PhD Economics

Program Overview

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Our four-year integrated PhD Economics follows the MRes Economics programme for year 1 before beginning the PhD study programme within the department in year 2. Our four-year pathway in the Department of Economics for the PhD economics degree provides you with training to develop the research mind-set for PhD studies and gives you the chance to ask difficult questions, break intellectual boundaries and create new solutions to issues of global concern. You work closely with our creative and committed academics - researchers who are pioneering new solutions to these issues, inspiring your own research. We are renowned for our research expertise in a number of areas of economics, including the following:

• Behavioural economics
• Experimental economics
• Industrial organisation, market structure and firm behaviour
• Political economy
• Social networks
• Economic theory
• Financial economics and economics of banking
• International economics
• Macroeconomics and macroeconomic policy
• Public finance
• Search and matching
• Development economics
• Family and health economics including gender, population, and migration
• Labour economics including inequality and the economics of crime
• Microeconometrics
• Spatial econometrics and cross-sectional dependence
• Semi and nonparametric econometrics
• Time series econometrics

We are 4th in UK for research power in economics and econometrics (Times Higher Education research power measure, Research Excellence Framework 2021). You receive training in research methods and tools starting with the modules offered in the MRes Economics programme, followed by advanced research training and expert supervision to reach your full potential, as well as access to top quality research facilities. We also guarantee office space for you from the second year of your PhD studies in our PhD Research Centre, giving you the space and tools to work. We work with you to teach you how to look at the world through an economist's lens, taking a critical approach to dismantle a proposition, working robust methodologies to build an argument based on rigorous theoretical reasoning and sound empirical evidence. Our PhD includes advanced economic methods and analysis, with links to research programmes in our Institute for Social and Economic Research , the UK Data Archive and other departments at Essex. Why we're great.

• We are 4th in UK for research power in economics and econometrics (Times Higher Education research power measure, Research Excellence Framework 2021)
• As one of our PhD students, you can be part of our regular lively debates in seminars, workshops and conferences
• Be the first to read cutting-edge papers published by our academics, in leading journals

Our expert staff

Essex economists are engaged in a variety of research networks and collaborate with economists at other universities in the UK and overseas. Much of our research is related to policy and we often provide advice to government and non-government organisations. The top quality of our work is reflected in our stream of publications in high profile academic journals like the American Economic Review, Econometrica, the Journal of Political Economy, the Journal of Finance, and the Review of Economic Studies . Our staff members also receive funding for their research from a number of national and international funding bodies such as the Economic and Social Research Council and the European Research Commission.

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Specialist facilities

Access to all University facilities at our Colchester Campus, such as our well-equipped Albert Sloman Library and extensive open access computer laboratories, we also guarantee office space for you from the second year of your PhD studies in our PhD Research Centre, giving you the space and tools to work. Extensive software for quantitative analysis is available in all computer labs across the university. You also have access to ESSEXLab, our on-campus social science lab where you can conduct studies using our participants, in state-of-the-art facilities and to the resources available at the Institute for Social and Economic Research and the UK Data Archive .

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Your future

In recent years, our PhD students have obtained posts in a range of academic and non-academic institutions. These include universities such as Bath, Chicago, Dusseldorf, East Anglia, the London School of Economics, Mannheim, Oxford, Rochester, University College London, and organisations like the Office for National Statistics (UK), the Bank of England, Bank of Italy, Bank of Korea, Bank of Mexico, Central Bank of Colombia, the Organisation for Economic Co-operation and Development, European Commission JRC, the World Bank. With the skills and knowledge you acquire from studying within our Department of Economics, you will be in demand from a wide range of employers. We have excellent links with the research community, both in the UK and worldwide, and strong ties with the policy, business and consultancy world, especially in London and other major financial centres.

Program Outline

Course structure

We understand that deciding where and what to study is a very important decision for you. We’ll make all reasonable efforts to provide you with the courses, services and facilities as described on our website. However, if we need to make material changes, for example due to significant disruption, or in response to COVID-19, we’ll let our applicants and students know as soon as possible.

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Components

Components are the blocks of study that make up your course. A component may have a set module which you must study, or a number of modules from which you can choose. Each component has a status and carries a certain number of credits towards your qualification.

Status	What this means
Core	You must take the set module for this component and you must pass. No failure can be permitted.
Core with Options	You can choose which module to study from the available options for this component but you must pass. No failure can be permitted.
Compulsory	You must take the set module for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Compulsory with Options	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.
Optional	You can choose which module to study from the available options for this component. There may be limited opportunities to continue on the course/be eligible for the qualification if you fail.

The modules that are available for you to choose for each component will depend on several factors, including which modules you have chosen for other components, which modules you have completed in previous years of your course, and which term the module is taught in.

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Modules

Modules are the individual units of study for your course. Each module has its own set of learning outcomes and assessment criteria and also carries a certain number of credits. In most cases you will study one module per component, but in some cases you may need to study more than one module. For example, a 30-credit component may comprise of either one 30-credit module, or two 15-credit modules, depending on the options available. Modules may be taught at different times of the year and by a different department or school to the one your course is primarily based in. You can find this information from the module code . For example, the module code HR100-4-FY means:

HR	100	4	FY
The department or school the module will be taught by. In this example, the module would be taught by the Department of History.	The module number.	The UK academic level of the module. A standard undergraduate course will comprise of level 4, 5 and 6 modules - increasing as you progress through the course. A standard postgraduate taught course will comprise of level 7 modules. A postgraduate research degree is a level 8 qualification.	The term the module will be taught in. AU : Autumn term SP : Spring term SU : Summer term FY : Full year AP : Autumn and Spring terms PS: Spring and Summer terms AS: Autumn and Summer terms

Year 1 Final Year What interests you? Set out the field of study for your research, as an essay or research paper of around 6,000 words. Identify relevant literature and any issues for research. If you are planning empirical work then outline your data sources and timeline. Don’t forget to include your bibliography. View Research Plan on our Module Directory This module covers the concepts and methods of modern microeconomics. You will begin with an overview of the competitive economy and develop the two fundamental theorems of welfare economics. You will then study various types of imperfections in markets such as differential information and strategic interaction with a view to understanding the potential role for government policy. Topics covered include contract theory (with moral hazard and adverse selection problems), equilibrium concepts in game theory, and market signalling. View MREs Microeconomics on our Module Directory COMPONENT 02: OPTIOL EC991-8-AU or EC993-8-AU or EC995-8-AU (20 CREDITS) This is an advanced module in macroeconomics. You will cover the concepts and methods of modern macroeconomics, beginning with an overview of the two main paradigms of macroeconomics: the Classical and Keynesian models. You will then develop the main model to study the economy in the long run: the Solow growth model. You will then study the determinants of consumption and investment, and finish with the study of economies in an infinite horizon. View MREs Macroeconomics on our Module Directory COMPONENT 03: OPTIOL EC991-8-AU or EC993-8-AU or EC995-8-AU (20 CREDITS) This module aims to provide you with necessary technical fundamentals in econometrics that would be important for your research in the future. You will learn about OLS, WLS, GLS, GMM, and MLE estimation techniques and the rigorous properties of those estimators by using linear algebra. This module begins with a brief review of the mathematical and statistical prerequisites needed for econometrics illustrated using ordinary least squares methods in the classical linear regression model. It then proceeds to cover the use of asymptotic methods in econometrics, classical hypothesis tests, generalized least squares, instrumental variables and the generalized method of moments, and maximum likelihood. View MREs Econometrics on our Module Directory What mathematical concepts are vital to understanding modern economic theory? Gain the essential mathematics skills needed to study economics at Masters-level, such as optimisation theory and the role of equilibrium. Understand how economic arguments work and improve your problem solving skills by using real-world economic problems. View Mathematical Methods on our Module Directory Interested in understanding current research and undertaking research in economics? This module covers topics in decision theory, game theory and information economics, contract theory and mechanism design with an emphasis on mathematical formalism. The module will introduce you to the mathematical framework and methods that are relevant to research in these topics. View Advanced Microeconomics on our Module Directory This module introduces some of the fundamental building blocks of modern macroeconomics left uncovered by the first term module and will cover both real and monetary economies. After an advanced treatment of consumption and investment, the module will focus on the role of innovation in economic growth and its modelling. We will then look at fiscal policies, mainly the concepts of Ricardian equivalence, distortionary and optimal taxation and tax smoothing. Within the overlapping generation framework we will look at the issue of funding of social security. Finally, the module will consider monetary policy. View Advanced Macroeconomics on our Module Directory COMPONENT 07: COMPULSORY WITH OPTIONS EC965-7-SP or EC964-7-SP (20 CREDITS) What interests you? Undertake a research project of your choosing, studying a specific economic issue or set of problems in depth, with supervision from our world-leading academic staff. Gain experience of original and independent work, making use of and building on skills that you have acquired during your Masters. View Dissertation on our Module Directory View Economics - Completion on our Module Directory

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Teaching

The first year of the PhD (Integrated) programme follows the structure of the MRes Economics programme. Progression to the second year of the programme requires a merit (60% or higher) in the microeconomics, macroeconomics, and econometrics sequences and in the mathematics module and submission of the dissertation for the MRes Economics. Starting the second year, the programme follows the structure of the three-year programme for the PhD Economics degree.

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Assessment

Our department maintains a lively, friendly, and supportive atmosphere for research. We also provide a number of training opportunities and support services to aid your studies and to help prepare you for employment:

• Proficio: Proficio is our innovative professional development scheme for postgraduate research students, unique to Essex. We believe that your academic and professional development is vital to your growth as a postgraduate research student and we give you funds that can be spent on a variety of courses and conferences.
• Teaching Opportunities: Our department offers paid opportunities for both Graduate Teaching Assistants and Research Assistants.

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Dissertation

In your completion year you should be revising and rewriting chapters. You submit your approved thesis to an internal reader for comments, and then submit your final thesis before the end of the academic year. We expect our PhD students to complete their PhD within four years of entering, so you are monitored regularly to ensure you are progressing.