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
- Randomised Control Trials
- Regression recap, non-linear models and Machine Learning developments
- Difference-in-Differences
- Instrumental variables
- 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:
- exposit and critically appraise modern theoretical models of the determination of the major macroeconomic variables in light of empirical evidence;
- 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:
- Exposit and critically appraise recent contributions to the field of Development Economics;
- Use appropriately the main techniques and methodologies employed in the field of Development Economics;
- 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:
- evaluate growth patterns with the help of standard growth models;
- understand how to analyse and evaluate recent trends and policies in the model of creative destruction;
- understand the main theoretical (and empirical) tools used in the analysis of recent patterns of growth
Syllabus
Lectures:
- Solow model of economic growth
- Schumpeterian growth model
- General purpose technologies
- Technology transfer
- Directed Technical Change (Environment)
Tutorials
- Solow model and conditional convergence
- Schumpeterian growth model
- 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
- Introduction to Asset Pricing Models and empirical testing
- The equity premium and other asset pricing anomalies
- The Bond Market
- 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:
- Use asset pricing models to examine the dynamics of financial markets.
- Think independently about the sources of asset pricing anomalies.
- Appraise rigorously the performance of portfolio managers and communicate their analysis effectively.
- 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:
- Identify and understand key issues related to the field of Labour Economics;
- Formulate a balanced, critical judgment on the status of the debate around these issues;
- Confidently discuss papers in the field of Labour Economics;
- 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:
- Introduction to Labour Economics
- Labor Supply
- Labor Demand
- Labor Market Equilibrium
- Human Capital
- Migration
- Labor Market Discrimination
- Incentive Pay
- 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:
- Exposit and critically appraise modern theoretical models of the determination of the major macroeconomic variables in light of empirical evidence.
- Use appropriately the main techniques and methodologies employed in macroeconomic theory.
- Elucidate the role of money in explaining business cycles under different modelling strategies.
Syllabus
Lectures:
- The Barro-Gordon Model
- The Taylor Rule
- A Classical Monetary Model
- The Simplest New Keynesian Model
Tutorials:
- Problem Set 1: Barro-Gordon Model
- Problem Set 2: Taylor Rule
- 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:
- Describe recent trends using spatial data in economics research
- Understand a range of methods using spatial data
- Critically evaluate whether and how spatial data can assist in answering a particular research question
- Know of the possible sources of spatial data and possible applications
- 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:
- Confidently discuss the main economic theories and empirical evidence on the existence of inequality in outcomes and understand their economic implications;
- Formulate a critical judgment on the effectiveness of policies and initiatives aimed at levelling the playing field;
- Critically assess the status of the debate in the field and effectively propose new research ideas;
- 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