|07255171||Faculty of Economic and Management Sciences||Department: Economics|
|Minimum duration of study: 1 year||Total credits: 210||NQF level: 09|
The MPhil in Economics programme is designed to prepare students to enter into a research-based PhD degree programme in Economics. The programme focuses primarily on the core microeconomic and macroeconomic theory principles, as well as the theoretical econometric fundamentals necessary for the student to understand the extant economic literature and to contribute to the international economic debate.
1. Relevant honours degree
relevant postgraduate diploma (PGDip)
2. A cumulative weighted average of at least 65% for the honours degree or postgraduate diploma
The pass mark for both a dissertation and a mini-dissertation is 50%. The provisions regarding pass requirements for dissertations, contained in General Academic Regulation G36, apply with the necessary changes to mini-dissertations.
A pass mark of at least 50% is required in the examination of each module.
Refer to General Academic Regulation G39.
The weight of the mini-dissertation (EKN 895) contributes 57% towards the total requirements for the degree. Where possible, the mini-dissertation for the MPhil should be a fully-fledged PhD proposal.
Mini-dissertations, curricula and modules
Refer to General Academic Regulation G38.
Article for publication
There is no expectation that an article be published from the research conducted in the mini-dissertation.
Minimum credits: 210
A minimum of 210 credits are required, 190 core modules and 20 electives.
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
The module is devoted to microeconomic theory, and the relevant econometric theory needed to apply that theory to data that is readily available. Students will be expected to read a broad selection of published papers, learn about recent advances in both theory and econometrics, and start writing their own microeconomic research. Students will be graded through coursework and tests, as well as on their research.
The module is devoted to macroeconomic theory, and the relevant econometric theory needed to apply that theory to data that is readily available. Students will be expected to read a broad selection of published papers, learn about recent advances in both theory and econometrics, and start writing their own macroeconomic research. Students will be graded through coursework and tests, as well as on their research.
EKT 813 is an econometrics module focused on the background statistics (including distribution theory), matrix algebra, calculus and related information that underscores econometrics.
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.
EKT 816 is an econometrics module focused on cross-section econometrics, and, therefore, includes topics such as linear and nonlinear models, randomized controlled trials, instrumentation, matching, regression discontinuity and other topics according to the choice of the lecturer.
EKN 882 is a research topics module focusing on microeconomic issues. The content will change from year to year, as the research frontier in microeconomics is extended.
EKN 883 is a research topics module focusing on macroeconomic issues. The content will change from year to year as the research frontier in macroeconomics is extended.
EKN 884 is a capita selecta research topics module. The content will change from year to year, depending upon staff capacity and the research frontier.
EKT 885 is a research topics module focusing on econometric issues. The content will change from year to year as the research frontier in econometrics is extended.
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