This module will provide tools for analysing real-life data related to economics and finance using statistical modelling and data visualisation techniques. Econometrics and data analysis are popular tools for businesses, industry, and government to use data for various problems. As a result, students with a solid background in economics paired with data analytical tools can provide unique professional skill sets.

We will begin by reviewing key concepts in data analysis and modelling, followed by an overview of the advanced methods and models used in modern econometrics. We will emphasise the practical applications and real-world problems in economics and finance using relevant computer software for the collection, management and visualisation of data.

You will explore cutting-edge research in macroeconomic theory and empirical analysis. Key areas of focus include:

• monetary economics
• the New Keynesian framework
• the role of central banks in managing inflation and business cycles.

You will engage with the latest literature, focusing on the relationship between macroeconomic dynamics and policy design. Through a mix of lectures and case studies, you will develop a deep understanding of advanced macroeconomic models, and the econometric techniques commonly used in macroeconomic and financial research. You will also gain practical skills in conducting empirical research and forecasting macroeconomic variables.

This module will provide you with an overview of the methods and models used in modern macroeconomics. You will be introduced to intertemporal decisions and workhorse models in modern quantitative macroeconomics. This includes:

• the overlapping-generations model
• economic growth theory in closed and open economies
• the Real-Business-Cycle approach
• the classical monetary and New Keynesian models.

The module will emphasise the link between theory and data and how to solve the model analytically and/or numerically (using MATLAB and Dynare software). By the end of this module, you should be able to choose the appropriate model and solve it to address a macroeconomic question. Some key macroeconomic questions we will tackle include:

• the size of the fiscal multiplier in modern macroeconomics
• the impact of technological change on labour
• the causes of international differences in hours worked
• the impact of monetary policy.

This module builds on the basic concepts and principles you will have covered in an undergraduate microeconomics course. It allows you to delve deeper into specific areas of study and provides valuable skills for further studies or to widen your career opportunities.

You will analyse the behaviour of consumers and firms in greater depth, and gain a solid background in game theory that will help you analyse different applications of strategic interaction. Finally, you will analyse several situations of asymmetric information in different areas of economic activity.

You will engage in a substantial piece of independent work where you will consolidate and apply the knowledge and skills you have acquired during your master’s studies. You may choose between two pathways:

• Academic Dissertation: You will apply research techniques and economic theory to explore a specific research question of your choice. Your dissertation topic may arise from your personal academic interests or professional experience. You will select your topic in consultation with the Programme Director during the first semester, and will be assigned a supervisor who will provide academic guidance throughout the project.
• Consultancy Project/Online Internship: You will apply your learning in a real-world context. Working with the Careers Team, you will be matched with a suitable external project. This pathway is supported by dedicated preparation sessions covering key professional and project-readiness skills. The consultancy placement runs during the second semester. You will receive support from both the Careers Team and an academic supervisor. You will also write a reflective dissertation analysing your project work and learning outcomes, which will be submitted at the same time as the traditional dissertation.

This module comprehensively explores advanced economics principles at the intersection of public policy, market dynamics, and individual decision-making. You will engage with cutting-edge research across health economics, industrial organisation, environmental economics, public economics, and political economy. Through a combination of theoretical frameworks and real-world applications, you will analyse complex issues including:

• optimal taxation
• voting behaviours
• healthcare financing
• auction theory
• climate change economics.

The module emphasises critical evaluation of seminal and contemporary research papers, developing your ability to formulate evidence-based policy recommendations. By integrating perspectives from multiple economic disciplines, you will gain sophisticated analytical skills that are valuable for careers in policy-making, research, and consultancy.

This module will equip you with essential tools and skills to succeed academically and professionally as an economist. It is structured around three core components:

• Quantitative tools: Refresh your knowledge of key mathematical methods and learn advanced optimisation techniques to prepare for the programme’s more technical modules.
• Empirical tools: Learn how to use the Stata software to apply a range of econometric techniques to real-world economic questions, enhancing your ability to conduct rigorous empirical research. We will show you how to process datasets, visualise data, and design an empirical strategy.
• Professional development: Build the employability skills you need to secure internships and graduate roles. This part of the module is specifically tailored to the needs of economics students.

Together, these elements provide a strong foundation for your dissertation or consultancy project, which is the cornerstone of your training.

Investors’ and financial market participants’ behaviour may not always be consistent with the requirements of normative rationality. Alongside this, financial markets may be subject to imperfections. This module develops the asset pricing implications of the coincidence of market imperfections and imperfections in investor rationality. It explores the boundary between mispricing that can be exploited for profit and that which cannot.

The module lays the foundations for arbitrage, investment and wealth management, investment banking, and corporate finance. The topics covered are at the frontier of academic and industry research, forming a conceptually advanced syllabus (CFA Level III) with theoretical, empirical and practical implications.

You will develop hands-on skills in programming and data analysis using Python, with a focus on financial applications. This module builds on the econometrics knowledge taught in the Applied Econometrics module, by showing how to carry out data analysis using modern programming tools. You will learn how to process, visualise, and model structured and unstructured financial data, preparing you for applied work in banking, asset management, fintech, and other finance-related areas.

This module offers a thorough introduction to the institutions and structures within which banks and financial firms operate. You will gain a comprehensive understanding of the financial environment we all live in, including banks’ role in the payment system and in transmitting monetary and fiscal policy. These matters are particularly relevant today given the current problems of poor economic growth, high interest rates, and government debt following the COVID-19 pandemic, geopolitical instability, and tariff-based trade conflict.