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The programme is suitable for those who wish to pursue Faculty positions in academic sector or seek professional positions in private and public sectors by demonstrating their ability to carry out original analyses of economic issues with an academic value and/or policy relevance.
The objective of the Ph.D. programme is to provide students with rigorous training in economic theory and quantitative analyses to enhance their ability to conduct independent academic research at doctoral level.
All successful full-time Ph.D. applicants will be offered teaching assistantships. Assistantship holders are required to assist in teaching or research work. In recent years, the monthly stipend is about HK$18,725.
The normative study period for full-time Ph.D. students is 3 years for M.Phil. degree holders, and 4 years otherwise. For details, please refer to the Graduate School website.
Our University would provide tuition waiver for all Hong Kong PhD Fellowship Scheme (HKPFS) awardees enrolled in this Ph.D. full-time programme during the normative study period. The University would also provide an award of HK$40,000 for HKPFS awardees in the first year of study and HK$20,000 in the subsequent years during the normative study period.
The University would also provide HKPFS awardees with the 1st year accommodation fee waiver and guaranteed on-campus accommodation during the normative study period (for on-time campus hostel applications only).
For details, please refer to the Graduate School website.
Our Government would provide tuition waiver for all local students enrolled in this full-time programme. The waiver scheme will cover the tuition fees for the normative study period of this programme. For details, please refer to the University Grants Committee website.
Through studying the Ph.D. in Economics at the CUHK, I have received excellent research training. The programme equipped me with the skills of applying economic theories and economic thinking to address problems in real life. In addition, thanks to my thesis supervisors, I learnt to carry out cutting-edge research in an independent manner. With their profound knowledge and vast research experience, they shared their insights on the rigors of research and the tips to write a good research paper.
My thesis supervisors truly care about my career development and I am thankful for all of their constructive advice and substantial support during my job search. In short, four years of doctoral study has laid a solid foundation for my later academic career. I am greatly indebted to the rigorous training from the Ph.D. programme of our Department.
PROF. XIONG YANYAN
Zhejiang University 100 Young Professor
School of Public Affairs
Zhejiang University
Ph.D. 2008 Graduate
For Ph.D. applicants who do not possess an M.Phil. degree, they are required to complete a minimum of 27 units, which includes 18 units from required courses and 9 units from elective courses. For Ph.D. applicants who possess an M.Phil. degree, they are required to complete a minimum of 21 units, which consists of 18 units from required courses plus 3 units from elective courses.
In addition, Ph.D. students are required to register in the thesis research courses every term.
This course provides an exposition of advanced microeconomic theory. It is the first part of a sequence of two courses on microeconomic theory for M.Phil and PhD students. Topics include preference and utility, consumer theory, expected utility theory, risk aversion, and general equilibrium.
This course covers state-of-art core materials in dynamic macroeconomics at the entry graduate level. It is the first course of a sequence of two courses on macroeconomic theory for M.Phil and PhD students. The course is separated into two parts. In the first part of the course, essential mathematical tools for solving dynamic systems are introduced, including dynamic programming (for discrete time problems) and optimal control theory (for continuous time systems). In the second part of the course, work-horse macroeconomic models are covered including (but not limited to) neoclassical growth model, overlapping-generations model (OLG), and asset pricing model under complete markets.
This course reviews mathematical methods frequently used in economic analysis. The following topics will be covered: elementary real analysis, matrix algebra and static analysis, multivariate differential calculus and comparative static analysis, optimizations with constraints, dynamic analysis of difference and differential equations, and dynamic optimization. We assume that students are familiar with basic calculus and elementary linear algebra.
Econometrics offers quantitative methods to process and interpret economic data. This is an entry-level postgraduate econometrics course. Under the asymptotic framework, it covers estimation and inference of the regression models and the instrumental variable models. Probability and statistical theory is applied to systematically study the properties of these estimators.
This course is the second part of a sequence of two courses on microeconomic theory for M.Phil and PhD students. It covers applied game theory and its applications: principal-agent problems, economics of information, auctions, bargaining, public goods provision, mechanism design, and market design. This module aims to provide students rigorous and accessible explanations. The objective is to focus on classic results. If time permits, we will also take the students to the frontiers of research in selected areas.
This course covers state-of-art core materials of modern macroeconomics including both theories and applications. It is the second course of a sequence of two courses on macroeconomic theory for M.Phil and PhD students. In the theory section, topics featured include: (1) Structural change and unified growth models, (2) Microfoundation of economic growth including misallocation, innovation and production network etc., and (3) Business cycle theories including Real Business Cycles and the New Keynesian frameworks. The application section of the course emphasizes the use of firm-level or aggregate data in the conduct of macroeconomic research using the above theories.
In this course, a student is required to meet with his/her supervisor regularly who provides necessary guidance and supervision to write up a thesis and monitors the student’s academic progress.
In this course, a student is required to meet with his/her supervisor regularly who provides necessary guidance and supervision to write up a thesis and monitors the student’s academic progress.
In this course, a student is required to meet with his/her supervisor regularly who provides necessary guidance and supervision to write up a thesis and monitors the student’s academic progress.
Courses offered by M.Phil. – Ph.D. Programme
This is a graduate level course in applied econometrics. Both microeconometric theory and empirical strategies for applied econometric research will be discussed. Modern causal inference including machine learning tools and big data analysis will be introduced. This course will discuss instrumental variable methods, treatment effect, matching, panel data models, differences-in-differences, regression discontinuity designs, binary response model, censored data, and modern causal inference topics including machine learning in causal inference, and so on. Students are advised to take ECON5120/ ECON5121/ ECON5122 before taking this course.
This is an advanced course on game theory. We will cover topics in strategic games, extensive games of complete and incomplete information, epistemic foundations of game theory, repeated games, bargaining theory, coalitional games and matching theory. We will also discuss various applications of game theory in Economics.
In modern economic research, computers enhance our capacity of solving complex problems. Computation is particularly important in fields involving massive data. The objective of this course is to introduce graduate students to computational approaches to solve economic models, with an emphasis on dynamic programming and simulation-based econometric methods. We will formulate economic problems in computationally tractable form and use techniques of numerical analysis to solve them. Substantive applications will cover a wide range of problems including labor, industrial organization, macroeconomics, and international trade.
This graduate-level course studies advanced monetary economics. Its focus will be on models and theories of money and financial intermediation, but relevant empirical literature will be incorporated as well. The topics include ISLM model in open economies, OLG monetary model, flexible price monetary model, such as MIU and CIA model and new Keynesian sticky price model. China's monetary policies will also be discussed in the course.
This course offers theoretical, empirical and current topics in international trade. It covers studies of positive issues, such as: Why do countries trade? What goods do countries trade? How does openness to trade shape countries' industrial structure and global production sharing? The course also concerns the normative issues, such as: Is trade beneficial to everyone, or are there winners and losers? What is the impact of trade on economic growth, wage inequality and poverty? All these issues will be discussed both from theories and empirics, as well as at country, industry and firm level. In particular, we will also discuss the ongoing US-China trade war.
The course provides an overview of selected topics in industrial organization. Both theories and empirical approaches will be used. Court cases and legal materials will be used to illustrate the applications of various concepts in industrial organization.
This is a course on special topics in Economics. The topic may change from one year to another. Class Topic in the academic year 2022/23: Economics of Social Networks
This is a course on special topics in Economics. The topic may change from one year to another. Class Topic in the academic year 2022/23: Advanced topics in Macroeconomics
And at most one course offered by our M.Sc. Programme and Dual Master Degree Programme
Large-scale data set has become increasingly available in many fields of economics. This presents challenges to statistical inference and even merely "understanding" the data. Meanwhile, it offers abundant opportunities for new inquiries and answers. In this course, we introduce the core statistical methods to work with big data (structured and unstructured) and show how these techniques can be combined with econometric tools in economics research. While we cover major machine learning tools, including supervised learning methods, unsupervised learning and dimensionality reduction, we will focus on their concrete applications in current empirical research. Examples will be drawn from various lines of research, including text as data, relevant prediction problems in economics, and causal inference.
Using the Chinese economy as a context, the course is designed to guide and train students to think courageously, creatively, and critically. Students are required to find "puzzles" in the contemporary Chinese economy, to develop economic issues of general relevance from these "puzzles", to frame these issues into theoretical or empirical questions, and finally to draft papers based on these questions. The course relies heavily on class discussion. Students are required to present at each stage of their thinking process. Students are advised to take ECON5010/5011/5012, 5020/5021/5022 and 5120/5121/5122 before taking this course.
This course provides the economic foundation of modern asset pricing theory. It serves as an introduction to the functioning of the financial market as an efficient venue for financing investment activities. Various issues on risk measurement, risk assessment, managing risk, investors' psychological attitudes towards risk, and its implications on consumption and portfolio decision making in an uncertain world will be introduced and discussed. In-depth treatment will be given to the classical Markowitz's mean-variance analysis, CAPM, multi-factor asset pricing theory and no-arbitrage asset pricing theory as cornerstones of modern finance.
This is a graduate-level international finance course. It aims to provide students with a solid understanding of the modern theories and empirics of international finance. Topics covered in this course include: exchange rate determination theories, exchange rate regimes, capital flows, currency crises, international monetary policy spillovers and coordination, among others.
The goal of this course is to understand the economic problems of developing countries by using economic theories and their applications. The course will cover both macroeconomic and microeconomic approaches to development economics. We will first overview the theories of growth and discuss their potential in explaining income differences across countries, and then study the different facets of human development: market, institution, and culture.
The course provides a theoretical and empirical foundation for the analysis of labor market. Topics to be covered include: labor supply and demand, minimum wages, migration, human capital and education production, labor market incentives, efficiency wage, and skill investment. Students should preferably have finished graduate level Microeconomic theory and Econometric Theory and Applications before taking this course.
This course addresses the economic theory and empirics of corporate finance and governance. The goal is to help students understand major research issues in the field and develop their skills to apply theory to corporate finance practices. The course focuses on important topics such as capital structure, ownership structure, capital budgeting and corporate governance institutions. The course extensively uses the tools of game theory, information economics and microeconometrics. Students are recommended to take ECON5010/5011/5012 and ECON5120/5121/5122 before taking this course.
In many countries, health care spending grows much faster than GDP. Countries like the Unites States spend about 20 percent of its GDP on health care. As one of the most important "goods", how health care is financed and delivered has large welfare implications. In this course, we will apply methods and reasoning from microeconomics to the health care sector. In particular, we will investigate different aspects of the health care system and assess how various policies affect the functioning of the health care system.
*All courses carry 3 units, except the thesis research courses.
The availability of elective courses varies from year to year. Subject to the approval of the Division Head, up to 3 units of these 9 elective units can be taken from the Economics undergraduate courses or other related courses at the University. update this section annually.
Advancement to Ph.D. candidature is conditional upon the passing of a Qualifying Examination. The examination consists of Microeconomic Theory and Macroeconomic Theory. The examination will be arranged one to two times every year. Students can have two attempts. If a student fails in the first attempt, he/she may try the second time within three months. Students who fail in both attempts will be discontinued from study upon consideration of the Graduate Panel.
Within half year after passing the qualifying examination, the student must submit a thesis proposal and pass an oral defence of the proposal.
Students studying in our programmes have plenty of opportunities to interact with well-known scholars and professionals.
The six-year study in the Department of Economics was an incredible journey. The systematic and solid trainings laid the foundation for our analytical and advanced approach in studying the Chinese Economy. The experience was also complemented by the series of workshops on the Chinese Economy and other up-to-date topics. The professors of our department are the first-class scholars on the Chinese Economy and we had a lot of profound discussion. I could take a deep dive into the complex development of the Chinese Economy with them, which has been tremendously influential to my research interest. The professors introduced us the world of economics, and somehow to life itself, of which they are equally inspiring.
Prof. CUI Chuantao
Associate Professor
Department of Finance and Taxation
School of Economics
Sichuan University
Ph.D. 2016 Graduate
Steep learning curve has been the signature of my experience in the five-year study life in the Department of Economics, largely due to the fact that I was a mathematics graduate with little understanding of economics, not to mention doing research in economics. Nonetheless, the professionalism and utmost patience of my thesis supervisor help me see the problems from the perspectives of economics combined with the mathematical logic.
I also owe sincere thankfulness to the Department for providing the excellent working environment and grumous academic atmosphere, as well as the inspiring courses and seminars. I am a proud alumnus here and I cannot wait to embark my journey that lies ahead.
Prof. XU Xinyi
Assistant Professor
Lingnan College
Sun Yat-sen University
Ph.D. 2017 Graduate
Studying at CUHK was a wonderful experience in my life, for it provided a great platform to learn to do research independently and brought me to a new stage of my career. The training provided by the Ph.D. programme in the Department of Economics reinforced both my theoretical and empirical skills.
More importantly, a great academic atmosphere helped me to start thinking like an economist. I am extremely grateful to the help and guidance from the professors as well as all the staff in the department. Thanks to their guidance and encouragement, I always feel supported and successfully finished my Ph.D. study. I was so lucky to meet all the brilliant thinkers in the class. Everything here was designed to support our discussion and collaboration and we were able to learn from each other. We graduated with solid training, strong economic insights and form bonds that are not broken by distance.
Prof. ZHAO Jing
Assistant Professor
Economics and Management School
Wuhan University
Ph.D. 2019 Graduate
In my opinion, the CUHK PhD in Economics Programme is one of the most prestigious programmes in Asia. The programme is well designed with advanced courses on solid mathematical foundation, strong economic intuition and cutting-edge knowledge. In addition, thanks to the numerous high quality seminars arranged by the department, students were offered with precious opportunities to discuss with the eminent speakers directly on research ideas.
As an awardee of HKPFS, I was given extra time to engage in academic researches during term times. With the support and guidance from the professors in our department, who are all distinguished scholars in their fields, I learnt how to think thoroughly from different perspectives like an economist, which was very crucial to my research. I was also greatly inspired and motivated by our professors for their enthusiasm for research, sharp insight, and wisdom. Studying the PhD in CUHK was truly a rewarding and unforgettable journey to me.
Prof. LIN, Lin
Assistant Professor
School of Labor and Human Resources
Renmin University of China
2021 Ph.D. Graduate & 2015 HKPFS Awardee
It has been a great fortune for me to study the PhD in Economics Programme in CUHK over the last five years, during which I equipped myself with a wide variety of essential skills on research from the well-established PhD training at CUHK. These enabled me to successfully work on independent research and collaborate with others.
The faculty members here are all super knowledgeable, insightful and helpful. Their enthusiasm for research and their creative academic ideas strongly encouraged and motivated me to develop a comprehensive thinking in different dimensions and always strive for excellence in various aspects. I am very grateful for all the support, resources and inspirations that our department extended to me during my PhD study.
Prof. ZHANG, Yiran
Assistant Professor
School of Economics
Fudan University
2021 Ph.D. Graduate & 2016 HKPFS Awardee
Applicants should submit applications through the online admission system from 1 September 2024.
Application Deadline:
All successful full-time Ph.D. applicants will be offered teaching assistantships. Assistantship holders are required to assist in teaching or research work. In recent years, the monthly stipend is HK$18,725.
Our university would provide a tuition waiver for all Hong Kong PhD Fellowship Scheme (HKPFS) awardees enrolled in this Ph.D. full-time programme during the normative study period. The University would also provide an award of HK$40,000 for HKPFS awardees in the first year of study and HK$20,000 in the subsequent years during the normative study period.
The University would also provide HKPFS awardees with the 1st year accommodation fee waiver and guaranteed on-campus accommodation during the normative study period (for on-time campus hostel applications only).
For details, please refer to the Graduate School website.
The Government would provide a tuition waiver for all local students enrolled in this full-time programme. The waiver scheme will cover the tuition fees for the normative study period of this programme. For details, please refer to the University Grants Committee website.
Full-time / Part-time: HK$44,500 (provisional)
*Tuition fee and other fees (e.g.,a application fees) are not refundable or transferable once paid.
Applicants shall:
iv. possess a pass grade in English in one of the following examinations:
– Hong Kong Advanced Level Exam (AS Level);
– Hong Kong Higher Level Exam;
– CUHK Matriculation Exam;
– General Certificate of Education Examination (GCE) Advanced Level (A-Level)/ Advanced Subsidiary Level (AS-Level); or
v. achieve Level 4 or above in the English Language subject of the Hong Kong Diploma of Secondary Education (HKDSE) Examination; or
vi. obtain a recognized professional qualification, provided that the examination was conducted in English;
Applicants are required to upload the scanned copies of the following required supporting documents before the application deadline. Late submission WOULD NOT be considered.
The University may require applicants to provide verification reports of the qualification obtained. Applicants will be notified by the Graduate Division concerned/Graduate School separately.
If you are requested by our Graduate Division to send the hardcopy of the supporting documents to our office, please send the files to: Room 928, 9/F, Esther Lee Building, The Chinese University of Hong Kong, Shatin, New Territories, Hong Kong (Attn: PhD in Economics)
# The referees can submit the Confidential Recommendations via the submission link included in the invitation email sent by our application system. Applicants can request our application system to send out invitation emails to your referees in the application system after the completion of the application fee payment.
Please visit the Graduate School homepage for further information on general qualifications for admission, application periods, application procedures et cetera.