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					                                           Economics Newsletter
                                           Departmental news and important information for Students study-
                                           ing Economics at The University of Manchester
                                           Dear Economics students,
                                           I hope you all had a short BUT, relaxing break over the last few weeks. Christmas ham and
                                           New Year’s champagne will now have to be replaced with revision sweat and exam perspira-
                                           tion, but that is just the usual for Economics students at the University of Manchester. The
                                           Economics Discipline Area wishes you a great start into the new decade.
                                           Ralf Becker, Editor, Economics Newsletter



 Issue 3. Dec 2009
                                     Student Satisfaction and Resources for Teaching:
                                     An Explicit Constraint in the Optimisation Problem
 In this Issue:
 • Head of Economics explains        Below I would like to give stu-        direct or indirect influence of    Higher Education Sector ex-
   changes                           dents in the Economics Disci-          league table rankings on re-       pects cuts in Government
 • How to make a judgement on        pline Area (DA) a brief overview       source allocations to universi-    spending following the coming
   complex science                   of developments from the past          ties and the distribution of       national elections. There is an
                                     academic year, indicate how            these resources within univer-     indication that humanities
 • Applied Statistics                changes have been imple-               sities, faculties, schools and     subjects, including Economics,
 • Staff Profile: Paul Middleditch   mented for the current year            departments. Such rankings         are expected to be affected to
                                     and beyond. I will write about         take into account various per-     a higher degree than subjects
 • Summer School in Korea            the goals and limits the Eco-          formance indices of individual     like Engineering or Mathemat-
 • 4 years of PhD!
                                     nomics Discipline Area (DA)            departments and their stu-         ics. This is an indirect implica-
                                     faces, and as such there is an         dents. Research standing,          tion of the global recession
 • Chinese Posters                   analogy to a standard eco-             entry standards, student-staff     and the resulting expenditures
                                     nomic problem of maximising            ratios, graduates’ prospects or    of the UK government to stabi-
                                     an objective function under            completion rates are a few of      lise the national economy, and
                                     budgetary and other techno-            the mainly objective attributes    while the timing of such cuts
                                     logical constraints, a model           that are aggregated into an        and the size will surely depend
                                     which you are familiar with.           overall ranking of depart-         on which party wins the next
                                     But this is not an exercise or         ments.                             election, the reductions in
                                     problem that you should model                                             expenditure across all public
                                                                            Recently, a new variable has
                                     and solve. Rather, this is a                                              sectors seem unavoidable.
                                                                            entered these rankings. The
                                     description of some aspects
                                                                            National Student Survey (NSS)      The idea has now been floated
                                     that my colleagues and I have
Inside this issue:                                                          data is intended to be a meas-     that the NSS rankings could be
                                     to take into account when we
                                                                            ure of the student satisfaction    used as a device to allocate
Student Satisfaction           2     organise our work schedules
                                                                            with their degree. It was intro-   resources across the UK’s
                                     and plan the delivery of your
Important Dates                2                                            duced in 2005 partly for in-       higher education institutions.
                                     teaching for this and future
                                                                            forming prospective students       This radically changes the
Doed Climategate Matter?       3     academic years.
                                                                            where to study their preferred     environment in which universi-
Significance                   4      Changes to the Operational            subject and partly for public      ties and their academic and
                                     Environment and the Available          accountability. The latter as-     administrative staff have to
Staff Portrait                 4              Resource                      pect now becomes more              operate. No longer will only
Recruitment Fair               4                                            prominent.                         prospective students influence
                                     Let me start with the bigger
                                                                                                               the budgets available to indi-
Summer School in Korea         5     picture first. In recent years,        When budgets are tight, as will
                                                                                                               vidual departments by choos-
                                     one of the major changes on            be the case over the next
PhD in Economics               6                                                                               ing in favour or against a loca-
                                     the operational side of univer-        years, the NSS-rankings are
Chinese Posters                6     sity education, particularly at        likely to inform the allocation
                                     the undergraduate level, is the        of scarce resources 1. The UK               (Continued on page 2)
Student Reps                   6

PASS in Economics              7

MSc in Economics               8
                                     Important Dates
                                     Christmas Vacation: 21 December 2009 — 17 January 2010
                                     Undergraduate Office reopens — 4 January 2010
                                     Sem 1 2009/10 Examination Period:
                                                18 January 2010 - 29 January 2010
                                     Sem 2 2009/10 teaching starts: 01 February 2010
                                     Easter Break—29 March 2010 — 16 April 2010
Issue 3 ( Dec 2009).                                                                                                                  Page 2




Student Satisfaction (continued)
tion to study. Now also the        leagues could not be fully util-     2008/9 have had to be imple-       hear from you that many of
graduating students will have      ised for teaching activities         mented in a short period of        their efforts and new changes
their say on the budgets. We,      during 2009/10 as they are           time during the summer to          were perceived as being valu-
therefore, like to encourage all   required to spend a significant      ensure that we have a good         able (e.g., online quizzes, as-
students to participate in the     proportion of their time in          start of the academic teaching     signments and feedback
NSS and to give us a fair          training on the Teaching and         season in 2009/10. Much of         classes, smaller tutorial
evaluation.                        Learning Courses of the Uni-         the preparation had to be          classes in microeconomics
                                   versity. As the academic year        done before September when         and macroeconomics, the
 Earnings from the Past and
                                   progresses, we will therefore        the newly appointed lecturers      PASS-sessions). But equally
  Investments in the Future
                                   gradually have more staff re-        arrived. It is thanks to our       important were the critical
From the previous discussion       sources available for teaching       Teaching Groups, the Econom-       comments related to example/
one might now get the impres-      activities. The investment in        ics UG-directors and particu-      exercise classes, particularly in
sion that NSS and other rank-      new staff that the Economics         larly the Economics Under-         the 1st year quantitative
ings could lead to significant     DA has made during the last          graduate Administrative Team       course units. A rebalancing
changes in our main objective      academic year is unprece-            (Melanie Legge, Leo Wells, and     between the example classes
of delivering a world class re-    dented in the history of the         Alica Alaksova), who have          from Mathematical Economics
search-led training in econom-     department. The strong re-           worked very hard towards this      1 in favour of Basic Economet-
ics. However, the discussion       search position, which we aim        objective, that we managed to      rics in year 2 has been dis-
only highlights the current        to improve further over the          have everything ready by regis-    cussed with the 1st Semester
uncertainty in which your Eco-     next 4 years, is a guarantee for     tration week.                      lecturers and we intend to
nomics DA will have to operate     high quality teaching which is                                          implement this request for
                                                                        The review of teaching is still
and the harsher climate we         informed by the latest develop-                                         next academic year.
                                                                        ongoing. We have now started
face in the coming years. Our      ments in economics, and it
                                                                        to evaluate the effects of the     During the second semester of
objective will remain the same,    allows us to sustain the staff
                                                                        newly introduced activities.       2008/9 a questionnaire was
although ensuring sufficient       capacity for a world-class
                                                                        During the 1st Semester of         prepared by Dan Rigby and
resources to meet the objec-       teaching and research at Man-
                                                                        teaching Student Representa-       Ralf Becker with the aim to
tive will become a more chal-      chester.
                                                                        tives from all our undergradu-     identify areas of priority where
lenging aspect.
                                     The Current State of Affairs       ate programmes have collated       resources should be allocated
Yet we are in a strong position                                         information and brought it to      or re-distributed. For example,
                                   You may recall from our previ-
to manage the difficult periods                                         our attention. The Programme       one question dealt with the
                                   ous news-letter that the Eco-
ahead. The Economics DA has                                             Directors will also highlight      trade-off between size and
                                   Kaffe K in the has started a major
                                   nomics DA Bridford Street Building
expanded from 41 academic                                               issues via the Student/Staff       frequency of tutorials classes.
                                   review of its teaching provision
staff beginning 2008/9 to 50                                            Liaison Committees and flag        Another question looked at the
                                   during the last academic year.
in 2009/10. Two posts are still                                         these up in due course.            demanded frequency of meet-
                                   In coordination with the Fac-
vacant and expected to be                                               George Bratsiotis (Economics       ings with the Academic Advi-
                                   ulty of Humanities and the
filled by September 2010. We                                            UG-director) and I have held       sor. Dan and Ralf produced a
                                   School of Social Sciences, the
ensured the resources to fund                                           informal meetings with the         report over the summer which
                                   Economics DA has introduced
many of these posts through a                                           Student Reps during Novem-         will now inform the Economics
                                   several new measures that will
7 year long collective effort to                                        ber to get a better picture of     DA and the School when allo-
                                   allow us to sustain and im-
improve our position in world &                                         how the changes in our teach-      cating staff resources. The
                                   prove the teaching delivery in
internationally leading re-                                             ing delivery are perceived at      report has also lead to radical
                                   Economics. Examples that are
search activity in economics 2.                                         your end. We have also held        changes in Faculty’s position
                                   directly visible to our students
The popularity of Manchester                                            informal meetings with our UG-     vis-à-vis the meetings with
                                   are small size feedback
as an address for studying                                              administrative team to learn       Academic Advisors. In accor-
                                   classes, additional online quiz-
economics has led to an addi-                                           about implementation prob-         dance with your views, there
                                   zes via Backboard, mid-term
tional stream of funds which                                            lems and the additional work-      will be 1-2 scheduled meetings
                                   tests with feedback, additional
have now been invested in 3                                             load for them.                     with your advisor for each se-
                                   assignments during the se-
teaching focused lectureships                                                                              mester rather than the weekly
                                   mester, the reduction of tuto-       Students’ Active Role in Shap-
(in Macroeconomics: Paul Mid-                                                                              meetings as originally pro-
                                   rial size in macroeconomics           ing Their Teaching Delivery
dleditch, in Microeconomics:                                                                               posed 3. This is another exam-
                                   and microeconomics course
Paul Schweinzer and in Indus-                                           The impression I got from the      ple indicating how your feed-
                                   units.
trial/Business Economics:                                               first informal meetings with the   back and view is taken into
Mario Pezzino).                    Many activities were not visible     student representatives was        account when shaping policies
                                   to you. All the efforts that were    that most of the new aspects       and procedures, even if it
The teaching focused positions
                                   invested in the teaching review      and changes in the teaching        sometimes it takes a while
and most other new academic
                                   of Economics course units            have been received positively.
appointments were made at
                                   during the academic year             Our lecturers were pleased to               (Continued on page 3)
the junior level. These col-
Issue 3 ( Dec 2009).                                                                                                                                     Page 3




Student Satisfaction (continued)
before changes are imple-           channels via Student-Staff           2010 will give us some quanti-              judge and critically evaluate the appro-
                                                                                                                     priateness of the allocation mechanism
mented.                             meetings with Programme              tative data to analyse and
                                                                                                                     discussed here.
                                    Directors and the Student            review. In any case I hope that
 A New Communication Chan-                                                                                           2 You may recall that in December
                                    Newsletter need to be ex-            the constructive dialogue that
nel: Going straight to the Boss.                                                                                     2008 we received the confirmation that
                                    panded. This is not easily im-       we currently engage in will                 according to the results of the Research
Following our announcement          plemented, in particular as the      continue over the foreseeable               Assessment Exercise 2008 we entered
in the May/June Economics           Economics DA has a regular           future.                                     into the top ten of UK Economics de-
                                                                                                                     partments.
Newsletter to Students of in-       annual intake of 400-500 new
troducing major changes in          students on various single and                                                   3 It probably is needless to do so but it
                                    joint honours programmes. But                                                    should be clear that you can and should
teaching, there was some ini-                                            Horst Zank, Head of Econom-
                                                                                                                     approach your academic adviser out-
tial confusion about our objec-     we had to make a start some-         ics (Teaching and Operations)               side the scheduled meetings whenever
tives and how exactly the Eco-      where. So we agreed to meet                                                      you need this and I like to encourage
                                                                         Footnotes:
nomics DA intends to change         the student representatives                                                      you to be proactive and seek a meeting
                                                                         1 Students in Economics immediately         even if it is just about getting to know
the teaching delivery. During       every semester and discuss                                                       the person or obtaining advise on what
                                                                         realise that the allocation of scarce
the summer Student Society          informally any issues that are       resources is at the heart of our subject.   to do after Uni or which course units to
Members (PPE: Luqman                of concern to their degree. This     As such, you are in the best position to    take in a particular year.
Meedin, BA(Econ): Imran Ka-         is a good example of how you
sugee, BEconSc: John Ball,          can influence your degree and
IBFE: David Brandwood) have         make your voice count, and we
seriously questioned our plans.     hope that you continue to en-
At the beginning of the aca-        gage in shaping and improving
demic year we met these stu-        your programmes of study.
dents and discussed our plans
                                    We will meet the student reps
in more detail and clarified on
                                    again in Semester 2, when we
the raised concerns. These
                                    start to prepare the resource
discussions were perceived as
                                    allocation of staff for the next
constructive and useful by
                                    academic season. The Univer-
students and staff.
                                    sity Feedback questionnaires
Additionally, the main benefit      for each semester 1 course
of this student-led initiative      unit will then be evaluated and
                                                                                 Kantorowitch Library in the Bridgeford Street Building. A great place
was the observation that the        these results paired with your               to study. Here you will also find some extra lecture notes.
current formal communication        exam performance in January



Does ‘Climategate’ matter?
Or how to judge on complex science
For some it is the most impor-      nist World Revolution fronted        mere citizens, but importantly              economists, how people react
tant meeting in humankind’s         and disguised by scientists.         also to politicians as high-                to predictions that have bands
history, for others the sign of a                                        lighted by the Government’s                 of uncertainty attached around
                                    Behind the argument about            recent dismissal of its drug                them. This is clearly an issue
Communist World Revolution
                                    Climate Change in particular is      policy advisor.                             with predictions from climate
… whatever your view, it is
                                    an extremely interesting more                                                    change models, but also a
likely that the outcomes of the                                          In order to shed some light on              common feature of predictions
                                    general question that refers to      the above question, this year’s
Copenhagen UN Climate                                                                                                made by, say, the Bank of Eng-
                                    any policy issue that is based       students of ECON10062 Intro-
Change Conference will affect                                                                                        land.
                                    on rather complex science.           ductory Statistics will design
us in one way or the other.
                                                                         and administer an online sur-               The survey results will be avail-
                                    Here is the question:                vey with questions designed to              able to Introductory Statistics
Who would have thought that
science, here the rather new        How do people decide on              investigate whether citizen’s               students early in the semester
discipline of Climate Science,      whether they should believe          are receptive at all to public              and together with their lectur-
would exercise us to such an        the predictions arising from         information regarding complex               ers they will use this dataset to
                                    science that, for most lay-          scientific issues. And if so,               explore the relevance of statis-
extend that on two sides of the
                                    people, is too complicated to        whom do they trust; the gov-                tics in everyday life.
debate we can now here                                                   ernment, their local MP, chari-
                                    fully comprehend?                                                                If you are an ECON10062 stu-
doomsday scenarios. Some                                                 ties, friends or scientists?
are warning that possible cli-      You can easily see this ques-                                                    dent you can go to your Black-
matic changes will destroy life     tion being relevant in all sorts     A few ancillary but important               board site and discuss and
                                    of areas (e.g. GM food, Nuclear      questions arise from this exer-             suggest questions to go onto
as we know it whereas others
                                    Energy, etc.) and more impor-        cise. Perhaps none more im-                 the survey.
warn that the same outcome                                               portant, especially for future
                                    tantly that it not only applies to
will be achieved by a Commu-                                                                                         RB
Issue 3 ( Dec 2009).                                                                                                                   Page 4



Significance: Statistics Making Sense                                   Staff Portrait: Paul Middleditch
This is the title for the quar-     product’s   performance     may     Where did you study and work
terly magazine of the Royal         have.                               before coming to Manchester?
Statistical Society, and you
                                    This is only a short selection of   I spent fifteen years working in
may suspect to find papers
                                    articles in the December 2009       the private sector before tak-
like “An Incomplete-Data
                                    issue of Significance. The good     ing the decision to switch to
Quasi-Likelihood Approach to
                                    news is, you don’t even have        teaching in higher education. I
Haplotype-Based Genetic Asso-
                                    to become a member of the           studied at Kingston University,
ciation Studies on Related
                                    Royal Statistical Society to be     Birkbeck College and Univer-
Individuals“ in here. Well, luck-
                                    able to read these papers. If       sity of Surrey, during which
ily, not, this magazine features
                                    you go to the Electronic Jour-      time I began my teaching ca-
a good mix of serious yet, even
                                    nals site of the Library and        reer. I lectured at University of
to the non-Stats-geek, interest-
                                    search for the magazines title,     Surrey before coming to Man-
ing articles which are easily
                                    you will get access to all arti-    chester as a new academic.
understandable even without
                                    cles.
having a black belt in asymp-                                           Can you give us a short de-
totic statistics.                   And should you interested in        scription of the research you       with a personal touch and they
                                    Haplotype-Based Genetic Asso-       are currently working on?           could motivate individual en-
In the latest Issue (Dec 2009)
                                    ciation Studies, you can read                                           quiry. Sami was a particular
for instance you can read how                                           Not short … but my main re-
                                    about that as well (Journal of                                          inspiration to me.
one can use statistics to estab-                                        search interest is monetary
                                    the American Statistical Asso-
lish probabilities on particular                                        policy analysis using dynamic       What do you like about teach-
                                    ciation Sep 2009, Vol. 104,
results for Premiership                                                 stochastic general equilibrium      ing at University?
                                    No. 487: 1251–1260). But
matches.                                                                (DSGE) models, particularly the
                                    don’t expect Significance to                                            Teaching is about knowledge
                                                                        specialisation of price deriva-
You may also want to learn          report on it.                                                           dissemination ‘passing it on’,
                                                                        tion from the supply side. A
how statistics is used to sieve                                                                             not just the classic material
                                    RB                                  common model used for price
through the billions of events                                                                              but showing students what is
                                                                        derivation within these DSGE
created by the Large Hadron                                                                                 new in the field. Relating the
                                                                        models was introduced in a
Collider to find the interesting                                                                            material to reality and ‘seeing
                                                                        paper by Guillermo Calvo in
non-standard ones and even-                                                                                 the penny drop’ is what really
                                                                        1983. The Calvo model as-
tually perhaps find that elusive                                                                            provides me with a buzz. Uni-
                                                                        sumes an exogenous process
Hicks particle.                                                                                             versity is really the only stage
                                                                        for the probability of price
                                                                                                            for this.
If you recently rushed to Boots                                         change, my work involves en-
to buy some apparently great                                            dogenising this process. (Yes I     What is your impression of the
anti-aging cream (even though                                           am a Geek!)                         city of Manchester after being
at your age you should really                                                                               here for a few weeks?
                                                                        Which teacher has left the
not bother) you may find it
                                                                        deepest impression on you           Manchester reminds me of
disappointing to read how little
                                                                        and why?                            Barcelona, my favourite city,
value “compelling proof” of a
                                                                                                            only its a lot wetter and not
                                                                        This is not an easy question to
                                                                                                            quite as warm! When I first
                                                                        answer. I would like to list Jeff
Graduate Recruitment Fair                                               Haggett, the late Sami Daniel
                                                                                                            arrived I confess I found it a
                                                                                                            little harsh but actually the
                                                                        and Ron Smith as inspirational
16/17 June 2010.                                                        teachers. They all made diffi-
                                                                                                            people of Manchester are
                                                                                                            really very friendly and helpful.
                                                                        cult material fun to learn, they
As you know the University of Manchester has a very good repu-                                              In a word Manchester is just ,
                                                                        made time to provide students
tation as far as future job prospects of its graduates is con-                                              well, exciting.
cerned. One of the ways how the University helps its students to
find jobs is by organising Career Fairs.
Therefore you shoul head for the Graduate Recruitment Fair in
Manchester on 16 and 17 June 2010 for hundreds of graduate
jobs starting in 2010. Over 160 exhibitors expected (different
ones each day), from a variety of sectors and locations, including
small and large employers, local and national ones. Also a few
postgraduate courses on offer for those wanting to pursue fur-
ther study in 2010 . Free entry and free Fair Guide.
See www.manchester.ac.uk/careers/graduatefair
 Issue 3 ( Dec 2009).                                                                                                                Page 5



Summer School in Korea
A travel report by Paul Hudson
During my time at ISI pro-          ISI office 3 hours after it         Seoul, trying to teach you the
gramme at SNU I got to spend        closed, there was still some-       Korean you won't learn in les-
6 excellent weeks in Seoul,         one waiting for me to turn up       sons and helping out when ever
Korea. The summer school            to show me to where I would         you need a Korean speaker.
was an excellent way to spend       be staying. Though-out the          However there is a small price
time in Korea and meet a lot of     whole programme the staff           to pay if you have a British ac-
people from all across the          would try their best to help in     cent, you will have to spend the
world. There were many great        anyway they could, doing more       next 6 weeks trying to teach
things about this programme.        most of the time than I ex-         them how to speak with a teach
                                    pected of them.                     the accent and being talked to
When you first arrive in Seoul
                                                                        in that accent.
you land at Incheon airport,        The summer school itself was
then get on the 2 hour bus ride     a great experience, the teach-      Another good experience was
to the university you get to see    ers came from the top Ameri-        the Korean language aspect of
a lot of Seoul as you travel.       can universities. They were all     the course. The teachers were
You see a lot of high rise build-   incredibly interested in their      incredibly friendly which made
ings, people and cars, all being    subject, which shone though         the lessons incredibly enjoy-
very busy. Just proving to you      their teaching, as well as the      able, one class even got on so
that the Seoul tourist board        stories relating to their subject   well with their teacher they
isn't lying to you when they say    which they could tell on and on     went drinking. But this was
that Seoul is a very bustling       for the whole lesson giving         great as when talking to the
city. Another thing that you        such a great personal touch.        Koreans, replacing a word or a
notice about Seoul, is how          The subject matter was inter-       sentence of English to Korean
many hills there are, they can      esting as well as it ranged         impressed them no end when it
be small hills or ones that         from an academic history of         was right and when it was
could be classed as small           Korea to the controversial sex      wrong they would still try to
mountains, and that they are        and violent films and books of      understand what you were say-
every where.                        the Japanese culture class          ing. The lessons on directions
                                    which quickly came to be the        and buying stuff were incredibly
                                    talk of whole programme. An-        useful especially when explor-
                                    other good part of the summer       ing around the markets.
                                    school was that on Friday's
                                                                        The 6 weeks I spent in Korea
                                    they took us all on a field trip
                                                                        was a great time, that I would
                                    to places outside of Seoul like
                                                                        happy do again next year, but
                                    the Demilitarised zone, which
                                                                        this year it was made even bet-
                                    was an interesting experience
                                    having a military escort around
                                                                        ter by the fact that The Univer-   Uni Travel Awards
                                                                        sity of Manchester paid the
                                    the worlds heaviest armed
                                                                        fee's for the summer school        The University offers a number
                                    boarder turned tourist hotspot.
                                                                        which really opened this oppor-    of different travel awards. You
                                    It was quite the surreal experi-
                                                                        tunity for me, as with out this    can apply for these awards if
                                    ence
                                                                        help i would have never been       your travel activity is associated
                                    There were a great many ex-         able to go. The University is      to a particular enterprising pro-
                                    periences which made the            most likely going to offer the     ject, you can demonstrate that
                                    whole trip worthwhile, one of       scholarships again next year to    it significantly furthers your
                                    the best things about this pro-     allow even more people the         studies or if your travel activity
                                    gramme was the fellow stu-          chance to have this great ex-      fosters international under-
                                    dents on the programme. I had       perience.                          standing and goodwill. For more
                                    never been to Korea before                                             d e t a i l s         g o      t o
                                                                        One more thing to say is that if
                                    and I didn’t know a single word
                                                                        you go to this summer school
Paul Hudson in traditional          of Korean but almost every                                             http://www.studentnet.manche
                                                                        next year and see, a professor
dress                               other student on the pro-                                              ster.ac.uk/crucial-
                                                                        John Treat on the list of teach-
                                    gramme can speak Korean, is                                            g u i d e / f i n a n c i a l -
                                                                        ers, take the course!
When you get to Seoul Na-           Korean or lived in Korea. When                                         life/funding/travel-awards-
tional University itself you find   they find out that you never        You will not regret it!            2009-2010/
that the staff are very helpful     have been to Korea before
and nice from the start, as         they kind of attach themselves
even though I turned up at the      to you showing you all around
Issue 3 ( Dec 2009).                                                                                                                    Page 6




PhD in Economics
This is a challenging but excit-    developments I can note that       year of the four year pro-          posal and this will remove a
ing time for the economics          Manchester, along with all         gramme (first post Masters          major hurdle to you thinking
profession; the credit crunch,      universities in the UK, is pre-    year) will involve us providing     about a PhD.
the deep recession and global       paring to bid for a prestigious    advanced training, in the form
warming are all serious eco-        Economic and Social Research       of advanced courses and train-      There are two entry points to
nomic issues needing the pro-       Council (ESRC) funded Doc-         ing in the formulation of practi-   this 2+2 structure. You can
fession to focus its skills and     toral Training College (DTC). As   cal and productive research         enter into the full four year
efforts. As the same time, I can    part of this process economics     proposals, in particular a pro-     programme after completing
honestly assert that the eco-       in Manchester is introducing a     posal for the remaining two         an appropriate undergraduate
nomics discipline is more vi-       new structure to its PhD pro-      years of your research. This        (or diploma) programme in
brant and intellectually stimu-     gramme, often called a 2+2         new structure means we will         economics. Alternatively, you
lating than it has been in the      programme, which is similar to     place less emphasis on any          can enter directly into the sec-
last forty years. Furthermore,      the standard model in the US.      research proposal submitted         ond year of the programme
economics in Manchester is on       As from the next academic          at the point of application –       after completing an appropri-
the up – high ranking in re-        year (2010) we aim to have a       with an important caveat men-       ate Masters programme. As
search and many new appoint-        PhD programme that will in-        tioned below. What we will          there are limited funding op-
ments. In light of all of that, I   volve two years of training and    require is an indication of your    portunities for the full four year
have to invite you to get in-       two years of research. The first   general area of research as we      programme it is expected that
volved and give serious consid-     year of training will build on     need to assess our capacity to      most students will enter after
eration of doing a PhD in eco-      our established and recog-         supervise potential PhD stu-        completing a Masters.
nomics here in Manchester.          nized Masters programmes.          dents. This is less daunting        As to funding, I can note we
Alongside these issues and          What is new is that the second     than writing a detailed pro-        hope to have more funds for
                                                                                                           PhD students than in previous
                                                                                                           years but the details have to
                                                                       of the semester for students to     be confirmed. Most of this
Posters for the Chinese Economy                                        comment on each other’s             funding will be directed to
                                                                                                           those directly entering the post
                                                                       works, followed by a public
Following the Economics DA’s        Skills (BIS).                      exhibition from 8th to 18 De-       Masters year of the pro-
move to increase the level of                                          cember in the Resource Room         gramme. An important, but
feedbacks to students and           Students were provided with        at Arthur Lewis Building. The       limited, source of funding is
improve the quality of person-      technical training and support     digitalised posters were also                      (Continued on page 7)
alized learning, poster presen-     from the Graphic Support           uploaded on blackboard help-
tations were introduced for a       Workshop at the Media Centre.      ing students’ revision after-
third year undergraduate mod-       Drop-in sessions were held by
                                                                       wards.                              and stimulating and some saw
ule ECON30101, The Chinese          the course convenor dealing
                                    with students’ questions.          The team work experience, the       this as a rare opportunity that
Economy.                                                               training with the Graphic Sup-      gives the “abstract” economics
                                    Funding for the printing and
Students were allocated into        the public exhibition was gen-     port Workshop, the tutorials        a “real life”. No doubt, some of
groups (four students a group)      erously provided by Economics      with the lecturer, and the          these posters will continue to
to design and print an A0 size      Discipline Area and the School     poster exhibition all contrib-      have a life and provide colour
of poster on a specific topic on                                       uted to enhance students per-       to some student’s homes. And
                                    of Social Sciences.
the Chinese economy. Poten-                                            sonalised learning experiences      if some flatmates are informed
tial audience were the govern-      30 groups produced posters         andwill hopefully contribute to     about the Chinese Economy
ment ministers and civil ser-       on different aspects of the        a significantly increased stu-      even better!
vants from the UK Department        Chinese economy. A poster          dent satisfaction. Most stu-
                                    exhibition was held at the end                                         Xiaobing Wang
for Business, Innovation and                                           dents found this interesting
                                                       Matthew.Fright@student.manchester.ac.uk (3)
Economics Student Representatives                      Lucy.Bourne@student.manchester.ac.uk (3)
BEconSc:                                               BA(Econ):
sami.ergin@student.manchester.ac.uk (year 1)           Rachel.williamson-2@student.manchester.ac.uk(1)
yunchang.chen@student.manchester.ac.uk (1)             Rebecca.hill-2@student.manchester.ac.uk(1)
David.Ball-3@student.manchester.ac.uk (2)              brittany.macvicar@student.manchester.ac.uk(1)
Laurence.Hurrell@student.manchester.ac.uk (2)          jennifer.sernat@student.manchester.ac.uk(1)
Anusuya.Nayar@student.manchester.ac.uk (3)             minh.nguyen-2@student.manchester.ac.uk(1)
IBFE:                                                  Harry.Coburn@student.manchester.ac.uk(1)
Sorina.Gheorghita@student.manchester.ac.uk             jason.archie-acheampong@student.manchester.ac.uk(1)
David.Brandwood@student.manchester.ac.uk               Harsh.tekriwal@student.manchester.ac.uk(1)
felicity.crowther@student.manchester.ac.uk             Krupa.dodhia@student.manchester.ac.uk(2)
PPE:                                                   sanam.rahman@student.manchester.ac.uk(2)
Robert.Fuller-2@student.manchester.ac.uk (1)           Edward.Gallagher@student.manchester.ac.uk(2)
Muhammad.Saqib@student.manchester.ac.uk (1)            joseph.akinnagbe@student.manchester.ac.uk(2)
Myra.M.Khan@student.manchester.ac.uk (2)               Ilma.Bari@student.manchester.ac.uk(3)
Lettice.Newton@student.manchester.ac.uk (2)            Melanie.Haslam@student.manchester.ac.uk(3)
                                                       jingwen.hang@student.manchester.ac.uk(3)
Issue 3 ( Dec 2009).                                                                                                                    Page 7




Peer Assisted Study Scheme (PASS) in Economics                                                                PhD in Economics
The University currently pro-       The activities in the PASS          challenging the course was            (Continued from page 6)
vides substantial support for       groups may differ substantially     and found myself how helpful
                                                                                                              the ESRC. If you are an estab-
the introduction of peer as-        from group to group as it is the    PASS was, it motivated me to
                                                                                                              lished UK resident (three years
sisted study schemes across         group members you determine         actually give questions a real        or more) these funds are rela-
the different Faculties of the      the agenda.                         go. I also wanted to keep in          tively generous and may cover
University. In Economics this                                           touch with the econometrics           the full four year programme.
                                    Here we have an interview with
scheme was first introduced in                                          material.
                                    Leanne Kelly, a 3rd year BA                                               As I said a lot is happening
ECON10061 Introductory
                                    (ECON) student who is a PASS        Judging after 1 semester of           here and I am sure I have
Mathematics. Subsequently it
                                    Leader for ECON20110.               being a PASS leader, was the          raised more questions than I
was also introduced in                                                                                        have answered but my aim
                                                                        initial training you received
ECON20110 Basic Economet-           Leanne, can you, from a stu-                                              was to get you to give a second
                                                                        useful?
rics.                               dent's perspective, describe in                                           thought to doing a PhD. If I
                                    a few sentences what PASS           The training gave us ideas for        have made you pause and
The main idea is that groups of                                                                               reconsider a PhD please con-
                                    is?                                 activities which could be used
10-12 students come together                                                                                  tact me. I know exams loom
                                                                        to get study going, but often
on a weekly basis to study and      I would say PASS is a great                                               but we face a deadline (end of
                                                                        the sessions just flow from
revise for a particular course      way to make mistakes and                                                  February) for you to apply for
                                                                        what the students bring. I think
unit. These groups are then         importantly learn from them in                                            funding so you will need to
                                                                        the skills of waiting, of trying to   make a move in January to
assisted in their efforts by        an easy environment with your
                                                                        facilitate not teach and involv-      start the process. If you are
students (PASS Leaders) who         peers, giving the chance to put
                                                                        ing everyone were the most            thinking of applying for these
passed the particular course        forward any queries you have
                                                                        relevant elements of the train-       ESRC funds for 2010 a solid
unit in a previous year. Before     to people in the same situa-
                                                                        ing.                                  proposal will be required so
becoming PASS Leaders, the          tion. The sessions are directed                                           you will need to start the proc-
students receive training that      by the group and what they          Thank you Leanne, enjoy your          ess sooner so we can help with
is aimed at developing skills       want to learn or confirm, it can    break.                                that proposal.
that are valuable in moderat-       be as fun as it is useful
                                                                        If you are a student in                             Chris Birchenhall
ing and motivating their group.
                                    Why did you decide to become        ECON10061 or ECON20110                chris.birchenhall@manchester.
Clearly a skill that will come in
                                    a PASS Leader?                      and are interested in becoming                                  ac.uk
handy in later professional
                                                                        a PASS Leader next year,
careers just as much as during      I decided to become a PASS
                                                                        please talk to your lecturer to
the PASS sessions.                  leader as I appreciate how
                                                                        get further information.




Finance jobs for graduates with African                                                                       Do you have
or Middle East language skills                                                                                something to say?
The Moloney Search Graduate         2010), however flexibility is                                             If you want to comment on
Headhunting Firm is currently       essential as they will rotate to                                          something written in this news-
headhunting high calibre            work in different locations                                               letter or want to contribute
graduates to become the fu-         across the Africa and Middle                                              some thoughts relevant to
ture finance leaders of a large,    East (AME) region. As such it                                             Economics students at the
international fast moving con-      is essential that graduates are                                           University of Manchester, we
sumer goods (FMCG) Company          fluent in Turkish or a language                                           encourage you to write to the
(Africa and Middle East team)       of the AME region. Require-                                               editor Ralf Becker on econ-
                                    ments for successful candi-                                               news@manchester.ac.uk.
Over a two year period gradu-
                                    dates: minimum 300 UCAS
ates will complete rotations to                                                                               While the Economics discipline
                                    points (3 B grades at A’ level);
provide exposure to all aspects                                                                               area will not guarantee publi-
                                    2.1/1st predicted in degree;
of finance including Marketing                                                                                cation of all submissions and
                                    suitable work experience; roles
finance; Management report-                                                                                   reserves the right to edit any
                                    of responsibility and significant
ing; Treasury; Transfer pricing;                                                                              submissions, we do guarantee
                                    involvement in extra-curricular
Operational finance; Manage-                                                                                  that we will do so in a dialogue
                                    activities.   Interested candi-
ment accounting; Tax; Merger                                                                                  with all contributors.
                                    dates should contact Jennifer
and Acquisition. Full sponsor-
                                    Carr on 0207 368 5109 to
ship for the CIMA qualification
                                    find out more or email their CV
is provided. Graduates will be
                                    to jca@moloneysearch.com.
based in the UK head office,
London (starting in September
                                                                Useful Websites
                                                                Economics:
                                                                http://www.socialsciences.manchester.ac.uk/disciplines/
                                                                economics/

Economics Discipline Area                                       Econ News:
School of Social Sciences                                       http://www.socialsciences.manchester.ac.uk/disciplines/
The University of Manchester                                    economics/about/news/
                                                                Career Services:
Undergraduate Director
                                                                http://www.careers.manchester.ac.uk/
George Bratsiotis (george.bratsiotis@manchester.ac.uk)
                                                                SOHOL System (to book office hours):
Head of Discipline Area (Operations)                            http://mats.humanities.manchester.ac.uk/mats/SOHOL/
Horst Zank (horst.zank@manchester.ac.uk)

Newsletter contact: Ralf Becker
econnews@manchester.ac.uk

Masters Programmes
in Economics
Are you undecided what to do      The MScEE is similar to the        programmes, you will normally     Programme Directors in their
next year? Do you want to         MScE, in that the same units       be offered a place conditional    office hours: Keith Blackburn
increase your lifetime earnings   in macroeconomics, microeco-       on an upper-second in the         (MScE), Igor Evstigneev (MScE,
potential? Have you thought       nomics, mathematical meth-         summer of 2010. Application       MScFE), Emranul Haque
about an academic ca-             ods or mathematical econom-        forms can be found online.        (MAE), Alastair Hall (MScEE,
reer? Do you want to further      ics, are taken, but more ad-                                         MScEcts), Dan Rigby (MScE
                                                                     BA(Econ) students who have
your knowledge and apprecia-      vanced econometrics is                                               Environmental Economics
                                                                     not taken Mathematical Eco-
tion of Economics?                taught.                                                              pathway), or Ed Amann
                                                                     nomics I or Basic Economet-
                                                                                                       (MScDEP).
The Economics Discipline Area     The MScEctcs differs again in      rics should apply for the MA in
offers various Masters Pro-       that now macroeconomics and        Economics. BA(Econ) students      The Discipline Area of Econom-
grammes in Economics. These       microeconomics are not com-        who have taken Mathematical       ics itself does not have any
are the MA in Economics           pulsory units in the pro-          Economics I and / or Basic        funding for these programmes.
(MAE), the MSc in Economics       gramme.        Thus this pro-      Econometrics (and obtained
                                                                                                       Next year's fees are £3,500
(MScE), which also contains an    gramme might be of interest to     good marks) should apply for
                                                                                                       and £11,300 for home and
Environmental Economics           those without an undergradu-       an MScE. The more special-
                                                                                                       overseas students respectively
pathway, the MSc in Econom-       ate degree in economics, but       ised programmes - the Environ-
                                                                                                       on all Masters' programmes
ics and Econometrics (MScEE),     who have degrees with appro-       mental Economics pathway of
                                                                                                       other than the MSc in Finan-
the MSc in Econometrics           priate levels of mathematics       the MScE, the MSc in Econom-
                                                                                                       cial Economics, where the
(MScEctcs), the MSc in Finan-     and statistics.                    ics and Econometrics (MScEE),
                                                                                                       home fee is £4,335 and the
cial Economics (MScFE), and                                          the MSc in Econometrics
                                  The MScFE is similar to the                                          overseas           fee      is
the MSc in Development Eco-                                          (MScEctcs), the MSc in Finan-
                                  MScE, but has 3 units specifi-                                       £11,950. However, any stu-
nomics and Policy (MScDEP).                                          cial Economics (MScFE) - all
                                  cally devoted to financial eco-                                      dent who gets a first-class
                                                                     require some specialisation in
The MScE is a mainstream          nomics/econometrics, as well                                         degree at the University of
                                                                     the relevent courses at third
programme in Economics,           as offering macroeconomics,                                          Manchester has a fee waiver
                                                                     year level.
similar to those taught in any    microeconomics and mathe-                                            of £1,500. The Economic and
leading department in the         matical economics.                 Further details are available     Social Research Council does
UK. It furthers the student's                                        from:                             offer studentships to those
                                  The MScDEP is a programme
appreciation of macroeconom-                                                                           who are considering an addi-
                                  that focuses on the economic       www.socialsciences.manchest
ics, microeconomics, mathe-                                                                            tional three years studying for
                                  tools needed for analysing         er.ac.uk/postgraduate/taught/
matical methods or mathe-                                                                              a PhD. You should talk to the
                                  Developing Economies.              courses/,
matical economics, and econo-                                                                          Economics PhD Coordinator
metrics, and covers both the      Finally, students who are inter-   or you can pick up a blue post-   Chris Birchenhall for further
theoretical and empirical as-     ested in the MScE, but are         graduate brochure from the        advice on these scholarships.
pects of the subject. The Envi-   worried about the rigor and        administrators on the second
                                                                                                       Len Gill
ronmental Economics pathway       formality of how modern eco-       floor of Arthur Lewis Build-
within the MScE aims to pro-      nomics is taught, might find       ing. Please note - this is the
vide a balanced and rigorous      the MAE more appealing; here       2009-2010 version: a 2010 -
training in modern theories       macroeconomics and micro-          2011 version should appear
and techniques in environ-        economics are replaced by          on the Postgraduate website
mental economics at the post-     more policy-orientated units.      soon.
graduate level.
                                  On applying to any of these        Students can also talk to the