Postgraduate Courses

Undergraduate courses marked with [EXP] may adopt the approach of experiential learning subject to different offerings. Students should check the delivery mode of the class section before registration.

• ECON 5040

  Economics of Financial Technology

  [2 Credit(s)]
  Background

  Basic knowledge of macroeconomics

  Description

  This course focuses on using economic concepts to analyze the implications of financial technologies (FinTech) on the macroeconomy. It also addresses policy implications of FinTech on financial stability, central banking, and monetary policy. The aim is to highlight the importance of formulating appropriate policies to foster healthy development of the FinTech sector and at the same time ensure the financial stability of the economy.
• ECON 5060

  Applied Machine Learning for Economic and Financial Analysis

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110L

  Description

  This course introduces the applications of machine learning for economic and financial analysis. It relates different business problems to the relevant supervised and unsupervised learning tasks. Topics include valuation of property prices, macroeconomic forecasting, credit risk prediction, financial transaction fraud detection, portfolio analysis, volatility prediction, and stock market anomaly detection. Students will learn and apply basic machine learning tools to solve practical economic and financial cases.
• ECON 5100

  Mathematics for Business and Economics

  [3 Credit(s)]
  Exclusion(s)

  ECON 5150

  Description

  Application 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 on mathematics with special emphasis on linear algebra and optimization.
  • 2.
    Recognize the mathematical skills which are essential for postgraduate studies of economic theory.
• ECON 5101

  Econometric Thinking for Business Strategists

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6101G

  Description

  This course explores the art and science of econometric models in business strategy analysis, equipping leaders and strategists with the skills to understand and interpret econometric analyses. Participants will learn three key techniques: randomized control trials, regression discontinuity, and differences-in-differences. They will also gain practical knowledge on how to apply these powerful tools to big data.
• ECON 5102

  The Business of Happiness

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6101H

  Description

  This course examines the essential link between happiness and effective leadership, inspired by Albert Schweitzer's belief that “Happiness is the key to success.” Students will explore their own happiness and learn to manage it alongside that of others. Objectives include mapping personal strengths and desires, engaging with the latest happiness research, and developing strategies to boost well-being and life satisfaction. Students will learn tools to enhance their competitive edge while enjoying their professional and personal lives.
• ECON 5104

  Macro Investment Strategy in Practice

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6101F

  Exclusion(s)

  ECON 5344

  Description

  This course examines the relationship between macroeconomic variables and asset markets, with a focus on investment implications. It provides a macroeconomic framework to analyze how policy decisions and economic shocks affect major asset classes like equity, fixed income, and foreign exchange, emphasizing Asia-Pacific equity markets. Data interpretation, central bank roles in monetary policy, and real-world examples from the instructor’s finance career are highlighted throughout.
• ECON 5110

  Managerial Microeconomics

  [2 Credit(s)]
  Exclusion(s)

  ECON 5130, IMBA 5040

  Mode of Delivery

  [BLD] Blended learning

  Description

  Demand 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 analyze the direct effects and the strategic effects of various business decisions in the context of oligopoly market.
  • 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 5125

  Behavioral Economics

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6101C

  Description

  The course demonstrates how insights of behavioral economics can be utilized by managers to address important decisions confronting the firm via case studies. It introduces the basic concepts of behavioral economics, including loss aversion, prospect theory, time-inconsistency, biases in information processing, nudge/choice architecture, behavioral game theory.
• ECON 5130

  Microeconomic Analysis

  [4 Credit(s)]
  Exclusion(s)

  ECON 5210

  Background

  MSc students, Non-Economics PhD students.

  Description

  Theory 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.
    Present the theory of general equilibrium. 
  • 2.
    Present various cases in industrial organization.
  • 3.
    Present standard equilibrium concepts in game theory.
• ECON 5140

  Macroeconomic Analysis

  [4 Credit(s)]
  Exclusion(s)

  ECON 5250

  Background

  MSc students, Non-Economics PhD students

  Description

  Stylized 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 impacts of each key component and the consequences of including them, 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 5150

  Mathematical Foundations for Economic Analysis

  [2 Credit(s)]
  Exclusion(s)

  ECON 5100

  Background

  Knowledge of calculus and basic linear algebra.

  Description

  This course introduces several branches of mathematics necessary for postgraduate studies in economics. It serves as a general introduction with emphasis on optimization. Topics include Matrix algebra, Elementary real analysis, General optimization and Dynamic optimization.
• ECON 5180

  Strategy and Organization

  [2 Credit(s)]
  Prerequisite(s)

  ECON 5110 OR ECON 5130 OR ECON 5210

  Description

  This 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 5190

  Games and Strategic Behavior

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6100M

  Prerequisite(s)

  ECON 5110 OR ECON 5130 OR ECON 5210

  Description

  This 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 5200

  Global Macroeconomics

  [2 Credit(s)]
  Exclusion(s)

  ECON 5250

  Description

  This 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 5210

  Microeconomic Theory I

  [4 Credit(s)]
  Background

  One year of calculus

  Description

  Theory 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.
    Diagnose and resolve 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 5220

  Microeconomic Theory II

  [4 Credit(s)]
  Prerequisite(s)

  ECON 5210

  Description

  Introduction to general equilibrium theory and welfare economics, economics of information and uncertainty, game theory, theory of contract and organization, topics in modern microeconomics.
• ECON 5250

  Macroeconomic Theory I

  [4 Credit(s)]
  Description

  Classical and Keynesian models, microfoundations of macroeconomics, dynamic and stochastic models of the macroeconomy, rational expectations, business cycles.
• ECON 5260

  Macroeconomic Theory II

  [4 Credit(s)]
  Prerequisite(s)

  ECON 5250

  Description

  Theories of consumption, investment, money, and asset prices; inflation; unemployment; economic growth; the "twin" deficits; fiscal and monetary policies.
• ECON 5280

  Applied Econometrics

  [4 Credit(s)]
  Exclusion(s)

  ECON 5300

  Description

  Ordinary 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 5300

  Econometrics

  [4 Credit(s)]
  Prerequisite(s)

  (ECON 5100 OR ECON 5150) AND ISOM 5540

  Description

  Ordinary 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 5311

  Applied Micro-econometrics

  [4 Credit(s)]
  Previous Course Code(s)

  ECON 6120T

  Prerequisite(s)

  ECON 5300

  Description

  This course teaches classical and recent applied econometric methods in empirical microeconomics for Ph.D. students. The goal of this course is to enable students to understand, design, and implement effective empirical strategies to support empirical claims, particularly causal claims, at the level required for professional researchers in empirical microeconomics. These empirical strategies include randomized experiments with and without compliance, regression discontinuity, difference-in-differences, and recent techniques such as causal machine learning. In addition, students will write code in R/Python to perform simulation, estimation, and inference and to learn how to read empirical microeconomics papers critically. Students will also learn best practices for data science project management using modern tools including git/GitHub, VS Code/Cursor, and AI.
• ECON 5330

  Information Economics

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6100H

  Prerequisite(s)

  ECON 5130 OR ECON 5210

  Description

  This 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 5341

  Topics in Monetary Policy and Central Banking

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6100R

  Prerequisite(s)

  ECON 3024 OR ECON 3143 OR ECON 5140

  Description

  The topics to be covered in this course include an overview of tasks and responsibilities of a central bank/monetary authority; relationships of monetary policy to other forms of economic and financial stability policy; objectives of monetary policy; institutional and historical aspects of monetary policy; monetary policy transmission channels, interactions between monetary, fiscal, and exchange rate policies; tools of monetary policy; causes and dynamics of hyperinflations; forecasting methods for inflation, output, and financial variables; international aspects of central banking and monetary policy.
• ECON 5343

  Open Economy Macroeconomics

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110C

  Prerequisite(s)

  ECON 5140 OR ECON 5250

  Description

  The course will cover macroeconomic models of exchange rates and international capital flows. This includes the connection between monetary policy and foreign exchange markets, models of long-term growth and the real exchange rates, and business cycle models of the balance of payments.
• ECON 5344

  Macro Investment Strategy

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110R

  Exclusion(s)

  ECON 5104

  Background

  Students should have a basic knowledge of undergraduate macroeconomics and finance.

  Description

  This course deals with the relationship between macroeconomic variables and asset markets, emphasizing investment implications. It develops a formal macroeconomic framework for analyzing the impact of policy decisions and economic shocks on major asset classes - equity, fixed income, foreign exchange, among others. While the framework is global and multi-asset, the focus is on Asia-Pacific equity markets. The use of data, whether it be via the use of factor analysis or the use and interpretation of economic and market related indicators, is emphasized throughout. The important role of central banks and monetary policy in the relationship between policy and asset prices, is a common theme. Real world examples - either current or from first-hand experience - are commonly used alongside theory.
• ECON 5345

  Quantitative Macroeconomics

  [4 Credit(s)]
  Previous Course Code(s)

  ECON 6120W

  Prerequisite(s)

  ECON 5250 AND ECON 5260 AND ECON 5300

  Description

  The course covers empirical and theoretical tools of applied macroeconomics. It is for Ph.D. students, although anyone serious about macroeconomics is welcome. With an emphasis on implementation, computation, and applications, we will discuss the following topics: time-series methods, vector autoregressions with different identification schemes, state-space models and filtering, the solution to and estimation of dynamic stochastic general equilibrium models, numerical dynamic programming, and heterogeneous agent models, if time allows. By learning the advanced methods for quantitative macroeconomic research and their applications, students can understand macroeconomic research at the frontier better. It will also help students develop their research ideas and find proper methodological approaches to the questions.
• ECON 5346

  Business Cycles and Monetary Policy

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110S

  Background

  No formal prerequisite but ECON 5140 or equivalent is assumed knowledge for this course.

  Description

  This course provides an introduction to business cycles with applications in monetary policy, providing natural progression from ECON 5140. It includes Real Business Cycle (RBC) models, monetary models, Dynamic Stochastic General Equilibrium Models (DSGE) and models with New Keynesian frictions, including nominal rigidities and financial frictions. Key topics in monetary policy (or monetary economics) such as money neutrality, super money neutrality, the Fisher equation, Friedman rule, equilibrium determinacy, time inconsistency and reputation in monetary policy are also explored in this course. Numerical solution techniques are emphasized with calibration and simulation methods taught using Matlab, Octave and Dynare, to compute the quantitative impact of economic shocks and policy events. Bonus computing workshops will be provided. Applications to policy and real world phenomena are emphasized throughout.
• ECON 5347

  International Finance and Open Economy Macro

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110T

  Background

  Assumed knowledge is ECON 5140 or advanced undergraduate training in macroeconomics.

  Description

  This course presents a modern introduction to international finance and open economy macroeconomics based on a micro-founded, dynamic general equilibrium approach. We will cover basic open economy topics including global imbalances, current account sustainability, theories to explain the current account, determinants of real interest rates, and international capital integration. This course presents data and real-World themes such as the US-China trade war and other contemporary global policy challenges. This course extends students' knowledge of closed economy macroeconomics to the open economy and numerous global finance topics such as the forward premium puzzle, the role of carry trades, providing valuable background for students wishing to enter policy, consulting, investment banking or asset management industries in a global setting.
• ECON 5348

  Financial Economics: Corporate Finance

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6100S

  Exclusion(s)

  FINA 5120

  Description

  This course applies Industrial Organization to examine crucial corporate finance policies such as investment policy, financing policy, and payout policy, and to demonstrate their importance in creating or destroying firm value. Students learn to value any asset using simple, universal principles, and use Microeconomic Theories to analyze corporate governance issues such as agency conflicts and managerial incentives. For MSc(ECON) students only.
• ECON 5349

  Financial Economics: Portfolio Management

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6100Q

  Exclusion(s)

  FINA 5210

  Description

  This 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.
• ECON 5350

  Banking and Financial Intermediation

  [2 Credit(s)]
  Prerequisite(s)

  ECON 5140 or ECON 5250

  Description

  This 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 5351

  Environmental Economics

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110D

  Prerequisite(s)

  (ECON 5130 OR ECON 5210) AND ECON 5280

  Exclusion(s)

  PPOL 5351, ENVR 5250

  Description

  This course is an introduction to an economics perspective of environmental problems, with attention to public policy solutions to pollution and climate change challenges. Part I will cover the ways in which markets fail to efficiently allocate resources in the presence of pollution along with the class of Pigouvian policies used to correct those failures. Part II will focus on the empirical techniques used by economists to assess the cost and benefits of environmental policies.
• ECON 5352

  Housing Economics

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110I

  Prerequisite(s)

  ECON 5130 AND ECON 5140 AND ECON 5280

  Description

  Housing has its unique characteristics in terms of heterogeneity, durability, and spatial fixity. This suggests that the microeconomic implications for housing are different from those for a standard commodity. Besides, the macroeconomic implications of housing market fluctuations can be significant to the aggregate economy, given that many households borrow mortgages to finance their home purchases. This course addresses both the microeconomic and macroeconomic issues of housing. Topics include demand-supply and equilibrium analysis of housing, rationales and effects of certain public policies on housing, causes and consequences of housing market fluctuations, and housing market spillovers.
• ECON 5353

  Value Investing in Global Markets

  [3 Credit(s)]
  Previous Course Code(s)

  ECON 6110P

  Exclusion(s)

  ECON 5410

  Description

  This course covers the philosophy, theory, and practice of value investing as it has developed since Graham. Techniques of investing will be presented, including search, valuation, and portfolio construction. The focus will be on the economic analysis and valuation of firms, with the underlying goal of achieving a comprehensive understanding of each firm. The course will begin with an exploration of industry and market trends, followed by a systematic development of valuation techniques from the ground up, along with an examination of the limitations of current standard valuation methods. These techniques and the developed framework will be applied to study specific companies. Finally, the course will address portfolio construction and issues related to portfolio management.
• ECON 5360

  Monetary Economics

  [2 Credit(s)]
  Prerequisite(s)

  ECON 5130 OR ECON 5210

  Description

  This 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 5370

  Using Data for Economics Analysis

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6100G

  Prerequisite(s)

  ECON 5130 OR ECON 5140 OR ECON 5210 OR ECON 5250

  Description

  This 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.
    Use fundamental knowledge of the R platform to perform data management with R, use graphic functions for presentation, and write R scripts for specific research projects.
  • 3.
    Write and present reports on economic analysis.
• ECON 5390

  Labor Economics

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6100K

  Prerequisite(s)

  ECON 5130 OR ECON 5210

  Description

  This 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 the labor market and study the effects of private and public policies on wages and employment. Issues about unemployment, taxation, minimum wage, and monopsony will be studied.

  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 5410

  Value Investing from an Economic Perspective

  [2 Credit(s)]
  Prerequisite(s)

  ECON 5400

  Exclusion(s)

  ECON 5353

  Description

  This 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 philosophy, style and tools of value investing.
  • 2.
    Apply concepts in Accounting, Microeconomics and Corporate Finance to analyze companies and their stocks.
  • 3.
    Develop a research report on value investing independently.
• ECON 5420

  Topics in Development Economics

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6100L

  Prerequisite(s)

  (ECON 5130 OR ECON 5210) AND (ECON 5140 OR ECON 5250)

  Description

  The 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.
    analyse 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 analyse how market imperfections may impede growth, and in particular lead to a poverty trap
  • 5.
    analyse 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 analyse 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 5510

  International Trade

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110F

  Prerequisite(s)

  (ECON 5130 OR ECON 5210) AND (ECON 5140 OR ECON 5250)

  Exclusion(s)

  ECON 5560

  Description

  International trade has become more and more important, as transportation costs and artificial trade barriers keep falling over time. The world is more and more integrated through trade. Trade also plays a very important role in the development of many emerging economies, such as China. This course discusses the determinants of the pattern of international trade, why nations trade, what they trade, the gains from trade, and the distributional effects of trade. Then, we go on to analyze the motives, consequence and welfare implications of trade policies, and political economy of trade, such as free trade agreements, and the World Trade Organization.
• ECON 5560

  Advanced International Trade and Investment

  [4 Credit(s)]
  Previous Course Code(s)

  ECON 6120G

  Prerequisite(s)

  ECON 5130 OR (ECON 5210 AND ECON 5220)

  Exclusion(s)

  ECON 6120C, ECON 6120D

  Description

  This 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 5580

  International Economics

  [3 Credit(s)]
  Previous Course Code(s)

  ECON 6120N

  Prerequisite(s)

  ECON 5140 or ECON 5250

  Description

  The course aims to familiarize graduate students with theories of international macroeconomics and related research questions. It focuses on determination of the current account and exchange rate, business cycle co-movement, and optimal monetary policy in open economies.
• ECON 5610

  Cheap-Talk: Theory and Experiment

  [4 Credit(s)]
  Previous Course Code(s)

  ECON 6120K

  Prerequisite(s)

  ECON 5210 AND ECON 5220

  Description

  This course covers game-theoretic works on communication. It maintains a healthy balance between classic/core papers and more recent papers, and between theory papers and experimental papers. Some of the topics covered is sender-receiver games, mediated communication, psychological aspects of communication, and game theory at the intersection of economics and linguistics. The goal is to stimulate original (theoretical and/or experimental) research in one of these areas.
• ECON 5611

  Advanced Topics in Behavioral Decision Theory

  [4 Credit(s)]
  Previous Course Code(s)

  ECON 6120Y

  Prerequisite(s)

  ECON 5210

  Description

  Behavioral economics stresses the need to incorporate psychological considerations into economics. The course covers decision making under risk, across time and involving others. Students will develop research skills on how to incorporate psychology to explain economic behavior, and how to apply behavioral economics to various economic and business settings.
• ECON 5620

  Theory of Industrial Organization

  [4 Credit(s)]
  Previous Course Code(s)

  ECON 6120L

  Prerequisite(s)

  ECON 5210

  Description

  This course surveys recent advances in the theory of industrial organization, with the objective of preparing students to develop their own research ideas in related areas. Relevant tools of dynamic game theory, mechanism and information design are introduced. Topics such as competition and pricing, contract design and information disclosure will be covered.
• ECON 5630

  Empirical Industrial Organization

  [4 Credit(s)]
  Previous Course Code(s)

  ECON 6120I

  Corequisite(s)

  ECON 5210 AND ECON 5300

  Description

  This course covers various econometric methods used in industrial organization that is often referred to as the structural estimation approach. These methods have been gradually developed since 1980s in parallel with the modernization of industrial organization based on the game theory and now widely applied in antitrust policy, business strategy, and neighboring fields such as labor economics and international economics. This course presumes a good understanding of PhD-level microeconomics and microeconometrics. Participants are expected to understand at least UG-level industrial organization. This course requires participants to write programs mostly in R and sometimes in C++ to implement various econometric methods.
• ECON 5640

  Policy Evaluation and Evidence Based Policy Making

  [2 Credit(s)]
  Prerequisite(s)

  ECON 5280

  Description

  This course has two objectives: 1) to provide basic tools and skills for evaluating public policies in both developed and developing countries, and 2) to learn, through examples, how these tools and skills are actually applied to public policy evaluation. The case studies will focus on human capital development such as health, education, and labor policies.
• ECON 5650

  The Asset Management Industry

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110M

  Description

  This course will examine the global asset management industry, focusing on the innovations and challenges that have been driving developments in the industry since the 2008 Financial Crisis.
• ECON 5660

  The Economics of ESG Investing

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110N

  Description

  This course will examine topics in investing according to Environmental, Social and Governance (ESG) principles, a major phenomenon in the global investment industry.
• ECON 5670

  Urban Economics

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110Q

  Description

  This course discusses the economics of cities in the context of housing, labor, and transportation. Topics include business and individual location decisions, land use, urban amenities, agglomeration economies, local governance, etc. The course covers empirical methods for urban policy analysis, such as the hedonic model, and discrete choice models. This course also discusses advanced general equilibrium models used in contemporary urban literature, including quantitative spatial models. Students will learn basic tools for the visualization of spatial GIS data, and analytical tools for empirical evaluations of urban policies.
• ECON 5700

  Macroeconomic and Financial Risk Management

  [2 Credit(s)]
  Previous Course Code(s)

  ECON 6110E

  Prerequisite(s)

  ECON 5280

  Description

  Financial institutions encounter different kinds of risks resulting from changes in macroeconomic or financial conditions. These include changes in interest rates, equity or commodity prices, exchange rates, corporate or sovereign credit rating, government policy or regulation, and political stability. Those changes may affect their economic profit or investment return. This course introduces fundamental concepts and methods of risk management. It focuses on the identification, quantification, and management of various economic and financial risks. Problems and challenges that arise in the risk management process are also addressed.
• ECON 6100-6190

  Special Topics

  [1-4 Credit(s)]
  Description

  Selected topics from the frontiers of research in economic theory and application.
• ECON 6520

  Seminar in Economic Design

  [4 Credit(s)]
  Previous Course Code(s)

  ECON 6120Q

  Prerequisite(s)

  ECON 5220

  Description

  In this course we deep-dive into market design, that is, the application of economic theory to designing or improving various kinds of market mechanisms. In particular, we will focus on two kinds of market mechanisms: matching and auction. If time permits, we may also discuss the design of financial markets. We will learn some theory, and then we will also learn how to use the theory to analyze and design markets for practical use. This course will be taught in a seminar format. Prepare to actively participate in discussions.
• ECON 6900

  Economics Practicum

  [2 Credit(s)]
  Description

  This course provides MSc in Economics students with a unique opportunity to bridge theory and practice by engaging in real-world applications of their academic training. The Practicum enables students to cultivate professional competencies, gain meaningful exposure to applied economic work, and develop a richer appreciation of the challenges and complexities encountered in the field. Graded P or F.
• ECON 6950

  MSc Project

  [2 Credit(s)]
  Prerequisite(s)

  MSc status

  Exclusion(s)

  ECON 6980

  Description

  An independent project carried out under the supervision of a faculty member.
• ECON 6970

  Independent Study

  [1-4 Credit(s)]
  Description

  Study 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 6980

  Independent Project

  [6 Credit(s)]
  Exclusion(s)

  ECON 6950

  Description

  For 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 6990

  MPhil Thesis Research

  [0 Credit(s)]
  Description

  Master'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 7800

  Economics Seminar

  [1 Credit(s)]
  Description

  Research seminars presented by students, faculty and guest speakers. Students are expected to attend regularly. May be repeated for credit. Graded P or F.
• ECON 7900

  Doctoral Seminar

  [1-4 Credit(s)]
  Description

  Presentations 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 7990

  Doctoral Thesis Research

  [0 Credit(s)]
  Description

  Original and independent doctoral thesis research. A successful defense of the thesis leads to the grade Pass. No course credit is assigned.