Economics

John Maynard Keynes once wrote, "The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else." Living in a world that is constantly torn by economic problems, economic ideas can definitely shape and sway people’s minds, and economic inquiries can be truly exciting and rewarding.

Our programme aims to produce innovators in economics. We prepare our PhD candidates for research positions in leading academic institutions as well as private and public organisations. Candidates are required to do a number of seminar courses that are designed to provide them with solid grounding both in economic theory as well as in the analytical tools needed to do high-quality research. Candidates will also have ample opportunities to interact with faculty members in the Applied Economics Division when writing PhD theses and doing dissertation research.

Our faculty members are actively involved in research in many areas including Development Economics, International Economics, Behavior Economics, Internet Economics, the Chinese Economy, the Economies of South East Asia, Labour Economics and Macroeconomic Modelling. Their publications appear in top economics journals including Journal of Political Economy, Economic Journal, Journal of Economic Theory, Journal of Macroeconomics, Journal of Development Economics, Economic Development and Cultural Change, Journal of Comparative Economics, Journal of Economic Behavior and Organization, Games and Economic Behavior and Journal of Econometrics.

PhD candidates in Economics are required to take two compulsory methodology courses (Mathematical Economics and Econometrics I) and two economic functional subjects (Seminar in Microeconomics and Seminar in Macroeconomics). They are, however, encouraged to take complementary courses in other disciplines. Diversity enables students to incorporate a wider range of business related issues into their research agenda.

ECONOMICS FACULTY & THEIR RESEARCH INTERESTS

ALBA, Joseph D.
PhD (University of Houston)
International economics, macroeconomics and development economics.

CAO, Yong
PhD (Australian National University)
Productivity analysis, financial economics and Chinese economy.

CHEN, Kang
PhD (University of Maryland, College Park)
Macroeconometric modelling, Chinese economic reform and Singapore economy

CHEW, Soon Beng
PhD (University of Western Ontario)
Trade Unions, collective agreements, labour economics and industrial relations.

GAN, Lydia
PhD (University of Texas, Austin)
Economic modelling & simulation, population economics and internet economics.

HUANG, Weihong
PhD (University of Southern California)
Nonlinear economics and chaos, financial economics, modelling and forecasting.

LALL, Ashish
PhD (Carleton University)
Competition law and policy, productivity measurement and applied microeconomics.

LEU, Mike
PhD (University of California, Berkeley)
International trade and international finance.

LI, Michael
PhD (University of British Columbia)
Transport economics, road pricing, transportation policy and management, logistics management, performance measurement and applied statistics.

LIM, Chong Yah
D Phil (University of Oxford), Hon PhD (Soka University)
Development Economics, Singapore economy and labour economics.

LIU, Yunhua
PhD (Ohio State University)
Chinese economy, development and trade policy, and urban economics.

MAYSAMI, Ramin Cooper
PhD (Iowa State University)
Financial economics, interest-free banking and finance, regulation of financial institutions and entrepreneurship.

PARK, Donghyun
PhD (University of California, Los Angeles)
International economics, development economics, applied microeconomics and political economy.

RAHMAN, Shahidur
PhD (Monash University)
Economic modelling & forecasting, econometric theory.

REISMAN, David Alexander
PhD (University of Surrey), D.Sc (London University)
Health Economics, Political Economy, Development Economics and Economic Policy

SAKELLARIOU, Chris N.
PhD (University of Ottawa)
Labour economics, economics of education, econometric modelling

SESHANNA, Shubhasree
PhD (Vanderbilt University)
Income distribution and inequality measurement, middle class dynamics, development economics, public finance and applied microeconomics.

SOON, Lee Ying
PhD (University of Pennsylvania)
Economics of education, labour economics and Malaysian economy.

TAN, Randolph
PhD (Monash University)
Application of concepts of geometric invariance, distribution theory of test statistics, total factor productivity analysis of manufacturing firms.

TAN, Kim Heng
PhD (University of Sydney)
Theoretical foundations of fiscal and monetary policies in dynamic economies

TANG, Fang Fang
PhD (Bonn University)
Digital economy, electronic commerce, game theory and strategic management, managerial decision-making, behavioral economics and economic experiments

TAYLOR, Grant Allan
PhD (University of Southern California)
Applied Microeconomics, Econometrics, Dynamic Optimization

WANG, Ruifang
PhD (University of Strathclyde)
Chinese economy, monetary economics and macroeconomic modelling.

YAO, Shuntian
PhD (University of California, Los Angeles)
Game Theory, General Equilibrium Theory, Chinese Economic Reform

YIP, Paul
PhD (London School of Economics)
International Monetary Economics, Applied Econometrics, Asian Financial Crisis and Exchange Rate System Designs

FUNCTIONAL COURSE DESCRIPTIONS
Students specialising in economics must choose at least two of the following courses as part of their coursework component:

Seminar in Microeconomics	This seminar provides a solid foundation in microeconomics at the graduate level. The unifying theme of the seminar is the theory of maximising behaviour, with emphasis on how basic principles of modern microeconomics play a role in business decision-making. The seminar begins with an analysis of supply and demand and utility maximisation by the consumer, followed by an examination of firms’ pricing and output decisions in both competitive and monopolistic settings. It concludes by considering the effect of market structure on prices, production, and profit.
Seminar in Macroeconomics	This seminar provides a graduate level introduction to nonstochastic and stochastic macroeconomics. The framework used will range from the Keynesian model to the Phillips Curve. The aim is to develop an understanding of how key macroeconomic variables such as GDP, employment, interest rates, exchange rates and inflation, are jointly determined over periods of time that correspond to the business cycle. Of particular interest will be the structuring of optimal monetary and fiscal policies and the role of interest rates in open economies.
Seminar in Monetary Economics	This seminar deals with monetary aspects of macroeconomics, placing particular emphasis on the role of inside money (credit) and the crucial role of information in the functioning of modern economies. The seminar will cover topics including the following: the role of national debt and intergenerational allocation, the demand & supply of money, static models, dynamic models, inflation, rational expectations, policy effectiveness, old and new Phillips curves, price stickiness, monetary versus real business cycles, rules versus discretion, and open economy monetary analysis.
Seminar in Development Economics	This course provides in-depth coverage of topics in development economics for graduate students. We explore the definition and measurement of economic growth and development. We also examine competing development theories and characteristics of economic growth. We then proceed to various specific issues in the economics of developing countries, such as the relationship between population growth and economic development and the debate on export promotion versus import substitution. A large number of additional readings will deepen and broaden the student�s understanding of the subject.
Seminar in International Economics	This seminar covers the theory of international economics including the theory of comparative advantage, tariffs, capital movements, balance-of-payment adjustments and exchange rates. The theory is related to current issues in international economics including trade policies, balance of payment adjustments, and other current problems of the world economy. The aim is to provide participants with a background for understanding the effect of the international economic environment on business decisions and economic policy making.
Contemporary Issues in Economics	This seminar presents a selection of advanced topics in economics with emphasis on firm, management or industrial strategy. Other possible topics include competitive interactions among firms, dynamic modelling in macroeconomics, and productivity analysis.

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