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Master of Social Science in Economics

  • Outline
  • Admission Criteria
  • General Guideline
  • Course List

Faculty: Faculty of Arts & Social Sciences (FASS)

Department: Department of Economics

Program: Master of Social Science in Economics

Course Outline

Broad Objectives:

• To encourage critical and strategic ways of thinking using the principles of economics. The objective is to generate an appreciation of economic dimensions extending to social, political, environmental and international issues. 

Specific Objectives:

• To provide basic understanding and/or basic principles of economic theory and policy and how they apply to a wide range of real world issues.

• To train the students to utilize the techniques of Mathematics, Statistics and Modern Technology as tools of economic analysis.

• To master the theoretical and applied tools necessary to conduct economic research.

• To deliver specific knowledge, understanding and skills which are relevant to a variety of career aspiration including post-graduate study in areas closely related to economics.

• To deliver specific knowledge of relevant mathematical, statistical, and econometric methods and the ability to employ specific software.

Applied only for students, completed undergraduation in Economics from BUP.
 

Intake : Once in a Year

  • Course Duration : Years: 01 Semester: 02
    Total Credit Hours : 33
    Total Tuition/Semester Fees: BDT 23,580/-

Applied only for students, completed undergraduation in Economics from BUP.
 

Intake : Once in a Year

  • Course Duration : Years: 01 Semester: 02
    Total Credit Hours : 33
    Total Tuition/Semester Fees: BDT 23,580/-

1st Semester

Objectives

  • To analyze economic growth and tries to explain income differences across countries. The growth models discussed are the Solow economic growth model, the endogenous growth model and growth models with human capital and natural resources.
  • To deal with the trade-off between inflation and unemployment and the consequences for economic output in the short run.

Outcomes

  • Analyze and evaluate the most fundamental workhorse models in macroeconomics.
  • Evaluate state-of-the-art (applied) macroeconomic literature in a broad range of relevant policy issues.
  • Design a theoretical framework or empirical model for their own research.

References

  • Advanced Macroeconomics, by David Romer, 4th edition
  • Acemoglu DK. (2009). Introduction to Modern Economic Growth, Princeton, NJ: Princeton University Press. (A)
  • Barro RJ and Sala-E-Martin X (1995). Economic Growth. (BS)
  • Farmer REA. (2002). Macroeconomics 2nd edition. (F)
  • Leonard D and Long NV. (1992) Static Optimization in Optimal Control Theory and Economics, Cambridge University Press. – (LL)
  • Mankiw NG and Scarth W. (2001). Macroeconomics, 2nd (MS)

Objectives

  • The principle objective of this course is to introduce students to some of the canonical results in microeconomic theory, so as to equip them with basic knowledge for further research. It also gives them an introduction to how economic problems could be formulated and analyzed in mathematical models. Moreover, another objective is how students can utilize the strategies and techniques of game theory to solve practical problems under asymmetric information.

Outcomes

  • Students will be able to understand how microeconomic theory aids decision-making by individuals, business and government.
  • Students will be able to elaborate analytical skills relevant to the assessment of different theories and models of microeconomics.
  • Students will be able to develop the insights and tools necessary for the study of more specialized areas in economics such as finance, actuarial studies, labor economics, health economics, industrial organization and public economics.

References

  • Mas-Colell, A., M. Whinston and J. Green (henceforth "MWG”) (1995), Microeconomic Theory, Oxford University Press.
  • Gibbons, R. (1992), Game Theory for Applied Economists, Princeton University Press.
  • Hirshleifer, J. and J. Riley (1992), The Anal tics of Uncertainty and Information, Cambridge Analytics Press.
  • Bolton, P. and M. Dewatripont (2005), Contract Theory, MIT Press.

Objectives

  • It evaluates a student’s ability to move beyond rote memorization to justify their arguments, explain complex concepts on the spot, and connect specific topics to broader course themes.
  • It provides practical experience in professionally articulating ideas, handling constructive probing from examiners.
  • It allows students to explain any ambiguous sections in their written work and clear up potential misunderstandings, offering a more complete picture of their learning.

Outcomes

  • It allows examiners to evaluate the depth of knowledge beyond what is written.
  • Unlike written papers that take weeks to grade, a viva allows students to receive immediate clarifications.

References

  • Courses or curriculum in respective semesters.

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Objectives

  • To exhibit how the possibilities of dramatically altering a city’s economic standing are necessarily constrained by the city’s location and relative size.
  • To explain how cities do experience dramatic changes in their growth paths.
  • To describe the importance of well-connected cities as Market access and connectivity may be even more crucial which provide economic growth.
  • To define how urban cities are formed as they provide cost advantages to producers and consumers.
  • To examine various economic policies which is inevitable for sustainable urban structure.
  • This course requires students to critically engage with urban economic theory and contemporary urban issues. Topics cover reasons for the existence of cities, the monocentric model of urban land use, agglomeration economies, various topics in housing studies, and urban environmental economics. The goal of this course is to enable students to be familiar with and utilize economic tools to examine subnational economies where the location is a critical element of what constitutes an “urban property market”.

Outcomes

  • How global and local conditions of an economy interact to shape urban environments.
  • The roles of social justice and diversity in communities, cities, regions and their impact while evaluating any urban policy
  • Identify the stakeholders, institutions that influence community growth and decline.
  • How urban community development provides the understanding and practice of public service.
  • All the challenges of community development for urban and regional communities.
  • Upon successful completion of the course, students will be able to: 1. apply urban economic theory to a wide range of property context, 2. apply with a variety of urban theories that are relevant to urban property issues, 3. evaluate the role of government and housing policies in urban property markets, 4. demonstrate an advanced understanding of urban property markets, 5. aware of the importance of the social and environmental dimensions of sustainability in the cities, 6. Undertake theoretically informed independent research that involves the collection and analysis of appropriate secondary data.

References

  • James Hellbum, Urban Economics and Public Policy, Second Edition, St. Martins Press, New York.
  • David Segal and Richard D. Irwin, Urban Economics, 1977.
  • Edwin S. Mills and Bruce W. Hamilton Scort, Urban Economics, Third Edition. Foresman and Company.
  • Roy W Bahi and Johannes F Linn, Urban Public Finance in Developing Countries.
  • David King, Fiscal Tiers, the economics of multi-level government.
  • Paul N Balchin and Jeffrey L Kieve, Urban Land Economics.
  • Patrical L McCartney [ed], Cities and Governance, now directions in Latin America.
  • J Parry Lewis, Urban Economics, a set approach.
  • • Main reference:  Arthur O’Sullivan, Urban Economics, 8th edition, McGraw-Hill Irwin. • Optional:  James Hellbum, Urban Economics and public policy, St. Martins Press, New York.  David Segal and Rechard D. Irwin, 1977, Urban Economics.  Edwin S. Mills and Bruce W, Hamilton Scort, Urban Economics. 3rd edition, Foresman and company.

Objectives

  • The students should get acquainted with the main concepts of Time Series theory and methods of analysis. They should know how to use them in examining financial processes and should understand methods, ideas, results and conclusions that can be met in the majority of books and articles on economics and finance. In this course, students should master traditional methods of Time Series analysis, intended mainly for working with time series data. Students should understand the differences between cross-sections and time series, and those specific economic problems, which occur while working with data of these types.
  • This course is designed to provide students with a comprehensive understanding of the modern time series econometric methods and their applications in economics and finance. It aims to build both the theoretical foundation, and the practical skills required to analyze, model, and forecast time-dependent economic data. Drawing on the frameworks presented in theory, the course integrates mathematical rigor with empirical applications using statistical software.

Outcomes

  • Upon successful completion of this course, students will be able to: • Explain the structure and components of time series data and recognize their implications in empirical research. • Apply the Autocorrelation and Partial Autocorrelation Functions (ACF/PACF) to identify appropriate models. • Test for stationarity and unit roots using ADF, PP, and KPSS procedures. • Develop univariate models (AR, MA, ARMA, ARIMA) and interpret their output. • Estimate multivariate models (VAR) and understand Granger causality and impulse response functions. • Assess cointegration relationships using Engle-Granger and Johansen approaches. • Forecast future values of economic variables using both univariate and multivariate methods. • Model conditional volatility using ARCH/GARCH models and interpret financial market volatility. • Conduct empirical time series analysis using real-world datasets and statistical software. • Communicate econometric results effectively in written and oral presentations.

References

  • Levendis, J. D. (2023). Time Series Econometrics: Learning Through Replication (second edition).
  • Hamilton, James D (1994), Time Series Analysis, Princeton University Press.
  • Greene, William H. (2002), Econometric Analysis, Prentice Hall. Upper Saddle River, New Jersey.
  • Nelson, Charles R. (1973), Applied Time Series Analysis For Managerial Forecasting, Holden-Day, Inc.
  • Stock, James H. and Mark Watson (2007) Introduction to Econometrics , Pearson Education, Inc.
  • Gujarati, Damodar N. (1995), Basic Econometrics, McGraw-Hill Inc.

Objectives

  • The course provides a theoretical analysis of international trade topics with reference to empirical evidences. The students upon the completion of this course will learn the main empirical patterns of international trade and how to access the sources of this information. They will become familiar with the concept of comparative advantage, study models showing how technological differences, differences in resource endowments and economies of scale determine trade patterns and income distribution. The effects of various trade policy instruments on welfare will be analyzed as well.

Outcomes

  • On successful completion of the course, the students will be able to:
  • 1. Describe and interpret the assumptions and structure of standard models of international trade theory and policy.
  • 2. Use the models of international trade to interpret and analyze real issues in international economics.
  • 3. Describe and interpret how institution and policy affect international trade.
  • 4. Provide students with the necessary tools that would be required to produce research in the respective field and how they might use it to address important trade policy questions.

References

  • 1. Feenstra, R. (2004), Advanced International Trae: Theory and Evidence, Princeton University Press
  • 2. Krugman, P. and Obstfeld, M. (1988), ‘’International Economics: Theory and Policy, 6th Edition, Addison Wesley, London
  • 3. Markusen, et al. (2000), International Trade: Theory and Practice, McGraw-Hill, Inc
  • 4. International Trade Theory and Policy, International Edition, Miltiades Chacholiades
  • 5. International Economics, 11th Edition, Dominick Salvatore, Fordham University.

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2nd Semester

Objectives

  • It evaluates a student’s ability to move beyond rote memorization to justify their arguments, explain complex concepts on the spot, and connect specific topics to broader course themes.
  • It provides practical experience in professionally articulating ideas, handling constructive probing from examiners.
  • It allows students to explain any ambiguous sections in their written work and clear up potential misunderstandings, offering a more complete picture of their learning.

Outcomes

  • It allows examiners to evaluate the depth of knowledge beyond what is written.
  • Unlike written papers that take weeks to grade, a viva allows students to receive immediate clarifications.

References

  • Courses or curriculum in respective semesters.

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Objectives

  • To understand both theories and empirical evidences concerning the relationship between finance and economic growth
  • To describe the structure of financial market and factors affecting the shape of the financial market.
  • To explain the role of financial institutions in the economy and its response to both fiscal and monetary policies.
  • To develop an analytical and various problem-solving skills within money, banking and financial institutions discipline.
  • To examine critically the rationale for financial repression and for financial liberalization
  • To discuss the extent to which banking and stock market development can contribute to economic growth and development.

Outcomes

  • Assess the role of money / finance in the macro- economic growth models
  • Understand the causality issue between financial development and growth
  • Analyze the basic purposes of markets for stocks, bonds and currencies
  • Explain the role money in the economy and how money flows among different financial institutions
  • Explain the uncertainty associated with the future value of money and monetary instruments
  • Understand the reason behind financial crisis and how various financial institutions should react to counter the crisis
  • Understand contemporary issues in monetary policy and financial stability
  • Conduct a theoretical analysis of real-world issues and phenomena, apply various financial instruments and deciding how they should be regulated

References

  • Miskin F. S., and Stanley G. Eakins: Financial Markets and Institutions , Prentice Hall, 2012
  • Fry, M. (1995). Money, Interest and Banking in Economic Development, 2nd edition, Baltimore and London: Johns Hopkins University Press.
  • Demirguc-Kunt, A. and R. Levine (2004). Financial Structure and Economic Growth: A Cross-Country Comparison of Banks, Markets, and Development (2nd edition), MIT Press
  • James L pierce, Monetary and Financial Economics.

Objectives

  • To create an understanding about the social forces this affects various public policies.
  • Outline various public instruments implemented by public authorities to provide long lasting solutions.
  • To make a clear understanding about social diversity that makes public policy more complex.
  • To create an ability to understand the institutional goals achieved by public authorities by shaping various public policies.
  • Ability to find out the contrasting effect of various public policy instruments and mechanisms used in policy implementation.

Outcomes

  • Effective public policy interments used by public authorities.
  • Differentiate the impact of various public policies and understand the relationship between social diversity and public policies.
  • Identify those factors influencing political support to a public policy.
  • Apply the understanding about various public policies to develop dominant public ideas.
  • Develop the ability to critique public policies by using all information and resources available.

References

  • Fischer, Frank, Reframing Public Policy: Discursive Politics and Deliberative Practices
  • Leon, Peter De, Advice and consent: The Development of the policy Sciences

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Objectives

  • Enable the students to the employ the theory to address the issues globalization, economic integration and trade policy.
  • Explore the empirical patterns of international trade and highlight the recent developments in global production network.
  • Review the dynamics of world trading system and international coordination.
  • Discuss the causes and resolutions of international trade disputes.
  • Specify the conditions under which trade is beneficial for individual economies and international community as well as identify winners and losers from trade.

Outcomes

  • Identify core assumptions and derive key results of trade models, use trade models to make informed predictions.
  • Explore the linkages between trade, labor and capital movement in the global production networks.
  • Critically analyze various trade agreements of the world economy.
  • Analyze the evolution of bilateral and multilateral trade agreements as well as explore the challenges of the WTO.

References

  • ADB (2003). “The Role of Preferential Trading Arrangements in Asia”, http://www.adb.org
  • Ahmed, S. and Sattar, Z. (2003), “Trade Liberalization, Growth and Poverty Reduction: The Case of Bangladesh”, World Band.
  • Baldwin, R. E. (1997), “The Causes of Regionalism”, The World Economy, pp. 865-888.
  • Begum, S. and Shamsuddin, A.F.M. (1998), “Exports and Economic Growth in Bangladesh”
  • Dollar, D. and Kraay, A. (2001), “Trade, Growth and Poverty”, Policy Research Working Paper, World Bank, Washington, D.C.
  • Feder, G.(1983), “On Exports and Economic Growth”, Journal of Development Economics,vol.12,pp.59-73.
  • Frankel, J.A. and Romer, D. (1999), “Does Trade Cause Growth”, American Economic Review, vol.89, No. 3, pp. 379-99.
  • Ghatak, S., Milner, C. and Utkulu, U. (1997), “Exports, Export Composition and Growth: Cointegration and Causality Evidence for Malaysia”, Applied Economics, vol. 29, 213-23.
  • Giles, J. and Williams, C. (2000), “Export-led Growth: A Survey of the Empirical Litrature and Some Non causality Results”, Journal of International Trade and Economic Development, vol.9, no.3, pp.261-338.
  • Greenaway, D. and Sapsford, D. (1994), “What does Liberation Do for Exports and Growth”, Weltwirtschaftliches Archie, vol. 130, pp. 152-74.
  • Grossman, G., and Helpman, E. (1991) “Trade, Knowledge Spillovers, and Growth”, NBER.

Objectives

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References

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Objectives

  • It is aimed at providing a strong background in the field of graduate macroeconomics. It enables students to be familiarized with the models of economic growth, consumption and investment theory, business cycles and labor markets.

Outcomes

  • On successful completion of this course students will be able: 1 To gain confidence with the basics of Advanced Macroeconomic Theory 2 To develop analytical skills 3 To develop organizational skills 4 To develop both independent learning and group work skills 5 To develop verbal and non-verbal communication skills 6 To successfully use macroeconomics in economics and business applications.

References

  • 1. Lars Ljungqvist and Thomas J. Sargent, Recursive Macroeconomics Theory, 2nd edition, The MIT Press (2004) 2. Thomas Cooley, Frontiers of Business Cycle Research, Princeton University Press (1995) 3. Romer, D. Advanced Macroeconomics, 4th edition, McGraw-Hill. 4. Blanchard, O. & S. Fischer. Lectures on Macroeconomics, MIT Press.

Objectives

  • The objectives of this course are to enable the students to-  The main objective of the course is to make students be able to apply the tools of advanced microeconomic theory to understand and model strategic decision making.  Prepare the student for a better understanding of the concepts of the other applied courses in economics  Understand and relate the real-life problems through the well understanding of the theoretical concepts.

Outcomes

  • Students will be able to apply microeconomic principles to solve complicated problems and apply the major theories and modules of microeconomics.
  • Students will be equipped with the screening procedure in the job market and how job market works.
  • Students can easily understand how economy moves towards equilibrium and gains as well as losses of any economic policy.
  • Students will be able to know how public policies are being formulated and implemented.

References

  • Main Reference • Microeconomic Theory by Andreu Mas–Colell, Michael D. Whinston and Jerry R. Green, Oxford University Press. 1995 • Game Theory for Applied Economists. Robert Gibbons. Princeton University Press. 1992. • Game Theory Lecture Notes. Matthew Hoelle, Purdue University.2014 • Strategy and Game Theory: Practice Exercises with Answers. Munoz-Garcia, F. and D. Toro-Gonzalez. Springer Verlag
  • Mas-Colell, M. Whinston and J. Green (henceforth “MWG”), Microeconomic Theory, Oxford Univ. Press, 1995.
  • R. Gibbons, Game Theory for Applied Economists, Princeton Univ. Press, 1992. E.