	Faculty of Arts & Science 2016-2017 Calendar

Economics

Economics Specialist | Economics Major | Economics Minor
Financial Economics Specialist
Economics & Mathematics Specialist
Economics Courses

Faculty

University Professor Emeritus
S. Hollander, OC, BScEcon, Ph D, LLD, FRSC

Professors Emeriti
R.A. Berry, BA, Ph D
R.M. Bird, MA, Ph D, FRSC
J.D. Bossons, AM, Ph D
A.A. Breton, OC, BA, Ph D, FRSC (obiit)
J.L. Carr, MA, Ph D
F.R. Casas, MSc, Ph D
J.S. Cohen, MA, Ph D
D.N. Dewees, BSc, LL B, Ph D
S.M. Eddie, BSc, Ph D
J.E. Floyd, MA, Ph D
D.K. Foot, AM, Ph D
M.A. Fuss, MA, Ph D
W. Haque, MA, MSc, Ph D
M.J. Hare, B Com
G.K. Helleiner, OC, MA, Ph D, FRSC
S. Howson, MA, Ph D
J.A. Hynes, ABD
G.V. Jump, BA, Ph D (obiit)
Y. Kotowitz, BA, Ph D
A.M. Kruger, BA, Ph D
G.F. Mathewson, B Com, Ph D
D.E. Moggridge, MA, Ph D
J.E. Pesando, MA, Ph D
K.J. Rea, MA, Ph D
F.J. Reid, MSc, Ph D
A.E. Safarian, OC, BA, Ph D, FRSC (obiit)
J.A. Sawyer, MA, Ph D
L.B. Smith, AM, Ph D
M.H. Watkins, B Com
A.M. Watson, B Com, MA
L. Waverman, MA, Ph D
T.A. Wilson, AM, Ph D, FRSC
J.W.L. Winder, MA, Ph D

Professor and Chair of the Department
H.D. Benjamin, MA, Ph D

Professor and Associate Chair, Graduate Studies
E. Damiano, MA, Ph D

Associate Chair, Undergraduate Studies
G. Hamilton, MA, Ph D

University Professor
M. Trebilcock, FRSC, LLM

Professors
V. Aguirregabiria, MSc, Ph D
V.A. Aivazian, BS, Ph D (University of Toronto Mississauga)
M. Alexopoulos, MA, Ph D
G. Anderson, M Sc, Ph D (University of Toronto Mississauga)
M. Baker, MA, Ph D
L. Brandt, BS, Ph D
M. Faig, MA, Ph D (University of Toronto Mississauga)
C. Gourieroux, Ph D
M. Gunderson, MA, Ph D, FRSC
A.J. Hosios, M Eng, MA, Ph D
A. Melino, BA, Ph D (University of Toronto Mississauga)
P. Oreopoulos, MA, Ph D (University of Toronto Mississauga)
M.J. Osborne, BA, Ph D
C. Pitchik, M Sc, Ph D (University of Toronto Mississauga)
D. Restuccia, MA, Ph D
M. Smart, MA, Ph D
A. Siow, BA, Ph D
D. Trefler, MA, Ph D
A.J. Yatchew, MA, Ph D
X. Zhu, MS, Ph D (University of Toronto Mississauga)

Associate Professors
G. Bobonis, BA, Ph D
M. Burda, MA, Ph D
M. Duarte, MA, Ph D (University of Toronto Mississauga)
G. Kambourov, MA, Ph D (University of Toronto Mississauga)
B. Kuruscu, MA, Ph D
E. Malinova, MA, Ph D
R. McMillan, BA, Ph D (University of Toronto Mississauga)
J. Mondria, MA, Ph D
P. Morrow, MA, Ph D
A. Park, M Phil., Dipl. Wirt. Math, Ph D (University of Toronto Mississauga)
M. Peski, MA, Ph D
X. Shi, MA, Ph D (University of Toronto Mississauga)
C. Stewart, MA, M Phil, M Sc, Ph D

Associate Professors, Teaching Stream
S.A. Hussain, MA, Ph D
G. Indart, MA, Ph D
J. Murdock, M Phil, Ph D
K. Yu, MA, Ph D (University of Toronto Mississauga)

Assistant Professors
N. Bau, BA, Ph D (University of Toronto Mississauga)
K. Bernhardt-Walther, MA, MBA, Ph D
A. Blouin, MA, Ph D
P. Cziraki, MSc, M Phil, Ph D
K. Dasgupta, MA, MS, Ph D
R. Deb, MA, M Phil, (University of Toronto Mississauga)
S. Dyrda, MA, Ph D (University of Toronto Mississauga)
S. Eli, BA, Ph D
J. Gu, MS, Ph D (University of Toronto Mississauga)
Y. Halberstam, MA, Ph D
J. Hall, BA, Ph D
K. Kroft, MA, Ph D
N. Li, MA, Ph D (University of Toronto Mississauga)
Y. Luo, MA,, Ph D
I. Mourifié, MSc, Ph D
S. Ozkan, MA, MSc, Ph D
P. Salardi, MA, Ph D
D. Seim, BA, Ph D (University of Toronto Mississauga)
M. Serafinelli, MA, Ph D (University of Toronto Mississauga)
E. Souza Rodrigues, MA, MSc, MPhil, Ph D (University of Toronto Mississauga)
J. Steinberg, BA, Ph D
J. Suzuki, MA, Ph D
L.M.F. Turner, MSc, Ph D (University of Toronto Mississauga)
R. Wolthoff, MSc, Ph D (University of Toronto Mississauga)
Y. Wan, MA, Ph D

Assistant Professors, Teaching Stream
L. Bailey, BA, MA (University of Toronto Mississauga)
K. Freitas, B Sc, PhD
R. Gazzale, MA, Ph D

Status Only Faculty
A.J. Cohen, Ph D
G. Georgopoulos, MA, Ph D

Adjunct Professor
D.P. Dungan, MA, Ph D

Sessional Lecturers
M. Anjomshoa, MA, M Phil
R. Barber, MA, LL.M
K. Furlong, MA, Ph D
R. Ghaeli, MA, Ph D
M.C. Ho, MA, Ph D
J. Kantarevic, MA, Ph D
P. Tomlinson, BA, Ph D
W.G. Wolfson, B Com, MA
A. Yang, MBA, MS, PhD
P.M.V. Yu, MS, Ph D

Economics is a social science that encompasses a broad range of human behaviour and has a strong influence on the structure, well-being and development of a society.

Much of human activity is directed towards the satisfaction of material wants. In many areas of the world, the greater part of human effort must be directed towards meeting the most elemental demands for food, clothing, and shelter. Even in technologically advanced societies, where these basic requirements can be met with comparative ease, the desire for more goods and services never appears to be fully satisfied. In consequence, every society - whatever its political orientation - is both competitive and cooperative. It is competitive because its members contend with one another to satisfy their individual wants from a limited supply of productive resources. It is cooperative because the greatest supply of goods is available when the activity of producing them is coordinated and organized. Economics deals with any issue arising out of the conflict between the demand for goods and services, and a limited supply of resources to satisfy those demands.

Undergraduate training in economics is intended to familiarize students with the discipline of economic thinking, to equip them to better understand human behaviour, and for the intelligent appraisal of contemporary economic problems.

Economics makes considerable use of mathematics in its enquiries. All economics programs require at least one course in mathematics.

An undergraduate degree is genrally not sufficient to become a professional economist. For this or other reasons, graduate work may be necessary. Students who wish to do graduate work should seek advice from the Department concerning their choice of courses. The Economics Specialist program and the Economics and Mathematics program, with their greater emphasis on mathematics, are designed to prepare students for graduate study, and are an excellent starting place.

Undergraduate Administrator: R. Innes

Undergraduate Assistant: D. Navarro

Commerce Assistant: J. Fan

Enquiries: 150 St.George Street (416-978-4603)

Economics Programs

These are limited enrolment programs. All students who request the program and obtain at least the specified mark(s) in the required course(s) will be eligible to enrol (please read entry requirements for each program carefully). Consult the Arts & Science Program Enrolment instructions for details and instructions.

NOTE: Please read prerequisites and exclusions carefully. Course prerequisites are strictly enforced and are not just “recommended preparation.” For all mathematics and statistics course prerequisites, the level of the course is also important. For all third and fourth year economics courses, FULL YEAR intermediate course prerequisites are mandatory: a similar “half course” version is not acceptable. All prerequisites must be fully completed BEFORE a course can be taken. Courses that are prerequisites cannot be taken simultaneously with the courses for which they are a prerequisite (i.e., they are not "co-requisites"). Students from other institutions must show their transcripts to the department if they are using prior courses as prerequisites. The same rules apply.

Economics Specialist (Arts program)

The Economics Specialist program is a limited enrolment program. All students who request the program and obtain at least the specified marks in the required courses will be eligible to enroll.

Students interested in the Specialist program apply and enter from the Major program, after having completed the Year 2 requirements of the program as described below. Note that course substitutions may not be used to enter this program.

Entry Requirements (from the Major program):

A minimum of 70% in each course in the trio of intermediate courses:

ECO206Y1(70%), and
ECO208Y1(70%), and
ECO220Y1(70%)/ECO227Y1(70%)/(STA257H1(70%),STA261H1(70%)).

Note: In order to meet the pre-requisites for the specialist-oriented second-year courses (ECO206Y1, ECO208Y1, and ECO227Y1), students must obtain a mark of at least 70% in ECO100Y1, and earn a minimum of 60% in (MAT135H1, MAT136H1) or 55% in MAT137Y1.

Program Course Requirements: 12 full courses or their equivalent

First Year (2.0 FCE):

ECO100Y1;
(MAT135H1, MAT136H1)/MAT137Y1/MAT157Y1

Note: MAT133Y1 is not a suitable substitute for (MAT135H1, MAT136H1)/MAT137Y1/MAT157Y1.

Second Year (Core Courses, 3.0 FCE):

ECO206Y1, ECO208Y1, ECO220Y1/ECO227Y1/(STA257H1, STA261H1)

Third Year (Core Courses, 1.5 FCE):

ECO325H1, ECO326H1, ECO375H1

Third Year and Higher (ECO Electives, 5.5 FCE):

4.5 FCE 300-level ECO or higher
1.0 FCE 400-level ECO

Notes:

ECO210H1 is highly recommended, especially for students interested in graduate studies. Students may count ECO210H1 towards the Specialist program in lieu of a 0.5 300-level ECO elective.
While 200-level or higher math or statistics courses may complement the Economics Specialist courses, they cannot be used as substitutes for economics courses in this program.
Students are nevertheless encouraged to take more math if they plan on pursuing graduate studies. Students should especially consider MAT221H1/MAT223H1/MAT240H1 (Linear Algebra), MAT235Y1/MAT237Y1 (Multivariate Calculus), MAT246H1 (Abstract Mathematics), or even consider doing a Minor program in Mathematics.
ECO475H1 is strongly recommended
STA302H1/STA303H1 are not accepted in lieu of ECO375H1
(STA220H1,STA255H1) are not accepted in lieu of ECO220Y1/ECO227Y1/(STA257H1,STA261H1).

Economics Major (Arts program)

This is a limited enrolment program. Students who request the program and obtain at least the specified mark(s) in the required course(s) will be eligible to enrol.

Required courses and grades for program enrolment:

(ECO100Y1 with a final mark of at least 67%, or ECO105Y1 with a final mark of at least 80%), AND
MAT133Y1 with a final mark of at least 63%, or
(MAT135H1 with a final mark of at least 60% and MAT136H1 with a final mark of at least 60%), or
MAT137Y1 with a final mark of at least 55%, or
MAT157Y1 with a final mark of at least 55%.

Program Course Requirements: 7 full courses or their equivalent

First Year (2.0 FCE):

ECO100Y1/ECO105Y1;
MAT133Y1/(MAT135H1,MAT136H1)/MAT137Y1/MAT157Y1

Second Year (Core courses, 3.0 FCE):

ECO200Y1/ECO204Y1/ECO206Y1,
ECO202Y1/ECO208Y1/ECO209Y1,
ECO220Y1/ECO227Y1/(STA220H1, STA255H1)/(STA257H1, STA261H1)

Third and Higher Years (ECO Electives, 2.0 FCE):

1.5 FCE 300+ series ECO courses
At least 0.5 FCE 400 level ECO course

Notes:

Eligibility for all Economics programs is based, in part, on attaining a minimum grade in ECO100Y1 or ECO105Y1(which are exclusions to each other). Students are reminded that they may only repeat a course once as per Faculty regulations. For admission to a program requiring ECO100Y1 or ECO105Y1, this means that students have a combined total of at most two tries at ECO100Y1, ECO105Y1 or any comparable course (e.g., at UTSC or UTM). No third try will be considered in order to meet the minimum grade requirement for admission to a program.
Students in the Major program considering graduate studies in Economics are advised to take the more mathematical stream courses (ECO206Y1, ECO208Y1), and also some or all of the 300-level advanced micro, macro, and econometrics sequence (ECO325H1, ECO326H1, and ECO375H1).
Students considering graduate studies in Economics are also encouraged to take more than the minimum amount and level of math. Students should especially consider MAT221H1/MAT223H1/MAT240H1 (Linear Algebra), MAT235Y1/MAT237Y1 (Multivariate Calculus), MAT246H1 (Abstract Mathematics), or even consider doing a Minor program in Mathematics.
Students should pay careful attention to the courses they choose to meet the 200-level statistics requirements. The accepted combinations are precisely as stated. In particular, STA220H1+STA255H1 and STA257H1+STA261H1 are distinct packages of courses, and the elements cannot be combined any other way.
Students combining other programs with Economics need to confirm that their chosen statistics courses meet the requirements of both programs. Besides the combinations noted in descriptions of the ECO programs, the only other accepted combinations for ECO Major program, and course prerequisite conditions, are precisely: STA247H1+STA248H1, and PSY201H1+STA255H1.
Students in the Major program in Economics cannot be enrolled in the Minor program in Environmental Economics.

Economics Minor (Arts program)

Required courses and grades for program enrolment:

Program Course Requirements: 4 full courses or their equivalent

First Year (2.0 FCE):

ECO100Y1/ECO105Y1;
MAT133Y1/(MAT135H1,MAT136H1)/MAT137Y1/MAT157Y1

Second Year (Core courses, 1.0 FCE):

ECO200Y1/ECO204Y1/ECO206Y1

Third and Higher Years (ECO Electives, 1.0 FCE):

1.0 FCE 300+ series ECO courses

NOTES:

Students enrolled in the Minor Program in Economics cannot be enrolled in any other Minor, Major, Specialist or Joint Specialist Economics program;
Eligibility for all Economics programs is based, in part, on attaining a minimum grade in ECO100Y1 or ECO105Y1 (which are exclusions to each other). Students are reminded that they may only repeat a course once as per Faculty regulations, which means that students may have at most a combined total of two attempts at ECO100Y1, ECO105Y1 or any comparable course (e.g., at UTSC or UTM). No third attempt will be considered in order to meet the minimum grade requirement for admission to a program (failed attempts do not count).
Many 300-level and higher courses in economics require ECO220Y1. While not a formal part of the Economics Minor program, students MUST meet the specified prerequisites for 300+ economics courses, and should seriously consider taking ECO220Y1.

Financial Economics Specialist (Science program)

This is a limited enrolment program. Students enrolled in this program cannot simultaneously be enrolled in any other Economics specialist, joint specialist, major or minor program in Economics, or in Economic History or in the B.Com program.

This is a Type 2L limited program and so meeting the minimum course marks specified above will not necessarily guarantee admission.

Students interested in the Specialist program apply and enter from the Major program, after having completed the Year 2 requirements of the program as described below.

Entry Requirements (from the Major program):

A minimum of 80% in each course in the trio of intermediate courses:

ECO206Y1(80%), and
ECO208Y1(80%), and
ECO227Y1(80%)/(STA257H1(80%),STA261H1(80%)).

Program Course Requirements: 13 full courses or their equivalent

First Year (2.0 FCE):

ECO100Y1;
(MAT135H1, MAT136H1)/MAT137Y1/MAT157Y1

Note: MAT133Y1 is not a suitable substitute for (MAT135H1, MAT136H1)/MAT137Y1/MAT157Y1.

Second Year (Core Courses, 3.0 FCE):

ECO206Y1, ECO208Y1, ECO227Y1/(STA257H1, STA261H1)

Third Year (Core Courses, 2.5 FCE):

ECO325H1, ECO326H1, ECO375H1
ECO358H1, ECO359H1

Third Year and Higher (Electives, 5.5 FCE, at least 1.0 at the 400-level):

1.0 FCE from ECO349H1, ECO356H1, ECO357H1, ECO456H1, ECO461H1/ECO460H5, ECO462H1/ECO434H5, ECO463H1/ECO463H5, ECO464H1, ECO465H1, ECO475H1
4.5 additional 300+ ECO credits

Notes:

Some required courses at upper-year levels may be offered only on the St. George or on the University of Toronto Mississauga campus in any given year. Students registered in this program at either campus may have to attend lectures on the other campus in such cases.
MAT221H1/MAT223H1/MAT240H1 is recommended as preparation for ECO375H1. Students taking one of these MAT courses can have it count in lieu of a 0.5 300-level ECO credit required for this program.
(MAT235Y1/MAT237Y1)/ECO210H1 is strongly recommended for this program. Students taking one of these courses can have it count in lieu of 0.5 300-level credit required for this program.
ECO475H1 is strongly recommended
STA302H1/STA303H1 are not accepted in lieu of ECO375H1
(STA220H1,STA255H1) are not accepted in lieu of ECO220Y1/ECO227Y1/(STA257H1,STA261H1).

Economics & Mathematics Specialist (Science program)

The Economics & Mathematics Specialist program is a limited enrolment program. All students who request the program and obtain at least the specified marks in the required courses will be eligible to enroll.

Students interested in the Economics & Mathematics Specialist program apply and enter from either the Economics Major or Mathematics Major program, after having completed the Year 2 requirements of the program as described below. Note that course substitutions may not be used to enter this program.

Entry Requirements (from the Economics or Mathematics Major program):

A minimum of 70% in ECO206Y1, and
A minimum of 70% in ECO208Y1, and
A minimum of 60% in MAT137Y1/MAT157Y1.

Program Course Requirements: 13 full courses or their equivalent

First Year (2.0 FCE):

Second Year and Higher (Core Courses, 8.5 FCE):

ECO206Y1, ECO208Y1, ECO220Y1/ECO227Y1/(STA257H1, STA261H1)
MAT223H1/MAT240H1, MAT224H1/MAT247H1, MAT237Y1/MAT257Y1, MAT246H1, MAT244H1/MAT267H1
ECO325H1, ECO326H1, ECO375H1
MAT336H1/MAT337H1/MAT357H1, APM462H1

Third Year and Higher (Elective Courses, 2.5 FCE):

0.5 300+ ECO course
1.0 400-level ECO course
1.0 300-level or higher MAT (or APM) courses (in addition to APM462H1).

Notes:

Students must meet all prerequisites for upper-year math and economics courses, and should choose their sequencing of courses accordingly.
MAT223H1/MAT240H1 may be taken in First Year.
ECO475H1 is strongly recommended.
STA302H1/STA303H1 are not accepted in lieu of ECO375H1.
Students with MAT157Y1 cannot take MAT246H1 (it is an exclusion). Such students can instead substitute any 300-level MAT or APM course to meet the MAT246H1 requirement.

Other Programs

Finance & Economics (BCom) - See Rotman Commerce

Environmental Economics - See School of the Environment

Economics Courses

First-Year Seminars

The 199Y1 and 199H1 seminars are designed to provide the opportunity to work closely with an instructor in a class of no more than twenty-four students. These interactive seminars are intended to stimulate the students’ curiosity and provide an opportunity to get to know a member of the professorial staff in a seminar environment during the first year of study. Details can be found at www.artsci.utoronto.ca/current/course/fyh-1/.

ECO100Y1 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 Preparation: MCV4U (Calculus & Vectors) and MHF4U (Advanced Functions), or equivalent secondary school mathematics credits
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO105Y1 Principles of Economics for Non-Specialists[48L/24T]

Fundamentals for consumers, businesses, citizens. Microeconomics focuses on cost/benefit analysis: gains from trade, price coordination, competition/monopoly, efficiency/equity tradeoffs, government/market failures, environmental policies, income/wealth distributions. Macroeconomics focuses on: GDP growth, unemployment, inflation, monetary/fiscal policies, business cycles, exchange rates, government deficits/debt, globalization. Emphasizes economic literacy, fewer mathematical tools than ECO100Y1.

Exclusion: ECO100Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO200Y1 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.

Prerequisite: ECO100Y1(67%)/ECO105Y1(80%); MAT133Y1/(MAT135H1, MAT136H1)/MAT137Y1/MAT157Y1
Exclusion: ECO204Y1,ECO206Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO202Y1 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 BCom program; please see ECO209Y1.

Prerequisite: ECO100Y1(67%)/ECO105Y1(80%); MAT133Y1/(MAT135H1, MAT136H1)/MAT137Y1/MAT157Y1
Exclusion: ECO208Y1, ECO209Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO204Y1 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.

Prerequisite: ECO100Y1(67%), MAT133Y1/(MAT135H1, MAT136H1)/MAT137Y1/MAT157Y1
Exclusion: ECO200Y1, ECO206Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO206Y1 Microeconomic Theory[48L/24T]

This course deals more rigorously and more mathematically with the topics included in ECO200Y1and is intended primarily for students in certain Economics Specialist programs.

Prerequisite: ECO100Y1(70%); MAT133Y1(63%)/(MAT135H1(60%), MAT136H1(60%))/MAT137Y1(55%)/MAT157Y1(55%)
Exclusion: ECO200Y1, ECO204Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO208Y1 Macroeconomic Theory[48L/24T]

This course deals more rigorously and more mathematically with the topics included in ECO202Y and is intended primarily for students in certain Economics Specialist programs.

Prerequisite: ECO100Y1(70%); MAT133Y1(63%)/(MAT135H1(60%), MAT136H1(60%))/MAT137Y1(55%)/MAT157Y1(55%)
Exclusion: ECO202Y1, ECO209Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO209Y1 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.

Prerequisite: ECO100Y1(67%); MAT133Y1/(MAT135H1,MAT136H1)/MAT137Y1/MAT157Y1
Exclusion: ECO202Y1, ECO208Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO210H1 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.

Prerequisite: ECO100Y1(67%)/ECO105Y1(80%); MAT133Y1(63%)/(MAT135H1(60%), MAT136H1(60%))/ MAT137Y1(55%)/MAT157Y1(55%)
Corequisite: ECO200Y1/ECO204Y1/ECO206Y1
Distribution Requirement Status: Social Science
Breadth Requirement: None

ECO220Y1 Quantitative Methods in Economics[48L/24T]

Numerical and graphical data description; data collection and sampling; probability; sampling distributions; statistical inference; hypothesis testing and estimation; simple and multiple regression analysis (extensive coverage). Learn how to analyze data and how to correctly interpret and explain results. Applications include research papers in economics.

Note that for Rotman Commerce students there is no Breadth Requirement status for this course (and courses deemed equivalent in the program requirements in the calendar).

Prerequisite: ECO100Y1(67%)/ECO105Y1(80%); MAT133Y1/(MAT135H1, MAT136H1)/MAT137Y1/MAT157Y1
Exclusion: ECO227Y1, GGR270H1, PSY201H1, PSY202H1, SOC300H1, STA107H, STA220H1, STA221H1, STA247H1, STA248H1, STA250H1, STA257H1, STA261H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3) + The Physical and Mathematical Universes (5)

ECO227Y1 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.

Prerequisite: ECO100Y1(70%); MAT133Y1(63%)/(MAT135H1(60%), MAT136H1(60%))/MAT137Y1(55%)/MAT157Y1(55%)
Corequisite: Recommended: MAT223H1/MAT240H1, MAT235Y1/MAT237Y1/ECO210H1
Exclusion: ECO220Y1, GGR270H1, PSY201H1, PSY202H1, SOC300H1, STA107H, STA247H1, STA248H1, STA250H1, STA255H1, STA257H1, STA261H1
Distribution Requirement Status: Social Science
Breadth Requirement: The Physical and Mathematical Universes (5)

ECO230Y1 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.

Prerequisite: ECO100Y1(67%)/ECO105Y1(80%)/enrolment in the International Relations Specialist or Major Programs, or the IR/Peace and Conflict Studies joint Specialist Program
Exclusion: ECO328Y1/ECO364H1/ECO365H1/ECO364H5/ECO365H5
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

WDW244H1

WDW244H1
Labour Relations

See Woodsworth College

ECO250Y1 Special Topics in Economics[48L/24T]

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

Prerequisite: TBA
Distribution Requirement Status: Social Science
Breadth Requirement: None

ECO251H1 Special Topics in Economics[24L/12T]

Prerequisite: TBA
Distribution Requirement Status: Social Science
Breadth Requirement: None

ECO252H1 Special Topics in Economics[24L/12T]

Courses may be offered in one or more subjects each year. Students must meet the prerequisites announced by the Department (see the Undergraduate Administrator or the Economics Department website for details).

Prerequisite: TBA
Distribution Requirement Status: Social Science
Breadth Requirement: None

ECO299Y1 Research Opportunity Program

Credit course for supervised participation in faculty research project. Details at http://www.artsci.utoronto.ca/current/course/rop. Not eligible for CR/NCR option.

Distribution Requirement Status: Social Science
Breadth Requirement: None

ECO306H1 American Economic History[24L/12T]

A survey of American economic history from the ante-bellum period to the present. Potential topics include the the rapid growth of the American economy in the late 19th and early 20th century; Causes of the onset of the Great Depression; The economic impact of slavery and its aftermath; Health and demographic trends; and 20th century trends in inequality.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO202Y1/ECO208Y1/ECO209Y1; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO310H1 Empirical Industrial Organization[24L/12T]

The quantitative analysis of firms' strategies in real-world industries, using tools from applied microeconomics and statistics. Topics include studies of monopoly, oligopoly, imperfect competiion, and the estimation of demand and cost functions that underpin these markets.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA220H1, STA255H1)/(STA257H1, STA261H1)
Exclusion: ECO310Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO313H1 Environmental Economics and Policies[24L/12T]

This course demonstrates how 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, ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO314H1 Energy and the Environment[24L/12T]

This course surveys important features of energy markets and related environmental challenges. One of the central objectives is to provide an understanding of the key economic tools needed to analyse these markets. A related objective is the development of a framework for understanding the public discourse on energy and the environment. Topics include the hydrocarbon economy (oil, natural gas and coal), electricity markets, global warming and other externalities, renewable energy, conservation, carbon taxes and ‘cap-and-trade’.

Focuses on core ideas and concepts and on applications in various fields such as economics, political science, evolutionary biology. Topics may include voting theory, electoral competition, theory of public goods, free rider problem, oligopoly, repeated interaction, bargaining, evolutionary equilibrium, matching, and auctions.

Note: This course cannot be taken as a substitute in programs that require ECO326H1.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1
Exclusion: ECO326H1, ECO326H5
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO320H1 Economic Analysis of Law[24L/12T]

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
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO321H1 Canadian Economic History prior to 1850[24L/12T]

This course applies the tools of economics - theoretical and empirical - to study Canada's historical growth experiences. Topics include: The variation in well-being among indigenous peoples (both pre and post contact), migration and indentured servitude, colonial money, child labour and education, and the rise of factories. The impact of colonial institutions on Canada’s economic success is studied in a comparative context.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1
Exclusion: ECO323Y5, ECO321Y1, ECO322Y5
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO322H1 Canadian Economic History, 1850-1960[24L/12T]

Canadian economic history between 1850 and 1960, with a focus on the debate over the ability of the market mechanism to optimize economic development. Topics covered include tariff policies, Confederation, the transcontinental railroad, opening the West, the Great Depression, monetary policy and the Bank of Canada, regional growth and dominion-provincial relations.

This course critically analyzes issues related to economic development and the associated policy responses. Tools from micro and macroeconomic theory are employed, as well as the critical assessment of empirical evidence. Topics may include education, health, credit markets, inequality, and the role of foreign aid.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO324Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO325H1 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/(STA220H1(70%), STA255H1(70%))/(STA257H1,STA261H1)
Recommended Preparation: MAT235Y1/MAT237Y1/ECO210H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO326H1 Advanced Economic Theory - Micro[24L/12T]

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

Prerequisite: ECO200Y1(70%)/ECO204Y1(70%)/ECO206Y1, ECO220Y1(70%)/ECO227Y1/(STA220H1(70%), STA255H1(70%))/(STA257H1,STA261H1)
Exclusion: ECO316H1, ECO326H5
Recommended Preparation: MAT235Y1/MAT237Y1/ECO210H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO331H1 Behavioural and Experimental Economics [24L/12T]

Ample empirical and experimental evidence suggests significant departures from classical assumptions of economic behaviour. For example, humans are neither always perfectly rational nor always self interested. This course describes systematic ways in which behaviour deviates from neoclassical assumptions, generating new, and hopefully more realistic behavioural assumptions that have broad empirical, theoretical and policy implications.

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; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO333H1 Urban Economics[24L/12T]

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
Exclusion: ECO333Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO334H1 Political Economy: Voters, Information and Media [24L/12T]

In this course, we will develop tools to analyze voters and the role of information in democracies. We will evaluate theories of voter information using empirical literature on media and the political economy of media. We will explore the effects of innovations in information technology and evaluate how the empirical results square with the theory. We will study newspapers, radio, television, cable, the Internet and social media, and focus on empirical methods used to identify effects of media on voters.

Theory of taxation and public goods, and quantitative methods for program evaluation. Additional topics include taxation and income distribution; environmental policy; and the political economy of government policy.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO336Y1, ECO337H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO337H1 Public Economics (for Commerce) (formerly ECO336Y1)[24L/12T]

An introduction to the economics of government similar to ECO336H1, but with greater focus on issues in business and financial economics. Additional topics include business tax planning and corporate financial policy; taxation of saving and risk-taking; and government business enterprises.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO336Y1, ECO336H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO338H1 Economics of Careers[24L/12T]

The economic analysis of careers from the perspectives of both workers and employers: How do people decide what to study, what careers to pursue, and when to change jobs? How do these decisions interact with the structure of firms? The impact of specialization and the division of labor on the evolution of careers is considered, as are the role of cognitive and communication skills in the labor market.

Using tools from microeconomic theory and statistics, this course introduces students to the study of labour markets, focusing on employment and wage determination, and the application of labour economics to public policy. Topics may include: Labour supply, labour demand, estimating the impact of welfare programs, minimum wages, and other labour market interventions.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO239Y1, ECO339Y1, ECO343Y5, ECO344Y5
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO340H1 Labour Economics: The Distribution of Earnings (formerly ECO339Y1)[24L/12T]

Using tools from microeconomic theory and statistics, this course studies the determinants of wages across labour markets. Topics include the theory of compensating differentials, human capital, discrimination, immigration, unions, and alternative models of compensation. In addition, students are introduced to microeconomic models of unemployment. Throughout the course, there is an emphasis on the evaluation of empirical evidence.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO239Y1, ECO339Y1, ECO343Y5, ECO344Y5
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO341H1 The economic history of the 20th century: Trade, migration, money, and finance before 1945 (Formerly ECO342Y1)[24L/12T]

Tailored to advanced students in Economics, Commerce, International Relations and History. The focus is on growth and fluctuations in Europe and North America between roughly 1870 and 1939, with a particular emphasis on international trade and payments, migration, investment, and monetary arrangements.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1/(ECO230Y1, POL208Y1)
Exclusion: ECO342Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO342H1 Twentieth Century Economic History: Institutions, Growth and Inequality (Formerly ECO342Y1)[24L/12T]

Tailored to advanced students in Economics, Commerce, International Relations and History. The focus is on institutions, growth and inequality in countries across the world.

This course studies the interaction of the monetary and banking sectors with financial markets and the broader economy. It builds especially on tools developed in intermediate macroeconomics, but also focuses on the institutional structure of the Canadian monetary sector, including the role and operation of the Bank of Canada.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO349H5
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO350Y1 Special Topics in Economics[48L/24T]

Prerequisite: TBA
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO351H1 Special Topics in Economics[24L/12T]

Courses may be offered in one or more subjects each year. Students must meet the prerequisites announced by the Economics Department (see the Undergraduate Administrator or the Economics Department website for details).

Prerequisite: TBA
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO352H1 Special Topics in Economics[24L/12T]

Prerequisite: TBA
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO356H1 Special Topics in Financial Economics[24L/12T]

Prerequisite: TBA
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO357H1 Islamic Banking and Finance[24L/12T]

What makes Islamic Banking and Finance distinct? This course provides an overview of Islamic Economics, Finance and Banking. Students will develop basic understanding and principles governing Islamic Economics & Finance, its history, growth and place in the world economy.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO356H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO358H1 Financial Economics I[24L/12T]

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/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ACT349H1,RSM332H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO359H1 Financial Economics II: Corporate Finance[24L/12T]

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, RSM333H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO362H1 Economic Growth[24L/12T]

The course considers a broad range of issues that underlie economic growth, including technical progress and the accumulation of human and physical capital. Beyond these factors, the course also investigates the efficiency with which capital is used, the role of foreign trade, and the possible roles for government and culture.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO202Y1/ECO208Y1/ECO209Y1, ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO352H1, ECO360Y1, ECO362H5
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO364H1 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.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO230Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO365H1 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.

Prerequisite: ECO202Y1/ECO208Y1/ECO209Y1
Exclusion: ECO230Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO368H1 Economics of Conflict[24L/12T]

This course explores the links between violent conflict and socioeconomic development. It focuses on micro-level processes leading to conflict, and how conflict and political violence affect people's lives at the household and community levels. It also examines how these processes are linked to wider political and economic issues including governance and the role of institutions. Tools from economic theory are applied alongside country-specific and cross-country empirical evidence.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1) Note: Students with ECO100Y1(67%)/ECO105Y1(80%), plus a full-year of quantitative methods/statistics (e.g., POL242Y1), and who are enrolled in the International Relations or Peace, Conflict and Justice Major or Specialist programs may take this course with Permission of the Instructor.
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO369H1 Health Economics[24L/12T]

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, ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO369Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO370Y1 Economics of Organizations[48L/24T]

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.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO381H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO374H1 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.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO220Y1(70%)/ECO227Y1/(STA257H1,STA261H1)
Exclusion: ECO375H1, ECO327Y5
Recommended Preparation: MAT221H/MAT223H1/MAT240H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO375H1 Applied Econometrics I[24L/12T]

Introduction to econometrics. Statistical foundations and the interpretation of multiple regression models, with an emphasis on cross-sectional data. Application of regressions to a wide variety of economic questions and data sources, including the use of statistical software. Problems in the identification of causality, and an introduction to methods of addressing common statistical issues

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1, ECO220Y1(70%)/ECO227Y1/(STA257H1,STA261H1)
Exclusion: ECO374H1, ECO327Y5
Recommended Preparation: MAT221H1/MAT223H1/MAT240H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO380H1 Markets, Competition, and Strategy[24L/12T]

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.

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.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Exclusion: ECO370Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO398H0 Research Excursions

An instructor-supervised group project in an off-campus setting. Details at http://www.artsci.utoronto.ca/current/course/399. Not eligible for CR/NCR option.

Distribution Requirement Status: Social Science
Breadth Requirement: None

ECO399Y0 Research Excursions

An instructor-supervised group project in an off-campus setting. Details at http://www.artsci.utoronto.ca/current/course/399. Not eligible for CR/NCR option.

Distribution Requirement Status: Social Science
Breadth Requirement: None

400-level courses
ECO401H1 Topics in Economic Policy[24L/12T]

This course covers basic issues in the theoretical and empirical evaluation of public policy. Sample topics include income redistribution through taxation and the provision of social insurance and public goods, the mitigation of externalities, and welfare analysis in behavioral models.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO202Y1/ECO208Y1/ECO209Y1; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1); At least one FCE in ECO at the 300 level or higher.
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO402H1 Topics in Health Economics[24L/12T]

This course explores a variety of topics in health economics, providing students with an overview of current and historical institutional characteristics of the market for, and public policy towards, health care. Students will apply theoretical and empirical tools to current domestic and international issues in health policy. No previous background in health economics is required.

This course covers a variety of topics pertaining to economic development and associated policies. Depending on the course instructor, the focus may be on theories and policies related to poverty alleviation, human capital formation, financial markets, international trade, governance or economic growth

Applies quantitative economic methods to real world business-oriented cases. Sample topics include: New product design, Decision making under uncertainty, Market segmentation and price discrimination, Inventory analysis, Game theoretic analysis of price wars, Financial portfolio design, and optimal pricing. Involves substantial modeling in Excel, regression analysis, optimization methods, and financial reports.

Prerequisite: ECO200Y1(75%)/ECO204Y1/ECO206Y1; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1); At least one FCE in ECO at the 300 level or higher.
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO407H1 Competing Views in Macroeconomic Theory and Policy[24L/24T]

Provides students with a systematic analysis of competing perspectives on key areas of macroeconomic theory and policy. Special attention paid to competing views regarding key fiscal, monetary, and trade policy issues as applied to Canada.

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; ECO202Y1/ECO208Y1/ECO209Y1; ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1); At least one FCE in ECO at the 300 level or higher.
Exclusion: ECO308H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO409H1 Topics in Money, Banking, and Finance[24L/12T]

This course examines the foundations of money and financial institutions using tools mastered in micro and macroeconomics. The goal is a set of principles valid for the analysis of monetary policy and institutional regulation in a variety of real world settings.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO202Y1/ECO208Y1/ECO209Y1;ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1); At least one FCE in ECO at the 300 level or higher.
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO410H1 Mergers and Competition Policy[24L/12T]

A combined theoretical, empirical and policy approach to mergers amongst competitors (horizontal mergers). Uses microeconomic models including game theory and econometrics. Delves into recent/current matters assessed by antitrust authorities domestically and/or internationally with applications to specific industries.

This course provides a general treatment of the economics of energy markets and the use of regulation in addressing environmental and other issues arising in these markets. A central theme is the search for an appropriate balance between market forces and regulatory/government intervention. Familiarity with tools of microeconomics and statistics/econometrics is essential. Topics include oil, natural gas, coal and electricity markets, global warming and other externalities, networks, feed-in-tariffs, carbon taxes, ‘cap-and-trade’ and incentive regulation.

Prerequisite: ECO204Y1/ECO206Y1, ECO374H1/ECO375H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO416H1 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, ECO327Y1/ECO374H1/ECO375H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO418H1 Empirical Applications of Economic Theory[24L/12T]

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/ECO374H1/ECO375H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO419H1 International Macroeconomics[24L/12T]

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/(STA220H1,STA255H1)/(STA257H1,STA261H1) permission of instructor
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO420Y1 Special Topics in Economics[48S]

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 or the Economics department website for details.)

Prerequisite: TBA, permission of instructor
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO421H1 Special Topics in Economics[24S]

Prerequisite: TBA; permission of instructor
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO422H1 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 or the Economics Department website for details.)

Prerequisite: TBA, permission of instructor
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO425H1 Business Cycles[24L/12T]

This course builds on material covered in ECO325H1. Students will learn how to use business cycle models to better understand key empirical features of the macroeconomy. Topics covered include the financial crisis, monetary policy, fiscal policy, theories of unemployment, and the effects of innovation on economic fluctuations.

Prerequisite: ECO325H1(60%), ECO374H1(60%)/ECO375H1(60%)
Exclusion: ECO438H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO426H1 Market Design[24L/12T]

This course presents the theory and practice of market design, including matching markets and auctions. Sample topics include school choice, kidney exchange, spectrum auctions, and keyword auctions.

Prerequisite: ECO316H1(70%)/ECO326H1(60%)/CSC200Y1(70%)
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO428H1 Classical Economic Thought[24L/12T]

An examination of the price, distribution, and growth theories of major economic thinkers before 1870, from pre-classical contributions by Aristotle, Mercantilists, and Physiocrats to the classical authors Adam Smith, David Ricardo, T.R. Malthus, and Karl Marx.

Prerequisite: ECO200Y1/ECO204Y1/ECO206Y1; ECO202Y1/ECO208Y1/ECO209Y1
Exclusion: ECO322Y5, ECO429Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO429H1 Economic Thought after 1870[24L/12T]

Economic analysis between 1870 and 1960, from the foundations of microeconomics by the Marginal Utility theorists of the 1870s (Jevons, Menger, and Walras), Alfred Marshall in the 1890s, and the capital theorists Bohm-Bawerk and Fisher in the early 1900s, to the Keynesian revolution in macroeconomics in the 1930s and Friedman's counter-revolution in the 1950s.

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. Not eligible for CR/NCR option.

Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO431H1 Reading Course or Thesis[TBA]

Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO432H1 Topics in Economics of the Family[24L/12T]

Economics bring an analytic and quantitative approach to the study of the family. The course will discuss analytic and empirical models of family behaviour, including nature versus nurture, parental investments, quantity and quality tradeoff in children, marital matching, resource allocation within the household, and gender roles.

Prerequisite: ECO204Y1/ECO206Y1, ECO326H1, ECO374H1/ECO375H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO433H1 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.

Corequisite: ECO327Y1/ECO374H1/ECO375H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO434H1 Topics in Political Economy[24L/12T]

This course surveys recent advances in political economy, emphasizing the critical evaluation of empirical evidence pertaining to political economic theories. Topics vary by year, but may include voters and electoral competition, and the political economy of media and political agency.

Prerequisite: ECO316H1/ECO326H1/, ECO374H1/ECO375H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO435H1 The Economics of Modern China[24L/12T]

A focus on post-1949 Chinese economy, and the PRCs 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 is a limited enrolment seminar requiring extensive reading.

Prerequisite: ECO200Y1(70%)/ECO204Y1(70%)/ECO206Y1(70%); ECO220Y1/ECO227Y1/(STA220H1,STA255H1)/(STA257H1,STA261H1)
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO436H1 Advanced Economics of Money and Banking[24L/12T]

This course will introduce formal models of money and banking in the dynamic general equilibrium framework. Students will learn how to solve
these models, and how to use them to better understand key empirical features of the macroeconomy.

Prerequisite: ECO325H1(70%)/ECO326H1(70%), ECO374H1(70%)/ECO375H1(70%)
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO437H1 Quantitative Macroeconomics[24L/12T]

In order to capture the complexity of economic behavior and interactions, especially with a significant time dimension, modern models of the macroeconomy make considerable use of computer simulation. This course teaches students both how to develop the economic models, and how to solve and work with them computationally.

Prerequisite: ECO325H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO439H1 Empirical Methods in Microeconomics[24L/12T]

This course studies the methods used in modern program evaluation and micro-econometrics to identify causal effects in the presence of potentially unobserved confounding factors. Covers a range of methods and designs, both experimental and quasi-experimental. There is a heavy emphasis on the application of these methods to a broad range of economic questions.

Prerequisite: (ECO375H1(60%)/ECO374H1(70%)) OR (ECO200Y1(80%)/ECO204Y1(80%)/ECO206Y1(80%), (ECO220Y1(80%)/ECO227Y1(80%))
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO446H1 Advanced Public Economics (formerly ECO336Y1)[24L/12T]

An advanced treatment of public economics. Theoretical and empirical methods for public policy analysis. These methods are applied to real-world issues in in public economics, including tax avoidance and optimal tax design, valuing public goods, and other topics.

Prerequisite: ECO336H1(60%)/ECO337H1(60%)
Exclusion: ECO336Y1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO451H1 Macroeconomic Growth[24L/12T]

Studies current empirical evidence, and corresponding theretical models to explain and understand macroecomic growth, and its varied experience across countries. Coverage and depth of treatment go beyond ECO362H1. Students may benefit from, but need not have taken ECO362H1.

Prerequisite: ECO325H1(60%), ECO374H1(60%)/ECO375H1(60%)
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO456H1 Special Topics in Financial Economics[24L/12T]

Prerequisite: TBA
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO459H1 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: ECO364H1, ECO365H1, permission of the instructor
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO461H1 The Economics of Financial Risk Management[24L/12T]

This course is intended primarily for students in the Financial Economics specialist program and is not open to students in the BCom 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.

Prerequisite: ECO358H1(70%)
Exclusion: ACT349H1, RSM332H1, RSM333H1, RSM435H1, ECO460H5, ECO461H5
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO462H1 Financial Econometrics[24L/12T]

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%), (ECO375H1(70%),(ECO475H1(70%)/ECO376H1(70%)/ECO327Y5(70%)
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO463H1 Financial Market Microstructure [24L/12T]

Security prices evolve through a large number of bilateral trades, performed by people that have specific, well-regulated and institutionalized roles. Market microstructure is the subfield of financial economics that studies the price formation process. Using the lens of theoretical economic models, this course reviews insights concerning the strategic trading behaviour of individual market participants, and models are brought market data. The course further studies how public and private information, market regulation, and trading arrangements, such as limit order books or dark pools, affect behavior.

Prerequisite: ECO358H1(70%)/RSM330H1(70%), ECO374H1(70%)/ECO375H1(70%)
Exclusion: ECO463H5
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO464H1 Empirical Financial Economics [24L/12T]

The course develops the tools used in empirical research in financial economics. Coverage may include discrete choice models, duration models, instrumental variables, differences-in-differences, regression discontinuity, propensity score estimators, sample selection models and cumulative abnormal return calculation. Topics are drawn from ownership structure, mergers and acquisitions, capital structure, payout policy, CEOs’ effect on the firm, executive compensation, insider trading, shareholder activism, and bank financing.

Prerequisite: ECO358H1(70%)/RSM330H1(70%), ECO374H1(70%)/ECO375H1(70%)/ECO327Y5(70%)
Recommended Preparation: ECO359H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO465H1 International Financial Markets[24L/12T]

An advanced course that addresses topics in in international finance and macroeconomics. Potential topics include: foreign exchange market; exchange rate determination; empirical models of exchange rates; international financial markets and uncertainty; international CAPM and home bias; sovereign debt; optimal capital controls.

Prerequisite: ECO365H1(80%) OR (ECO325H1(60%) AND ECO374H1(60%)/ECO375H1(60%))
Exclusion: ECO419H1
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)

ECO475H1 Applied Econometrics II (Formerly ECO376H1)[24L/12T]

A research-oriented course continuing from ECO375H. 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(70%)/ECO374H1(80%), NOTE: STA302H1 is not accepted preparation.
Exclusion: ECO376H1, ECO327Y1, ECO327Y5
Distribution Requirement Status: Social Science
Breadth Requirement: Society and its Institutions (3)