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Course overview

How will government policy decisions affect economic growth? What impact do immigration and migration have on the labour market? How can companies accurately forecast return on investment?

On our BSc Economics and Econometrics, you’ll learn how to use statistical and mathematical models to test economic theories through the practical application of real-world data analysis. You'll discover how to analyse the complex relations between economic phenomena so that you can accurately predict future trends.

You can tailor your studies to your individual career aspirations through optional modules that allow you to specialise in areas such as economic policy analysis, international trade and behavioural economics. You can also enhance your CV by studying abroad at our campuses in China or Malaysia, or with a partner institution in locations like Australia, Canada or Japan.

Why choose this course?

  • Flexible course with a broad range of modules
  • Study abroad opportunities at the University’s campuses in China or Malaysia or in locations such as Australia, Canada and Japan
  • Summer internship or placement year options available, which often lead to a graduate job offer

Entry requirements

All candidates are considered on an individual basis and we accept a broad range of qualifications. The entrance requirements below apply to 2021 entry.

UK entry requirements
A level offer A*AA (A*ABB for those taking four full A levels and completing them in the same year) including mathematics
Required subjects Mathematics
IB score 38; 6 in maths at Higher Level

Excluding general studies, leisure studies, and global perspectives and research.

Applicants taking foundation courses should contact us for more information.

Mature students

At the University of Nottingham we have a valuable community of mature students and we appreciate their contribution to the wider student population. You can find lots of useful information on our mature students webpage.

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 UCAS application.

When considering your application, we will look for evidence that you will be able to fulfil the objectives of the course and achieve the standards required. We will take into account a range of factors additional to, and in some cases instead of, formal exam results.

Selection of those applicants will be based upon a combination of the candidate's academic record and an assessment of all the information provided in their UCAS application, their academic reference and their personal statement.

Learning and assessment

How you will learn

Teaching methods

  • Computer labs
  • Lectures
  • Seminars
  • Tutorials
  • Workshops

How you will be assessed

Assessment methods

  • Dissertation
  • Essay
  • Examinations
  • Presentation

Contact time and study hours

You’ll have at least the following hours of timetabled contact a week through lectures, seminars, tutorials, computer classes and supervisions.

  • Year one: minimum of 12 hours
  • Year two: minimum of 10 hours
  • Final year: minimum of 8 hours

You will also be expected to engage in independent study.

Study abroad

On this course, you can apply to spend a semester studying abroad at the University's campuses in China or Malaysia, or at one of our partner institutions in locations such as Australia, Canada and Japan.

Teaching is typically in English, but there may be opportunities to study in another language if you are sufficiently fluent.

This will give you the opportunity to broaden your horizons and enhance your CV by experiencing another culture. You can choose to study similar modules to your counterparts back in Nottingham or expand your knowledge by taking other options.

Year in industry

An optional placement year is available for all undergraduate students whose course does not have a compulsory placement or study abroad element. The University's Careers and Employability Service will support you in arranging this.

Placements

Our placements and internship programme provides local, national and international placements to ensure our graduates are competitive in the current job market. You'll have the opportunity to develop key skills and experience in the workplace.

Xue Li Tung

First-year undergraduate Xue talks about her experience at Nottingham so far.

Modules

In your first year, we work to provide you with a solid grounding in introductory economic theory, mathematics and 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 core modules in mathematical economics and econometrics.

Core modules

Introduction to Economics

The first semester provides an introduction to microeconomics, including behaviour of firms and households in situations of competitive and imperfectly competitive markets. The second semester provides an introduction to 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. A series of basic models used in modern macroeconomics are introduced, with a particular focus on dynamic general equilibrium modeling tools and techniques necessary to build theoretical models.

Mathematical Economics and Econometrics

The first half of the module provides an introduction to the mathematical methods required for economic modelling, focusing on linear algebra, optimisation and their role in formulating and solving economic problems.

The second half introduces the statistical methods required for data analysis in economics. We concentrate on statistical distribution theory and statistical inference before applying these concepts to the study of the linear regression model, whose extensions will be analysed in detail in subsequent econometrics modules.

The Politics of Economics and the Economics of Politicians

How does economics impact on politicians? And how do politicians impact on economics? You will study both contemporary economics and the political leaders who have put key economic theories into practice throughout history.

This module covers the following topics:

  • The scope and method of economics
  • Alexander Hamilton and the role of state in the economy
  • Sir Robert Peel and Free Trade
  • The Meiji Emperor and Industrialisation
  • Franklin D Roosevelt and Demand Management
  • Ludwig Erhard and Supply Side Economics
  • Margaret Thatcher and Monetarism and Rolling Back the State
  • Deng Xiaoping and Growth, Development and Convergence

At least two from:

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
Economic Integration I

This module introduces you 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. The module aims to combine principles of economic analysis with an assessment of the impact of such measures on the member economies.

Economic Integration II

This module introduces you 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 Organization, the International Monetary Fund and the World Bank. The module aims to combine principles of economic analysis with an assessment of the impact of international policy coordination.

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. Without going into the technical details, the module reviews the main findings of this literature, discusses their implications for modern development experiences, and lays out the main challenges for future research.

By providing an historical perspective on growth and development, the module will endow you with a better understanding ofcontemporary economic issues. It will also give you some exciting examples of how the economic techniques you will learn in later modules can be used to understand the world better.

The above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules may change or be updated over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue for the latest information on available modules.

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.

Core modules

Econometric Theory

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. The module then introduces you to a range of statistical techniques that can be used to analyse the characteristics of univariate economic timeseries. 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.

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. 

Microeconomic Theory

This module covers intermediate microeconomics including general equilibrium analysis, welfare economics, elementary game theory, and strategic behaviour of firms.

Optional modules

Some modules may also be taken from other schools. You must take at least two modules from:

Development Economics

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
  • famines
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.

Financial Economics

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.

Industrial Economics

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 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.

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.

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.

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.

Public Sector Economics

This 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 above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules may change or be updated over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue for the latest information on available modules.

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 core aspects of your final year provide a detailed treatment of the models and techniques used in the analysis of time series and cross section data. Many of these were pioneered by 2003 Nobel Laureate and Nottingham alumnus, Sir Clive Granger.

You will also have the opportunity to select additional modules from a wide range of specialist options.

Core modules

Advanced Econometric Theory

This module generalises and builds upon the material covered in the Econometric Theory I and II. In the first part of the module, we study large sample, or asymptotic, theory. This is needed in order to obtain tractable results about the behaviour of estimators and tests when the standard modelling assumptions - which frequently cannot be verified in practice - are relaxed.

The second part of the module continues the time series analysis taken in Econometric Theory II, with the emphasis on 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. The key issues addressed will be the identification of non-stationarity through the construction of formal tests and the implications for modelling with non-stationary data.

Particular attention will be paid to the contributions of Sir Clive Granger to the spurious regression problem and to cointegration analysis, for which he was ultimately awarded the Nobel Prize.

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. There will be 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

Optional modules

At least two from:

Advanced Development Economics

This module adopts a broad focus on factors influencing growth and development, concentrating on core economic policy areas and the role of international organisations.

Topics covered include macroeconomic policies, in particular exchange rates and the role of the IMF; aid policy and the World Bank, effects of aid on growth, macroeconomic and fiscal policy, and poverty; trade policy and performance and the WTO; economic reforms and growth experiences in East Asia, China and Africa; human development and the UN Sustainable Development Goals.

Advanced Experimental and Behavioural Economics

This module discusses aspects of some of the main sub-areas of experimental and behavioural economics. This includes applications related to individual decision-making, strategic behaviour and market behaviour.

The module encourages reflection on both the role of experiments in economics and the assumptions that economics does (and should) make about people’s motivations. Both experimental economics and behavioural economics are still comparatively new fields within the wider discipline.

The module considers their potential and main achievements, relative to more traditional economic techniques. It encourages development of critical skills and reflection on specific research contributions in experimental and behavioural economics.

Advanced Financial Economics

The module covers:

  • saving, focusing on how agents make intertemporal decisions about their savings and wealth accumulation
  • saving puzzles and household portfolios, focusing on credit markets and credit markets imperfections, and why do households hold different kinds of assets
  • asset allocation and asset pricing, focusing on intertemporal portfolio selection, asset pricing and the equity premium puzzle
  • bond markets and fixed income securities
  • the term structure of interest rates
  • the role of behavioural finance in explaining stock market puzzles
Advanced International Trade I

This module looks at trade policy economic policy for trade and international factor mobility: theory and evidence, trade policy and imperfect competition, trade and distortions, the political economy of protection and trade policy reform.

Advanced Labour Economics

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

Advanced Macroeconomics

This module covers:

  • dynamic general equilibrium models, focusing on how the time path of consumption, and saving, is determined by optimising agents and firms that interact on competitive markets
  • growth in dynamic general equilibrium, focusing on the Solow model and the data, and the role played by accumulation of knowledge (endogenous innovation) in explaining long run growth
  • Real Business Cycles (RBC), focusing on how the RBC approach accounts for business cycle fluctuations, and what links short run fluctuations and growth processes
Advanced Microeconomics

The module will cover topics in advanced microeconomics and decision theory. The precise content may vary from year to year, but the module will start from the basis established by the Microeconomic Theory module.

Advanced Monetary Economics

This module provides a rigorous introduction to formal models of money in the macroeconomy. Following this, applications for areas of central banking, finance and international macroeconomics will be explored.

Advanced Political Economy

The module will cover the following:

Foundations

  • 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

And up to three from:

Advanced International Trade II

This module covers:

  • Models of intra-industry trade
  • Trade policy in oligopolistic industries
  • Multinational Enterprises
  • Testing trade theories
  • The WTO and "new issues"
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.

Economic Policy Analysis I

This module will introduce you to economic policy analysis. It will focus on the role played by different institutional rules in shaping the behaviour of elected governments by providing incentives to elected governments.

Economic Policy Analysis II

The module will cover post-crisis monetary policy; controlling money markets with excess reserves; spillovers of QE; effects of QE on asset and credit markets; low real equilibrium interest rates; uncertainty in monetary policy.

International Money and Macroeconomics

This module will provide an introduction to international monetary issues, including the determination of exchange rates and international spill-over effects. 

Microeconometric Methods

This module focuses on a range of econometric methods used in policy evaluation and in the identification and estimation of causal effects. Topics to be covered include:

  • potential outcomes framework
  • regression analysis and matching
  • instrumental variables
  • difference-in-differences
  • regression discontinuity
The above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules may change or be updated over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue for the latest information on available modules.

Fees and funding

UK students

£9,250
Per year

International students

To be confirmed in 2020*
Keep checking back for more information
*For full details including fees for part-time students and reduced fees during your time studying abroad or on placement (where applicable), see our fees page.

If you are a student from the EU, EEA or Switzerland starting your course in the 2021/22 academic year, you will pay international tuition fees.

This does not apply to Irish students, who will be charged tuition fees at the same rate as UK students. UK nationals living in the EU, EEA and Switzerland will also continue to be eligible for ‘home’ fee status at UK universities until 31 December 2027.

For further guidance, check our Brexit information for future students.

Additional costs

As a student on this course, you should factor some additional costs into your budget, alongside your tuition fees and living expenses.

You should be able to access most of the books you’ll need through our libraries, though you may wish to purchase your own copies or more specific titles.

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 £1,000 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.

International/EU students

We offer a range of Undergraduate Excellence Awards for high-achieving international and EU scholars from countries around the world, who can put their Nottingham degree to great use in their careers. This includes our European Union Undergraduate Excellence Award for EU students and our UK International Undergraduate Excellence Award for international students based in the UK.

These scholarships cover a contribution towards tuition fees in the first year of your course. Candidates must apply for an undergraduate degree course and receive an offer before applying for scholarships. Check the links above for full scholarship details, application deadlines and how to apply.

Careers

Our economics graduates gain a range of specialist and transferable skills, including the ability to grasp complex economic concepts, both mathematical and philosophical. This will enable you to have a lucrative career in a wide variety of fields such as government, international agencies, private sector organisations or education.

Graduate destinations

Our graduates go into a wide variety of careers, including investment banking, accountancy, mergers and acquisitions, and stock and bond trading.

Recent graduates now work at organisations such as the Bank of America, Barclays, Bloomberg, Credit Suisse, Deloitte, HM Treasury, the Home Office, and Schroders.

Average starting salary and career progression

90.1% of undergraduates from the School of Economics secured graduate level employment or further study within 15 months of graduation. The average annual salary for these graduates was £32,679.*

The School of Economics ranked 2nd in the UK for boosting graduate salaries, with graduates earning an average of £8,810 more than expected five years after graduation.**

* HESA Graduate Outcomes 2020, using methodology set by The Guardian. The average annual salary is based on graduates working full-time within the UK.
** The Economist British university rankings, 2017.

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.

The University of Nottingham is consistently named as one of the most targeted universities by Britain’s leading graduate employers (Ranked in the top ten in The Graduate Market in 2013-2020, High Fliers Research).

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Related courses

The University has been awarded Gold for outstanding teaching and learning

Teaching Excellence Framework (TEF) 2017-18

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.