Economics Courses

Key to Course Descriptions

For Distribution Requirement purposes, all ECO courses are classified as SOCIAL SCIENCE courses.

| Course Winter Timetable |

First Year Seminar 24S

First Year Seminar 48S

Undergraduate seminar that focuses on specific ideas, questions, phenomena or controversies, taught by a regular Faculty member deeply engaged in the discipline. Open only to newly admitted first year students. It may serve as a distribution requirement course; Details here..


Enrolment in most Economics courses above THE 100-level and, therefore, in all Economics Programs, is based on grades in ECO100Y1 or ECO105Y1 and, in most cases, MAT133Y1 or MAT135Y1 or MAT137Y1 or MAT157Y1. Additional information is contained in the Registration Handbook and Timetable. Not all courses are offered each year.

Introduction to Economics [48L, 24T]

An introduction to economic analysis and its applications: price determination; the role of competition; international trade and finance; the theory of production and employment; the role of money and the banking system; monetary and fiscal policy. NOTE graphical and quantitative analysis are used extensively.

Exclusion: ECO105Y1
Recommended prepararation: MCB4U, MGA4U/MDM4U or equivalent secondary school mathematics credits

Principles of Economics for Non-Specialists [48L, 24T]

An introduction to the principles and methods of economics in association with policy issues. Lectures cover a variety of topics, including economic growth, the importance of productivity, international trade, competitive markets, macroeconomic issues and more specific topics such as rent controls, OPEC, the international debt crisis, trade restrictions, the national debt and sustainable development. Students who intend to complete a minor, major, or specialist program in Economics are advised to take ECO100Y1.

Exclusion: ECO100Y1

Microeconomic Theory [48L, 24T]

Theory of markets and prices. Determination of prices through the interaction of the basic economic units, the household as consumer and as supplier of inputs and the business firm as producer and as employer of inputs. The pricing system as the mechanism by which social decisions and allocation of goods are made in a market economy.

Exclusion: ECO204Y1, ECO206Y1
Prerequisite: ECO100Y1(67%)/ECO105Y1(80%); MAT133Y1/(MAT123H1,MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Macroeconomic Theory and Policy [48L, 24T]

Theory of output, employment and the price level; techniques for achieving economic stability; central banking and Canadian financial institutions and markets; foreign exchange markets and the exchange rate. This course is not intended for students enrolled in the B.Com program; please see ECO209Y1.

Exclusion: ECO208Y1, ECO209Y1
Prerequisite: ECO100Y1(67%)/ECO105Y1(80%)
Co-requisite: MAT133Y1/(MAT123H1,MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Microeconomic Theory and Applications (for Commerce) [48L, 24T]

The use of microeconomics to analyze a variety of issues – from marketing and finance to organizational structure. Consumer preferences and behavior; demand, cost analysis and estimation; allocation of inputs, pricing and firm behavior under perfect and imperfect competition; game theory and public policy, including competition policy. Business cases are used to connect theory and practice and to highlight differences and similarities between economics and accounting, marketing and finance. This course is restricted to students in the Commerce programs.

Exclusion: ECO200Y1, ECO206Y1
Prerequisite: ECO100Y1(67%), MAT133Y1/(MAT123H1,MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Microeconomic Theory [48L, 24T]

This course deals more rigorously and more mathematically with the topics included in ECO200Y1 and is intended primarily for students in certain Economics Specialist programs.

Exclusion: ECO200Y1, ECO204Y1
Prerequisite: ECO100Y1(70%); MAT133Y1(63%)/(MAT123H1(63%),MAT124H1(63%))/MAT135Y1(60%)/MAT137Y1(55%)/MAT157Y1(55%)

Macroeconomic Theory [48L, 24T]

This course deals more rigorously and more mathematically with the topics included in ECO202Y1 and is intended primarily for students in certain Economics Specialist programs.

Exclusion: ECO202Y1, ECO209Y1
Prerequisite: ECO100Y1(70%); MAT133Y1(63%)/(MAT123H1(63%),MAT124H1(63%))/MAT135Y1(60%)/MAT137Y1(55%)/MAT157Y1(55%)

Macroeconomic Theory and Policy (for Commerce) [48L,24T]

Macroeconomic issues relevant for commerce students. Analytical tools are used to examine policy issues: Canadian government budgets, Bank of Canada monetary policy, exchange rate policy, foreign trade policy and government regulation of financial intermediaries. This course is restricted to students in the Commerce programs.

Exclusion: ECO202Y1, ECO208Y1
Prerequisite: ECO100Y1(67%)
Co-requisite: MAT133Y1/(MAT123H1,MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Mathematical Methods for Economic Theory [24L, 12T]

An introduction to mathematical methods commonly used in economic theory. Topics include unconstrained multivariate optimization, multivariate optimization subject to equality or inequality constraints and differential equations.

Exclusion: MAT235Y1/ MAT237Y1
Prerequisite: ECO100Y1(67%)/ECO105Y1(80%); MAT133Y1(63%)/(MAT123H1(63%),MAT124H1(63%))/MAT135Y1(60%)/MAT137Y1(55%)/MAT157Y1(55%)
Co-requisite: ECO200Y1/ECO204Y1/ECO206Y1

Quantitative Methods in Economics [48L, 24T]

Numerical and graphical data description techniques; data collection and sampling; probability; sampling distributions; statistical inference; hypothesis testing and estimation; simple and multiple regression analysis. Study methods, the basis for these methods, when each is or is not appropriate, and how to correctly interpret and explain results.

Exclusion: ECO227Y1, GGR270Y, GGR270H1, PSY201H1, PSY202H1, SOC300Y, SOC300H1, STA107H1, STA220H1, STA221H1, STA247H1, STA248H1, STA250H1, STA255H1, STA257H1, STA261H1
Prerequisite:ECO100Y1(67%)/ECO105Y1(80%); MAT133Y1/(MAT123H1, MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Quantitative Methods in Economics [48L, 24T]

A rigorous introduction to probability and mathematical statistics intended for economics specialists. Probability and estimation theory, sampling distributions, hypotheses testing, multiple regression analysis. Students will learn the tools used in economics and finance to model and address randomness and uncertainty.

Exclusion: ECO220Y1, GGR270Y, GGR270H1, PSY201H1, PSY202H1, SOC300Y, SOC300H1, STA107H1, STA220H1, STA221H1, STA247H1, STA248H1, STA250H1, STA255H1, STA257H1, STA261H1
Prerequisite: ECO100Y1(70%); MAT133Y1(63%)/(MAT123H1(63%),124(63%))/MAT135Y1(60%)/MAT137Y1(55%)/MAT157Y1(55%)
Recommended Co-requisite: MAT223H1/MAT240H1, MAT235Y1/MAT237Y1/ECO210H1

International Economic Institutions and Policy [48L, 24T]

This course is intended primarily for students in the International Relations and in the Peace & Conflict Studies programs. The key concepts of international trade and finance are reviewed with an eye to understanding contemporary issues and recommending policy initiatives. Attention is given to empirical assessment of alternative trade theories and to broader international relations issues.

Exclusion: ECO328Y/ECO364H1/ECO365H1
Prerequisite: ECO100Y1(67%)/ECO105Y1(80%)/enrolment in the International Relations Specialist or Major Programs, or the IR/Peace and Conflict Studies joint Specialist Program.

Labour Markets and Policies [48L, 24T]

This course is intended primarily for students in the Employment Relations programs. Application of economic analysis to current issues in labour policy: immigration, retirement, education, unemployment, earnings differentials, employment and pay equity, labour unions, minimum wage, income policies.

Exclusion: ECO339Y1
Prerequisite: ECO100Y1(67%)/ECO105Y1(80%)

Labour Relations

See Woodsworth College

Special Topics in Economics [48L]

Special Topics in Economics [24L]

Special Topics in Economics [24L]

Courses may be offered in one or more subjects each year. Students must meet the Prerequisites announced by the Department (see the Undergraduate Administrator for details).
Prerequisite: TBA

Research Opportunity Program

Credit course for supervised participation in faculty research project. Details here.

European Economic History, 1250 – 1750  (formerly ECO201Y1) [48L, 24T]

The development of the West European economy from the apogee of the Commercial Revolution in the mid-13th century and the ensuing economic crises of the later Middle Ages to the eve of the modern Industrial Revolution, in the mid-18th century, focusing on Italy, Spain, Portugal, France, Germany, the Low Countries and England. Major topics: feudalism, serfdom and other barriers to economic growth; demographic, monetary and other macroeconomic forces; the development of market economies; structural changes in and interactions among the agrarian, commercial, financial, and industrial sectors; overseas expansion and colonization; the role of Church, state, warfare, and social/political institutions; Mercantilism.

Exclusion: ECO201Y
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1

Comparative Economic Institutions in History [24L]

Contrasting ways in which the factors of production - land, labour and capital - are organized in human society. Tribal, feudal, mercantilist and market economies are considered. A conceptual framework related to both market and non-market economies, based on the work of Karl Polanyi.

Exclusion: ECO302Y, ECO354H1(2001-02 AND 2002-03)
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1

The Economic History of Modern Europe to 1914 [48L, 24T]

The economic development of modern Europe, focusing on urban industrialization in the Netherlands, Great Britain, France, Germany, and Russia, up to World War I. Major topics: technological, institutional, and social factors in economic growth; demographic and monetary forces; structural changes in and interactions among the agrarian, commercial, financial, and industrial sectors; international trade and capital flows; the role of the state; the role of economic theory and ideology; theories of post-1850 imperialism.

Exclusion: ECO203Y
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1

Issues in Canadian and US Economic History to 1914 [24L]        

The evolution of North American markets, with emphasis on the pre-Civil War period. Labor markets are examined, including those for indentured servants and apprentices, as well as the economics of slavery. The timing and impact of technological change and the evolution of manufacturing production. The U.S. economy and the role of Canadian economic activity within the broader North American context.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1

Exclusion: ECO221Y, ECO321Y1, 323Y5, ECO354H1 (North American Economic History to 1850), ECO423H1

The Economics of Life: A Historical Perspective [24L]

Demographic economic history within a North American context. Topics include changes over time in marriage markets, fertility, mortality and stature. The impact of property rights within marriage, illegitimacy, the decline of fertility in the nineteenth century and the puzzling inter-temporal divergence between height and wealth during the early nineteenth century.
Prerequisite ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA247H1,STA248H1)/(STA250H1,STA255H1)/(STA257H1,STA261H1)

Exclusion: ECO355H1 (The Economics of Life: A Historical Perspective)

Economic Growth and Development in Southeast Asia [24L]

An evaluation of economic development strategies in Southeast Asia and their implications for growth, industrialization, and income inequality. A review of trade and development theory that can explain the economic development of Southeast Asia, followed by an explanation of the initial conditions provided by resource endowments, geographical location, trade-international economic relations, and domestic economic development policies, and how these conditions have affected the process of development. A focus on the five most populous and resource abundant countries of the region: Indonesia, Malaysia, Philippines, Thailand and Vietnam.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1

Exclusion: ECO355H1 (Economic Growth and Development in Southeast Asia)

Industrial Organization and Public Policy [48L, 24T]

Study of how firms compete and structure of markets. Emphasize oligopoly markets and use game theory. In addition to theory, study empirical industrial organization including estimation of demand. Applications to competition policy with a focus on evaluating antitrust implications of horizontal mergers.

Exclusion: ECO380H1
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA247H1, STA248H1)/(STA250H1, STA255H1)/(STA257H1, STA261H1)

Environmental Economics and Policies [24L]

This course demonstrates the way that a rigorous application of microeconomic techniques can inform our responses to various environmental problems. Topics may include: air and water pollution and renewable resource management.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, MAT133Y1/(MAT123H1,MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Energy and Resource Economics [24L]

An investigation of the way that a rigorous application of microeconomic techniques can 1) improve our understanding of how resources like oil, minerals, fish, and forests are extracted in equilibrium, and 2) lead to improved management policies.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, MAT133Y1/(MAT123H1,MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Economic Analysis of Law [24L]

The practical application of microeconomic theory to common legal problems: torts, contracts, property and crime, and the limitations of economic analysis. No previous familiarity with the law is assumed. (This is an economic analysis of legal issues, not a course in law.)
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, MAT133Y1/(MAT123H1,MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Canadian Economic History siNCE 1500 [48L]

Canadian economic growth and development as viewed through the staples thesis of Harold Innis. Reference to United States economic history throughout the course.

Exclusion: ECO221Y1, ECO307H1, 323Y5
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1

Economic Development [48L]

Economic development theory and policy related to the economic transformation of the developing countries, including industrial and agricultural sector strategies, international trade policy, public sector activities and the importance of productivity growth and poverty reduction programs.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/(STA247H1,STA248H1)/(STA250H1,STA255H1)/(STA257H1,STA261H1)

Advanced Economic Theory - Macro [24L, 12T]

A development of the microeconomic foundations of macroeconomic theory to expand students’ analytic skills by constructing and solving macroeconomic models. Topics may include: dynamic choice, neoclassical growth theory, uncertainty and rational expectations, business cycles, as well as fiscal and monetary policy.
Prerequisite: ECO208Y1/ECO202Y1(70%)/ECO209Y1(70%), ECO220Y1(70%)/ECO227Y1/(STA247H1(70%),STA248H1(70%))/(STA250H1(70%), STA255H1(70%))/(STA257H1,STA261H1)
Recommended preparation: MAT223H1/MAT240H1, MAT235Y1/MAT237Y1/ECO210H1

Advanced Economic Theory - Micro [24L, 12T]

Game theory and applications. Topics include: strategic and extensive games, with applications to economics.

Exclusion: ECO372H5, 372Y5
Prerequisite: ECO200Y1(70%)/ECO204Y1(70%)/ECO206Y1, ECO220Y1(70%)/ECO227Y1/(STA247H1(70%),STA248H1(70%))/(STA250H1(70%), STA255H1(70%))/(STA257H1,STA261H1)
Recommended preparation: MAT223H1/MAT240H1, MAT235Y1/MAT237Y1/ECO210H1

Economics of the Family [26L]

A use of microeconomics to study the behaviour of the family, including marriage, divorce, intra-family allocations, investment in children and gender roles.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; MAT133Y1/(MAT123H1,MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Urban Economics [48L, 24T]

Spatial economic theory and urban public policy: firms and individuals in partial and general equilibrium, land development and land-use controls, urban transportation, efficiency and equity in spending and taxing.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; MAT133Y1/(MAT123H1,MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Public Economics [48L]

Theory of public goods, externalities, and the politics of government policy. Analysis of equity, incidence and incentive effects of taxes. An analytical treatment of the public sector.

Exclusion: ECO236Y
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; MAT133Y1/(MAT123H1,MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Economics of Labour [48L, 24T]

The operation of labour markets; determinants of supply and demand for labour; wage differentials; discrimination; investment in schooling and training; unemployment; economics of unions.

Exclusion: ECO239Y1, 361Y5
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA247H1,STA248H1)/(STA250H1,STA255H1)/(STA257H1,STA261H1)

Economics of Income Distribution [24L]

The personal distribution of income and wealth; measurement of inequality and poverty. The distributional effects of the tax system, government spending and economic regulation (including policies such as minimum wages, pay equity and employment equity).
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA247H1,STA248H1)/(STA250H1,STA255H1)/(STA257H1,STA261H1)

Twentieth Century Economic History [48L]

Economic development of Europe and certain overseas areas, particularly Japan and the United States. Special attention to globalization befORE 1914, problems of the interwar years, the Great Depression of THE 1930’s, the period siNCE 1945, international trade, the balance of payments and exchange rate mechanisms, growth performance of the major industrial countries.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1/(ECO230Y1, POL208Y1)

Special Topics in Economics [48L]

Special Topics in Economics [24L]

Special Topics in Economics [24L]

Courses may be offered in one or more subjects each year. Students must meet the Prerequisites announced by the Department (see the Undergraduate Administrator for details).
Prerequisite: TBA

Special Topics in Economic History [48L]

Special Topics in Economic History [24L]

Special Topics in Economic History [24L]

Courses may be offered in one or more subjects each year. Students must meet the Prerequisites announced by the Department (see the Undergraduate Administrator for details).
Prerequisite: TBA

Special Topics in Financial Economics [24L]

Courses may be offered in one or more subjects each year. Students must meet the Prerequisites announced by the Department (see the Undergraduate Secretary for details).
Prerequisite: TBA

Financial Economics I [24L]

An introduction to economics of financial assets and financial markets. Topics: inter-temporal choice, expected utility theory, security valuation, selected asset pricing models, market efficiency, and the term structure of interest rates - essential materials for an understanding of the role and operation of financial markets.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA247H1,STA248H1)/(STA250H1,STA255H1)/(STA257H1,STA261H1)

Exclusion: ACT349H1, MGT331Y1, 337Y1, RSM332H1, RSM333H1

Financial Economics II: Corporate Finance [24L]

Agency and incomplete information problems inherent in financial transactions; the role of contractual arrangements in overcoming them. Financial constraints on investment decisions of firms; the financial system in economic growth; the legal system in the functioning of financial markets. A look at theoretical and empirical literature covering these issues.
Prerequisite: ECO358H1

Exclusion: ACT349H1, MGT331Y1, 337Y1, RSM332H1, RSM333H1

Economic Growth and Technological Change [48L]

With emphasis on the United States, Japan and Canada, this course examines theories of capitalism; Long Wave Cycle, the importance of productivity growth and Solow’s residual, the economics of technological change, the Japanese/U.S. trade interface, the economic slowdown siNCE 1973 and the current Canadian productivity challenge.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/ (STA247H1,STA248H1)/(STA250H1,STA255H1)/(STA257H1,STA261H1)

Exclusion: ECO362H5

International Trade Theory [24L,12T]

An examination of the causes and consequences of international trade. The first half develops traditional models of comparative advantage, with the second half examines more recent theoretical and empirical work on trade & wages, the political economy of trade, outsourcing, and firm heterogeneity.
Prerequisites: ECO200Y1/ECO204Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA247H1,STA248H1)/(STA250H1,STA255H1)/(STA257H1,STA261H1)

Exclusion: ECO230Y1/328Y

International Monetary Economics [24L,12T]

Introduction to open economy macroeconomics and international finance. The core objective of the course is to develop macroeconomic models of open economies that can be applied towards gaining an understanding of
recent events such as US deficits, financial crises, China’s exchange rate policy and the Euro.
Prerequisites: ECO202Y1/ECO208Y1/ECO209Y1

Exclusion: ECO230Y1/328Y

Health Economics [48L]

The provision of health care provides many special problems of informational asymmetry, regulation, insurance and redistribution. A consideration of the demand and supply side problems. Alternative reform proposals for health care are explored.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, MAT133Y1/(MAT123H1,MAT124H1)/MAT135Y1/MAT137Y1/MAT157Y1

Economics of Organizations [48L]

An introduction to the economic analysis of the firm that highlights how organizations and special .contractual relationships emerge as alternative institutions to the market for allocating resources. Incentive problems and informal relationships, within and between firms, are important components of this analysis

Exclusion: ECO381H1, ECO426H
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA247H1,STA248H1)/(STA250H1,STA255H1)/(STA257H1,STA261H1)

Applied Econometrics (for Commerce)        [24L,12T]

An introduction to econometrics similar to ECO375H1, with greater focus on applications drawn from business and financial economics. The course is built around the statistical foundations and economic applications of the multiple regression model. Using statistical software, students will also learn how to conduct, present, and critique empirical research.
Prerequisites: ECO200Y1/ECO204Y1/ECO206Y1, ECO220Y1(70%)/ECO227Y1/(STA257H1,STA261H1)
Recommended preparation: MAT223H1/MAT240H1

Exclusion: ECO327Y/ECO375H1, STA302H1

Applied Econometrics I [24L,12T]

An introduction to econometrics , theoretical and practical, focusing on the multiple regression model. Statistical assumptions, theory, and results are carefully developed, as are the necessary conditions for the valid application of regression analysis to economic data. Students apply these techniques to economic data using statistical software.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO220Y1(70%)/ECO227Y1/(STA257H1,STA261H1)
Recommended preparation: MAT223H1/MAT240H1

Exclusion: ECO327Y/ECO374H1, STA302H1

Applied Econometrics II [24L,12T]

A research-oriented course continuing from ECO375H1. The regression model is extended in several possible directions: time series analysis; panel data techniques; instrumental variables; simultaneous equations; limited dependent variables. Students will complete a major empirical term paper, applying the tools of econometrics to a topic chosen by the student.
Prerequisite: ECO375H1(60%)/ECO374H1(70%), NOTE: STA302H1 is not adequate preparation

Exclusion: ECO327Y, STA302H1

Managerial Economics I:  Competitive Strategy [24L]

This course in applied microeconomics is concerned with the functioning of markets and the behaviour of firms within these markets. The focus is on strategic relationships between organizations, including competitive relationships among firms in the same market and cooperative relationships between a firm and its suppliers and distributors.

Exclusion: ECO310Y1, MGT310Y
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA247H1,STA248H1)/(STA250H1,STA255H1)/(STA257H1,STA261H1)

Managerial Economics II: Personnel Economics [24L]

An examination of selected material on compensation and incentives in organizations. Topics include recruitment and hiring, training, turnover, downsizing, motivating workers, teams, allocating authority and task assignment.

Exclusion: ECO370Y1,426H, MGT310Y
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA247H1,STA248H1)/(STA250H1,STA255H1)/(STA257H1,STA261H1)

Independent Experiential Study Project

Independent Experiential Study Project

An instructor-supervised group project in an off-campus setting. Details here.

Many 400-level courses are offered as joint undergraduate and graduate courses. Students interested in any of these courses should consult with the instructor before enrolling.

Macroeconometric Models for Policy Analysis and Forecasting [24L, 12T]

The construction and operation of macroeconometric models. The use of models for conducting policy simulations and for generating quantitative forecasts of economic activity.
Prerequisite: ECO325H1
Co-requisite: ECO327Y/ECO375H1,ECO376H1

Empirical Applications of Economic Theory [24L]

Topics class in applied econometrics, emphasizing empirical industrial organization. Emphasis on a balanced treatment of theory and econometric techniques used in empirical research in industrial organization (the study of firms and markets). How firms behave, how market equilibriums arise and how economic policies are used to affect market equilibriums.
Prerequisite: ECO327Y/ECO375H1,ECO376H1

International Macroeconomics        [24L]

Contemporary issues in international monetary economics and macroeconomic policy formulation in open economies like Canada. A study of forces determining interest rates and exchange rates, inflation and unemployment; analysis of government policy in relation to financial markets.
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/(STA247H1,STA248H1)/(STA250H1,STA255H1)/(STA257H1,STA261H1) permission of instructor

Special Topics in Economics [48S]

Special Topics in Economics [24S]

Special Topics in Economics [24S]

Seminars or workshops may be offered in one or more subjects each year. Students must meet the Prerequisites announced by the Department. (See the Undergraduate Administrator for details.)
Prerequisite: TBA, permission of instructor

Topics in North American Economic History [24L]

Themes are incentives, contracts, and the impetus for change. Topics include indigenous people of North America; indentured servitude; slavery; apprenticeships; the evolution of production from artisan shop to the factory; invention and the diffusion of technological innovations; institutions and growth.
Prerequisite: ECO206Y1(70%),ECO227Y1(70%)/STA257H1(70%),STA261H1(70%), or permission of the instructor.

Exclusion: ECO307H1

History of Economic Thought [48L]

Development of analytical economics from the 18th century with emphasis on Adam Smith and the British Classical School (David Ricardo, T.R. Malthus, and J.S. Mill), Karl Marx, the Marginalists and their successors to 1939, including Keynes.

Exclusion: ECO322Y1, 322Y5
Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO202Y1/ECO208Y1/ECO209Y1

Reading Course or Thesis [TBA]

Reading Course or Thesis [TBA]

Intended for advanced Specialist students who have exhausted course offerings in a particular area. Open only when a faculty member is available and willing to supervise. Students must obtain the approval of the Associate Chair for Undergraduate Studies before enrolling.

The Economics of Cities and Regions        [24L, 12T]

Broad introduction to modern regional and urban economics. In the first part, we study how and why cities grow and develop. In the second part, we explore how cities interact and why they differ in size and perform different activities. The last part looks at regional development and attempts to understand the determinants of regional inequalities.
Prerequisite: ECO327Y1/ECO374H1/ECO375H1

The Economics of Modern China (formerly ECO335Y1) [24L]

A focus on post-1949 Chinese economy, and the PRC’s economic legacy. Economic development during the Maoist period, particularly post-1979 reforms. China’s experience is compared to Eastern Europe’s and the role of China in the rapidly growing East Asian economy. This a limited enrolment seminar requiring extensive reading.

Exclusion: ECO335Y
Prerequisite: ECO200Y1(70%)/ECO204Y1(70%)/ECO206Y1(60%)

Macroeconomic Growth [24L]

An introduction to modern theories of the determinants of macroeconomic growth that examines the important question of why some countries are rich and others are poor. Topics include: investigation of empirical literature pertaining to international comparisons of recent and past rates of economic growth across countries.
Prerequisite: ECO325H1, ECO327Y/ECO375H1,ECO376H1

Special Topics in Financial Economics [24L]

Courses may be offered in one or more subjects each year. Students must meet the Prerequisites announced by the Department (see the Undergraduate Administrator for details).
Prerequisite: TBA

International Trade Regulation [24L]

The theory and political economy of international trade, with examination of specific trade institutions: Bretton Woods, WTO, NAFTA, tariff administration, most-favoured nation treatment, antidumping regulation, subsidies and countervailing duties, agriculture, trade in services, trade-related intellectual property, trade and environment, trade and developing countries.
Prerequisite: ECO328Y/ECO364H1, permission of instructor

The Economics of Financial Risk Management [24L]

This course is intended primarily for students in the Financial Economics specialist program and is not open to students in the program. The role of risk management in both private and public sectors, a discussion of why firms and government should hedge financial risks; individual and social gains of financial risk management; identification and quantification of financial risks (including Value-at-Risk measures); how derivative securities can be used for financial risk management.

Exclusion: ACT349H1, MGT331Y1, 337Y1, 438H1, RSM332H1, RSM333H1, RSM435H1
Prerequisite: ECO358H1(70%)/ECO460H5(70%)

Financial Econometrics [24L]

This course is intended primarily for students in the Financial Economics specialist program. An introduction to the econometrics used in empirical finance, with an emphasis on estimation and inference using computer based applications. Topics will include parametric and nonparametric models of volatility, evaluation of asset pricing theories and models for risk management and transactions data.
Prerequisite: ECO358H1(70%),327Y(70%)/ECO375H1(70%),ECO376H1(70%)