Economics brochure - University of Exeter Business School


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Economics brochure - University of Exeter Business School

  1. 1. University of Exeter Business School Department of Economics0409 Departmental Brochure
  2. 2. Courses that count | Department of Economics The Department of Economics As a Department we strive to achieve a consistently high quality of education. Our goals of maintaining high teaching standards and of enhancing the students’ learning experiences are fostered by our commitment to pursue excellence in research and teaching. The 2008 National Student Survey results has placed us 2nd in the country for the combined average score across all measures of teaching; assessment, organisation, satisfaction, learning resources, and personal development opportunities! We continuously endeavour to maintain these high standards. The Department of Economics at Exeter is a small, friendly organisations, central banks, and government departments) department with a strong research orientation. The as well as the private sector. We also give students the Department performed very strongly in the 2008 Research opportunity to learn about, and discuss, topical events Assessment Exercise, and is generally considered to be beyond their formal classes through our weekly seminar among the leading economics departments in the UK. series which attracts guest speakers from around the world. Our faculty are also heavily involved in helping to develop Graduates from our MSc programmes often progress to real-world economic policy at organizations such as the PhD programmes. Our MSc programmes provide an ESRC- Bank of England, the Organization for Economic accredited research training which is serves as ideal Cooperation and Development (OECD), the International preparation for a PhD. Recent full-fee PhD studentships at Monetary Fund (IMF) and the United Nations. Exeter have been awarded in Microeconomics , Macroeconomics, Econometric Theory, International Trade Our MSc programmes have been designed to equip and Climate Change. Scholarships of up to £5,000 are also students with transferable, employment-related skills available for our MSc programmes – please see the making them highly-valued by employers. Our graduates ‘Scholarships’ section of our website for further details. have subsequently found employment as professional economists in the public sector (e.g., international2
  3. 3. Research AreasThe Department has a significant presence in the main areas ofmicroeconomics, macroeconomics and econometrics.Informally, research is grouped into five areas:Applied and Public Economics EconometricsWork in this area has investigated the optimal provision of Research in econometrics has involved an investigation ofpublic goods, efficient design of tax systems, fiscal fractional co-integration with long memory, fractionalinefficiencies in federal economies and the welfare Brownian Motion, and modelling and specification testing ofimplications of state trading in international markets. time series models.Research also considers the effect of tax and macro-economic policy on foreign direct investment and the Profilerelationship between international trade and climate change. Steve McCorriston, Head of DepartmentExperimental Economics Professor Steve McCorriston is currentlyResearchers in experimental economics use experiments to Head of the Department of Economics. Hisinvestigate game theory and the application of main research interests relate to international trade policy issues, the effectmicroeconomic theory in real situations. of macroeconomics and tax policies onMicroeconomics foreign direct investment and market structure in international commodityAmong the many areas of investigation in this area have markets. He has published with papersbeen the impact of ambiguity on corporate finance, published in leading journals including thedecision-making within firms, evolutionary game theory, gift- European Economic Review, the Americangiving and mechanisms to solve conflicts in a parliamentary Journal of Agricultural Economics, thesystem. Journal of Empirical Finance among many others. He has also served as a consultantMacroeconomics to the OECD and the UN Food andWork in this area has investigated policies for controlling Agriculture Organisation as well as government departments and has beenmacroeconomic interaction, with an emphasis on strategic Associate Editor of the American Journal ofmonetary and fiscal policy. Researchers have also looked at Agricultural Economics and serves on theequilibrium models in macroeconomics, as well as political Editorial Board of the European Review ofeconomy and central bank independence. Agricultural Economics. His research has also been featured in the national media. 3
  4. 4. Courses that count | Department of Economics Recent Publications by the Department of Economics The Department of Economics has a strong culture of research. The School’s Economics faculty publish the results of their research in leading economics journals. Professor Dieter Balkenborg Dr Andreea Halunga ● Balkenborg, D.G. and Scholag, K.H., ‘On the evolutionary ● Halunga, A.G. and Orme, C.D., ‘First-Order Asymptotic selection of sets of Nash Equlibria’, Journal of Economic Theory Misspecification Tests of GARCH Models’, Theory, Vol. 133, March 2007 pp.295-315 , Econometric Theory, Vol. 25(2), April 2009, pp. 364-410 ● Balkenborg, D.G.,‘How Liable Should a Lender be? The ● Halunga, A.G., Osborn, D.R. and Sensier, M., ‘Changes in Case of Judgment Proof Firms and Environmental Risk’ , the Order of Intetgration of US and UK Inflation’, American Economic Review, Vol. 91, June 2001, pp. 731- Economics Letters, Vol. 102, January 2009, pp. 30-32 738 Professor Todd Kaplan Professor James Davidson ● Kaplan, T.R. and Wettstein, D., ‘Caps on Political ● Davidson, J.E.H. and Sibbertsten, P ‘Generating ., Lobbying: Comment,’ American Economic Review, Vol. Schemes for Long Memory Processes: Regimes, 96, September 2006, pp. 1,351-1,354 Aggregation and Linearity’, Journal of Econometrics, Vol. ● Kaplan, T.R., ‘Why Banks Should Keep Secrets’, Economic 128, October 2005, pp. 253-282 Theory, February 2006, Vol. 27 pp. 341–357 , ● Davidson, J.E.H., ‘Alternative Bootstrap Procedures for Testing Co-integration in Fractionally Integrated Professor David Kelsey Processes’, Journal of Econometrics, Vol.133, August ● Kelsey, D. and Milne, F ‘Externalities, Monopoly and the ., 2006, pp. 741-777 Objective Function of the Firm’, Economic Theory, Vol. 29, November 2006, pp. 565-589 Dr Miguel Fonseca ● Kelsey, D. and Eichberger, J., ‘Sequential Two-Player ● Fonseca, M.A. and Normann, H-T., ‘Mergers, Games with Ambiguity’, International Economic Review, Asymmetries and Collusion: Experimental Evidence’, November 2004, Vol. 45, pp. 1,229-1,261 Economic Journal, Vol 118, 2008, pp. 387-400 ● Fonseca, M.A., Huck, S and Normann, H-T., ‘Playing Cournot Although They Shouldnt: Endogenous Timing in Experimental Duopolies with Asymmetric Cost’, Economic Theory, Vol. 25, April 2005, pp. 669-6774
  5. 5. Professor Tatiana Kirsonova Professor Robin Mason● Kirsanova, T., Satchi, M., Vines, D. and Wren-Lewis, S., ● Mason, R.A. and Lee, I-H., ‘Uncertainty, Co-ordination ‘Optimal Fiscal Policy Rules in a Monetary Union’, Journal and Path Dependence’, Journal of Economic Theory, Vol. of Money, Credit and Banking, Vol. 39, October 2006, pp. 138(1), January 2008, pp. 262-287 1,759-1,784 ● Mason, R.A., Karp, L. and Lee, I-H., ‘A Global Game with● Kirsanova, T. and Sefton, J., ‘A Comparison of National Strategic Substitutes and Complements’, Games and Saving Rates in the UK, US and Italy’, European Economic Behaviour, Vol. 60(1), July 2007 pp. 155-175 , Economic Review, Vol. 51, November 2007 pp. 1,998- , Professor Steve McCorriston 2,028 ● McCorriston, S. and MacLaren, D., ‘Do State TradingProfessor Christos Kotsogiannis Exporters Distort Trade?’ European Economic Review,● Kotsogiannis, C. and Schwager, R., ‘Accountability and Vol. 51, January 2007 pp. 225-246 , Fiscal Equalization’, Journal of Public Economics, Vol. 92, ● McCorriston, S. and MacLaren, D., ‘De-Regulation as December 2008, pp. 2,226-2,349 (Welfare Reducing) Trade Reform: The Case of the● Keen, M.J., and Kotsogiannis, C., ‘Does Federalism Lead Australian Wheat Board’ American Journal of Agricultural to Excessively High Taxes?’, American Economic Review, Economics, Vol. 89, August 2007 pp. 637-650 , Vol. 92(1), March 2002, pp. 363-370 Professor Gareth Myles ● Myles, G. and Hashimzade, N., ‘The Structure of theDr Christos Koulovatianos Optimal Income Tax in the Quasi-Linear Model’,● Koulovatianos, C., Mirman, L.J. and Santugini, M., International Journal of Economic Theory, Vol. 4, January ‘Optimal Growth and Uncertainty: Learning’, Journal of 2006, pp. 5-33 Economic Theory, Vol. 144, January 2009, pp. 280-295 ● Hindriks, J. and G. Myles, ‘Strategic Inter-Regional● Koulovatianos, C., Schröder, C. and Schmidt, U., ‘Non- Transfers’, Journal of Public Economic Theory, Vol. 5, April Market Household Time and the Cost of Children’, 2003, pp. 229-248. Journal of Business and Economic Statistics, Vol. 27(1), January 2009, pp. 42-51 Dr Yiannis Vailakis ● Vailakis, Y., Le Van, C., ‘Recursive Utilitiy and OptimalProfessor John Maloney Growth in Bounded or Unbounded Returns’, Journal of● Maloney, J., ‘Gladstone’s Gladstone? The Chancellorship Economic Theory, Vol. 123, August 2005, pp. 187-209 of Robert Lowe 1868-73, Journal of the History of ● Vailakis, Y. Le Van, C. and Hung, N., ‘Equilibrium Economic Thought, Vol. 79, August 2006, pp. 404-428 Dynamics in an Aggregative Model of Capital● Maloney, J., ‘Robert Lowe, The Times and Political Accumulation with Heterogeneous Agents and Elastic Economy’, Journal of the History of Economic Thought, Labor’, Journal of Mathematical Economics, Vol. 43, April Vol. 27 March 2005, pp. 41-58 , 2007 pp. 287-317 , 5
  6. 6. Courses that count | Department of Economics Editorial Roles with Leading Journals in Economics The Department of Economics has faculty who are recognised by their peers, and holds many influential position with leading international journals in Economics. American Journal of Agricultural Economics Profile Professor Steve McCorriston, Associate Editor 2002-2006 Professor Christos Kotsogiannis, Director of Economics Programmes Econometric Theory, Professor Christos Kotsogiannis joined the Professor James Davidson, Associate Editor academic staff in 2001 and is Director of Economics Programmes. His research is European Review of Agricultural Economics, primarily in the field of public economics, Professor Steve McCorriston, Editorial Board with publications in journals such as American Economic Review, Journal of Fiscal Studies Public Economics, Journal of Public Professor Gareth Myles, Managing Editor Economic Theory, Journal of Urban Economics and International Tax and Public International Journal of Business and Economics Finance. Currently, the focus of his research lies in the analysis of tax Professor Gareth Myles, Associate Editor competition in two-sided markets, the Journal of Econometrics, effects of taxation on foreign direct investment and the efficiency properties of Professor James Davidson, Fellow taxation in fiscal federal systems. Christos is also a Research Fellow at CESifo. Journal of Econometrics Annals Professor James Davidson, Guest Editor, 2002 Journal of Industrial Economics Professor Robin Mason, Associate Editor Journal of Public Economic Theory Professor Gareth Myles, Associate Editor Review of Economic Studies Professor Gareth Myles, Production Editor and Editorial Board, 1996-20036
  7. 7. What our students sayStephanus Le-Roux, MSc Economics and Econometrics The MSc Economics course I have been studying has beenI decided to study for an MSc in Economics at Exeter when I essential in helping me achieve my main goal. I will bedecided that I wanted to become an Economist in the Civil starting work in September as an Assistant Economist in theService. I had been an undergraduate student in Economics Government Economic Service. In the current economicat Exeter and this and various other factors made Exeter an climate it has been essential to have been able to standobvious choice for my postgraduate study. above the crowd and I believe that my qualifications from Exeter and the support of the Business School staff haveMy main considerations were the quality of teaching and the enabled me to achieve this.cost of the course. I already knew a lot about the Economicsdepartment and the quality of the academic staff and the The Business School and the University clearly has a greatresearch they had been doing from my time as an combination of qualities. This is why I believe that it should beundergraduate. The Masters courses at Exeter are also very a clear choice for anyone interested in studying Economics atcompetitively priced when compared with other UK post-graduate level.institutions of similar quality, which made this an easy choicefor me. Nils Herger, MSc Economics and Ph.DAncillary factors included the following: Exeter is a small city When I arrived as a student at the University of Exeter, Isituated in one of the most beautiful parts of the United intended to stay for one year and earn a Master of Science inKingdom. You have the convenience of all the facilities of a Economics. However, upon completion of my degree, I wascity, tempered by a much more relaxed pace of life. It is given the opportunity to study for a Ph.D., which I happilywithin easy reach of most major UK and European cities by accepted and thus ended up staying for another 3 years.road, rail and air. Not far away are places like Dartmoor, With hindsight, the factors that led me to choosing Exeter forExmoor, the great beaches of North Devon and the Dorset my Master studies did also contribute to my decision to stayJurassic coast, for those who enjoy the great outdoors. much longer than originally intended. Firstly, the School ofThe University itself is situated on a beautiful campus with Business and Economics enjoys an excellent reputation insome outstanding facilities. There is a very active student’s teaching and research. Secondly, thanks to being a relativelyguild which plays host to many societies and sports clubs. small department, it easy to feel quickly familiar with the staffThis includes the Post Graduate Union and the Post Graduate and the environment. Thirdly, many members of the facultyCentre, which is a great place to meet up with other post and the students in Exeter have an international background.graduate students. Exeter also has a great nightlife with a Aside from academic studies, daily contacts with differentgreat variety of pubs, nightclubs and live music venues both people from different counties has been a very valuableon campus and in the city. experience to me. Finally, the University of Exeter benefits greatly from having probably the most beautiful campus and being located in one of the most beautiful counties of the United Kingdom. 7
  8. 8. Department of EconomicsPostgraduate ProgrammesThe Department of Economics offers an excellentrange of programmes for those wishing to furthertheir study of economics with a postgraduatedegree.MSc EconomicsMSc Economics and EconometricsMSc Economics and Experimental EconomicsMSc Financial EconomicsMSc Money and BankingMPhil/PhD EconomicsFor more information about theUniversity of Exeter Department of Economics,please contact us:Department of Economics DisclaimerUniversity of Exeter Business School This document forms part of the Universitys PostgraduateStreatham Court Prospectus. Every effort has been made to ensure that theExeter information contained in the Prospectus is correct at theDevon time of going to press. However, the University cannotEX4 4PU guarantee the accuracy of the information contained within the Prospectus and reserves the right to make variations toTel: +44 (0)1392 263200 the services offered where such action is considered to be necessary by the University. For further information, pleaseEmail: refer to the Postgraduate Prospectus (available atWeb: