introduce the economic analysis of relevant forms of regional economic integration, applying basic micro and macro economic principles
  • provide insight into the economic consequences of removing barriers to trade and factor mobility, and the economic costs and benefits of monetary integration
  • provide an understanding of the measures taken in Europe to promote regional economic integration
  • assess the consequences of integration measures in the European Union
 
Economic Integration II

This module introduces students to the economics of integration. It analyses the economic rationale for, and practice of, policy co-ordination and harmonisation both at the European and at a global level. An examination of the economic rationale for common EU policies is followed by an analysis of such examples as the common agricultural, trade and regional policies, and the operation of the European Budget. At the global level cooperation in trade, finance and development policies is reviewed in relation to the operation of institutions such as the World Trade Organisation, the International Monetary Fund and the World Bank.

This module aims to:

  • introduce the economic analysis of common EU level policies, applying basic microeconomic principles
  • provide insight into the economic consequences of harmonising government interventions in a regional economic group
  • provide an understanding of the objectives, actions and consequences of common EU level economic policies
  • assess the consequences of integration measures in the European Union for non-member countries
  • provide insight into the economic consequences of coordinating economic policies through international economic institutions
 
Economic Perspectives

This module is intended as a foundation for the understanding of modern economic theories and policies. It is concerned with:

  • The different characters and workings of economies of the past
  • The changing ways in which economic questions have been interpreted and answered over time

As will be discovered, the 21st century Western views of everyday economic concepts such as ownership, money, exchange, work, poverty, industrialisation, economic growth and government are quite different from those expressed at other times and in other places.

This module aims to:

  • explore some key ideas and concepts of economics, both historically and culturally
  • explore both similarities and differences in solutions to economic problems, as adopted within different economic systems
 
Growth and Development in Long-Run Historical Perspective

In this module, we will explore the long-run, historical determinants of the wealth of nations. We will begin by taking a long-run view on modern economic growth, showing how this has led to dramatic changes in the relative wealth of nations over the last 500 years. We will then ask two key questions: why have modern economic growth started in some places rather than others? And while have some countries been able to catch up, while others have not? These investigations will improve our understanding of why are some countries much richer than others, and will give us some important insights on how to promote sustained growth in developing countries.

The module draws on a vibrant new literature in economics that looks at comparative development as the outcome of a long historical process, and uses techniques originally developed in economics to improve our understanding of history. 

This module aims to:

  • introduce students to the key questions of comparative development, the main recent findings, and future challenges
  • create a foundation knowledge allowing students to put current issues in growth and development in historical perspective
  • highlight the role of modern economics in understanding history
  • suggest students a set of applications for theoretical and empirical methods in economics
 
 

Typical year two modules

Core modules

Econometrics I

This module generalises and builds upon the econometric techniques covered in the Year I module, Introductory Econometrics. This will involve introducing a number of new statistical and econometric concepts, together with some further development of the methodology that was introduced in Year I. The multivariate linear regression model will again provide our main framework for analysis.

This module aims to:

  • provide the necessary mathematical and statistical tools needed to conduct theoretical econometric analysis at an advanced level
  • develop the analytical skills required to demonstrate the theoretical properties of different econometric estimation and testing procedures under various modelling assumptions
  • provide a sound understanding of the applicability and limitations of the multivariate linear regression model as a vehicle for econometric analysis for economic data
 
Econometrics II

This module introduces students to a range of statistical techniques that can be used to analyse the characteristics of univariate economic time series. The basic theoretical properties of time series models are discussed and we consider methods for fitting and checking the adequacy of empirical time series models. Methods of forecasting future values of economic time series are then considered.

This module aims to:

  • provide the necessary background techniques needed to analyse the behaviour of time series processes
  • develop the analytical skills required to characterize the theoretical properties of different time series processes
  • provide a sound understanding of the applicability and limitations of the univariate time series methodology as a means for empirical modelling and producing forecasts of economic time series
 
Macroeconomic Theory

This module will address both the fundamental and applied aspects of macroeconomic theory. In particular, the module will focus on:

  • Introducing the modern theory of expectations and economic dynamics
  • Using this approach to think about short run fluctuations
  • Studying the role of macro policy on short run fluctuations

The module will review the so-called modern approach to aggregate demand and aggregate supply. This entails incorporating into the classical approach to aggregate supply and aggregate demand insights from Keynesian economics. This will serve as a base to discuss the role of macro-policy in controlling for fluctuations in output and employment. This module aims to:

  • introduce the students to the main issues and developments of modern macroeconomics.
 
Microeconomic Theory

Intermediate microeconomics including general equilibrium analysis, welfare economics, elementary game theory, and strategic behaviour of firms. This module aims to:

  • build upon the microeconomics you encountered in year one
  • develop analytical skills by employing standard diagrammatic analysis and reference to the underlying mathematical techniques
 

Plus 30 credits of approved economics modules and 20 credits to use either on further economics modules or modules from other schools.


Optional modules

Development Economics

A general introduction to the economic problems of developing countries. The module will cover such topics as:

  • the implications of history and expectation
  • poverty, income distribution and growth
  • fertility and population
  • employment, migration and urbanization
  • markets in agriculture
  • agricultural household models
  • risk and insurance
  • famines

The module aims to:

  • introduce some of the main economic issues facing developing countries
  • provide students with appropriate theoretical tools to analyse and understand these issues
  • provide students with guidance as to sources of empirical analysis and evidence, which they can follow up via the reading list and in work for tutorials
  • introduce key policy issues relating to the topics discussed
  • more generally, to illustrate the application of relevant economic theory and analysis to real economic issues
 
Environmental and Resource Economics

This modules will look at the following:

  • Principles of environmental policy: Efficiency and sustainability
  • Market failure and the need for environmental policy; the Coase theorem
  • Instruments of environmental policy: efficiency advantages of market instruments; applications of market instruments, especially the EU Emission Trading Scheme
  • Valuation of the benefits of environmental policy
  • Biodiversity and its benefits
  • International trade in polluting goods
  • Mobile capital: Race to the bottom?

The modules aims to look at environmental issues from an economic perspective and provide an overview of the economic tools that are used to address environmental problems.

 
Experimental and Behavioural Economics

This module provides a foundation in behavioural economics and the role of experimental methods in economics. The traditional approach in economics is to explain market outcomes and economic decision-making using simple theoretical models based on perfectly rational, self-interested agents who maximise their well-being by carefully weighing up the costs and benefits of different alternatives. Behavioural economics, on the other hand, aspires to relax these stringent assumptions and develop an understanding of how real people actually make decisions. The module will introduce students to behavioural and experimental economics, discuss these fields from a methodological perspective and examine several areas of economic analysis in which they are applied. This will include individual choice under risk and uncertainty, decision-making in strategic situations and competition in markets.

The module aims to:

  • engender thinking about economics as an empirical science and what that entails
  • introduce students to attempts to relax conventional assumptions such as unlimited rationality and own-payoff maximisation
  • provide a foundation knowledge relating to the design and implementation of appropriate experimental tests of economic theories
  • engender presentation and communications skills
 
Financial Economics

This module will begin by introducing some theoretical concepts related to the functioning of financial markets. Then it will apply these concepts in three main areas; namely consumer finance, corporate finance and financial intermediation.

This module aims to:

  • introduce some basic theoretical tools useful for analyzing financial market operations
  • provide an understanding of the behavior of financially constrained consumers and firms
  • analyse the role of financial intermediation
 
Industrial Economics

This module provides an economic analysis of the theory and practice of organization of firms and industries. It explores the nature of competition among firms and their behaviour in various markets, with the specific emphasis on imperfectly competitive markets. Tools for both empirical and theoretical approaches to the analysis of industries are covered. Starting from a detailed analysis of market structures, the module goes on to discuss various aspects of firms' behaviour and their influence on market outcome. Among the behaviours covered in the module are price discrimination, vertical integration, advertising, research and development activities and entry and exit of firms. Government regulation of industries is also discussed.

This module aims to:

  • introduce students to economic theories used in the analysis of industries
  • evaluate these theories in view of empirical evidence
  • describe policy implications of these theories and their empirical evaluation
 
International Trade

This module is an introduction to international trade theory and policy. It covers the core trade theories under perfect and imperfect competition and applies them to understanding the pattern of trade, gains from trade and modern topics like foreign outsourcing. On the policy side, it examines the effects of different government trade policy instruments and the role of international trade agreements.

This module aims to:

  • provide an introduction to core theories of international trade
  • see how these theories help us think about the pattern of trade and welfare gains from international trade
  • evaluate the effects of government policies like tariffs, quotas and export subsidies
 
Introduction to Political Economy

This module is concerned with the effect of political and institutional factors on economic variables as well as with the study of politics using the techniques of economics.

The module aims to:

  • acquaint students with the modern literature in theoretical and applied political economy
  • provide an opportunity for interdisciplinary study within the Economics degree
  • promote understanding of what economic techniques have to offer political science
  • enrich students' study of economics with insights from political science
 
Labour Economics

This module provides an introduction to the economics of the labour market. We will look at some basic theories of how labour markets work and examine evidence to see how well these theories explain the facts. Particular attention will be given to the relationship between the theory, empirical evidence and government policy. The module will refer especially to the UK labour market, but reference will also be made to other developed economies.

The module aims to:

  • provide an introduction to theories of economic behaviour in the labour market
  • summarise and explain the empirical evidence on these theories
  • provide a description of the UK labour market and an analysis of recent policy in the light of this theory and evidence
 
Monetary Economics

This course will provide a foundation for the monetary economics modules in the third year and is a complement to financial economics for the second and third years. It will cover topics such as the definitions and role of money, portfolio choice, financial markets and banks, central banks and monetary policy, and the monetary transmission mechanism. Under these headings the module will address issues of theory, policy and practice relating to recent experience in the UK and other countries. The module will feature some current debates and controversies based on recent events.

This module aims to:

  • build on core macroeconomic understanding to explore monetary economics
  • study in detail various topical issues in the field of monetary economics
  • give students a comprehensive grasp of underpinnings of monetary policy analysis
 
Public Sector Economics

his module looks at Public finances in the UK, Market Failures, Fundamental Theorems of Welfare Economics, Social Welfare Functions, Externalities, Public Goods, Natural Monopolies, Public Choice, Social Insurance: Social Security, Taxation and Equity, Excess Burden of Taxation and Tax Incidence.

The module aims to:

  • introduce students to the basic conceptual vocabulary of the economic analysis of public sector economics
  • lay the foundations necessary for an understanding of those Third Year courses drawing on such a conceptual framework
  • stimulate an interest in public sector issues
  • inform students of the current agenda of public sector analysis
  • instruct in the basic analytic techniques, thereby enabling students to make informed policy judgements in the field
 
 

Typical year three modules

Core modules

Advanced Time Series Econometrics

This module is a continuation of the module on time series analysis taken in the second semester of the second year. While the earlier module was devoted to basic time series model building methodology, applicable over a broad range of disciplines, the present module concentrates on those developments which can be applied in the subject of Economics. In particular, the emphasis will be on aspects of the behaviour of typical economic time series, and the implications of that behaviour in practical analysis, such as the construction of models linking economic time series.

This module aims to:

  • introduce the concept of unit autogressive roots, and the consequences of that concept for the analysis of economic time series - in particular, the importance of cointegration analysis and error-correction models
  • introduce other time series - analytic concepts and tools that have found applicability in Economics
 
Dissertation

An independent research project, involving the application of techniques of economic analysis to a self-chosen research topic and the presentation of a written report. Lectures to provide general guidance on economic research methods and writing an undergraduate dissertation in economics.

Topics include:

  • Introduction to the dissertation
  • Types of dissertation
  • Literature reviews
  • Sources of data
  • Writing up your dissertation
  • Data entry and data management
  • An introduction to STATA
  • Descriptive statistics
  • Practical issues in regression analysis
  • Model selection
  • Endogeneity bias

Specific dissertations will cover different learning outcomes depending on the topics chosen.

 
Topics in Econometrics

This module seeks to illustrate the application of econometric techniques to the modelling and analysis of a series of economic problems, applying econometric modelling methods acquired in earlier econometrics modules. This module aims to:

  • introduce a range of state-of-the-art techniques used in modern time series econometric modelling and analysis, including an understanding of how these techniques relate to and are motivated by stylised features of economic data
  • provide an appreciation and understanding of the possible pitfalls associated with and opportunities provided by time series econometric modelling
 

Plus 60 credits mostly from a wide range of economics modules.


Optional modules

Advanced Development Economics

Adopts a broad focus on factors influencing growth and development. Topics covered include: macroeconomic policies, aid, debt, trade; growth experiences in East Asia, China and Africa.

The specific aims to this module are to:

  • introduce some of the main economic issues facing developing countries
  • provide students with appropriate theoretical tools to analyse and understand these issues
  • provide students with guidance as to sources of empirical analysis and evidence, which they can follow up via the reading list and in work for tutorials
  • introduce key policy issues relating to the topics discussed
  • more generally, to illustrate the application of relevant economic theory and analysis to real economic issues
 
Advanced Environmental and Resource Economics

This module covers the following:

  • Principles of resource policy: efficiency and sustainability
  • The depletion of non-renewable natural resources: resource use under social optimum and in imperfectly competitive markets
  • Renewable resources: the economics of fisheries and forestry
  • Climate change and intertemporal efficiency
  • Energy markets and policy: the economics of electricity markets, market power, renewable energy

The module aims to look at natural resource use from an economic perspective and provide an overview of the economic tools that are used to address resource management and energy policy issues.

 
Advanced Experimental and Behavioural Economics

The module complements the existing second year module Experimental Economics I. Its objective is to provide a broader review of the emerging discipline of experimental economics. 

The aims of the module are to:

  • develop understanding of principles of experimental design in experimental economics
  • provide a wide-ranging review of the types of experiment that can be undertaken in economics and to enable students to assess their strengths and weaknesses
  • acquaint students with the central findings of the experimental research programmes considered and to encourage consideration of their implications for economics
 
Advanced Financial Economics

This module examines issues related to the impact of financial frictions on the financial system and the economy. Potential topics include:

  • the effects of financial constraints on the ability of firms to raise funds from different sources
  • the impact of financial constraints on consumer credit
  • the role of financial intermediaries

The module will also examine the transmission of shocks from the financial system to the macroeconomy and discuss relevant policies.

The primary aims of the module are to:

  • analyse the role of financial markets in the presence of frictions
  • examine the implications of financial frictions for corporate and consumer finance
  • examine the impact of financial shocks on the economy
 
Advanced International Trade Theory
  • Models of intra-industry trade
  • Trade policy in oligopolistic industries
  • Mathematical enterprises
  • Testing trade theories
  • The WTO and "new issues"

This module aims to:

  • provide a coherent theoretical framework that will give students a firm basis for the analysis of policy issues in the area of trade in imperfectly competitive markets
  • discuss how alternative trade theories might be distinguished empirically
  • identify and analyse changes in the nature and scale of protection in both developed and developing countries and to discuss the likely impacts of international agreements on trade and related policies
 
Advanced Labour Economics

The module covers an economic analysis of the labour market, with an emphasis on policy implications and institutional arrangements.

The module examines some current issues in labour economics paying particular attention to worker compensation schemes, and the effect different compensation packages have on firm productivity and profits.

The module focuses on the UK labour market, and includes both a theoretical and empirical content throughout. 

 
Advanced Macroeconomics

Part I

  1. Introduction: adaptive expectations vs. rational expectations
  2. Single-equation, forward-looking linear rational expectations models
  3. Dual-equation, forward-looking linear rational expectations models and saddle-path dynamics
  4. Deficits, inflation and hyperinflation: the nonlinear seigniorage model
  5. The Lucas island model
  6. The Lucas critique of econometric policy evaluation

Part II

  1. Dynamic general equilibrium models
  2. Growth in dynamic general equilibrium
  3. Real Business Cycles (RBC) 

This module follows important developments in Macroeconomics over the last 30 years. The main objective is to provide a broad overview of the field at an advanced level.

 
Advanced Mathematical Economics

The module is intended to provide an introduction to mathematical techniques used in economics. In particular, examples of economic issues that can be analysed using mathematical models will be discussed in detail. Particular attention will be given to providing an intuitive understanding of the logic behind the formal results presented. Students who wish to pursue a higher degree in economics will find the module particularly useful.

There are three main aims for this module and they are to:

  • provide a rigorous grounding in certain mathematical tools and methods of argumentation used in microeconomic theory
  • develop a clear perception of the role of mathematical tools and logical methods in the construction of the formal theory of individual decision-making
  • inculcate the ability to analyze economic problems through rigorous applications of the formal theory of individual decision-making
 
Advanced Microeconomics

The module will cover topics in advanced microeconomics and decision theory. 

This module aims to develop students' understanding of microeconomic theory with particular emphasis on showing the role information plays in markets. The material allows students to build on their prior learning in microeconomics.

 
Advanced Monetary Economics

This module will provide an outline of the elements of monetary theory and of theoretical policy issues. The module will begin with the nature of a monetary economy and will examine the characteristics of a classical monetary model. We will then consider the modifications offered by the Walrasians, Keynesians and the Monetarist, and the treatment of money as a financial asset in a liquidity spectrum will be covered in the lectures on portfolio theory. A guest lecture by a senior staff member from the Bank of England will explain how monetary policy is implemented each month by the monetary policy committee.

This module aims to:

  • convey all the basic rudiments of monetary economics

The objectives will be to cover each element of monetary economics in self-contained modules of lectures.

 
Advanced Public Economics I

The module will introduce some major themes of public economics, using microeconomic tools to analyse public policy. The equity and efficiency implications of policies will be examined within an economic framework.

The first part of this module aims to introduce students to some of the important concepts and techniques required to identify the limits of what markets can achieve, and to evaluate the potential for benevolent government intervention to achieve better outcomes.

The second part questions some fundamental assumptions of the previous part:

  • the government’s benevolence (what about voting?)
  • economic efficiency as the sole government's objective (what about inequality and poverty?)
  • the effectiveness of government's policy instruments (what about tax evasion?)
 
Health Economics

This module will cover the following:

  • introduction to health and health economics
  • healthcare as a commodity (Grossman model, market complications, such as rationality, externalities, uncertainty)
  • implications of health and healthcare demand (prices, insurance, supply-induced demand, consumer protection)
  • health behaviour (illness prevention, such as tobacco smoking, vaccination, cancer screening), economic aspects of the UK National Health Service (excess demand, efficiency, equity)
  • healthcare supply (factor substitution, economies of scale, technology diffusion)
  • international aspects of healthcare

The module aims to:

  • explore the behavioural theories relevant to the analysis of health and healthcare
  • analyse the implications of alternative methods of healthcare delivery
  • demonstrate how economic analysis can inform and appraise decisions on health policy
 
Industrial Organisation

This module provides an advanced economic analysis of the theory of organisation of firms and industries. It will analyse a variety of market structures related to the degree of market competition with a special emphasis on imperfectly competitive markets. It will also analyse issues related to the internal organisation of firms.

The specific aims of the module are to:

  • provide a detailed understanding of alternative theories of market structure
  • provide a rigorous analysis of issues related to the internal organisation of firms 
 
International Money and Macroeconomy

This module will provide an introduction to international monetary issues, including the determination of exchange rates, the functioning of the international monetary system, and international macroeconomic policy co-ordination. The first part of the module deals with fixed exchange rates, explaining the consequences of a fixed parity for monetary, fiscal and external policy. The second part deals with floating exchange rates and the market forces, which arbitrage away differentials in goods and asset prices across international borders.

This module aims to:

  • provide an introduction to the international monetary economics

The objectives include an understanding of the exchange rate markets, exchange rate policy, balance of payments and international monetary arrangements.

 
International Trade Policy

This module looks at:

  • Trade policy: theory and evidence
  • Trade policy and imperfect competition
  • Trade and distortions
  • The political economy of protection
  • Trade policy reform

This module aims to:

  • provide a coherent theoretical framework that will give students a firm basis for the analysis of trade policy issues under competitive and incompetitive conditions
  • show how that framework can be used to analyse and empirically estimate the costs and effects of trade policies
  • provide the basis for the further study of trade policy issues in the semester two modules on the Economics of International Trade and International Trade Policy and the European Community
 
Numerical Methods

This module covers the following:

Static numerical methods

  • Numerical solution methods
  • Numerical static optimisation methods
  • Applications: resource allocation, computable general equilibrium

Dynamic numerical optimization

  • Discrete dynamic programming
  • Implementation of the methods
  • Applications: optimal growth, rational expectations, asset management

Agent-based economic modelling

  • Foundations of agent-based modelling
  • Basics of computer programming
  • Applications: evolutionary games, markets   

The specific aims of the module are to:

  • provide a detailed understanding of numerical methods used in economics
  • develop an understanding of how the discussed methods can be applied to various economic problems
 
Political Economy

The module will cover the following:

  • Foundations: the rational political individual?
  • Collective action
  • The Rational Society?
  • Core: The economic approach to voters, parties and bureaucracies
  • Core: The politics of markets and government intervention
  • Political economy in action

The module will close with a discussion of two to three contemporary problems in applied political economy.

Specific module aims are to:

  • acquaint students with the modern literature in theoretical and applied political economy
  • provide an opportunity for interdisciplinary study within the economics degree
  • promote understanding of what economic techniques have to offer political science
  • enrich students' study of economics with insights from political science and political philosophy
 
 

 

The modules we offer are inspired by the research interests of our staff and as a result may change for reasons of, for example, research developments or legislation changes. The above list is a sample of typical modules we offer, not a definitive list.

 
 

Study abroad

The University of Nottingham has one of the biggest and most diverse study abroad programmes in the UK, and those who have studied abroad often say that it was the highlight of their time as a student.

On this course, you can apply to spend part of your second year at the University's campus in China or take a semester at one of our international partner universities in locations such as Australia, Canada and Japan. You'll get the opportunity to broaden your horizons and enhance your employability by experiencing another culture and will study similar modules to your counterparts back in Nottingham (teaching is in English).

Find out more.

 

Careers

The growth of economic awareness has increased the demand for economics graduates and a degree from Nottingham really will give you a head start in your career. At Nottingham you will acquire a strong academic foundation and a range of excellent economic and transferable skills, such as the ability to study independently and communicate effectively, both orally and in writing. You will also have the capacity to grasp complicated economic concepts, whether they are mathematical or philosophical in nature.

Our graduates opt for a wide variety of careers, including investment banking, accountancy, tax consultancy, working in government offices, auditing, derivatives trading, management consultancy, mergers and acquisitions, and many more. We recognise that graduates often need more than just a great degree to make their CV stand out from the crowd so we also work with students to help them obtain internships and work experience with top employers.

Average starting salary and career progression

In 2014, 92% of first-degree graduates in the School of Economics who were available for employment had secured work or further study within six months of graduation. The average starting salary was £29,639 with the highest being £52,000.* Starting salaries are among the highest in the University.

* Known destinations of full-time home and EU first-degree graduates, 2013/14.

Careers support and advice

Studying for a degree at The University of Nottingham will provide you with the type of skills and experiences that will prove invaluable in any career, whichever direction you decide to take. Throughout your time with us, our Careers and Employability Service can work with you to improve your employability skills even further; assisting with job or course applications, searching for appropriate work experience placements and hosting events to bring you closer to a wide range of prospective employers.

Have a look at our Careers page for an overview of all the employability support and opportunities that we provide to current students.  

 
 

Fees and funding

Scholarships and bursaries

The University of Nottingham offers a wide range of bursaries and scholarships. These funds can provide you with an additional source of non-repayable financial help. For up to date information regarding tuition fees, visit our fees and finance pages.

Home students*

Over one third of our UK students receive our means-tested core bursary, worth up to £2,000 a year. Full details can be found on our financial support pages.

* A 'home' student is one who meets certain UK residence criteria. These are the same criteria as apply to eligibility for home funding from Student Finance.

Scholarships and bursaries

The University of Nottingham offers a wide range of bursaries and scholarships. These funds can provide you with an additional source of non-repayable financial help.

Home students*

There are several types of bursary and scholarship on offer. Download our funding guide or visit our financial support pages to find out more about tuition fees, loans, budgeting and sources of funding.

To be eligible to apply for most of these funds you must be liable for the £9,000 tuition fee and not be in receipt of a bursary from outside the University.

* A 'home' student is one who meets certain UK residence criteria. These are the same criteria as apply to eligibility for home funding from Student Finance.

International/EU students

The University of Nottingham provides information and advice on financing your degree and managing your finances as an international student. The International Office offers a range of High Achiever Prizes for students from selected schools and colleges to help with the cost of tuition fees.  
 
 

Key Information Sets (KIS)

Key Information Sets (KIS)

KIS is an initiative that the government has introduced to allow you to compare different courses and universities.

Assessment

There is assessment associated with this programme that is not attached to a specific module. During first year students complete an assessed, non credit bearing course on study skills. This is to help students adapt to university study, as well as providing information and support for effective study. 

In second year, students complete a further assessed, non credit bearing course on career skills. This allows reflection on personal development and implications on students' future careers. It will include workshops on work experience, interviews and job application in sessions led by leading employers and graduates.

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Disclaimer
This online prospectus has been drafted in advance of the academic year to which it applies. Every effort has been made to ensure that the information is accurate at the time of publishing, but changes (for example to course content) are likely to occur given the interval between publishing and commencement of the course. It is therefore very important to check this website for any updates before you apply for the course where there has been an interval between you reading this website and applying.

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