Economics MSc

  • Programme duration: Full-time: 12 months  
  • Programme start: Autumn 2021
  • Entry requirements: A 2:1 Honours degree (or overseas equivalent) in Economics or a related discipline with a quantitative focus. Students with a 2:1 degree from a quantitative Science discipline are also encouraged to apply.
Economics msc

Module details

The 12-month programme consists of three compulsory modules and five optional modules, followed by a dissertation carried out over the summer period upon completion of Semester 2.

Students must select one optional module in Semester 1 followed by either or both of Applied Macroeconometrics (ECON920) and Applied Microeconometrics (ECON826) in Semester 2 and then two or three additional modules.

Students are required to complete 180 credits to achieve a full MSc.

Compulsory modules

Econometric and Statistical Methods (ECON814)
LevelM
Credit level15
SemesterFirst Semester
Exam:Coursework weighting100:0
Aims

The aim of this module is to give the student an understanding of basic econometric and statistical methods suitable for financial and economic data series. Extensive use will be made of econometrics software including EViews in tutorials to supplement the theory with applications and to provide hands-on experience. The aims are that the student will:

Understand the multiple regression model including the matrix and statistical background;

Be apply to apply statistical tests estimate regression models;

Understand the assumptions and limitations;

Understand the maximum likelihood principle and be able to perform the relevant specification tests;

Understand the principle underlying instrumental variables and GMM estimation;

Be confident in the use of econometric software such as EViews for a range of methods and applications.

Learning Outcomes

(LO1) Formulate and estimate regression models.

(LO2) Perform diagnostics on regression models.

(LO3) Perform all the calculations required via EVIEWS.

(LO4) Perform maximum likelihood estimation and be aware of the properties of the estimators.

(LO5) Perform GMM estimation.

(S1) Problem solving skills

(S2) Numeracy

(S3) IT skills

(S4) Communication skills

Macroeconomic Analysis (ECON905)
LevelM
Credit level15
SemesterFirst Semester
Exam:Coursework weighting100:0
Aims

This module aims to give students an understanding of the neoclassical models of growth based on Solow and Ramsey following which the Real Business Cycle will be introduced. Students will be introduced to key concepts in modern quantitative macroeconomics. The second half of the module will focus on balance of payments constraints and exchange rate determination.

Learning Outcomes

(LO1) Demonstrate in-depth knowledge and understanding of macroeconomic theory.

(LO2) Apply core advanced economic theory and quantitative methods to applied topics.

(LO3) Show theory and model based understanding of advanced analytical methods.

(S1) Problem solving skills

(S2) Numeracy

(S3) Commercial awareness

(S4) Communication skills

(S5) IT skills

(S6) International awareness

(S7) Lifelong learning skills

(S8) Ethical awareness

Microeconomic Analysis (ECON915)
LevelM
Credit level15
SemesterFirst Semester
Exam:Coursework weighting80:20
Aims

This module aims to provide an opportunity to understand and appreciate the fundamental aspects of decision making in an uncertain environment, allowing for the possible synchronic or diachronic incidence of risk. Individual risk linked behaviour will be linked to symmetric and asymmetric imperfect information scenarios. In this context individual or circumscribed group behaviour may be related to an aggregate and institutional context.

Learning Outcomes

(LO1) An appreciation of the basic aspects of consumer and producer decision making both under certainty and uncertainty;

(LO2) An understanding of the underlying assumptions needed to justify the existence of a general competitive equilibrium;

(LO3) An understanding of the relationship between a general equilibrium and welfare considerations.

(S1) Problem solving skills

(S2) Numeracy

(S3) Organisational skills

(S4) Communication skills

(S5) Lifelong learning skills

Dissertation (ECON912)
LevelM
Credit level60
SemesterWhole Session
Exam:Coursework weighting0:100
Aims

The aim of this module is to enable a student to undertake an independent piece of work that demonstrates a consolidated level of thorough understanding achieved by undertaking theoretical as well as empirical analysis on a particular aspect of interest. The work could be a fundamental ground for the research that is anticipated to be undertaken in due course to be continued by the student.

Learning Outcomes

(LO1) Development of skill of presenting theoretical and empirical analysis on a particular aspect of interest in the discipline. Further development of the work for further research may be considered.

(S1) Research skills

(S2) Written communication skills

(S3) Organisational skills

Optional modules

Financial Econometrics (ACFI901)
LevelM
Credit level15
SemesterFirst Semester
Exam:Coursework weighting0:100
Aims

The aim of this module is to provide students with a solid foundation in the statistical and econometric techniques that allow them to conduct independent empirical investigations in economics and finance. The approach centres on the linear multiple regression methods, including their use in estimating and testing the validity of models in economics and finance. The aims are that students will:

Understand aspects of the theories and principles of econometric analysis in economics and finance;

Be aware of a range of inferential techniques commonly employed in econometrics;

Understand the limitations of such techniques in different circumstances.

Learning Outcomes

(LO1) Discuss, evaluate and apply a range of mathematical and statistical techniques necessary for understanding and using econometrics methodology in finance and economic development.

(LO2) Use a number of statistical and econometric packages in real (simple) applications.

(LO3) Formulate, estimate and test a wide range of linear and non-linear models commonly encountered in financial analysis.

(S1) Problem solving. Students will be required to develop problem solving skills in lectures and practical lab sessions.

(S2) Numeracy. Numeracy skills will be developed through the application of techniques taught in lectures to various real and artificial data sets.

(S3) IT skills. IT skills will be developed through the application of techniques taught in lectures to various real and artificial data sets.

(S4) Communication skills. Communication skills, essential in econometrics, will be developed through the careful interpretation and guided discussion of results in practical sessions.

(S5) Time management. Time management and management of learning skills will be developed in part by working to a midterm exam while acquiring the skills as they go, and further by working towards passing the final exam.

Portfolio Theory (ACFI923)
LevelM
Credit level15
SemesterFirst Semester
Exam:Coursework weighting100:0
Aims

To understand and appreciate the basic notions underlying the management and selection of efficient investments for portfolio construction. Special emphasis is given to notions of efficiency and the discussion of selection criteria.

Learning Outcomes

(LO1) Appreciate the pivotal elements of decision making under certainty and uncertainty, risk and risk management, portfolio choice, management and performance evaluation.

(LO2) Develop a systematic understanding, knowledge and critical awareness of the nature, concepts and construction of portfolios, having regard for the type of investor.

(LO3) Apply knowledge, understanding and techniques underlying portfolio management strategies including risk management strategies in uncertain contexts.

(LO4) Develop a conceptual and practical understanding of the understanding of performance evaluation of portfolios at the forefront of current practice.

(S1) Adaptability

(S2) Numeracy

(S3) Commercial awareness

(S4) Teamwork

(S5) Organisation skills

(S6) Communication skills

(S7) International awareness

(S8) Lifelong learning

(S9) Ethical awareness

(S10) Leadership

Mathematics for Economics (ECON841)
LevelM
Credit level15
SemesterFirst Semester
Exam:Coursework weighting80:20
Aims

To introduce students to advanced mathematical techniques so that they can smoothly acquire ideas in other postgraduate economics modules;

To provide students with the mathematical skills to proceed to professional research should they continue with their studies.

Learning Outcomes

(LO1) Students should be able to solve advanced mathematical problems which appear frequently in economic theory;

(LO2) Students should feel comfortable using mathematical models and be able to read academic research papers which use such models;

(LO3) Students should be able to demonstrate that they have engaged in private learning to supplement the lectures and tutorials;

(LO4) Students should be able to demonstrate flexibility in solving problems and choose appropriate methods to apply.

(S1) Students will acquire the ability to think analytically and to reason using mathematical expressions.

(S2) Students should be able to demonstrate that they have engaged in private learning to supplement the lectures and tutorials.

(S3) Students should be able to demonstrate flexibility in solving problems and choose appropriate methods to apply.

Game Theory and Applications (ECON813)
LevelM
Credit level15
SemesterFirst Semester
Exam:Coursework weighting80:20
Aims

The objective of the module is to provide a graduate level  introduction to game theory. This is the study of strategic interactions, i.e. situations where outcomes depend not only on our own actions but also how others react to our actions.

Learning Outcomes

(LO1) Conduct advanced microeconomic analysis by formulating a game and its associated solution concepts and deriving solutions to games.

(LO2) Distinguish between types of games.

(LO3) Apply games in a range of economic, business and social contexts.

(S1) Problem solving skills

(S2) Numeracy

(S3) Communication skills

Applied Macroeconometrics (ECON920)
LevelM
Credit level15
SemesterSecond Semester
Exam:Coursework weighting70:30
Aims

The aim of this module is to build on the first semester econometrics module and give the student an understanding of more advanced econometric and statistical methods suitable for analysing financial and macroeconomic data series. Extensive use will be made of the econometrics package EViews in lab-based tutorials to supplement the theory with applications and to provide hands-on experience. The aims are that the students will:

Understand the main tools of modern econometric techniques for analysing financial and macroeconomic data.

Understand the assumptions and limitations.

Be confident in the use of an econometric computer programme (EViews) for a range of methods and applications.

Learning Outcomes

(LO1) Formulate and estimate time series models;

(LO2) Use time series models for testing economic theories and making economic forecasts.

(LO3) Perform all the calculations required via EVIEWS.

(LO4) Understand and be able to interpret time series models estimated from EVIEWS.

(S1) Problem solving

(S2) Numeracy

(S3) Communication skills

(S4) Teamwork

Applied Microeconometrics (ECON826)
LevelM
Credit level15
SemesterSecond Semester
Exam:Coursework weighting75:25
Aims

This module seeks to teach students to become a critical consumer of the empirical work in existing literature. The goal is for students to learn to discuss, critique, and analyse applied economics research. The material in this course will provide students with the techniques needed to conduct their own original research in microeconomics.

Learning Outcomes

(LO1) Students will be able to discuss the methods economists use to obtain causal identification.

(LO2) Students will be able to code basic statistical analyses in STATA.

(LO3) Students will be able to critique various research methods.

(LO4) Students will be able to assess the validity and plausibility of assumptions needed for results to be causal.

(S1) Problem solving.
Lectures and coursework provide problem sets designed to teach problem solving.

(S2) IT skills.
Coursework requires students to learn to code in STATA.

(S3) Numeracy.
Lectures, coursework, and the exam teach students the mathematics of causal identification.

(S4) International awareness.
Lectures and coursework teach students to analyse research and assess the efficacy of policies.

Derivatives (ACFI918)
LevelM
Credit level15
SemesterSecond Semester
Exam:Coursework weighting100:0
Aims

To provide an introduction to derivative products, namely futures and options in their many different varieties;

To examine these products from both a speculative and hedging perspective and also consider advanced strategies such as intra and inter commodity spreads for futures as well as sophisticated option strategies used, not exclusively, to trade volatility;

To examine the sensitivities of option strategies to underlying factors, namely an options "Greeks";

To consider the Black-Scholes-Merton and the Binomial approaches to option pricing;

To use Monte-Carlo simulation for the pricing of path dependent exotic options;

To develop skills in use of Excel, VBA, and Matlab.

Learning Outcomes

(LO1) Understand how futures and options are traded and priced.

(LO2) Be able to select the appropriate product to either hedge or speculate against future expected market conditions.

(LO3) Apply pricing strategies in market based situations.

(LO4) Develop trading skills using market data.

(S1) IT skills. Students will develop IT skills through data manipulation and analysis, charting in Excel, writing VBA code, 3d plots in Matlab.

(S2) Problem solving. Students will develop problem solving skills during practical class sessions.

(S3) Numeracy. Students will develop numeracy skills through research problem sets.

Financial Modelling (ECON815)
LevelM
Credit level15
SemesterSecond Semester
Exam:Coursework weighting80:20
Aims

The aim of this module is to give the student an understanding of econometric and statistical methods for financial and economic time series. Important extensions include: stationary models for time series; testing for nonstationarity; models for nonstationary data; volatility models for financial time series; and models for multivariate data including vector autoregressions, error correction mechanisms and cointegration.

Extensive use will be made of the econometrics package EViews in tutorials to supplement the theory with applications and to provide hands-on experience.

The aims are that the student will:

Understand a range of univariate and multivariate models of financial and economic time series and their applications;

Understand the statistical characteristics of financial data including skewness, kurtosis and volatility;

Understand the motivations, methods and limitations of multivariate modelling for economic and financial time-series;

Be confident in the use of an econometric computer programme (EViews) for a range of methods and applications.

Learning Outcomes

(LO1) Be able to specify and appreciate the main characteristics of a range of time series models;

(LO2) Be able to estimate appropriate models of financial and economic time series for purposes of forecasting and inference;

(LO3) Be able to apply univariate and multivariate model selection and evaluation methods;

(LO4) Be able to accommodate seasonality, causality, unit roots, and long run relationships in economic and financial time series;

(LO5) Be able to analytically investigate the skewness, kurtosis and volatility aspects of models such as ARIMA and ARCH models of economic and financial time series.

(S1) Communication skills. Communication skills will be developed through careful interpretation and guided discussion of results in practical sessions.

(S2) Planning and organisation skills. Students will develop this skill through the development of research plans for the dissertation.

(S3) IT skills. IT skills will be developed through the application of techniques taught in lectures to various real and artificial data sets.

(S4) Lifelong learning. Students will develop lifelong learning skills through the development of research capacity and critical thinking.

Money and Banking (ECON916)
LevelM
Credit level15
SemesterSecond Semester
Exam:Coursework weighting80:20
Aims

To develop a microeconomic and a macroeconomic perspective of banking;

To acquire an understanding of the specific nature of a bank as a firm, the role of banks in an economy, and of the regulatory environment in which banks operate;

To develop an understanding of economic foundation of the banking sector and analyse its importance for the macro-economy.

Learning Outcomes

(LO1) Understand the role and characteristics of banks in an economy;   

(LO2) Understand the competitive environment banks operate in;

(LO3) Explain the main risks, eg credit, liquidity, interest rate, that banks face;

(LO4) Explain how banks measure and manage these risks;

(LO5) Describe the main systemic risks and explain why and how banks are regulated;

(LO6) Explain the macroeconomic role of the banking system.

(S1) Problem solving skills

(S2) Adaptability

(S3) Numeracy

(S4) Commercial awareness

(S5) Teamwork

(S6) Organisational skills

(S7) Communication Skills

(S8) IT Skills

(S9) International awareness

(S10) Lifelong learning skills

(S11) Ethical awareness

Security Analysis, Valuation and Investment (ACFI825)
LevelM
Credit level15
SemesterSecond Semester
Exam:Coursework weighting0:100
Aims

Understand the essential characteristics of different asset classes;

Understand the theories underpinning the techniques of security analysis and valuation;

Applying security analysis technique in constructed examples and real world data;

Critically appraise investment strategy in the context of theory and practice.

Learning Outcomes

(LO1) A systematic understanding, knowledge and critical awareness of the nature of equity securities and current professional practice related to equity markets.

(LO2) The application and critical appraisal of fundamental analysis to the valuation of equity securities, including residuals analysis in complex scenarios.

(LO3) A conceptual understanding of the principles underlying the equity markets and equity security valuation, including hybrids at the forefront of current practice.

(LO4) A systematic understanding, knowledge and critical appraisal of professional practice related to fixed income securities.

(LO5) The application of knowledge and understanding of applied techniques and methods to analyse yields, risks and valuation for fixed income securities in an uncertain context.

(LO6) A conceptual understanding of the principles underlying the yields, risks and valuation of fixed income securities and the application of current valuation techniques.

(S1) Problem solving. Students will be required to develop problem solving skills in lectures and practical lab sessions.

(S2) Numeracy. Numeracy skills will be developed through the application of techniques taught in lectures to various real and artificial data sets.

(S3) Commercial awareness. Within interactive lecture environment and supported self learning.

(S4) Communication skills. Communication skills will be developed through the careful interpretation and guided discussion of results in practical sessions.

Current Topics in Economics (ECON827)
LevelM
Credit level15
SemesterSecond Semester
Exam:Coursework weighting0:100
Aims

This module aims to provide students with knowledge of cutting-edge topics in economics, and develop their understanding of the contribution of economic science to tackling both new and existing challenges faced by consumers, firms, governments, and regulators in practice. The module aims to prepare students for the workplace, whether industrial or academic, by developing life-long learning skills and embodying an approach to learning that is rooted in fundamental economic research. The module also provides the opportunity to acquire, develop and apply a range of advanced research skills, independent critical thinking, and presentation and report writing skills.

Learning Outcomes

(LO1) Be able to actively engage with economic research.

(LO2) Be able to apply the theories and methodologies studied to current economic issues.

(LO3) Be able to deliver technical presentations, explain complex economic models and concepts.

(LO4) Be able to critically evaluate research outputs.

(LO5) Be an independent thinker, capable of original ideas and research questions.

(S1) Adaptability.
Practiced in lectures, roundtable discussions and self-directed learning.

(S2) Problem solving.
Taught explicitly in lectures, practiced in presentations and in written coursework.

(S3) Numeracy.
Taught explicitly in lectures, practiced in presentations and in written coursework.

(S4) Communication.
Practiced in presentations and in written coursework.

(S5) Lifelong learning.
Taught implicitly in lectures, practiced in roundtable discussions and self-directed learning.

Advanced Macroeconomics (ECON843)
LevelM
Credit level15
SemesterSecond Semester
Exam:Coursework weighting80:20
Aims

To introduce students to advanced macroeconomic models;

To provide students with the analytical skills to proceed to professional research should they continue with their studies.

Learning Outcomes

(LO1) Students should be able to solve advanced analytical problems which appear frequently in macroeconomic theory.

(LO2) Students should feel comfortable using economic models and be able to read academic research papers which use such models. 

(LO3) Students should be able to read academic research papers which use advanced macroeconomic models.

(LO4) Students will have acquired the ability to think analytically and to reason using mathematical expressions.

(LO5) Students will understand how to formulate and solve advanced economic models, they will also learn how to use and interpret macroeconomic data related to some of these models.

(S1) Flexibility/adaptability. Students will work in groups to interpret complex macroeconomic issues through reading and discussing different theoretical viewpoints.

(S2) Problem solving skills. Students will develop their problem solving skills by examining and critiquing advanced economic theories.

(S3) Numeracy. Students will develop their numeracy by solving advanced macroeconomic models.

(S4) Lifelong learning skills. The module will enable students to develop abilities to read and think about macroeconomic problems and theories which will extend beyond the module.

(S5) International awareness. Students will develop international awareness by applying, and examining, macroeconomic models to, and using data from, different countries.

Economic Growth and Innovation (ECON828)
LevelM
Credit level15
SemesterSecond Semester
Exam:Coursework weighting100:0
Aims

This module will cover selected topics in economic growth and innovation, building on the intermediate macroeconomics curriculum by developing some formal models of economic growth. The module aims to provide students with a firm appreciation of modern developments in the theory of economic growth and of the strengths and limitations of these and older models. Furthermore, the module aims to support students' understanding of a range of more complex influences on growth and students will gain an insight into a range of policy approaches governments might take to improve growth.

Learning Outcomes

(LO1) Be able to identify and evaluate general equilibrium models of economic growth.

(LO2) Be able to proficiently apply dynamic general equilibrium models of economic growth.

(LO3) Be able to discuss theoretical models of economic growth and their policy implications.

(LO4) Be able to write a proposal for a research question in the field of economic growth.

(S1) Problem solving.
Developed through tutorial problem sets and research proposal.

(S2) Numeracy.
Developed through tutorial problem sets and research proposal.

(S3) Communication skills.
Developed through tutorial problem sets and research proposal.

(S4) International awareness.
Developed through tutorial problem sets and research proposal.

(S5) Lifelong learning.
Developed through tutorial problem sets and research proposal.