In your final year you will examine the major themes in economics at an advanced level and build on the topics covered in previous years. You will select modules that interest you from a wide range of specialist options that reflect our research expertise in both theoretical and applied aspects of the discipline.
Under the guidance of your supervisor, you will also undertake a year-long dissertation on a topic of your choice and will gain experience of the research process.
Advanced Development Economics
This module adopts a broad focus on factors influencing growth and development, concentrating on core economic policy areas and the role of international organisations.
Topics covered include macroeconomic policies, in particular exchange rates and the role of the IMF; aid policy and the World Bank, effects of aid on growth, macroeconomic and fiscal policy, and poverty; trade policy and performance and the WTO; economic reforms and growth experiences in East Asia, China and Africa; human development and the UN Sustainable Development Goals.
Advanced Economic Theory
Advanced Econometric Theory
This module generalises and builds upon the material covered in the Econometric Theory I and II. In the first part of the module, we study large sample, or asymptotic, theory. This is needed in order to obtain tractable results about the behaviour of estimators and tests when the standard modelling assumptions - which frequently cannot be verified in practice - are relaxed.
The second part of the module continues the time series analysis taken in Econometric Theory II, with the emphasis on the behaviour of typical economic time series, and the implications of that behaviour in practical analysis, such as the construction of models linking economic time series. The key issues addressed will be the identification of non-stationarity through the construction of formal tests and the implications for modelling with non-stationary data.
Particular attention will be paid to the contributions of Sir Clive Granger to the spurious regression problem and to cointegration analysis, for which he was ultimately awarded the Nobel Prize.
Advanced Experimental and Behavioural Economics
This module discusses aspects of some of the main sub-areas of experimental and behavioural economics. This includes applications related to individual decision-making, strategic behaviour and market behaviour.
The module encourages reflection on both the role of experiments in economics and the assumptions that economics does (and should) make about people’s motivations. Both experimental economics and behavioural economics are still comparatively new fields within the wider discipline.
The module considers their potential and main achievements, relative to more traditional economic techniques. It encourages development of critical skills and reflection on specific research contributions in experimental and behavioural economics.
Advanced Financial Economics
This module covers:
- saving, focusing on how agents make intertemporal decisions about their savings and wealth accumulation
- saving puzzles and household portfolios, focusing on credit markets and credit markets' imperfections, and why do households hold different kinds of assets
- asset allocation and asset pricing, focusing on intertemporal portfolio selection, asset pricing and the equity premium puzzle
- bond markets and fixed income securities
- the term structure of interest rates
- the role of behavioural finance in explaining stock market puzzles
Advanced Industrial Economics
This module provides an advanced economic analysis of the theory of organisation of firms and industries. It will analyse a variety of market structures related to the degree of market competition with a special emphasis on imperfectly competitive markets. It will also analyse issues related to the internal organisation of firms.
Advanced International Trade I
This module looks at:
- trade policy
- economic policy for trade and international factor mobility
- theory and evidence
- trade policy and imperfect competition
- trade and distortions
- the political economy of protection
- trade policy reform
Advanced Labour Economics
This module covers an economic analysis of the labour market, with an emphasis on policy implications and institutional arrangements.
This module covers:
- dynamic general equilibrium models, focusing on how the time path of consumption, and saving, is determined by optimising agents and firms that interact on competitive markets
- growth in dynamic general equilibrium, focusing on the Solow model and the data, and the role played by accumulation of knowledge (endogenous innovation) in explaining long run growth
- Real Business Cycles (RBC), focusing on how the RBC approach accounts for business cycle fluctuations, and what links short run fluctuations and growth processes
This module will cover topics in advanced microeconomics and decision theory. The precise content may vary from year to year, but the module will start from the basis established by the Microeconomic Theory module.
Advanced Monetary Economics
This module provides a rigorous introduction to formal models of money in the macroeconomy. Following this, applications for areas of central banking, finance and international macroeconomics will be explored.
Advanced Political Economy
The module will cover the following:
- The rational political individual?
- Voter participation
- Collective action and the role of the state
Core political economy
- The economic approach to politics
- Political aspects of economics: rights and the limits of the state
- Political aspects of economics: inequality and the duties of the state
Political economy in action
- Political economy in action: some current issues in applied political economy
Advanced Public Economics
The module will introduce some major themes of the economic analysis of government. Using the tools of modern microeconomic theory, it will explore how government institutions are designed, how they could be designed better, and how they shape economic policy.
Advanced International Trade II
This module covers:
- models of intra-industry trade
- trade policy in oligopolistic industries
- multinational enterprises
- testing trade theories
- the WTO and "new issues"
Advanced Mathematical Economics
This module is intended to provide an introduction to mathematical techniques used in economics. In particular, examples of economic issues that can be analysed using mathematical models will be discussed in detail.
Particular attention will be given to providing an intuitive understanding of the logic behind the formal results presented.
Economic Policy Analysis I
This module will introduce you to economic policy analysis. It will focus on the role played by different institutional rules in shaping the behaviour of elected governments by providing incentives to elected governments.
Economic Policy Analysis II
This module will cover post-crisis monetary policy; controlling money markets with excess reserves; spill-overs of QE; effects of QE on asset and credit markets; low real equilibrium interest rates; uncertainty in monetary policy.
International Money and Macroeconomics
This module will provide an introduction to international monetary issues, including the determination of exchange rates and international spill-over effects.
This module focuses on a range of econometric methods used in policy evaluation and in the identification and estimation of causal effects. Topics to be covered include:
- potential outcomes framework
- regression analysis and matching
- instrumental variables
- regression discontinuity
Numerical Methods in Economics
This module covers the following:
Static numerical methods
- Numerical solution methods
- Numerical static optimisation methods
- Applications: resource allocation, computable general equilibrium
Dynamic numerical optimisation
- Discrete dynamic programming
- Implementation of the methods
- Applications: optimal growth, rational expectations, asset management
Agent-based economic modelling
- Foundations of agent-based modelling
- Basics of computer programming
- Applications: evolutionary games, markets
The above is a sample of the typical modules we offer but is not intended to be construed and/or relied upon as a definitive list of the modules that will be available in any given year. Modules (including methods of assessment) may change or be updated, or modules may be cancelled, over the duration of the course due to a number of reasons such as curriculum developments or staffing changes. Please refer to the module catalogue
for information on available modules. This content was last updated on