MSc Economics 2012-13

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School of Economics and Finance MSc Economics brochure 2012-13 at Queen Mary, University of London

Transcript of MSc Economics 2012-13

  • Queen Mary, University of LondonMSc Economics2012-13

  • Welcome

    Dear Applicant,

    Welcome to the School of Economics andFinance at Queen Mary, University of London.You can anticipate joining one of the UK's besteconomics departments, ranked jointly sixth inthe most recent (2008) Research AssessmentExercise. Our faculty members aredistinguished research economists whopublish in the profession's most influentialjournals and advise major institutions such as the World Bank and the Bank of England.

    Postgraduate study at the School is excellent preparation for a variety ofcareer paths. Past students have gone on to have success in the financialsector, industry, government service, academia, and internationalorganisations such as the IMF.

    The MSc Economics curriculum provides rigorous training in the theories,applications, and methods of modern economics. Upon completion of thedegree you will have the knowledge base needed to understand andevaluate published work in the field, as well as the skills required toconduct research of your own.

    For students entering the programme, the year ahead will be a challengingone. We look forward to welcoming you to Queen Mary in September andhope that your time with us will be both rewarding and enjoyable.

    Dr Christopher TysonDirector of MSc Economics

  • Contents

    Queen Mary, University of London 01

    The programme 2

    The modules 5

    Staff 9

    Sample publications 16

    Graduates 19

    Graduate employment 20

    Alternative MSc programmes 22

    Accommodation and application procedure 24

    The information given in this brochure is correct at the time of goingto press. The College reserves the right to modify or cancel any statement in itand accepts no responsibility for the consequences of any suchchanges.

  • The programme

    Programme descriptionThe MSc in Economics is a well-establishedspecialist programme which aims to providegraduate students and professionals with a rigorous training and strong analyticalbackground in both theoretical and applied economics.

    This intensive programme covers the analytical tools and advanced methods in macroeconomics, microeconomics,econometrics, and mathematics for economicresearch. You will also study areas ofspecialisation such as labour economics,financial econometrics, empiricalmacroeconomics, and asset pricing.

    You will gain up-to-date insights in to how markets and economic players behave,along with a solid grounding in a range ofanalytical tools and rigorous methodologies. Thiswill enable you to undertake, assess andsupervise independent research in boththeoretical and applied economics.

    The MSc in Economics is ideal for students and professionals aiming to follow careers aseconomists, analysts and consultants in a variety of settings, including: academic institutions,research centres, think tanks, economic analysisdepartments in the public sector, privatecompanies and international institutions.

    This programme is recognised as a ResearchTraining degree by the ESRC under their 1+3scheme.

    You will take four modules per semester, followedby a 10,000 word dissertation. There are alsopre-sessional modules in mathematics andstatistics, providing a good opportunity forstudents to refresh their knowledge of theseareas. For more detailed module information, see page 5.

    Research strengthThe School of Economics and Finance iscommitted to excellence in research andteaching. Our expertise covers three key areas:economic theory, econometrics and finance, and applied economics. We regularly publish the results of our research in leading economicsjournals. We combine an excellent internationalreputation with a friendly and informalatmosphere. Economics at Queen Mary wasranked jointly sixth in the UK in the 2008Research Assessment Exercise (RAE) thenation-wide assessment of the quality of researchacross all Schools in all British universities.

    Many members of our School have recentlyreceived academic grants, and providedconsultancy and advisory services to primaryfinancial institutions such as the UK and ItalianTreasury, the ONS, the Bank of England andmany others.

    Applied learning The School has developed and nurturedcollaborations with a number of public andprivate institutions. This provides plenty ofopportunity for student placements and research co-operation.

    02 MSc Economics

  • We also organise a number of additional, optional modules, the topics of which vary fromyear to year. These modules are taught by Cityprofessionals, who are well-placed to give aninsiders view on issues of interest to the financialcommunity.

    Postgraduate resourcesYou will have access to excellent computingfacilities, offering an ideal environment in whichto practise applied analysis. Standard softwarepackages for data analysis, simulation, and wordprocessing are available, including GAUSS,Eviews, PCgive, RATS, Microfit, and Stata. Wealso provide full subscription access to Datastream.

    Financial supportApplicants to the MSc Economics programmeare automatically considered for a number ofmerit-based scholarships offered by the Schoolthat cover all or part of the tuition fee. In addition,the School awards cash prizes to students withoutstanding performance in individual coursemodules. For more information aboutpostgraduate funding, please

    Teaching styleModules are taught in a three hour block format.The first two hours deliver the core theoreticaland technical concepts; these are then applied in the remaining hour. You will be assigned apersonal tutor who will support you throughoutyour studies.

    DissertationOver the summer term, you will write a 10,000word dissertation. Under supervision, you willlearn how to undertake applied analysis, runestimations and formulate and test hypotheses.

    Recent examples of student dissertation topicsinclude: "Quantile regression specification forprocurement auctions", "Leverage,macroeconomics, and asset prices", "Earningsinequality and fixed-term contracts in Italy", and"Forecasting exchange rates: A Bayesian VARapplication and interval forecasting extension".

    AssessmentThe grade for each module is assessed throughcoursework, which counts for 20-25 per cent ofthe final marks, along with a written exam in May.The 10,000 word dissertation written over thesummer carries a weight equivalent to fourmodules.

    Pre-semester modulesPre-semester modules in mathematics and statistics take place over two weeks inSeptember. They are especially designed forstudents who want to review concepts such asstatistical distributions and matrix algebra. Youwill sit exams at the end of these modules.

    Queen Mary, University of London 03

  • The programme (cont)

    04 MSc Economics

    Pre-Semester A



    Semester A

    Macroeconomics A

    Microeconomics A

    Econometrics A

    Mathematics forEconomists

    Semester B

    Macroeconomics B

    Microeconomics B

    Econometrics C


    Post-Semester B

    10,000 word dissertation

    Programme timetable

  • Compulsory modules:Macroeconomics AThis module deals with the long-run growth of GDPand its short-run fluctuations. You will start byanalysing the traditional models of economicgrowth theory, ie the Solow-Swan model and theRamsey-Cass-Koopmans model. Within theframework of these models you will study thecentral questions of growth theory as well as the effects of government expenditure onmacroeconomic variables. You will then discussthe most important ideas of endogenous growththeory, including research and development,human capital formation, and knowledge creation.

    The second part of the module deals with twoclasses of theories of aggregate fluctuations, ie, real-business-cycle theories and Keynesiantheories. Whereas real-business-cycle theoriesassume flexible prices and market clearing,Keynesian theories proceed from the assumptionof nominal stickiness and market failure. Wediscuss possible reasons why prices and wagesare sticky and analyse the implications of this fact.

    Microeconomics ATogether with Microeconomics B, this modulewill give you a firm grounding in modernmicroeconomic theory.

    Topics to be covered in the first term include:choice, preference, and utility; classicalconsumer and producer theory; choice underuncertainty; Walrasian (competitive) equilibriumand the fundamental welfare theorems; generalequilibrium over time and under uncertainty; andmarket failure.

    Econometrics AThe purpose of this module is to provide you with the necessary tools for formalising ahypothesis of interest and testing it, writing asimple econometric model, estimating it andconducting inference.

    You will start with a review of the classical linear model, and then analyse finite sample and asymptotic properties of ordinary leastsquares, instrumental variables and feasiblegeneralised least squares, under generalconditions. Classical tests, as well as generalHausman tests, and moments tests are covered.The case of dependent stationary observations isalso covered. You will also study nonlinearestimation methods, and in particular thegeneralised method of moments.

    Queen Mary, University of London 05

    The modules

  • The modules (cont)

    Mathematics for EconomistsThe purpose of this module is to equip studentswith the mathematical tools needed to studyeconomics and related fields at the postgraduatelevel and to work in these areas as a researcher orpractitioner. The emphasis is on both (1)mastering specific techniques that are widelyused in economic theory and finance, and (2)developing a language, a conceptual framework,and a standard of argument appropriate foranalysing economic questions mathematica