Economics PhD Course Guide 2016/2017 2 This booklet is the course guide for the first year in Economics doctoral programme at the University of Edinburgh. For full programme information (including concessions; supervision; Tier4 advice; research support; building and study space information; guidance and general advice) please refer to the Economics Postgraduate Research Student Handbook. For information regarding thesis submission guidelines, please see the Economics Postgraduate Research Final Year Student Handbook. GENERAL CONTACT DETAILS Postgraduate Office: G5, 30 Buccleuch Place Email: [email protected] Tel: 0131 651 5184 Web: www.ed.ac.uk/economics/current‐students/c‐phd 2 3 CONTENTS 1. INTRODUCTION 1.1 1.2 General Guidance…………………….….……………………………………………………………………………………………………………..………....….….04 Course contacts………………..…………………………………………………………………………………………………………………………….…….…….…04 2. COURSES 2.1 2.2 2.3 2.4 2.5 2.6 Overview………………………………………………………………………………………………………………………………..……………………….………..…..04 Models and Research Methods Microeconomics ‐ compulsory..…………………………………..…………………….…………………………05 Models and Research Methods Macroeconomics ‐ compulsory……………………………………………………………….………………..….05 Models and Research Methods Econometrics‐ compulsory……………………………………………………………………………………………06 Frontiers in Economics ‐ compulsory………………………………………………………………………………………………………………………………06 Research Paper, Presentation and Review ‐ compulsory …………………………………………………………………………………….…………07 3. OPTIONAL COURSES 3.1 3.2 3.3 3.4 3.5 3.6 Advanced Topics in Macroeconomics……………………………….…………………….…………………………………………………….…….............08
Advanced Topics in Microeconomics………………………………………………………..……………………………………………..……...............…08 Advanced Time Series Econometrics………………………………………………………………………………………………………………………………08 Advanced Microeconometrics……………………………………………………………..……………………………………………………………..…………08 Computational Methods in Economics…………………………………………………………………………………………………………..………………09 Alternative options……………………………………………………………..…………………………………………………………………………………………09 4. ATTENDANCE 4.1 4.2 4.3 Student attendance and engagement…………………………………………………….……………………………………………...………………………09 Unable to attend……..…………………………………………………………..………………………………….…………………………….………………………10 Consequences of non‐attendance…………………………………………………………..………………………………………………..……………………10 5. PROGRESSION 5.1 5.2 5.3 5.4 PhD criteria………………………………………………………………………………….…………………………………………………………………………………10 MSc(R) criteria………………………………………………………………..……………………………………………………………………………..………………10 Grading system…………………………………………………………………………..………………………………………….………………………………………11 Exiting the programme…………………………………………………………………………..………………………………………………………………………11 6. ACADEMIC MISCONDUCT 6.1 6.2 6.3 Example of misconduct………………………………………………………………………………….………………………………………………………………11 Consequences of academic misconduct………………………………………………………..…………………………………………………….…………11 Useful guidance…………..……………………………….……………………………………………..…………………………………………………………………11 7. SUPPORT 7.1 7.2 7.3 Academic support………………………………………………………………………………….…………………………………………………………..…….……12 On programme support…….………………………………………………………………..…………………………………………………………………………12 Additional support…………………………………………………………………………..………………………………………………….…………………………12 3 4 1. INTRODUCTION This booklet describes the first year advanced courses that are part of the doctoral programme in Economics of the University of Edinburgh. The following pages comprise a compendium of information, advice, and regulations all of which deserve your careful attention. Please read it thoroughly and retain it for the duration of your period of study here. It should be read in conjunction with the PhD handbook. 1.1 GENERAL GUIDANCE All students are actively encouraged to read all relevant guidance and regulations relating to the postgraduate research programme. The primary resources are listed below.  Code of Practice for Supervisors and Research Students (www.ed.ac.uk/files/atoms/files/copsupervisorsresearchstudents.pdf)  Degree Regulations and Programmes of Study Postgraduate Degree Programme Regulations (www.drps.ed.ac.uk/16‐17/regulations/PGDRPS2016‐17.pdf)  Postgraduate Assessment Regulations for Research Degrees Academic Year (www.ed.ac.uk/files/atoms/files/2015_postgraduateresearch.pdf)  Authorised interruption of study or extension of study – Postgraduate Research (www.ed.ac.uk/files/atoms/files/pgrinterruption.pdf) 1.2 COURSE CONTACTS Academic concerns of any course should be raised with either the course organiser or the PGR Directors, Tim Worrall or Andy Snell. Fiona Ross is course secretary for the programme. Any non‐academic queries can be directed to [email protected]. All submissions should be made electronically to [email protected] by any given deadline. Should you be unable to attend a class you must contact [email protected] in advance to notify of your absence (see 3.3) 2. COURSES 2.1 OVERVIEW The doctoral training programme comprises six 10 credit taught courses (four of which are compulsory and two are electives) and a 120 credit dissertation course. 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 2 Models and Research Methods in Econometrics ECNM11063
10 2 Frontiers in Economics ECNM11065
10 1 and 2 Research Paper, Presentation and Review ECNM11064
120 Jan‐Aug 4 5 Course Options The option courses are subject to availability and selected options must not have been taken in a previous year at Edinburgh. Computational Methods in Economics requires approval of the Programme Director. Select exactly 20 credits in Semester 2 Advanced Topics in Microeconomics ECNM11006
10 2 Advanced Topics in Macroeconomics ECNM11005
10 2 Advanced Time Series Econometrics ECNM11049
10 2 Advanced Microeconometrics ECNM11048
10 2 Computational Methods in Economics ECNM11066
10 2 Total Credits 180 2.2 MODELS AND RESEARCH METHODS IN MICROECONOMICS (ECNM11061) ‐ COMPULSORY This module is taught in semester one. Tuesdays 16:00‐18:00 This module is designed to introduce and cover in some depth a range of theoretical issues and techniques so as to broaden student's 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. 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. By the end of the course, students will be able to:  Identify and use the relevant optimisation technique necessary to solve the model at hand  Specify and solve economic models containing stochastic processes  Understand and know when to apply the relevant equilibrium concepts in microeconomics  Understand and be able to use the implications of convexity and concavity of a set or a function.  Identify and understand how the techniques in the course have been applied in seminal papers in the microeconomics literature. The course is taught through a programme of interactive lectures. Learning‐by‐doing, through problem solving and discussion is an important ingredient of the course.  Assessment: 2 hour exam in April/May (100%)  Course organiser: Professor Tim Worrall ([email protected])  Course secretary: Fiona Ross ([email protected]) 2.3 MODELS AND RESEARCH METHODS IN MACROECONOMICS (ECNM11062) ‐ COMPULSORY This course is taught in semester two. Tuesdays 16:00‐18:00 5 6 This module is designed to introduce and cover in some depth a range of theoretical issues and techniques so as to broaden student's 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: 
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Solve models using dynamic programming and Bellman’s equations Set up and solve macroeconomic models involving search frictions Understand the equilibrium workings of models of global games as applied to real world scenarios such as bank runs  Specify and solve macroeconomic models containing stochastic processes  Assessment: 2 hour exam in April/May (100%)  Course organisers: Dr Ludo Visschers ([email protected]) and Dr Jakub Steiner ([email protected])  Course secretary: Fiona Ross ([email protected]) 2.4 MODELS AND RESEARCH METHODS IN ECONOMETRICS (ECNM11063) ‐ COMPULSORY This course is taught in semester two. 4 sessions will take place at the Heriot Watt campus. Timetable TBC. This module, compulsory for all first year PGR students, is designed to introduce and cover in some depth a range of theoretical issues and techniques so as to broaden student's knowledge of econometrics. The aim is to provide exposure to a wide variety of theoretical models and methods that may be used by graduate research students. Students may not use all of the 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: Identify relevant datasets for the analysis of the economic model and/or hypotheses at hand Use the data to estimate static and dynamic panel data models Test economic hypotheses within these models  Assessment: Written examination (100%)  Course organisers: Prof Arnab Bhattacharjee, Heriot‐Watt University ([email protected]) and Prof Mark Shaffer, Heriot‐Watt University ([email protected])  Course secretary: Fiona Ross ([email protected]) •
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2.5 FRONTIERS IN ECONOMICS (ECNM11065) ‐ COMPULSORY This course is taught across both semester one and semester two. Wednesdays 16:00‐18:00 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 prospective research. Students will be tasked to give a critical assessment of one or more seminal papers in an area cognate to 6 7 their PhD research in front of their peers and faculty. They will also separately present their own work in the form of a proposal for the research they will do in their PhD. The course is the workload of a single semester 10 unit course but is stretched over two semesters. Finally all students must present a literature review of their proposed research area 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 2 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 esoteric areas of research to others less specialised in the area.  Assessment: Oral examination (100%)  Course organisers: Professor Andy Snell, Professor Ed Hopkins ([email protected]) and Professor Sevi Rodriguez Mora ([email protected])  Course secretary: Fiona Ross ([email protected]) 2.6 RESEARCH PAPER, PRESENTATION AND REVIEW In addition to at least 60 units of coursework, first year students will prepare a written a 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 not exceed 20,000 words. 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 candidate will be asked to submit an Annual Report. The report should include: 1. Basic information: name, date of submission of report, first and second supervisors, date of start of PhD studies, previous degrees 2. 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. 3. A brief outline of intended research for the forthcoming year. 4. Research activities: presentations made, conferences attended. 5. Training undertaken: e.g. advanced courses, workshops, summer schools etc. 6. Teaching: teaching and administration done this academic year 7. 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. 7 8 3. OPTION COURSES In addition, first year students can also chose to take part in two optional modules from the following: 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: Prof Ed Hopkins ([email protected])  Course secretary: Sophie Bryan ([email protected]) 3.3 ADVANCED TOPICS IN MICROECONOMETRICS (ECNM11048) 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]) 3.4 ADVANCED TIME SERIES ECONOMETRICS (ECNM11049) 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 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. 8 9  Assessment: Two‐hour exam in the April/May.  Course organiser: Prof Gary Koop, University of Strathclyde ([email protected])  Course secretary: Sophie Bryan ([email protected]) 3.5 COMPUTATIONAL METHODS IN ECONOMICS (ECNM11066) This module is designed to introduce and cover in some depth a range of theoretical issues and techniques so as to broaden student's knowledge of computational methods in economics. The aim is to provide exposure to a wide variety of methods that may be used by graduate research students to simulate and solve economic models. The course will cover in some depth the specification and solution of dynamic stochastic models and of econometric estimation routines using a single computer package. Currently there are two packages and hence two sets of lectures/labs available to students. The first set covers Z‐Tree whilst the other covers Python. After consulting with supervisors and PG Directors, students would choose lectures in the software that is most suited to their intended research.  Assessment: Students would be assessed via an assignment set by and graded by the School of Economics.  Course organiser: Professor Andy Snell ([email protected])  Course secretary: Fiona Ross ([email protected]) With prior approval from the PGR Director, alternative options out with the school can be taken as a substitute for the advanced SGPE MSc option courses. However, students must provide evidence that they have been formally assessed on their chosen alternative course and have passed. 3.6 ALTERNATIVE OPTIONS 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. The advanced MSc option course plus the Graduate Diploma exam with the Royal Statistical Society, the highest level of examination offered by RSS. Royal Statistical Society 2. 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. Of the courses, only the assessed stream may be taken as a replacement for the advanced options. Scottish Mathematical Sciences Training Centre 3. Another advanced Economics course/summer‐school of the student’s choice. For further training opportunities, please see the Economics Postgraduate 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. 9 10 Every PhD student has a 10 markers of attendance and engagement they must meet each year. This includes 6 points for attendance and 4 for engagement. Engagement markers include meetings with your supervisors, annual review, coursework submissions, thesis submission, exam, etc. Attendance markers are for class attendance. All students must have an engagement or attendance mark every 30 days. 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;  and 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 recommended 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 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 60 credits with no failed credits. 5.2 MSC(R) CRITERIA To be eligible for the award of an MSc(R) award, candidates must achieve: (I) obtain a pass mark in the written research paper (ii) obtain a grade point average of 50% or more across all 180 credits with no more than 40 credits failed. 10 11 5.3 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/student‐administration/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. 5.4 EXITING THE PROGRAMME If you decide you do not wish to pursue the PhD or MPhil programme you also 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 to 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 masters 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 first referred to the School PGR Director who acts as the School Academic Misconduct Officer for PGR students. The PGR Director will investigate the case and where misconduct is due to poor scholarship (a genuine misunderstanding of proper conduct rather than a deliberate intention to cheat) will deal with the matter at a School level. Serious cases are directly referred to the College Academic Misconduct Officer. 6.3 USEFUL GUIDANCE Academic Services Academic Misconduct Advice: www.ed.ac.uk/academic‐services/students/postgraduate‐
research/discipline/academic‐misconduct Academic Services Plagiarism Advice: www.ed.ac.uk/academic‐services/students/postgraduate‐
research/discipline/plagiarism Avoiding Plagiarism: www.plagiarism.org/ Academic Services Conduct FAQ: www.ed.ac.uk/academic‐services/students/postgraduate‐
research/discipline/faqs 11 12 7. SUPPORT 7.1 ACADEMIC SUPPORT If you have any issues with your courses or the PhD programme in general you can speak to your supervisor, the course organiser or the programme directors. They will be able to offer the best academic advice. Tim Worrall and Andy Snell have an ‘open door policy’, you can feel comfortable approaching them any issues or concerns you may have. 7.2 ON PROGRAMME SUPPORT PGR admin, Fiona Ross, also has an open door policy. You can contact her at any time for guidance and support for non‐academic matters. 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, section. 12