Core economics modules
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.
- 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.
Core language modules
The French Language III
This module develops the following language skills:
- Oral and written skills
- The written skills to include translation into and out of French
- Creative writing in different registers
- Linguistic commentary
- Production of summaries
Attention is also applied to perfecting knowledge of French grammar and to increasing knowledge of French vocabulary.
The rest of your modules are taken from a wide choice of options from both schools.
Optional economics modules
- Introduction: adaptive expectations vs. rational expectations
- Single-equation, forward-looking linear rational expectations models
- Dual-equation, forward-looking linear rational expectations models and saddle-path dynamics
- Deficits, inflation and hyperinflation: the nonlinear seigniorage model
- The Lucas island model
- The Lucas critique of econometric policy evaluation
- Dynamic general equilibrium models
- Growth in dynamic general equilibrium
- 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 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?)
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 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
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
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
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.
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 Econometric Theory
This module generalises and builds upon the econometric techniques applied to the multivariate linear regression model covered in the year two module, Econometrics I. This will involve introducing a number of new statistical and econometric concepts. In particular we study large sample, or asymptotic, theory. This is needed in order to obtain tractable results about the behaviour of estimators when the standard modelling assumptions - which frequently cannot be verified in practice - are relaxed. We also extend the analysis from a single equation model to simultaneous equation models.
There are three specific aims for this module are to:
- provide the necessary statistical techniques needed to conduct asymptotic econometric theory
- develop the analytical skills required to demonstrate theoretical asymptotic properties of different econometric estimation and testing procedures under weakened modelling assumptions
- provide a proper understanding of the applicability and limitations of asymptotic theory in econometric analysis
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 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
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.
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
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
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
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
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
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
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.
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