ObjectivesGraduate students in economics undertake a thorough review of economic theory, together with an analysis of the Canadian economy, its institutions and history, and the working of public policy. Stress is placed on the understanding and application of quantitative methods to all aspects of economics. Although the programs are generally oriented towards policy problems, there is considerable opportunity for the development of specialized interests.
Practical experienceAn Internship option is available to full-time students in the M.A. program who are eligible to work in Canada.
Academic titleMaster of Arts in Economics
Course descriptionProgram Requirements
All master's students in economics must fulfil the following requirements:
* ECON 5000, ECON 5002, ECON 5005
In addition, each candidate must select and complete one of the following:
* ECON 5006 and approved courses for 2.0 credits, 1.0 of which may be selected from among those offered in a related discipline, with approval of the Department, through the M.A. Supervisor; or
* A thesis equivalent to 1.5 credits and approved courses for 1.0 credit.
"" Concentration in Financial Economics
Master’s students in economics may pursue a concentration in financial economics, in which case they must fulfil the following requirements:
In addition, each concentration candidate must select and complete one of the following:
* ECON 5006 and approved courses for 1.0 credit, including at least one of ECON 5055, ECON 5058, ECON 5602, ECON 5608; or
* A thesis equivalent to 1.5 credits.
All approved courses normally will be taken at the 5000 level.
ECON 5000 [0.5 credit] Microeconomic Theory
Theories of the behaviour of individual economic agents: consumers and producers and their relation to the theories of price determination.
Precludes additional credit for ECON 5001.
ECON 5002 [0.5 credit] Macroeconomic Theory
Macroeconomic theory and its implications for economic policy are surveyed in this course, comparing alternative approaches for a variety of topics.
ECON 5005 [0.5 credit] Econometrics I
An introduction to econometrics at the graduate level. Topics include the analysis and treatment of univariate and multivariate regression models, GLS, IV, and maximum likelihood estimation, hypothesis testing, seemingly unrelated regression models, and simultaneous equations models, together with relevant economic applications.
ECON 5006 [0.5 credit] Methods of Economic Research
Formulation, specification and analysis of economic and econometric models; derivation of policy implications; communication of results and economic methodology.
Prerequisites: ECON 5000 (ECON 5001 if taken before 2007-2008) and ECON 5005, or permission of the Department.
ECON 5010 [0.5 credit] (ECO 7125, ECO 7525) Mathematical Economics
General equilibrium; dynamic optimization; game theory.
Precludes additional credit for ECON 5205.
ECON 5051 [0.5 credit] Asset Pricing
Value, the dynamic optimization problems of firms and investors, risk-neutral pricing, and related topics.
"" ECON 5052 [0.5 credit] Financial Markets and Instruments
Capital structure, debt financing, options, financial planning, corporate governance, and related topics.
"" ECON 5055 [0.5 credit] Financial Econometrics
The econometrics of empirical finance including parametric and nonparametric models of volatility, evaluation of asset-pricing theories, and models for risk management and transactions data.
Prerequisite: ECON 5005 (or equivalent).
"" ECON 5058 [0.5 credit] Advanced Topics in Financial Economics
Current research in financial economics. Topics may include theoretical analysis, quantitative methods, policy issues, and applications to the financial industry.
Prerequisite: ECON 5051 or ECON 5052, which may be taken concurrently with ECON 5058.
ECON 5106 [0.5 credit] History of Economic Thought I
Crucial achievements in economic theory and doctrine in the nineteenth and twentieth centuries. Emphasis on the interrelationship between the social environment and economic thought, especially the role of economics in the development of the national state and international institutions. Also offered at the undergraduate level, with different requirements, as the first half of ECON 4105, for which additional credit is precluded.
Precludes additional credit for ECON 5201.
ECON 5107 [0.5 credit] History of Economic Thought II
A continuation of ECON 5106. Also offered at the undergraduate level, with different requirements, as the second half of ECON 4105, for which additional credit is precluded.
Precludes additional credit for ECON 5202.
Prerequisite: ECON 5106 or permission of the Department.
ECON 5301 [0.5 credit] (ECO 6140, ECO 6540) Firms and Markets
Theories pertaining to industrial organization and their application to industries in Canada and elsewhere by way of empirical studies.
ECON 5302 [0.5 credit] (ECO 6141, ECO 6541) Competition Policy
An examination of the rationale and application of competition policy with particular attention to the Canadian economy.
ECON 5303 [0.5 credit] (ECO 6142, ECO 6542) Regulation and Public Enterprise
An examination of regulation and public enterprise as alternative approaches for influencing industry conduct and performance.
ECON 5309 [0.5 credit] Applied Industrial Economics
The application of industrial economics, with special emphasis on Canada and the rest of North America. Topics include the structure of consumer demand, firm production and investment, industrial structure and international trade, and the effect of government policies on industrial development.
ECON 5360 [0.5 credit] Labour Economics
The application of price theory to the labour market. Topics include models of labour supply and labour demand, human capital and the economics of education and unions and their impact on the labour market.
Precludes additional credit for ECON 5307.
ECON 5401 [0.5 credit] (ECO 6130, ECO 6530) Public Economics: Expenditures
A discussion of the role of government expenditures, both in theory and with reference to the Canadian economy.
ECON 5402 [0.5 credit] (ECO 6131, ECO 6531) Public Economics: Taxation
Analysis of the effects of various forms of taxation on economic performance.
ECON 5403 [0.5 credit] (ECO 6133, ECO 6533) Public Choice
Democracy, bureaucracy, and economic policy. The public choice of fiscal constitutions, tax shares, and equity rules; voting coalitions and income distribution; the public provision of private goods; public sector size, fiscal illusion, and taxpayer revolts.
ECON 5404 [0.5 credit] (ECO 6132, ECO 6532) Fiscal Federalism
Economic aspects of federalism, including efficiency, redistribution, consideration of a federal system of government, intergovernmental grants, and problems of stabilization policy in a federal context.
ECON 5407 [0.5 credit] Project Evaluation
An analytical treatment of the principles of project evaluation and their applications. Also offered at the undergraduate level, with different requirements, as ECON 4407, for which additional credit is precluded.
ECON 5500 [0.5 credit] (ECO 6170, 6570) Theory of Economic Development
Theoretical approaches of the economic development literature in relation to the historical, economic, environmental, social, and political dimensions of the development process.
ECON 5504 [0.5 credit] (ECO 6171, ECO 6571) Economic Development: Internal Aspects
Major domestic problems of economic development. Topics may include employment, income distribution, choice of technology, sectoral allocation of resources, human resource development, and domestic environmental issues.
ECON 5505 [0.5 credit] (ECO 6172, ECO 6572) Economic Development: International Aspects
Key problems of international economic development such as trade in primary commodities and manufactures, financial flows and debt, the role of multinational corporations, the transfer of technology, and the international dimensions of environmental issues as they relate to developing countries.
ECON 5507 [0.5 credit] (ECO 6173, ECO 6573) Environmental Aspects of Economic Development
Policy aspects of sustainable economic development and environmental quality in developing countries. Topics may include energy use, deforestation, drought and desertification, depletion of natural resources, debt, environment and poverty, sustainable industrial and agricultural development, conservation policies, pollution control, and global environmental issues.
ECON 5601 [0.5 credit] (ECO 6160, ECO 6560) International Trade: Theory and Policy
International trade theory and its implications for economic policy, with emphasis on topics such as determinants of trade and specialization, gains from trade and commercial policy, international factor mobility, growth, and development.
ECON 5602 [0.5 credit] (ECO 6161, ECO 6561) International Monetary Theory and Policy
Key aspects of international monetary theory and policy, with emphasis on topics such as sources of equilibrium and disequilibrium in the balance of payments, balance-of-payments adjustment under fixed versus flexible exchange rates, international capital movements, and recent issues in the international monetary system.
ECON 5603 [0.5 credit] (ECO 6162, ECO 6562) Topics in International Economics
Key topics in international economics, including theoretical analysis, quantitative methods and policy formulation, implementation, and evaluation.
Prerequisite: ECON 5601 or ECON 5602.
ECON 5606 [0.5 credit] (ECO 6180, ECO 6580) Microeconomic Aspects of Monetary Theory
Microeconomic foundations of monetary theory. Alternative theories for the existence of money. Commodity, private and fiat money systems. The integration of monetary theory with the theory of value.
ECON 5607 [0.5 credit] (ECO 6181, ECO 6581) Macroeconomic Aspects of Monetary Theory
Monetary theory and the macroeconomic interactions of money. Topics may include: inflation, money and wealth; the optimum quantity of money; the welfare aspects of monetary economies; the supply of money and its composition; stabilization policy; money, capital, and growth.
ECON 5608 [0.5 credit] (ECO 6182, ECO 6582) Aspects of Financial Intermediation
The evolution of the financial system with emphasis on the theory of financial institutions and its interrelationship with the money supply process and the central bank. Contemporary monetary and finance theory applied to institutional problems in both historical and contemporary settings.
ECON 5609 [0.5 credit] (ECO 6183, ECO 6583) Explorations in Monetary Economics
Explorations in theory, policy recommendations, and empirical study. Course material challenges traditional approaches by examining such topics as the endogeneity of money, the role of credit, the finance motive, the circuit approach, flow-of-funds analysis, and austerity policies.
ECON 5712 [0.5 credit] Micro-Econometrics
Analysis of the concepts and tools used in micro-econometrics. Topics may include discrete choice models, limited dependent variables, panel data, duration models, and program evaluation, together with relevant economic applications.
Precludes additional credit for ECON 5702.
Prerequisite: ECON 5005 (or equivalent).
ECON 5713 [0.5 credit] Time-Series Econometrics
Analysis of the concepts and tools used in time-series econometrics. Topics may include cointegration analysis, error-correction models, VAR models, volatility analysis, and non-linear time-series models, together with relevant economic applications.
Precludes additional credit for ECON 5703.
Prerequisite: ECON 5005 (or equivalent).
ECON 5801 [0.5 credit] Regional Economics
Regional economic disparities in Canada, theories and public policy relating thereto. Consideration will be given to the concept of regions, location of industry and industrial structure, and to growth determinants.
ECON 5802 [0.5 credit] Urban Economics
The economic properties of urban areas. Attention will be focused on the macrodynamics of urban development, together with the microstatics of the equilibrium properties of the urban land market.
ECON 5803 [0.5 credit] (ECO 6143, ECO 6543) Economics of Natural Resources
Dynamic optimization; theory of renewable and non-renewable natural resources, including the environment; policy options for correcting market failures.
Precludes additional credit for ECON 5305.
ECON 5804 [0.5 credit] (ECO 6151, ECO 6551) Economics of the Environment
The environment as natural capital; environmental valuation techniques; elements of environmental income accounting; sustainable development theories and practice; institutional questions and policy issues.
Precludes additional credit for ECON 5306.
Prerequisite: ECON 5803.
ECON 5806 [0.5 credit] Comparative Economic Systems I
This course builds a framework for comparing economic systems, and also considers the interaction between economic and political systems. The traditional Soviet-type economy, industrial policy, and problems of transition receive particular attention. Also offered at the undergraduate level, with different requirements, as ECON 4806, for which additional credit is precluded.
ECON 5807 [0.5 credit] Comparative Economic Systems II
A comparison of contemporary economic systems. Such diverse economies as mainland China, Japan, Germany, Sweden, Russia, Taiwan, and Hungary may be explored.
Also offered at the undergraduate level, with different requirements, as ECON 4807, for which additional credit is precluded.
ECON 5821 [0.5 credit] Canadian Economy I
Aspects and problems of the Canadian economy. Topics may include the economic development of Canada, regional development, industrial organization, factor markets, income distribution, international trade and capital flows, and macroeconomic stability.
Precludes additional credit for ECON 5101.
ECON 5822 [0.5 credit] Canadian Economy II
Economic theory applied to the workings of the Canadian economy. Empirical estimation of various aspects of factor market operation, production, distribution, and aggregate economy.
Precludes additional credit for ECON 5102.
ECON 5840 [0.5 credit] Law and Economics
The interrelationships between law and economics, emphasizing transaction costs and property rights. Economic analysis of such topics as the allocative effects of alternative property rights, contract, tort, and nuisance law, and the economics of crime, pollution, pay television, and eminent domain.
Precludes additional credit for ECON 5308.
ECON 5880 [0.5 credit] Special Topics
Topics may vary from year to year and are announced in advance of the registration period.
Prerequisite: permission of the Department.
ECON 5902 [0.5 credit] Internship Placement
Internship students are required to register in this course during their work term.
Prerequisite: permission of the Department.
ECON 5904 [0.5 credit] Directed Readings
This course is designed to permit students to pursue research on topics chosen in consultation with faculty members and the M.A. Supervisor.
Prerequisite: permission of the Department.
ECON 5906 [0.5 credit] Directed Research
At least one paper will be required of a student enrolled in this course.
Prerequisite: permission of the Department.