M. Phil/Ph.D in Economics

Eligibility

The candidates for the M. Phil leading to PhD degree in Economics must have at least first division in Masters in Economics from a recognized educational institution, and must pass admission test (written or oral or both).

It is an M. Phil leading to PhD program. In order to qualify for Ph.D candidacy, the applicant must pass the comprehensive exams in Microeconomic theory, Macroeconomic theory and Development Economics with a minimum of B- grade. Those who get C/C- will be allowed to opt for M.Phil and write an M.Phil thesis. In case the student fails the comprehensive exam twice, his/her candidacy for the PhD programme will be cancelled.

It is a four years program. The students have to complete course work of 36 credits in the first two years and complete a thesis in the next two years.

The areas of specialization are:

• Microeconomic Theory;
• Macroeconomic Theory;
• International Economics;
• Development Economics;
• Human Resource Development;
• Environmental Economics;
• Public Finance; and
• Monetary Economics.

The details for the core courses are given below:

EC-500: Microeconomic Theory-I (4-credits): Consumer Theory; Production; Market Structure; and Uncertainty; Optimization over time; Economics of Information; and Market Failure.

EC-501: Microeconomics Theory-II (4 credits): Optimization techniques; Individuals market behavior; Efficiency and trade; Production theory; Market structure; Externalities and Public goods.

EC-502: Topics in Advanced Microeconomic Theory: Household Production; Linear Expenditure Systems; Altruism within Family; Market Production System; Dynamic Evolution of Prices and Production; Externalities; General Equilibrium and Disequilibrium; CGE Models; and Welfare Economics.

EC-510: Macroeconomic Theory-I (4 credit): Classical vs. Keynesian Economics; Consumption functions; Investment functions; Inflation and Unemployment; Growth theories; Business Cycles; Over lapping Generations Models, Rational Expectations, Macro-econometric Models.

EC-511: Macroeconomic Theory-II (3 credits): Consumption; Savings and Investment; Economic Growth; Natural Resources; Environmental Concerns (Green Accounting); Overlapping Generation Models; Public debt; Welfare and Taxation.

EC-520: Mathematical Economics (3 credits): Integration; Derivatives; Differentials; Dynamic Optimization and Real Number Analysis.

EC-530: Econometrics (3 credits): Issues related to Data Collection; Descriptive Statistics; Statistical Distributions; Regression Methods; Multicollinearity; Heteroscedasiticty; Measurement Errors; Qualitative Response Models; Simultaneous Equation Models; and Panel Data Techniques;

EC-540: Development Economics-I (3 credits): Growth Models; Sources of Economic Growth; Obstacles to Development; Allocation of Resources; Technological Changes; Foreign Resource Inflow; Project Appraisal, Social Cost-Benefit Analysis and Shadow Wages; Political Economy of Growth; and Issue of Sustainable Development.

EC-541: Development Economics-II (3 credits): Financing Economic Development; Foreign Assistance, Debt and Development; Trade and Development; Issue of Structural Transformation; Poverty and Economic Growth; and Environmental Issues.

Following is the list of optional courses:

EC-531: Applied Econometrics (3 credits): The emphasis would be on teaching the estimation of models studied in microeconomic theory and macroeconomic theory courses.

EC-532: Advanced Econometrics-Time Series Techniques (3 credits): Box-Jenkins method; AR, MA, ARMA, and ARIMA models; Tests for Stationarity and Cointegration; Error Correction Model; VAR models, GARCH models; and Forecasting.

EC-600: International Economics (3 credits): Traditional Trade Models; Models of Competitive Advantage; Theories of Protection; International Factor Mobility; Gains from Trade; Balance of Payment; and Foreign Exchange Markets.

EC-601: Trade Policy (3 credits): Open Economy Macro Models; Forms of Foreign Resource Inflow; Foreign Direct Investment vs. Portfolio Investment; Global Financial Systems; and Off shore Banking.

EC-620: Human Resource Development-I (3 credits): Issues in Population dynamics; Labour Supply and Demand; Household Labour Supply Decision; Wages; Occupational Dynamics; and Labour Mobility.

EC-621: Human Resource Development-II (3 credits): Issues in Improving the Quality of Labour Force; Education; Health; Migration; and Gender Issues.

EC-630: Environmental Economics-I (3 credits): Renewable and Non Renewable Resources; Externalities; Basis Theory and Models; and Issues in Green Sector.

EC-631: Environmental Economics-II (3 credits): Environmental Issues in Green and Brown Sectors; Pollution Abatement; Poverty and Environment; and Role of Public Policy.

EC-640: Public Finance (3 credits): Externalities; Public Goods; Government Revenue and Expenditure; Financing of Government; Equity vs. Efficiency; and Public Debt.

EC-641: Public Policy (3 credits): Instruments of Public Policy; Choice of Tax Instrument and Optimal Tax; Public and Private Debt; Issues of Fiscal deficit; Public Policy Formulation; Fiscal Federalism and Economic Growth.

EC-650: Monetary Economics (3 credits): Money demand and Money Supply; Money and Interest Rates; Banking and Finance and Global Linkages; and Political Economy Models.

EC-651: Monetary Policy (3 credits): Instruments of Monetary Policy; Stabilization Polices and the Role of Central Bank; Exchange Rate Management; Global Financial Market Linkages; and Monetary Policy in Pakistan.

The students must complete course work of 36 credit hours and comprehensive examinations in Microeconomic Theory, Macroeconomic Theory and in Development Economics before starting their research work.

The thesis must be original contribution to the existing literature. After the approval of internal supervisor and external supervisor, the findings of the thesis will be presented in a workshop.