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As the world becomes more complex and ever more digitised, the skills that allow you to separate fact from fiction, to pick out and interpret the right information in the right way, are becoming more valuable. Our Economics MSc gives you those skills.
The course focuses on current economic thinking, providing the technical tools for understanding and developing microeconomic and macroeconomic models. You will also build a thorough knowledge of econometric techniques.
You can focus on your interests and career goals by choosing from a range of specialist optional modules alongside your advanced-level core areas of economics.
Our teaching is informed by our world-leading research. Theoretical knowledge is supported with hands-on training in the use, presentation and interpretation of economic data, which includes exploring a variety of advanced econometric software packages.
With an advanced economics degree from the University of Nottingham, you will graduate with all the knowledge, practical skills and confidence you need to stand out to employers and progress as a professional economist or academic researcher.
Course content
The course is made up of 120 credits of core and optional taught modules, plus a 60-credit dissertation on a subject of your choice.
Semester one
You will take modules in microeconomic theory, macroeconomic theory, econometric theory and economic data analysis.
Semester two
You will choose two further required modules, which can be in microeconomics, macroeconomics and econometrics, and choose two optional modules from a wide range. You will also start work on your dissertation by taking a module in economic research methodology.
Dissertation
After completing your semester two modules, you will undertake a 15,000-word dissertation, with one-to-one support from an expert academic supervisor. This will demonstrate familiarity with a particular area of economic theory or policy, or the ability to apply a specific analytical technique.
How you’re taught
Teaching and Learning
Nottingham Business School adopts a distinctive approach to the design of student learning opportunities. Your learning is structured around theory, practice, experience & observation, and reflection & improvement. At each level (course, module and session), you will study different theories, concepts and approaches and be given opportunities to apply these in a range of practical settings. The aim is to enhance your understanding through the direct experience of business, where you will have opportunities to observe business practices and behaviours (including your own) and analyse these using theoretical knowledge. It is our intention that by reflecting on these experiences, you will be able to use these theories to guide your actions and decisions in a business context or even consider how a theory itself might be improved. In this way, we aim to enhance the quality of your learning.
Academic Mentors
Every postgraduate student will be allocated an Academic Mentor at the beginning of the academic year and you will meet with them regularly throughout the year. Academic Mentors help you make the most of your time at NTU. They will support you in developing and enhancing the qualities and transferrable skills necessary for your studies, career progression, professional and personal development.
Assessments
A range of assessment methods are used across the course, the choice of which reflects the needs and demands of the different types of module. Some modules will assess the ability to work collaboratively in a team and others will assess individual capability. Types of assessment will range from examinations to group presentations including essays, reports, financial analyses, literature reviews and research based projects.
The interactive nature of the taught sessions offers opportunities to gain feedback on your performance before being formally assessed and increasing use is made of eLearning to further support the feedback process.
In-sessional English language support
In-sessional English language classes are offered to international students at no extra cost. The classes aim to provide focused support in the skills you need in order to develop your English in your subject area.
Personalisation
We know our postgraduate students are a diverse group, with different levels of academic knowledge in their chosen area of study, different cultural and educational backgrounds, and varying levels of personal and professional skills and competencies. The motivations for undertaking postgraduate study vary, but the two main motivators, according to the Postgraduate Taught Experience Survey (2017), appear to be grouped around two main themes; ‘career progression and employment prospects’ and ‘personal interest’.
At NBS we strive to ensure that these two motivating factors are nurtured and therefore supported. Our students are encouraged to practice and develop the skills and competencies required to critically reflect on their learning, and on their ability to apply this learning to their studies and to real world complex issues within the workplace. Through a series of curricula and extra-curricular initiatives, strengthened by tailored academic mentor support, NBS provides all our postgraduate students with the ability to participate in a range of challenging and unique activities, projects, events and experiences to enable our students to succeed in a competitive and dynamic global environment.
Careers and employability
At Nottingham Business School, we’re focused on your employability from the start of your postgraduate degree. We provide you with a learning experience that integrates theory and practice.
Graduates from this course have gone onto roles within the public, private and third sector, undertaking positions such as:
- consultancy
- economic researchers
- investor relations manager
- Banking Supervisor
- financial analyst
Employability Team
We have a dedicated Employability Team who not only help you during your time with us but also following graduation, they’ll continue to support you by providing a number of services that will help kick-start your career.
Our Employability Team offer a wide range of support from one-to-one appointments with our specially trained consultants, to arranging recruitment fairs and skill building workshops.
Services they provide include:
- Finding placements, internships and part-time work
- Helping you to pursue self-employment
- Advice on taking gap years and time out
- Information and help on getting into volunteering
- Providing advice on further study.
As a student you will have access to our virtual learning environment, where you will be able to get in touch with our Employability team for CV support, application, interview and job hunting advice, career ideas and employer videos.
You can visit the Employability Team on your local campus every day during term time. They are also open outside of term time too, except on University closure days. So drop in, say hello, and get help with quick enquiries or book an appointment with a careers consultant from your school.
Modules
Core modules
Microeconomic Theory
This module covers:
- modern techniques of microeconomic theory
- foundations and applications of game theory
- information economics
Macroeconomic Theory
This module will cover analytical and theoretical issues in macroeconomics including:
- modelling aggregate variables under adaptive and rational expectations
- modelling with imperfect competition
- constructing overlapping generations models
- price inertia
Econometric Theory
This module teaches the core techniques of econometric theory, including:
- detailed analysis of the multiple linear regression model
- large sample theory
- asymptotic testing procedures
- non-linear techniques
- mis-specification testing
Economic Data Analysis
This module provides you with ‘hands on’ training in the use, presentation and interpretation of economic data, including time series, cross-section and panel data. It comprises of:
- an introduction to basic principles of economic data analysis
- descriptive statistics
- hypothesis testing
- simple and multiple regression
- introduction to panel data
- introduction to dynamic modelling
- time series models
The module will include a series of practical classes using econometrics software packages.Economic Research Methodology
This module covers the following:
- A review of perspectives on the principles and philosophical foundations of economic enquiry
- The construction and evaluation of theories and research programmes
- The role of models and concepts of rationality in economics
- Alternative empirical methods
- Professional practice
MSc Dissertation: Economics
A period of research and study designed to allow you to demonstrate familiarity with a particular area of economic theory or policy, or of applied economics or econometrics, and the ability to apply a specific analytical and/or empirical technique.
One of:
Advanced Microeconomic Theory
This module examines central theoretical aspects from modern microeconomic theory, paying particular emphasis on game theory, imperfect competition and incomplete information.Advanced Macroeconomic Methods
This module covers the theory for the solution and estimation of dynamic stochastic models that are widely used in all fields of macroeconomics. The module is structured in a way such that you will be exposed both to theory and the practical implementation of the methods taught.
It covers topics from approximation methods for stochastic non-linear macroeconomic models, such as linear and higher-order Taylor approximation as well as dynamic programming techniques. It also exposes students to the empirical evaluation of these models ranging from calibration to classical and Bayesian estimation methods.
The module applies the techniques to contemporary general equilibrium macroeconomic models designed for positive and policy analysis such as the New Keynesian model but also models that are designed to explain partial equilibrium behaviour such as consumer saving and industry investment.
One of:
Applied Microeconometrics
The module considers modern econometric techniques for modelling microeconomic data. It covers four broad econometric techniques:
- Robust standard errors and applications
- Discrete choices model
- Microeconometric policy evaluation methods for observational studies
- Instrumental variables and GMM estimation
Time Series Econometrics
The module covers fundamental properties of time series and various classes of stochastic processes. Issues in estimation and forecasting of time series models; concepts of contemporary interest to time series econometricians are also covered.
Optional modules
Two from:
Behavioural Economic Theory
The module explores the psychological underpinnings of economic behaviour and of recent theories in behavioural economics. Topics covered include:
- Introduction to behavioural economics
- Choice and risk
- Reference-dependence and loss aversion
- Choice and time
- Social preferences I: inequality aversion
- Social preferences II: reciprocity and psychological games
- Models of strategic thinking
Experimental Methods in Economics
This module covers the following:
- Foundation in the research method of modern laboratory experimentation
- Economics as an experimental subject
- Rationale for experiments, applications and practicalities, considered in the context of specific experiments and programmes of experiments
Applied Behavioural Economics
The module will cover a selection of topics in applied behavioural economics where a substantial literature has already developed.
Possible areas include behavioural approaches to: labour economics, public economics, financial economics, development economics.International Macroeconomics
This module covers the following:
- International linkages in economics as a result of exchange rate movements, capital movements and spillovers
- Factors which determine the level of the exchange rate and trade effects
- International effects of monetary and fiscal policies
Monetary Theory and Practice
This module covers monetary aspects of advanced macroeconomics and is suitable for students of mainstream economics, finance and international economics. It focuses on the theory and practice of central banking, monetary policy and control.
It covers concepts such as time inconsistency, the problem of inflation bias with solutions, credibility, transparency and accountability of monetary institutions, inflation targeting and price stability, the choice of instruments for monetary policy and their control, and finally monetary transmission. It combines some theory with evidence and practice.Financial and Macroeconometrics
The module extends the coverage of advanced econometric modelling techniques and considers their application through the study of selected topics in finance and macroeconomics, developing familiarity and critical awareness of empirical research in these areas.
It covers techniques for the analysis of stationary ARMA processes, Vector Autoregressions (VARs), linear regression models, linear systems of simultaneous equations, cointegration, long-run structural VARs, forecasting, and models of changing volatility. The selected topics include the econometric analysis of business cycle fluctuations, wage, price and (un)employment determination, portfolio choice and stock market returns.International Trade Theory
This module provides an overview of the theory of international trade, the theory of trade policy and each of their applications, utilising the techniques of general equilibrium theory and the theories of perfectly competitive and imperfectly competitive markets as appropriate. Recent developments in these areas will be emphasised.Trade Analysis and Policy
This module covers empirical models of international trade and several topics in trade policy. It discusses firms’ decision to export; the evaluation of export promotion policies; the link between globalisation and labour markets; the gravity model of international trade; free trade agreements; multinational firms; the political economy of trade policy.Economics of Household Finance
This module covers the central issues in the economics of household finance. Increasingly economists are interested in the decisions of consumers as well as the decisions of firms.
Household finance is the study of the behaviour of individuals and households in financial markets including those for secured (for example, mortgage) and unsecured (for example, credit card) lending and related economic models of consumption smoothing, liquidity constraints and household behaviour.
The module begins with the central topic of consumption smoothing, focusing on the role of credit markets and income risk in household behaviour. Later topics include financial literacy, self-control, mortgage market design, stock market participation and the regulation of consumer credit markets.
The module content includes come theoretical material but is mostly applied, with a focus on how large-scale individual level proprietary and survey datasets can be used to understand household financial behaviour.Economics of Corporate Finance
This module offers an introduction to the economics of corporate finance. It is designed to provide you with the basic theoretical background in this area that is necessary for any applied work. Emphasis is placed on the analysis of simple models and their applications.
The module covers a variety of topics with substantial time devoted for covering issues directly related to the financial needs of firms, such as capital structure, credit rationing and corporate governance.
The module also examines the role of financial intermediaries analysing bank failures and, consequently, the scope for banking regulations. The last part of the module looks closely at the relationship between the financial sector and the real economy thus offering the background for any applied work related to the link between financial development and economic fluctuations.Development Policy Analysis
Examples of types of policy issues addressed include:
- randomised controlled trials to evaluate policy interventions
- trade policy reform
- welfare impact of economic partnership agreements
- growth and innovation
- dealing with public debt
Development Microeconomics
This module employs tools of microeconomic analysis to address topics central to development issues in low-income countries. One part concentrates on issues concerning household behaviour covering intrahousehold allocation, production, risk, migration and rural markets (especially credit), while the second part focuses on poverty and income distribution, covering measurement, income dynamics, and poverty reduction strategies.Public Economics
Topics will include taxation, general principles and specific taxes (income, consumption, wealth), political economy, procurement/regulation and expenditure (health/education/welfare).
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