Graduate Certificate in Economics

Selected topics in advanced microeconomics.

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• PDFECON5300 Advanced Microeconomic Analysis, Semester 1

This is a course in intermediate to advanced microeconomics. It builds on Microeconomics 2 and studies markets and their equilibrium and efficiency properties when lowering standard assumptions of no frictions, complete information, etc. Topics will include a selection from the following: the interaction between different markets (general equilibrium theory), markets with search frictions or capacity constraints, bargaining, externalities, public goods, and social choice. The course provides students with advanced tools and models of microeconomic analysis, allowing for a deeper understanding of the functioning of real-world markets.

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• PDFECON5301 Markets and Frictions, Semester 1

This course aims to equip students with the knowledge and skills necessary to tackle many of the complex strategic decisions facing modern managers. Topics to be covered include a selection from optimal pricing strategies in the context of complements, durable goods, and price discrimination; strategic competition over prices, product characteristics and capacity; and the role of networks and platforms in modern economies; the theory of bargaining and auctions; and personnel economics.

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This course studies the internal organisation of firms and other organisations. It provides a rigorous introduction to foundational theories, and then discusses applications to real-world managerial problems. How should incentives be designed in organisations? How should conflict within an organisation be resolved? When should organisations outsource and when should they produce internally? Why do organisations arise in market economies? Tools from game theory, information economics and contract theory are introduced and applied to analyse these (and other) questions.

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Mathematical tools are an important part of theoretical economic analysis. This course gives students a working knowledge of static and dynamic optimisation techniques applied in economics. Topics include classical optimisation with and without constraints, comparative statics, non-linear programming, differential equations, and optimal control. Knowing these tools will equip students to solve complex economic models. All mathematical techniques are illustrated with mainstream theoretical applications such as consumer theory and the neoclassical theory of optimal growth.

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This course provides the foundations for undertaking modern econometric methods including statistical distribution theory, asymptotic theory, mathematical methods and an introduction to statistical computing including bootstrap and simulation methods. Mastering this course will give students a deeper understanding of the statistical underpinnings of methods and knowledge acquired in other econometrics courses. Throughout the course, material will be presented in the context of simple models in order to concentrate on the concepts.

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• PDFECON5409 Statistics for Econometrics, Semester 1

This course is concerned with the special statistical characteristics that arise when modelling time series data, such as commodity prices, interest rates or exchange rates. Topics include key characteristics of financial data, concepts of volatility and risk, modelling time varying volatility (ARCH models), and modelling relationships among financial series. The knowledge and methods acquired in this course are particularly useful and sought after in the public and private finance sector.

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The course provides unifying methods for estimation, inference and computation for a variety of single and multiple equation econometric models and gives some theoretical justification for the methods. The course emphasises the links between the theory for econometric models, the computations required for inference, and the application of the models to real examples. Being equipped with this knowledge will enable students to conduct a very broad range of relatively sophisticated econometric modelling tasks.

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This course extends econometric modelling using linear regression to cover nonlinear models such as logit and probit, regression methods for forecasting, and an introduction to the treatment of endogeneity (e.g. instrumental variable estimation). Special emphasis will be placed on the process and potential pitfalls of conducting and evaluating applied econometric research. The course will equip students with the necessary knowledge to be able to conduct their own econometric research using typical economic data.

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• PDFECON5408 Applied Econometric Methods, Semester 1

This course covers the specification, estimation, and use of econometric methods that are necessary to model discrete choices made by individuals, households, firms, etc. Situations where data are available either as a cross section or as a panel will be covered. Special emphasis will be placed on illustrating the appropriate use of such data and application of associated models using case studies drawn from health, labour, and environmental economics as well as business disciplines such as finance and marketing. The course will equip students with the necessary knowledge to be able to conduct research in the specialised area of micro-econometrics and to be informed consumers of such research.

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• PDFECON6205 Microeconometric Modelling, Semester 1

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• PDFECON5106 Economics of Finance, Semester 1

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• PDFECON5114 Superannuation and Retirement Benefits, Semester 1

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In the modern global economy, the economic forces and policies of every country affect and are affected by those of the rest of the world. This course introduces students to the key concepts of open-economy macroeconomics and develops a framework in which to analyse issues of importance to an economy which interacts with the world. This framework is applied to aid understanding of international macroeconomic issues such as international asset flows, determination of exchange rates, the current account balance, fiscal and monetary policy in an open economy, policies under various exchange rate regimes, monetary unions, and international economic crises. Students will gain experience interpreting, analysing, and putting into perspective real international economic issues.

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• PDFECON5304 International Macroeconomics, Semester 1

This course covers theory, evidence and current issues at the intersection between economics and political science. When so many economic decisions are taken by political actors, understanding the economy also means understanding the interactions between politics and economics. Topics considered include economic theories of the state, regime changes and revolutions, voting theory, interest group politics, corruption, the democratic peace, and electoral competition.

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• PDFECON5306 Politics and Economics, Semester 1

The process of economic development is never smooth. It is associated with profound changes in the fundamental structures of economic society. The rate of growth and development varies substantially between different economies. The course seeks to explain the factors that determine how societies grow and develop, with special emphasis on the role of technology and finance. Various approaches, including those that consider capabilities, cumulative causation, the role of the state and institutions as well as traditional and structuralist approaches will be examined. Special attention will be paid to problems associated with growth, including those relating to equity and human rights issues.

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• PDFECON5309 Economic Growth, Technology and Structural Change, Semester 1

Poverty and underdevelopment in many countries are among the main challenges for humanity. This course provides an in-depth discussion of different economic explanations of underdevelopment, and modern strategies for fostering development. We will investigate the role of institutions, institutional change, and markets as they relate to economic development, and discuss related domestic and international economic policy questions. Special emphasis is put on the interplay and synergy between economic theory (attempting to explain underdevelopment) and empirical data (providing both motivating facts and specific test grounds for theory). At the end of this course, students will be able to design innovative ways to assess whether a proposed development intervention is likely to successfully improve the welfare of its target population.

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The course provides a theoretical analysis of international trade topics with references to empirical evidence. Students will learn the main empirical patterns of current international trade and how to access sources of this information. They will become familiar with the concept of comparative advantage, and study models showing how technological differences, differences in resource endowments, and economies of scale determine trade patterns and income distribution. The effects of various trade policy instruments on welfare will be analysed. The course touches upon currently relevant issues such as offshoring, export subsidies in agriculture and high-technology industries, and international trade agreements. Students will acquire the problem-solving skills necessary to analyse these and similar matters.

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The economy can be understood in many different ways. The course examines alternative paradigms in economics, and considers how they analyse the economy. This enables different interpretations of recent events. We will consider various schools of thought such as the Post-Keynesians, Institutionalists, Marxist or Austrians schools. Topics include how prices are determined, labour markets, money and finance with a strong emphasis on economic policy.

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Economic research using laboratory and field experiments has discovered seemingly robust behavioural deviations from the model of homo oeconomicus, the rational, egoistic decision maker assumed in “standard” economic theory. In this course, we explore critically the challenges these behavioural regularities pose for economic theory, and will study behavioural economic models of decision-making which aim to incorporate and predict real-world economic behaviour. Specifically we review prospect theory (and its key component loss aversion), and theories of reference-dependent preferences, as well as related topics such as endowment effects, the sunk cost/Concorde fallacy, action inertia, mental accounting, risk and time preferences, self-command/self-regulation, cognitive illusions such as over-confidence, and simple heuristics that make us smart.

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• PDFECON5324 Behavioural Economics, Semester 1

This course examines the economic relevance of human capital. Drawing on writings from multiple Nobel laureates in economics, we begin by defining and categorising different types of human capital, and then consider the economic importance of human capital both to the individual and to society. We discuss human capital production and investment decisions, and explore the connections between human capital and the labour market. The course is framed around a set of readings from the economics literature drawn from different times and various subfields of economics, illustrating the pervasive and important role of human capital in any economy.

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The theory of urban land and housing markets, and the spatial development of cities. The roles played by transportation systems and local governments in shaping urban location patterns. Interregional competition, economic development, and the migration of labour and capital. Also looks at the inter-relationship between property and business cycles and effects of macro-economic policy. The course will provide an historical context for these issues, including for example the major property boom and bust of the 2000s.

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