For your final year you will return to Nottingham. Your economics studies will focus on a dissertation and some optional modules, while you refine your newly fluent language skills in a final language module and your choice from a list of optional modules.
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 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.
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
This 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 Industrial Economics
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.
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
- trade policy reform
Advanced Labour Economics
This module covers an economic analysis of the labour market, with an emphasis on policy implications and institutional arrangements.
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
This 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:
- 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
Advanced Public Economics
The module will introduce some major themes of the economic analysis of government. Using the tools of modern microeconomic theory, it will explore how government institutions are designed, how they could be designed better, and how they shape economic policy.
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
This 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
This module will cover post-crisis monetary policy; controlling money markets with excess reserves; spill-overs 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.
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
- regression discontinuity
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
Business and Society in Spain
Taught in Spanish, this module will allow you to examine Spanish business from both an historical and contemporary perspective.
Main themes include: the economic legacy of dictatorship, changes in the global and European regulatory environment, the influence of neoliberal thinking, the role of entrepreneurship, the relationship between state and business, and the response by Spanish business to the spread of the knowledge economy and rapid technological change.
We’ll also consider recent challenges to business in Spain. In particular, the impact of the 2008-2013 economic crisis on the private sector, the criticism of business involvement in a number of high-profile corruption scandals and proposals by new political formations (such as Podemos) aimed at increasing state regulation of the private sector. Finally, the module includes in-depth case studies of the Spanish fashion and tourism industries.
Conflict and Post-Conflict Societies through Literature and Film
This module addresses the way in which cinema (both documentary and feature films) and literature (mostly short stories) have reflected, resisted, interrogated, and remembered the socio-political violence and conflicts that have shaped the 20th and 21st centuries so far in Europe (emphasis on the Iberian Peninsula) and Latin America (including Brazil).
The module adopts a comparative approach which focuses on the formal experiments and common preoccupations of filmmakers and writers across different national cultures and historical contexts (translations and subtitles will be provided when required). It will discuss questions on authoritarianism (Franquismo, Military Dictatorships in Central and South America, Salazarism, etc), colonial and neo-colonial practices, racial and class inequality and social injustice, gender and sexuality. Visual and literary texts may address significant conflicts as they occur and also the ways in the legacies of past traumas endure.
Painting in Spain
This module will offer a panorama of painting in Spain from the late 16th century to the late 19th century taking in four themes: portraiture, history and genre painting, religion, and mythology and myths.
Artists covered will include Domenikos Theotocópoulos, Diego de Silva y Velázquez, Jusepe de Ribera and Bartolomé Esteban Murillo from the Spanish Golden Age and Francisco de Goya, Vicente López, Martín Rico and Marià Fortuny from the 19th century.
You will have the opportunity to study other painters in the preparation of assessments throughout the year. There will be an emphasis on designing exhibitions and on understanding the paintings both within the context of art history and the history and cultures of Spain.
Politics and Literature in Contemporary Spain
You may believe that politics and literature are two distinct fields of study, but this module will help you understand the complex but integral relationship between the two.
We’ll explore the representation of key social and political issues within contemporary Spanish literature. You’ll discover how literature in late capitalism, and contemporary ‘Hispanic’ authors in particular, dealt with issues of language, identity, culture, society, nationhood, gender, class, memory, time and writing.
We also explore debates regarding the consistency of the categories of ‘Spain’ and ‘Spanishness’ when analysing cultural production in contemporary Iberia. This shall lead us to assess the competing discursive practices involved in remapping the notion of Spanish canonical literature at the beginning of the new millennium.
Following your time spent living in a Portuguese-speaking country and completing earlier modules, Portuguese 1 - Beginners and Portuguese 2 - Beginners, this advanced module will be your final step towards fluency.
We'll build on your grammatical competence and assist you to develop a more sophisticated and formal register of vocabulary, idiom and advanced syntax.
During class you'll gain the ability to discuss a wide range of topics in written and spoken Portuguese, giving you the confidence to converse articulately upon complex and intellectual subjects.
Spanish American Narrative and Film
This module looks at key 20th century Spanish American novels and short stories and considers issues such as race, gender, sexuality and the conflict of cultures. You will be trained in using a broad range of tools of narrative and rhetorical analysis so as to engage in debates about literary representation and aesthetics, and will hone your use of these through a programme of research tasks, seminar presentations, group discussions, and written assignments.
Making the Cuban Revolution: Ideology, Culture and Identity in Cuba since 1959
Free education from cradle to grave has been central to modern Cuba’s cultural and ideological identity. This module will encourage you to explore Cuba’s revolutionary change since 1959, through an examination of its evolving ideologies. You’ll review the critical factors of nationalism, dependency, radicalism and leadership which shaped developments from the original rebellion up to the present day.
Together we’ll discover the role of education policies and the ways in which a ‘cultural revolution’ was fundamental to the socialisation process of, and popular participation in (or dissent from) the Revolution.
This study will help you form conclusions about both the meaning of ‘ideology’ within the context of the Revolution, and the international geo-political significance of Cuba's self-definition and evolution.