Disclaimer
The information given in this handbook is believed to be correct at the time of going to press but the Department reserves the right to make amendments before the commencement of, or during, the session to which it refers.
September 2015
Front cover image courtesy of www.morguefile.com

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UCL Term Dates 2015-16
Welcome
Points of Contact
1 UCL Terminology
Studying successfully at UCL
Attendance and Coursework
3.1
Tutorial Class Requirements
3.2
Absence and Illness
3.3
UCL Grades for Coursework and Examination Scripts 13
3.4
Grade Descriptors for Coursework and Examination Scripts 14
3.5
Guide to Essay Writing in Economics 16
3.6
Plagiarism 18
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12
12
12
7
8
5
6
4
5
Communication within the Department
4.1
Moodle
4.2
Timetable
4.3
Email
4.4
Office hours
4.5
PORTICO
4.6
Twitter#
Student feedback
5.1
Affiliate Student Questionnaire
5.2
Course Evaluations
5.3
Staff-Student Consultative Committee (SSCC)
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19
20
19
19
19
19
20
20
20
6 Examinations
6.1
General Information
6.2
Calculators in Examinations
6.3
Illness and Extenuating Circumstances
6.4
Examination Marking
6.5
Failing Grades
6.6
Grades/Transcripts
6.7
Withholding of Examination Results
6.8
Grievances with the Examination Process
6.9
Past Examination Papers
6.10
Affiliate Student Prize
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23
21
21
21
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7
8
Experiencing difficulties
7.1
Student Support
7.2
Student Disability Services
7.3
Student Psychological Services
7.4
Student Grievances
Getting involved
8.1
UCL Union
8.2
ULU
8.3
EFS
8.4
The Economist’s Society
8.5
Student Volunteering
8.6
UCL Global Citizenship Programme
8.7
Green Champion
9 General information
9.1
Student Common Room
9.2
Libraries
9.3
Computer facilities
9.4
Vacations
9.5
Photocopying Service
9.6
Health and Safety/Security
9.7
Data Protection
10 What past students say
ECONOMICS COURSES - 2015-16
Introductory Courses
1006: History of Economic Thought
6003: Money & Banking
Intermediate Courses
2001: Intermediate Microeconomics
2002: Microeconomics of the Household
2003: Microeconomics of the Firm
2004: Macroeconomic Theory and Policy
2005: Closed Economy Macroeconomics
2007: Quantitative Economics and Econometrics
2008: Quantitative Economics and Econometrics I
7001: Economics of Labour
7002: Economics of Finance
7004 Economics of Industrial Relations
7005 Economics of the Public Sector
7006 Economics of Regulation
7007 Environmental Economics
7008: Economics of Tax Policy
7010: Economics of Development
7011: Economics of Science
7012: Economics of Education
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51
52
53
54
46
47
48
49
40
41
42
43
44
45
37
37
38
39
34
34
34
36
25
26
26
26
24
24
24
25
26
26
27
27
27
28
29
29
29
30
28
28
28
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Advanced Courses
3002: Microeconometrics
3003: Econometrics for Macroeconomics and Finance
3004: International Trade
3007: Economic Policy Analysis
3012: Economics of Competition Policy
3013: Industrial Economics II: Dynamic Industrial Organisation
3014: Game Theory
3015: Economics of Growth
3016: Economics of Information
3019: Issues in Economic Development
3020: Experimental Economics
3021: Urban Economics
3022: Ethics in Applied Economics
3023: Economics of Financial Markets
3028: Economics of Money and Banking
3030: Behavioural Economics
3031: Economics of Migration and Job Search
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69
70
71
58
59
60
61
55
55
56
57
62
63
64
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Academic Year 2015-16
Term
First Term
Date
Monday 28 September 2014 - Friday 18 December
2015
Monday 11 January 2016 - Thursday 24 March 2016 Second
Term
Third Term Monday 25 April 2016 - Friday 10 June 2016
Reading Weeks (for departments that observe them): weeks beginning
Monday 9 November 2015 and Monday 15 February 2016 .
CLOSURES AND BANK HOLIDAYS
College Closures
Christmas
CLOSE – Wednesday 23 December 2015 at 5.30pm
RE-OPEN – Monday 4 January 2016
Easter
CLOSE – Thursday 24 March 2016 at 5.30pm
RE-OPEN – Thursday 31 March 2016
Bank Holidays
 CLOSED - Monday 2 May 2015


CLOSED - Monday 30 May 2015
CLOSED - Monday 29 August 2016
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This handbook answers many commonly asked questions about what to expect as a student in the Department of Economics. You should keep this handbook throughout your time at UCL as a reference guide.
We pride ourselves on being a friendly and helpful department so feel free to ask us questions no matter how insignificant you may feel your query is.
The Department is located in the basement, first, second and third floors of Drayton
House, 30 Gordon Street, and is part of the Faculty of Social and Historical
Sciences (the Faculty is made up of the departments of Anthropology, Archaeology,
Economics, Geography, History and History of Art).
The Chair of Political Economy at UCL was created in 1827 in memory of David
Ricardo - establishing the first Department of Economics in England. The modern
Department has an outstanding international reputation in key areas of current research including theoretical and experimental microeconomics, econometric theory, microeconometrics, game theory, labour economics, development economics, macroeconomics, industrial economics and environmental economics.
The Department of Economics has an outstanding international reputation in key areas of current research. It achieved the outstanding grade-point average of 3.78
(out of 4) in the most recent government assessments ( Research Excellence
Framework 2014 ) with 79% of all indicators of output rated at the highest 4* level.
We're pleased to have you visiting us and we hope that you will find your study at
UCL both challenging and rewarding.
6

Affiliate Webpage: www.ucl.ac.uk/economics/undergraduate/affiliates
Affiliate email enquiries: economics.affiliates@ucl.ac.uk
Moodle: http://moodle.ucl.ac.uk
Affiliate Student Tutor
Marcos Vera Hernandez
Office Hours: Monday 10-11am email: m.vera@ucl.ac.uk
Room 203, Drayton House
Tel: +44 (0)207 679 (2)1007
Fax: +44 (0)20 916 2775
Affiliate Programme Administrators
Paula Moore
Office Hours:
Monday to Wednesday
10am-12pm, 2-4pm email: paula.moore@ucl.ac.uk
Rebecca Burns
Office Hours:
Thursday (contact by email)
Friday 10am-12pm, 2-4pm email: rebecca.burns@ucl.ac.uk
Room 18c, Ground Floor, Drayton House
Tel: +44 (0)203 549 (6)5377
Fax: +44 (0)207 916 2775
Academic Staff: for contact details and office hours, check the website www.ucl.ac.uk/economics/people
Departmental postal address
Department of Economics
University College London
Gower Street
London WC1E 6BT
United Kingdom
Reception
Open: Monday to Friday, Ground Floor,
Drayton House
Tel: +44 20 7679 5888
Email: economics.reception@ucl.ac.uk
The Student Centre
Open: Monday to Friday 10am-4pm
Ground Floor, Chadwick Building (Front Quad)
Webpage: http://www.ucl.ac.uk/current-students
7

You may find that some of the terminology used at UCL is different from what you are used to. Below is a breakdown of commonly used words.

Courses are taught within the Department by lectures and tutorial classes. The
UCL 'Teaching Hour' is 50 minutes long, beginning at 5 minutes past the hour and finishing at 5 minutes to the hour.

( often referred to in the US as ‘semester’)
At UCL the academic year is divided into one 12-week and one 11-week teaching term (Terms 1 and 2 respectively) and a 7-week revision and examination term after the Easter break (Term 3).

Courses are also referred to as modules. Course units ( often referred to in the
US as ‘credits’) denote the value and length of each course. Generally a course that runs for one term has a course unit value of 0.5 whereas a course that runs throughout the year has a course unit value of 1.0.
A full year-long courseload at UCL is 4 units (or 30-32 US credits).

These are large classes; all students on the course attend and the Course
Lecturer is the person who delivers the lectures. Economics courses typically have 1 two-hour lecture each week for each course. Lectures start immediately on the first Monday after Registration Week

Certain courses have additional lectures scheduled on the timetable, during which a tutor demonstrates the way to solve problems and exercises. These are also known as Practical or Demonstration Classes but are not tutorial classes.
All students attend together and no work is submitted or graded for them. You should treat them as scheduled lectures.

(often referred to in the US as 'sections' or ‘recitations’)
Tutorial classes typically meet 4 times per term (for some courses up to 8 times per term) to discuss ideas arising from the lecture material and to review written work. Tutorial Classes start 1 or 2 weeks after lectures have begun and comprise around 15 students.
Tutorial classes are led by Teaching Assistants or Tutorial Class Tutors .
The tutorial class tutor records attendance marks, sets and provides feedback on coursework (essays and exercises) and chairs the discussion.
During each term, for the majority of courses, you are required to complete a minimum amount of coursework, problem sets/exercises or essays. Your Tutorial
Class Teacher should be your first point of contact if you have any doubts about coursework.
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
The Affiliate Student Tutor is the person who advises you on your choice of courses at the beginning of the year. You can consult this tutor on general academic matters. The Affiliate Student Tutor has overall responsibility for affiliate students and makes final decisions as appropriate.
If you experience medical or personal problems or face circumstances which could affect your attendance, coursework or exam performance, you should inform the Affiliate Student Tutor or the Affiliate Programme Administrator as soon as you feel able. If we are aware of your difficulties we can help or at the very least guide you to sources of further assistance. A medical certificate is required in cases of illness lasting more than one week.

This is a week in Terms 1 and 2 in which no lectures or tutorial classes are held the Department of Economics. The purpose of Reading Week is for students to consolidate their knowledge to date and to provide time to read ahead and research their subject matter. For dates, see page 5.

When you hear people refer to the 'College’ they are normally referring to UCL as a whole.
9

One of the most frustrating yet rewarding aspects of study abroad for affiliate students is that the method of study is different from what they are used to at their home universities. A student's experience of the academic structure of another country is a large part of the package of experiencing another culture.
In order to be better prepared please read the following information:

Whereas in their home country, students may be given a strict structure of coursework and reading assignments, in the UK students are expected to read around their subject independently, and be ready to apply their research by participating in tutorial classes.
The emphasis in tutorial discussion and essay writing in the UK is not on repeating information given in the lectures and tutorial classes, but rather on using that information and your own self-study to demonstrate understanding in the context of particular questions.
Students whose answers to exam questions show an ability to apply learning thoughtfully and critically score better than those who simply recount facts, figures and formulae that they have learned by heart.

Each tutorial class tutor will give you a reading list at the beginning of the class but you will not receive week-by-week reading assignments as you may do at your home university. This is so that you have the means to become independent in your academic thinking and research.
Tutorial class tutors are always approachable during their office hours or by appointment should you wish for more guidance.

UCL students are encouraged to select from the reading lists according to their developing interests and research.
Students usually borrow books from the UCL and University of London libraries
(see 9.2
Libraries ).
There are a limited number of copies in the library so get there early or you can also buy books second-hand from fellow students (check for notices in the Student Common Room in the basement of Drayton House).
If you want to buy books new, Waterstones bookshop on Torrington Place is an academic book specialist and has a good Economics section.
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
Feedback we have received from former affiliate students, especially those from smaller private universities, suggests that you may find the availability of the teaching staff more limited than at your home university due to the researchintensive nature of the Department.
All lecturers and tutorial class tutors hold weekly office hours which you can attend and appointments outside these times can often be made by email.

Affiliate students are sometimes surprised by how maths-based some of the courses appear to be at UCL. This often reflects a misconception. What students are struggling with is not the mathematical techniques required but the ability to conceptualise economic problems mathematically. Nonetheless, if you are in any doubt whether you have the right maths background to benefit from the material taught in a course, please consult the Affiliate Student Tutor and the course leader or lecturer You may even have attended several lectures before such doubts arise.
Do not wait to ask until it is too late to change courses!!

Affiliate students sometimes enquire about getting extra academic help by paying for a private tutor. The Department does not maintain a list of private tutors although it is up to you if you wish to find a tutor - however we encourage you to approach your tutorial class tutor for extra help and/or form your own study groups.
Please note that this is the policy adopted for full degree students as well.

The final assessment of each course is 100% by unseen examination . This reflects the Department’s philosophy of teaching which places heavy emphasis on assessing performance after material has been assimilated rather than during the learning process. The Department has no wish to inhibit active and cooperative learning by students nor to constrain the nature of coursework exercises as would be the case if grades were to enter final assessment.
Affiliate students occasionally feel anxious that so much rides on one exam.
However if you adopt a steady discipline of working on your own throughout the term/year, attend all lectures and tutorial classes, and consult your tutorial class tutors for guidance, you should be ready to take the exam.
We advise you to come to UCL with an open mind and embrace the fact that things are not the same as at your home university!! Remember, we are always approachable to talk to should you need further guidance.
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UCL regulations state that students may only be entered for examinations if their teachers can confirm attendance and performance on the course has been satisfactory.
Therefore, attendance at tutorial classes and submission of coursework are compulsory.
Both will be recorded and monitored.
If you miss a tutorial class, you should see or email your tutorial class tutor as soon as possible to explain - copy the Affiliate Student Administrator into any correspondence.
If you plan to be absent for good reason you should seek prior permission from the
Affiliate Administrator and the tutorial class teacher. If you have a legitimate reason for missing the tutorial, you will receive an excused absence on your attendance sheet but must catch up on the work missed. If your reason is not valid then you will be marked absent.
The amount of coursework required differs between courses. Find out details of your assignments. Check online, check Moodle or ask your Tutorial Class Teacher for details. Work is graded as a guide to your progress.
Tutorial class teachers are under no obligation to mark coursework that is submitted late. It is your responsibility to ensure that your coursework is submitted on time.
Unsatisfactory levels of attendance or submission of coursework assignments may make you ineligible to sit examinations.
If you are absent from UCL for five days or more, due to illness, then you must inform the Affiliate Student Administrator and submit a medical certificate.
Students who become ill during the examination period should notify the Affiliate
Administrator without delay and provide a medical certificate.
(See 6.3
Illness and Extenuating Circumstances .
)
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See also Section 6.6, 'U.S Grades/Transcripts’
Affiliate students sometimes forget that UCL grades are unlikely to be calculated on the same scale as that used in their home universities and are unnecessarily alarmed at the apparently low numerical grades received. Students should be aware that at UCL, as at many other UK institutions, the pass mark in the majority of first degree courses is 40% and most students score between 40% and 70%.
Indeed, despite the competitive nature and high entry standards of institutions, only about 10% of students achieve an average score of higher than 70% and by the nature of marking involved the figure is much lower for arts-based than for sciencebased students.
The table below shows the UCL mark (%) and equivalent degree class that the
Department uses in marking coursework and examination scripts, plus the recommended U.S. grades to which examination marks will be converted and recorded on your transcript. Any scheme used for translating marks obtained in a university in the U.K. to those used by colleges and universities in the U.S. is fraught with difficulties. The recommended U.S. equivalents of the UCL marks are based on a system developed with many years’ experience of working with U.S
colleges and universities. However, it is only a guideline and individual institutions may wish to interpret the UCL grade differently.
US GRADE TRANSLATION
UNDERGRADUATE COURSES
UCL Mark
(%)
Recommended
US Grade
Degree Class:
70 - 100 A First (I)
___________________________________________________________________
65 - 69
60 - 64
A-
B+
Upper Second (II.1)
___________________________________________________________________
55 - 59
50 - 54
B
B-
Lower Second (II.2)
___________________________________________________________________
46 - 49
43 - 45
40 - 42
C+
C
C-
Third (III)
__________________________________________________________________
_
0 - 39 F Fail
__________________________________________________________________
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The following Grade Descriptors explain the criteria by which marks are awarded to individual exam answers and to answers for coursework:
Class and mark range
First
70-100%
Upper second
60-69%
Lower second
50-59%
Third
40-49%
Characteristics of answers
Style of question:
Essay/argument
Clear and thorough analysis, responding directly to the questions set, with rigorous arguments based (as appropriate) on extensive knowledge of relevant concepts, theory and empirical evidence.
Marks above 80 should be used to signify novel and/or distinctive discussion, showing unusually clear insight and/or exceptional sophistication in approach.
Well organised, clearlyexpressed, and a direct response to the question. Evidence of good analytical skills and appropriate reading. Effective grasp of concepts. Use of relevant examples. Appropriate and well-explained use of relevant algebra or diagrams, integrated into the structure of the analysis.
Shows a general understanding of the question, with more limited relevant reading and use of examples. Competent reproduction of ideas and concepts from lectures and textbooks with little evidence of independent thought.
Answer shows some understanding of the question and the broader subject area, but shows little evidence of detailed knowledge or reading. Contains some mistakes, misunderstandings or irrelevant material. Relatively poor organisation and expression, and non-analytical approach.
Style of question:
Problem/mathematical
Accurate derivation of answers to all parts of question, including parts requiring significant independent thought. Clear explanation and evidence of thorough understanding of the reasons for the method employed, and the intuition behind results obtained.
Marks above 80 should be used to signify unusually clear insight and/or exceptional sophistication in approach.
Accurate answer to most parts of question, with incomplete answers only to sections requiring significant independent solution. Clear explanation of methods, results and intuition.
Accurate answer to all part of question requiring standard or routine approaches, with some explanation and intuition, reproducing lecture or textbook material on the reasons for methods employed and their interpretation.
Errors should not betray significant misunderstanding of standard material.
Answer displays some surface knowledge of the subject matter of the question, but there are errors in some routine parts of the question and/or inadequate or inaccurate explanations.
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Fail
20-39%
Fail (F)
0-19%
Muddled, though may show some awareness of the general field.
or
Incorrect notes of limited relevance, but indicating some evidence of understanding in relation to the field in general.
Little or nothing of relevance in answer to question.
or
Comprehensive mistakes, failures and misunderstandings, showing that little or nothing of value has been understood from course material.
Significant errors in most routine parts of the question and inadequate or inaccurate explanations, or
Incomplete notes indicating some evidence of understanding appropriate methods.
Little or nothing of relevance in answer to question.
or
Comprehensive mistakes, failures and misunderstandings, showing that little or nothing of value has been understood from course material.
Note: In answers where successive stages of a multi-part question depend on the results to earlier stages, appropriate credit should be given for intelligent and wellexplained attempts to answer subsequent stages, albeit that an error made in an earlier stage invalidates the answer.
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The following guidelines are provided courtesy of Prof Wendy Carlin, Ms Sara
Lemos, Dr Andrew Lilico and Mr Nicholas Rau, Department of Economics, UCL:
Things to remember:
1.
Answer the question.
If the essay title is “What caused the ERM crisis of 1992/93?” a description of the
Sterling Crisis of 1949, although it may be interesting and even instructive about fixed exchange rate regimes, does not answer the particular question asked.
2.
Write in sentences and paragraphs, with correct spellings and grammar.
Sloppy mistakes in spellings and grammar suggest to the reader a general sloppiness of thought. On the other hand, disciplined self-expression in grammatical terms can improve the exactness and clarity with which our ideas are expressed. Hieroglyphics (e.g. g
  r

) may be a useful way of summarising a chain of argument, but you still need to make the argument verbally. If you use equations (or if you feel you must use hieroglyphics), always explain your symbols.
3.
Meet and stick to the word limit.
Do not imagine you will get higher marks by over-shooting the word limit with extensive irrelevant material. Within the word limit, write as much as necessary to make the point clearly.
4.
Assume that the reader is intelligent, but ignorant of the material taught in your course.
However, avoid lengthy derivations of results that are not central to your argument, and do not repeat yourself unnecessarily. For example, if you have explained the operation of the multiplier once you probably do not need to explain it again for a change in the opposite directions. Simply refer back to your earlier discussion. It is in cases like this where you make use of a mechanism or chain of argument that you have already explained, that hieroglyphics can provide a useful summary to highlight the specific case to which you are now referring.
5.
Structure the essay.
Begin the essay with an introductory paragraph saying how you interpret the question. The ability to interpret a question in terms of models that you know is an important skill. Note that for many essay questions there are a number of ways in which the issues can be approached. The reader is interested in knowing at the beginning of the essay how you have chosen to tackle the question and how what you are going to say answers the question.
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Distinguish clearly between your notes and the essay itself.
You can take as long as you like assembling your notes, using the Reading List provided along with other readings that you have found, lecture notes etc. However, you should spend only a limited amount of time writing the actual essay – a good guideline is about one hour and a half per 1,000 words. Hence the time spent writing the essay will depend on the length specified. Your final course marks at
UCL depend on your ability to write cogently under time pressure and you should use your essays to develop and practice that skill. Your notes will include a great deal of useful information related to the topic of the question (after all, you want the notes to be useful for revising a topic broader than the specific question that you have been set). However, the essay will make very selective use of the material in your notes. You will only use the material necessary to make your argument in answer to the question.
6.
Write the main body of the essay in such a way that it is clear why each paragraph follows from the preceding paragraph.
7.
Be selective in your use of data and diagrams.
Tables of data and diagrams can be very useful in illustrating and clarifying your answer. However, only present data that is relevant to your argument, and include only properly labelled diagrams relevant to your argument. If a table of data or a diagram has no bearing on your argument, omit it. Similarly, if you do not refer to a table of data or a diagram, omit it. Make it clear to which time-period and country your data refer. Always give the source for the data - i.e. where you found it.
8.
Avoid personal opinions and doubts in the main body of the essay.
Do not confuse personal opinions with the results of your model. Especially avoid phrases such as “I don’t know how to derive the next bit”. In an essay the reader is interested in your knowledge, not your ignorance (this may differ from how you would answer a problem-set). In a coursework essay, if you aren’t sure how to get from one step of your argument to the next, either re-arrange the essay so that a derivation of that step isn’t required, or seek help from your class teacher or your class-mates.
9.
Use references correctly.
In the text, only refer to works you have consulted yourself and use the system
(Smith, 2000). The list of references is a list of all works you have referred to in the text.
10.
Appeals to authority and the status of findings.
If you say that ‘Jones found that …’, explain clearly whether what Jones found was a piece of raw data, an econometric inference or a purely theoretical result. If you don’t know, omit the reference; Jones won’t mind.
17

11.
Write a conclusion.
A good conclusion would be a short paragraph at the end of your essay repeating the main elements of your argument in a compressed form, along with an expression of your opinions in cases where economists disagree. For example, if the question asks “Is unemployment always ‘a bad thing’?” it is clearly plausible that different people might hold different opinions. You are being asked the question, so your conclusion should tell us what your opinion is and why it follows from the arguments in your essay.
UCL treats the issue of plagiarism very seriously. Any cases detected are reported to UCL authorities and can result in exclusion from examinations.
It is worth bearing in mind that practices encouraged or accepted as part of your previous educational culture may differ from those expected at UCL - please review the current advice and guidelines: http://www.ucl.ac.uk/current-students/guidelines/plagiarism
If you are in any doubt about what you can or cannot include in your work, you should consult the Affiliate Student Tutor or another appropriate member of teaching staff.
18

http://moodle.ucl.ac.uk
UCL Moodle is the centrally supported Virtual Learning Environment (VLE).
You should check the My courses section of Moodle to pick up important course and administration updates.
www.ucl.ac.uk/timetable
The UCL Online Timetable lets you see your personal timetable week by week.
If a lecture or class is cancelled, rescheduled, or relocated, for example because the lecturer is ill or the room is unavailable, the Online Timetable will be updated.
Check your timetable at the start of each week to see the correct times and locations for the coming week.
Important information such as December exam timetabling will be dispatched to you via your UCL email, which you will receive upon enrolling. For more details see www.ucl.ac.uk/isd
www.ucl.ac.uk/economics/people/academic
All members of teaching staff hold weekly term-time office hours when they are available to students. Tutorial Class Teachers usually hold regular office hours too.
If you wish to see a member of staff at another time you should make an appointment by email. Many staff members attend conferences or are involved in research during vacation or the Reading Weeks, so you should arrange an appointment well in advance.
www.ucl.ac.uk/portico
Access to PORTICO is available via the web portal .
You will need to log on using your UCL userid and password, which are issued to you once you have enrolled.
As a student you can take ownership of your own personal data by logging on to
PORTICO.
econ@ucl
Sign up - and never miss a tweet!
19

At the end of your visit to UCL, you will be invited to complete an online questionnaire asking you about your experience in the Department. Your answers help us to improve the Department’s Affiliate Programme for future affiliate students. Constructive criticisms are welcome and your comments will be confidential.
Towards the end of the first and second terms, you will be asked to complete an online Course Evaluation questionnaire for each of the Economics courses you have been taught, assessing their effectiveness. This exercise helps lecturers to improve their courses. Also, if you have anything you wish to be made known during the course, you are encouraged to approach your lecturer or tutorial class teacher.
The results of the last academic year’s course evaluations can be viewed on the website.
www.ucl.ac.uk/economics/undergraduate/information-for-students
The SSCC meets twice a year to discuss the undergraduate programme and academic life in the Department. It provides an opportunity for members of staff to discuss prospective changes with student representatives and for students to propose changes that can be forwarded to the next staff meeting.
There are usually 3 Student Academic Representatives (StARs) from each year on the committee, with representation across the degree options, including the combined studies degrees. There is also space for an Affiliate representative.
StARs receive support and training from the UCL Union.
http://uclu.org/services/representation/student-academic-representatives-stars
The Economist's Society will hold elections for first year representatives and any other StARs positions that become vacant. If you are interested in becoming involved, please contact the Economist's Society.
20


Assessment is by final examination and takes place at the end of the period for which you are here. If you are leaving in December you will take exams arranged by the Department at the end of the Term 1. If you are leaving in June you will take the same end-of-year exams as those taken by UCL degree students in Term 3.

If you are leaving at the end of Term 1 the examination timetable will be available by the end of November. These exams are arranged by the Department but follow the same procedure for marking as end-of-year examinations.
(See 6.4
Examination Marking .)

If you are leaving in June, you will be able to access your individual examination timetable via PORTICO (usually in the last week of Term 2).

The summer examination period runs from late April through early June.
Students are advised to be in London until the very last day of the Term 3 in case any unforeseen changes are made to the exam timetables.

It may be necessary for two examinations to be scheduled on the same day in order to accommodate all examinations.

If you have a disability, or suffer from a medical condition or believe you may have dyslexia, you should consult UCL’s Disability Office ( disability@ucl.ac.uk
) as soon as possible upon arrival at UCL (see 7.2
Student Disability Services ) .
It may be possible to arrange for you to take your examinations in a separate room designated for this purpose to receive extra time on your examinations and/or use special equipment.
www.ucl.ac.uk/current-students/examinations/
For examinations permitting the use of electronic calculators you should note that you are permitted to use only approved calculators, except where the Board of
Examiners has taken a decision to allow other models to be used. It is your responsibility to ensure that you have the approved model which is available from the UCL Shop.
21

(See also 3.2Absence and Illness .
)
If you are absent from an examination for any reason, you should inform the
Affiliate Student Administrators in Economics without delay.
If you are absent from an examination because of illness, accident, or other extenuating circumstance you must submit an Extenuating Circumstances (EC)
Claim Form and supporting evidence (e.g. a medical certificate) to the Affiliate
Administrators in Economics as soon as possible and no later than one week after the examination(s) in question.
If you are suffering an illness or some other problem that interferes with your revision for examinations, you should talk to either the Affiliate Student Tutor or
Affiliate Programme Administrator before the examination . Nothing can be done afterwards , so seek help as soon as a problem arises.
The UCL regulations regarding Extenuating Circumstances have been recently revised – you should consult the UCL Academic Manual for more information.
www.ucl.ac.uk/academic-manual
The marking process for examination scripts of any course taken by students in the
Department of Economics comprises two stages of marking involving internal academic staff, with cases of disagreement between markers adjudicated by a third marker. At all stages, examiners know only the candidate number and not the identity of the student.
Assessment in the UCL Department of Economics is by final examination and takes place at the end of the period for which you are here. In this regard assessment differs from that of many Affiliate Students’ home institutions, where course marks may depend in part on mid-term exams and coursework in addition to a final examination.
In recognition of this, Affiliate Students who fail their final exam in an economics course at UCL may have coursework taken into consideration in determination of their final marks.
Specifically, when an Affiliate Student fails an exam, the department will compute the students’ average coursework mark for that course. The average of the final exam and the average coursework mark is then computed. If this average exceeds the failing exam mark, then the lower of this average and the minimum passing mark will be given for the final course mark. Thus Affiliate Students who fail a final exam but who have performed well on their coursework may obtain a passing mark.
Note that final marks computed this way cannot exceed the minimum passing mark.
Coursework marks can only be taken into account in determination of the final mark when an exam is failed, otherwise the exam mark is the final mark.
22

(See also 3.3UCL Grades for Coursework and Examination Scripts .)
You can view your confirmed examination results when they are ready by accessing the UCL Student Information Service PORTICO at www.ucl.ac.uk/portico using your
UCL ID and password. Unofficial grades, for Economics courses only, will be posted on the departmental website.
Confirmed grades are issued by Student and Registry Services. The Department cannot directly give out grades or transcripts. A transcript containing both the UCL marks and the transcribed U.S. grade is sent to the home university/link institution.
Transcripts for students leaving at the end of Term 1 usually arrive at the home institution by March. Transcripts for Full Year and Spring/Summer students usually arrive by August.
Student & Registry Services may withhold results and transcripts of any students with outstanding tuition-fee debt to UCL.
Any grievance with the examination process should first be discussed informally with the Affiliate Student Tutor. Formal representations will only be considered on the grounds of administrative error .
Representations concerning examination results on the grounds that the Examiners' assessment of the performance of the candidate was incorrect or against academic decisions properly arrived at in accordance with approved procedures will not be considered (see also 6.4
Examination Marking ).
Past examination papers are available - see UCL Library Services (Digital
Collections) Copies of some exam papers are also posted on Moodle.
The Department of Economics awards The John Pencavel Prize of $250 USD (or equivalent) annually, for the best overall examination performance by an undergraduate affiliate student in Economics. The prize is not awarded until the end of the academic year but all Affiliates admitted to the Department of
Economics, including those who leave in December, are considered. The recipient will be contacted directly.
23

While most students find their time studying abroad enjoyable and rewarding, occasionally some may experience problems. Mostly these are easily solved and occur during the ‘settling in’ period. However, it is useful to know where you can go for help if you need it. Whatever your problem - financial, personal, academic talking to someone can help. The Affiliate Student Tutor and the Affiliate
Programme Administrators are always available to talk with you confidentially or you can seek help at any of the professional services listed below.
www.ucl.ac.uk/current-students/support
The Student Support and Wellbeing section of Student and Registry Services should be your first point of contact if you have any concerns. Check the website for information pages and helpful advice about common student problems and where to go if you want to speak to someone.
UCL Health Centre www.gowerplacepractice.nhs.uk
The Health Centre is at 3 Gower Place. Reception is on the second floor. The practice is open from 9.00am-5.30pm Monday to Friday, Tel: 020 7387 6306, email: gpp@nhs.net
.
International students qualify for free medical treatment under the National Health
Service if they are following a programme lasting six months or more. If you qualify for free treatment in this way, you are recommended to register with the NHS on arrival. If you come to the UK to follow a programme of less than six months' duration, are not an EU national and do not come from a country having a reciprocal health arrangement with the UK, you are advised to take out insurance cover against the possibility of expensive treatment.
UCL Union Nightline www.nightline.org.uk/
Nightline is a support service provided by students in London for students requiring advice, information or just someone to talk to between 6.00pm and 8.00am. Tel:
020 7631 0101, or email: listening@nightline.org.uk
.
www.ucl.ac.uk/disability/services
Student Disability Services is in Room G16, South Wing. You may obtain advice on all available support Monday to Thursday 10am-4pm during term time, or by appointment during vacation. Tel: 020 7679 0100 or email: disability@ucl.ac.uk
.
Student Disability Services also offers a dyslexia screening service for students.
Current assessment reports are required when applying for special examination arrangements. Students should contact the Disability Services (contact details above) in the first instance, to make an appointment.
24

www.ucl.ac.uk/student-psychological-services/faqs
Student Psychological Services are available to help if you are experiencing stress or difficulties that are affecting your academic or social life. Check out their FAQs and Service Overview to see the range of services offered.
(See also 6.8Grievances with the Examination Process .
)
In exceptional circumstances students, whether rightly or wrongly, may feel unfairly treated, perhaps on sexual, racial or religious grounds, or because they felt their teaching/supervision was sub-standard in some way. If you feel that you have been unfairly treated, in any way, by a member of staff or another student, you should first try and raise your concern with the person in question. If this is inappropriate or does not resolve your concern, you should arrange to see the Affiliate Student
Tutor. In cases where you wish to talk to a member of staff outside the
Department, you may want to contact the UCL Student Mediator or someone in the
UCLU Rights & Advice Centre.
25

www.uclu.org
UCL Union forms the focus of student life in the College and your student ID will grant you access to all its facilities. It has six primary sites, the closest of which is located almost opposite the Department at 25 Gordon Street.
The Union provides services such as bars, catering outlets, photocopying, hairdressing, sports facilities and a fitness centre (just down the road from the
Department in the Bloomsbury Theatre, www.thebloomsbury.com/
The Union holds a Freshers’ Fayre at the beginning of the first term where all societies, sports clubs and other Union activities have stalls and provide information.
www.ulu.co.uk/
UCL Union members are automatically members of the University of London Union
(ULU). The ULU building in Malet Street is opposite Waterstones and has sports facilities, a swimming pool, bars and shops.
www.uclefs.com/
The Economics and Finance Society (one of the largest in UCLU) organises events throughout the year including workshops and presentations on different sectors, talks given by leading City firms and UCL Alumni, and a variety of sports and social events. Equilibrium (the Society’s magazine) is published twice a year and gives students an opportunity to share their opinions on current economic and political events.
N.B. the Department welcomes the initiative of the EFS in the wide range of activities it organises for students. Nevertheless, the Department and the Society are completely separate entities and the Department is not able to accept formal responsibility or liability for any activities organised by the Society.
www.ucl.ac.uk/economics/undergraduate/economists-society
All students in Economics are automatically members of The Economist’s Society which organises the Economist’s Club and publishes the weekly Economist’s
Review. The society also organises the first year mentoring sessions and provides a platform for the Student Academic Representatives (STARs). If you are interested in getting more involved, you can sign up to become an active member.
26

www.uclu.org/volunteers
London - it’s the most diverse city in the world and one of the best ways to discover it is by volunteering. UCL has the one of the biggest volunteering ventures in the UK
- so make the most of it whilst you are here!
The VSU (Voluntary Services Unit) has a number of opportunities that are particularly suited to Economics students, such as helping community organisations with business planning or teaching young people about financial literacy. There are lots of other options too, over 250 projects - ranging from sports, to working with older people, refugees or children.
To volunteer you will need a visa that permits you to work - consult the VSU for further advice.
www.ucl.ac.uk/global-citizenship/programme
The UCL Global Citizenship Programme offers you the opportunity to put your studies in a global context, learn new skills and see the world differently. From tackling the same global issues as UCL’s Grand Challenges to volunteering and enterprise opportunities, there is something different on offer for everyone.
The Programme takes place at the end of the summer term, after undergraduate exams have finished, and is focused on small-group project work. You will be working with undergraduate students from across UCL, and previous programme participants have really valued the opportunity to see how those from other disciplines tackle the same complex issues. It's a great way to pick up new skills, make new friends and to broaden your knowledge.
www.ucl.ac.uk/greenucl
Green Champions are a network of staff and students who work together to improve UCL’s environmental impact and help achieve its environmental sustainability targets. There are many initiatives that Green Champions can become involved in. If you are interested in doing more you will need to complete the Green Awareness induction module (in Moodle) and then contact Paula Moore,
Lead Green Champion in the Department of Economics, for further information.
27

The Student Common Room is the open plan area on the north side of the basement (on the right as you come down the stairs) in Drayton House.
The space doubles up as a study and social area.
The two libraries below are those most commonly used by UCL students but check the UCL library website for a list of all the libraries to which you are allowed access.
To enter the various libraries and to borrow books you will need your student ID card. When you borrow a book ensure that you know its due date as late fees accrue on non-returned books.
UCL LIBRARY www.ucl.ac.uk/Library/
The principal collection for Economics is in the Main Library (in the Wilkins building); but there may also be relevant material in others too as well as online collections.
UNIVERSITY OF LONDON LIBRARY (Senate House Library) www.ull.ac.uk/
The University of London Library is one of the UK’s major academic libraries. You can often find books available here that have already been checked out of the UCL
Library. The library entrance is on the fourth floor of Senate House, Malet Street.
The UCL Library, the University of London Library and other London libraries are computer-linked: you can log in to the main UCL library to see where a book is available.
www.ucl.ac.uk/isd/students/workrooms/locations
The Department has some workstations for students in the Student Common Room and this is also a wireless zone. A list of other facilities, locations and opening times can be found at the link above.
If you are studying at UCL for the full year you should continue your private study during the vacations and Bank Holidays as well as during term time to ensure you keep up with the course or to spend adequate time in revision for exams.
If you wish to consult with any of the teaching staff during vacations, you should arrange an appointment well in advance as they may be attending conferences or involved in their research.
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At present, there are no photocopying facilities available to students in Drayton
House. However all the staffed Library sites have facilities and most have
Print@UCL devices that you can use to scan/photocopy/print.
Your ID cards are required to use the Print@UCL copiers.
www.ucl.ac.uk/current-students/support
The Departmental Safety Officer is Catherine England, G19 Drayton House.
A member of staff is also stationed at the front desk of Drayton House from 8.00am
to 7.00pm. If you have any safety concerns please report them immediately, particularly in the case of intruders or persons you consider may not be present on
UCL business. You should have your UCL identity card with you at all times when on UCL premises.
Assistance in any emergency (fire, accident, assault, intruders) may be obtained by dialling 222 on any telephone in UCL buildings (except pay telephones). Details regarding fire procedures are displayed throughout the Department and online at www.ucl.ac.uk/current-students/support
If there is a fire :

Dial 222 , give the building name and the Fire Zone number ( 107 for
Drayton House )

Sound the fire alarm .

Evacuate the building immediately . Do not stop to find belongings. Do not use the lift. The Departmental assembly point is the corner of Gordon
Street and Endsleigh Gardens. Remain there and do not re-enter the building until instructed to do so by the Senior Fire Officer present.
www.ucl.ac.uk/finance/legal_services/data_protection/index.php
UCL is required by law to comply with the Data Protection Act 1998, which ensures the confidentiality of any personal data held by UCL, in whatever medium.
Information on student requests for personal data can be found at: www.ucl.ac.uk/finance/legal_services/data_protection/stud_feedback.html
The Department will keep records of your progress during your time at UCL.
You will be asked at Registration to sign a disclaimer agreeing to the following ways in which the Department will handle your personal information .
The Data Protection Co-ordinator in Economics is Rebecca Burns (also one of the
Affiliate Programme Administrators) in G18c who will be able to answer any concerns you might have.
29

Read what past affiliate students say about their study abroad experience in
Economics at UCL.
Zachary Dionise
Davidson College
My study experience at UCL was incredibly worthwhile. Not only was it fantastic academically, but it was also culturally enriching. Study at UCL exceeded the expectations I had for my time in London in all areas: academics, student life, the city, and travel.
At UCL I was able to study in an environment and instructional format quite different from home. My Economics lecturers provided alternative perspectives to economic theory that expanded my understanding of economics as a worldwide science. Though lectures were larger than I was accustomed to at a smaller liberal arts college, my lecturers were passionate, engaging, and facilitated discussion even in the larger setting. To augment the larger lectures, smaller tutorial sessions with fantastic graduate student tutors focused on problems sets and understanding more difficult concepts. With only one lecture a week and four tutorials over the term for each class, I found it extremely important to stay on top of the material by attending all lectures and tutorials. For US students, who are used to more frequent examination, it is important not to let your guard down when you learn your final grade is solely determined by the final exam, not by any work you may do before then. By the time the last week arrives you’ll find you covered more information than you thought and need more time to revise than you have. At UCL the Economics instructors tend to construct their own courses, not base them on a given textbook. When textbooks are necessary it is easy to borrow them from the UCL library rather than buying them. UCL offers good flexibility with scheduling, so I would recommend taking at least one class outside the Economics department. I took a human genetics course that was a nice contrast to game theory and economic development. In terms of Economics courses (called modules at UCL) I took 3 rd year and elective-type 2 the correct level for a US junior.
nd year courses, which I found to be on
Beyond just formal study, I was able to truly feel as if I was a regular student at UCL through the friendships I made with my British roommates and the general atmosphere at UCL. In my experience students were friendly and not at all standoffish. I highly recommend
Affiliate students to join a club or society at UCL. I went to pub quizzes at the UCL Union bar, regularly attended jazz band concerts, and saw guest lecturers. Even though UCL is right in the middle of London, it maintained a campus feel that was a break from the rest of the city (which isn’t necessary too often since London is awesome).
Even with a full schedule at UCL I was still able to travel around Europe on several weekends (it is easy to schedule classes that do not meet on Friday), as well as during the weeklong break in the middle of the term. Since I found most of my study was focused toward the end of the term, I was able to travel frequently early on and then buckle down toward the second half of the term.
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The only regret I had during my time at UCL was leaving. I learned so much at UCL and enjoyed life in London so fully that I would have loved to stay for another term. I highly recommend study at UCL, and especially Economics, for any student who wants a balance of great academics, time for travel, and a true feeling of inclusion in the student body during time abroad!
Spring/Summer 2013/14
George Nichkov
Financial University under the Government of the Russian Federation
One year abroad spent in UCL was a valuable experience that greatly contributed to my personal development as well as cultural enrichment and linked me to the wide network of intelligent people from all over the world due to the diverse student environment. What I appreciated the most was a huge variety of extra-curriculum activities offered at the university, when you’re free to pursue your interests and discover new spheres to apply your talent, limited only by the time you allotted to it.
However, studying at UCL wasn’t an easy walk as it can seem to be at the first sight. First and foremost, the format of studies was new to me and took some time to understand the marking criteria. Prioritization of tasks also wasn’t perfect by any means, and the first term turned up to be full of teething troubles. Needless to say, economics modules are quite mathematically intense, which posed additional challenge to me.
Now I’d like to give affiliate newcomers some advice that I wish I had got at the time:
 Don’t miss introductory week and read carefully the Affiliate Economics Guide brochure. The former presents and the latter contains the crux of student routine and modules features.


Take part in as much activities in the first month as you can manage to. Attend first trial sport club sessions to see what you fancy more, try other general interest clubs
– in other words, explore new territories of knowledge and skills;
Find a buddy among regular students on your courses who is willing to give you valuable tips. They have studied here for one or two years and definitely have some shortcuts to your work.
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

Study continuously and come prepared to a lecture with a topic in your head. This will help you to understand discussed materials deeper and save you from rushing around in the last minute;
Enjoy the process!"
Full Year 2012-2013
Han Cui
Brown University
My semester at UCL was all and more of what I imagined my study abroad experience would be like. I remember thinking to myself before leaving for
London that an entire semester is a long time to be abroad alone. As it turned out, I enjoyed my stay so much that one semester was not long enough to satiate my love for the city.
My adoration for London was compounded by the fact that it was also my first time going to London and Europe in general. I was curious about everything British and European and eager to take in as much as possible. Most affiliate students arrange plans to travel Europe while they are studying at UCL, but I would recommend exploring London as much as possible too. Sometimes students get carried away with other exotic places and forget to take advantage of the amenities in the city of London, which are right at their doorsteps given the great central location of UCL. From museums to plays, from royal history to rock concerts, London has it all. London is a very student-friendly place, so students receive discounts in just about anything.
After finishing my study at the Economics Department at UCL, I figured out a few things that I hope will help future Economics affiliate students. First, when choosing classes at the beginning of the semester, I recommend taking two to three Economics courses and one or two classes from other Departments. I personally took three Economics classes, two third-year level and one second-year level, and one History of Art class. It was a great schedule because I was focusing on my major and challenging myself academically but not overextending. Especially by having a class from a different department mixed in my schedule allows me to have a better rounded experience studying in the British system. I recommend taking an Art History class to anyone who is interested in the subject because, as the popularity of the course attests, it is a great way to get to know the city as the class meets in different museums and galleries in London for lectures. As for the Economics classes, if you are indecisive between a few choices, talk to the affiliate tutor and he would be able to tell you more about them.
The most important aspect about studying Economics at UCL is to keep up with the pace of the classes. Attendance at lectures and especially tutorials is crucial because the two-hour long lectures are dense with material, and during the hour-long tutorials, the tutors go
32

over the problem sets, which will come back to you at finals. You should also keep up with outside readings for the classes too. Even though you will have plenty of time to review for your finals during April and May, it is much smarter to make sure you understand the material during the semester than cramming at the very end.
One of the best things I took away from my study abroad experience is the friends I made at UCL, including British, American and International students. While you have ample opportunities to meet other affiliate students, I strongly recommend stepping out of your comfort zone and reaching out to local students as well. I met all my British friends in my
Economics classes by just sitting next to them and starting up conversations. They helped me with questions about school and life in London. Since they were familiar with how the university system is like, they were extremely helpful when the final exams rolled around as they shared their studying tips with me.
Finally, I wish everyone a wonderful time studying at UCL!
Spring/Summer 2008-09
Read more from past affiliates in Economics at: www.ucl.ac.uk/economics
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Further information on each course can be found on the relevant course web pages at www.ucl.ac.uk/economics/undergraduate/module-list
Students are advised to note, when making their course choices, the marked increase in difficulty between Introductory Courses (1 st year courses for U.K.
students), Intermediate Courses (2 nd
(3 rd year courses) and Advanced Courses year courses). Term 1 refers to the Autumn Term, Term 2 to the Spring
Term. Term 3 refers to the Summer Term and is reserved for revision and examinations.
0.5 unit, Term 1
Hugh Goodacre
Prerequisites:
None
Aims:
This module provides students with an exciting opportunity to participate in the revival of interest in the history of economic thought which is now occurring in response to the current financial and economic crisis.
 The module will accordingly relate the study of economic ideas of the past with current debates and discussions on the unfolding events of the present.
 The module will show how reassessing the ideas of the past provides a unique opportunity to think ‘outside the box’ and address economic issues which had become unfamiliar within economic theory as it has existed in recent times.
 The module will show how the history of economic thought not only provides the best possible introduction to the study of economics, but is also a fundamental aspect of the formulation of economic ideas which can adequately address the issues of the present.
 The module will acquaint students with carefully chosen selections from some classic texts of economic thought which they will be able to cite throughout their student career and beyond.
 The module will have strong career relevance, in providing students with the ability to engage in informed discussion with specialists and non-specialists alike on issues currently reviving widespread attention in the media and public debate generally.
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Objectives:
On completing this module, students will have gained:
 an understanding of the context of the original formulation of some fundamental analytical methods and theoretical concepts in use by economists today.
 an understanding of the changing context of the application of these methods and concepts in subsequent periods up to the present.
 an understanding of the applicability or otherwise of these methods and ideas in relation to the specific characteristics of the world economy today.
 an acquaintance with some classic texts of economic thought and an ability to cite them in their application of economic analysis;
 an ability to think critically about the limits of economic analysis in a broader socio-economic context;
 an awareness of the relation of economics to other social science disciplines.
 an ability to bring their awareness of the history of economic ideas to bear on their assessment of wider economic discussions and debates on economic affairs of topical interest today.
 an ability to engage in informed discussion with specialists and nonspecialists alike on issues currently reviving widespread attention in the media and public debate generally, which will be particularly relevant in job interviews, etc.
Teaching Methods and Assessment:
20 hours of lectures, and 4 tutorial classes in which two pieces of written work are to be submitted during the course of the module. Assessment is by a 2-hour unseen written examination in Term 3. Affiliate students leaving in December will take a 2-hour unseen written examination set up by the department.
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0.5 unit, Term 2
Hugh Goodacre
Prerequisites:
Introductory Microeconomics
Introductory Macroeconomics
Introductory Calculus
Aims:
This module aims to enable students to apply both microeconomic and macroeconomic analysis to the assessment of current debates on financial and monetary issues.
Objectives:
A basic understanding of:

The principles of bank management and their changing character in recent decades

Strategies adopted by banks to address risk, with particularly reference to informational asymmetries

The economic theory of bank intermediation

The role of banking in the financial system and in the wider economy

Banking regulation and government intervention in the banking sector

Theories and debates on the role and effectiveness of monetary policy

Monetary aggregates, exchange rates and inflation as targets of monetary policy

The historical experience of UK monetary policy during the past three decades
Teaching Methods and Assessment:
20 hours of lectures plus 4 compulsory tutorial classes and 4 accompanying problem sets (including both essays and mathematical problems). Assessment will be by examination - requiring both problem solving and essay-writing. 2-hour unseen written examination in Term 3.
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Students are advised to note, when making their course choices, the marked increase in difficulty between introductory courses (1 st year courses for U.K.
students) and intermediate Courses (2 nd year courses). All intermediate courses assume experience of at least introductory level economics courses as a prerequisite.
1 unit, Terms 1 and 2
Ian Preston, Martin Cripps
This full year course is also split into single term courses ECON2002 and
ECON2003. Students may take ECON2002 and ECON2003 as single term courses with the permission of the Affiliate Student Tutor but are advised to check with their home university that this option fulfils the requirements of the home degree program.
Prerequisites:
Introductory Microeconomics
Introductory Macroeconomics
Introductory Calculus
Teaching Methods and Assessment:
There will be 40 hours of lectures in all (20 in each term). Other teaching will be a mixture of demonstration classes and compulsory smaller-group tutorial classes (6 in each term). There will be a single 3-hour unseen written examination for the whole course in Term 3.
See ECON2002 and ECON2003 for a detailed description of each half of the course.
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0.5 units, Term 2
Ian Preston
Students may take ECON2002 with the permission of the Affiliate Student Tutor but are advised to check with their home university that the single term option will fulfil the requirement of their home degree program.
Prerequisites:
Introductory Microeconomics
Introductory Macroeconomics
Introductory Calculus
Aims:
To provide students with a thorough understanding of core concepts and methods of microeconomics, as a foundation for subsequent study of microeconomic topics within the degree programme, and as one of the key elements in the professional training of an economist.
Objectives:
At the end of the course, students should:
 understand the main elements of microeconomic theory, at a level appropriate for an economics graduate;
 understand microeconomic models and problems expressed in standard mathematical terms, and be able to solve and interpret problems based on such models at a level of difficulty appropriate for an economics graduate;
 be able to use microeconomic concepts and methods to analyse and interpret real-world microeconomic phenomena, and to assess issues of microeconomic policy.
Teaching Methods and Assessment:
20 hours of lectures plus a mixture of 6 compulsory demonstration classes and smaller-group tutorial classes. Assessment will be by written examination taken in
Term 3.
38

0.5 units, Term 1
Martin Cripps
Students may take ECON2003 with the permission of the Affiliate Student Tutor but are advised to check with their home university that the single term option will fulfil
.
the right requirement in their home degree program.
Prerequisites:
Introductory Microeconomics
Introductory Macroeconomics
Introductory Calculus
Aims:
To provide students with a thorough understanding of core concepts and methods of microeconomics, as a foundation for subsequent study of microeconomic topics within the degree programme, and as one of the key elements in the professional training of an economist.
Objectives:
At the end of the course, students should:
 understand the main elements of microeconomic theory, at a level appropriate for an economics graduate;
 understand microeconomic models and problems expressed in standard mathematical terms, and be able to solve and interpret problems based on such models at a level of difficulty appropriate for an economics graduate;
 be able to use microeconomic concepts and methods to analyse and interpret real-world microeconomic phenomena, and to assess issues of microeconomic policy.
Teaching Methods and Assessment:
20 hours of lectures plus a mixture of 6 compulsory demonstration classes and smaller-group tutorial classes. Students leaving in December will be assessed by a
2 hour written examination at the end of Term 1. Students leaving in June will be assessed by written examination in Term 3.
39

1 unit, Terms 1 and 2
Liam Graham, Wendy Carlin
The first half of this full year course, ECON2005, is also available. Students may take ECON2005 with the permission of the Affiliate Student Tutor but are advised to check with their home university that this option fulfils the requirements of the home degree program.
Prerequisites:
Introductory Microeconomics
Introductory Macroeconomics
Teaching Methods and Assessment:
40 hours of lectures in all (20 in each term) plus a mixture of compulsory demonstration classes (5 in each term) and compulsory smaller-group tutorial classes (6 in each term). Assignments will include problems, essays and presentations. Assessment will be by a 3-hour written examination in Term 3.
See ECON2005 for a detailed description of the first half of the course.
40

0.5 unit, Term 1
Liam Graham
Students may take ECON2005 with the permission of the Affiliate Student Tutor but are advised to check with their home university that the single term option will fulfil the requirement of their home degree program.
Prerequisites:
Introductory Microeconomics
Introductory Macroeconomics
Aims:
To provide students with a thorough understanding of core concepts and methods of macroeconomics, as a foundation for subsequent study of macroeconomic topics within the degree programme, and as one of the key elements in the professional training of an economist.
Learning outcomes:
At the end of the course, students should:
 understand theories of macroeconomics at a level appropriate for an economics graduate;
 understand macroeconomic models, and be able to solve and interpret problems based on such models at a level of difficulty appropriate for an economics graduate;
 be able to use macroeconomic concepts and methods to analyse and interpret real-world macroeconomic phenomena, and to assess issues of macroeconomic policy.
Teaching Methods and Assessment:
20 hours of lectures plus a mixture of 5 demonstration classes and 6 compulsory smaller-group tutorial classes with accompanying exercises. Assessment will be by examination. Students leaving in December will take a 2-hour written examination set up by the Department at the end of Term 1.
41

1 unit, Terms 1 and 2
Aureo de Paula/ Eric French
Prerequisites:
Introductory Calculus
Introductory Statistics
Introductory Macroeconomics
Introductory Microeconomics
Aims:
To provide students with a thorough understanding of core techniques of quantitative economics and econometrics and their application to test economic theories and measure magnitudes relevant for economic policy and other decisions, as a foundation for subsequent study of quantitative topics within the degree programme, and as one of the key elements in the professional training of an economist.
Objectives:
At the end of the course, students should:
 understand the main techniques of quantitative economics and econometrics, including their strengths and limitations, at a level appropriate for an economics graduate;
 understand how these techniques can be applied to test economic theories and measure economic magnitudes, and have some knowledge of methods and results in selected areas of the applied economics literature;
 have some practical experience of the application of econometric methods based on practical laboratory exercises and experience.
Teaching Methods and Assessment:
The course comprises a total of 40 hours of lectures in all (20 in each term), 10 practical sessions (5 per term) and 16 compulsory smaller-group tutorial/practical classes with accompanying exercises (8 per term). In Term 2 the course intensifies some of the material covered in Term 1 and introduces further topics and applications. Assessment will be by a single 3-hour written examination in Term 3.
42

0.5 unit, Term 1
Aureo de Paula
This course is only open to students leaving in December; Full Year students should see ECON2007. Students may take ECON2008 with the permission of the
Affiliate Student Tutor but are advised to check with their home university that the single term option will fulfil the requirements of their home degree program.
Prerequisites:
Introductory Calculus
Introductory Statistics
Introductory Macroeconomics
Introductory Microeconomics
Aims:
To provide students with a thorough understanding of core techniques of quantitative economics and econometrics and their application to test economic theories and measure magnitudes relevant for economic policy and other decisions, as a foundation for subsequent study of quantitative topics within the degree programme, and as one of the key elements in the professional training of an economist.
Objectives:
At the end of the course, students should:
 understand the main techniques of quantitative economics and econometrics, including their strengths and limitations, at a level appropriate for an economics graduate;
 understand how these techniques can be applied to test economic theories and measure economic magnitudes, and have some knowledge of methods and results in selected areas of the applied economics literature;
 have some practical experience of the application of econometric methods based on practical laboratory exercises and experience.
Teaching Methods and Assessment:
20 hours of lectures plus 5 practical sessions and 8 compulsory smaller-group tutorial/practical classes with accompanying exercises. Assessment will be by a
2-hour written examination at the end of Term 1.
43

0.5 unit, Term 1
Donald Verry
Prerequisites:
Introductory Microeconomics
Introductory Macroeconomics
Introductory Statistics
Aims:

To provide, within the constraints of a half course unit, a survey of theoretical and empirical aspects of modern labour economics.

To provide application in a specific labour market context of analytical concepts and empirical techniques taught in the core courses of the BSc
Economics degree (and combined-studies degrees).
Objectives:
After completing the course students should be able to:
 describe some of the main characteristics and recent developments in labour markets of OECD-type economies;
 apply basic optimisation techniques to solve stylised problems relating to labour markets;
 critically evaluate empirical findings relating to major research areas such as labour supply, employers’ adjustments to changing demand, returns to education, unemployment, etc.
Teaching Methods and Assessment:
There are 10, 2-hour lectures. Each student also has 4 compulsory tutorial classes, run as structured discussions, and is required to submit 2 essays.
Assessment is by final unseen 2-hour examination in Term 3.
Affiliate students leaving in December will take a 2-hour written examination set up by the Department at the end of Term 1.
44

0.5 unit, Term 1
Giulio Seccia
Prerequisites:
Intermediate Microeconomics (Students can concurrently be taking this course)
Intermediate Calculus
Intermediate Statistics
Please note: this course is not recommended to students with a low statistical/mathematical background and is more advanced than most intermediate courses.
Aims:
 to provide an overview of UK financial markets and institutions;
 to provide a comprehensive introduction to the theory of finance;
 to introduce some of the most important theories explaining the formulation of prices of financial assets and the role of financial markets in the optimal allocation of risk bearing.
Objectives:
On successfully completing the course, students should be familiar with the basic principle and concepts in finance, including:
 optimal portfolios;
 equilibrium asset pricing and allocation and optimality in financial markets;
 the role of derivative securities;
 efficiency of financial markets;
 the Capital Asset Pricing Model.
Teaching Methods and Assessment:
20 hours of lectures, 4 compulsory smaller-group tutorial classes with 4 accompanying problem sets. Assessment will be by a single 2-hour unseen written examination. Students leaving in December will take a 2-hour written examination set up by the Department at the end of Term 1. Students leaving in June will take a
2-hour written examination in Term 3.
45

0.5 unit, Term 2
Parama Chaudhury
Prerequisites:
Introductory Macroeconomics
Intermediate Microeconomics (students can concurrently be taking this course)
Aims:
This module aims to provide a balance between the institutional approach that has been followed by students of industrial relations for many years and various modern developments in labour economics. We rely on economic theory to structure thoughts and study the empirical literature to link these thoughts to reality.
Objectives:
By the end of the module students should be equipped with an understanding of the operation of labour markets, their main institutional features and the economic analysis of employment contracts.
Teaching Methods and Assessment:
20 hours of lectures, 4 compulsory smaller-group tutorial classes with 4 accompanying problem sets, one for each class, which typically include some exercises and/or short written assignments. Students are required to submit coursework for 3 out of 4 classes. There will be an unseen 2-hour written examination in Term 3.
46

0.5 unit, Term 2
Stephen Smith
Prerequisites:
Introductory Macroeconomics
Intermediate Microeconomics (students can concurrently be taking this course)
Aims:
To provide students with an understanding of the economics of public goods, public expenditure and public services, and with the ability to analyse and understand key issues in this field using standard tools of theoretic and empirical economic analysis, corresponding to the level taught in core second-year economics modules
Objectives:
At the end of the module, students should:
 have a knowledge of the dimensions and functions of the public sector in at least one country, and an appreciation of the normative arguments which might define the economic borders of the state;
 have a clear understanding of the economic theory of public goods, and of the problems which arise in making efficient decisions about public goods provision;
 have a clear understanding of the role of redistribution and of incentive problems that arise as a result of redistributive policy;
 understand the economic issues concerning various aspects of the role of the public sector in the provision of education and other public services.
Teaching Methods and Assessment:
Typically 20 hours of lectures, 4 compulsory smaller-group tutorial classes with 4 accompanying problem sets. Assessment is expected to be by a single 2-hour unseen written examination in Term 3.
47

0.5 unit, Term 1
Cloda Jenkins
Prerequisites:
None
Aims
The course aims to provide a foundation in the economics of regulation, both in relation to theory and in the development of government policy.
Objectives
At the end of the course students should have a clear framework for the analysis of government intervention in the industrial and commercial sectors of the economy.
The main topics include appraisal of public vs. private ownership, price and rate of return regulation, access pricing and regulation of market entry.
Teaching Methods and Assessment:
The course comprises 20 hours of lectures and compulsory tutorial classes with an exercise sheet for each. Assessment will be by a single 2-hour written examination.
Students leaving in December will take a 2-hour written examination set up by the
Department at the end of Term 1. Students leaving in June will take the 2-hour written examination in Term 3.
48

0.5 unit, Term 1
Christian Spielmann, Frank Witte
Prerequisites:
Introductory Microeconomics
Introductory Macroeconomics
Introductory Statistics
Intermediate Calculus
Aims
The course aims to…
 familiarise you with past and current issues in environmental economics and environmental policy making such as global warming, the sustainable use of resources (such as fish and forests) and environmental pollution.
 give you an experience in how to model complex economic systems including the interactions with the natural environment and its resources.
 introduce to you the main tools needed to value the environment and make you appreciate the challenges involved in environmental valuation.
 show you ways to determine the efficient level of pollution and discusses the instruments available to policy makers to reach such targets.
 help you understand the basic natural processes affecting the environment.
 engage you in the discussion about the role externalities and public goods play for environmental policy making.
 show you ways to determine the optimal use of renewable and non--
‐ renewable resources and familiarise you with the related geological and biological facts.
Objectives
By completing and passing this module, you will have achieved several outcomes such as:
 get hands-on experience in working with pre‐ formulated models and interpret simulation results.
 gain experience in formulating basic models of the environment.
 be able to report on results from model simulations.
 be able to formulate soundly argued environmental policy advice.
 be able to discuss existing policy proposals on the basis of economic and natural processes.
49

 be able to use different methods of valuation and make an informed choice about their applicability.
 be able to compare different instruments to achieve pollution targets.
 use your knowledge of natural science to discuss the effects of pollution as well as the related environmental and economic policies.
 perform optimisation exercises in the presence of external effects.
 be able to derive and predict the efficient use of natural resources.
Teaching Methods and Assessment:
The course is taught through 10 weekly two-hour lectures and 10 weekly two-hour computer lab sessions. Lectures mainly introduce new course-material while lab sessions give students hands-on experience in economic modeling using software such as Mathematica and Excel.
Students leaving in December will take a 2-hour written examination set up by the
Department at the end of Term 1. For students leaving June, assessment will be by a single 2-hour written examination in Term 3.
50

0.5 unit, Term 2
Christian Spielman
Prerequisites:
Introductory Macroeconomics
Intermediate Microeconomics (Students can concurrently be taking this course)
Aims:
To provide students with an understanding of the economics of taxation and tax policy, and with the ability to analyse and understand key issues in this field using standard tools of theoretical and empirical economic analysis, corresponding to the level taught in core second-year economics courses.
Objectives:
At the end of the course, students should:
 have a knowledge of the structure of taxation in at least one country;
 be familiar with basic economic concepts and methods relating to taxation, including incidence and efficiency;
 have an understanding of some of the key behavioural effects of taxes, including those on consumer spending, labour supply, saving and investment;
 be able to analyse, using relevant economic concepts and methods, a number of issues in tax policy, such as the optimal structure of indirect taxes, and the relative merits of different forms of income taxation.
Teaching Method and Assessment:
20 hours of lectures and 4 compulsory smaller-group tutorial classes. All students are required to submit 2 pieces of coursework. These will be a mixture of essays
(approximately 1500-2000 words) and analytical/quantitative problems.
For students leaving June, assessment will be by a single 2-hour written examination in Term 3.
51

0.5 unit, Term 1
Beatriz Armendariz
Prerequisites:
Introductory Macroeconomics
Intermediate Microeconomics (Students can be concurrently be taking this course)
Introductory Calculus
Aims:
To expose students with reality of low-income economies, and alternative explanations from an economist standpoint; to deliver analytical tools for understanding the multidimensional aspects of poverty; to describe existing data and show understanding of ongoing debates and tensions over alternative explanations pertaining persistent underdevelopment and poverty traps; to show what might or might not work in poverty relief efforts by local governments and international donor agencies; to deliver a solid understanding of how microfinance can potentially benefit low-income households; and explain policies which aim at enhancing health and educational standards, promote gender equity in developing countries, and social inclusion in industrialized economies.
Objectives:
At the end of the module, students should:
 have gained major insights on why poor countries and households remain poor;
 be aware of ongoing concerns and debates over poverty-related issues by international organizations;
 be aware of academic research, both theoretical and empirical, to better frame contrasting views and policies targeting poor households.
Teaching Method and Assessment:
20 hours of lectures and 4 compulsory tutorial classes with an exercise sheet for each. Assessment will be by a single 2-hour written examination. Students leaving in December will take a 2-hour written examination set up by the Department at the end of Term 1. Students leaving in June will take the 2-hour written examination in
Term 3.
52

0.5 unit, Term 1
Frank Witte
Prerequisites:
Introductory Microeconomics
Introductory Macroeconomics
Intermediate Calculus or Introductory Calculus and a course in a science subject
Aims:
 to familiarize you with the way in which science & technology interact with the economy on different scales illustrated by empirical data
 to introduce you to the notion of “engineering production functions” and their relation to ordinary production functions and how they are amended by technological progress
 to introduce you to analyzing scientific progress and Science through
“knowledge engineering relations”
 to give you some hands on experience in modeling technological progress in growth models
 to give you insight in science & technology funding and the distinct roles played by private investors and governments
 to give you a proper grasp of the key international and national institutions facilitating and/or funding scientific research
 to help you understand key aspects of scientific thought, the role of uncertainty in Science and the economic aspects of the way Science works
 to give you an introductory knowledge of how to model networks and the flow of information or other assets through networks and apply this in the context of the economics of Science and Technology
 to give you some insight in the current and past roles of science education for the economy as a whole as well as for the social mobility individual
Objectives:
 After completing this module & passing, you will have achieved a number of quantitative and qualitative outcomes.
Teaching Method and Assessment:
20 hours of lectures; 10 hours of practical classes; five compulsory tutorial classes with an exercise sheet for each. An extended essay on a project of your choice must be handed in to complete the module. Assessment will be by a single 2-hour written examination. Students leaving in December will take a 2-hour written examination set up by the Department at the end of Term 1. Students leaving in
June will take the 2-hour written examination in Term 3.
53

0.5 unit, Term 2
Pedro Carneiro
Prerequisites:
Introductory Microeconomics
Introductory Macroeconomics
Introductory Calculus
Introductory Statistics
Intermediate Microeconomics (students can concurrently be taking this course)
Intermediate Econometrics (students can concurrently be taking this course)
Aims:

To develop an understanding of the application of economics to the analysis of education policy;

To provide empirical evidence on the returns to different types of investments in human capital, and discuss the implications of this evidence for policy
Objectives:
At the end of the course, students should:

Understand the role of economics in the design of education policy

Demonstrate basic knowledge of what is known about the determinants of human capital formation, and its implications for policy
Teaching Method and Assessment:
20 hours of lectures and 4 compulsory tutorial classes with accompanying coursework. Assessment will be by a 2-hour unseen written examination in Term 3
54

Students are advised to note, when making their course choices, that the
Advanced Courses are the 3 rd year degree courses taken by UK students.
Advanced courses are appropriate only for students who already have a solid background in relevant intermediate core material.
0.5 unit, Term 1
Toru Kitagawa/Daniel Wilhelm
Prerequisites :
Introductory Calculus
Introductory Statistics
Intermediate Econometrics
Intermediate Microeconomics
Intermediate Macroeconomics
Aims:
To provide students with the tools necessary to understand and implement empirical studies in economics. ECON3002 covers tools to deal with microeconomic issues. The tools discussed are various extensions of regression models and an introduction to nonlinear models. We review use of linear regression models, discuss various situations where linear regression models are not appropriate and study alternative models.
Objectives:

To understand and be able to implement econometric methods to address microeconomic questions;

To know the conditions required for the estimators studied to be applicable in economic applications;

To be able to articulate the differences between different estimation methods that may be used in a given application. Students should understand how the choice of an estimation method may effect the conclusions drawn from a given dataset.
Teaching Methods and Assessment:
20 hours of lectures plus 8 compulsory smaller-group tutorial classes/lab sessions,
4 problem sets and mid-term assessment. Assessment will be by examination.
Students leaving in December will take a 2-hour written examination set up by the
Department. Students leaving in June will take the 2-hour written examination in
Term 3.
55

0.5 unit, Term 2
Dennis Kristensen
Prerequisites:
Introductory Calculus
Introductory Statistics
Intermediate Econometrics
Intermediate Microeconomics
Intermediate Macroeconomics
Aims:
The main aim of this course is to develop the knowledge of econometric techniques that are useful in the analysis of financial markets and macroeconomic phenomena.
Objectives:
The course will cover mainly time series techniques and their applications to the study of macroeconomics and finance. While the details of the econometric techniques will be discussed extensively, especially in the first part of the course, the core and focus of the course is on the applications of these techniques to the study of actual data from financial markets and for various macroeconomic variables.
Teaching Methods and Assessment:
20 hours of lectures plus 8 compulsory smaller-group tutorial classes/lab sessions and 4 problem sets. Assessment will be by a single 2-hour written examination in
Term 3.
56

0.5 unit, Term 1
Parama Chaudhury
Prerequisites:
Intermediate Microeconomics
Introductory Calculus
Aims:
To provide students who have completed intermediate microeconomics with a framework for understanding modern ideas in the theory of international trade; to use this framework to analyse the major policy issues of world trade.
Objectives:
By the end of the course, students should:

Understand the key concepts of the theory of international trade, including comparative advantage, factor-based trade, gains from trade, intra-industry trade and strategic trade policy;

Be familiar with leading examples of recent empirical work on the pattern of trade, the impact of globalisation on labour earnings and the effects of tariffs, quotas and preferential trade agreements;

Be able to summarise ideas presented in the module in a clear and nontechnical way.
Teaching Methods and Assessment:
20 hours of lectures plus 4 compulsory smaller-group tutorial classes. Coursework consists of 4 problem sets: one for each class, which typically include some exercises and/or short written assignments. Students are required to submit coursework for 3 out of 4 classes .
Assessment is by unseen examination.
Students leaving in December will take a 2-hour written examination set up by the
Department. Students leaving in June will take the 2-hour written examination in
Term 3.
57

1 unit, Terms 1 and 2 (full year affiliates only)
Pedro Carneiro (Course coordinator)
Prerequisites:
Intermediate Microeconomics
Intermediate Macroeconomics
Intermediate Calculus
Intermediate Statistics
Intermediate Econometrics
Aims:
The course aims to provide students with the opportunity to explore the way in which economic theory and evidence can be used to analyse topical policy issues.
The course should be of particular value to students who intend to work as professional economists in government departments or other agencies, where they will be expected to provide economic analysis and advice on specific issues of policy, including new and unfamiliar issues about which textbooks say very little.
Objectives:
At the end of the course, students should:

Have an understanding of the application of economic theory and empirical methods to issues in current economic policy analysis;

Have had the experience of analysing a complex and unfamiliar issue, drawing on their knowledge of economic theory and methods, and on a range of relevant research and policy papers, without being able to rely on comprehensive textbook treatments;

Be able to write cogent and well-argued analyses of a number of aspects of the issues they have studied, making appropriate use of both theory and empirical evidence;

Be able to cooperate with other class members to produce a coherent teampresentation.
Teaching Methods and Assessment:
14 two-hour lectures and 8 two-hour compulsory tutorial classes. Required coursework: 5 written assignments and a team class presentation. Assessment will be by a single 3-hour written exam in Term 3. One component of the exam will involve the analysis of an unseen document (e.g. a newspaper article or policy document).
58

0.5 unit, Term 1
Cloda Jenkins
Prerequisites:
Intermediate Microeconomics
Aims:
The aim of the course is to provide students with a framework for understanding modern issues in the theory of industrial organisation, in particular firm behaviour and the welfare implications of such behaviour in imperfectly competitive markets.
Objectives:
On completing the course students should be able to use economic theory and real world case studies to critically evaluate the extent of competition in markets and be able to explain core theories in the area to others.
Teaching Method and Assessment:
The course comprises 20 hours of lectures, 2-hours of demonstration lectures and
4 compulsory tutorial classes. All students are required to submit 4 pieces of coursework and to work in small groups on a case study. These will be a mixture of essays and analytical questions. There will be a 2-hour unseen written examination in Term 3. Affiliate students leaving in December will take a 2-hour written examination set up by the Department at the end of Term 1.
59

0.5 unit, Term 2
Antonio Cabrales
Prerequisites:
Intermediate Microeconomics
Aims:
This course will provide students with a framework for modelling and understanding the behaviour of firms in a dynamic setting. Emphasis will be placed on intertemporal factors that influence firms’ strategic behaviour in imperfectly competitive markets.
Objectives:
 To be able to analyze and construct models of firm behaviour incorporating dynamic considerations;
 To be able to explain how such models may apply to various industries, and to be able to assess which models are most appropriate to illustrate dynamic considerations in particular settings.
Teaching Method and Assessment:
This course consists of 10 2-hour lectures and 4 compulsory tutorial classes. All students are required to submit 4 pieces of coursework. These will be a mixture of essays and analytical questions. There will be a 2-hour unseen written examination in Term 3.
60

0.5 unit, Term 1
Nikita Roketskiy
Prerequisites:
None
Mathematical Content:
Although there are no formal prerequisites and the mathematical tools are limited, the module nevertheless requires students to possess a strong ability in logical reasoning.
Aims:
To provide students with an intellectual framework to analyse situations in which the behaviour of agents is driven by strategic considerations and, with a set of analytical tools, to interpret a wide range of phenomena in the social sciences.
Objectives:
At the end of the course students should:
 be able to use the concept of Nash equilibrium in simple oligopolistic games, and voting games;
 understand the concept of Subgame Perfect Equilibrium and apply it to games of lobbying and bargaining;
 understand the logic of Bayesian games and use them to analyse real-world selling mechanisms such as auctions.
Teaching Methods and Assessment:
20 hours of lectures plus 4 practical sessions and 4 compulsory smaller-group tutorial classes. Problem sets will be given out regularly and students are required to hand in written solutions. The problems will then be discussed in the tutorial classes and practical sessions. Assessment will be by a single 2-hour written examination. Students leaving in December will take a 2-hour written examination set up by the Department. Students leaving in June will take the 2-hour written examination in Term 3.
61

0.5 unit, Term 1
Hyejin Ku
Prerequisites:
Intermediate Microeconomics
Intermediate Macroeconomics
Aims:
The aim of this module is to study the determinants of economic growth, as well as explanations for the current wide disparity of income levels across countries.
Objectives:
At the end of their study students will:
 have knowledge of basic theories of growth
 have noted actual patterns of growth in advanced economies
 be aware of the problems of testing growth theory predictions against data
Teaching Methods and Assessment:
The course comprises 20 hours of lectures and 4 compulsory tutorial classes with accompanying exercises.
There will be a 2-hour unseen written examination in Term 3.
Affiliate students leaving in December will take a 2-hour written examination set up by the Department at the end of Term 1.
62

Konrad Mierendorff
Prerequisites:
Intermediate Microeconomics
Intermediate Calculus
Introductory Statistics
Intermediate Econometrics
Aims:
One often encounters situations in which two agents are involved in a mutual agreement. Invariably, one economic agent has more information about a characteristic that is relevant to the agreement, than the other. In this course, we will study how agents deal with this information asymmetry by designing incentives and embedding them in contracts. We will also study the effects of information asymmetry on the prevailing market equilibrium. Applications of the theory include insurance, labour economics, industrial economics, and environmental economics.
Objectives:
By the end of the course, students should:

Be familiar with the different types of information asymmetries and their consequences in contract design and market equilibrium

Solve principal-agent models using appropriate mathematical techniques

Be familiar with empirical tests of information asymmetries.
Teaching method and Assessment:
20 hours of lectures and 4 compulsory smaller-group tutorial classes with accompanying exercises. Assessment will be by a single 2-hour written examination in Term 3. Affiliate students leaving in December will take a 2-hour written examination set up by the Department at the end of Term 1.
63

0.5 unit, Term 2
Marcos Vera-Hernandez
Prerequisites:
Intermediate Microeconomics
Intermediate Macreconomics
Intermediate Econometrics (recommended)
Aims:
To provide students with an understanding of the specificities of public economics in developing countries; to show how the economic and political characteristics of these countries affect our comprehension of both the roles and impacts of public intervention; to comprehend the key public policies undertaken in the developing world; and to provide them the capacity to analyse and understand key issues in this field using standard tools of theoretical and empirical economic analysis.
Objectives:
By the end of the course, students should:
 have gained major insights on the role of public policy and institutions in promoting development
 be aware of concerns and debates regarding the efficiency of governments in developing countries
 understand the economic issues regarding policy implementation in a developing country
 be able to analyse, using relevant economic concepts and methods, a number of issues in public policy, such as institutional reform, taxation with limited state capacity, and the merits of decentralization
Teaching Methods and Assessment:
20 hours of lectures and 4 compulsory tutorial classes. Coursework consists of 4 problem sets, one for each class, which typically include some exercises and/or short written assignments. Students are required to submit coursework for 3 out of
4 classes. There will be an unseen 2-hour written examination in Term 3.
64

0.5 unit, Term 2
Terri Kneeland
Prerequisites:
Intermediate Microeconomics
Game Theory (recommended)
Aims:
The module will familiarize you with experiments in economics. It will cover experimental techniques (design, subjects, laboratories, conducting, data analysis) as well as applications (ultimatum bargaining, risk aversion, competitive markets, oligopoly, (social) learning, auctions, labour markets).
Objectives:
After completing the module, you should be able to critically assess experimental designs and results. You will also learn how to use experimental methods yourself and you will get an overview of some of the most important existing results.
Teaching Methods and Assessment:
20 hours of lectures and 4 compulsory smaller-group tutorial classes with accompanying coursework. Assessment will be by a single 2-hour written examination in Term 3.
65

0.5 unit, Term 1
Byrony Reich
Prerequisites:
Intermediate Microeconomics
Aims:
This course aims to demonstrate and explain how economists use economic models to study cities and their development.
We will study the incorporation of space into economic models and how these models are used to analyse cities. We will apply economic methodology to policyrelevant issues such as housing, land-use, sprawl, segregation, crime and education.
In terms of methodology, the course will focus on solving models, interpreting those models and gaining an understanding of how to critically assess such models.
Teaching Methods and Assessment:
10 two-hour lectures, supplemented by 8 compulsory tutorial classes with problem sets. 2-hour unseen written examination in Term 3 .
Students leaving in December will take a 2-hour written examination set up by the Department.
66

0.5 unit, Term 1
Joanna Pasek, Wilfred Beckerman
Prerequisites:
Intermediate Microeconomics
Aims:
The course will explore the ethical basis of economics, with special reference to applied microeconomics and environmental policy analysis. Key skills developed include critical thinking (in understanding the theory), active listening (in lectures and tutorial classes), written materials (through the essays), information skills (in preparing essays) and oral/visual presentation (in tutorial classes).
Objectives:
After completing the course students should:
 have acquired a good appreciation of the extent to which the analysis of certain major topics in applied economics rests on explicit or implicit ethical assumptions, for example the foundations of welfare economics, cost-benefit analysis, income distribution and environmental policy
 show the necessary familiarity with the most important ethical theories, for example Kantianism, contractarianism, utilitarianism.
 have the ability to bring ethical reasoning to bear on applied economic problems
Teaching Methods and Assessment:
20 hours of lectures and 4 compulsory smaller-group tutorial classes plus written essays or tests. Assessment will be by a single 2-hour written examination.
Students leaving in December will take a 2-hour written examination set up by the
Department. Students leaving in June will take the 2-hour written examination in
Term 3.
67

0.5 unit, Term 2
Antonio Guarino
Prerequisites:
Intermediate Microeconomics
Introductory Macroeconomics
Introductory Calculus
Introductory Statistics
Aims:
To provide students with a thorough understanding of the functioning of financial markets. The module is intended for motivated students who are interested in developing an analytical understanding of financial economics. It will cover crucial topics such as the role of markets and institutions as providers of liquidity, the reasons for price volatility in financial markets, financial fragility, different types of market microstructure and informational efficiency of financial markets.
Objectives:
After completing the course, students should be able to understand deeply the process of price formation in different markets, trading activity, volatility of asset prices, problems of asymmetric information in markets, and their implications on booms and crises.
Teaching and Assessment:
20 hours of lectures and 4 compulsory tutorial classes with accompanying exercises. Teaching is based on problem solving.
Assessment will be by a single 2-hour written examination in Term 3.
68

0.5 unit; Term 2
Cloda Jenkins
Prerequisites:
Intermediate Macroeconomics
Intermediate Microeconomics
Aims:
This module aims to enable students to apply economic principles and models to understand the role of money and banking in the economy and to critically evaluate current debates on competition and regulation in the banking sector.
Objectives:
A basic understanding of:
 The role of banking in the financial system and in the wider economy
 The economic theory of bank intermediation
 Economic models of how banks make lending decisions in different market structures;
 Strategies adopted by banks to address risk, with particularly reference to informational asymmetries
 Economic assessment of competition in banking, considering price and nonprice strategies;
 Banking regulation and government intervention in the banking sector
 Current debates on the role of government and future of regulation for the sector.
Teaching and Assessment:
20 hours of lectures plus 4 compulsory tutorial classes and 4 accompanying homework sets (essay-based). Assessment will be by 2-hour unseen written examination in Term 3. The exam involves essay-based questions .
69

0.5 unit; Term 2
Syngjoo Choi
Prerequisites:
Intermediate Microeconomics
Game Theory (recommended)
Aims:
The module aims at first identifying empirically important departures from standard economic models, using alternative psychology-motivated assumptions to develop tractable models, and understanding better human behaviour.
Teaching and Assessment:
20 hours of lectures and 4 compulsory tutorial classes with accompanying coursework. Assessment will be by a single 2-hour written examination in Term 3.
70

0.5 unit; Term 2
Suphanit Piyapromdee
Prerequisites:
Intermediate Microeconomics
Intermediate Macroeconomics
Aims:
This subject provides students an introduction to recent developments in the migration and job search literature. Students will learn how to formulate and solve dynamic models, and apply these models to analyse a range of topics including migration, employment transitions and wage dispersion across workers. Throughout the course, analysis will be linked to the current debate on migration and other labour market policies.
Objectives:
Upon completing the course, students should:
 Have a knowledge of the basic facts about migration and the structure of labour markets.
 Apply techniques to solve problems relating to various settings of labour markets.
 Be able to evaluate and assess empirical findings and policies relating to migration, job turnover and individual’s wage profiles
Teaching and Assessment:
20 hours of lectures and 4 compulsory tutorial classes with accompanying coursework. There will be a 2-hour unseen written examination in Term 3
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