Economics Phd Course Guide 2019/2020

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Economics PhD Course Guide 2019/2020

This booklet is the course guide for the first year in Economics doctoral programme at the University of Edinburgh.

For full programme information please refer to the Economics Postgraduate Research Student Handbook.

For information regarding thesis submission guidelines, please see the Economics Postgraduate Research

Student Guide to the Writing Up Year.

GENERAL CONTACT DETAILS

Postgraduate Office: G5, 30 Buccleuch Place

Email: [email protected]

Tel: 0131 651 5184

Web: www.ed.ac.uk/economics/current-students

Contents 1. Introduction ...... 4 1.1 General Guidance ...... 4 1.2 Course Contacts ...... 4 2. Courses ...... 4 2.1 Overview ...... 4 2.2 Models and Research Methods in Microeconomics (ECNM11061) - Compulsory ...... 5 2.3 Models and Research Methods in Macroeconomics (ECNM11062) - Compulsory ...... 5 2.4 Advanced Microeconometrics (ECNM11048) – Compulsory Option one ...... 5 2.5 Advanced Time Series Econometrics (ECNM11049) – Compulsory Option Two ...... 5 2.6 Bayesian Econometrics (ECNM11060) – Compulsory Option Three ...... 6 2.7 Frontiers in Economics (ECNM11065) - Compulsory ...... 6 2.8 Research Paper, Presentation and Review ...... 6 3. Option Courses ...... 7 3.1 Advanced Topics in Macroeconomics (ECNM11005) ...... 7 3.2 Advanced Topics in Microeconomics (ECNM11006) ...... 7 3.3 Alternative Options ...... 8 4. Attendance ...... 8 4.1 Student attendance and engagement ...... 8 4.2 Unable to attend ...... 8 4.3 Consequences of non-attendance ...... 8 5. Progression...... 8 5.1 Grading ...... 9 5.2 PhD Criteria ...... 9 5.3 MSc(R) Criteria ...... 9 6. Academic misconduct ...... 9 6.1 Examples of Misconduct ...... 9 6.2 Consequences of academic misconduct ...... 10 6.3 Useful Guidance ...... 10 7. Support ...... 10 7.1 Academic support ...... 10 7.2 On programme support ...... 10 7.3 Additional support ...... 10

1. Introduction This booklet describes the first-year advanced courses that are part of the doctoral programme in Economics of the University of Edinburgh. It should be read in conjunction with the PhD handbook. 1.1 General Guidance The University Code of Practice for Supervisors and Research students is an important document for all Postgraduate Research students. It outlines the standards and practices for both students and supervisors. It is available at www.ed.ac.uk/files/atoms/files/copsupervisorsresearchstudents.pdf

Students can find further guidance and regulations relating to the postgraduate research programme at:  Degree Regulations and Programmes of Study Postgraduate Degree Programme Regulations (www.drps.ed.ac.uk/19-20/regulations/PGDRPS2019-20.pdf)  Postgraduate Assessment Regulations for Research Degrees (https://www.ed.ac.uk/files/atoms/files/2019- postgraduateresearch.pdf) 1.2 Course Contacts Academic concerns regarding any course should be raised with either the course organiser or the PGR Director. Any non-academic queries can be directed to [email protected].

Should you be unable to attend a class you must contact [email protected] in advance to notify of your absence (see Section 4.3)

2. Courses 2.1 Overview The doctoral training programme comprises four compulsory 10 credit taught courses and a 120 credit dissertation course. Students may optionally take up to two advanced SGPE option courses in spring if they wish, but progression will not depend on these option courses.

Compulsory Courses

Course Name Code or Status Credits Semester Models and Research Methods in Microeconomics ECNM11061 10 1 Models and Research Methods in Macroeconomics ECNM11062 10 1 and 2 Advanced Microeconometrics ECNM11048 10 2 OR OR Advanced Time Series Econometrics ECNM11049 OR OR Bayesian Econometrics ECNM11060 Frontiers in Economics ECNM11065 10 1 and 2 Research Paper, Presentation and Review ECNM11064 120 Jan-Aug

Course Options The option courses are subject to availability and selected options must not have been taken in a previous year at Edinburgh. Other option courses may be taken with the permission of the course organiser.

Select up to 20 additional credits in Semester 2

Advanced Topics in Microeconomics ECNM11006 10 2 Advanced Topics in Macroeconomics ECNM11005 10 2

Total Credits 160-180 4

2.2 Models and Research Methods in Microeconomics (ECNM11061) - Compulsory This module is designed to introduce and cover in some depth a range of theoretical issues and techniques so as to broaden students’ knowledge of microeconomics. The aim is to provide exposure to a wide variety of theoretical models and methods that may be used by graduate research students.

This course takes a mechanism design perspective to more practical problems of market design and incentive design. The goal is to develop an ability to connect key microeconomic concepts to practical economic problems; with a focus on the application of relevant solution concepts. Students will present recent journal articles about auctions, market design and externalities. Students will solve problem sets in study groups. The goal is to practice learning from peers and develop an ability to work in research groups.

 Assessment: 2 hour exam (30%), two problem sets (15%), journal article presentations (40%), participation (15%)  Course organiser: Dr Mariann Ollar ([email protected])  Course secretary: Joe Stroud ([email protected])

2.3 Models and Research Methods in Macroeconomics (ECNM11062) - Compulsory This module is designed to introduce and cover in some depth a range of theoretical issues and techniques so as to broaden students’ knowledge of macroeconomics. The aim is to provide exposure to a wide variety of theoretical models and methods that may be used by graduate research students. It is not expected that any student would use more than one or two methods in their own research, and some may not use any of the methods covered, but awareness of the variety of economic research methods is viewed as an essential component of development as a graduate economist.

Although exact topics covered will vary from year to year it is expected that after taking the course all students will be able to:

 Solve models using dynamic programming and Bellman’s equations;  Set up and solve macroeconomic models involving search frictions;  Specify and solve macroeconomic models containing stochastic processes.

 Assessment: 2 hour exam (60%), Reference Report (30%), Participation (10%)  Course organisers: Dr Axel Gottfries ([email protected])  Course secretary: Joe Stroud ([email protected])

2.4 Advanced Microeconometrics (ECNM11048) – Compulsory Option one This module explores further topics in applied econometrics. Students will be introduced to various tools that are part of the basic econometric training of professional economists. The course is intended for students who want to be professional economists or who want to go on to PhD study, i.e. at aspiring economists rather than aspiring econometricians.

Topics include the Generalised Method of Moments or GMM, specification testing in the GMM framework and the “weak identification” problem and weak-identification-robust estimation and other topics such as dynamic panel data models; estimators for heterogeneous treatment effects; differences-in-differences estimators; regression discontinuity design; and exact and propensity-score matching estimators.

 Assessment: Two-hour exam in April/May.  Course organiser: Prof Juergen Bracht, University of Aberdeen ([email protected])  Course secretary: Sophie Bryan ([email protected])

2.5 Advanced Time Series Econometrics (ECNM11049) – Compulsory Option Two This module explores advanced topics in time series econometrics Students will be introduced to various tools that are part of the basic econometric training of professional economists. The course is intended for students who want

6 to be professional economists or who want to go on to PhD study. It also is very relevant to those planning to work or research in finance and/or macroeconomics. Topics include modelling volatility, cointegration and error correction models.

 Assessment: Two-hour exam in the April/May.  Course organiser: Prof Gary Koop, University of Strathclyde ([email protected])  Course secretary: Sophie Bryan ([email protected])

2.6 Bayesian Econometrics (ECNM11060) – Compulsory Option Three This module explores further topics in applied econometrics. Students will be introduced to various tools that are part of the basic econometric training of professional economists. The course is intended for students who want to be professional economists or who want to go on to PhD study, i.e. at aspiring economists rather than aspiring econometricians.

 Assessment: Two-hour exam in April/May.  Course organiser: Prof Gary Koop, University of Strathclyde ([email protected])  Course secretary: Sophie Bryan ([email protected])

2.7 Frontiers in Economics (ECNM11065) - Compulsory This module is a reading and presentation course designed to sharpen students’ academic judgment and presentation skills via presentation and discussion of seminal works in the literature as well as their own research. Students in all years will present progress on their research in front of their peers and faculty. First-year students will present in the Spring term, and will receive written feedback, as well as a formal mark for their presentation. The course is the workload of a single semester 10 unit course but is stretched over two semesters. Finally all students must present at the SGPE PhD Conference in Crieff in early January. There is no grade for this but participation is required to pass the course. Feedback on the presentation will be given by a discussant. There will be a one 1.5 hour student led seminar per week.

The course runs over both semesters.

By the end of the course, students will be able to:  Critically evaluate seminal contributions in economics;  Present their research to a broader audience, including academics who are less specialised in their particular area.

 Assessment: Oral examination (100%)  Course organiser: Dr Ina Taneva ([email protected])  Course secretary: Joe Stroud ([email protected])

2.8 Research Paper, Presentation and Review In addition to at least 40 units of coursework, first year students will prepare a written research paper that will form the main body of one of the PhD's chapters. The latter - together with an outline of what may appear in the rest of the thesis - will be presented by the student at the end of the year to the Postgraduate Committee. Progression to second year will be decided on the basis of the presented paper and on satisfactory coursework. The paper should

7 not exceed 20,000 words. The paper should be submitted through Turnitin, where it will undergo a plagiarism check (the deadline will be communicated closer to the time).

Students will be required to give a presentation of the written research paper lasting approximately 45 minutes to a small panel. The paper constitutes the main body of what will be the first chapter of their thesis. It should specify the research question(s), locate the work in the appropriate academic literature and elaborate the research design, method and anticipated contribution to knowledge. The student should also set out a research plan for the following year and the rest of the thesis. Ethical, political and practical issues may be considered as appropriate. The panel will usually consist of the two supervisors, one of the PGR Directors and two other members of faculty.

As part of this process candidates will be asked to submit an Annual Review in Euclid. These forms are generated automatically; further information on this process (including the questions used in the review) is available on the Student Systems website at www.ed.ac.uk/student-systems/support-guidance/students/postgraduate-research- annual-review-form

The report should include: 1. Research output: (a) list papers completed this academic year with title and abstract for each, note if any issued as working papers, published, or submitted for publication (b) attach one copy of one piece of work; 2. A brief outline of intended research for the forthcoming year; 3. Research activities: presentations made, conferences attended; 4. Training undertaken: e.g. advanced courses, workshops, summer schools etc; 5. Teaching: teaching and administration done this academic year; 6. Miscellaneous: prizes or awards, travel grants if any, leave taken if any with dates.

The report will aid the Review Panel to assess the students’ progress.

3. Option Courses First year students may also choose to take part in up to two optional modules, such as:

3.1 Advanced Topics in Macroeconomics (ECNM11005) The course extends the core macroeconomics course to new developments in intertemporal macroeconomics, economic integration, and real business cycle theory. These are topics of key importance in contemporary macroeconomics, and should be taken by students who plan to do a PhD on mainstream macroeconomic theory or applied macroeconomics.

 Assessment: Two-hour final examination in April/May.  Course organiser: Dr Marc Gronwald, University of Aberdeen ([email protected])  Course secretary: Sophie Bryan ([email protected])

3.2 Advanced Topics in Microeconomics (ECNM11006) The course aims to widen and deepen the acquired knowledge in the core microeconomics course, especially including the vocabulary and tool kit for analysing economic situations involving conflict and interdependency. Topics covered include: • Advanced Theory of Auctions, Contests and Tournaments • Repeated Games • Behavioural and Evolutionary Game Theory

 Assessment: Two-hour final examination in April/May  Course organiser: Dr Mariann Ollar ([email protected])  Course secretary: Sophie Bryan ([email protected]) 7

3.3 Alternative Options Subject to availability, students may take other SGPE courses if they wish, either on an assessment or auditing basis. Students should discuss further enrolments with their supervisors to ensure they have an appropriate workload. Any enrolments on SGPE courses should also be discussed with [email protected] in the first instance. In exceptional circumstances and with prior approval of the PGR Directors, it may be possible to substitute one of these above options for an option outside the School. These might include:

1. An assessed module with the Scottish Mathematical Sciences Training Centre. Their aim is to provide high- quality broad training in fundamental areas of mathematics and statistics for new PhD students at a level comparable to that of first-year PhD courses in North America or mainland Europe. 2. Another advanced Economics course/summer-school of the student’s choice.

For further training opportunities, please see the Economics Postgraduate Research Student Handbook, Section 8.

4. Attendance 4.1 Student attendance and engagement Student attendance at all classes is compulsory. Students’ attendance is monitored and logged in your student record each week. You can view your attendance record in the Student Hub. For further information on Engagement Monitoring, please see Section 6 of the Economics Postgraduate Research Student Handbook.

If you have any questions regarding attendance and engagement monitoring, please contact PGR admin [email protected]. 4.2 Unable to attend If you are unable to attend a class, you must email the course organiser in advance, CC-ing [email protected], notifying them of your absence. 4.3 Consequences of non-attendance If a student misses an attendance point or scheduled engagement point without prior notice, they will be contacted by PGR admin. Should non-attendance and non-engagement continue the student will be referred to the PGR Director.

In extreme cases of non-engagement, a student may be excluded from the programme.

5. Progression At the beginning of their studies, PhD students are on “probation”. After completion of the doctoral coursework and dissertation presentation, the PhD panel will:

 assess whether the progress and work submitted and presented by the candidate provides evidence that (s)he is capable of successfully completing a PhD within the regulatory time period;  assess whether their work is sufficiently developed, and of the required standard, to justify confirmation of PhD registration;  provide feedback on progress;  agree a sensible programme of work for the coming year.

The review ensures that students proceed to candidacy only when they have acquired the necessary expertise. It is a genuine hurdle, but the preparation provided by the doctoral training courses, and a year’s hard work coupled with guidance from supervisors, should provide the training and support needed to pass.

If the Panel judges the progress not satisfactory but it believes that such a verdict is within reach, it may grant an extension (no more than three months). Otherwise, or if a student fails to pass the subsequent review after an extension, the Panel will recommend that (s)he is – in her/his own interest – either re-registered to a Master of Economics by Research (MSc(R)) or Masters of Philosophy Degree (MPhil), or leaves the Programme. 5.1 Grading The pass mark for all courses is 50%. The University common marking scheme is used for all postgraduate course assessments: www.ed.ac.uk/timetabling-examinations/exams/regulations/common-marking-scheme

The recommendations of the Panel are sent to the relevant Board of Examiners or College Postgraduate Studies Committee who will formally decide whether or not a student is allowed to progress. 5.2 PhD Criteria The criteria for progression to PhD Study are:

(i) achieve a distinction (70% or more) on the written research paper (ii) achieve a grade point average of 60% or more across the other 40 credits with no failed credits. 5.3 MSc(R) Criteria To be eligible for the award of an MSc(R) award, candidates must meet the criteria laid out in the University’s PG Research Assessment Regulations: www.ed.ac.uk/files/atoms/files/2019-postgraduateresearch.pdf

The requirements for MSc(R) award are covered in Section E of the regulations. The minimum requirements are that a student must

(i) obtain a pass mark (minimum 50%) in the written research paper; (ii) obtain a grade point average of 50% or more across 180 credits with no more than 40 credits failed.

The MSc(R) may be awarded with distinction or with merit. To be awarded the MSc(R) with distinction, a student must achieve a mark of at least 70% for the research paper, and an average of at least 70% for the coursework components. To be awarded the MSc(R) with merit, a student must achieve a mark of at least 60% for the research paper, and an average of at least 60% for the coursework components.

If you decide you do not wish to pursue the PhD or MPhil programme, you have the opportunity to exit the programme with an MSc(R) award provided you have met the eligibility requirements described above.

If you wish to do this, you can contact the PGR Director for guidance.

6. Academic misconduct 6.1 Examples of Misconduct It is an offence for any student to make use of unfair means in any University assessment, to assist a student to make use of such unfair means, to do anything prejudicial to the good conduct of the assessment, or to impersonate another student or allow another person to impersonate him or her in an assessment. Any student found to have cheated or attempted to cheat in an assessment may be deemed to have failed that assessment and disciplinary action may be taken.

Examples of misconduct include:

 Plagiarism  invention or falsification of data, evidence, references, experimental results or other material contributing to any student’s assessed work or for a student knowingly to make use of such material  Submitting work previously submitted to another course or programme at this or any other university. Material submitted as part of a master’s dissertation cannot be used as part of your PhD thesis.

6.2 Consequences of academic misconduct Cases of academic misconduct are punishable under the University’s Code of Student Conduct. If you are in any doubt about what constitutes academic misconduct, then you should seek guidance from your supervisor or the School Director of Postgraduate Research.

Cases of academic misconduct are referred to the School Academic Misconduct Officer who will investigate the case, and if misconduct is due to poor scholarship (a genuine misunderstanding of proper conduct rather than a deliberate intention to cheat) the matter will be dealt with at School level. Serious cases are referred directly to the College Academic Misconduct Officer. 6.3 Useful Guidance Academic Services Academic Misconduct Advice: www.ed.ac.uk/academic-services/students/conduct/academic-misconduct

Academic Services Plagiarism Advice: www.ed.ac.uk/academic-services/students/conduct/academic-misconduct/plagiarism

Avoiding Plagiarism: www.plagiarism.org/

7. Support 7.1 Academic support During your studies you will work closely with your supervisor, but students are welcome to discuss any issues, problems or concerns with the PGR Director, Andy Snell. Andy operates an ‘open-door’ policy, and students are welcome to contact them to discuss any matter. Andy is based in 1.10.

7.2 On programme support PGR admin will also be available on an ‘open-door’ policy to offer advice and support on non-academic matters. You can contact [email protected] any time, or drop into the Postgraduate Office (G5, 30 Buccleuch Place) during School opening hours (9am – 5pm, Monday to Friday). You can also contact the relevant course secretary for additional course-related support.

7.3 Additional support For the full range of additional support available to PhD students, please the Economics Postgraduate Research Student Handbook.