Current Postgraduate Students

EC5201 Macroeconomics

Module outline in the handbook: handbook (PDF)

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Taught by: Alan Sutherland (PMT)

The module will provide a thorough advanced treatment of the core models and concepts used in modern macroeconomics; for example the infinite horison Ramsey model and finite horison overlapping generations model and models that have been used to characterise short term fluctuations, such as the real business cycle approach and the New Keynesian approach. Among other things, the module will seek to explain the development of microbased macroeconomic theory, use models to predict the impact of policy changes on endogenous variables and critique modelling assumptions, especially in the context of policy analysis. Students are expected to have a strong undergraduate level training in macroeconomics, microeconomics and relevant mathematical and statistical techniques.

EC5202 Microeconomics

Module outline in the handbook: handbook (PDF)

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Taught by: Georgios Gerasimou (PMT)

This module will provide a thorough advanced treatment of the core models and concepts used in modern microeconomics. Microeconomic theory is concerned with the behaviour of individual economic actors (e.g. firms, consumers) and the aggregation of their actions in different institutional frameworks (e.g. markets), and models economic activity as an interaction of individual economic agents pursuing their private interests. Students will be presented with a set of concepts and mathematical techniques which will enable them to achieve a better understanding of economic activity and outcomes. This involves an understanding of how microeconomic models are built, focusing on their objective in terms of the phenomenon they are meant to explain, and the consequences of their assumptions in terms of the applicability of their predictions. Students are expected to have a strong undergraduate level training in macroeconomics, microeconomics and relevant mathematical and statistical techniques.

EC5203 Econometric Methods and Applications

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Taught by: Jouni Sohkanen (PMT)

This module will provide an advanced level training in aspects of econometric methods that is suitable for the basis for further work in econometrics and for understanding/being able to extract econometric techniques in published articles. The course will also give students the basis to support an empirical section in their MSc dissertation. Students are expected to have intermediate� level knowledge of matrix algebra, calculus and statistics.

EC5204 Mathematical Economics

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Taught by: Rod McCrorie, Gang Sun (PMT)

This module will provide a thorough advanced treatment of the mathematical techniques and concepts used in modern economic theory. All economists in whatever career have to be able to read and understand up-to-date research as it is published in academic journals. So the first and foremost aim of this module is to provide students with the technical skills necessary to understand, and ultimately to extend, modern economic research. Topics to be covered include: sets, relations and functions; methods of proof; metric, linear, normed linear spaces; correspondences and fixed points; topology and separation; static and dynamic optimisation; and control theory and dynamic programming. Students are expected to have intermediate- level knowledge of matrix and linear algebra and calculus.

EC5220 Game Theory

Module outline in the handbook: handbook (PDF)

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Taught by: Alexandru Nichifor (PMT)

This module will provide a thorough advanced treatment of the core models and concepts used in modern game theory. Many serious things in life are games. Game theory is a set of formal techniques used to study situations of strategic interaction. These are situations where the reward obtained by each member of a group (e.g. firms, political parties, students) depends not only on the decision made by that member, but also on the decisions made by everybody else; and, in addition, everybody is aware of this interdependence. The methods of game theory are widely used in contemporary economics. An acquaintance with them is essential to the accomplished economist. In fact, game theory provides a unified language to address a spectrum of problems which is not limited to economics. Topics covered will include: strategic games; mixed strategy equilibria; extensive form games (with perfect information); bargaining games; repeated games; games of incomplete information; implementation theory; coalitional games; and bounded rationality. Students are expected to have a strong undergraduate level training in microeconomics and relevant mathematical and statistical techniques.

EC5222 Expectations and Learning in Macroeconomics

Module outline in the handbook: handbook (PDF)

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Taught by: Kaushik Mitra (PMT)

This module will provide a thorough advanced treatment of the core models and concepts used to analyse learning and expectations formation in modern macroeconomics. It will develop techniques for solving for the rational expectations equilibrium (REE) and examine whether agents following adaptive or statistical learning schemes will converge over time to RE. When there are multiple REE, we will be interested in determining which of them can be possible points of convergence under learning. We will also consider cases in which learning can lead to non- REE learning dynamics. A substantial part of the module will be devoted to studying the implications of learning for macroeconomic policy. The first half of the module will focus on learning theory, in some standard set- ups, and the second half of the course will emphasise applications of learning and will mainly be based on recent journal articles or working papers. Students are expected to have a strong undergraduate level training in macroeconomics, microeconomics and relevant mathematical and statistical techniques.

EC5501 Thinking Strategically

Module outline in the handbook: handbook (PDF)

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Taught by: Gavin Reid (PMT)

This module develops the analytical underpinning of strategic thinking, illustrated in the context of economics, politics, business and everyday life. Key topics include: game trees, dominance, iterative dominance, backward induction, Nash equilibrium, strategy and voting, auctions, bargaining. The treatment will be supported by examples.

EC5502 The International Economy

Module outline in the handbook: handbook (PDF)

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Taught by: Gonzalo Forgues-Puccio (PMT)

This module is an issues-based vehicle for developing analytical skills, as well as a familiarity with central issues of the international economy and their wider ramifications. Topics covered are: the global economy and the basis of trade; international organisations and agreements; international money; developing economies; foreign direct investment and multi-national enterprises.

EC5503 Methods and Models in International Strategy and Economics

Module outline in the handbook: handbook (PDF)

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Taught by: Laurence Lasselle (PMT)

This module is skills-based. It uses Microsoft Excel to develop skills in decision modeling. It deals with optimisation and covers topics such as linear programming, network flow models, portfolio choice problems and forecasting.

EC5504 Growth and Economic Development

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Taught by: Geetha Selvaretnam (PMT)

This module explores the theory of economic development, including dependency theory, immiserising growth and Prebisch. Problems of export instability, trade liberalisation, the debt crisis, sovereign default, the new international order. The role of theory and institutions in the context of industry and agriculture. The relationship between poverty, income inequality, and economic development.

EC5505 Global and Local Issues of the Environment

Module outline in the handbook: handbook (PDF)

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Taught by: Felix R. Fitzroy (PMT)

The aim of this module is to introduce basic ideas and methods of environmental economics and policy without assuming any prior knowledge of economics. The geological background and current state of global warming is related to international efforts to control the problem and efforts by energy lobbies to undermine controls and misinform public opinion. A variety of topical issues that relate economic, environmental and public policy considerations will be discussed including international trade, tropical deforestation, transport, sustainability, the relationship between economic (material) growth, the environment and human happiness and welfare. Specific problems of developing countries and their relations to the developed world will be studied.

EC5506 Entrepreneurship and Small Business Planning

Module outline in the handbook: handbook (PDF)

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This module involves the analysis of entrepreneurial activity, including performance, risk and uncertainty bearing, co-ordination, arbitraging and innovating, covering both national and international dimensions. The elements of small business planning and strategy, including their applications in global markets, covering approaches of Porter and Minzberg. Small business, including its transnational form.

EC5507 European Economic Integration

Module outline in the handbook: handbook (PDF)

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Taught by: Andrew Hughes-Hallett (PMT)

The purpose of this module is to examine a number of issues relevant to European economic integration, and to expose students to the techniques and arguments developed in connection with these issues. We will make use of both macroeconomic and microeconomic theory to look at the rationale behind a number of EU policies. Where appropriate, we will also use theory and present empirical evidence in order to evaluate the effectiveness of these policies. Topics covered will include customs union theory, the economic consequences of factor mobility, EU competition policy and the economics of EMU.

EC5509 The New Institutional Economics

Module outline in the handbook: handbook (PDF)

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Taught by: Jim Y. Jin (PMT)

This module introduces students to the field of institutional economics through a modern approach based on the study and application of models of political economy. It aims to present students with a general overview of institutional economics, through the use of models of political resource allocation in economic policymaking. The module will cover first the main ideas in voting theory, partisan models of electoral competition, citizen candidate models and models with agenda setting and legislative bargaining. Furthermore, it will discuss how political institutions, at the national and sub-national level, shape economic policy. Finally, it will explore the link between politics and growth and issues related to fairness, redistribution and social mobility.

EC5518 The Economics of Negotiations

Module outline in the handbook: handbook (PDF)

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Taught by: Georgios Gerasimou (PMT)

This module aims to study situations where two or more parties must negotiate in order to reach a mutually beneficial agreement. It aims to study some of the main factors that determine whether or not parties will strike an agreement, and if so, the nature of that agreement. The role played by factors such as the parties' outside options, their preferences and information on such negotiations will be explored. Understanding and insights will be developed in the context of various analytical models, including bargaining models of union wage formation and bargaining models of the family.

EC5601 Investment Analysis

Module outline in the handbook: handbook (PDF)

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Taught by: Leonidas Barbopoulos, Gary Shea (PMT)

This module introduces the basic concepts of investment value analysis. The ultimate aim is to provide the student with a standard approach to define, measure and predict value of investments in a world of uncertainty. The standard notion of risk versus return is defined and analytical economic models of how risks and returns are determined and traded in financial markets are applied to solve any investment analysis problem. The usual valuation problems covered in this module involve corporate investments, a wide array of corporate liabilities such as shares and bonds and associated financial contracts such as options.

EC5604 Corporate Finance

Module outline in the handbook: handbook (PDF)

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Taught by: Gary Shea (PMT)

In this module we investigate the problem of how a collection of corporate liabilities are affected in value by corporate actions. Possible actions include corporate investment decisions, decisions regarding the firm�s financial structure, changes in management rules and compensation and changes in the scope, specialisation and legal environment of the corporation�s business. As in the Pre-requisite(s) module, EC5601, we emphasise standard methods for solving problems under economic uncertainty. At the end of this module the student will have a good working knowledge of institutions and the theory and valuation methods used worldwide in major corporations and financial institutions.

EC5605 Monetary Policy

Module outline in the handbook: handbook (PDF)

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Taught by: Gang Sun (PMT)

This module will cover key issues in monetary policy. Topics include: the case for price stability; time inconsistency and policy, the trade-off between inflation bias and output stabilisation; inflation targeting and other monetary frameworks, and the conduct of monetary policy in leading developed and developing countries.

EC5606 Corporate Governance and Risk

Module outline in the handbook: handbook (PDF)

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Taught by: Gavin Reid (PMT)

Three key components: (1) corporate governance; (2) risk management; and (3) financial management. Detailed content may vary year by year, but typically would include: (1) mergers, takeovers, corporate control, governance, financial architecture, risk capital; (2) risk in corporate and international settings; (3) financial planning, methods of lending and borrowing.

EC5608 Financial Intermediation

Module outline in the handbook: handbook (PDF)

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Taught by: Alex Trew (PMT)

This module will cover the main theoretical issues involved in financial intermediation, from the existence of banks through credit rationing and optimal contracts to bank runs, central banks and regulation. The module will concentrate on analytical models, but there will be some reference to current issues in existing financial systems.

EC5609 Financial Econometrics

Module outline in the handbook: handbook (PDF)

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Taught by: Leonidas Barbopoulos (PMT)

This module will introduce the students to the theory and practice of financial econometrics. The module will begin by introducing students to the classical linear regression model and a number of issues regarding its application to real world data. The module will then develop a number of time-series techniques that can be applied to the study of financial economics. Topics covered include: the linear univariate stochastic model, multivariate models, unit root processes and co-integration. By the end of the module students should be able to undertake empirical analysis using financial data.

EC5610 Mergers and Acquisitions

Module outline in the handbook: handbook (PDF)

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Taught by: Leonidas Barbopoulos (PMT)

This module aims to introduce to students the key issues on mergers and acquisitions (M & A) literature. They will develop their ability critically to understand issues such as (a) regulatory and strategic considerations, takeover tactics, and takeover defences, (b) target firm valuation, (c) M & A activity (d) empirical tests of both the short- and the long-run performance, (e) cross-border acquisitions and their main differences with domestic ones and (f) different game theoretical approaches on M & A.

EC5611 Portfolio Theory and Management

Module outline in the handbook: handbook (PDF)

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Taught by: Leonidas Barbopoulos (PMT)

This module aims to develop students' knowledge and understanding of key issues in asset allocation and portfolio composition/management at an advanced level. Moreover it aims to provide students with the opportunity to develop their ability to critically understand current theoretical and empirical research in the field of portfolio management and the implications of such research into alternative portfolio composition and management strategies.

EC5722 Risk Management

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Taught by: Jim Y. Jin (PMT)

This module provides the student with an introduction to classical techniques in risk and insurance. The implementation of sound quantitative risk models to assess and insure against risk is a vital concern for all financial institutions. The module provides a comprehensive treatment of the theoretical concepts and modeling techniques of quantitative risk management, and provides students with practical tools to solve real world problems. Specific topics covered include: portfolio management, real options, operational risk, credit risk and pension fund modeling.

EC5801 Money and Banking

Module outline in the handbook: handbook (PDF)

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Taught by: Gonzalo Forgues-Puccio, Alex Trew (PMT)

This module provides an introduction to the economics of money, banking and financial markets. It aims to present students with a general overview of key monetary and financial market phenomena, the basic workings of financial and money markets and the tools and conduct of monetary policy. The module covers topics such as how financial markets work, and the impact of financial markets on the domestic and international economic system. In addition, the module focuses on: the role of money in the economy; different monetary policy tools; and the conduct and transmission mechanisms of monetary policy.

EC5901 International Finance

Module outline in the handbook: handbook (PDF)

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Taught by: Gonzalo Forgues-Puccio (PMT)

The module will cover key issues in international finance. Topics will include analyzing models of exchange rate determination, both nominal and real; and analysis of the determinants of international capital flows. The module will introduce a range of analytical models, together with a range of empirical and policy-oriented material.