Postgraduate Courses
- ECON 5030Foundations of Economic Analysis[2-0-0:2]Previous Course Code(s)ECON 503Exclusion(s)ECON 5110DescriptionFor MScFA and MScIM students only. An examination of some micro- and macro-economic concepts: competitive markets, profits in terms of cost structure and market power; national accounts and business cycles; money and inflation, economic growth, capital accumulation, technological advance and returns to capital and balance of payments.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Formulate good recommendations in all areas of finance based on their financial knowledge with solid foundations in economics, statistics and accounting.
- ECON 5050China’s Economic Model : Key Insights and the Way Forward[2-0-0:2]Previous Course Code(s)ECON 6100VExclusion(s)ECON 5120DescriptionThe course overviews the key characteristics of the Chinese economy with a big emphasis on its transformation. Key attention is put on China’s way forward both in terms of challenges and opportunities.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Recognize China’s economic growth model.
- 2.Summarize how China runs its monetary and exchange policies.
- 3.Identify special characteristics of China’s financial system.
- 4.Analyze China’s relations with the rest of the world in terms of trade and investment.
- 5.Analyze China’s key economic challenges ahead.
- ECON 5100Mathematics for Business and Economics[3-0-0:3]Previous Course Code(s)ECON 510DescriptionApplication of mathematics to economic and business analysis; mathematical analysis and linear algebra; optimization methods. For SBM students only. Graded P or F.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Summarize the general knowledge of mathematics with special emphasis on linear algebra and optimization.
- 2.Develop and apply the mathematical skills which are essential for postgraduate studies of economic theory.
- ECON 5110Managerial Microeconomics[2-0-0:2]Previous Course Code(s)ECON 511Exclusion(s)ECON 5130, IMBA 5040DescriptionDemand analysis and estimation; cost analysis; market structure, strategic behavior and interaction; pricing decisions: asymmetric information; special topics in managerial economics; case studies. This is a core course for MBA.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Apply demand and supply analysis in predicting market price and related dynamics in competitive markets.
- 2.Analyze key trade-offs in pricing, and compare different pricing strategies according to industry or market conditions.
- 3.Predict competitors' actions and reactions using basic game theoretic methods, and in the context of oligopoly market, analyze the direct effect and the strategic effect of various business decisions.
- 4.Explain the impacts of asymmetric information on market efficiency.
- 5.Communicate microeconomic analysis in business decisions to multiple stakeholder groups.
- 6.Work effectively within a team environment for solving both technical and non-technical problems.
- ECON 5120China in the Global Economy[2-0-0:2]Previous Course Code(s)ECON 512DescriptionThis course provides an understanding of macroeconomic accounts, develops an ability to anticipate changes in the macroeconomic environment and economic policy, and introduces tools to evaluate the impact of these changes on the business environment.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Describe determinants of growth, business cycles, fiscal and monetary policy, exchange rate issue, financial crises, current account sustainability and capital flows.
- ECON 5130Microeconomic Analysis[4-0-0:4]Previous Course Code(s)ECON 513Exclusion(s)ECON 5210BackgroundMSc students, Non-Economics PhD students.DescriptionTheory of the consumer, theory of the firm; market structures and market equilibrium; information and uncertainty; game theory.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Define the theory of general equilibrium.
- 2.Present various cases in industrial organization.
- 3.Explain standard equilibrium concepts in game theory.
- ECON 5140Macroeconomic Analysis[4-0-0:4]Previous Course Code(s)ECON 514Exclusion(s)ECON 5250BackgroundMSc students, Non-Economics PhD studentsDescriptionStylized facts about the macroeconomy; microfoundations of macroeconomics; dynamic stochastic models as tools to understand inflation, unemployment, business cycles and growth; fiscal and monetary policies.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Describe the main questions in macroeconomics and the main components of standard macroeconomic theories, explain the impact of each key component and the consequence of including it, and critique the applicability of models.
- 2.Use theories and knowledge from macroeconomics to review and explain economic and monetary policies, trade and economic growth.
- 3.Illustrate mathematical methods related to static optimization and dynamic optimization.
- 4.Locate, gather, organize and use appropriate information for macroeconomic studies.
- ECON 5180Strategy and Organization[2-0-0:2]Previous Course Code(s)ECON 518, ECON 612DPrerequisite(s)ECON 5110 or ECON 5130DescriptionThis course uses economic analysis and case studies to examine the design of organizations, and the relationship between organizational structure and corporate strategy. The first half of the course focuses on relationships within the firm, topics includes agency problems, incentive pay, internal labor policies, conflict and cooperation among divisions, and transfer pricing. The second half of the course focuses on the boundaries and market relationships of the firm, topics include horizontal mergers and conglomerate diversification, internal capital market, vertical integration, and other vertical relationships such as franchising and strategic contracts.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Examine the design of organizations, and the relationship between organizational structure and corporate strategy using economic analysis.
- ECON 5190Games and Strategic Behavior[2-0-0:2]Previous Course Code(s)ECON 6100MPrerequisite(s)ECON 5110 OR ECON 5130DescriptionThis course demonstrates how game theory can be utilized for decision making. It helps students to know how other players form their strategies and to identify one's own best strategy; use game theories to analyze entry or exit from businesses, change the perceptions of competitors, the extent of product differentiation and proliferation that is implied by competition; and formulate strategies to alleviate price competition among firms.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Explain how other players form their strategies and expectations in order to identify one's own best response strategy.
- 2.Model social interactions as strategic games, use game theoretic concepts to predict behavior in these interactions and conceive of ways in which altering the game affects social outcomes.
- 3.Explain how managers can utilize insights of game theory to address important decisions confronting the firm.
- 4.Construct game theoretic reasoning to analyze issues related to entry into new markets or exit from established businesses, changing the perceptions of competitors, the extent of product differentiation and proliferation that is implied by competition, and strategies aimed at alleviating price competition among firms.
- ECON 5200Global Macroeconomics[2-0-0:2]Previous Course Code(s)ECON 520Exclusion(s)ECON 5250DescriptionThis course covers the basic theory of short run macroeconomics, as it has developed since Keynes. The basic framework will be the "IS-LM" equilibrium method, in which we analyze the major markets which affect the macroeconomy - labor, output, money and foreign exchange markets by studying positions of general equilibrium in them. This framework will be used to analyze fiscal and monetary policies. This is a core course for MBA.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Identify the framework, style and tools of macroeconomics.
- 2.Apply the concepts and framework developed to current global macroeconomic issues.
- 3.Enhance research report writing and presentation skills.
- ECON 5210Microeconomic Theory I[4-0-0:4]Previous Course Code(s)ECON 521BackgroundOne year of calculusDescriptionTheory of the firm, theory of consumer behavior, duality; theory of the market, game theory; neoclassical and alternative approaches.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Interpret classic results in microeconomic theory.
- 2.Formalize economic problems using simple but well-reasoned models.
- 3.Find solutions for formal economic problems.
- 4.Apply equilibrium concepts of game theory to various economic settings.
- ECON 5220Microeconomic Theory II[4-0-0:4]Previous Course Code(s)ECON 522Prerequisite(s)ECON 5210DescriptionIntroduction to general equilibrium theory and welfare economics, economics of information and uncertainty, game theory, theory of contract and organization, topics in modern microeconomics.
- ECON 5250Macroeconomic Theory I[4-0-0:4]Previous Course Code(s)ECON 525DescriptionClassical and Keynesian models, microfoundations of macroeconomics, dynamic and stochastic models of the macroeconomy, rational expectations, business cycles.
- ECON 5260Macroeconomic Theory II[4-0-0:4]Previous Course Code(s)ECON 526Prerequisite(s)ECON 5250DescriptionTheories of consumption, investment, money, and asset prices; inflation; unemployment; economic growth; the "twin" deficits; fiscal and monetary policies.
- ECON 5280Applied Econometrics[4-0-0:4]Previous Course Code(s)ECON 528Prerequisite(s)ISOM 2500 or MATH 2411 or MATH 3423Exclusion(s)ECON 5300DescriptionOrdinary least squares; multiple regression; variable selection and model specification; multicollinearity; heteroscedasticity and serial correlation; errors in variables; Endogeneity and instrumental variable regression; panel data model.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Demonstrate a reasonably solid theoretical foundation and practical knowledge in econometrics.
- 2.Carry out empirical research and interpret empirical results in economics.
- ECON 5300Econometrics[4-0-0:4]Previous Course Code(s)ECON 530Prerequisite(s)ECON 5100 AND ISOM 5540DescriptionOrdinary least squares, multiple regression and maximum likelihood estimation; variable selection and model specification; multicollinearity; heteroscedasticity and serial correlation; errors in variables; Endogeneity and instrumental variable regression; panel data model; generalized method of moment.
- ECON 5320Topics in Growth and Development[3-0-0:3]Previous Course Code(s)ECON 6100IPrerequisite(s)ECON 5140DescriptionThis course is an introduction to modern theory of economic growth. It centers on the fundamental questions in economics: Why are some countries so rich while others are poor? How to help the less developed countries catch up? The first part of the course is to introduce the basic neoclassical and endogenous growth models together with discussions about their empirical relevance. The second part is to familiarize students with several special topics. Several growth and development topics on Chinese economy are discussed.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Illustrate the basic theory of economic growth.
- 2.Analyze relevant real world growth issues and policies.
- ECON 5330Information Economics[3-0-0:3]Previous Course Code(s)ECON 6100HPrerequisite(s)ECON 5140DescriptionThis course covers theories and applications of information and organizational approaches. Specifically, it covers the four main topics in information economics and organization theory: signalling, mechanism design, complete contract, and incomplete contract. Students are required to understand various concepts intuitively and to be able to deal with simple applications.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Explain standard concepts in information economics.
- 2.Present several classical papers on information economics.
- 3.Apply the standard theory and approach to mechanism design.
- 4.Describe the standard theory on agency problems.
- ECON 5349Financial Economics: Portfolio Management[2-0-0:2]Previous Course Code(s)ECON 6100QExclusion(s)FINA 5210DescriptionThis course provides an introduction to the most fundamental aspects of modern portfolio theory, including passive portfolio management and active portfolio management. Topics include how to trade on financial exchanges, evaluate risk-return characteristics for investment projects and construct "optimal" portfolios, classic topics in asset pricing such as CAPM and arbitrage, and key methods in equity valuation. For MSc(ECON) students only.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Explain how investors trade off risk and return using the concept of utility maximization.
- 2.Allocate money across different asset classes in a scientific manner.
- 3.Price financial securities on the basis of fundamental financial principles.
- 4.Identify basic principles of equity research and valuation models.
- 5.Determine whether a portfolio manager is doing a good job.
- 6.Perform passive and active portfolio analysis using Microsoft Office Excel.
- ECON 5350Banking and Financial Intermediation[2-0-0:2]Previous Course Code(s)ECON 535, ECON 612APrerequisite(s)ECON 5140 or ECON 5250DescriptionThis course examines several economic aspects of the banking industry, the economic foundations of financial intermediation including liquidity provision and asymmetric information problems. We examine the economic risks faced by banks and how they use their comparative advantage to best manage those risks.
- ECON 5360Monetary Economics[3-0-0:3]Previous Course Code(s)ECON 613GPrerequisite(s)ECON 5130DescriptionThis course studies the basic theories of money and their applications to monetary issues. It also examines a class of phenomena related to banking, credits and liquidity from monetary perspective.
- ECON 5370Using Data for Economics Analysis[3-0-0:3]Previous Course Code(s)ECON 6100GPrerequisite(s)ECON 5130 OR ECON 5140DescriptionThis course puts econometrics theories and models into practice. Students are required to write their own program with R, and do a term project. Topics included linear regression, panel data analysis and time series analysis regarding estimation, hypothesis testing and statistical interference.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Apply econometric theories and models in analyzing economic issues in real world with solid support by data, including: identification of research questions, looking for suitable datasources, establishing solid research methodology according to research questions and data availability.
- 2.Demonstrate fundamental knowledge of the R platform, including familiarizing R working environment, performing data management with R, using graphic functions for presentation, and writing R scripts for specific research projects.
- 3.Enhance report writing and presentation skills.
- ECON 5380Psychology and Economics[2-0-0:2]Previous Course Code(s)ECON 6100BPrerequisite(s)ECON 5130DescriptionThe course introduces modern advances in behavioral economics and bounded rationality to try to answer why individuals' behaviors deviate from the standard economic theory systematically, why individuals are " biased", and tend to find the link of some aspects of psychological regularities. Topics include inconsistent preferences and self-control, judgment under risk and show the economic implications of those psychologically richer models.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Explain why individuals are "biased", and tend to find the link of some aspects of psychological regularities.
- ECON 5390Labor Economics[3-0-0:3]Previous Course Code(s)ECON 6100KPrerequisite(s)ECON 5130DescriptionThis course presents a theoretical and empirical analysis of labor markets, utilizing primarily the tools developed in microeconomics and econometrics. We will investigate how wages are determined in various labor markets and study the effects of private and public policies on wages and unemployment. Issues about human capital and labor market discrimination will be studied. We will also examine how employers can design compensation packages, incentive contracts, and performance evaluations for their employees.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Identify economic critical thinking.
- 2.Utilize labor economics to explain pertinent economic and social phenomena.
- 3.Carry out independently applied research in economic and social problems of the labor market.
- 4.Apply economic theory to practical human resources situations and make sound economic decisions.
- 5.Recognize cultural diversity on labor issues.
- 6.Formulate informed ethical thinking based on rigorous economic and social analyses.
- 7.Communicate effectively.
- 8.Be a lifelong user of economic analysis.
- ECON 5400Money and Macroeconomics[2-0-0:2]Previous Course Code(s)ECON 540, ECON 610BPrerequisite(s)ECON 5200DescriptionThis course provides a systematic introduction to the financial markets, U.S. and Eurodollar. Students will analyze the major financial markets in the context of the macroeconomy. For each market, the instruments traded; its risks, liquidity and return offered; its uses; and how the market for it is made by money market brokers, dealers and investors will be discussed. Important innovations in the use of derivatives securities will be introduced.
- ECON 5410Value Investing from an Economic Perspective[2-0-0:2]Previous Course Code(s)ECON 541, ECON 610CPrerequisite(s)ECON 5400DescriptionThis course will introduce the precepts of value investing. It will focus on the equity market, and begin with the classic Graham and Dodd investing criteria. This includes stock search; valuation; and design of optimal portfolio. Innovations to the classic criteria as well as use of derivates in the portfolio will be introduced.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.Describe the philosophy, style and tools of value investing.
- 2.Apply concepts in Accounting, Microeconomics and Corporate Finance to analyze companies and their stocks.
- 3.Write a research report.
- ECON 5420Topics in Development Economics[3-0-0:3]Previous Course Code(s)ECON 6100LPrerequisite(s)ECON 5130 AND ECON 5140DescriptionThe course investigates how economics grow, the meaning of "development", and the barriers individuals and countries face in achieving development. Topics include the poverty trap; how population growth affects economic growth; the rationale for government intervention in peoples' fertility choices; rural-to-urban migration and its socioeconomic implications; how credit market frictions affect economic activity and whether they can lead to poverty traps; how microcredit works and whether it helps to alleviate poverty; and the role of the state in economic development.Intended Learning Outcomes
On successful completion of the course, students will be able to:
- 1.State and explain the theoretical and empirically observed relationship between economic growth and poverty reduction.
- 2.Analyze the theoretical mechanisms through which poverty might become a "trap".
- 3.Describe theoretical assumptions under which population growth might affect economic growth, provide economic explanations for fertility choices, describe the empirically observed relationship between economic growth and population growth and interpret it.
- 4.Describe credit market imperfections and analyze how market imperfections may impede growth, and in particular lead to a poverty trap.
- 5.Analyze the mechanisms that cause microcredit programmes to have high repayment rates, and provide possible explanations why they do not appear to lead to poverty reduction.
- 6.Explain the role of incentives in determining how public servants operate.
- 7.Distinguish between correlation and causality, and analyze the merits and demerits of different empirical methods.
- 8.State a research question clearly, provide well-reasoned arguments for and against various mechanisms driving an observed phenomenon.
- 9.Critically evaluate an empirical research paper and interpret its results.
- ECON 5550Advanced Topics in Economic Growth[4-0-0:4]Previous Course Code(s)ECON 6120FPrerequisite(s)ECON 5250Exclusion(s)ECON 6120FDescriptionThis PhD course aims to address several topics that are active in the field of economic growth, including, but not limited to, (1) structural change, (2) firm and industry dynamics, (3) political economy, (4) international trade, (5) pertinent research about China's growth and development.
- ECON 5560Advanced International Trade and Investment[4-0-0:4]Previous Course Code(s)ECON 6120GPrerequisite(s)ECON 5130 OR (ECON 5210 AND ECON 5220)Exclusion(s)ECON 6120C, ECON 6120DDescriptionThis is an advanced course on the economics of international trade and foreign direct investment (FDI). In this course, students learn to analyze the causes and consequences of international trade and foreign direct investment. Topics include the sources of gains from trade, the determinants of trade pattern, offshoring, multinational production, geography & trade, and implications of trade policies.
- ECON 5570Advanced Topics in Macroeconomics[4-0-0:4]Previous Course Code(s)ECON 6120APrerequisite(s)ECON 5250DescriptionThe objective of this course is to study the implications of financial market imperfections for macroeconomics and finance, including uninsurable idiosyncratic risks, asymmetric information, moral hazard, agency costs, adjustment costs, and taxation. Lecture is focused on the theoretical foundation of financial imperfections and their qualitative implications. Students need to present papers to the class and complete a computation/estimation project.
- ECON 6100-6190Special Topics[1-4 credit(s)]Previous Course Code(s)ECON 610-619DescriptionSelected topics from the frontiers of research in economic theory and application.
- ECON 6950MSc Project[4 credits]Previous Course Code(s)ECON 695Prerequisite(s)MSc statusDescriptionAn independent project carried out under the supervision of a faculty member.
- ECON 6970Independent Study[1-4 credit(s)]Previous Course Code(s)ECON 697DescriptionStudy of selected economic issues under the supervision of a faculty member in the Department. (Special permission from the Associate Dean is required for MBA students to take this course.)
- ECON 6980Independent Project[6 credits]DescriptionFor MSc(ECON) students opting for the Research Preparation concentration only. This course aims to acquire students with research skills through producing a term paper under the supervision of a faculty member in the Department.
- ECON 6990MPhil Thesis ResearchPrevious Course Code(s)ECON 699DescriptionMaster's thesis research supervised by a faculty member. A successful defense of the thesis leads to the grade Pass. No course credit is assigned.
- ECON 7800Economics Seminar[0-1-0:1]Previous Course Code(s)ECON 780DescriptionResearch seminars presented by students, faculty and guest speakers. Students are expected to attend regularly. May be repeated for credit. Graded P or F.
- ECON 7900Doctoral Seminar[1-4 credit(s)]Previous Course Code(s)ECON 790DescriptionPresentations and discussions of current research projects conducted by PhD students, faculty and visiting scholars. A required course of MPhil (ECON) and PhD (ECON) programs.
- ECON 7990Doctoral Thesis ResearchPrevious Course Code(s)ECON 799DescriptionOriginal and independent doctoral thesis research. A successful defense of the thesis leads to the grade Pass. No course credit is assigned.