economics, school of arts & social sciences - city university london undergraduate open day 29th...
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Academic excellence for business and the professions
Economics at City
Javier Ortega
Deputy Head (Teaching and Learning)
Department of Economics
Open Day, 29 June 2013
What is economics?
-We could try with a famous definition (Lionel Robbins, An Essay on the Nature and Significance of Economic Science, 1932)
“Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”
What about this one:
...or we try with examples...
Why would an individual choose to take education? (a BSc at City, for instance?)
Why do individuals take education?
To answer this question, what most economists would do is to:
(i) Build a mathematical model analysing the decision of the individual.
(ii) Use data and statistical techniques (econometrics) to assess whether the predictions of the model are supported by the data.
Why do individuals take education?
(i) Mathematical model
We would for this make a series of assumptions.
For instance:
-The decision maker is the individual that would take education, not his/her parents...
-The individual is rational (compares the costs and benefits of taking education).
-The preferences of the individual can be represented mathematically by a utility function.
And many other assumptions...
Why do individuals take education? Two examples of models
*Becker (1964)’s Human Capital Theory
-Education is an investment that the individual makes (analogous to physical capital investment).
-Sacrifice made in the present which enables the individual to acquire skills that raise her future productivity and income.
*Spence (1973)’s Signalling Hypothesis
- Education beyond a basic level does not increase individual productivity.
- prior to employing individuals, firms cannot observe the characteristics of potential employees:
→ not possible to distinguish a gifted/hard working individual from a less gifted/lazy individual
Why do individuals take education?
→ education is thus an instrument to identify individuals having “good” characteristics, as these individuals will be successful in their studies
Which one is (more) true?
(ii) Econometric analysis
Pischke (2007): in 1966-67 the school year in West Germany was shortened by 2/3 for students in certain regions
-“Difference in differences analysis”: see if the earnings of students that had a shortened school year ended up being lower than the earnings of those whose who kept the same school year.
-result: No. Shorter school year, but same earnings.
→ evidence against the human capital theory.
The Department of Economics at City
Michael Ben-Gad
Head of Department
PhD, Univ. of Chicago
Macroeconomics
Claudia Jefferies
Student Matters Mediator
PhD, Univ. Basel
Economic History
Alice Mesnard
PhD, EHESS (Paris)
Development Economics
Andy Denis
Dir. Undergraduate Studies
PhD, City University London
History of Econ. Thought
Firat Yaman
PhD, Univ. of Texas
Labour Economics
Keith Pilbeam
PhD, European Univ. Institute
Foreign Exchange & Financial Markets
Patricia Cubí-Mollá
PhD, Univ. Alicante
Health Economics
The Department of Economics at City
Giulia Iori
PhD Physics, Univ. Roma
Financial Economics
Mireia Jofre-Bonet
PhD, Univ. Pompeu Fabra
Health Economics
Xeni Dassiou
PhD, Univ. College London
Industrial Organisation
Laura Delaney
PhD, Trinity College Dublin
Financial Economics
Albert Banal-Estañol
PhD, Univ. Autònoma Barcelona
Financial Economics
Ravi Mukherjee
PhD, SUNY Stony Brook
Microeconomics
The Department of Economics at City -Deputy Head of Department (Teaching & Learning)
Javier Ortega (PhD, EHESS Paris)
Labour Economics; Economics of Language; Political Economy
-Director of Research:
-Alev Atak (PhD, Queen Mary)
Klaus Zauner (PhD, University of California, San Diego)
Industrial Organisation; Game Theory.
-PhD Programme Director: Joe Perlman (PhD, Imperial College)
Macroeconomics; Monetary Policy.
Finance; Econometrics.
-Saqib Jafarey (PhD, New York University Macroeconomics; Monetary Economics; Development Economics.
The Department of Economics at City -Neelam Jain (PhD, University of Minnesota)
Financial Economics; Industrial Organisation; Micro Theory.
-Giovanni Melina (PhD, Birkbeck) Macroeconomics.
-Gabriel Montes-Rojas (PhD, Univ. Illinois, Urbana-Champaign)
Development Economics; Econometrics; Labour Economics.
-Victoria Serra-Sastre (PhD, London School of Economics)
Health Economics; Applied Microeconomics.
-Sergiu Ungureanu (PhD, Duke University) Micro Theory, Decision Theory, Behavioural Economics.
Further details:http://www.city.ac.uk/economics/academic-staff-profiles
-Yang Zu (PhD, University of Amsterdam)
Financial Econometrics; High Frequency Financial Time Series
The Department of Economics at City
- Undergraduate degrees
-Business Economics/International Business Economics
- BSc Economics - BSc Economics & Accountancy
- BSc Financial Economics
- Competition & Regulation
- Economic Evaluation of Heath Care
- Economics - Financial Economics
- Health Economics.
- MSc Programmes
- Development Economics
- PhD in Economics
Entry Requirements for 2014-2015
- 360 UCAS tariff points (typically AAA at A-Level, or AAB with an additional 'AS' Level at grade B or higher)
- A-level Maths only required for BSc Financial Economics
- GCSE: English Language and Mathematics at grade B (or equivalent)
- IB: 35 points
- See webpage for further details on entry requirements with other qualifications or e-mail socsiug@city.ac.uk
- Students with AAA qualify for the £2,000 Lord Mayor’s Scholarship, AAB £1,000.
BSc Economics
- The BSc Economics is a highly flexible degree.
- Opportunity to gradually hone quantitative skills.
- There is the option to take more mathematical or less mathematical routes
- However, you must study statistics, calculus of optimisation and econometrics.
- Many options from a range of subjects in the 3rd year, some in the 2nd year.
BSc Financial Economics
- The BSc Financial Economics is a more specialised degree.
- More mathematical content
however, all Maths beyond A-level taught within the programme
- Beyond specialised skills and knowledge, this degree affords the opportunity to signal determination, ability and focus to employers in the financial sector.
BSc Economics & Accountancy
- Aims to develop students’ analytical abilities in economics while providing with the opportunity to pursue a career in accountancy.
- Based at the Economics Department. More Economics than Accountancy. Accountancy courses taught at Cass Business School.
- Carries exemptions from examinations for the main professional bodies in accounting.
- Advantage of being more flexible than standard accounting degrees: as quantitative training in economics, opens the door to further studies in economics or more economic related jobs (e.g. economic consultancies)
Content of Economics Degrees: Year 1
Introduction to Microeconomics
Introduction to Macroeconomics
Topics in Applied Microeconomics
Topics in Applied Macroeconomics
Data Analysis 1 & 2
Post A-level Maths 1 & 2
Post-GCSE Maths 1 & 2
Management & Financial Accounting
Introduction to Law
Economics Financial
Economics Economics & Accountancy
Content of Economics Degrees: Year 2
Intermediate Microeconomics 1& 2
Intermediate Macroeconomics 1 & 2
Introductory Econometrics
Post-GCSE Maths 3
Intermediate Mathematical Methods
Financial Accounting
Financial Analysis
Economics Financial
Economics Economics & Accountancy
Global Financial Markets
Public Economics Electives (1 or 2) Global Financial Markets
Intermediate Maths Methods International Trade
Intermediate Econometrics
Year 3: Economics and Financial Econ.
Financial Economics Applied Econometrics
Economics Financial
Economics
Electives:
-Intro to Financial Derivatives -Economics Project -Econ. European Integration -Monetary Economics
-Development Economics
-Labour Economics -Advanced Quantitative Economics
-History of Econ. Thought
-Regulation & Competition -Industrial Organisation -Topics in Health Econ. -Company Law
-Money & Banking
Corporate Finance
Introduction to Financial Derivatives
-Corporate Finance
6 electives OR 4 electives + Project 4 electives OR 2 electives + Project
-Management Accounting
Year 3, Economics & Accountancy
Electives (choose one):
- Applied Econometrics
- Corporate Finance
- Financial Management
- Advanced Financial Accounting
- Financial Accounting Theory
- Company Law
Core:
-Intro. Fin. Derivatives
-Monetary Economics
-Labour Economics
-Econ. European Integration
-Development Economics
-Advanced Quantitative Economics
Assessments - Students are assessed by exams (80% weighting) and
coursework (20% weighting), and the project if taken.
- Coursework takes many forms: essays, presentations, in-class tests, lab exercises.
- Students must pass each year before proceeding to the next year. Final mark: year average of module marks with weights 10%, 30%, and 60% for respectively the 1st, 2nd , and 3rd year.
- Exams are unseen – 2 hours long per module.
- The final year is weighted highest because the courses are more advanced and the requirements are higher.
BSc Programs in the Department
- The department has a reputation for producing graduates who are technically and analytically strong.
- Undergraduates taught by full-time, research-active staff members.
-Students in Economics and Accountancy benefit from meeting Cass staff and students.
- Emphasis on “thinking as an economist”.
BSc Programs in the Department - The Financial Times
- The Economist
BSc Programs in the Department
- Extensive teaching and learning resources developed by our own staff, via our e-learning system.
- One-to-one support and additional computer training, including drop-in clinics.
- Problem-solving workshops as well as conventional lectures.
BSc Programs in the Department
- Possibility for "Integrated Professional Training" work placement between 2nd and 3rd years.
- We have formal links with universities in Spain, Italy, the Netherlands, and France via the `Erasmus programme' -- an opportunity for you to do a `student exchange', get a year of your degree for zero fees, PLUS a bursary.
- Recently, three students at the Treasury, one at Barclays, one at the Global Economy Group in the Foreign & Commonwealth Office, one at Goldman Sachs.
Recent BSc Graduates
- Teng Wang studying MPhil in Economics at Cambridge.
- Lu Han doing a PhD in Economics at Cambridge.
- Mohammed Al-Saffar, Policy Advisor/Economist, HM Treasury.
- Stefany Barker, doing an MSc in Management, Information Systems and Innovation at the LSE.
- Krishan Patel, working at Deutsche Bank.
- Oxana Sivko, Royal Bank of Scotland.
- Olivier Scialom, Marketing Manager, Rocket Internet.
-Scott Doughty, Mercer Investment Consulting.
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