MSc Economics & MSc Economics (Finance) Course Descriptions
All students are required to take the two week introductory Maths and Econometrics courses, the six compulsory core courses and three further courses to be chosen from the range of electives on offer.
Preliminary Mathematics and Econometrics
These courses run for two-and-a-half weeks from the middle of September to the end of September. All students take these classes. Courses in mathematics and econometrics are run side-by-side and have the dual purpose of reviewing material on optimisation, matrix algebra and econometrics and also introducing students to Stata, which is the econometrics software used throughout the core courses in econometrics (see below).
Students who are a bit rusty on optimisation, matrix algebra or econometrics and wish to review the topics before arriving (note: this is probably a good idea) have a wide range of material to choose from. The cheapest and most concise sources are Schaum’s series of outlines. The relevant books are:
Schaum’s Outline of Statistics and Econometrics (chapters 1-7, 2002 or
2011 edition)
Schaum's Outline of Mathematical Methods for Business and Economics (chapters 1-6 and 9-13, 2009 edition)
Students who already have a copy of the Stata software and want to get started with it (note: this is not necessary) are advised to look here for links to a number of free Stata tutorials and guides as well as recommended books .
Semester Core Courses (semester 1 and 2)
The first semester courses run for nine weeks from early October to late November and are followed by a series of three class exams in the first or second week of December. There is then a four-week break before classes resume in the second week of January. The second semester core courses run for six weeks from the second week of January to the middle of February. The sixth week comprises class exams. All students take these classes.
Macroeconomics (2 core courses)
This course covers economic growth, business cycles and monetary policy, consumption theory and unemployment. The emphasis is on understanding different theoretical approaches and their relevance to macroeconomics policy. The textbook for this course is David Romer’s Advanced Macroeconomics.
Microeconomics (2 core courses)
This course covers consumer and producer theory, general equilibrium, game theory, decisions under uncertainty, bargaining, auction theory, asymmetric information, signalling, screening, and principal-agent problems. There is no single textbook for this course, but students can get an idea of the level of coverage by examining the relevant chapters in Mas-Colell, Whinston & Green’s Microeconomic Theory, Jehle & Reny’s Advanced Microeconomic Theory or Varian’s Microeconomic Analysis.
Econometrics (2 core courses)
These courses provide a thorough training in econometric methods, to enable students to assess critically applied work and to use econometric techniques in PhD work or in employment as economists. The courses begin with a short review of the properties of ordinary least squares estimators then go on to cover: seasonality and structural change, testing for parameter constancy and predictive accuracy, multicollinearity, likelihood based inference, model selection tests, generalised least squares, errors-in-variables, instrumental variables, univariate time series analysis, cointegration, panel data methods, and the generalised method of moments. In addition to lectures, there is a weekly two-hour econometrics lab in which students are taught to use Stata to apply the theories leared in class. There is also a substantial project-based component at the end of the course.
Options Courses (Semester 2)
The options courses are designed to familiarise students with the main elements of the relevant theory and to introduce students to a range of more advanced topics and recent developments in Economics. They also emphasise the problems that arise when making the transition from theoretical models to empirical and applied work and in this respect they are particular useful in formulating and writing the summer dissertation. By the end of the course students should be proficient in state-of-the-art analytical and quantitative techniques that are the essential skills of today's professional economist.
The courses are taught from February to early April. Students taking the MSc in Economics may choose three courses from across the range of options offered on the programme.
Students taking the MSc in Economics (Finance) must take courses in Asset Pricing, Corporate Finance and International Money and Finance as part of their Degree..
MSc Economics (Finance) Options Course Descriptions