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 covers intermediate microeconomics including general equilibrium analysis, welfare economics, elementary game theory, and strategic behaviour of firms.
Quantitative Economics III
An introduction to the theory and practice of econometric methods, focusing on regression analysis and its application to economic situations. This module will pay particular attention to the principles of estimation and inference in the multiple regression model, and will rely on illustrations and intuition to develop understanding of the techniques and their interpretation.
You will deepen your understanding of the material covered in class via a series of 'hands-on' computer classes using specialist econometric software (STATA) and a set of tutorials that will review worked examples.
Quantitative Economics IV
An introduction to the theory and practice of econometric methods, focusing on regression analysis and its application to economic situations. It will focus on practical issues relating to data modelling and issues relating to model specification and testing.
It will also introduce you to regression analysis and forecasting using time series data. It will rely on illustrations and intuition to develop understanding of the techniques and their interpretation. You will advance your understanding of the material covered in class via a series of 'hands-on' computer classes using Stata. A set of tutorials will also examine topics discussed in the lectures through worked examples.
This module generalises and builds upon the econometric techniques covered in the year one module, Mathematical Economics and 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 one. The multivariate linear regression model will again provide our main framework for analysis.
This module introduces you 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.
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.
This module is 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 urbanisation
- markets in agriculture
- agricultural household models
- risk and insurance
Environmental and Resource Economics
This modules will look at:
- 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
- fisheries - the open access problem and rights-based policies
- valuation of the benefits of environmental policy
- biodiversity and its benefits
- international trade in polluting goods
- mobile capital: race to the bottom?
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 you 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.
This module will offer an introduction to some theoretical concepts related to the allocation of risk by financial institutions. Then it will apply these concepts to the analysis of financial and banking crises.
This module provides an economic analysis of the theory and practice of organisation 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.
International Money and Macroeconomics
This module will provide an introduction to international monetary issues, including the determination of exchange rates, and the functioning of the international monetary system.
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 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.
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.
Numerical Methods in Economics
This module covers the following:
Static numerical methods
- Numerical solution methods
- Numerical static optimisation methods
- Applications: resource allocation, computable general equilibrium
Dynamic numerical optimisation
- 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 module will cover the following:
- The rational political individual?
- Voter participation
- Collective action and the role of the state
Core political economy
- The economic approach to politics
- Political aspects of economics: rights and the limits of the state
- Political aspects of economics: inequality and the duties of the state
Political economy in action
- Political economy in action: some current issues in applied political economy
Public Sector Economics
This module looks at:
- public finances in the uk
- market failures
- fundamental theorems of welfare economics
- social welfare functions
- public goods
- natural monopolies
- public choice
- social insurance: social security, taxation and equity
- excess burden of taxation and tax incidence
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. This list is an example of typical modules we offer, not a definitive list.