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Quantitative Methods

Module Code: EC4090

Module Title: Quantitative Methods

  • ECTS Weighting: 15
  • Semester/Term Taught: Michaelmas + Hilary Term
  • Contact Hours: 44 hours of lectures and 18 hours of tutorials
  • Module Personnel: Lecturer - Professor Vahagn Galstyan

Learning Outcomes

Having successfully completed this module, you will be able to:

  • Apply mathematical techniques to economic problems in both dynamic and static settings;
  • Derive and understand economic insights from solutions to mathematically formulated economic models;
  • Derive and understand properties of different estimators;
  • Apply this knowledge to analyzing statistical data;
  • Simulate different estimators in STATA.

Module Learning Aims

Satisfactory completion of this module will contribute to the development of the following key skills:

  • Ability to represent economic ideas in mathematical form;
  • Ability to quantify the implications of economic models;
  • Ability to estimate and analyse economic models;
  • Ability to simulate economic models.

Module Content

In Michaelmas term, Quantitative Methods is a continuation of Junior Sophister Mathematical Economics, EC3080. The emphasis is on dynamic analysis, and the topics include differential and difference equations, and dynamic optimization. The term concludes with an introduction to stochastic calculus.

The second part of Quantitative Methods, in Hilary term, deepens and extends the treatment of classical econometric and time-series methods given in the Junior Sophister Econometrics module EC3090. The deepening focuses on regression methods and misspecification testing, cointegration and unit root econometrics. Empirical examples are discussed in most of these areas, and students are supervised in applied work of their own using the STATA econometrics package.

Topics discussed during Hilary term include:

  • Statistical Properties of OLS;
  • Generalized Least Squares;
  • Instrumental Variables;
  • Unit Roots and Cointegration.

Recommended Reading ListMichaelmas term

  • A.C. Chiang and K. Wainwright (2005), Fundamental Methods of Mathematical Economics (4th ed.), McGraw-Hill.

Hilary term

  • Davidson, Russell and James MacKinnon (2004), Econometric Theory and Methods, Oxford University Press;
  • Enders, Walter (2009) Applied Econometric Times Series, Wiley.

Module Pre Requisite

EC3080 and EC3090

Assessment Details

There is one project in each term, each counting for 10% of the overall mark for the year. The annual examination accounts for 80% of the overall mark.

Module Website