The Department of Economics at the University of Exeter Business School strives for excellence in research and teaching. It is a small, friendly department with a strong research orientation that performed very strongly in the 2008 Research Assessment Exercise. The faculty publish widely in leading economics journals and hold influential editorial roles. The MSc programs equip students with transferable skills and graduates have found employment as professional economists. Students praise the high quality of teaching and competitive pricing of courses. The department and university provide an outstanding academic environment in a beautiful location.

1. University of Exeter Business School
Department of Economics
0409
www.exeter.ac.uk/business-school/economics Departmental Brochure

2. Courses that count | Department of Economics
The Department of Economics
As a Department we strive to achieve a consistently high quality of education.
Our goals of maintaining high teaching standards and of enhancing the
students’ learning experiences are fostered by our commitment to pursue
excellence in research and teaching. The 2008 National Student Survey results
has placed us 2nd in the country for the combined average score across all
measures of teaching; assessment, organisation, satisfaction, learning
resources, and personal development opportunities! We continuously
endeavour to maintain these high standards.
The Department of Economics at Exeter is a small, friendly organisations, central banks, and government departments)
department with a strong research orientation. The as well as the private sector. We also give students the
Department performed very strongly in the 2008 Research opportunity to learn about, and discuss, topical events
Assessment Exercise, and is generally considered to be beyond their formal classes through our weekly seminar
among the leading economics departments in the UK. series which attracts guest speakers from around the world.
Our faculty are also heavily involved in helping to develop Graduates from our MSc programmes often progress to
real-world economic policy at organizations such as the PhD programmes. Our MSc programmes provide an ESRC-
Bank of England, the Organization for Economic accredited research training which is serves as ideal
Cooperation and Development (OECD), the International preparation for a PhD. Recent full-fee PhD studentships at
Monetary Fund (IMF) and the United Nations. Exeter have been awarded in Microeconomics ,
Macroeconomics, Econometric Theory, International Trade
Our MSc programmes have been designed to equip and Climate Change. Scholarships of up to £5,000 are also
students with transferable, employment-related skills available for our MSc programmes – please see the
making them highly-valued by employers. Our graduates ‘Scholarships’ section of our website for further details.
have subsequently found employment as professional
economists in the public sector (e.g., international
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3. Research Areas
The Department has a significant presence in the main areas of
microeconomics, macroeconomics and econometrics.
Informally, research is grouped into five areas:
Applied and Public Economics Econometrics
Work in this area has investigated the optimal provision of Research in econometrics has involved an investigation of
public goods, efficient design of tax systems, fiscal fractional co-integration with long memory, fractional
inefficiencies in federal economies and the welfare Brownian Motion, and modelling and specification testing of
implications of state trading in international markets. time series models.
Research also considers the effect of tax and macro-
economic policy on foreign direct investment and the Profile
relationship between international trade and climate change.
Steve McCorriston, Head of Department
Experimental Economics Professor Steve McCorriston is currently
Researchers in experimental economics use experiments to Head of the Department of Economics. His
investigate game theory and the application of main research interests relate to
international trade policy issues, the effect
microeconomic theory in real situations.
of macroeconomics and tax policies on
Microeconomics foreign direct investment and market
structure in international commodity
Among the many areas of investigation in this area have
markets. He has published with papers
been the impact of ambiguity on corporate finance, published in leading journals including the
decision-making within firms, evolutionary game theory, gift- European Economic Review, the American
giving and mechanisms to solve conflicts in a parliamentary Journal of Agricultural Economics, the
system. Journal of Empirical Finance among many
others. He has also served as a consultant
Macroeconomics to the OECD and the UN Food and
Work in this area has investigated policies for controlling Agriculture Organisation as well as
government departments and has been
macroeconomic interaction, with an emphasis on strategic
Associate Editor of the American Journal of
monetary and fiscal policy. Researchers have also looked at Agricultural Economics and serves on the
equilibrium models in macroeconomics, as well as political Editorial Board of the European Review of
economy and central bank independence. Agricultural Economics. His research has
also been featured in the national media.
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4. Courses that count | Department of Economics
Recent Publications by the Department of Economics
The Department of Economics has a strong culture of research. The School’s
Economics faculty publish the results of their research in leading economics
journals.
Professor Dieter Balkenborg Dr Andreea Halunga
● Balkenborg, D.G. and Scholag, K.H., ‘On the evolutionary ● Halunga, A.G. and Orme, C.D., ‘First-Order Asymptotic
selection of sets of Nash Equlibria’, Journal of Economic Theory Misspecification Tests of GARCH Models’,
Theory, Vol. 133, March 2007 pp.295-315
, Econometric Theory, Vol. 25(2), April 2009, pp. 364-410
● Balkenborg, D.G.,‘How Liable Should a Lender be? The ● Halunga, A.G., Osborn, D.R. and Sensier, M., ‘Changes in
Case of Judgment Proof Firms and Environmental Risk’ , the Order of Intetgration of US and UK Inflation’,
American Economic Review, Vol. 91, June 2001, pp. 731- Economics Letters, Vol. 102, January 2009, pp. 30-32
738
Professor Todd Kaplan
Professor James Davidson
● Kaplan, T.R. and Wettstein, D., ‘Caps on Political
● Davidson, J.E.H. and Sibbertsten, P ‘Generating
.,
Lobbying: Comment,’ American Economic Review, Vol.
Schemes for Long Memory Processes: Regimes,
96, September 2006, pp. 1,351-1,354
Aggregation and Linearity’, Journal of Econometrics, Vol.
● Kaplan, T.R., ‘Why Banks Should Keep Secrets’, Economic
128, October 2005, pp. 253-282
Theory, February 2006, Vol. 27 pp. 341–357
,
● Davidson, J.E.H., ‘Alternative Bootstrap Procedures for
Testing Co-integration in Fractionally Integrated Professor David Kelsey
Processes’, Journal of Econometrics, Vol.133, August ● Kelsey, D. and Milne, F ‘Externalities, Monopoly and the
.,
2006, pp. 741-777 Objective Function of the Firm’, Economic Theory, Vol.
29, November 2006, pp. 565-589
Dr Miguel Fonseca ● Kelsey, D. and Eichberger, J., ‘Sequential Two-Player
● Fonseca, M.A. and Normann, H-T., ‘Mergers, Games with Ambiguity’, International Economic Review,
Asymmetries and Collusion: Experimental Evidence’, November 2004, Vol. 45, pp. 1,229-1,261
Economic Journal, Vol 118, 2008, pp. 387-400
● Fonseca, M.A., Huck, S and Normann, H-T., ‘Playing
Cournot Although They Shouldn't: Endogenous Timing in
Experimental Duopolies with Asymmetric Cost’,
Economic Theory, Vol. 25, April 2005, pp. 669-677
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5. Professor Tatiana Kirsonova Professor Robin Mason
● Kirsanova, T., Satchi, M., Vines, D. and Wren-Lewis, S., ● Mason, R.A. and Lee, I-H., ‘Uncertainty, Co-ordination
‘Optimal Fiscal Policy Rules in a Monetary Union’, Journal and Path Dependence’, Journal of Economic Theory, Vol.
of Money, Credit and Banking, Vol. 39, October 2006, pp. 138(1), January 2008, pp. 262-287
1,759-1,784 ● Mason, R.A., Karp, L. and Lee, I-H., ‘A Global Game with
● Kirsanova, T. and Sefton, J., ‘A Comparison of National Strategic Substitutes and Complements’, Games and
Saving Rates in the UK, US and Italy’, European Economic Behaviour, Vol. 60(1), July 2007 pp. 155-175
,
Economic Review, Vol. 51, November 2007 pp. 1,998-
,
Professor Steve McCorriston
2,028
● McCorriston, S. and MacLaren, D., ‘Do State Trading
Professor Christos Kotsogiannis Exporters Distort Trade?’ European Economic Review,
● Kotsogiannis, C. and Schwager, R., ‘Accountability and Vol. 51, January 2007 pp. 225-246
,
Fiscal Equalization’, Journal of Public Economics, Vol. 92, ● McCorriston, S. and MacLaren, D., ‘De-Regulation as
December 2008, pp. 2,226-2,349 (Welfare Reducing) Trade Reform: The Case of the
● Keen, M.J., and Kotsogiannis, C., ‘Does Federalism Lead Australian Wheat Board’ American Journal of Agricultural
to Excessively High Taxes?’, American Economic Review, Economics, Vol. 89, August 2007 pp. 637-650
,
Vol. 92(1), March 2002, pp. 363-370
Professor Gareth Myles
● Myles, G. and Hashimzade, N., ‘The Structure of the
Dr Christos Koulovatianos
Optimal Income Tax in the Quasi-Linear Model’,
● Koulovatianos, C., Mirman, L.J. and Santugini, M.,
International Journal of Economic Theory, Vol. 4, January
‘Optimal Growth and Uncertainty: Learning’, Journal of
2006, pp. 5-33
Economic Theory, Vol. 144, January 2009, pp. 280-295
● Hindriks, J. and G. Myles, ‘Strategic Inter-Regional
● Koulovatianos, C., Schröder, C. and Schmidt, U., ‘Non-
Transfers’, Journal of Public Economic Theory, Vol. 5, April
Market Household Time and the Cost of Children’,
2003, pp. 229-248.
Journal of Business and Economic Statistics, Vol. 27(1),
January 2009, pp. 42-51 Dr Yiannis Vailakis
● Vailakis, Y., Le Van, C., ‘Recursive Utilitiy and Optimal
Professor John Maloney
Growth in Bounded or Unbounded Returns’, Journal of
● Maloney, J., ‘Gladstone’s Gladstone? The Chancellorship
Economic Theory, Vol. 123, August 2005, pp. 187-209
of Robert Lowe 1868-73, Journal of the History of
● Vailakis, Y. Le Van, C. and Hung, N., ‘Equilibrium
Economic Thought, Vol. 79, August 2006, pp. 404-428
Dynamics in an Aggregative Model of Capital
● Maloney, J., ‘Robert Lowe, The Times and Political
Accumulation with Heterogeneous Agents and Elastic
Economy’, Journal of the History of Economic Thought,
Labor’, Journal of Mathematical Economics, Vol. 43, April
Vol. 27 March 2005, pp. 41-58
,
2007 pp. 287-317
,
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6. Courses that count | Department of Economics
Editorial Roles with Leading Journals in Economics
The Department of Economics has faculty who are recognised by their peers,
and holds many influential position with leading international journals in
Economics.
American Journal of Agricultural Economics Profile
Professor Steve McCorriston, Associate Editor 2002-2006
Professor Christos Kotsogiannis, Director of Economics Programmes
Econometric Theory, Professor Christos Kotsogiannis joined the
Professor James Davidson, Associate Editor academic staff in 2001 and is Director of
Economics Programmes. His research is
European Review of Agricultural Economics, primarily in the field of public economics,
Professor Steve McCorriston, Editorial Board with publications in journals such as
American Economic Review, Journal of
Fiscal Studies Public Economics, Journal of Public
Professor Gareth Myles, Managing Editor Economic Theory, Journal of Urban
Economics and International Tax and Public
International Journal of Business and Economics Finance. Currently, the focus of his
research lies in the analysis of tax
Professor Gareth Myles, Associate Editor
competition in two-sided markets, the
Journal of Econometrics, effects of taxation on foreign direct
investment and the efficiency properties of
Professor James Davidson, Fellow
taxation in fiscal federal systems. Christos
is also a Research Fellow at CESifo.
Journal of Econometrics Annals
Professor James Davidson, Guest Editor, 2002
Journal of Industrial Economics
Professor Robin Mason, Associate Editor
Journal of Public Economic Theory
Professor Gareth Myles, Associate Editor
Review of Economic Studies
Professor Gareth Myles, Production Editor and Editorial
Board, 1996-2003
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7. What our students say
Stephanus Le-Roux, MSc Economics and Econometrics The MSc Economics course I have been studying has been
I decided to study for an MSc in Economics at Exeter when I essential in helping me achieve my main goal. I will be
decided that I wanted to become an Economist in the Civil starting work in September as an Assistant Economist in the
Service. I had been an undergraduate student in Economics Government Economic Service. In the current economic
at Exeter and this and various other factors made Exeter an climate it has been essential to have been able to stand
obvious choice for my postgraduate study. above the crowd and I believe that my qualifications from
Exeter and the support of the Business School staff have
My main considerations were the quality of teaching and the enabled me to achieve this.
cost of the course. I already knew a lot about the Economics
department and the quality of the academic staff and the The Business School and the University clearly has a great
research they had been doing from my time as an combination of qualities. This is why I believe that it should be
undergraduate. The Masters courses at Exeter are also very a clear choice for anyone interested in studying Economics at
competitively priced when compared with other UK post-graduate level.
institutions of similar quality, which made this an easy choice
for me. Nils Herger, MSc Economics and Ph.D
Ancillary factors included the following: Exeter is a small city When I arrived as a student at the University of Exeter, I
situated in one of the most beautiful parts of the United intended to stay for one year and earn a Master of Science in
Kingdom. You have the convenience of all the facilities of a Economics. However, upon completion of my degree, I was
city, tempered by a much more relaxed pace of life. It is given the opportunity to study for a Ph.D., which I happily
within easy reach of most major UK and European cities by accepted and thus ended up staying for another 3 years.
road, rail and air. Not far away are places like Dartmoor,
With hindsight, the factors that led me to choosing Exeter for
Exmoor, the great beaches of North Devon and the Dorset
my Master studies did also contribute to my decision to stay
Jurassic coast, for those who enjoy the great outdoors.
much longer than originally intended. Firstly, the School of
The University itself is situated on a beautiful campus with Business and Economics enjoys an excellent reputation in
some outstanding facilities. There is a very active student’s teaching and research. Secondly, thanks to being a relatively
guild which plays host to many societies and sports clubs. small department, it easy to feel quickly familiar with the staff
This includes the Post Graduate Union and the Post Graduate and the environment. Thirdly, many members of the faculty
Centre, which is a great place to meet up with other post and the students in Exeter have an international background.
graduate students. Exeter also has a great nightlife with a Aside from academic studies, daily contacts with different
great variety of pubs, nightclubs and live music venues both people from different counties has been a very valuable
on campus and in the city. experience to me. Finally, the University of Exeter benefits
greatly from having probably the most beautiful campus and
being located in one of the most beautiful counties of the
United Kingdom.
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8. Department of Economics
Postgraduate Programmes
The Department of Economics offers an excellent
range of programmes for those wishing to further
their study of economics with a postgraduate
degree.
MSc Economics
MSc Economics and Econometrics
MSc Economics and Experimental Economics
MSc Financial Economics
MSc Money and Banking
MPhil/PhD Economics
For more information about the
University of Exeter Department of Economics,
please contact us:
Department of Economics
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