In this module you will extend the knowledge of macroeconomics that you developed in your first year. Although the primary focus of the module is on macroeconomic theory, this is taught within the context of current events in the international macroeconomic environment. The topics covered include classical and Keynesian views, unemployment, the government budget constraint, monetary and fiscal policy, intertemporal macroeconomics, economic policy in the open economy, unemployment and inflation, adaptive and rational expectations, policy effectiveness under rational expectations, the economics of independent central banks, and growth theory.

To succeed in this module, you will need to apply algebra, basic calculus, logical thinking, and problem-solving skills.

This module provides you with a rigorous understanding of microeconomic principles that underpin sophisticated economic analysis and prepares you for further studies in economics. You will explore key microeconomic concepts including utility maximisation, profit maximisation, cost minimisation, market structures, externalities, information economics, public goods, general equilibrium theory, and welfare economics.

To succeed in this module, you will need problem-solving skills and to be proficient in algebra, elementary calculus and logical reasoning.

You will be introduced to the theoretical concepts and practical applications of econometrics, bridging theoretical understanding with empirical research techniques. You will explore key econometric methods, including bivariate and multiple regression analysis, as well as more advanced techniques like two-stage least squares. This module emphasises the role of statistical and diagnostic testing in validating economic models and ensuring robust research outcomes. You will also have practical training in statistical software, allowing you to apply econometric techniques to real-world economic data.

This module also includes a segment of experiential learning, where you will gain experience working with an employer.

This module teaches you how to interpret, analyse, and present economic data effectively. It covers key concepts in data visualisation, statistical analysis, and economic theory. You will learn to use software tools to manage datasets, create informative charts, and perform data analysis. The focus is on clearly and concisely communicating findings to both technical and non-technical audiences. By the end of the module, you will be proficient in transforming complex data into actionable insights and compelling narratives.

This module aims to expand your knowledge on the topic of inequality and its relationship with the macroeconomy. It will introduce you to the measurement and analysis of inequality data, along with the underlying theory. The module also gives a brief overview of potential policy solutions to these issues.

The topics covered include:

• skill accumulation
• discrimination
• luck
• mobility
• wealth accumulation
• the role of bequests

The goal is to stimulate critical thinking by applying theoretical concepts to real-world examples and data.

You will be introduced to the key concepts, tools, and methods in environmental economics, along with several key policy applications of these topics. This module will equip you with the skills to analyse pressing environmental issues and explore potential solutions in terms of choices, trade-offs, and scarcity.

The topics covered include:

• property rights and externalities
• benefit-cost analysis
• pollution control
• climate change
• dynamic efficiency and sustainability
• resource depletion
• ecosystem services
• management of natural resources such a fisheries

This module provides an in-depth exploration of the analysis and modelling of financial time series data, which is crucial for forecasting and decision-making in finance.

You will begin by exploring univariate time series and learn how to analyse and forecast a single variable over time using models such as ARIMA. You then move to multivariate time series, studying and modelling the interrelationships between multiple variables in systems using techniques such as vector autoregression and vector error correction models.

A key focus will be volatility modelling. You will learn techniques such as GARCH and realised volatility to model and forecast the volatility of asset returns, and their use for risk management.

Through practical examples and their implementation in Python and R along with clear explanations, you will build a solid understanding of advanced time series techniques. You will also develop the practical skills to tackle complex time series problems and make informed predictions.

This module is designed to enhance your strategic thinking skills. You will learn how to use games to model real-world strategic situations, and how to analyse and solve these games in scenarios where players are intelligent and rational.

The module covers:

• normal form games
• extensive form games
• Bayesian games
• games with correlation devices
• repetitive games
• behavioural games

Additionally, you will have opportunities to play these games with your instructor and classmates. A basic understanding of algebra, calculus and economics is necessary for this module.

Boost your CV by gaining international experience and earn credits towards your degree. You study abroad at a summer school at a partner university between your first and second year.

You will gain subject-specific business knowledge and experience studying in a different country and culture. You can choose from a wide selection of partner universities based on where you want to study and the subjects offered.

Some of your assessment will take place at the partner university. You will also write a reflective essay after you return to help you articulate what you have learnt during your time abroad. This will help you to link your experiences to employability for future interviews.

To complete your experience, you will participate in an online project during the semester, working with an international team of students. This project will help you develop a global mindset and build your communication skills as you work in a cross-cultural team, participating in a business game where you will complete challenges related to the global Sustainable Development Goals.

This module introduces you to corporate finance. It focuses on key concepts that drive decision-making in businesses. You will explore the roles and interests of key stakeholders and understand their influence on decision-making within an organisation. You will also explore the core functions of a company, examining how governance structures shape company strategies and support growth and stability.

Key topics we will cover in the module include capital structure, investment and financing decisions, and dividend policy, all of which are essential for a company’s financial health. By the end of this module, you will have a solid foundation in corporate finance, preparing you to tackle more complex financial challenges in your studies and future career.

Many organisational recruiters have identified several key skills and areas of knowledge that they seek in prospective employees. At the top of the priorities are spreadsheet modelling, problem structuring, statistics, and project management. This module will introduce you to Microsoft Excel 2024 and the fundamentals of dynamic model building. You will learn essential skills such as:

• data handling
• filtering and analysis
• using functions
• charting

Additionally, you will cover advanced techniques such as:

• optimisation
• simulation
• utilising Visual Basic for Applications (VBA) to automate models and construct decision support models.

Throughout the module we will make extensive use of case-studies and workshop-orientated learning tasks.

This module will introduce you to current economic research. Experts from a variety of fields will teach you in-depth about how economic research is conducted and its real-world applications. By the end of this module, you will be able to:

• Apply advanced economic methods and concepts to evaluate contemporary economic problems.
• Critically think about the issues raised by economic research, including their applications and limitations.
• Present the methods and conclusions of advanced economic research using a wide variety of presentational tools.
• Consolidate the core knowledge, methods, and analytical skills you have developed throughout your degree.

These skills will prepare you for a professional career in economics and related fields, as well as for further academic study.

Learn how to apply corporate finance theory to real-world situations, with a focus on the decision-making processes that drive business success. You will explore optimal decision-making strategies, gaining insight into how companies make critical choices to maximise value. The module covers mergers and acquisitions, teaching you the fundamentals of how businesses expand and grow through strategic deals.

We will also cover rational decision-making, examining how companies weigh risks and rewards in their financial strategies. You will discover the increasing importance of Environmental, Social, and Governance (ESG) factors and how Natural Language Processing (NLP) plays a role in financial decision-making. Essential topics such as raising capital through bonds and equity, risk management techniques, and the international aspects of corporate finance will also be covered.

By the end of this module, you will have the tools and knowledge to understand and engage with the complex financial decisions that shape today’s global business landscape.

Machine learning (ML) is critical in the process of extracting knowledge (that is patterns, relationships and insights) from complex real-world datasets. As a result, ML plays a key role in the transition from intuition-based to evidence-based decision-making.

You will be introduced to fundamental methods and tools from statistical and machine learning, covering the entire data analysis process. The module begins with setting project objectives and understanding the available data, and continues through the development and assessment of machine learning and statistical models. We will expand on concepts of statistical modelling, such as linear regression, and introduce established and cutting-edge methodologies in machine learning and artificial intelligence.

This module provides a solid foundation in banking and behavioural finance. You will explore the fundamentals of banking, including the role of financial institutions in the economy and the complexities of their business activities, such as lending and risk management.

The module highlights the role of regulation and supervision in the banking industry, highlighting how these aspects differentiate banking from other industries, and how crises reshape regulation in banking. You will be introduced to the fascinating world of behavioural finance, where you will discover how psychological factors and cognitive biases such as overconfidence, loss aversion and herding behaviour influence decision-making in financial markets.

By combining traditional banking concepts with the latest insights from behavioural finance, this module offers a unique perspective on the interplay between human behaviour and financial systems. With real-world examples, you will gain practical insights into how these concepts apply to both individual and institutional decision-making.

This module will introduce you to the field of behavioural and experimental economics. It will equip you with the necessary skills to study how the standard rationality assumptions can be relaxed to account for psychological and cognitive biases as well as social preferences. Additionally, you will be introduced to the tool of experimentation in economics as a means of collecting data to test the various economic theories.

Some of the topics covered will include:

• behavioural finance
• rational emotions
• nudging
• choice under risk
• time preferences
• social preferences
• behavioural game theory

Data science is transforming the role of information technology in society and in many sectors in which economists work. Machine learning and big data methods have gained popularity as tools in academic, government, industry, and beyond.

You will be introduced to big data and machine learning techniques with a focus on economic applications. These techniques are already significantly impacting the field of economics for modelling economic relationship, drawing causal inferences, and making predictions. They will soon become a standard toolbox for economists.

This module builds on the foundations of monetary and fiscal policy analysis by placing policy decisions in a global context. The first part of the module emphasises the interpretation and analysis of macroeconomic data. You will learn how to apply empirical methods to understand fluctuations in output, employment, inflation, and trade balances.

The second part focuses on the design and coordination of monetary and fiscal policy in an interconnected world. Special attention will be given to the challenges that central banks and governments face in managing global shocks. The topics covered will include international policy spillovers, exchange rate regimes, capital flows, and the evolving role of institutions such as the IMF and the Bank of England. We will explore real-world applications and current policy debates throughout the module.

This module tackles issues in economic growth and development, with reference to key concepts, theory and empirics. In the first half of the module, we will take a macroeconomic perspective on the key growth challenges facing developing countries. This will include competing theories of growth, industrialisation, institutions and trade policy.

In the second half, the module shifts to several microeconomic topics that examine the behaviours of households and individuals. Key issues covered will include poverty, inequality and anti-poverty policies, education, health, microfinance and credit markets, and risk and insurance.

This module provides a comprehensive exploration of international trade and global business dynamics, connecting theoretical models with practical policy implications. You will examine core trade theories including the Ricardian model, Heckscher-Ohlin model, and heterogeneous firm models. The module also offers in-depth analyses of international factor mobility, trade policies, and globalisation trends.

On the international business side, you will study key topics such as global value chains, multinational firm strategies, international competitive advantage, and the economic impacts of outsourcing and offshoring. The module focuses on real-world applications, exploring how theoretical frameworks inform understanding of contemporary economic phenomena, including labour productivity, attitudes towards trade, the effects of immigration, and the evolving landscape of global economic interactions.

This module offers a comprehensive exploration of labour and health economics, examining critical microeconomic dimensions of human capital and market dynamics. You will analyse labour market fundamentals including supply, demand, market policies, and workforce challenges such as unemployment, migration, and discrimination. The curriculum extends to education economics and personnel economics, investigating principal-agent problems and incentive structures within organisations. In addition, the module provides economic tools to critically examine healthcare systems, with a focus on the UK National Health Service and international healthcare models, emphasising empirical evidence and microeconomic analysis.

Public policy analysis is the study of government’s role in the economy. It involves examining both its normative and positive aspects. To gain a comprehensive understanding, we look at a combination of theories, empirical findings, and real-world examples.

We begin by focusing on public goods such as water, transportation, and other infrastructure that the government can provide directly or in collaboration with the private sector. This includes looking at the practice of regulators, as well as cost-benefit analysis. We evaluate the trade-off between efficiency and fairness, then examine state financing, including theories of optimal taxation and recent research on tax evasion and avoidance. Finally, we delve into the internal structure of government, exploring political economy and fiscal federalism.