In this two week module you will revisit the mathematical tools and methods which are neccessary for studying and working in economics, covering the basic analytical methods, with particular emphasis on optimisation and basic matrix analysis.
This module will provide you with an overview of the principal methods of econometric analysis. Emphasis is placed on applied econometrics and will ensure that you are comfortable when reading and evaluating the econometric work of others in order to produce good quality applied econometric work of your own. You will be introduced to the principles and assumptions underlying ordinary least squares, the consequences of any departure from these assumptions, and methods used for testing.
This module will provide you with an introduction to modern intertemporal macroeconomics. You will learn about the tools used for dynamic economic analysis and apply them to topics such as economic fluctuations, unemployment, long-run growth, consumption decisions by households and investment decisions by firms. You will develop an understanding of dynamic macroeconomic models of economic behaviour, the main theories of economic fluctuations, the modern theory of unemployment, the principal determinants of consumption and investment decisions, and look at the process of economic growth.
This module will provide you with an introduction to the basic mathematical and statistical methods used in Economics and Finance, with a particular emphasis on optimisation and basic matrix analysis. You will develop your ability to carry out differentiation and integration of standard functions, manipulate vectors and matrices, and understand and solve various optimisation problems, both constrained and unconstrained with equality or inequality constraints. You will look at probability and distribution theory, becoming familiar with estimation and inference, and be able to use the main theorems of the large sample distribution theory.
This module will develop your understanding of the basics of modern microeconomic analysis. You will become familiar with the tools that economists use to analyse problems of resource allocation in market settings, beginning with a formal analysis of the optimising behavior of consumers and producers. You will be introduced to markets and the notion of competitive equilibrium, in both partial and general equilibrium settings. You will then look at how individual market participants can affect prices, analysing the problem of a monopolist. Finally you will consider static game theory to analyse markets where a small number of firms compete with each other (oligopolies).
You will attend a set of preparatory classes to equip you with the necessary skills required for research, including a hands-on approach to using statistical packages and reading peer-reviewed articles. You will be expected to use either econometric or statistical techniques, and apply your knowledge and skills from the other quantitative methods and theory modules taken during your studies, to produce your own piece of research around 10,000 words in length.
In this module you will develop your understanding of the methods and models applied by economists in the analysis of firms and industrial organisations, including competition policy. You will look at how these models can be manipulated to solve problems relating to industrial economics, and how the models can be applied to important policy areas, while also being aware of the limitations of the theory.
Advanced Topics in Microeconomics
In this module you will develop an understanding of some of the key topics in macroeconomics, notably the the roles of technological change, monetary policy, and fiscal policy in macroeconomic fluctuations. You will look at models of economic growth, resource allocation, and technological change, evaluating empirical evidence of these, and you become familiar with techniques such as dynamic optimisation, log-linearisation and difference equations for general economic analysis.
Decision Theory and Behaviour
In this module you will develop an understanding of the rational decision making paradigm in economics, as well as its shortcomings over the past few decades. You will explore behavioural models, their formalisation and scope, including applications to finance, becming familiar with both theoretical and experimental methods for research in decision theory and behavioural economics.
This module will provide you with an introduction to the economics of policy evaluation. You will look at how quantitative techniques and qualitative methods can be used to evaluate policy interventions, and look at the effects of specific policies in particular countries. You will develop your understanding of the key debates and problems in the economics of policy evaluation, and become familar in using the Stata software package for statistical analysis.
In this module you will develop your understanding of behavioural economics and using experiments as a methodology for testing economic theory. You will review the major and latest findings from experiments in the literature, with an appreciation of experimental design issues. Working in groups, you will design and carry out an experiment of your own to test economic theory, and present your findings. You will look at methods for evaluating the strengths and weaknesses of experimental methods, and be able to constructively criticise experimental work.
In his module you will develop an understanding of the methods used in the analysis of macro and financial time series data. You will analyse and critically evaluate empirical research in finance and macroeconomics, looking at linear and non-linear time series. You will consider the methodologies for large sample modelling of financial and economic data, and undertake a quantitative research project applying testing procedures on time-series data.
In this module you will develop your understanding of the main theoretical and empirical issues in modern labour economics. You will look at theory, evidence and policy, covering labour demand, labour supply and time allocation decisions, schooling and job training, human capital investment, wage determination, unemployment, minimum wage, returns to schooling, discrimination, and immigration. You will critically analyse important labour market phenomena, as well as various public policy issues, such as government training programs, minimum wage policies, unemployment insurance and welfare benefits.
In this module you develop an understanding of the effects of government policy upon the economy and the design of policy. You will look at empirical methods for policy evaluation and discuss research carried out in public economics, on topics such as income taxation, welfare support, behavioural responses, and social security.
The Economics of Banking
In this module you will develop an understanding of the economic meaning of the terms liquidity and solvency in the context of financial intermediaries. You will look at simiplified frameworks for analysing the fragility of the financial system and consider its revelance to financial crisisesincluding models of bank runs and the theory of optimal financial regulation. You will examine the implications of asset price bubbles for financial stability, and the implications of imposing capital structure controls and liqudity controls on financial intermediaries.
UK Upper Second Class Honours degree (2.1) or overseas equivalent in Economics, Mathematics, Physics, Engineering or a similarly mathematical subject.
Applicants with a good Second Class Honours degree (2.2), or overseas equivalent, will be considered on an individual basis
Relevant professional qualifications and relevant experience in an associated area may be considered.
Students with a good undergraduate degree in a subject not listed above should apply for our MSc Economics Two Year programme.
English language requirements:
IELTS 6.5 overall with 6.5 in writing and a minimum of 6.0 in all other subscores. For equivalencies, please see here.
If you require Royal Holloway to sponsor your study in the UK, your IELTS must be a UK government-approved Secure English Language Test (SELT)
International and EU entry requirements
Please select your country from the drop-down list below
Students from overseas should visit the International pages for information on the entry requirements from their country and further information on English language requirements. Royal Holloway offers a Pre-Master’s Diploma for International Students and English language pre-sessional courses, allowing students the opportunity to develop their study skills and English language before starting their postgraduate degree.
Home and EU students tuition fee per year 2017/18*: £8,300
Overseas students tuition fee per year 2017/18*: £17,000
Other essential costs**: There are no single associated costs greater than £50 per item on this course
How do I pay for it? Find out more about funding options, including loans, grants, scholarships and bursaries.
* These tuition fees apply to students enrolled on a full-time basis. Students studying part-time are charged a pro-rata tuition fee, usually equivalent to approximately half the full-time fee. Please email firstname.lastname@example.org for further information on part-time fees. All postgraduate fees are subject to inflationary increases. Royal Holloway's policy is that any increases in fees will not exceed 5% for continuing students. For further information see tuition fees and our terms and conditions.
** These estimated costs relate to studying this particular degree programme at Royal Holloway. Costs, such as accommodation, food, books and other learning materials and printing, have not been included.