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MSc Economics at University of London (Birkbeck College), Exercises of Economics

University of CambridgeEconomics

The MSc Economics programme at University of London (Birkbeck College) is a one-year full-time or two-year part-time postgraduate degree designed for students with a background in economics. The programme covers core areas of economics, including macroeconomics, microeconomics, and econometrics, as well as optional modules in game theory, international economics, advanced econometrics, and more. Students will gain advanced technical training, critical interpretation skills, and the ability to conduct independent research. The programme is delivered through evening lectures and supports students with problem-solving classes, substantial handouts, and regular assessments.

Typology: Exercises

2021/2022

Uploaded on 09/12/2022

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Year of entry: 2021/22
Programme Specification
1
Awarding body
University of London
2
Teaching Institution
Birkbeck College
3
Programme Title(s)
MSc Economics
4
Programme Code(s)
TMSECNMC_C
5
UCAS code
N/A
6
Home Department
Economics, Mathematics and Statistics
7
Exit Award(s)
PG Cert; PG Dip
8
Duration of Study (number of years)
One year (FT) or two years (PT)
9
Mode of Study
FT
x
PT
x
DL
10
Level of Award (FHEQ)
11
Other teaching depts or institution
Not applicable
12
Professional, Statutory Regulatory
Body(PSRB) details
Not applicable
13
QAA Benchmark Group
Not applicable
Programme Rationale & Aims
Having completed the MSc Economics, students will:
• have had an advanced technical training in the core areas of economics
(macroeconomics and microeconomics) and in econometric quantitative methods, as
well as some training in specialist areas that fit their interests, such as game theory,
international macroeconomics or advanced econometrics;
• be able to read and provide a critical interpretation of the scientific literature in
economics;
• be able to formulate propositions, test them using quantitative techniques and report
the conclusions;
• be able to conduct an independent research project and report on it in the form of a
dissertation;
• have developed an understanding of the process of modelling - making abstractions that
yield analytical simplicity while retaining key features of the problem at hand - for
analyzing issues in economics;
• be able to become professional specialists in economics for industry, the financial sector,
the public sector or higher education;
• be familiar with research at the frontier of the subject and be able (should they wish to
do so) to undertake independent research for a PhD.
Distinctive Features:
The material is delivered through evening lectures. Throughout the material is approached
in a rigorous fashion. The material reflects the research frontiers of economics and the
programme broadly aims to develop substantial quantitative skills in economics.
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Programme Specification

(^1) Awarding body University of London (^2) Teaching Institution Birkbeck College (^3) Programme Title(s) MSc Economics (^4) Programme Code(s) TMSECNMC_C (^5) UCAS code N/A (^6) Home Department Economics, Mathematics and Statistics (^7) Exit Award(s) PG Cert; PG Dip (^8) Duration of Study (number of years) One year (FT) or two years (PT) (^9) Mode of Study FT x PT x DL (^10) Level of Award (FHEQ) (^11) Other teaching depts or institution Not applicable (^12) Professional, Statutory Regulatory Body(PSRB) details Not applicable (^13) QAA Benchmark Group Not applicable (^14) Programme Rationale & Aims Having completed the MSc Economics, students will:

  • have had an advanced technical training in the core areas of economics (macroeconomics and microeconomics) and in econometric quantitative methods, as well as some training in specialist areas that fit their interests, such as game theory, international macroeconomics or advanced econometrics;
  • be able to read and provide a critical interpretation of the scientific literature in economics;
  • be able to formulate propositions, test them using quantitative techniques and report the conclusions;
  • be able to conduct an independent research project and report on it in the form of a dissertation;
  • have developed an understanding of the process of modelling - making abstractions that yield analytical simplicity while retaining key features of the problem at hand - for analyzing issues in economics;
  • be able to become professional specialists in economics for industry, the financial sector, the public sector or higher education;
  • be familiar with research at the frontier of the subject and be able (should they wish to do so) to undertake independent research for a PhD. Distinctive Features: The material is delivered through evening lectures. Throughout the material is approached in a rigorous fashion. The material reflects the research frontiers of economics and the programme broadly aims to develop substantial quantitative skills in economics.

(^15) Entry Criteria The MSc Economics is designed for students who have at least a second class honours degree in economics, or who have achieved a credit in Birkbeck's own Graduate Diploma in Economics and Graduate Diploma in Economics and Finance or equivalent. Applicants who do not fully satisfy the entrance requirements, but who have a degree or equivalent qualification, and some knowledge of Mathematics, may be admitted at the discretion of the Admissions officer. Given that the MSc programme aims at very high standards of specialised academic achievement by their graduates, it requires a good honours degree or equivalent as evidence of entrants' potential to reach those standards. Applicants who show potential, but their academic backgrounds are not up to the technical standards demanded by the programme may be referred to the diploma course, which is a bridge course tailor-made for such students We expect all of our entering MSc students to be competent with intermediate microeconomics and macroeconomics, multivariable calculus, linear algebra and statistics. They must pass the entrance tests in mathematics and statistics at the end of the four week pre-sessional course. (^16) Learning Outcomes Subject Specific: To gain the MSc qualification the learner will have demonstrated separately the skills specified in the objectives/learning outcomes for approved modules in the programme. These will ensure that they have

  1. Understanding of the basic mathematical and statistical techniques required for studying Economics at the Masters level.
  2. Can solve optimization problems faced by consumers and producers under certainty and uncertainty and derive the general equilibrium of an economy.
  3. Can apply the basic solution concepts in game theory and solve for optimal contracts under adverse selection and moral hazard and optimal bidding behaviour in standard auctions.
  4. Understand the relationship between the key macroeconomic aggregates and understand how the interaction of firms and individuals generates the aggregate outcomes and can solve dynamic optimization concepts in macroeconomics.
  5. Understand asset pricing and the role of speculation with applications to exchange rate determination and bond pricing; fiscal solvency and debt dynamics and the determination of monetary policy.
  6. Derive standard estimators (OLS, ML, and GMM) and tests, understand their properties and be able to use them in practice.
  7. Develop and analyze basic univariate and multivariate time-series models for integrated and co integrated data and know how to choose between alternative

outset. This knowledge is also particularly helpful in calibrating oneself with the state of the course if work commitments force absence at a previous lecture. Regular coursework and a variety of assessment methods are also designed to be formative and promote learning. Workstation sessions allow students to gain practical experience for themselves in the analysis and modelling of data. They are therefore self-paced and very informal. Students work individually using detailed guidance notes and discuss their results and any difficulties amongst themselves and with the members of staff present to provide tutorial assistance. The compulsory project is a substantial investigation giving students an extended opportunity to combine their theoretical knowledge with practical skills of data analysis, statistical modelling and computing. An important ingredient of learning is private study. Apart from providing reading lists, the programme requires students to produce independent project work, aiding development of analytical, quantitative as well as written communication skills. Learning is further assisted by review sessions in the summer term. These sessions are also important in that they provide guidance on examination techniques. Course content as well as lecturing style of individual lecturers evolves through feedback from student learning experiences. The principal routine feedback channel is a half-termly meeting with student representatives elected from both full time and part time groups. Each course is also evaluated by students through completion of a course assessment form. Lecturers also submit their own assessment of the course as well as that of student evaluations. Comments from external examiners form a further important ingredient in the process of evaluation of individual courses as well as the structure of entire programmes. Programme directors are responsible for collating feedback, identifying problems, making recommendations to department meetings, and describing consequent actions in the annual programme reports. Dissertation, completed over the summer break, is the final piece of study where students demonstrate their ability to conduct independent research in a written long essay. Assigned supervisors ensure that the written project meets the academic standards expected at the MSc level. (^18) Programme Description Students can study full (1 year) or part time (2 years) as detailed in the section below. Programme consists of 3 compulsory taught modules (microeconomics, macroeconomics and econometrics) and 2 optional taught modules examined in January and June plus an MSc Economics dissertation that is completed over the summer term under the supervision of assigned faculty.

(^19) Programme Structure Full-Time programme – 1 year Year 1 Level Module Code Module Title Credits Status* 6 BUEM027S6 September Quantitative Techniques (qualifying) 30 Compulsory 7 EMEC024S7 Microeconomics 30 Compulsory 7 EMEC025S7 Macroeconomics 30 Compulsory 7 EMEC026S7 Econometrics 30 Compulsory 7 BUEM032S7 Dissertation 30 Compulsory 7 various Approved Options 30 Optional Part-Time programme – 2 years Year 1 Level Module Code Module Title Credits Status* 6 BUEM027S6 September Quantitative Techniques (qualifying) 30 Compulsory 7 EMEC024S7 Microeconomics 30 Compulsory 7 EMEC025S7 Macroeconomics 30 Compulsory Year 2 Level Module Code Module Title Credits Status* 7 EMEC026S7 Econometrics 30 Compulsory 7 BUEM032S7 Dissertation 30 Compulsory 7 various Approved Options (listed below) plus any approved module 30 Optional Indicative List of Optional Modules Level Module Code Module Title Credits Status* 7 EMEC033H7 Industrial Economics I 15 Optional 7 EMEC031H7 Advanced Economic Theory I (Game Theory and Applications) 15 Optional 7 EMEC055H7 Monetary Economics 15 Optional 7 EMEC029H7 International Economics I 15 Optional 7 EMEC035H7 Advanced Econometrics 15 Optional 7 BUEM033H7 Forecasting Economic and Financial Time Series 15 Optional Status* CORE – Module must be taken and passed by student; COMPULSORY – Module must be taken, mark can be reviewed at sub-exam board; OPTIONAL – Student can choose to take this module (^20) Programme Director Dr Yunus Aksoy (^21) Start Date (term/year) Prior to 2008/ (^22) Date approved by TQEC Prior to 2008/ (^23) Date approved by Academic Board Prior to 2008/ (^24) Date(s) updated/amended February 2013