MS in Economics

Overview

The Master of Science in Economics at North South University is a degree program designed for persons interested in working in both the public and the private sectors. The curriculum is geared to the creation of a deeper understanding of the economic challenges for development. The program is also designed keeping in view the need for skills required to pursue Ph.D. studies in Economics in North American Universities or Western universities in Europe, Australia, and New Zealand. There are several streams of specialization - each aiming to meet specific objectives. Emphasis is given on two core areas of economics - micro and macro - while creating a niche in quantitative techniques.

MS in Economics with thesis is a 30-credit program including a thesis equivalent of 6-credits. However students can also complete MS in Economics without thesis. The MS without thesis requires a research monograph equivalent to 3-credits and an additional course to fulfil the 30-credit requirements. Credits earned in our MS in Economics program are generally accepted abroad towards transfer of credits.

Admission requirement To be accepted for enrolment in MS in Economics an applicant must have A Second Class in a three years’ Bachelor degree OR CGPA of 2.5 in a four years’ Bachelor degree AND a Second Class OR CGPA of 2.5 in Master degree in Economics or in related disciplines from any recognized university. Applicants with weak background in Economics may need to take remedial courses.

Teaching Assistantship/Financial Aid

A limited number of Teaching Assistantships are available for highly qualified students. The value of the assistantship may cover most part of the tuition at NSU. NSU also offers both full and half-tuition waiver to at least 5% of its students. Students enrolled in MS may apply for such tuition waiver.

Evening and weekend Classes To fit the needs of the working students MS in economics is made an evening and weekend program and in weekdays most of the courses (except for make-up courses) are taught after 6.30 pm. Specialization

The Department offers three specializations for students of MS in Economics:

• International Economics
• Financial Economics & Banking
• Development Economics
• Environmental and Natural Resource Economics
• Econometrics

Graduate Student Advisor


Dr. M. Ismail Hossain
Phone: +880 2 5566 8200 ext.1800
Email: ismail.hossain@northsouth.edu

Curriculum

MS in economics

                                                                                                        30 Credits (12+6+6+6)

 

1. Core Courses            (12 Credits)                                                                 minimum CGPA requirement 3.0

Course ID

Course Title

Credits

ECO 501

Mathematical Economics

3

ECO 502

Econometric Method

3

ECO 503

Microeconomic Theory

3

ECO 504

Macroeconomic Theory

3

2. Field Courses             (6 Credits)

 

a) International Economics        (6 Credits)                               minimum CGPA requirement 3.0

 

Course ID

Course Title

Credits

ECO 611

International Trade Theory

3

ECO 612

International Financial Economics

3

 

b) Financial Economics & Banking (6 Credits)                       minimum CGPA requirement 3.0  

 

Course ID

Course Title

Credits

ECO 621

Financial Economics OR

3

ECO 612

International Financial Economics

3

 ECO 622

Banking and Financial Institutions

3

 

c) Development Economics   (6 Credits)                                       minimum CGPA requirement 3.0

 

Course ID

Course Title

Credits

ECO 631

Development Economics

3

ECO/DEV 570

Advanced Methods in Development Research

3

 

d) Environmental and Natural Resource Economics     (6 Credits) minimum CGPA requirement 3.0

 

Course ID

Course Title

Credits

ECO 641

Economics of Exhaustible Resources

3

ECO 649

Special Topics in Environmental Economics.

3

 

e) Econometrics   (6 Credits)                                                                    minimum CGPA requirement 3.0

 

Course ID

Course Title

Credits

ECO 651

Panel and Limited Dependent Variable

3

ECO 652

Time Series Model

3

3. Elective Courses    (6 Credits)                                                                                                   

Course ID

Course Title

Credits

ECO 681

Advanced Mathematical Economics

3

ECO 682

Contemporary  Economic Ideas*

3

ECO 683

International Trade Policy

3

ECO 684

Monetary Economics

3

ECO 685

Quantitative Modelling

 3

ECO 686

Game Theory

3

ECO 687

Agricultural Economics

3

ECO 688

Applied Econometric Forecasting

3

ECO 689/DEV 584  

Project Analysis and Evaluation

3

ECO 691

Selected Readings in Economics

3

ECO 692

Special Topics in Economics

               3

 This list also includes any 500 or 600 level courses from MS, MDS, or MBA or from other field

4. Research Courses     (6 Credits)                                            must pass in Thesis or Supervised Research Paper

 

Course ID

Course Title

Credits

ECO 695

Research Based Term Paper

3

ECO 5xx

Course

3

OR

 

 

ECO 699

Thesis

6

* ECO 682 is compulsory for students with no coursework background in economic thought

Course Description

Course Details :

1. Core Courses : (12 credits)

ECO 574        Mathematical Economics

                      ECO 574 addresses the basic and some of the advanced issues of Mathematical Economics. In this course mathematical topics will be discussed that have important application in Economics. The course starts with discussions of basic trigonometric functions, complex functions and linear algebra. Then it develops into more advanced concepts like real analysis, basic mathematical spaces (like topological space, metric space and so on), series, linear and non linear optimization and Chaos theory. Some applied theorems like envelope theorem, Implicit function theorem, fixed point theorem will be discussed with their application to Economics. (Prerequisite ECO 244 or equivalents, 3 credits)

ECO 572     Econometric Method

                     Review of matrix algebra, classical linear regression model, generalized regression model, large sample results for the classical regression model, maximum likelihood estimation, simultaneous equations model, IV, two-stage, three stage, and SURE estimation, GMM, fundamentals of time-series models etc. 3 credits.

ECO 503       Microeconomic Theory

Advanced topics in general equilibrium and welfare economics; existence; uniqueness and stability of competitive equilibrium; analysis of market failures; distortions; increasing Returns; uncertainty; Asymmetric Information etc; Modern Oligopoly and Game Theory; Political Economy of Public Policy.  3 credits.

ECO 504     Macroeconomic Theory

Analysis of the fiscal and monetary policy in a dynamic framework - growth models; detailed modeling techniques for a complete macroeconomic analysis - optimization - in the context of open economies; econometric models of the macro economy. 3 credit

2. Field Courses (6 Credits)

a) International Economics (6 credits)

ECO 528     International Trade Theory

This course offers advanced treatment of trade models as well as incorporates new developments in international trade theory. Topics include preliminaries of two sector models, advanced treatment of Heckscher-Ohlin-Samuelson model and HOV, many goods and factors, trade in intermediate inputs and wages, increasing returns and Gravity Equations, gains from trade and regional agreements etc. 3 credits

ECO 530            International Financial Economics

This course offers an advanced treatment of the financial and macro aspects of International Economics. Topics include : various concepts and measurement of exchange rates, traditional and modern theories of exchange rate determination, expectations and exchange rate dynamics, effectiveness of devaluation, monetary approach to balance of payments, Krugman’s model of balance of payments crisis, hedging exchange rate risk - futures, options and currency swaps, multinational corporations and foreign direct investment, international financial markets, role of international financial institutions, financial crisis, objective analysis of recent issues in international financial system - common currency etc.  3 credit

b)  Financial Economics & Banking (6 credits)

ECO 520     Financial Economics

 ECO 520 addresses the basic and some of the advanced issues of Financial Economics. The course starts with discussions of basic concepts of Financial Economics like Expected utility theorem, Choice under uncertainty, Pure exchange economies, Preference representation and risk aversion, The course also discusses characteristics, valuation techniques and macroeconomic implications of basic financial assets, like bonds, equities and different types of financial derivatives. Other topics discussed will be Risk, Arbitrage, Law of one price, Capital Asset Pricing Model (CAPM), Financial markets, Emerging Financial markets, Efficient market hypothesis, Explaining anomalies in theory, Behavioral Finance, Real options etc. (Prerequisite ECO 317, ECO 244 or equivalents, 3 credits)

ECO 530     International Financial Economics

This course offers an advanced treatment of the financial and macro aspects of International Economics. Topics include : various concepts and measurement of exchange rates, traditional and modern theories of exchange rate determination, expectations and exchange rate dynamics, effectiveness of devaluation, monetary approach to balance of payments, Krugman’s model of balance of payments crisis, hedging exchange rate risk - futures, options and currency swaps, multinational corporations and foreign direct investment, international financial markets, role of international financial institutions, financial crisis, objective analysis of recent issues in international financial system - common currency etc. 3 credit

ECO 522     Banking & Financial Institutions

ECO 522 addresses the basic aspects of financial institutions. The course will cover discussions on all standard financial institutions with an emphasis to commercial banks. Discussion includes Mutual funds, Insurance companies, Leasing firms, Credit unions and non profits, Investment banks, Hedge funds etc. Operation of commercial banks will be discussed in some details and will cover Bank operation, balance sheet and off balance sheet activities, Bank performance, Agency problem and compensation package, Bank regulation, interaction with central banks and so on. Lending and deposit operation, risk management and hedging will be also considered in the discussion.  (Prerequisite ECO 317 or equivalents, 3 credits)

c) Development Economics: (6 credits)

ECO 550            Development Economics

This is an advanced course on economic growth and development.  It offers an analytical exposition of selected topics in growth theory and development economics.  It covers neoclassical and new growth theories and their relevance to understand the dynamics of developing economies. The course also provides a modern treatment of some of the traditional theories of growth and development.  Finally, it covers some current applied issues in development.  The course assumes a prior knowledge of a first course in development economics as well as a sound understanding of intermediate level micro and macroeconomics.  It entails an extensive use of calculus, algebra and graphs. 3 credits

ECO 570     Advanced Methods in Development Research

The objective of the course is to equip students with necessary knowledge and skill required to undertake development and other social science research. It covers the following aspects: principles and methods of research; collection, measurement and presentation of data; report writing and presentation of findings. It includes learning of the basic and most commonly used statistical and other tools used in social science research: quantitative research instruments (estimation and testing of hypotheses, one way ANOVA, factor analysis, path analysis, ordinary least squares, etc.) and qualitative research instruments (action research, rapid rural appraisal, participatory rural appraisal, etc.). Students are required to practically design a research proposal, conduct the research and present a research report to complete the course. 3 credits

d) Environmental and Natural Resources Economics: (6 credits)

ECO 589            Economics of Exhaustible Resources

Resource allocation under externality; intertemporal equilibrium, ecological and environmental models ; production of depletable resources, optimal depletion of exhaustible resources, taxation of exhaustible resources; price movements in resource market. Pre-requisite: ECO 303 & ECO 244. 3 credits.

ECO 590            Special Topics in Environmental Economics

This course deals with the economics of pollution,  taxation and optimal pollution, standards, taxes and subsidies, marketable permits for emission trading, pollution-control policy in mixed economy, global pollution policy and a set of case studies and policies on environment in the developing countries. Pre-requisite : ENV/ECO354.  3 credits

e) Econometrics  (6 credits)

ECO 511         Panel and Limited Dependent Variable

Advantages and disadvantages of panel data, different kinds of static panel estimation such as fixed-effects, random-effects, and random coefficients model, dynamic panel data models such as Arelano-Bond, rationale for nonlinear models, binary choice models such as logit, probit, and tobit estimation, latent variable, sample selection, Heckman’s two step method etc.

ECO 512         Time Series Model

Dynamic regression models, univariate time series models such as AR, MA, and ARMA, trend and difference stationary models, time series models of heteroskedasticity such as ARCH, GARCH, EGARCH, Kalman filter, stationary dynamic systems such as VAR, impulse response function, non-stationary dynamic systems, unit root, cointegration, and error correction model etc.

ECO 513         Applied Econometric Forecasting

Basics of forecasting, modeling and forecasting trend, modeling and forecasting seasonality, characterizing cycles, modeling cycles: MA, AR, and ARMA models, forecasting cycles, forecasting with regression models, evaluating and combining forecasts, unit roots, stochastic trends, ARIMA forecasting models, and smoothing, forecasting macro economy of Bangladesh etc.

3. Elective Courses : (6 credits)

ECO 505       Contemporary Economic Ideas

It is an advanced level of  ECO 406. It deals with the contributions of contemporary scholars belonging to different schools of thought, including  Islamic economic thought, 3 credits.

ECO 580              International Trade Policy 

Applies the theory of international economics to the problems of policy design such as import tariffs and dumping, import quotas and export subsidies, political economy of trade policy, trade and endogenous growth, multinationals and organization of the firm, trade and environment, trade and labor standard etc. 3 credits

ECO 581      Monetary Economics

Empirical evidence on money and output, money in a general equilibrium framework, money and transactions, money and public finance, money and output in the short run, money and the open economy, the credit channel of monetary policy, discretionary policy and time inconsistency, monetary policy operating procedures, interest rates and monetary policy etc.

ECO 582       Quantitative Modeling

Purposes of Model Building; theoretical basis for different traditions of modeling. Construction and simulation of (a) Econometric models, (b) Input Output models and (c) Computable General Equilibrium (CGE) models. Knowledge of computer use is a logical requirement for this course.  3 credits

ECO 583    Game Theory

                     Static Games of Complete Information: Normal Form Representation of Games;  Dynamic Games of Complete Information; Dynamic Games of Complete and Perfect Information: Two-Stage Games of Complete but Imperfect Information, Subgame Perfection, Repeated Games; Dynamic Games of Complete but Imperfect Information; Static Games of Incomplete Information: Static Bayesian Games and Bayesian Nash Equilibrium; Dynamic Games of Incomplete Information: Introduction to Perfect Bayesian Equilibrium, Signaling Games.

ECO 584    Agricultural Economics

Topics include Household Economics; Migration and Rural Labor Market; The Rural Land Market and Physical Constraint to Growth in Agricultural Production; Analysis of Agricultural Production System: Understanding Production Issues, Stagnation in Backward Agriculture, Tenancy and Efficiency, Technology, Ecology and Productivity etc.; Market Structure, Marketing Issues and Agricultural Price Formation; Agrarian Relations; Risk and Insurance in an Agricultural Economy; Issues in Macroeconomics and Agriculture

ECO 591    Selected Readings in Economics

A subset of selected textbooks written by economists like Adam Smith: Wealth of Nations; Karl Marx: Capital vol. 1; Alfred Marshall: Principles of Economics, Thorstein Veblen: Theory of Business Enterprise; J M Keynes: The General Theory; Milton Friedman: Capitalism and Freedom; Ronald Coase: The Problem of Social Cost; James Buchanan: Calculus of Consent; Joseph Stiglitz: Globalization and Its Discontent; Paul Krugman: Peddling Prosperity and other noted writers will be covered.

ECO 592    Special Topics in Economics

This is a general topic course to meet the special demand for students which may change from semester to semester depending on the need of students and the availability of expert.

4. Research Courses: (6 credits)

Thesis

A thesis must be an original research of publishable quality.  There shall be a thesis supervisor who shall guide the student to complete the research.  A thesis must be defended in person by the student in front of a Thesis Examination Committee.  Thesis defence is open to all interested persons.

Supervised Research Paper

Students willing to complete MS without thesis must submit a supervised research paper in the field of his/her choice.  This will be graded by the supervisor.

5. Comprehensive Examination                                (Passing grade is required)

Student must also pass a comprehensive examination in microeconomics, macroeconomics, and quantitative economics to earn the MS in Economics degree.

Course Outline

Will be avaliable soon

Undergrad