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MPhil Economic Research
The MPhil Economic Research is the first year of a 4-year
route to a PhD and runs from mid-September to the end of
August. The MPhil Economic Research is the foundation year for the
PhD programme and involves a thorough study of the core areas of
economics and the requirement to explore one area in detail in order to
begin the process of choosing a PhD research topic. However, please
note that it is not necessary to have a detailed proposal for PhD
research at the time of applying. The Faculty recognises that some
applicants will not be completely sure at the time of applying whether
they do or do not wish to pursue a PhD. Applicants will have the
opportunity of switching between MPhil Economic Research and MPhil
Economics during the first half of the first term.
Each student will take eight modules plus a
dissertation. One module is equivalent to eighteen hours of
lectures.
Requirements:
- to attend the maths preparatory course in mathematics and
statistics
- two compulsory modules in each core area of microeconomics,
macroeconomics and econometrics – amounting to six modules
- one additional module from the core areas – amounting
to one module
- one either from the core areas or from the list of
additional options – amounting to one module
- a dissertation of up to 10,000 words
Preparatory Maths Course
The compulsory
three-week preparatory course in mathematics and statistics runs from
mid-September to early October and will be assessed by an examination
at the
end of the course which will be marked on a pass/fail basis. The aim of
this is to review and develop the
required technical methods for the compulsory core courses in
macroeconomics,
microeconomics, and econometrics.The topics covered are:linear algebra;
statistics; static optimisation; dynamic optimisation; differential and
difference equations.
Core Areas
Microeconomics
- Microeconomics
I (Compulsory)
- [Content: Game theory, incentives, risk and uncertainty,
asymmetric information, wage contracts]
- Microeconomics II (Compulsory)
- [Content: Mechanism design, auction theory, general
equilibrium, welfare]
- Applied
Microeconomics
- [Content: Consumer and producer theory, cost functions,
industrial organisation]
- Topics in Economic Theory
- [Content: Bargaining, social learning, contract theory]
Macroeconomics
- Macroeconomics I - Macroeconomic Analysis (Compulsory)
- [Content: This compulsory course covers key theoretical
and empirical contributions that help explain and analyze macroeconomic
phenomena. It investigates economic growth, business cycles,
rigidities, unemployment, consumption, investment, fiscal and monetary
policy, and exchange rates.]
- Macroeconomics II - Macroeconomic Theory (Compulsory)
- [Content: This course supplements Macroeconomics I by
providing a more thorough theoretical background. It covers the main
technical tools and modeling frameworks that are fundamental to
macroeconomics.]
- Applied Macroeconomics
- [Content: This optional course covers various macroeconomic
topics focused on policy and empirical applications.]
- Advanced Topics in Macroeconomic Theory
- [Content: This course builds on Macroeconomics II and
provides essential preparation for doing research in macroeconomics. It
covers further modeling frameworks that are common in advanced
macroeconomic theory.]
Econometrics
- Econometric Methods (Compulsory)
- [Content: Classical linear regression model: causality and
correlation, least squares, tests.
Introduction to large sample theory: convergence,
least squares, instrumental variables.
Maximum likelihood: likelihood theory; large sample
behaviour, identification.
Test procedures: Lagrange multiplier, likelihood
ratio and Wald tests.
Simple dynamic structures: time series; dynamic
regression]
One of the following can be taken as the second compulsory
module
- Time Series and Financial Econometrics
- [Content: Stationary stochastic processes, estimation and
tests, time series models, dynamic regression, nonstationarity and
co-integration, nonlinear models and financial time series, state space
models and the Kalman filter, spectral analysis, trends and cycles in
macroeconomic time series, macroeconometric models]
- Cross-Section and Panel Data Econometrics
- [Content: Discrete dependent variables, limited dependent
variables, panel data models, simulation-based inference, generalized
method of moments]
- Applied Econometrics
- [Content: Policy evaluation, empirical labour analysis,
macroeconomic models, forecasting, growth econometrics]
Additional Options
PLEASE NOTE that these are all modules which may be
offered, but the Faculty reserves the right to alter, omit or add
optional modules within the overall framework described above.
Full details of the content of each module will be available in due
course.
Assessment
Students will be examined on Microeconomics I, Macroeconomics
I and Econometrics I in January and on the remaining five modules in
the middle of May. Each module accounts for 10% of the overall
mark and the dissertation accounts for 20% of the overall mark.
Dissertation
During the second term, each student is allocated a supervisor
for the dissertation (maximum length 10,000 words). The topic of
the dissertation should be closely related to the subject of the
proposed PhD research, and must be formally approved by the Faculty. During the second and third terms the student will
meet the supervisor to discuss an outline of the topic, a bibliography,
the use of appropriate data and methods of analysis, and a draft of the
dissertation. After the written examinations in the third term,
students can concentrate entirely on their dissertations and will be
provided with up to five hours supervision. The
deadline for submitting dissertations is the end of August.
Continuation to PhD
Continuation to the first year of the PhD will depend on a
good pass mark in the six best core modules.
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