MRes — 2024 entry Economics

This module covers advanced microeconomic concepts which form part of the core knowledge that should enable a student to pursue doctoral research in this area. The material focuses on consumption theory, production theory and general equilibrium in pure exchange. It is an analytical module, focusing on theory but illustrating it with several applications.

This module gives the students a systematic way of thinking about macroeconomic issues and will cover the basic tools needed to study dynamic macroeconomic models; namely dynamic programming and the solution and stability analysis of linearized models. These tools will then be used to study macroeconomic theories of the business cycle, such as the Real Business Cycle model and the New Keynesian model. A brief overview of software packages Matlab and Dynare will be provided to carry out the numerical solution and simulation of the models.

The module provides a rigorous treatment of the linear model and tests for linear restrictions, for the case of independent, identical distributed (iid) observation. We then study nonlinear models and tests for nonlinear restrictions, using the Generalized Method of Moment (GMM) estimator as a leading example. Bootstrap counterpart of estimators and tests will be considered. We finally provide an extension to the case of time series data.  More precisely, the module provides the analytical tools we need for deriving the limiting distribution of estimators in the context of linear models (OLS and instrumental variables) and nonlinear models (NLS and Generalized Method of Moments).  Since in finite sample, asymptotic approximations may be not accurate enough we study how to construct bootstrap critical values, in order to provide more accurate inference.

The module provides the fundamental mathematical tools used by economists. It will provide the key elements of real analysis and differential calculus. The focus will then be on static optimisation techniques for comparative static analysis and on dynamic optimisation technique for solving dynamic problems.

This module presents key microeconomic concepts which form part of the core knowledge that would enable a student to pursue doctoral research in this field. The material focuses on game theory and information. It presents the four main models in game theory, which consist of static games with complete information, dynamic games with complete information, static games with incomplete information and dynamic games with incomplete information. The treatment will be rigorous, at a suitable pace. Emphasis will be given to economic applications.

This module introduces students to the tools necessary to address intermediate to advanced topics and perform independent research in such topics. It covers techniques for macroeconomics and it exposes students to research papers and topics. The module also aims to expose students to a wide range of models and approaches, ensuring they are sufficiently familiar with the literature to perform future independent research at the frontier.

The module builds up over the material covered in Advanced Econometrics 1, and provides an overview of advanced econometric methods that are essential for empirical analysis. Central topics are quantile regression, panel data models, including the most recent developments such as nonlinear panel models and endogenous attrition. The module also introduces students to the statistical tools used in Microeconometrics, such as Binary Choice Models, in the standard case and in the presence of endogeneity, and limited dependent variables, with special focus on Tobit models and sample selection.

The module provides students with guidance toward their MRes dissertation. Crucial part of this module is the presentation of faculty research. Faculty present their research agenda and their current interest. This has two main purposes. First, students are exposed to frontier research topic in various fields in economics. Second, this facilitates the matching of students and supervisors. A short intense computational course is offered. In addition, there are weekly meeting in which each students presents its preliminary ideas to get feedback from his peers and from module leader.

This module provides individual student support, feedback and supervision as the foundation for the dissertation and preparing the students for independent research in Economics. The dissertation is an extended report of an independent study that identifies and investigates a particular research question in Economics and explores it systematically and over a sustained period of time. The dissertation provides students with the opportunity to read extensively and apply research skills acquired in taught units to a chosen area of study in Economics. This module builds, in particular, on Research Methods 2, where students develop independent research skills, and prepare a research proposal for the dissertation. For those students who subsequently progress onto the PhD Economics programme the MRes dissertation may also provide a first step towards their subsequent doctoral research.