Master of Science in Applied Economics

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Description of Courses

Core Courses

AE 6101 Advanced Microeconomic Theory (3 AUs) 
This course explores the fundamentals and methodology of modern microeconomic analysis. The course covers economic theories and models that describe consumers, firms and markets. Specific topics include consumer behaviour, production and cost, government intervention, market structure, elements of game theory, externalities, public goods, as well as information theory.

AE 6102 Advanced Macroeconomic Theory (3 AUs)
This course examines economic theories and models that describe the economy as a whole. Specific issues of interest include output, inflation, business cycle, the macroeconomic impact of monetary and fiscal policies, and the tradeoff between unemployment and inflation. The course also discusses the different components of GDP, such as consumption and investment, and introduces the candidate to the role of money in a modern economy.

AE 6103 Applied Econometrics (3 AUs)
This course covers econometric techniques which are useful for microeconometric modeling. Issues relating to estimation and testing of a range of models for analysing microeconomic data are discussed. The methods are illustrated with applications taken from consumer theory, labour markets, finance and other areas of economics. Topics covered include panel data and count data models, limited dependent variables, discrete choice models and duration analysis. The course will provide hands-on experience for the use of computer software. Students who take this course are not allowed to take AE6104.

AE 6207 Quantitative Methods (3 AUs)
This course will cover the following topics; Matrix Algebra, Optimization methods, Probability, Discrete type distributions, Continuous distributions, Sampling distribution theory, Hypotheses testing and Multivariate distributions, etc.

AE 6312 Economic Growth and Development (3 AUs)
This course explores developments in the analysis of economic growth and introduces current debates on evidence and policy relevant to the growth performance. It covers a wide range of topics, including population, education, health, technology, inequality, geography, and growth econometrics, among others.This course therefore provides an understanding of why some nations are rich and others poor, and why some countries grow quickly and others slowly. It is important for our students to develop the skills in evaluating the impact of some public policies on a country's long run growth.​


Quantitative Economics Cluster​

AE 6201 Macroeconometric Modeling and Forecasting (3 AUs)
The purpose of this course is to introduce econometric and time series approaches to modelling and forecasting. Emphasis will be given to quantitative techniques useful for macroeconomic modelling. Throughout the course, hands-on exercises using statistical packages will be provided. Topics covered include single-equation and simultaneous equations models, ARIMA models, vector autoregressions, causality, unit roots and cointegrations. Forecasting principles and forecast evaluations will also be discussed.

AE 6203 Financial Econometrics (3 AUs)
This course introduces financial econometric models and their application to modelling and forecasting of financial time series data. The aim is to equip candidates with the basic characteristics of financial data and provide experience in analysing financial time series. Econometric techniques are applied to finance topics which include portfolio theory, capital asset pricing models, option pricing models and portfolio management. Real examples of data analysis will be discussed.

AE 6209 Economics of Financial Analysis (3 AUs)
This course will cover various topics in financial analysis such as equity analysis, credit analysis, model building and forecasting, cost and cycles of inventory, etc.


Analytical Economics Cluster

AE 6301 Seminar Course on the Singapore Economy (3 AUs)
The course is a study of Singapore economic policies - their rationale, design and what they have achieved. Topics include economic development, economic stabilisation, monetary and fiscal policies, privatisation and liberalisation, manpower and labour market, social security and regionalism, etc.

AE 6302 Money and Banking (3 AUs)
The course deals primarily with monetary theory and policy. The course will explore the main theories of money demand and supply, as well as the determination of monetary policy and its impact on interest, inflation, output and public finances. The course will enable the candidate to better understand and analyse the role of money in a modern economy, especially in the context of current trends such as central bank independence and financial liberalisation.

AE 6303 Public Sector Economics (3 AUs)
The course provides an in-depth introduction to the economics of government expenditure and taxation. The course explores topics such as the theoretical rationales for government production, the effects of taxation on economic decision-making by individuals, and cost-benefit analysis of government projects. The candidate will acquire a more systematic understanding of the public sector’s economic role in market economies.

AE 6304 Cost Benefit Analysis and the Environment (3 AUs)
This course will help the candidates to evaluate public sector projects and policies more quantitatively and hence more accurately. The first part of the course examines the theoretical foundations of cost benefit analysis. Specific issues include investment criteria for the public sector, risk and uncertainty, impact on income distribution, shadow pricing, positive and negative externalities, and the social rate of discount. The second part of the course centres on the application of cost benefit analysis to a number of case studies.

AE 6305 Asian Economic Development and Asian Economic Integration (3 AUs)
Over the past three decades, Asia has been the most dynamic region in the world. During much of this period, Asia was able to grow while other developing regions (and some developed countries) stagnated. In terms of social and economic transformation, it achieved in thirty years what took three hundred years in Europe. What were the sources of this economic success story? Is there an “Asian economic model” and is it exportable? What does the Asian Financial Crisis of 1997-98 teach us regarding the shortcomings of the East Asian policy experience? In what ways has Asia been developing as a region, i.e., through regional economic integration initiatives, and how far can the “Asian Vision” be carried? The Asian Financial Crisis marked a watershed as in the post-crisis period Asian countries are actively seeking to promote regional cooperation and integration. The course will focus on identifying the factors which contributed to the “Asian Economic Miracle” and the host of issues confronting the new post-crisis Asia.

AE 6306 International Economic Policy (3 AUs)
This course will address a number of cutting-edge issues in international economic policy in a rapidly globalising world. The course will be divided into two parts. The first will focus on issues in the areas of international money, finance, and exchange rates with particular attention to the evolving international financial architecture and the challenges for financial stability associated with closer international financial integration. The second part will deal with issues in the trade area related in particular to the interaction between the economic and political dimensions of trade policy and the recent shifts from multilateral approaches to trade liberalisation toward more regional and bilateral approaches. Even though the focus of the course will be on global issues, extensive examples will be provided of the implications for the Asian economies and how the region is responding to the challenges of globalisation.

AE 6307 Behavioural Economics for Policy Analysis (3 AUs)
Behavioural economics is an exciting new field within economics. Behavioural economics challenges some of the basic assumptions of traditional economics about human economic behaviour and incorporates insights from other disciplines such as psychology and sociology. New insights derived from more realistic assumptions about human behaviour will enable the policymaker to better formulate and evaluate economic policy.

AE 6308 Industrial Organisation (3 AUs)
Applying microeconomic theory to examine the economics of firms and industries, this course will first examine fundamental concepts such as the rationale for the modern firm and the definition of markets and market power. On the basis of these concepts, the course will then analyse issues such as the exercise of monopoly power, strategic interaction between firms and competition policy, highlighting recent developments and real-life case studies.

AE 6310 Labour Economics and Industrial Relations (3 AUs)
The course examines the economics of the labour market. The theoretical foundation of the module is based on utility and profit maximization, upon which we derive the demand for labour, supply of labour, and human capital investment. The course makes use of this premise to explore specific topical issues such as wage determination, training and re-training, labour migration, industrial relations, trade unions, collective bargaining, work incentives and labour contracts.


Half Courses

AE 8201 Financial Econometrics (1.5 AUs)
This course introduces financial econometric models and their application to modelling and forecasting of financial time series data. The aim is to equip candidates with the basic characteristics of financial data and provide experience in analysing financial time series. Econometric techniques are applied to finance topics which include portfolio theory, capital asset pricing models, option pricing models and portfolio management. Real examples of data analysis will be discussed.

AE 8202 Seminar Course on the Singapore Economy (1.5 AUs)
The course is a study of Singapore economic policies - their rationale, their design and what they have achieved. Topics include economic development, economic stabilisation, monetary and fiscal policies, privatisation and liberalisation, manpower and labour market, social security and regionalism, etc.

AE 8203 Cost Benefit Analysis and Project Evaluation (1.5AUs)
This course will help the candidates to evaluate public sector projects and policies more quantitatively and hence more accurately. The first part of the course examines the theoretical foundations of cost benefit analysis. Specific issues include investment criteria for the public sector, risk and uncertainty, impact on income distribution, shadow pricing, positive and negative externalities, and the social rate of discount. The second part of the course centres on the application of cost benefit analysis to a number of case studies.

AE 8204 Behavioural Economics for Policy Analysis (1.5 AUs)
Behavioural economics is an exciting new field within economics. Behavioural economics challenges some of the basic assumptions of traditional economics about human economic behaviour and incorporates insights from other disciplines such as psychology and sociology. New insights derived from more realistic assumptions about human behaviour will enable the policymaker to better formulate and evaluate economic policy.

AE 8205 Industrial Organisation (1.5 AUs)
Applying microeconomic theory to examine the economics of firms and industries, this course will first examine fundamental concepts such as the rationale for the modern firm and the definition of markets and market power. On the basis of these concepts, the course will then analyse issues such as the exercise of monopoly power, strategic interaction between firms and competition policy, highlighting recent developments and real-life case studies.

AE 8207 International Economic Policy (1.5 AUs)
This course addresses a number of cutting-edge issues in international economic policy in a rapidly globalising world. The course is divided into two parts. The first focuses on issues in the areas of international money, finance, and exchange rates with particular attention to the evolving international financial architecture and the challenges for financial stability associated with closer international financial integration. The second part deals with issues in the trade area related in, particular, to the interaction between the economic and political dimensions of trade policy and the recent shifts from multilateral approaches to trade liberalisation toward more regional and bilateral approaches. Even though the focus of the course is on global issues, extensive examples will be provided of the implications for the Asian economies and how the region is responding to the challenges of globalisation.

AE 8208 Labour Economics and Industrial Relations (1.5 AUs)
The course examines the economics of the labour market. The theoretical foundation of the module is based on utility and profit maximization, upon which we derive the demand for labour, supply of labour, and human capital investment. The course makes use of this premise to explore specific topical issues such as wage determination, training and re-training, labour migration, industrial relations, trade unions, collective bargaining, work incentives and labour contracts.

AE 8209 Special Topics in Applied Economics (1.5 AUs)
This course examines current applied issues in Microeconomics using the latest methods of investigation such as Decision Theory and Dynamic Mechanism Design. The specific topics covered depend on the expertise of the instructors who are expected to be leading Microeconomists in their respective specialization.

AE 8210 Special Topics in Applied Econometrics (1.5 AUs)
This course examines the current applied issues in Applied Econometrics using the latest methods of investigation such as nonparametrics, higher order asymptotic approximations, bootstrap, dynamic panel data models, weak identification. The specific topics covered depend on the expertise of the instructors who are expected to be leading Applied Econometrics in their respective specialization.

AE 8211 Applied Economic Research: Data and Analysis (1.5 AUs)
Applied Economic Research focuses on creating quantitative studies that are used in both private and public sector organizations. This class comprises of two parts: The theoretical segment of the class focuses on how to properly frame an economic research question. The applied segment aims to explain the basics of survey design, going down to the ground to collect information, processing and cleaning up raw data, analyzing the data and writing up a formal research paper. Not all classes will be held in the lecture theatre as students will be required to go out into society to learn how to collect the required data. 

AE 8213 Health Economics (1.5 AUs)
Health care is expanding rapidly, both in the private and the public sectors of the economy. As prevention and cure absorb a larger and larger share of the national income, it becomes increasingly important to examine the implications for efficiency and equity of the use that insurance and provision make of scarce resources.

AE 8214 Money and Banking (1.5 AUs)
The course will enable the candidate to better understand and analyse the role of money in a modern economy, especially in the context of current trends such as central bank independence and financial liberalisation.

AE 8215 Public Economics (1.5 AUs)
The course provides an in-depth introduction to the economics of public sector policy, government expenditure and taxation. The candidate will acquire a more systematic understanding of the public sector’s role in market economies, including the size and theories of the public sector, market failures and the limits of competitive equilibrium, free-riding in public goods provision,  the problem of and remedies for externalities, imperfect competition and industry regulation, tax incidence and fiscal competition, as well as the economics of public sector and public goods financing.

AE 8216 Energy Economics (1.5 AUs)
The course covers the economics of energy resources, ranging from exhaustible resources such as fossil fuels and nuclear energy to renewable energy resources such as solar and wind energy among others. It also analyzes the relationship between energy consumption and economic growth including the costs of harnessing energy, and the consequences as well as the possibilities and limits for securing the supply of energy for sustainable future.

AE 8217 Urban Economics (1.5 AUs)
This course aims to provide students with a theoretical and practical understanding of the nature of urban areas and relevant urban and transport issues in selected countries. Basic theory, land use and land rent, urban planning, housing policy, modelling transport demand, appraisal of transport projects and transport policy are the major issues covered in the course.

AE 8218 Data Analytics (1.5 AUs)
This course will improve our students' ability in handling econometrics and employability for jobs which require econometrical modeling. 

AE 8219 Time Series Modeling (1.5 AUs)
This course introduces time series models useful for forecasting, interpreting and testing hypothese concerning economic and financial data. This course is aimed at scholars and practitioners wishing to acquire and understanding of the current research techniques and findings, and also to graduate students wishing to research into economies and financial markets.

​AE 8220 International Macroeconomics (1.5 AUs)
This course is introduced to complement AE6102 Advanced Macroeconomic Theory. Some open economy features are added into macroeconomic models to help students to develop better understanding of the main implications of the increasingly integrated world economy.
 Providing students with an up-to-date and understandable analytical framework for illuminating the evolution of global monetary and financial events and debates.​