Economics

visiting students

Climent giving a tutorial to students at St Edmund Hall

Visiting Students who do not have a strong background in the study of Economics are required to select from the core courses, provided they have had some exposure to economics and sufficient mathematical and statistical studies background. Oxford core courses cover material beyond standard intermediate level, including applications and policy analysis and evaluation.

Visiting Students who have already covered standard US intermediate level microeconomics and macroeconomics courses in economics (or equivalent elsewhere), and have sufficient mathematical and / or statistical methods skills, are welcome, in consultation with tutors at their home institutions, to select any courses from the list below.

Every effort will be made to provide you with your chosen options, but please be aware that we reserve the right to withdraw courses or change the timing of tutorials over the academic year should the need arise. The Department of Economics organises all relevant lectures centrally and timing of these might also change in a particular academic year, and some courses may be withdrawn depending on teaching resources.

Economics courses can only be taken as primary courses. Please note also that because most lectures for optional courses take place in Michaelmas Term, we very much prefer Economics candidates for the whole academic year. Lectures are only given in a particular term, are an integral part of an Oxford Economics course and will not be repeated during one particular academic year. The academic year at Oxford consists of three eight-week terms: October to December (Michaelmas term); January to March (Hilary term); and April to June (Trinity term).

Availability of Economics tutorials also varies according to term of study. It is not uncommon in Oxford that lectures are given in another term than tutorials are taken. Please note the term in which relevant lectures take place and in which term(s) tutorials may be taken for a particular course. This information is noted after the course title.

Core Courses

Michaelmas Term

The course aims to introduce students to some of the fundamental ideas and tools of modern microeconomic theory, including analysis and use of theory of welfare economics, game theory, uncertainty and asymmetric information. Applications to policy issues, such as competition and environmental policies, are integral part of the course. This provides a foundation for many of the subsequent optional courses, as well as core Macroeconomics and core Quantitative Economics.

Hilary Term

The focus of this course is on the core theoretical ideas that are relevant for contemporary macroeconomic policy making. This will involve, for instance, introduction to intertemporal microfoundations of modern macroeconomic modelling, to alternative theories of business cycles and to the idea of time inconsistency in policy making.  The relevance of these ideas is illustrated with the UK and other international experience.

Trinity Term

This course is designed to give students a good understanding of the rationale for and intuition about the application of statistical methods and econometrics to the analysis of a range of applied economics issues, such as income inequality, the economic effects of education, the behaviour of inflation, and determinants of aggregate consumption.

Optional Courses

This course has much to offer in helping students to think about global economics developments by providing an understanding of, for example, the determinants of international trade and rationale (or otherwise) for protectionist policies, the fundamental determinants of the balance of payments and exchange rates and the international context within which domestic macroeconomic policy is designed and conducted.

The objective of the course is to introduce students to key areas of development economics, analysis of conditions in developing countries, and exploring some of the major economic policy issues relating to developing countries, for instance, poverty, health and industrialisation policies.

Public Economics is a wide-ranging discipline concerned with most microeconomic aspects of economic policy. This course covers both principles and applications, for instance, the welfare theoretic foundations of policy analysis, the design of specific taxes, and the economic rationale for the major categories of public spending.

This course covers a range of topics in modern monetary economics, starting from microeconomic explanations for the existence of money and then proceeding to aggregate models of price and output fluctuations, the monetary transmission mechanism, the conduct of monetary policy, explanations for hyperinflation episodes and the relationship between monetary policy and asset returns.

The aim of the course is to understand: the behaviour of employees and employers and of collective groups which they may form; how the labour market works and the macroeconomic and distributional outcomes it produces; the policies and practices of organisations towards their employees; government policy towards labour issues.

The aim of the course is to provide a comprehensive understanding of economic development of the major regions of the world: Europe, Asia, the Americas, Africa, Oceania. The course covers a wide range of topics: Proximate sources of growth: population and human capital, physical capital and technology; The underlying sources of growth: first and second nature geography, institutions and the state; The consequences of growth: living standards, inequality and consumption; International integration and transactions: the role of real trade and factor flows, finance; Warfare and empire.

This course is concerned with the behaviour of firms, and the welfare implications of this. The objective is to provide students an in-depth understanding of the theoretical foundations of firm decisions regarding pricing, product differentiation, advertising, entry, mergers and takeovers, innovation, vertical integration, and organization, from a perspective of strategic firm behaviour. Policy responses to anti-competitive practices by firms will be critically assessed in these areas.

Econometrics is concerned with the application of statistical theory to the analysis of economic data and the estimation of economic relationships. This course covers both an introduction to econometric theory and methods, and a range of applications, including the use of computer software packages.  A necessary prerequisite for this course is knowledge of statistical methods and applications equivalent to Oxford Core Quantitative Economics course.

The course provides a technically rigorous treatment of core elements of microeconomic theory (except Game Theory), in particular the economics of general equilibrium, risk and uncertainty  and asymmetric  information. A necessary prerequisite for this course is knowledge of microeconomic theory at the level equivalent to Oxford Core Microeconomics course, and sufficient command of mathematical methods.

The course covers the following topics: Strategic-form games and extensive-form games. Applications and topics may (but not necessarily) include bargaining, auctions, global games, evolutionary games, cooperative games, learning, and games in political science. A necessary prerequisite for this course is knowledge of microeconomic theory at the level equivalent to Oxford Core Microeconomics course, and sufficient command of mathematical methods.

Visiting Students

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