|07250055||Faculty of Economic and Management Sciences|
|Minimum duration of study: 1 year||Total credits: 180|
|Miss SC Magwaza|
A pass mark in the following modules is considered to be adequate knowledge. Anyone not meeting this expectation will only be considered for admission in exceptional circumstances.
The research component comprises the writing of a mini-dissertation. The postgraduate programme manager will appoint a supervisor, based on the mutual interests of the candidate and the supervisor. Once a supervisor agrees to work with a candidate, the candidate will continue to work under the guidance of his/her supervisor to complete the research and to develop and finalise a mini-dissertation according to departmental guidelines and regulations.
The mini-dissertation contributes 67% towards the total requirements for the degree.
Dissertations/mini-dissertations/research reports, curricula and modules
Article for publication
There is no expectation that an article be published from the research conducted in the mini-dissertation. Students interested in pursuing a PhD, however, should work with their supervisor to submit an article.
Minimum credits: 180
A minimum of 180 credits are required, 140 from the core modules and 40 from the elective modules.
The MCom (Economics) is designed to prepare students to work as professional economists in, for example, consulting, banking, or the public sector. The program provides rigorous training in economic theory and economic modelling that is required of economists. The program also serves to develop both the technical and research-related skills needed for an economist interested in a PhD, although a student who wants to proceed to a PhD programme, should consider, instead, the MPhil (Economics) first.
The module will first expose students to knowledge related to how individual consumers and firms behave under a very strict set of circumstances. Toward the end of the semester, the module will then begin to examine behaviour under less strict assumptions. The module covers in detail, firm behaviour, consumer behaviour, general equilibrium, behaviour under uncertainty and risk, strategic behaviour, information, game theory and to a lesser extent, the interaction between the government and the individual.
The basic framework for this module will be infinitely-lived dynamic stochastic and non-stochastic macro models in both discrete and continuous time frames. Overlapping generation models will also be used to deal with certain topics. Topics include:
• The Lucas Critique
• Growth models
• Business cycles
• Basics of a new Keynesian business cycle model
• Overlapping generations models
Evidence over the last fifty years has shown that trade remains the engine for growth and development across the world and for almost each individual country. This module comprises a thorough analysis of international trade with an emphasis on trade theory, growth and development. It exposes students to the critical issues that policymakers grapple with on a day-to-day basis (WTO issues) and extends the international trade theory to policymaking. Furthermore, an understanding of the circumstances within which international trade policy is made in developing countries with particular reference to South Africa.
This module presents an advanced treatment of critical topics in monetary economics and the models economists use to investigate the interactions between real and monetary factors. It provides extensive coverage of general equilibrium (DSGE) models, models of the short-run real effects of monetary policy, and game-theoretic approaches to monetary policy. Among the topics covered are models of time consistency, monetary policy operating procedures, interest rates and monetary policy.
Throughout, this module focuses on the implications of interest rate control for monetary policy. The module is designed for advanced graduate students in monetary economics, economic researchers and economists working in policy institutions and central banks.
The module includes discussions of empirical evidence on the new Keynesian model, inflation forecast targeting models, optimal policies in forward-looking models, stability and the Taylor principle, and open economy new Keynesian models. It explicitly treats policy analysis in new Keynesian models and their underlying DSGE foundations for both a closed economy, a small open economy and a two-country world economy; the discussion includes the derivation of the policy objective function, optimal commitment and discretionary outcome, targeting rules and instrument rules.
EKN 821 is a capita selecta module in Economics. The content is dependent upon staff make-up and capacity.
EKN 864 is dedicated to health economics. The course will examine Grossman’s model of health capital, markets for health insurance, physician-patient agency problems. We will also examine a number of issues related to access to care, quality of care, financing and health inequality.
EKN 865 is dedicated to financial economics, which includes models of pricing in markets for financial instruments, as well as imperfect information in financial markets, financial contracts, and the relationship between preferences and financial decisions.
In this module, “panel data” refers to the pooling of observations on a cross-section of countries, households, firms, etc. over a number of time periods. We use panel data techniques for example to control for individual heterogeneity or to study the dynamics of adjustment. Panel data allows for more informative results, more variability, more degrees of freedom and more efficiency. This module focuses on statistical theory and empirical estimation, interpretation and evaluation of economic relationships, within a panel data context. The module covers both techniques applicable to stationary and non-stationary panel data sets, and begins with an introduction to one-way error component models (either including individual-specific or period-specific (time) effects), followed by two-way error component models (including individual-specific and time effects simultaneously). Estimation techniques include fixed effects (LSDV or “Within” estimation) and random effects estimation. Hypothesis testing includes tests for poolability (pooled vs. individual regressions), tests for fixed effects, random effects, and specification (exogeneity of the X-regressors). It also includes various tests for serial correlation and heteroscedasticity and the correction thereof. The section on stationary panel data techniques concludes with a discussion of seemingly unrelated regression (SUR) models. In the non-stationary panel data section we discuss unit root testing in the panel context, estimation of non-stationary panels and tests for co integration.
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