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1. Microeconomics

Module Code: ECP88032

• ECTS Credit: 10
• Mandatory/Optional: Optional
• Semester/Term Taught: Hilary Term
• Module Coordinator: Professor Selim Gulesci

Module Content

The module will focus on the foundations of basic microeconomic theory. Students will be presented with conceptual foundations and mathematical formulation of the consumer choice and demand theory, production theory, and choice under uncertainty. Students will also be introduced to the formal analysis of competitive markets, general equilibrium, welfare, moral hazard and adverse selection.

Textbook

The textbook for the module is Mas-Colell, A., Whinston, M.D. and Green, J.R., Microeconomic Theory, Oxford University Press, 1995.

Syllabus

• Consumer choice and demand theory
• Production
• Choice under uncertainty
• Competitive markets, equilibrium and welfare
• Principal-Agent Models and Moral Hazard
• Adverse Selection

Assessment

20% Problem sets and one in-class presentation

• Problem sets to be submitted weekly via blackboard
• Group work welcome, as long as it is appropriately acknowledged
• Presentation on a research idea with conceptual framework based on microeconomic theory

80% Final exam

• Will take place online

2. Advanced Macroeconomics

Module Code: ECP88051

• ECTS Credit: 10
• Mandatory/Optional: Optional
• Semester/Term Taught: Michaelmas Term
• Module Coordinator: Professor Michael Wycherley

Aims of Module

An introduction to the core concepts and methodologies behind modern macroeconomic theory.

Module Learning Outcomes

• An understanding of the core concepts behind modern macroeconomic theory
• An ability to solve modern macroeconomic models, both analytically and numerically
• Familiarity with the mathematical foundations of dynamic programming under uncertainty
• The application of these techniques to a range of macroeconomic issues and an introduction to the literature on these issues

Learning Outcomes

Students enrolled in this module will acquire comprehensive theoretical knowledge across various topics within time series econometrics. Additionally, they will develop the essential practical skills required to estimate models utilizing time series data independently.

Module Content

This course introduces the core concepts behind modern macroeconomic theory. We begin by introducing the process specifying a macroeconomic model, and the mathematical foundations of dynamic programming. The simple representative agent neoclassical growth model serves our first application of these methods to a specific economic context, and apply the tools to the classic equity risk premium puzzle. We then progressively add complexity to study these methods in a broader class of models, including: Real Business Cycle, and new New Keynesian. These foundations are at the core of most modern theoretical macroeconomic techniques. Though our focus is primarily on practical solution methods, we will also work to understand the empirical motivation behind these models (or lack thereof), and their applications to a wide variety of problems. The module concludes with an overview of heterogeneity, studying how to replace the representative agent with many individuals, and a brief overview of the numerical methods for solving these models computationally.

Reading

Details will be provided.

Assessment

60% final exam, 40% mid-term test

Module Website

Blackboard

3. Econometrics

Module Code: ECP88061

• ECTS Credit: 10
• Mandatory/Optional: Optional
• Semester/Term Taught: Michaelmas Term
• Module Coordinator: Professor Nicola Fontana

Module Learning Aims

The course will expose students to the frontier of the research in the field of applied economics. This course is primarily designed for graduate students interested in econometric methods used in empirical research. The goal of this module is to provide an overview of different empirical methods, with an emphasis on practical implementation.

Module Learning Outcomes

On successful completion of this module, students should be able to:

• Understand and use a set of different econometrical approaches, familiarizing with pros and cons
• Recognise and identify possible identification strategies and empirical settings
• Distinguish which type of data to collect based on the typology of empirical question to tackle
• Be aware of the latest development in causal inference
• Be exposed to the application of these methodologies in different research clusters.

Module Content

Topics covered in this module will include

1. Randomised Control Trials
2. Regression recap, non-linear models and Machine Learning developments
3. Difference-in-Differences
4. Instrumental variables
5. Regression discontinuity design

We will focus on the latest developments in the discipline.

Recommended Reading List

Lecture, lecture slides, list of compulsory and optional readings

Assessment Details

In-class presentation (30%) and Referee report (20%) on a selected paper. Take home exercise (20%) and Project research where you will be asked to apply and develop ideas seen during lectures.

Module Website

Blackboard

4. International Macroeconomics

Module Code: ECP88024

• ECTS Credit: 5
• Mandatory/Optional: Optional
• Semester/Term Taught: Hilary Term
• Module Coordinator: Professor Agustin Benetrix

Aims of Module

This module will cover the building blocks of international macroeconomics (exchange rates, current account economics, international risk sharing). It will analyse traditional and new approaches to the modelling of open economies and apply the models to topics such as global imbalances.

Module Delivery

The module will be delivered through a combination of lectures (10 hours) and tutorials (5 hours).

Learning Outcomes

On completion of the course, students will be able to:

1. exposit and critically appraise modern theoretical models of the determination of the major macroeconomic variables in light of empirical evidence;
2. use appropriately the main techniques and methodologies employed in macroeconomic theory.

Assessment

TBC

5. Topics in Development Economics and Big Data

Module Code: ECP88124

• ECTS Credit: 5
• Mandatory/Optional: Optional
• Semester/Term Taught: Hilary Term
• Module Coordinator: Professor Gaia Narciso

Aims of Module

The course will cover recent contributions in the field of Development Economics. We will study how informal markets operate in developing countries and we will discuss the functioning of the credit sector, with a detailed analysis of microcredit and its development. Next, we will cover issues related to health, both in terms of demand for health and supply of health in a developing country context. We will then cover recent work conducted in the field of migration, with a focus on the role of information between migrants and their transnational networks. Finally, we will analyse recent contributions on the role of media in development. Throughout the course there will be a strong emphasis on experimental settings. Active participation of students will be sought.

Module Delivery

The module will be delivered through a combination of lectures (10 hours) and tutorials (5 hours).

Learning Outcomes

On completion of the course, students will be able to:

1. Exposit and critically appraise recent contributions to the field of Development Economics;
2. Use appropriately the main techniques and methodologies employed in the field of Development Economics;
3. Propose original research ideas in the field of Development Economics.

Reading

This module will cover state-of-the-art contributions in the fields of Development Economics. A detailed reading list will follow.

Assessment

TBC

6. International Economic Growth

Module Code: ECP88143

• ECTS Credit: 5
• Mandatory/Optional: Optional
• Semester/Term Taught: Michaelmas Term
• Module Coordinator: Professor Joseph Kopecky

Aims of Module

Why do countries grow at different rates leading to different standards of living? With a focus on advanced economies, this course will investigate economic growth with the help of the Solow and Schumpeterian (“creative destruction”) growth models. With the latter model, this class reviews the recent and widely discussed slowdown of productivity in advanced economies (due to e.g. new general-purpose technology, lack of technology diffusion), and respective empirical evidence. Finally, this class discusses directed technical change in the Schumpeterian growth model with the example of clean and dirty production technologies.

Module Delivery

The module will be delivered through a combination of lectures (10 hours) and tutorials (5 hours).

Learning Outcomes

On completion of the module, students will be able to:

1. evaluate growth patterns with the help of standard growth models;
2. understand how to analyse and evaluate recent trends and policies in the model of creative destruction;
3. understand the main theoretical (and empirical) tools used in the analysis of recent patterns of growth

Syllabus

Lectures:

1. Solow model of economic growth
2. Schumpeterian growth model
3. General purpose technologies
4. Technology transfer
5. Directed Technical Change (Environment)

Tutorials

1. Solow model and conditional convergence
2. Schumpeterian growth model
3. Productivity Slowdown

Reading

The lecture builds mainly on Aghion & Howitt (2009). Various books will take on a supporting role for topics discussed in the module. Selected academic papers will be announced in the lecture:

• Philippe Aghion and Peter Howitt (2009). The Economics of Growth. MIT Press
• Robert J. Barro and Xavier Sala-i-Martin (2004). Economic Growth. MIT Press
• David Romer (2012). Advanced Macroeconomics. McGraw-Hill
• Gene M. Grossman and Elhanan Helpman (1991). Innovation and Growth in the Global Economy. MIT Press

Assessment

TBC

7. Economics of Financial Markets

Module Code: ECP88154

• ECTS Credit: 5
• Mandatory/Optional: Optional
• Semester/Term Taught: Hilary Term
• Module Coordinator: Professor Paul Scanlon

Module Content

1. Introduction to Asset Pricing Models and empirical testing
2. The equity premium and other asset pricing anomalies
3. The Bond Market
4. International Finance

Module Delivery

The module will be delivered through a combination of lectures (10 hours) and tutorials (5 hours).

Learning Outcomes

On completion of the module, students will be able to:

1. Use asset pricing models to examine the dynamics of financial markets.
2. Think independently about the sources of asset pricing anomalies.
3. Appraise rigorously the performance of portfolio managers and communicate their analysis effectively.
4. Apply financial theories in an international context.

Teaching and Learning Methods

• Lectures
• Tutorials and weekly problem sets
• Prescribed readings
• Critical analysis of current research

Assessment

TBC

8. Topics in Labor Economics

Module Code: ECP88214

• ECTS Credit: 5
• Mandatory/Optional: Optional
• Semester/Term Taught: Hilary Term
• Module Coordinator: Professor Selim Gulesci

Aims of Module

The module will cover a range of topic in the field of Labour Economics. The central aim of the course is to understand how labour markets work, and how they are affected by institutions and labour market policies.

Module Delivery

The module will be delivered through a combination of lectures (8 hours) and tutorials (3 hours).

Learning Outcomes

On completion of the module, students will be able to:

1. Identify and understand key issues related to the field of Labour Economics;
2. Formulate a balanced, critical judgment on the status of the debate around these issues;
3. Confidently discuss papers in the field of Labour Economics;
4. Critically evaluate contributions to the field of Labour Economics;

Syllabus

The module will present key theoretical models and related empirical evidence that shape our understanding of how labor markets work. The focus will be mostly on the micro-level and the lectures will build around the evidence provided by the most recent empirical research in the field. It is envisaged that the following topics will be covered:

1. Introduction to Labour Economics
2. Labor Supply
3. Labor Demand
4. Labor Market Equilibrium
5. Human Capital
6. Migration
7. Labor Market Discrimination
8. Incentive Pay
9. Unemployment

Recommended Readings
The module will cover state-of-the-art contributions in the field of Labour Economics. A detailed reading list will be provided at the start of the course.

Assessment

TBC

9. Monetary Policy

Module Code: ECP88223

• ECTS Credit: 5
• Mandatory/Optional: Optional
• Semester/Term Taught: Michaelmas Term
• Module Coordinator: Professor Davide Romelli

Aims of Module

Which is the primary objective of central banks? How do central banks implement their monetary policies? How can monetary policy affect the business cycles? This course will examine the evolution of central bank targets and evaluate different theories attempting to identify optimal monetary policy tools. To do so, we will look at Taylor rules and study a classical monetary model that bases macroeconomic dynamics on microeconomic foundations. It concludes with a discussion of a simple New Keynesian model and review the strengths and weaknesses of this type of model.

Module Delivery

The module will be delivered through a combination of lectures (10 hours) and tutorials (5 hours).

Learning Outcomes

On completion of the course, students will be able to:

1. Exposit and critically appraise modern theoretical models of the determination of the major macroeconomic variables in light of empirical evidence.
2. Use appropriately the main techniques and methodologies employed in macroeconomic theory.
3. Elucidate the role of money in explaining business cycles under different modelling strategies.

Syllabus

Lectures:

1. The Barro-Gordon Model
2. The Taylor Rule
3. A Classical Monetary Model
4. The Simplest New Keynesian Model

Tutorials:

1. Problem Set 1: Barro-Gordon Model
2. Problem Set 2: Taylor Rule
3. Problem Set 3: New Keynesian Business Cycle

Reading

Readings will be drawn from a selection of academic papers. Overviews of some of the core material covered in the module are provided by:

• Papers:
• Barro and Gordon (1983). A Positive Theory of Monetary Policy in a Natural Rate Model, Journal of Political Economy.
• Taylor, J. B. (1993). Discretion versus policy rules in practice, Carnegie-Rochester Conference Series on Public Policy
• Textbooks:
• Galì, J. (2015). Monetary policy, inflation, and the business cycle: an introduction to the new Keynesian framework and its applications. Princeton University Press.
• Walsh, C. E. (2010). Monetary theory and policy, MIT press.

Assessment

TBC

10. Spatial Economics

Module Code: ECP88263

• ECTS Credit: 5
• Mandatory/Optional: Optional
• Semester/Term Taught: Michaelmas Term
• Module Coordinator: Professor Martina Kirchberger

Aims of Module

The module aims to introduce students to the use of spatial data in economics research.

Module Delivery

The module will be delivered through a combination of lectures (20 hours) and computer laboratory sessions (18 hours).

Learning Outcomes

On completion of the module, students will be able to:

1. Describe recent trends using spatial data in economics research
2. Understand a range of methods using spatial data
3. Critically evaluate whether and how spatial data can assist in answering a particular research question
4. Know of the possible sources of spatial data and possible applications
5. Conscientiously build their own spatial dataset.

Syllabus

The use of spatial data has become increasingly popular in economics research. Micro-surveys now routinely collect GPS coordinates of households and communities, satellites provide real-time measurements of night-time luminosity, and geo-referenced historic maps are linked to outcomes both across long time spans and space.

Spatial data serve in general two main purposes. First, they allow measuring outcomes that are otherwise hard to measure. Second, they aid identification of causal effects by, for example, controlling for covariates, enabling the construction of instruments, or exploiting boundaries. In the first part of the course, we will discuss how papers are using geo-referenced data, focusing on the role of spatial data in answering research questions. The second part of the course will be hands on: we will cover basic spatial tools, such as creating datasets on our own, merging spatial datasets, computing distances and the basics of map algebra.

Reading

A full reading list will be provided at the start of lectures.

Assessment

TBC

11. Economics of Inequality

Module Code: ECP88274

• ECTS Credit: 5
• Mandatory/Optional: Optional
• Semester/Term Taught: Hilary Term
• Module Coordinator: Professor Martina Zanella

Aims and Content

The aim of the course is to introduce students to the economic analysis of inequality. The module will discuss the main economic theories and empirical evidence related to existence of inequality in outcomes, with a particular focus on individual innate traits such as gender, race, and socio-economic background. The central aim of the course is to understand their origins and their economic implications for individuals, companies, and economies. We will also touch upon the debate around the effectiveness of policies/initiatives designed to level the playing field.

Learning Outcomes

On completion of the module, students will be able to:

1. Confidently discuss the main economic theories and empirical evidence on the existence of inequality in outcomes and understand their economic implications;
2. Formulate a critical judgment on the effectiveness of policies and initiatives aimed at levelling the playing field;
3. Critically assess the status of the debate in the field and effectively propose new research ideas;
4. Develop effective communication and teamwork skills through group projects and class presentations.

Module Delivery

The module will be delivered through a combination of lectures (10 hours) and tutorials (5 hours).

Reading

The module will cover state-of-the-art contributions in the field. A detailed reading list will be provided at the start of the course.

Assessment

• 20% - presentation
• 40% - coursework
• 40% - research proposal

12. Computational Methods for Economics

Module Code: ECP77584, ECP77594, ECP88234

• ECTS Credit: 5
• Mandatory/Optional: Optional
• Semester/Term Taught: Hilary Term
• Module Coordinator: Professor Joseph Kopecky

Module Learning Aims

This module provides students with an introduction to the use of computational methods for solving economic problems. Part of the module will focus on properly setting up an appropriate environment to best leverage modern methods while producing reproduceable and reusable code. We will then study various numerical methods that are commonly used in economic modelling and apply them to specific problems.

Module Learning Outcomes

Upon completing this module students should:

• be comfortable setting up an environment to solve complex economic models using modern methods;
• Produce reproducible code;
• Understand best practices as well as good habits for carrying out computational economic modelling;
• Be familiar with the concepts behind core numerical solution methods, and their use in common economic problems.

Module Content

Computational methods are used across every field of economics. This module serves as an introduction to some commonly used methods in Computational Economics. The primary aim is to equip students with the fundamentals needed for a wide range of applications. We will begin with some basics about programming fundamentals and setting up a python environment. We will then study some important numerical methods used in quantitative economics and put them to use simulating economic models.

Reading List

https://quantecon.org/

Module Pre-Requisite and Module Co-Requisite

None

Assessment Details

For PhD and Diploma students:

• 50% continuous assessment
• 50% project

For MSc students

• 50% continuous assessment
• 50% exam

Module Website

Blackboard

13. International Banking, Cryptocurrencies and Big Data

Module Code: ECP88253, ECP77613, ECP77623

• ECTS Credit: 5
• Mandatory/Optional: Optional
• Semester/Term Taught: Hilary Term
• Module Coordinator: Professor Maylis Avaro

Aims of Module

How does money move across borders? Can cryptocurrencies and blockchain technology disrupt the international payment system? This module introduces students to the operations of global banks and the management of global liquidity and international monetary spillovers. Key topics include the utilization of Big Data by global banks for monitoring cross-border payments and by regulators for assessing international financial stability. The module discusses the latest innovations in cross-border payments, including the impact of the development of fintech and cryptocurrencies.

Module Outcomes

Students will learn practical skills for analysing banking data and to study transactions in cryptocurrencies. They will use the SQL language to collect big data cryptocurrencies movements on the different blockchains.

Learning Module

This module is formed by two pillars. The first one will focus on international banking while the second will focus on fintech and cryptocurrencies. Topics discussed will notably include:

1. The Expansion of International Banking
2. Cross-border payments
3. Foreign Exchange Markets
4. International Investment Banking
5. The Regulation of International Banking Institutions
6. The rise of Fintech
7. Cryptography and payment security
8. Blockchains features
9. Stablecoins
10. Crypto exchanges
11. Smart contracts

Recommended Reading List

Background Reading:

• Smith, R. C., Walter, I., & DeLong, G. (2012). Global Banking (Third Edition, Third Edition). Oxford University Press., part I and III.

Module Pre-Requisite

Students should have completed one module in Money and Banking successfully. Exceptions to this rule are to be discussed with the Lecturer.

Module Website

Blackbaord

14. Macroeconomics of Labor Markets

Module Code: ECP77604/ECP88244

• ECTS Credit: 5
• Mandatory/Optional: Optional
• Semester/Term Taught: Hilary Term
• Module Coordinator: Professor Martyna Marczak

Aims of Module

The module creates a strong link to the recent research in the field of labor economics, positioning itself at the intersection of macroeconomics and labor economics. The focus lies on the causes of unemployment from a theoretical perspective, incorporating models that account for market frictions and imperfect competition in labor markets. The discussion is based on matching models, labor union models, efficiency wage models, and models including minimum wages. Additionally, the module analyzes the consequences of market power and its implications for labor market outcomes. One of the major goals of the module is to acquaint students with the analytical tools commonly used in this research area, enabling them to critically evaluate and contribute to ongoing debates in the field

Module Outcomes

Upon successful completion of the module, students are able to evaluate the welfare and incentive effects of labor market institutions such as labor unions, unemployment insurance, minimum wages, and employment protection.

Module Content

1. Job Reallocation and Unemployment
2. Labor Unions and Unemployment
3. Efficiency Wages
4. Minimum Wages

Recommended Reading List

• Cahuc, P., S. Carcillo and A. Zylberberg (2014). Labor Economics, 2nd edition, MIT Press (you can also use the first edition).
• Pissarides, C.A. (2000). Equilibrium Unemployment Theory, 2nd edition, MIT Press
• Sorensen, P.B. and H.J. Whitta-Jacobsen (2022). Introducing Advanced Macroeconomics, 3rd edition, Oxford University Press

Assessment Details

Assessment for the module is based on a final exam accounting for 50% of the grade. Homework solutions make up the remaining 50%.

Module Website

Blackbaord