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MPhil Economics
The MPhil Economics is a one-year
master’s degree that runs from
mid-September to late July. This degree is specifically aimed at
candidates who are interested in undertaking a master’s degree
that will give them the training required to undertake a career as a
professional economist working for, say, the UK Government Economic
Service or an economics consultancy.
Each student will take eight modules plus a dissertation. One
module is equivalent to eighteen hours of lectures.
Requirements:
- to attend the preparatory course in mathematics and
statistics
- one compulsory and one optional module in each core area,
as defined below, of microeconomics, macroeconomics and econometrics
– amounting to six modules
- two additional modules, either from the core areas or from
the list of additional options – amounting to two modules
- a dissertation of up to 10,000 words.
Preparatory Course in Mathematics and Statistics
The compulsory three-week preparatory course in mathematics
and statistics runs from mid-September to early October. The aim of
this is to review and develop the required technical methods for the
compulsory core modules 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
- [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
- [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]
- Applied Econometrics
- [Content: Policy evaluation, empirical labour analysis,
macroeconomic models, forecasting, growth econometrics]
- Time Series Econometrics 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]
Full details of the content of each module will be available
in due course.
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 is associated with either a core subject or a specialist
subject 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, with supervisors permitted to give comments until
the end of June (maximum of two hours supervision). A further three
weeks after the end of June are available for students to write up and
submit their dissertation.
Continuation to PhD
Although the MPhil in Economics is designed for students who
wish to obtain a one-year master’s qualification before leaving
academic economics, it will be possible for students to continue from
the MPhil in Economics onto the PhD programme. To do this, students
will be expected to perform at a standard similar to that required for
continuation from the MPhil Economic Research.
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