This information is for the 2021/22 session.
Dr Michael Gmeiner (Michaelmas term)
Dr Xavier Jaravel (Lent term)
This course is available on the MSc in Econometrics and Mathematical Economics and MSc in Economics. This course is available with permission as an outside option to students on other programmes where regulations permit.
Students must have completed Introductory Course for MSc EME (EC451) and Introductory Course in Mathematics and Statistics (EC400).
Knowledge of econometric theory and applied econometrics is expected. Students must be prepared to read journal articles with a difficult mathematical and statistical content.
The course will focus on going through modern quantitative papers which demonstrate the application of econometric techniques to modelling the behaviour of individual economic agents (households and firms) and economies. The first half of the course will focus on papers in the empirical literature on industrial organization, labor economics, and a wide range of topics in applied micro-econometrics illustrating the challenges of identification in both structural and reduced form models. The lectures will illustrate the interplay between models, data, and methods.
The second part of the course focuses on macroeconomic questions using data and tools from applied microeconomics. We cover four styles of empirical work: (1) “reduced-form” approaches (including difference-in-differences, event studies, instrumental variables, and Bartik research designs); (2) structural models; (3) “sufficient statistics” research designs, at the intersection of structural and reduced-form methods; and (4) machine learning techniques. Topics covered include the effectiveness of fiscal stimulus, measurement of inflation, directed technical change, from trade, the macroeconomic impact of financial frictions over the business cycle, the macroeconomic impact of unemployment insurance, and the effect of Artificial Intelligence on the labour market.
20 hours of lectures and 10 hours of seminars in the MT. 20 hours of lectures and 10 hours of seminars in the LT.
This course is delivered through a combination of classes and lectures totalling a minimum of 60 hours across Michaelmas Term and Lent Term. This year, some or all of this teaching will be delivered through a combination of virtual classes, live streamed (recorded) lectures, and some flipped content delivered as short online videos
During Michaelmas term and Lent term, students will work on their essay and receive feedback from the instructors (defining the research question, choosing a research design, etc.). Formative assignments in Michaelmas term will involve a project proposal and creating preliminary tables of results with descriptions of methodology. In Lent term, formative assignments will move students toward creating a draft of the paper and providing feedback to peers.
Articles in economic journals will be assigned at the start of Michaelmas and Lent terms. The course will also draw on methodological topics covered in Wooldridge, Econometric Analysis of Cross Section and Panel Data (2nd edition, 2010), and Angrist and Pischke, Mostly Harmless Econometrics (2009).
Exam (50%, duration: 2 hours, reading time: 15 minutes) in the summer exam period.
Essay (50%, 6000 words) in the ST.
Course selection videos
Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.
Important information in response to COVID-19
Please note that during 2021/22 academic year some variation to teaching and learning activities may be required to respond to changes in public health advice and/or to account for the differing needs of students in attendance on campus and those who might be studying online. For example, this may involve changes to the mode of teaching delivery and/or the format or weighting of assessments. Changes will only be made if required and students will be notified about any changes to teaching or assessment plans at the earliest opportunity.
Total students 2020/21: 3
Average class size 2020/21: 3
Controlled access 2020/21: Yes
Value: One Unit