First year / First semester:
Four Compulsory Courses:
Methodological foundations of microeconomics. Theories of production and individual choice. Aspects of decision theory under certainty, risk and uncertainty. Introduction to game theory under complete and incomplete information. Perfect competition as a limiting case. General competitive equilibrium: existence and Pareto efficiency. Private information in markets. Basic auction theory. Adverse selection. Contract design in the context of moral hazard problems.
Pre-requisite: None
CILO-1: Identify the fundamental principles of microeconomics, including concepts such as supply and demand, market equilibrium, and elasticity.
CILO-2: Discuss the impact of government policies, such as taxes and subsidies, on market outcomes and analyzing the trade-offs involved in policy decisions.
CILO-3: Analyze the behavior of consumers and firms in different market structures, such as perfect competition, monopolistic competition, oligopoly, and monopoly.
CILO-4: Apply different economic models, such as the neoclassical model, game theory, and behavioral economics, to analyze individual and firm behavior.
Overview of some classic topics in macroeconomics, with a view to providing students with the skills required to read critically recent professional articles. The main focus is on the basic analytical structure of economic models, their empirical implications, and some policy applications.
Pre-requisite: None
CILO-1: Analyze and apply the fundamental principles of macroeconomics, including concepts such as GDP, inflation, and unemployment.
CILO-2: Compare and contrast various macroeconomic models, such as the classical, Keynesian, and monetarist models, and evaluating their strengths and weaknesses.
CILO-3: Discuss the impact of international trade, exchange rates, and globalization on the economy and analyzing how these factors affect economic growth and development.
CILO-4: Evaluate the effectiveness of government policies, such as fiscal and monetary policy, in stabilizing the economy.
CILO-5: Analyze the different economic systems and evaluate their performance critically, such as capitalism, socialism, and mixed economies.
Develops research ability of students through intensive discussion for preparing dissertation, individual and group research projects. Critical appraisal of modern economic research. Main techniques of empirical investigation and key issues in applying and testing theoretical models.
Pre-requisite: None
CILO-1: Identify and apply different research methods used in economics, such as experimental research, econometric analysis, and field research.
CILO-2: Analyze and evaluate the advantages and disadvantages of different research designs, such as cross-sectional, time-series, and panel data designs.
CILO-3: Design and implement research plans, including formulating research questions, collecting and analyzing data, and interpreting results.
CILO-4: Evaluate the quality and reliability of economic research, including assessing the validity of assumptions and modeling techniques.
Review of conditional distributions, expectation, regression and principles of inference. Linear regression models, ordinary and generalised least squares, heteroscedasticity. Non-linear least squares. Hypothesis testing and confidence intervals. Maximum likelihood estimation and testing. Introduction to models and methods for discrete and censored data. Simultaneity, exogeneity, instrumental variables methods, and ynamic models.
Pre-requisite: None
CILO-1: Interpret and analyze regression results, including coefficients, standard errors, and confidence intervals.
CILO-2: Evaluate empirical research in economics and related fields critically.
CILO-3: Apply statistical methods to economic data using statistical software such as Stata, R, or SAS.
First year / Second semester:
Four Elective Courses from the following choices:
Applications of basic trade theory to real-world economic problems. Neoclassical trade theory of pattern of trade and gains from trade, labour migration and capital mobility, market distortions and commercial policies, dynamic trade theory and economic growth. Application of recent theoretical analysis on macroeconomic fluctuations and growth within an open economy context.
Pre-requisite: None
CILO-1: Identify the effects of international trade on national economies.
CILO-2: Discuss the impact of government policies on exchange rates and international trade.
CILO-3: Evaluate key points and issues in the international trade and finance in the real world.
CILO-4: Analyze international trade and finance issues and interpret the results.
Applied economic theories to economic growth and development. Meaning of development, economic growth, population and migration, capital flows, foreign aid, stabilisation and adjustment. Income distribution, poverty, hunger, household behaviour. Models of growth and developing emphasizing migration, moderization, technological change. Static and dynamic model of political economy.
Pre-requisite: None
CILO-1: Identify the impact of development policies on poverty, inequality and economic growth.
CILO-2: Discuss the role of the state, the market and international organizations in development.
CILO-3: Evaluate key challenges and opportunities for development.
CILO-4: Apply economic theories to empirical analysis for low income economies.
Measurements of changes in welfare; economy-wide incidence of taxes; taxation, risk-taking, and investments; corporate taxation; effects of taxation on financial markets; taxation of goods and services; taxation of income; and tax arbitrage, avoidance, and evasion, also the underground economy. Applied capital theory for public-sector investment decisions; social opportunity cost of capital, labor, and foreign exchange.
Pre-requisite: None
CILO-1: Identify the role of government in the economy, including the principles of taxation, public goods, and externalities.
CILO-2: Explain the impact of government policies on market outcomes, such as the effects of taxes and subsidies on consumer and producer behavior.
CILO-3: Discuss the challenges of designing and implementing effective tax policies, including the trade-offs between equity and efficiency.
CILO-4: Evaluate the impact of government transfer programs, such as welfare and social security, on income distribution and economic behavior.
Neoclassical analysis of labour market and its institutions. Topics on labour demand, labour supply, compensating wage differentials, human capital theory, discrimination and earnings differentials. Theories of wage and wage determination. Worker motivation and behaviour. Recent developments in the distribution of wage and salary income and in key institutions and organizational structures. Unemployment, search and turnover.
Pre-requisite: None
CILO-1: Identify key points of Neoclassical analysis of labor market and its institutions.
CILO-2: Discuss the impact of government policies on labor market outcomes.
CILO-3: Evaluate the challenges of designing and implementing effective labor policies.
CILO-4: Analyze labor market issues and interpret the results.
Structure, behavior, and performance of firms and their interactions on social welfare, production, investment and other economic decisions under various forms of market structures. Organization of the firm, monopoly, oligopoly, price discrimination, auctions. Economic and social regulation, deregulation and privatization, patent, anti-trust.
Pre-requisite: None
CILO-1: Identify key points of market structures and their impact on firm behavior.
CILO-2: Summarize and explain the major features of industrial theories and models.
CILO-3: Discuss the impact of government policies on market structure and firm behavior.
CILO-4: Analyze industrial organization issues and interpret the results.
Survey of monetary and financial economics with an emphasis on macroeconomic elements. Models and theories of money and financial intermediation. Standard methods of introducing money into the neoclassical growth framework, overlapping generations models, and search-theoretical foundations for money.
Pre-requisite: None
CILO-1: Identify the impact of monetary policy on economic activity.
CILO-2: Discuss key challenges and opportunities for monetary policy.
CILO-3: Evaluate the role of central banks in the economy.
CILO-4: Apply various framework to research in monetary economics.
Applies economic analysis to the study of Chinese economy. Sectoral contribution to the growth of total output. Formation of the development strategies before and after the economic reform. Evaluation of various macroeconomic policies after the 1980s; and China’s integration with the global economy.
Pre-requisite: None
CILO-1: Analyze the performance of the Chinese economy, including its growth rate, employment situation, and international trade.
CILO-2: Analyze the Chinese economy, including issues related to the exchange rate, intellectual property rights, and technology transfer.
CILO-3: Locate, paraphrase, and evaluate arguments made in academic research and policy reports on the Chinese economy.
CILO-4: Apply economic analysis to issues in Chinese economy, such as macroeconomic policies, China’s integration with the global economy, etc.
Advanced economic analysis of the growing Asia-Pacific economies and the expanding European monetary union. Major issues such as economic liberalization and restructuring, regional integration and globalization. In-depth reading and individual research for selected regions.
Pre-requisite: None
CILO-1: Identify regional economic issues and policy questions. This includes using data and economic concepts to evaluate the costs and benefits of regional policies, weigh alternative policy options, and consider the broader implication.
CILO-2: Analyze regional economies and contribute to discussions around regional policymaking.
CILO-3: Summarize and explain the major features of growing Asia-Pacific economies and the expanding European monetary union.
CILO-4: Apply economic analysis to regional economic issues, such as economic liberalization and restructuring, regional integration and globalization analysis in Asia and Europe.
Study of econometric techniques using time series and spatially dependent cross section data. Generalized method of moments estimation, spatial dependence modeling. Applications of these techniques in finance, macroeconomics, marketing, industrial organization, development, and other fields as well. Empirical processes and asymptotic theory, nonparametric and semiparametric estimation, continuous time econometrics.
Pre-requisite: None
CILO-1: Identify advanced statistical methods that were used to analyze economic data.
CILO-2: Discuss key points in academic articles on econometric techniques and models.
CILO-3: Evaluate time series analysis and modeling in economic data.
CILO-4: Analyze economic data using advanced econometric techniques and interpret the results.
Topics on some frontier issues in economic theory. Macroeconomics: optimal fiscal and monetary policy, time inconsistency and incentive incompatibility of optimal policy, real business cycle models, etc; Microeconomics: bounded rationality and complexity, evolution and learning, advanced game theory, etc; Papers on current topics of research in economic theory, mathematical economics.
Pre-requisite: None
CILO-1: Summarize and evaluate economic models and theories, including their assumptions and implications.
CILO-2: Locate, paraphrase, and evaluate arguments in academic papers in economics theory.
CILO-3: Apply mathematical and analytical tools to the real-world economic problems and policy issues.
Second year / First and Second semesters:
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